Form 4: Tidewater Inc. CEO Quintin Kneen Reports Stock Transactions Following PSU Vesting

CEO Quintin Kneen reports acquisition and disposal of Tidewater Inc. stock related to performance-based restricted stock units (PRSUs) and a new grant of restricted stock units.

Summary

• On March 18, 2025, Quintin Kneen, Director, President, and CEO of Tidewater Inc., reported transactions involving the company's common stock.
• These transactions include the acquisition of 185,776 shares upon the vesting and settlement of Performance Restricted Stock Units (PRSUs) at a price of $41.33 per share.
• 77,469 shares were withheld for payment of taxes related to the vesting of these PRSUs, also at $41.33 per share.
• Additionally, Kneen received a grant of 44,762 restricted stock units that will vest pro-rata per year on March 22, 2026, 2027, and 2028.
• Following these transactions, Kneen directly owns 316,334 shares of Tidewater Inc. common stock.

Sentiment

Score: 7

Explanation: The sentiment is moderately positive. The vesting of PRSUs at the maximum level suggests strong performance, and the new grant of restricted stock units indicates continued alignment of management with shareholder interests. However, the document is primarily a regulatory filing and lacks explicit positive commentary.

Positives

• The vesting of PRSUs at the maximum level (200% of the target) suggests strong performance relative to its peer group.
• The grant of additional restricted stock units aligns management's interests with long-term shareholder value.

Future Outlook

The document does not contain specific forward-looking statements, but the vesting schedule of the new restricted stock units suggests a continued commitment to long-term performance.

Industry Context

This filing reflects standard executive compensation practices, where performance-based equity awards are used to align management's interests with shareholder value. The vesting of PRSUs based on relative TSR is a common method to incentivize outperformance compared to peers.

Comparison to Industry Standards

• Performance-based equity compensation is a common practice among publicly traded companies, particularly in the energy sector.
• Companies like Transocean, Valaris, and Noble Corporation also utilize similar performance metrics, such as relative TSR, for their executive compensation plans.
• The vesting of PRSUs at 200% of the target indicates that Tidewater's performance significantly exceeded that of its peer group during the specified period, which is a positive signal compared to industry benchmarks.

Stakeholder Impact

• Shareholders may view the vesting of PRSUs at the maximum level as a positive indicator of company performance.
• Employees may be motivated by the company's strong performance and the potential for future equity awards.

Key Dates

Keywords

Tidewater Inc., Quintin Kneen, Form 4, Stock Transactions, Performance Restricted Stock Units, Restricted Stock Units, Vesting, TSR, Director, CEO