Company: RIG
Filing Date: 2025-04-01
Form Type: DEF 14A
Source: 0001451505-25-000029
Chunk: 91

Company: Transocean Ltd.
Filing Date: 2025-04-01
Form: DEF 14A
Chunk 91
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 Executive Officers; however, to the extent permitted under Swiss law, our executives are eligible for severance and change-in-control provisions pursuant to our policies, in exchange for covenants that protect the Company✕   Provide gross-ups for severance payments✕   Guarantee salary increases, non-performance based bonuses or unrestricted equity compensation✕   Provide any payments or reimbursements for tax equalization✕   Pay dividends or dividend equivalents on performance-based equity that has not vested✕   Offer executive perquisites |

Transocean 2025 P-92 Proxy Statement

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| ​ | COMPENSATION DISCUSSION AND ANALYSIS |

THE PRIMARY GOAL OF OUR COMPENSATION PROGRAM IS TO ALIGN PAY WITH PERFORMANCE We accomplish our goal of aligning pay with performance by providing our executives with a competitive compensation package that rewards performance against specific, strategic, financial and operational goals that the Committee believes are critical to the Company’s long-term success and the achievement of sustainable long-term shareholder returns. Attracting, retaining and motivating talented management is essential to creating shareholder value throughout the business cycles of our industry. In administering our executive compensation program, we are guided by the following principal objectives: ■Aligning annual incentive compensation with financial, operational and strategic objectives; and ■Rewarding share price appreciation and relative performance through long-term equity incentive awards. At the 2024 Annual General Meeting, approximately 98% of the votes cast were in favor of the NEO compensation for fiscal year 2024. The Committee recognized the support received from shareholders and viewed the results as a confirmation of our executive compensation programs and policies. We deliver the vast majority of executive pay as performance-based, “at-risk” incentive compensation, with a portion allocated to the delivery of shorter-term periodic results and the majority weighted toward the delivery of longer-term shareholder value. This approach achieves our objective of aligning pay and performance, without providing an incentive for excessive risk-taking. Our shareholders have consistently expressed their support for the Company’s executive compensation principles, and for the prior nine fiscal years, the shareholder approval levels have been 91% or higher with eight of the last nine years exceeding 95%. The Committee will maintain the practice of assessing shareholder votes and feedback when developing our executive compensation programs. 2024 Target Compensation 2024 Named Executive Officer Transitions In 2024, the Company announced two Named Executive Officer departures: Mark Mey in May 2024 and Howard Davis in August 2024. Additional details regarding Mr. Mey and Mr. Davis’s departures