Company: RIG
Filing Date: 2025-04-01
Form Type: DEF 14A
Source: 0001451505-25-000029
Chunk: 51

Company: Transocean Ltd.
Filing Date: 2025-04-01
Form: DEF 14A
Chunk 51
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12B. |

Transocean 2025 P-59 Proxy Statement

AGENDA ITEM 13 Approval of (A) Amendment and Restatement of Transocean Ltd. 2015 Long-Term Incentive Plan and (B) Capital Authorization for Share-Based Incentive Plans PROPOSAL OF THE BOARD OF DIRECTORS

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| 13A | Approval of Amendment and Restatement of Transocean Ltd. 2015 Long-Term Incentive Plan |

| The Board of Directors proposes that shareholders approve the amendment and restatement of the Transocean Ltd. 2015 Long-Term Incentive Plan, as amended and restated effective May 16, 2024 (the “2015 LTIP”). The proposed amendment would increase the number of shares available for issuance under the 2015 LTIP by 16,000,000 shares, if approved by shareholders, and amend the fungible share ratio such that awards of restricted shares or restricted share units (including performance awards) granted on or after May 30, 2025, would reduce the fungible share pool by 1.43 shares instead of 1.68 shares. |

EXPLANATION In order to effectively execute our business strategy, it is essential for us to manage our talent in an industry where there is intense competition for qualified individuals. We need to (i) attract new highly qualified industry professionals and (ii) reward and retain our experienced professionals. We believe that the issuance of equity-based incentive compensation is a key component of our comprehensive human resource strategy, and that equity-based incentives promote and sustain the progress, growth and profitability of the Company by: ■attracting, motivating and retaining highly talented individuals; ■reinforcing a pay-for-performance culture; ■aligning the interests of our employees with that of the Company; and ■providing incentives and rewards to employees who are positioned to contribute to the success and long-term objectives of the Company. The competition for highly-qualified talent has increased the importance of equity-based compensation as a key component for employee recruitment and retention and the need for available shares under an equity compensation plan. The Company granted awards under the 2015 LTIP to 143 individuals in 2024; six of whom were Executive Officers and nine of whom were non-employee directors. We believe we have demonstrated our commitment to sound equity compensation practices. Management and our Board of Directors are cognizant of the expense attributable to compensatory share awards, as