Morand De Oliveira Bruno 4

What Happened

• Morand De Oliveira Bruno, CEO of Borr Drilling Ltd (BORR), acquired a total of 550,000 common shares on June 17, 2026. This consisted of an open‑market purchase of 275,000 shares at $1.66 each (cost $456,500) and the cash exercise/conversion of options resulting in 275,000 shares (three exercises of 91,667 / 91,667 / 91,666 shares at $1.66 each; total cost $456,500). The combined cash outlay was $913,000. The purchase is a direct buy (P) and the other transactions are option exercises (M).

Key Details

• Transaction date: 2026-06-17; reported on Form 4 filed 2026-06-22.
• Prices and amounts: 275,000 shares purchased @ $1.66 ($456,500); option exercises of 91,667 / 91,667 / 91,666 shares @ $1.66 (total $456,500).
• Total shares acquired that day: 550,000; total cash paid: $913,000.
• Shares owned after transaction: not disclosed in the provided excerpt of the filing.
• Footnotes of note:
  • F1: Describes outstanding RSUs (three tranches of 183,276 RSUs each vesting on 9/1/2026, 2027, 2028) and references full exercise of 2021 Plan Options.
  • F2–F5: Summarize option grants from 2021, 2022, 2023, and 2024 with multi‑year vesting schedules; F2 notes the 2021 options were exercised for cash on June 17, 2026.
• Filing timeliness: The Form 4 was filed five days after the transaction date (reported 6/22 for trades on 6/17), which appears to exceed the typical two‑business‑day Form 4 reporting window.

Context

• The derivative entries (code M) reflect exercised stock options — per footnote F2 at least some options were exercised for cash rather than sold immediately (i.e., not a cashless/sale‑to‑cover). The filing also discloses outstanding RSUs with future vesting tied to continued employment. Purchases by executives can be interpreted by investors as a direct purchase signal, but filings are factual disclosures and do not explain motivation.