Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 670

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 3
Chunk 670
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million and $0.3 million, respectively.
    
   The plan held no shares of Tidewater common stock for the years ended  December 31, 2024 and 2023, respectively.

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   Other Plans 
    
   A non-qualified supplemental savings plan is provided to executive officers who defer additional eligible compensation that cannot be deferred under the existing 401(k) plan due to IRS limitations. An optional company match or contribution of restoration benefits was ceased effective  January 1, 2018.
    
   We also provide retirement benefits to our eligible non-U.S. citizen employees working outside their respective country of origin pursuant to a self-directed multinational defined contribution retirement plan provided the employees were not enrolled in any home country pension or retirement program. Participants could contribute 1% to 50% of their base salary. A company match was ceased prior to  January 1, 2018.
    
   Multi-employer Pension Obligations
    
   Certain of our current and former U.K. subsidiaries are participating in two multi-employer retirement funds known as the Merchant Navy Officers Pension Fund (MNOPF) and the Merchant Navy Ratings Pension Fund (MNRPF). At  December 31, 2024 and 2023, we had recorded $1.6 million and $1.5 million, respectively, related to these liabilities. An actuarial firm calculates the status of the funds every several years. The last assessment was completed in  March 2021 for the MNOPF Plan and  March 2023 for the MNRPF Plan and the plan assets exceed 85% of the projected benefit obligations for both plans. We expense $0.2 million per annum for these plans.

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   (10)     STOCK-BASED COMPENSATION AND INCENTIVE PLANS
    
   As of  December 31, 2024, the Tidewater Inc. 2021 Stock Incentive Plan (2021 Plan) is our active equity incentive plan and the only types of awards outstanding are restricted stock units (RSUs) that settle in shares of Tidewater common stock.
    
   The number of shares available for future grants are as follows:

       Year Ended December 31,  
   2024    2023    2022  
 Shares of common stock available