Company: RIG
Filing Date: 2025-03-21
Form Type: PRE 14A
Source: 0001451505-25-000024
Chunk: 46

Company: Transocean Ltd.
Filing Date: 2025-03-21
Form: PRE 14A
Chunk 46
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 services that receive this advance approval are also subject to engagement fee pre-approval procedures, budget restrictions, as well as other internal controls. Transocean 2025 P-53 Proxy Statement

AGENDA ITEM 11 Advisory Vote to Approve Named Executive Officer Compensation for Fiscal Year 2025 PROPOSAL OF THE BOARD OF DIRECTORS

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| The Board of Directors recommends that you vote for the approval of the compensation of the Named Executive Officers as described in this proxy statement.Accordingly, you may vote on the following resolution:RESOLVED, that the compensation of the Company’s Named Executive Officers, as disclosed pursuant to the compensation disclosure rules of the SEC, including the Compensation Discussion and Analysis, the compensation tables, and the narrative disclosure in the proxy statement for the Company’s 2025 Annual General Meeting is hereby APPROVED. |

EXPLANATION As required by Section 14A of the Exchange Act, the Company is providing its shareholders the opportunity to vote on an advisory basis to approve the compensation of the Company’s Named Executive Officers. At the Company’s 2023 Annual General Meeting, the Company’s shareholders supported the Board of Directors’ recommendation to hold an advisory vote on executive compensation every year for the Company’s Named Executive Officers. As a result, the Board of Directors determined that the Company will hold an advisory vote on executive compensation once every year until the 2029 Annual General Meeting, which, in accordance with applicable law, is the next required vote on the frequency of shareholder votes on the compensation of Named Executive Officers of the Company. Our compensation program for our Named Executive Officers is designed to reward performance that creates long-term value for the Company’s shareholders through the following features, which are discussed in more detail in our Compensation Discussion and Analysis:

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| ■ | Annual cash bonuses based on performance as measured against pre-determined performance goals;                                                                                                           | ​ | ■ | A share ownership policy that requires our executive officers to build and maintain an appropriate equity stake in the Company to further align our executive officers’ interests with the long-term interests of our shareholders;                                                                                                        |
| ■ | A compensation mix weighted toward long-term incentives to allow our Named Executive Officers to participate in the long-term growth and profitability of the Company;                                   | ​ | ■ | Hedging and pledging policies that prohibit any of our executive officers from hedging or pledging our shares or holding derivative instruments tied to our shares, other than derivative