Company: RIG
Filing Date: 2025-03-21
Form Type: PRE 14A
Source: 0001451505-25-000024
Chunk: 54

Company: Transocean Ltd.
Filing Date: 2025-03-21
Form: PRE 14A
Chunk 54
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 fair market value. ■ Clawback. All equity awards allow for the cancellation of outstanding awards for actions that are inconsistent with our Code of Integrity. ■ No discounted stock options or SARs. All stock options and SARs must have an exercise price or base price equalto or greater than the fair market value of the underlying shares on the date of grant. ■ Definition of change of control.The 2015 LTIP defines “change of control” in a manner such that a changeof control would not be deemed to occur until the actual consummation of the event that results in the change of control.

Transocean 2025 P-61 Proxy Statement

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| AGENDA ITEM 13 | ​ |

■ No automatic vesting on a change of control.The terms of the 2015 LTIP do not provide for automatic single-trigger vesting upon the occurrence of a change of control. The 2015 LTIP was further amended in 2020 to remove Compensation Committee discretion to treat a change of control as a specific vesting event. ■ Minimum vesting.All awards shall have a minimum vesting period or restriction period of one year from grant date; provided, however, that awards with respect to up to five percent (5%) of the shares available for awards may be issued without regard to this limitation. ■ No dividends or dividend equivalents on options, SARs or unvested awards.The terms of the 2015 LTIP do not permit dividends or dividend equivalents to be made a part of an award of stock options or SARs and do not permit payment of dividends or dividend equivalents with respect to any awards that are unvested. The terms of the 2015 LTIP, as amended in 2020, clarified that no dividends shall be paid with respect to unvested restricted shares and no dividend equivalents shall be paid with respect to unvested restricted share units or performance unit awards. ■ Administered by an independent committee. The Compensation Committee, which is made up entirely of independent directors, has ultimate administration authority for the 2015 LTIP. Shares Available for Award and Share Counting When originally adopted, the 2015 LTIP reserved a total of 19,500,000 shares for awards, plus the remaining shares from a prior long-term incentive plan that had not been granted. In 2018, 2020, 2021, 2023 and 2024 amendments to the plan were approved for additional reserves in the aggregate amount of 12,000