Company: RIG
Filing Date: 2025-03-21
Form Type: PRE 14A
Source: 0001451505-25-000024
Chunk: 56

Company: Transocean Ltd.
Filing Date: 2025-03-21
Form: PRE 14A
Chunk 56
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 cash settlement or cancellation. The shares will be added back as (a) 1.68 shares for every share if the shares were subject to restricted share awards or restricted share units (including those designated as performance awards) for grants made prior to May 30, 2025 and (b) as 1.0 share for every share if the shares were subject to awards other than restricted share awards, restricted share units or performance units granted. Transocean 2025 P-62 Proxy Statement

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| ​ | AGENDA ITEM 13 |

Subject to shareholder approval for awards granted on or after May 30, 2025, shall be added back as 1.43 shares for every share if the shares were subject to restricted share awards or restricted share units (including those designated as performance awards). The following shares will not be added to the shares authorized for grant as described above:

| (i) | shares tendered by the participant or withheld by us in payment of the purchase price of an option; |

| (ii) | shares tendered by the participant or withheld by us to satisfy any tax withholding obligation with respect to an award; |

| (iii) | shares that are not issued due to net settlement of an award; and |

| (iv) | shares reacquired by the Company on the open market or otherwise using cash proceeds from the exercise of options. |

The 2015 LTIP provides for appropriate adjustments in the event of a merger, demerger, consolidation, recapitalization, stock split, combination of shares, plan of exchange, share dividend or similar transaction involving the Company. Administration The Compensation Committee of the Board of Directors has overall authority to administer the 2015 LTIP. The Board may designate another committee or committees to administer the 2015 LTIP. Eligible Participants All employees of the Company or any of its subsidiaries and all non-employee directors are eligible to participate in the 2015 LTIP. Types of Awards The 2015 LTIP authorizes the issuance of the following types of awards: ■ Nonqualified and Incentive Stock Options.Nonqualified stock options and incentive stock options may be granted under the 2015 LTIP. The exercise price of options may not be less than the fair market value of our shares on the date of grant and no option may be exercised after the expiration of 10 years from the date of grant. The fair market value of our shares is determined by reference to the reported closing price on the