Company: RIG
Filing Date: 2025-03-21
Form Type: PRE 14A
Source: 0001451505-25-000024
Chunk: 63

Company: Transocean Ltd.
Filing Date: 2025-03-21
Form: PRE 14A
Chunk 63
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 choice of losing our most valuable employees or using cash-based long- term incentives to compensate employees, which would not be the best use of our liquidity and could result in a misalignment of the interests of our employees and shareholders.■   We use equity compensation to align employee and shareholder interests. Equity compensation is a critical means of aligning the interests of our employees with those of our shareholders and provides a strong pay-for-performance link between the compensation provided to executives and the Company’s performance.■   We grant shares that must be earned by our executives. Over one-half of the value of awards to our Named Executive Officers are subject to achieving a pre-determined level of shareholder returns compared to our industry peer group and pre-determined free cash flow generation.■   We have equity ownership requirements. We apply meaningful ownership requirements to our executives to ensure a significant ownership stake in our Company. This further aligns the interests of our executives with those of our shareholders.■   The 2015 LTIP incorporates rigorous governance best practices. The 2015 LTIP meets governance best practices standards for employee incentive plans. |

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| RECOMMENDATIONThe Board of Directors recommends a vote FOR this Agenda Item 13A. |

Transocean 2025 P-67 Proxy Statement

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| AGENDA ITEM 13 | ​ |

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| 13B | Approval of Capital Authorization for Share-Based Incentive Plans |

PROPOSAL OF THE BOARD OF DIRECTORS

| The Board of Directors proposes that its authority to issue shares using a capital authorization to satisfy the Company’s equity incentive plans obligations be reapproved, and any share issuances thereunder be limited to 16,000,000 shares, corresponding to approximately 1.7% of the Company’s issued share capital as of March 6, 2025 for a five-year period expiring on May 30, 2030.The proposed amendments to the Articles of Association in respect of this Agenda Item 13B are included in Annex A. |

EXPLANATION The Board of Directors believes that the Company must be able to satisfy its obligations to deliver shares under its equity incentive plans in effect from time to time. The number of shares that the Company seeks authorization to issue under the capital authorization described in this Agenda item 13B is approximately equivalent to the number of shares that would be issuable under the 2015 LTIP if shareholders approve Agenda item 13A. All shares under the