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