Document:

Form of 2001 LTIP Restricted Stock Unit Grant Agreement for 2009

 Exhibit 10.41 
 RSU GRANT AGREEMENT 
 2009 MCDERMOTT INTERNATIONAL, INC.
LONG-TERM INCENTIVE PLAN 

*        *        *      
  * 
 The grant of RSUs (as defined below) set forth under this Grant Agreement is being made in connection with the spin-off of The
Babcock & Wilcox Company from McDermott International, Inc. pursuant to the Plan (as defined below). This grant, including the terms and conditions thereof as set forth in this Grant Agreement, is issued as a replacement grant in
substitution of the Performance Share award granted to you on                      (the “Original Grant Date”), which
award is hereby cancelled. 

*        *        *      
  * 
 The Compensation Committee of the Board of Directors (the “Committee”) of McDermott International, Inc. (the
“Company”) granted to you on August 2, 2010 (the “Date of Grant”), pursuant to the 2009 McDermott International, Inc. Long-Term Incentive Plan, (the “Plan”) of the Company, Restricted Stock
Units (“RSUs”), upon the terms and conditions set forth in the Plan and in this Agreement (hereinafter the “Grant”). The provisions of the Plan are incorporated herein by reference and a copy of the Plan is enclosed
for your reference. 
 Any reference or definition contained in this Agreement shall, except as otherwise specified, be construed in accordance
with the terms and conditions of the Plan and all determinations and interpretations made by the Committee with regard to any question arising hereunder or under the Plan shall be binding and conclusive on you and your legal representatives and
beneficiaries. The term “Company” as used in this Agreement with reference to employment shall include subsidiaries of the Company. Whenever the words “you or your” are used in any provision of this Agreement under circumstances
where the provision should logically be construed to apply to the beneficiary, estate, or personal representative, to whom any rights under this Agreement may be transferred by will or by the laws of descent and distribution, it shall be deemed to
include such person. 
 Restricted Stock Units 
 RSU Award. You have been awarded the number of RSUs shown on the attached Notice of Grant. Each RSU represents a right to receive a share of Company common stock on the Vesting Date (as set forth
in the “Vesting Requirements” paragraph below) provided the vesting requirements set forth in this agreement have been satisfied. 

Vesting Requirements. Subject to the “Forfeiture of Restricted Stock” paragraph below, the RSUs will become vested under the following
circumstances (each a “Vesting Date”): 
  

	 	•	 	 100% of the RSUs outstanding on the third anniversary of the Original Grant Date of Grant, provided you are still employed with the Company;

  

	 	•	 	 33% of the RSUs outstanding, if your employment is terminated due to an involuntary termination in connection with a reduction in force on or after the
first anniversary of the Original Grant Date but prior to the second anniversary of the Original Grant Date; 

  

	 	•	 	 66% of the RSUs outstanding, if your employment is terminated due to an involuntary termination in connection with a reduction in force on or after the
second anniversary of the Original Grant Date but prior to the third anniversary of the Original Grant Date; and 

  

	 	•	 	 100% of RSUs outstanding, if your employment is terminated prior to the third anniversary of the Date of Grant due to death or disability, or upon the
occurrence of a “Change in Control.” 

 In addition, if you are eligible for “Retirement” prior to the
third anniversary of the Original Grant Date, 33% of the then outstanding RSUs will vest on the date you are “Retirement” eligible on or after the first anniversary of the Original Grant Date, and 66% of the then outstanding RSUs will vest
on the date you are “Retirement” eligible on or after the second anniversary of the Original Grant Date (each such date shall also be a “Vesting Date”). For this purpose, “Retirement” means attaining age 60 and
completing 10 years of service with the Company. 

 The Committee may, in its sole discretion, provide for additional vesting. 

