Form 4: Tidewater Inc. Executive David E. Darling Reports Stock Transactions

Executive Vice President, COO & Chief HR Officer of Tidewater Inc., David E. Darling, reports acquisition and disposal of common stock related to vesting of performance restricted stock units and a new grant of restricted stock units.

Summary

• David E. Darling, EVP, COO & Chief HR Officer of Tidewater Inc., reported transactions involving the company's common stock on March 18, 2025.
• Darling acquired 22,558 shares at $41.33 upon vesting and settlement of Performance Restricted Stock Units (PRSUs) awarded on March 10, 2022.
• These PRSUs were earned at 200% of the target amount due to the company's relative Total Shareholder Return (TSR) performance against a peer group from January 1, 2022, through December 3, 2024.
• 8,877 shares were withheld for tax payments related to the vesting of these PRSUs at a price of $41.33.
• Darling also acquired 15,122 restricted stock units that vest pro-rata per year on each of March 22, 2026, 2027, and 2028.
• Following these transactions, Darling beneficially owns 77,351 shares of Tidewater Inc. common stock.

Sentiment

Score: 7

Explanation: The sentiment is positive due to the vesting of PRSUs at a high level, indicating strong company performance. The grant of new restricted stock units also contributes to the positive outlook.

Positives

• The vesting of PRSUs at 200% indicates strong performance by Tidewater Inc. relative to its peer group.
• The grant of additional restricted stock units suggests continued confidence in the company's future performance.

Negatives

• The withholding of shares for tax obligations reduces the number of shares directly held by the reporting person.

Future Outlook

The document indicates future vesting dates for restricted stock units in 2026, 2027, and 2028, suggesting a continued equity-based compensation strategy.

Industry Context

This filing reflects standard executive compensation practices within publicly traded companies, utilizing equity-based awards like PRSUs and restricted stock units to align executive interests with shareholder value and long-term company performance.

Comparison to Industry Standards

• Equity compensation, including PRSUs and restricted stock units, is a common practice among publicly traded companies, particularly in the energy sector where Tidewater operates.
• Peer groups for TSR performance are typically composed of companies with similar market capitalization, business operations, and geographic focus.
• Vesting schedules for restricted stock units commonly range from three to five years, aligning with industry norms.

Stakeholder Impact

• Shareholders may view the vesting of PRSUs at 200% as a positive sign of strong company performance and effective management.
• Employees may be motivated by the company's success and the potential for future equity-based compensation.

Key Dates

Keywords

Tidewater Inc., David E. Darling, Form 4, Stock Transactions, Performance Restricted Stock Units, Restricted Stock Units, TSR, Vesting