Company: RIG
Filing Date: 2025-04-01
Form Type: DEF 14A
Source: 0001451505-25-000029
Chunk: 53

Company: Transocean Ltd.
Filing Date: 2025-04-01
Form: DEF 14A
Chunk 53
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 Fungible share pool.The 2015 LTIP uses a fungible share pool under which each share issued pursuant to a restricted share award or restricted share unit (including performance awards) will reduce the number of shares available under the 2015 LTIP by 1.68 shares for such awards granted prior to May 30, 2025, and by 1.43 for such awards thereafter, and each share issued pursuant to awards other than restricted share awards and restricted share units will reduce the number of shares available by 1.0 share. ■ No liberal share counting.The 2015 LTIP prohibits the reuse of shares withheld or delivered to satisfy the exercise price of, or to satisfy tax withholding requirements for any awards under the 2015 LTIP. The 2015 LTIP also prohibits “net share counting” upon the exercise of options or stock appreciation rights (or SARs) and the use of shares reacquired in the open market or otherwise using cash proceeds from the exercise of stock options. ■ No repricing or reloading of stock options or SARs; no cash outs.The 2015 LTIP prohibits the direct or indirect repricing of stock options or SARs without shareholder approval and also prohibits the repurchase by the Company of outstanding stock options or SARs with an exercise price higher than the current 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,