SEC Contract Filing

Filing Date: 2015-03-02

Document Content:
<DOCUMENT>
<TYPE>EX-10.31
<SEQUENCE>5
<FILENAME>mdr-ex1031_20141231965.htm
<DESCRIPTION>EX-10.31
<TEXT>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 10.31</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">McDERMOTT INTERNATIONAL, INC.</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Restricted Stock Unit Grant Agreement</font></p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">([&#9679;], 2015)<font style="text-decoration:underline;"> </font></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Compensation Committee of the Board of Directors (the &#8220;Committee&#8221;) of McDermott International, Inc. (&#8220;McDermott&#8221; or the &#8220;Company&#8221;) has selected you to receive a grant of Restricted Stock Units (&#8220;RSUs&#8221;) under the 2014 McDermott International, Inc. Long-Term Incentive Plan (the &#8220;Plan&#8221;) on [&#9679;], 2015 (the &#8220;Date of Grant&#8221;).&nbsp;&nbsp;The provisions of the Plan are incorporated herein by reference.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Any reference or definition contained in this RSU Grant Agreement (this &#8220;Agreement&#8221;) 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 beneficiaries, successors, assigns, estate or personal representatives.&nbsp;&nbsp;The term &#8220;Company,&#8221; as used in this Agreement with reference to employment or service, shall include subsidiaries of McDermott.&nbsp;&nbsp;Whenever the words &#8220;you&#8221; or &#8220;your&#8221; are used in any provision of this Agreement under circumstances where the provision should logically be construed to apply to any beneficiary, successors, assigns, estate or personal representative to whom any rights under this Agreement may be transferred by will or by the laws of descent and distribution, they shall be deemed to include any such person or estate.&nbsp;&nbsp;This Agreement shall be subject to the Plan and the Company&#8217;s Clawback Policy, which is attached hereto as Exhibit A and is incorporated herein by reference.&nbsp;&nbsp;Capitalized terms not defined in this Agreement shall have the respective meanings ascribed to such terms in the Plan.&nbsp;&nbsp;</p>
<p style="text-align:center;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Restricted Stock Units</font></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">RSU Award</font>.&nbsp;&nbsp;You have been awarded the number of RSUs shown on the Notice of Grant dated [&#9679;], which is incorporated herein by reference.&nbsp;&nbsp;Each RSU represents a right to receive the value of one Share on the Vesting Date (as set forth in the &#8220;Vesting Requirements&#8221; paragraph below), provided the vesting requirements set forth in this Agreement shall have been satisfied.&nbsp;&nbsp;No Shares or cash amounts are awarded or issued to you hereunder on the Date of Grant.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Vesting Requirements</font>.&nbsp;&nbsp;Subject to the &#8220;Forfeiture of RSUs&#8221; paragraph below, RSUs do not provide you with any rights or interest therein until they become vested under one or more of the following circumstances (each such date a &#8220;Vesting Date&#8221;):</p>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:'Symbol';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#183;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Symbol';font-size:10pt;"><font style="font-family:Times New Roman;">in one-third (1/3) increments on the first, second and third anniversaries of the Date of Grant, provided that you are still employed with the Company on the applicable anniversary;&nbsp;&nbsp;</font></p></td></tr></table></div>
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