Seadrill director exercises 4,860 RSUs into shares

Seadrill Ltd director Paul Norman Smith increased his holdings through equity compensation.

Rhea-AI Filing Summary

Seadrill Ltd director Paul Norman Smith increased his holdings through equity compensation. On May 14, 2026, 4,860 restricted stock units converted into 4,860 common shares at a stated price of $0.00 per share. Following this transaction, he directly holds 7,269 Seadrill common shares.

Footnotes explain that these units were granted on May 14, 2025, vested on the first anniversary of the grant date, and convert into common shares on a one-for-one basis.

Insider Trade Summary

4,860 shares exercised/converted

Exercise 2 txns

Insider Smith Paul Norman

Role Director

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	4,860	$0.00	$0.00
Exercise	Common Shares	4,860	$0.00	$0.00

Holdings After Transaction: Restricted Stock Units — 0 contracts (Direct); Common Shares — 7,269 shares (Direct)

Footnotes (3)

1. F1. The reporting person elected to defer the receipt of the common shares, par value $0.01 per share ("Common Shares"), of Seadrill Limited (the "Company") underlying the restricted stock units granted on May 14, 2025 until the earlier of (i) a separation from service from the Company and (ii) a change in control of the Company.
2. F2. Restricted stock units convert into Common Shares on a one-for-one basis.
3. F3. On May 14, 2025, the reporting person was granted 4,860 restricted stock units, all of which vested on the first anniversary of the grant date.

Key Figures

RSUs converted: 4,860 units Shares received: 4,860 common shares Stated conversion price: $0.00 per share +2 more

5 metrics

RSUs converted 4,860 units Restricted stock units granted May 14, 2025 and later vested

Shares received 4,860 common shares Conversion of restricted stock units on May 14, 2026

Stated conversion price $0.00 per share Price per share for RSU-to-share conversion

Holdings after transaction 7,269 common shares Total direct shares held by Paul Norman Smith after Form 4 transactions

RSUs grant date May 14, 2025 4,860 restricted stock units granted, vesting one year later

Key Terms

Restricted stock units, convert into Common Shares on a one-for-one basis, separation from service, change in control

4 terms

Restricted stock units financial

"On May 14, 2025, the reporting person was granted 4,860 restricted stock units, all of which vested..."

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.

convert into Common Shares on a one-for-one basis financial

"Restricted stock units convert into Common Shares on a one-for-one basis."

separation from service financial

"until the earlier of (i) a separation from service from the Company and (ii) a change in control..."

change in control financial

"until the earlier of (i) a separation from service from the Company and (ii) a change in control of the Company."

A "change in control" occurs when the ownership or management of a company shifts significantly, such as through a merger, acquisition, or sale of a large part of its assets. This change can impact how the company is run and may influence its future direction. For investors, it matters because it can affect the company's stability, strategy, and value, often signaling potential changes in investment risk or opportunity.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did Seadrill (SDRL) report for Paul Norman Smith?

Seadrill reported that director Paul Norman Smith acquired 4,860 common shares through the conversion of restricted stock units. These units vested one year after grant and converted into common shares on a one-for-one basis, increasing his direct ownership position in Seadrill.

How many Seadrill (SDRL) shares does Paul Norman Smith hold after this Form 4?

After the reported transaction, Paul Norman Smith directly holds 7,269 Seadrill common shares. This reflects the addition of 4,860 shares received from vested restricted stock units that converted into common shares on May 14, 2026 at a stated price of $0.00 per share.

What was the size of the restricted stock unit award for Seadrill (SDRL) director Paul Norman Smith?

Paul Norman Smith was granted 4,860 restricted stock units on May 14, 2025. According to the footnotes, all of these units vested on the first anniversary of the grant date and convert into Seadrill common shares on a one-for-one basis upon settlement.

How do Paul Norman Smith’s Seadrill (SDRL) restricted stock units convert into shares?

The restricted stock units held by Paul Norman Smith convert into Seadrill common shares on a one-for-one basis. The Form 4 shows 4,860 units converting into 4,860 common shares at a stated price of $0.00 per share when the award vested after one year.

What does the Form 4 say about the vesting of Seadrill (SDRL) restricted stock units?

The Form 4 footnotes state that on May 14, 2025, Paul Norman Smith was granted 4,860 restricted stock units and that all of these vested on the first anniversary of the grant date. Upon vesting, the units convert into common shares on a one-for-one basis.

Did Paul Norman Smith make an open-market trade in Seadrill (SDRL) shares?

The Form 4 reports a transaction coded “M,” indicating the exercise or conversion of a derivative security. It shows restricted stock units converting into 4,860 common shares at a stated price of $0.00 per share, rather than an open-market purchase or sale.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/18/2026 - 11:29 AM EDT Learn about SEC filing dates

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^*

Smith Paul Norman

(Last) (First) (Middle)

4425 WESTWAY PARK BLVD., SUITE 170

(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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/14/2026

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)
			Code	V	Amount	(A) or (D)	Price
Common Shares	05/14/2026		M		4,860(1)	A	(2)	7,269	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(2)	05/14/2026		M			4,860	(3)	(3)	Common Shares	4,860(1)	$0	0	D

Explanation of Responses:

1. The reporting person elected to defer the receipt of the common shares, par value $0.01 per share ("Common Shares"), of Seadrill Limited (the "Company") underlying the restricted stock units granted on May 14, 2025 until the earlier of (i) a separation from service from the Company and (ii) a change in control of the Company.

2. Restricted stock units convert into Common Shares on a one-for-one basis.

3. On May 14, 2025, the reporting person was granted 4,860 restricted stock units, all of which vested on the first anniversary of the grant date.

	/s/ Todd D. Strickler, attorney-in-fact	05/18/2026
	** 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)