WILLBROS GROUP, INC. (NYSE:WG) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.
(b) and (e)
As previously announced, Willbros Group, Inc. (the “Company”) has signed a definitive agreement to sell certain U.S. mainline pipeline assets to WB Pipeline, LLC, an affiliate of Meridien Energy, LLC. In conjunction with the sale of its U.S. mainline pipeline assets, on January12, 2018, Harry W. New, Senior Vice President, Oil& Gas, of the Company, resigned from this position and joined the purchaser.
In order to ensure an orderly transition of his responsibilities:
| • | The Company will pay Mr.New $160,000 of cash severance, which is equivalent to 50% of his base salary. |
| • | The Company will pay Mr.New all of his accrued and unpaid vacation pay. |
| • | The Company will waive the post-employment non-competition provisions of the Willbros Group, Inc. 2010 Management Severance Plan for Senior Management. |
In addition, 53,750 shares of service-based restricted stock, representing all of Mr.New’s outstanding service-based awards, will be accelerated to vest in full following the effective date of his resignation, upon satisfaction of certain conditions, including Mr.New’s continued cooperation with the Company. Mr.New will forfeit 50,000 performance-based restricted stock units, representing all of his outstanding performance-based awards.
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About WILLBROS GROUP, INC. (NYSE:WG)
Willbros Group, Inc. (Willbros) is a specialty energy infrastructure contractor serving the oil, gas, refining, petrochemical and power industries. The Company’s offerings include construction, maintenance and facilities development services. The Company operates through three segments: Oil & Gas, Utility T&D and Canada. The Company provides services through operating subsidiaries. The Company’s segments operated primarily in the United States and Canada. It provides construction, project management, maintenance and lifecycle extension services to the midstream markets. It provides a range of services in electric and natural gas transmission and distribution, including comprehensive engineering, procurement, maintenance and construction, repair and restoration of utility infrastructure. Its projects and specialty services include a range of construction project work, including both above and below ground piping from small and midinch projects to large diameter mainline spreads.