SDRL - Issuance of restricted stock units to primary insiders
Hamilton, Bermuda, September 19, 2018 - Seadrill Limited ("Seadrill" or the "Company") announces that the Board of Directors has approved the Company's Equity Incentive Plan ("EIP") and 238,569 Restricted Stock Units ("RSUs) were awarded on September 4, 2018 to primary insiders in accordance with the terms of the EIP.
The RSUs entitle the recipient to receive one common share for each RSU awarded subject to the terms of the EIP. The RSUs are non-transferable and one third of the award will vest and be delivered without further consideration on each of the first three anniversaries following the date of the award.
The following primary insiders have been allocated the RSUs shown in the table below. The RSUs awarded are the only RSUs in the Company that primary insiders and their close associates have.
|Primary Insider||Title||RSUs||Other shareholdings of Primary Insider & close associates|
|John Fredriksen||Chairman||5,105||Note (1)|
|Birgitte Ringstad Vartdal||Director||5,105|
|Chris Edwards||General Counsel||20,049|
(1) Hemen Holding Limited ("Hemen") beneficially holds 30,857,046 shares. The shares beneficially held by Hemen are indirectly held in trusts established by Mr. John Fredriksen for the benefit of his immediate family. Mr. Fredriksen disclaims beneficial ownership of the shares held by Hemen, except to the extent of his voting and dispositive interest in such common shares. Mr. Fredriksen has no pecuniary interest in the shares held by Hemen.
This information is subject of the disclosure requirements pursuant to section 4-2 of the Norwegian Securities Trading Act.