Company: RIG
Filing Date: 2025-04-01
Form Type: DEF 14A
Source: 0001451505-25-000029
Chunk: 118

Company: Transocean Ltd.
Filing Date: 2025-04-01
Form: DEF 14A
Chunk 118
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 unfunded, noncontributory pension plan that was frozen effective December 31, 2014. Messrs. Vayda, Adamson and Mackenzie are the only Named Executive Officers with a frozen benefit in the PEP. The PEP was established to provide supplemental post-retirement income in recognition of service to the Company. Benefits are payable upon a participant’s termination of employment, or six months after termination in the case of certain officers. Certain employees were eligible to receive a benefit under the PEP if the level of their compensation prior to January 1, 2015, would otherwise cause them to exceed the Internal Revenue Code compensation limitations imposed on the Transocean U.S. Retirement Plan. The plan recognizes the same forms of compensation and the same formula used to calculate the plan benefit as the Transocean U.S. Retirement Plan; however, earnings are not limited to the pay cap under the Internal Revenue Code Section 401(a)(17) ($260,000 in 2014 when the PEP was frozen). Benefits are not earned until the individual has five years of credited service with the Company. Certain assumptions and calculation methods were used to determine the values of the pension benefits disclosed in the “Pension Benefits for 2024” table above. In particular, monthly accrued pension benefits, payable at age 65, were determined as of December 31, 2024. The present value of these benefits was calculated based on assumptions disclosed in the Company’s financial statements for 2024. See Notes to Consolidated Financial Statements—Note 2—Significant Accounting Policies and Note 9—Benefit Plans included in Item 8 of our annual report on Form 10-K for the fiscal year ended December 31, 2024. Transocean 2025 P-119 Proxy Statement

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| EXECUTIVE COMPENSATION | ​ |

Potential Payments Upon Termination or Change of Control The following table summarizes the treatment of outstanding awards as provided in the terms and conditions of each award.

| EVENT                                                           |   |   | CONSEQUENCES                                                                                                                                                                                                                                                                                                                                                                                    |
| Voluntary not-for-cause termination                             | ​ | ​ | Restricted Share Units, Performance Share Units, Performance Cash and Stock Options – executive’s right to unvested portion of award terminates immediately; vested and outstanding stock options will remain exercisable for 60 days following termination (or until expiration, if sooner)                                                                                                    |
| Involuntary not-for-cause termination or Retirement             | ​ | ​ | Restricted