Company: RIG
Filing Date: 2025-03-21
Form Type: PRE 14A
Source: 0001451505-25-000024
Chunk: 53

Company: Transocean Ltd.
Filing Date: 2025-03-21
Form: PRE 14A
Chunk 53
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   4,069,334 |
| Total Restricted Share Awards/Units Outstanding                  |  12,726,860 |
| Total Performance Share Awards/Units Outstanding                 |   7,141,682 |
| Total Common Shares Outstanding                                  | 883,261,456 |
| Weighted-Average Exercise Price of Stock Options Outstanding     |       $9.53 |
| Weighted-Average Remaining Duration of Stock Options Outstanding |  2.43 years |
| Total Shares Available for Issuance Under the 2015 LTIP          |  23,578,161 |

DESCRIPTION OF THE 2015 LTIP The Company believes that the 2015 LTIP incorporates state-of-the-art governance best practices, and a summary description of the material features of the 2015 LTIP is set forth below. The 2015 LTIP plan document is attached to this proxy statement as Appendix C and is incorporated by reference into this proposal. As further described below, the 2015 LTIP will be amended and restated to provide for an increase of 16,000,000 shares available for issuance as long-term incentive awards. Highlights of the 2015 LTIP include: ■ Fungible share pool.The 2015 LTIP uses a fungible share pool under which each share issued pursuant to a restricted share award or restricted share unit (including performance awards) will reduce the number of shares available under the 2015 LTIP by 1.68 shares for such awards granted prior to May 30, 2025, and by 1.43 for such awards thereafter, and each share issued pursuant to awards other than restricted share awards and restricted share units will reduce the number of shares available by 1.0 share. ■ No liberal share counting.The 2015 LTIP prohibits the reuse of shares withheld or delivered to satisfy the exercise price of, or to satisfy tax withholding requirements for any awards under the 2015 LTIP. The 2015 LTIP also prohibits “net share counting” upon the exercise of options or stock appreciation rights (or SARs) and the use of shares reacquired in the open market or otherwise using cash proceeds from the exercise of stock options. ■ No repricing or reloading of stock options or SARs; no cash outs.The 2015 LTIP prohibits the direct or indirect repricing of stock options or SARs without shareholder approval and also prohibits the repurchase by the Company of outstanding stock options or SARs with an exercise price higher than the current