Company: TDDWW
Filing Date: 2025-04-24
Form Type: DEF 14A
Source: 0001104659-25-038699
Chunk: 43

Company: TIDEWATER INC
Filing Date: 2025-04-24
Form: DEF 14A
Chunk 43
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 in 2022 vested effective December 31, 2024 (settled in March 2025) at 200% of target based on the Company’s positive absolute TSR over the three-year period ending on such date of 411% and its 20-day weighted average relative TSR for the same period resulting in the Company ranking at the 93% of its 2022 PRSU peer group. Retirement Benefits . Our named executives participate in employee benefit plans generally available to all employees, including a qualified defined contribution retirement plan (the “401(k) Savings Plan”) under which the company provides matching contributions. We have a broad-based legacy Pension Plan, which has been frozen and closed to new participants for nearly a decade. Mr. Darling is the only named executive who participates in our Pension Plan. Since his participation is based on his prior employment with us (from 1983 to 1996), he is currently in payout status and receives a modest annual benefit ($2,227). Mr. Darling will not accrue any additional benefits under the Pension Plan for his current service (he rejoined us in March 2018). Since January 1, 2011, when the Pension Plan was frozen, all qualified retirement benefits have been provided through our 401(k) Savings Plan. In addition to these broad-based programs, we provide our executives with a non-qualified deferred compensation plan, the Supplemental Savings Plan (the “SSP”), which acts as a supplement to our 401(k) Savings Plan. The SSP is designed to provide retirement benefits to our officers that they are precluded from receiving under the underlying qualified plans due to the compensation and benefit limits in the Internal Revenue Code. None of our named executives have elected to participate in the SSP. Other Benefits and Perquisites . We also provide certain limited perquisites to our named executives. For 2024, these perquisites consisted primarily of spouse travel for international meetings for our CEO and Mr. Middleton, gym memberships and reserved parking. We do not provide tax gross-ups on any perquisites. Severance and Change of Control Agreements . During 2021, our Board approved a new form of severance and change of control agreement that was entered into with certain officers, including Messrs. Kneen, Rubio, Darling and Hudson (referred to below as the “consolidated agreement”). This new consolidated agreement superseded all prior employment-related agreements between the company and named executive, including the legacy employment agreements with Messrs. Kneen and Rubio and the legacy