Form 4: Tidewater Inc. Executive Receives Stock Grant and Pays Taxes on Vesting Units

David E. Darling, EVP, COO & Chief HR Officer of Tidewater Inc., reports the acquisition of restricted stock units and the disposal of shares to cover tax obligations.

Summary

• On March 21, 2024, David E. Darling, EVP, COO & Chief HR Officer of Tidewater Inc., acquired 6,956 shares of common stock as a grant of restricted stock units.
• These restricted stock units vest pro-rata per year on March 22, 2025, 2026, and 2027.
• On March 22, 2024, Darling disposed of 10,177 shares at a price of $90.87 to cover taxes due upon the vesting of restricted stock units.
• Following these transactions, Darling beneficially owns 78,241 shares of Tidewater Inc. common stock.

Sentiment

Score: 6

Explanation: The sentiment is neutral. It reflects standard executive compensation practices and tax obligations. There's no indication of significant positive or negative implications for the company.

Positives

• The grant of restricted stock units to a top executive aligns their interests with the long-term performance of the company.
• The vesting schedule encourages continued service and commitment from the executive.

Future Outlook

The executive's holdings will increase as the restricted stock units vest over the next three years, assuming continued employment.

Industry Context

Executive compensation packages often include stock grants and restricted stock units to incentivize performance and align management's interests with shareholders in the offshore energy industry.

Comparison to Industry Standards

• Stock grants and restricted stock units are common compensation tools for executives in the oil and gas and offshore services industries.
• Companies like Transocean, Halliburton, and Schlumberger also utilize similar equity-based compensation plans to attract and retain top talent.
• The vesting schedule of three years is fairly standard in the industry, promoting long-term commitment.

Stakeholder Impact

• Shareholders may view the stock grant as a positive incentive for the executive to drive long-term value.
• Employees may see the executive's stock ownership as a sign of commitment to the company's success.

Key Dates