Company: RIG
Filing Date: 2025-04-01
Form Type: DEF 14A
Source: 0001451505-25-000029
Chunk: 149

Company: Transocean Ltd.
Filing Date: 2025-04-01
Form: DEF 14A
Chunk 149
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 Market Value of a specified number of Shares on the date the right is exercised over a specified Exercise Price. “ Share-Based Award” means an Award in the form of Shares, including a Restricted Share Award, a Restricted Share Unit Award or Performance Unit Award that may be settled in Shares, and excluding Options and SARs. “ Share-Based Award Limitations” has the meaning set forth in Paragraph 5(f)(ii). “ Shares” means the registered shares, par value 0.10 U.S. Dollars per share, of the Company. “ Subsidiary” means any entity, including partnerships and joint ventures, in which the Company has a significant ownership interest, as determined by the Committee.

| 4. | Eligibility. All Employees are eligible for Employee Awards under this Plan. All Directors are eligible for Director Awards under this Plan.  The Committee (or the Board, in the case of Director Awards) shall determine the type or types of Awards to be made under this Plan and shall designate from time to time the Employees or Directors who are to be granted Awards under this Plan. |

Transocean 2025 APC-3 Proxy Statement

|            | ​ |
| APPENDIX C | ​ |

| 5. | Shares Available for Awards; Award Limitations. |

| (a) | Shares Initially Available for Awards.  Subject to the provisions of Paragraph 15 hereof, there shall be available for Awards under this Plan granted wholly or partly in Shares (including rights or Options that may be exercised for or settled in Shares) an aggregate of 153,000,000 Shares plus the 1,212,966 Shares remaining available for awards under the Prior Plan as of the Effective Date, all of which shall be available for Incentive Stock Options.  Each Share issued pursuant to an award of Restricted Shares or Restricted Share Units (including those designated as Performance Awards) granted on or after the Effective Date but before May __, 2025, shall reduce the Available Shares by 1.68. Effective May __, 2025, each Share issued pursuant to an award of Restricted Shares or Restricted Share Units (including those designated as Performance Awards) granted, shall reduce the Available Shares by 1.43. |

| (b) | Shares Again Available for Awards.  If an Award expires or is terminated, cancelled or forfeited, the Shares associated with the expired, terminated, cancelled or forfeited Award shall again be available for Awards under this Plan.  Notwithstanding the foregoing, the following