Company: RIG
Filing Date: 2025-04-01
Form Type: DEF 14A
Source: 0001451505-25-000029
Chunk: 104

Company: Transocean Ltd.
Filing Date: 2025-04-01
Form: DEF 14A
Chunk 104
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 UNITS (“RSU”)The target award value of the 2024 RSU grants to each of the Named Executive Officers was weighted at 50% of each officer’s total 2024 LTI target award value.Time-vested RSUs were granted to all Named Executive Officers as part of the 2024 annual long-term incentive grants. Each RSU represents one share and the RSUs vest over a three-year schedule (ratably one-third each year), contingent upon continued service.PSUs EARNED IN 2024The 2022 PSU award achievement is based on the Company’s TSR performance relative to a group of 14 industry peer companies measured over three, one-year performance periods weighted 20% each, and one, three-year performance period weighted 40%. At the completion of each performance period, the Committee evaluated the Company’s performance relative to the peer group established for the 2022 PSU award. In 2025, following the completion of the final performance period, the Committee confirmed cumulative performance achievement at 86.43% of target, based on performance for each relevant period as follows:Performance PeriodResultWeighted Achievement12-months, ending December 31, 202271.43%14.29%12-months, ending December 31, 2023189.29%37.86%12-months, ending December 31, 20240.00%0.00%36-months, ending December 31, 202485.71%34.28%Cumulative Performance Achievement86.43%​
Transocean 2025 P-106 Proxy Statement

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| ​ | COMPENSATION DISCUSSION AND ANALYSIS |

2024 Named Executive Officer Transitions The Company announced a transition of the role of Executive Vice President, Chief Financial Officer from Mr. Mark Mey to Mr. Thad Vayda. Such transition was completed on May 1, 2024. In accordance with Mr. Mey’s 2015 employment agreement, and per the Company’s Articles of Association, regardless of which party is terminating employment, Mr. Mey is entitled to a one-year notice period during which time he will continue to receive an amount equal to his base salary plus his target bonus paid monthly during the applicable 12-month notice period. During the notice period, Mr. Mey remains employed by the Company and provides services on an as-needed basis as a strategic advisor. Following completion of the notice period, Mr. Mey’s employment will be terminated