Company: TDDWW
Filing Date: 2025-04-24
Form Type: DEF 14A
Source: 0001104659-25-038699
Chunk: 44

Company: TIDEWATER INC
Filing Date: 2025-04-24
Form: DEF 14A
Chunk 44
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 change of control agreements with the other named executives. The severance payment multiples for Mr. Kneen did not change under the new consolidated agreement, and the severance payment multiples for Messrs. Rubio, Hudson, and Darling reflected their promotions to Executive Vice President in 2021. Mr. Middleton also executed the consolidated agreement in connection with his promotion to Executive Vice President in March 2024. The consolidated agreement is subject to one-year “evergreen” renewal periods unless the Company provides written notice to officer by June 30 of a given year that it does not wish to extend the agreement past its current term. Each of the consolidated agreements has been extended through December 31, 2025. 49

TABLE OF CONTENTS The consolidated agreement provides each officer with certain employment protections for a two-year period following a change in control of the Company. If the officer experiences a qualifying termination during that two-year protected period (if either the company terminates him without cause or the officer terminates his own employment with good reason), he will be entitled to receive certain payments and benefits, including: (1) a cash severance payment equal to a specific multiple (three times for the Chief Executive Officer and two times for the Executive Vice Presidents) of the sum of (a) his base salary in effect at the time of termination and (b) the greater of his average bonus over the last three years and his target bonus; (2) a pro-rata cash bonus for the fiscal year in which the termination occurs; (3) a cash payment equal to any unpaid bonus with respect to a completed fiscal year as calculated by the agreement; (4) a lump sum cash payment for continuation coverage under the company’s health benefit plans; (5) immediate vesting of any outstanding but unvested equity awards as of the termination date, including retention of unexercised stock options to term; and (6) treatment of any performance conditions to have been achieved at target level for any equity awards for which vesting or payout is subject to performance conditions. In addition, the consolidated agreement provides that if the officer experiences a qualifying termination (if either the Company terminates him without cause or the officer terminates his own employment with good reason) during the term of the agreement but outside of any change of control protected period, he will be entitled to receive, among other benefits: (1) a cash severance payment equal to a specific multiple (two times for the Chief Executive Officer and one-and-a-half times for the Executive Vice Presidents) of the sum of