Company: RIG
Filing Date: 2025-03-21
Form Type: PRE 14A
Source: 0001451505-25-000024
Chunk: 47

Company: Transocean Ltd.
Filing Date: 2025-03-21
Form: PRE 14A
Chunk 47
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 instruments issued by us; and                                                                                                                    |
| ■ | Long-term incentives include performance share units that vest based upon the Company’s total shareholder return compared to the companies in our performance peer groups and Free Cash Flow generation; | ​ | ■ | The Executive Officer Incentive-Based Compensation Recoupment Policy, a clawback policy in accordance with SEC and NYSE requirements, providing for the recovery of certain erroneously awarded incentive-based compensation (cash and equity) received by current and former executive officers in the case of an accounting restatement. |
| ■ | Median pay positioning for target performance, above median pay for above target performance, and below median pay for below target performance;                                                         | ​ | ​ | ​                                                                                                                                                                                                                                                                                                                                          |

Transocean 2025 P-54 Proxy Statement

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| ​ | AGENDA ITEM 11 |

The vote on this proposal is advisory and therefore not binding on the Company, the Compensation Committee or the Board of Directors. The Board of Directors and the Compensation Committee value the opinions of our shareholders. Following the 2025 Annual General Meeting, we will consider our shareholders’ feedback and the Compensation Committee will evaluate whether any actions are necessary to address this feedback.

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| RECOMMENDATIONThe Board of Directors recommends that you vote FOR approval of 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 this proxy statement. |

Transocean 2025 P-55 Proxy Statement

AGENDA ITEM 12 Prospective Vote on the Maximum Compensation of (A) the Board of Directors and (B) the Executive Management Team

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| 12A | Ratification of the Maximum Aggregate Amount of Compensation of the Board of Directors for the Period Between the 2025 Annual General Meeting and the 2026 Annual General Meeting |

PROPOSAL OF THE BOARD OF DIRECTORS

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| The Board of Directors proposes that the shareholders ratify an amount of $4,121,000 as the maximum aggregate amount of compensation of the Board of Directors for the period between the 2025 Annual General Meeting and the 2026 Annual General Meeting. |

EXPLANATION As required by our Articles of Association and the Swiss Code, the shareholders are provided the opportunity to vote on the maximum aggregate amount of compensation that can be paid or granted to the members of the Board