What equity award underlies Todd D. Strickler’s recent Seadrill share activity?

The activity relates to an April 17, 2024 grant of 11,738 restricted stock units, vesting in three equal annual installments. On April 17, 2026, 3,913 of those units converted into common shares on a one-for-one basis, triggering the reported exercise and tax withholding.

Insider equity move at Seadrill (NYSE: SDRL) as SVP award vests

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Seadrill Ltd SVP & General Counsel Todd D. Strickler exercised 3,913 restricted stock units into common shares at no cash cost. To cover taxes, 1,540 common shares were disposed of at $46.17 per share. After these equity-compensation transactions, he holds 28,125 common shares directly.

Insider Trade Summary

3,913 shares exercised/converted

Mixed 3 txns

Insider Strickler Todd D

Role SVP & General Counsel

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	3,913	$0.00	--
Exercise	Common Shares	3,913	$0.00	--
Tax Withholding	Common Shares	1,540	$46.17	$71K

Holdings After Transaction: Restricted Stock Units — 3,913 shares (Direct, null); Common Shares — 28,125 shares (Direct, null)

Footnotes (1)

Restricted stock units convert into common shares, par value $0.01 per share, of Seadrill Limited on a one-for-one basis. On April 17, 2024, the reporting person was granted 11,738 restricted stock units, vesting in three equal annual installments beginning on the first anniversary of the grant date.

Key Figures

RSUs exercised: 3,913 shares Tax-withholding shares: 1,540 shares Share price for withholding: $46.17 per share +2 more

5 metrics

RSUs exercised 3,913 shares Restricted stock units converted to common shares on April 17, 2026

Tax-withholding shares 1,540 shares Shares disposed to cover taxes at $46.17 per share

Share price for withholding $46.17 per share Valuation applied to 1,540-share tax-withholding disposition

Post-transaction holdings 28,125 shares Common shares directly held by Todd D. Strickler after transactions

Original RSU grant 11,738 units Restricted stock units granted on April 17, 2024, vesting in three installments

Key Terms

Restricted stock units, tax-withholding disposition, derivative security

3 terms

Restricted stock units financial

"Restricted stock units convert into common shares, par value $0.01 per share"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

tax-withholding disposition financial

"transaction_action": "tax-withholding disposition""

A tax-withholding disposition is an event or transaction—such as selling or transferring securities, exercising options, or receiving compensation—that triggers a requirement to hold back part of the payment and remit it to tax authorities. It matters to investors because it reduces the cash they receive immediately and can change the timing and amount of taxable income, like a cashier taking a portion of your sale proceeds to pay taxes before you get the rest.

derivative security financial

"transaction_code_description": "Exercise or conversion of derivative security""

A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.

Form 4 Insider Transactions: What Each Field Means →

04/21/2026 - 12:43 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Strickler Todd D

(Last)

(First)

(Middle)

11025 EQUITY DRIVE, SUITE 150

(Street)

HOUSTON

TEXAS

77041

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Seadrill Ltd [ SDRL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	SVP & General Counsel

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/17/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Shares	04/17/2026		M		3,913	A	⁽¹⁾	28,125	D
Common Shares	04/17/2026		F		1,540	D	$46.17	26,585	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Restricted Stock Units	⁽¹⁾	04/17/2026		M			3,913	⁽²⁾	⁽²⁾	Common Shares	3,913	$0	3,913	D

Explanation of Responses:

1. Restricted stock units convert into common shares, par value $0.01 per share, of Seadrill Limited on a one-for-one basis.

2. On April 17, 2024, the reporting person was granted 11,738 restricted stock units, vesting in three equal annual installments beginning on the first anniversary of the grant date.

	/s/ Todd D. Strickler, attorney-in-fact	04/21/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did Seadrill (SDRL) report for Todd D. Strickler?

Todd D. Strickler exercised 3,913 restricted stock units into Seadrill common shares and had 1,540 shares withheld as a tax-withholding disposition at $46.17 per share, reflecting routine equity compensation activity rather than an open-market stock sale.

How many Seadrill shares does Todd D. Strickler hold after this Form 4?

After the reported transactions, Todd D. Strickler directly holds 28,125 Seadrill common shares. This figure reflects his position following the exercise of 3,913 restricted stock units and the related 1,540-share tax-withholding disposition executed on April 17, 2026.

What does the tax-withholding disposition mean in Seadrill’s Form 4 for SDRL?

The tax-withholding disposition involved 1,540 Seadrill common shares valued at $46.17 each being used to satisfy tax obligations arising from vesting equity. This is not an open-market sale, but a standard mechanism to pay required taxes on equity compensation.

How do Seadrill restricted stock units convert into SDRL common shares?

Seadrill restricted stock units convert into common shares on a one-for-one basis, with no cash exercise price. When units vest, the holder receives an equal number of common shares, and some shares may be withheld to cover income tax liabilities arising from the vesting event.