Company: RIG
Filing Date: 2025-03-21
Form Type: PRE 14A
Source: 0001451505-25-000024
Chunk: 107

Company: Transocean Ltd.
Filing Date: 2025-03-21
Form: PRE 14A
Chunk 107
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 Officer’s performance in light of these focus areas (with the participation of all non-executive members of the Board of Directors) and setting our Chief Executive Officer’s compensation based on this evaluation as well as a review of compensation practices in the competitive market; |   |

Transocean 2025 P-108 Proxy Statement

| ​ |                                      |
| ​ | COMPENSATION DISCUSSION AND ANALYSIS |

| ■ | Establishing and approving our executive compensation plans and arrangements to provide benefits to our Executive Officers in accordance with the goals and objectives of the Company, as established by the Board of Directors;                                                                                                                                                                                                                                                                        |
| ■ | Administering the Company’s LTI plans, including determining plan eligibility and approving individual awards for all plan participants;                                                                                                                                                                                                                                                                                                                                                                |
| ■ | Administering the Company’s Performance Award and Cash Bonus Plan and approving individual awards for all Executive Officers;                                                                                                                                                                                                                                                                                                                                                                           |
| ■ | Considering and approving executive employment and, to the extent permissible under Swiss law, severance agreements or other contractual agreements that may be entered into with our Executive Officers (that shall not include “single-trigger” change-in-control agreements);                                                                                                                                                                                                                        |
| ■ | Engage with our shareholders to review and consider their feedback on executive compensation design;                                                                                                                                                                                                                                                                                                                                                                                                    |
| ■ | Reviewing and discussing this Compensation Discussion and Analysis, the Company’s Swiss statutory compensation report and maximum aggregate compensation limits for the Board of Directors and members of the Executive Management Team with our management and, based upon such review and discussion, recommending to the Board of Directors that the Compensation Discussion and Analysis be included in the proxy statement for our Annual General Meeting or our annual report, as applicable; and |
| ■ | Assessing the risks associated with the Company’s compensation arrangements.                                                                                                                                                                                                                                                                                                                                                                                                                            |

The Committee makes all compensation decisions and approves all share-based awards for the Named Executive Officers and other Executive Officers. The Committee may exercise its discretion in modifying any compensation element to any Executive Officer, including reducing or increasing the payment amount for one or more components of such awards. During 2024, the Compensation Committee consisted of the following directors: Glyn A. Barker (Chair), Vanessa C.L. Chang, and Samuel J. Merksamer. INDEPENDENT COMPENSATION CONSULTANT To assist in discharging its responsibilities and to ensure that we are continually reviewing and evolving our compensation programs with competitive market standards, the Committee engaged an independent executive compensation consulting firm, Pay Governance LLC (“Pay Governance”), that advised the Committee on executive compensation matters in