Extracted from this filing and checked against the source text.
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
Valaris Ltd amended Amendment No. 1 to Support Agreement with Famatown Finance Limited valued at Amendment extends Standstill Period to completion of 2023 AGM and modifies director nomination right (effective 2023-01-25).
- Action
- amendment
- Counterparty
- Famatown Finance Limited
- Value
- Amendment extends Standstill Period to completion of 2023 AGM and modifies director nomination right
- Effective
- 2023-01-25
Exact text from the filing
if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Item 1.01 - Entry into a Material Definitive Agreement On January 25, 2023, Valaris Limited (the “ Company ”) entered into an Amendment No. 1 to Support Agreement (the “ Amendment ”) with Famatown Finance Limited (“ Famatown ”) and the other parties thereto. The Amendment amends the Support Agreement dated December 9, 2021 (the “ Support Agreement ”) to, among other things: (a) provide that Famatown will notify the Company by March 6, 2023 (the “ Nomination Deadline ”) whether Gunnar W. Eliassen (the current Famatown nominee that serves on the board of directors of the Company (the “ Board ”)) will be the Famatown nominee at the 2023 annual general meeting of the Company’s shareholders (the “ 2023 AGM ”) or whether Famatown wishes to designate another nominee that otherwise meets the qualif
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