Company: RIG
Filing Date: 2025-04-01
Form Type: DEF 14A
Source: 0001451505-25-000029
Chunk: 62

Company: Transocean Ltd.
Filing Date: 2025-04-01
Form: DEF 14A
Chunk 62
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 applicable, may result in the early taxation (plus interest) to the participant of deferred compensation and the imposition of a 20% penalty and an interest charge penalty on the participant’s deferred compensation income. The Company intends to structure awards under the 2015 LTIP in a manner designed to be exempt from or compliant with Code Section 409A. Transocean 2025 P-66 Proxy Statement

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| ​ | AGENDA ITEM 13 |

WHY SHOULD YOU VOTE TO APPROVE THE AMENDMENT?

| ■   We must attract, motivate and retain individuals of high ability. The ability to issue equity is fundamental to our compensation strategy. Our success is dependent, in large part, on our ability to use equity compensation to attract, motivate and retain experienced and highly capable people.■   We have a disciplined annual share granting practice. Our burn rate has averaged 1.10% over the past three years. For comparison purposes, our average burn rate over the past three and five years are both well below the ISS cap of 2.08% for Russell 3000 companies in the energy industry.■   Without equity compensation, we risk the loss of employee talents or could be forced to pay more compensation in cash. If equity compensation is not available, we could face the 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