McDermott Grants Employment Inducement Award
04 November 2013 - 1:00PM
Business Wire
McDermott International, Inc. (NYSE:MDR) today announced that,
in accordance with New York Stock Exchange rules regarding
employment inducement awards, the Company granted an award of
537,482 shares of restricted common stock to David Dickson, its
newly appointed Executive Vice President and Chief Operating
Officer, on October 31, 2013.
Assuming continuing employment by Dickson, 212,164 shares
of the restricted stock will vest on June 15, 2014 and the
remaining restricted shares under the award will vest in one-third
increments on June 15, 2015, 2016 and 2017. This award was
granted outside of the Company's 2009 Long-Term Incentive Plan.
However, the shares of restricted stock are subject to
substantially the same terms and conditions of service-based
restricted stock units granted by the Company to its executive
officers.
The Compensation Committee of the Board of Directors approved
the award in reliance on the employment inducement exception to the
shareholder approval requirements under the NYSE governance rules.
To comply with the terms of this exemption, the Company is making
this public announcement.
ABOUT McDERMOTT
McDermott is a leading engineering, procurement, construction
and installation (“EPCI”) company focused on executing complex
offshore oil and gas projects worldwide. Providing fully integrated
EPCI services for upstream field developments, the Company delivers
fixed and floating production facilities, pipelines and subsea
systems from concept to commissioning. McDermott’s customers
include national and major integrated and other energy companies.
Operating in more than 20 countries across the Atlantic, Middle
East and Asia Pacific, our integrated resources include
approximately 14,000 employees and a diversified fleet of marine
vessels, fabrication facilities and engineering offices. McDermott
has served the energy industry since 1923.
To learn more, please visit McDermott online at
www.mcdermott.com
McDermott International, Inc.Investors, Analysts and
Financial MediaSteve Oldham, 1
281-870-5147soldham@mcdermott.com
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