secwatch.observer — SEC 8-K summary
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Issuer:     Valaris Ltd (VAL)
CIK:        0000314808
Form:       8-K
Filed at:   2021-12-09T23:59:59+00:00
Accession:  0000314808-21-000107
Event type: leadership
Sentiment:  neutral
Materiality: 0.50
Item codes: 5.02
LLM model:  deepseek-v4-flash:cloud@v2

Valaris appoints Anton Dibowitz as permanent CEO; $950K salary plus equity grants
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- Anton Dibowitz named President and CEO effective Dec 8, 2021; had served as interim since Sept 3, 2021.
- Employment agreement includes $950,000 base salary and target annual bonus of 115% of base salary from Jan 1, 2022.
- Granted 103,304 time-based RSUs vesting in three annual installments starting July 2022.
- Target award of 486,951 performance share units with hurdles: $45-75 share price, ROCE, strategic goals; settlement in July 2024.
- Severance: two times sum of base salary and target bonus if terminated without cause or resigns for good reason.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/314808/000031480821000107/0000314808-21-000107-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/314808/000031480821000107/val-20211208.htm
  HTML page:      https://secwatch.observer/filing/0000314808-21-000107

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer