Company: RIG
Filing Date: 2025-04-01
Form Type: DEF 14A
Source: 0001451505-25-000029
Chunk: 52

Company: Transocean Ltd.
Filing Date: 2025-04-01
Form: DEF 14A
Chunk 52
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 well as dilution, and strive to maintain both at appropriate levels in order to realize the significant motivational and performance benefits that may be achieved from making such awards. As of March 6, 2025, we determined that the dilution attributed to the 2015 LTIP was approximately 2.53% and would increase to approximately 6.70%, in the aggregate, upon shareholder approval, of 16,000,000 additional share reserves. The three-year average annual percentage of the Company’s outstanding shares issued under equity incentive plans or the Company’s “burn rate” was 1.10%, well below the Institutional Shareholder Services (“ISS”) benchmark for our industry of 2.08%. We believe that it is important that meaningful equity-based long-term incentives remain a significant element of our compensation program throughout the business

Transocean 2025 P-60 Proxy Statement

| ​ | ​              |
| ​ | AGENDA ITEM 13 |

cycle of our industry. We may also increase cash compensation during such periods relative to our historical practices to limit the amount of dilution from equity awards. The table below shows information as of March 6, 2025, with regard to all of our share-settled equity plans:

| ​                                                                |           ​ |
| Total Stock Options Outstanding                                  |   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: ■