Forfeiture of RSUs. RSUs which are not and do not become vested upon your termination of employment shall, coincident therewith, terminate and be
of no force or effect. 
 In the event that (a) you are convicted of (i) a felony or (ii) a misdemeanor involving fraud,
dishonesty or moral turpitude, or (b) you engage in conduct that adversely affects or may reasonably be expected to adversely affect the business reputation or economic interests of the Company, as determined in the sole judgment of the
Committee, then all RSUs and all rights or benefits awarded to you under this grant of RSUs are forfeited, terminated and withdrawn immediately upon such conviction or notice of such determination. The Committee shall have the right to suspend any
and all rights or benefits awarded to you hereunder pending its investigation and final determination with regard to such matters. 
 Payment
of RSUs. RSUs shall be paid in shares of Company common stock, which shares shall be distributed as soon as administratively practicable, but in no event later than 30 days, after the Vesting Date. 

Taxes 
 You will
realize income in connection with this grant of RSUs in accordance with the tax laws of the jurisdiction that is applicable to you. 
 By
acceptance of this letter, you agree that any amount which the Company is required to withhold on your behalf, including state income tax and FICA withholding, in connection with income realized by you under this grant will be satisfied by
withholding whole units or shares having an aggregate fair market value as equal in value but not exceeding the amount of such required tax withholding, unless the Compensation Committee determines to satisfy the statutory minimum withholding
obligations by another method permitted by the Plan. 
 Regardless of the withholding method, you will promptly pay to the Company the amount of
income tax which it is required to withhold in connection with the income realized by you in connection with this grant and that you hereby authorize the Company to withhold such amount, in whole or in part, from subsequent salary payments, without
further notice to you. 
 Transferability 
 RSUs granted hereunder are non-transferable other than by will or by the laws of descent and distribution or pursuant to a qualified domestic relations order. 

Other Information 

Neither the action of the Company in establishing the Plan, nor any action taken by it, by the Committee or by your employer, nor any provision of the
Plan or this Agreement shall be construed as conferring upon you the right to be retained in the employ of the Company or any of its subsidiaries or affiliates. 

  
 - 2 -Form of 2009 LTIP Restricted Stock Grant Agreement for 2010

 Exhibit 10.42 
 MII Restricted Stock Grant Agreement 
 McDermott International,
Inc. 2009 Long-Term Incentive Plan 
 Pursuant to the Restructuring Transaction Retention Agreement between you and McDermott
International, Inc. (“MII”) dated December 10, 2010, the Compensation Committee of the Board of Directors (the “Committee”) of MII has awarded you a grant of shares of restricted stock (the “Restricted Stock”)
under MII’s 2009 Long-Term Incentive Plan (the “Plan”). The provisions of the Plan are incorporated herein by reference. 
 Any
reference or definition contained in this Agreement shall, except as otherwise specified, be construed in accordance with the terms and conditions of the Plan and all determinations and interpretations made by the Committee with regard to any
question arising hereunder or under the Plan shall be binding and conclusive on you and your legal representatives and beneficiaries. The term “MII” as used in this Agreement with reference to employment shall include subsidiaries of MII.
Whenever the words “you or your” are used in any provision of this Agreement under circumstances where the provision should logically be construed to apply to the beneficiary, estate, or personal representative, to whom any rights under
this Agreement may be transferred by will or by the laws of descent and distribution, it shall be deemed to include such person. 

Restricted Stock 

Restricted Stock Award. In accordance with your Restructuring Transaction Retention Agreement, you have been awarded a grant of restricted stock.
This grant represents a right to be issued the number of shares of MII common stock as shown on the attached Notice of Grant as of August 2, 2010 (the “Date of Grant”), subject to the restrictions contained in this Agreement. Shares
evidencing the Restricted Stock will be issued in your name as of the Date of Grant. 
 Restrictions. Unless and until the vesting
requirements and other terms set forth in this Agreement have been satisfied, the Restricted Stock may not be sold, transferred, pledged, assigned or otherwise alienated (the “Restrictions”). 

Vesting Requirements. Subject to the “Forfeiture of Restricted Stock” paragraph below, the Restricted Stock will become vested under the
following circumstances (each a “Vesting Date”): 
  

	 	•	 	 100% of the outstanding Restricted Stock on July 30, 2011; provided you are still employed at that time by MII; or 

 

	 	•	 	 100% of the outstanding Restricted Stock if your employment with MII terminates prior to July 30, 2011 due to death or disability, or upon the
occurrence of a “Change in Control.” 

