Company: RIG
Filing Date: 2025-03-21
Form Type: PRE 14A
Source: 0001451505-25-000024
Chunk: 101

Company: Transocean Ltd.
Filing Date: 2025-03-21
Form: PRE 14A
Chunk 101
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 an appropriate balance of incentives tied to performance, two types of long-term equity instruments were used in 2024: Performance Units (“PSUs”) and Restricted Share Units (“RSUs”), each weighted at 50%. This LTI mix was designed to ensure that a minimum of 50% of total LTI is conveyed through performance-based awards. RSUs were included in the incentive mix to reinforce a direct relationship to the shareholder experience and to promote ownership of Company equity. Both instruments were also designed to be retentive in nature through extended performance and vesting periods. The following LTI award values were delivered to our Named Executive Officers in 2024.

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Transocean 2025 P-104 Proxy Statement

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| ​ | COMPENSATION DISCUSSION AND ANALYSIS |

| EXECUTIVE     |   |   |   |   | 2024 LTI TARGET VALUE 
              (U.S. $) |     |   |
| Mr. Thigpen   | ​ | ​ | ​ | ​ |             8,000,000 |     | ​ |
| Mr. Vayda     | ​ | ​ | ​ | ​ |             1,497,916 |     | ​ |
| Mr. Adamson   | ​ | ​ | ​ | ​ |             3,400,000 |     | ​ |
| Mr. Long      | ​ | ​ | ​ | ​ |             2,181,818 |     | ​ |
| Mr. Mackenzie | ​ | ​ | ​ | ​ |             1,650,000 |     | ​ |
| Former NEO:   |   | ​ | ​ | ​ |                     ​ |     | ​ |
| Mr. Davis     | ​ | ​ | ​ | ​ |             2,150,000 |     | ​ |
| Mr. Mey       | ​ | ​ | ​ | ​ |             2,700,000 |     | ​ |

Each Named Executive Officer target LTI value is delivered in shares based on the following: ■Performance Units: one-half of the total LTI target value is divided by an approximated Grant Date Fair Value based on an estimated Monte Carlo valuation performed immediately prior to the date of grant; and ■Restricted Share Units: one-half of the total LTI target value is divided by a value equal to the average of our high-low trading prices for the 10 days immediately preceding the date