Seadrill director exercises RSUs for 4,860 shares

Seadrill Ltd director Jean Cahuzac reported a compensation-related transaction involving restricted stock units.

Rhea-AI Filing Summary

Seadrill Ltd director Jean Cahuzac reported a compensation-related transaction involving restricted stock units. On May 14, 2026, restricted stock units covering 4,860 Common Shares were converted into Common Shares at a stated price of $0.00 per share, reflecting an exercise of a derivative security rather than an open-market purchase. Following this conversion, Cahuzac directly holds 7,269 Common Shares. The footnotes explain that these units were originally granted on May 14, 2025, vested on the first anniversary of that grant, and that Cahuzac elected to defer receipt of the underlying shares until separation from service or a change in control of Seadrill.

Insider Trade Summary

4,860 shares exercised/converted

Exercise 2 txns

Insider CAHUZAC JEAN

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 shares Shares held after transaction: 7,269 shares Stated conversion price: $0.00 per share +1 more

4 metrics

RSUs converted 4,860 shares Restricted stock units converted to Common Shares on May 14, 2026

Shares held after transaction 7,269 shares Direct Common Share holdings following the Form 4 transaction

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

RSUs granted 4,860 units Restricted stock units granted on May 14, 2025

Key Terms

Restricted stock units, derivative security, change in control, separation from service

4 terms

Restricted stock units financial

"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.

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.

change in control financial

"until the earlier of a separation from service and 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.

separation from service financial

"until the earlier of a separation from service from the Company"

FAQ

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

What insider transaction did Seadrill (SDRL) director Jean Cahuzac report?

Jean Cahuzac reported the conversion of 4,860 restricted stock units into Seadrill Common Shares. This was an exercise of a derivative award, not an open-market trade, and increased his direct Common Share holdings to 7,269 after the transaction.

How many Seadrill (SDRL) shares did Jean Cahuzac acquire in the latest Form 4?

Cahuzac acquired 4,860 Seadrill Common Shares through the conversion of restricted stock units. These units vested one year after their May 14, 2025 grant and were converted at a stated price of $0.00 per share as part of his equity compensation.

What are the total Seadrill (SDRL) holdings of Jean Cahuzac after this Form 4 transaction?

After the reported transaction, Jean Cahuzac directly holds 7,269 Seadrill Common Shares. This total reflects the addition of 4,860 shares from the exercise and conversion of restricted stock units that had fully vested under his compensation arrangement.

Was Jean Cahuzac’s Seadrill (SDRL) Form 4 a market buy or sell of shares?

The Form 4 did not report a market buy or sell. Instead, it showed an exercise and conversion of 4,860 restricted stock units into Common Shares at a $0.00 price, a standard equity compensation event rather than an open-market trading decision.

When were the restricted stock units in Jean Cahuzac’s Seadrill (SDRL) filing granted and vested?

The restricted stock units were granted on May 14, 2025 and all vested on the first anniversary of that date. After vesting, they converted into 4,860 Common Shares according to the one-for-one conversion terms disclosed in the Form 4 footnotes.

What deferral election did Jean Cahuzac make regarding his Seadrill (SDRL) restricted stock units?

Cahuzac elected to defer receipt of the Common Shares underlying his restricted stock units until the earlier of separation from service with Seadrill or a change in control of the company, according to the detailed footnote explanation in the Form 4.

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

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Accepted by SEC EDGAR 05/18/2026 - 11:17 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^*

CAHUZAC JEAN

(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)