Company: RIG
Filing Date: 2025-03-21
Form Type: PRE 14A
Source: 0001451505-25-000024
Chunk: 104

Company: Transocean Ltd.
Filing Date: 2025-03-21
Form: PRE 14A
Chunk 104
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37.86%12-months, ending December 31, 20240.00%0.00%36-months, ending December 31, 202485.71%34.28%Cumulative Performance Achievement86.43%​
Transocean 2025 P-106 Proxy Statement

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| ​ | COMPENSATION DISCUSSION AND ANALYSIS |

2024 Named Executive Officer Transitions The Company announced a transition of the role of Executive Vice President, Chief Financial Officer from Mr. Mark Mey to Mr. Thad Vayda. Such transition was completed on May 1, 2024. In accordance with Mr. Mey’s 2015 employment agreement, and per the Company’s Articles of Association, regardless of which party is terminating employment, Mr. Mey is entitled to a one-year notice period during which time he will continue to receive an amount equal to his base salary plus his target bonus paid monthly during the applicable 12-month notice period. During the notice period, Mr. Mey remains employed by the Company and provides services on an as-needed basis as a strategic advisor. Following completion of the notice period, Mr. Mey’s employment will be terminated and a prorated portion of his outstanding shares will be released per the terms of each award. All of Mr. Mey’s unvested units will be forfeited in accordance with the terms and conditions of his awards. On April 26, 2024, Mr. Howard Davis, Transocean’s Executive Vice President, Chief Administrative Officer and Chief Information Officer elected to retire pursuant to Transocean’s broad based 2024 Voluntary Early Retirement Plan (the “VERP”). The VERP was open to all U.S. employees aged 55 or above who also met specific service requirements and provided for retirement benefits subject to certain restricted covenants. Mr. Davis’s retirement was effective July 31, 2024. EMPLOYMENT AGREEMENTS WITH NAMED EXECUTIVE OFFICERS Employment agreements with our Executive Management Team comply with the Swiss Code, which prohibits the payment of severance benefits to members of the Executive Management Team. Other than the individual compensation terms applicable for each executive, the same basic form of employment agreement was used for Named Executive Officers with agreements. INDIRECT COMPENSATION In addition to base salary, annual and long-term incentive compensation, we offer limited indirect compensatory arrangements to our executives. These indirect elements of executive compensation are not performance-based and are offered as part of the overall compensation package