HOUSTON, June 1, 2012 /PRNewswire/ -- Endeavour
International Corporation (NYSE: END) (LSE: ENDV) today announced,
that in accordance with New York Stock Exchange rules regarding
equity inducement awards, the company will grant an equity
inducement award of 50,000 shares of restricted stock to
Ralph A. Midkiff, its newly
appointed Senior Vice President and General Counsel, on
June 1, 2012.
The restricted stock award will vest in thirds on the first,
second and third anniversary, respectively, of the grant date,
provided Mr. Midkiff remains continuously employed with the Company
through those dates. The award will fully vest in the event of a
change in control as defined by the award agreement.
This award will be granted outside of the Company's 2010 Stock
Incentive Plan, but will generally be subject to the same terms and
conditions as apply to restricted stock awards and stock options
granted under that plan. The Company's independent Compensation
Committee approved the equity inducement award in reliance on an
employment inducement exception to shareholder approval provided
for in the NYSE governance rules. To comply with the terms of this
exemption, the inducement equity grant requires an immediate public
announcement of the award and written notice to the NYSE.
Endeavour International Corporation is an international oil
and gas exploration and production company focused on the
acquisition, exploration and development of energy reserves in the
North Sea and United States. For more information, visit
www.endeavourcorp.com.
SOURCE Endeavour International Corporation