Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 290

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1B
Chunk 290
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   During the restricted period, the RSUs  may not be transferred or encumbered, but the recipient has the right to receive dividend equivalents on the restricted stock units, and there are no voting rights until the restricted stock units vest. If dividends are declared, dividend equivalents are accrued on performance-based restricted shares and ultimately paid only if the performance criteria are achieved. RSU compensation costs are recognized on a straight-line basis over the vesting period and are net of forfeitures.
    
   RSUs granted to officers and employees under the 2021 Plan generally have a vesting period over three years in equal installments from the date of grant, except that (i) the RSUs granted to directors vest over one year and (ii) certain RSUs granted to our officers are performance based and vest on the third anniversary of the date of grant, based on our performance as measured.

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   The following table sets forth a summary of our restricted stock unit activity:

       Weighted-average    Time    Weight-average      
   Grant-Date    Based    Grant Date    Performance  
   Fair Value    Units    Fair Value    Based Units  
 Non-vested balance at December 31, 2021  $10.37   776,113  $24.50   30,449 
 Granted   14.46   448,433   12.72   126,724 
 Vested   10.62   (355,226)  24.50   (15,225)
 Cancelled/forfeited   12.72   (3,000)  24.50   (15,224)
 Non-vested balance at December 31, 2022  $12.33   866,320  $12.72   126,724 
 Granted   40.45   247,874   39.91   61,856 
 Vested   13.08   (393,374)  —   — 
 Cancelled/forfeited   21.12   (11,827)  —   — 
 Non-vested balance at December 31, 2023  $21.58   708,993  $21.64   188,580 
 Granted   85.48   132