Tidewater Inc. Summary of Director Compensation Arrangements as of December 31, 2019
Tidewater Inc. outlines the compensation for its non-management directors as of December 31, 2019. Directors receive a base annual retainer of $225,000, with 25% paid in cash (subject to a 15% reduction since January 1, 2018) and 75% in restricted stock units that vest after one year. Additional cash retainers are provided for board and committee chairs. Directors are also reimbursed for reasonable travel and meeting expenses. Directors may elect to receive their retainer in fully-vested common stock under the Director Stock Election Program.
Exhibit 10.15
Tidewater Inc.
Summary of Director Compensation Arrangements
as of December 31, 2019
For service as a non-management director, compensation is as follows:
|
| • | A base annual retainer of $225,000, 25% of which is paid in cash (subject to a 15% decrease effective January 1, 2018) and 75% of which is paid as time-based restricted stock units, which vest on the first anniversary of the date of grant; |
|
| • | An additional annual cash retainer of $50,000 for the chair of the board; |
|
| • | An additional annual cash retainer of $15,000 for the chair of each of the audit committee and the compensation committee and $5,000 for the chair of the nominating and corporate governance committee; and |
|
| • | Reimbursement of reasonable travel and other out-of-pocket expenses incurred in connection with attendance at meetings of the board of directors and its committees. |
Each non-management director has an opportunity to elect to receive all or a portion of his or her base annual retainer in fully-vested shares of common stock as provided in, and subject to the terms and conditions of, the Director Stock Election Program.
