Company: TDDWW
Filing Date: 2025-04-24
Form Type: DEF 14A
Source: 0001104659-25-038699
Chunk: 39

Company: TIDEWATER INC
Filing Date: 2025-04-24
Form: DEF 14A
Chunk 39
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| ​ | Piers D. Middleton | ​ | ​ | ​                   | ​ | 350,000 | ​ | ​ | ​ | ​                   | ​ | 415,000 | ​ | ​ | ​ | ​                 | ​ | 18.6% | ​ | ​ |

Annual Short-Term Cash Incentive Compensation . Structure of the Program . Our Board and C&HC Committee have adopted the Tidewater Inc. Short-Term Incentive (STI) Plan to provide the framework under which annual or short-term incentive bonuses may be paid to our NEO’s and key employees for the purpose of rewarding both company and individual performance during any given year or other specified performance period. The C&HC Committee’s practice has been to preview the upcoming year’s STI program during its December meeting and then approve the specific metrics and weightings under the STI program during the first quarter of the performance year. When establishing the STI program, the C&HC Committee reviews and approves the company’s performance metrics, the specific performance levels for each metric, and the target award for each NEO, which is expressed as a percentage of the executive’s base salary. In March 2024, the C&HC Committee approved the fiscal 2024 STI program, which was conditioned on Tidewater achieving positive free cash flow of at least $271.0 million (a 66.5% increase over the Company’s 2023 free cash flow target and a 143.9% increase over actual 2023 free cash flow) and allocated the payout among the four following measures of performance:

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TABLE OF CONTENTS

| Metric                | ​ | ​ | Weight | ​ | ​ | What we Measure                                                                                                                                                                                              | ​ | ​ | Why                                                                                                                                                                                     | ​ |
| Free CashFlow (FCF)   | ​ | ​ | 50%    | ​ | ​ | •                                                                                                                                                                                                            
 Non-GAAP investment performance indicator determined from net cash provided by operating activities, adjusted for capital expenditures, proceeds from asset sales, cash interest expense and interest income 
 ​                                                                                                                                                                                                            | ​ | ​ | •                                                                                                                                                                                       
 Places emphasis on key cash generation drivers such as operating and administrative cost efficiency, optimal capital investments, and timely collection of accounts receivable balances 
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 •                                                                                                                                                                                       
 Driver of long-term shareholder value creation by incentivizing management to develop an efficient, scalable growth platform to help lower overall net debt levels                      
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| OperationalEfficiency | ​