 The Committee may, in its sole discretion, provide for additional vesting.
Upon vesting, shares of Restricted Stock will be released to you as soon as administratively practicable and the Restrictions with respect thereto will be removed. 

 Forfeiture of Restricted Stock. Restricted Stock which are not and do not become vested upon the
termination of your employment shall, coincident therewith, be forfeited and such shares shall be returned to MII. 
 In addition, in the event
that (a) you are convicted of (i) a felony or (ii) a misdemeanor involving fraud, dishonesty or moral turpitude, or (b) you engage in conduct that adversely affects or may reasonably be expected to adversely affect the business
reputation or economic interests of MII, as determined in the sole judgment of the Committee, then all Restricted Stock and all rights or benefits awarded to you under this grant of Restricted Stock are forfeited, terminated and withdrawn
immediately upon such conviction or notice of such determination. The Committee shall have the right to suspend any and all rights or benefits awarded to you hereunder pending its investigation and final determination with regard to such matters.

 Voting Rights and Dividends. Beginning on the Grant Date and subject to the forfeiture provisions of this Agreement, you will have
full voting rights and will be credited with cash dividends, if any, with respect to the Restricted Stock granted hereunder. 

Taxes 
 You should
consult your tax advisor as to the U.S. federal income tax consequences associated with this Restricted Stock as it relates to your specific circumstances. MII, however, has been advised that the grant awarded hereunder will have the following tax
consequences under the present U. S. Federal tax laws and regulations: 
 For U.S. federal income tax purposes, you will be deemed to have
received compensation taxable as ordinary income equal to the fair market value, as of the date of vesting, of the shares of Restricted Stock which vest. Such income will be included in your taxable income and reported on IRS Form W-2 in the tax
year in which the shares vest. Alternatively, you may elect to have the fair market value of the shares included in your taxable income and reported on IRS Form W-2 as of the Date of Grant. 
 In addition, all dividends paid, if any, to you with respect to unvested shares of Restricted Stock shall be considered wages paid to you by your employer and, therefore, shall be included in your taxable
income and reported on IRS Form W-2 in the year in which such shares vest. 
 By acceptance of this letter, you agree that any amount which MII
is required to withhold on your behalf, including state income tax and FICA withholding, in connection with income realized by you under this grant will be satisfied by withholding whole units or shares having an aggregate fair market value as equal
in value but not exceeding the amount of such required tax withholding, unless the Compensation Committee determines to satisfy the statutory minimum withholding obligations by another method permitted by the Plan. 

Regardless of the withholding method, you agree that the amount of income tax which MII is required to withhold in connection with the income realized by
you in connection with this grant is your obligation and that you hereby authorize authorize MII to withhold such amount, in whole or in part, from subsequent salary payments, without further notice to you. 

  
 - 2 -

 Transferability 
 The Restricted Stock granted hereunder are non-transferable other than by will or by the laws of descent and distribution or pursuant to a qualified domestic relations order. 

Securities and Exchange Commission Requirements 

If you are a Section 16 insider, this grant of Restricted Stock must be reported on a Form 4 before the end of the second
(2nd) business day following the Date of Grant.
Please be aware that if you are going to reject the grant of Restricted Stock hereunder, you should do so immediately after the Date of Grant to avoid potential Section 16 liability. Please advise Dixi Elkins and Renee Hack immediately by
e-mail, fax or telephone call if you intend to reject this grant. 
 Absent such notice of rejection, we will prepare and file the required Form
4 on your behalf, as applicable, within the required two business day deadline. 
 Those of you covered by these requirements will have already
been advised of your status. 
 Other Information 
 Neither the action of MII in establishing the Plan, nor any action taken by it, by the Committee or by your employer, nor any provision of the Plan or this Agreement shall be construed as conferring upon
you the right to be retained in the employ of MII or any of its subsidiaries or affiliates. 

  
 - 3 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00185-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00185-of-00352.parquet"}]]