PERFORMANCE AWARD AND CASH BONUS PLAN OF
(As Established January 1, 2009)
The Performance Award and Cash Bonus Plan (the “Plan”) of Transocean Ltd., a Swiss corporation (the
“Company”), is intended to advance the best interests of the Company and its subsidiaries by providing employees with
additional incentives through the grant of cash awards based on the performance of the employee or the Company, thereby
increasing the personal stake of such employees in the continued success and growth of the Company and encouraging them
to remain in the employ of the Company.
(a) The Plan shall be administered by the Executive Compensation Committee or other designated
committee (the “Committee”) of the Board of Directors of the Company (the “Board of Directors”) which shall consist
of at least three Directors who are not eligible to participate in the Plan. The Committee shall have authority to interpret
conclusively the provisions of the Plan, to adopt such rules and regulations for carrying out the Plan as it may deem
advisable, to decide conclusively all questions of fact arising in the application of the Plan, and to make all other
determinations necessary or advisable for the administration of the Plan. All decisions and acts of the Committee shall
be final and binding upon all affected Plan participants.
(b) The Committee shall designate the eligible employees, if any, to be granted awards under the Plan and
the type and amount of such awards and the time when awards will be granted. All awards granted under the Plan shall
be on the terms and subject to the conditions hereinafter provided.
(c) The Committee may delegate some or all of its power and authority hereunder to the Chief Executive
Officer or other executive officer of the Company as the Committee deems appropriate; provided, however, that the
Committee may not delegate its power and authority to either of the Chief Executive Officer or other executive officer of