CAHUZAC JEAN 4

What Happened

• Jean Cahuzac, a director of Seadrill Ltd (SDRL), had 4,860 restricted stock units (RSUs) that vested and were converted into 4,860 common shares on May 14, 2026. The Form 4 records the derivative conversion (transaction code M) and a corresponding disposition reported at $0.00 — meaning no cash sale occurred.
• The filing shows no sale proceeds and no per-share price for the acquisition; this was a routine vesting/conversion event with the reporting person electing to defer receipt of the underlying common shares.

Key Details

• Transaction date: May 14, 2026 (reported on Form 4 filed May 18, 2026 — within the typical 2-business-day reporting window).
• Shares involved: 4,860 RSUs converted into 4,860 common shares.
• Price/proceeds: Acquisition price shown as N/A; disposition reported at $0.00 (no cash proceeds).
• Shares owned after transaction: Not disclosed in the filing.
• Relevant footnotes:
  • F1: Cahuzac elected to defer receipt of the common shares underlying the RSUs until separation from service or a change in control.
  • F2: RSUs convert into common shares on a one-for-one basis.
  • F3: The RSUs were granted May 14, 2025 and all vested on the first anniversary (May 14, 2026).

Context

• This was not an open-market purchase or sale. The report documents RSU vesting/conversion and a deferral election, not a cash sale—so it does not reflect a change in market holdings for immediate trading purposes.
• Such filings are common for executives/directors receiving compensation awards; the deferral election means Cahuzac will not receive (or sell) the shares now unless a future separation or change in control occurs.