Company: RIG
Filing Date: 2025-03-21
Form Type: PRE 14A
Source: 0001451505-25-000024
Chunk: 152

Company: Transocean Ltd.
Filing Date: 2025-03-21
Form: PRE 14A
Chunk 152
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encing the right to receive in specified circumstances one Share or equivalent value in cash, determined as a function of the extent to which established performance criteria have been satisfied. “ Performance Unit Award” means an Award in the form of Performance Units. “ Prior Plan” means the Long-Term Incentive Plan of Transocean Ltd., as amended and restated as of February 12, 2009. “ Restricted Share Award” means an Award in the form of Restricted Shares. “ Restricted Shares” means a Share that is restricted or subject to forfeiture provisions. “ Restricted Share Unit” means a unit evidencing the right to receive in specified circumstances one Share or equivalent value in cash that is restricted or subject to forfeiture provisions. “ Restricted Share Unit Award” means an Award in the form of Restricted Share Units. “ Restriction Period” means a period of time beginning as of the date upon which a Restricted Share Award or Restricted Share Unit Award is made pursuant to this Plan and ending as of the date upon which such Award is no longer restricted or subject to forfeiture provisions. “ Share Appreciation Right” or “ SAR” means a right to receive a payment, in cash or Shares, equal to the excess of the Fair 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

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| APPENDIX C | ​ |

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

| (a) | Shares