Endeavour Grants Equity Inducement Award
June 06 2012 - 2:00AM
UK Regulatory
TIDMENDV
Endeavour Grants Equity Inducement Award
HOUSTON, June 1, 2012 -- 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
CONTACT: Endeavour, Investor Relations, Mike Kirksey, +1-713-307-8700, or
Darcey Matthews, +1-713-307-8711
END
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