Summary of Compensation Arrangements with Directors

Contract Categories: Human Resources - Compensation Agreements
EX-10.15 3 tdw-ex1015_1635.htm EX-10.15 tdw-ex1015_1635.htm

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:

 

 

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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;

 

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An additional annual cash retainer of $50,000 for the chair of the board;

 

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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

 

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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.