HOUSTON--(EON: Enhanced Online News)--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.
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