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McDermott grants employment inducement award


Published Nov 6, 2013
McDermott International-2

McDermott International, Inc. 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.

Tags: McDermott International




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