Benjamin Duster - May 3, 2022 Form 4 Insider Report for DIAMOND OFFSHORE DRILLING, INC. (DO)

Role: Director
Signature: /s/ Terence W. Waldorf Attorney-in-Fact for Benjamin Duster
Stock symbol: DO
Transactions as of: May 3, 2022
Transactions value $: $0
Form type: 4
Date filed: 5/4/2022, 02:02 PM
Previous filing: Jan 20, 2022
Next filing: Jun 9, 2022

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	DO	Restricted Stock Units	Award	$0	+10.1K		$0.00	10.1K	May 3, 2022	Common Stock	10.1K		Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Each restricted stock unit represents a contingent right to receive one share of common stock.
F2	The restricted stock units vest and become non-forfeitable with respect to 30% of the restricted stock units on May 3, 2023 and 70% of the restricted stock units on May 3, 2024. The vested shares of common stock will be delivered to the reporting person following the earliest to occur of (i) the fifth anniversary of the grant date, (ii) the reporting person's separation from service with the issuer and (iii) a change in control (as defined in the award agreement) of the issuer.

Content

Each restricted stock unit represents a contingent right to receive one share of common stock.

The restricted stock units vest and become non-forfeitable with respect to 30% of the restricted stock units on May 3, 2023 and 70% of the restricted stock units on May 3, 2024. The vested shares of common stock will be delivered to the reporting person following the earliest to occur of (i) the fifth anniversary of the grant date, (ii) the reporting person's separation from service with the issuer and (iii) a change in control (as defined in the award agreement) of the issuer.