Transocean Ltd. (RIG) filed a Form 8K - Changes in Company
Executive Management - with the U.S Securities and Exchange
Commission on December 26, 2013.
(e) On December 26, 2013, Ihab Toma entered into an agreement
(the "Separation Agreement") with the Company pursuant to which Mr.
Toma resigned as an officer of the Company effective December 31,
2013. Mr. Toma will continue to serve the Company in an advisory
capacity until that time. Mr. Toma's salary and other benefits will
continue throughout this period. Mr. Toma will receive a lump sum
severance payment of CHF 705,842. Mr. Toma will also receive, in
lieu of a bonus under the Company's Performance Award and Cash
Bonus Plan ("AIP"), a lump sum cash bonus equal to CHF 476,504, or
if higher, the estimated bonus payout under the AIP for 2013
calculated as of November 30, 2013. The Company will also reimburse
him for reasonable and documented repatriation costs for Mr. Toma
and his qualified dependents. In addition, Mr. Toma will be treated
for purposes of his restricted units, non-qualified stock options
and deferred unit awards under the Company's Long-Term Incentive
Program as if he was terminated "for the convenience of the
Company." Accordingly, his restricted stock units will vest on
December 31, 2013 and his contingent deferred unit awards will be
adjusted pro-rata as if his employment had continued until December
31, 2013. In addition, all of his outstanding unvested stock
options as of the termination date will be forfeited, and all of
his outstanding vested stock options will remain exercisable until
December 31, 2014. The Separation Agreement contains
non-solicitation and non-disparagement provisions and a waiver and
release.
The foregoing description of the Separation Agreement is not
complete and is qualified by reference to the complete document,
which is attached hereto as Exhibit 10.1 and incorporated herein by
reference.
The full text of this SEC filing can be retrieved at:
http://www.sec.gov/Archives/edgar/data/1451505/000145150513000225/tomaseparation8-kcoversheet.htm
Any exhibits and associated documents for this SEC filing can be
retrieved at:
http://www.sec.gov/Archives/edgar/data/1451505/000145150513000225/0001451505-13-000225-index.htm
Public companies must file a Form 8-K, or current report, with
the SEC generally within four days of any event that could
materially affect a company's financial position or the value of
its shares.
Subscribe to WSJ: http://online.wsj.com?mod=djnwires