SEC Form 4 · accession 0001027884-18-000094

CHICAGO BRIDGE & IRON CO N V · CBI

Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗

Reporting owner

Duncan N. Wigney

Officer — Executive Vice President

Period of report

May 10, 2018

Accepted (ET)

May 14, 2018 · 11:46 am EDT

Rule 10b5-1 plan

unknown — predates the checkbox

Issuer CIK

0001027884

Table I — non-derivative securities

Security	Date	Code	Shares	Price	A/D	Owned after	D/I	Nature of ownership
Common Stock^F2	May 10, 2018	D	17,043	—	D	67,714	D
Common Stock^F3	May 10, 2018	D	67,714	—	D	0	D

Table II — derivative securities

Security	Conv. / exercise price	Date	Code	Shares	A/D	Exercisable	Expires	Underlying	Underlying shares	D/I
Performance Share Award^F4	$0.00	May 10, 2018	D	26,630	D	—	—	Common Stock	26,630	D
Stock Option (Right to Buy)^F5	$8.19	May 10, 2018	D	91	D	Feb 24, 2012	Feb 22, 2019	Common Stock	91	D
Stock Option (Right to Buy)^F5	$33.63	May 10, 2018	D	91	D	Feb 22, 2018	Feb 22, 2021	Common Stock	91	D
Stock Option (Right to Buy)^F5	$22.98	May 10, 2018	D	91	D	Feb 22, 2017	Feb 22, 2020	Common Stock	91	D

Explanation of responses

F1Chicago Bridge and Iron Company N.V. (the Company), McDermott International, Inc. (McDermott) and certain other parties entered into the Business Combination Agreement, dated December 18, 2017, as amended on January 24, 2018 (the BCA), pursuant to which the Company and McDermott combined their businesses through a series of transactions completed on May 10, 2018 (the Combination).
F2If shares of Company common stock were disposed of pursuant to the offer (the Exchange Offer) by McDermott Technology, B.V., a wholly owned subsidiary of McDermott, to exchange each share of CB&I common stock that was validly tendered and not properly withdrawn in the Exchange Offer for the right to receive 0.82407 shares of McDermott common stock, then upon the closing of the Combination, each such tendered share was exchanged into the right to receive 0.82407 shares of McDermott common stock.If shares of Company common stock were not validly tendered in the Exchange Offer, shares of Company common stock were disposed of pursuant to a series of transactions involving a merger, share sale and liquidation, as a result of which former Company shareholders who did not validly tender in the Exchange Offer became entitled to receive, in respect of each former share of Company common stock, 0.82407 shares of McDermott common stock.
F3The restricted stock unit award vests in three equal installments on February 14, 2019, February 14, 2020 and February 14, 2021. Pursuant to the BCA, upon the closing of the Combination, the restricted stock unit award was assumed by McDermott and converted into a restricted stock unit award relating to a number of shares of McDermott common stock equal to the number of shares of Company common stock subject to the restricted stock unit award multiplied by 0.82407, rounded to the nearest whole number of shares.
F4Pursuant to the BCA, upon the closing of the Combination, each performance share award, whether vested or unvested, was cancelled in exchange for the right to receive an amount in cash equal to (a) the product of (i) the number of shares of the Companys common stock issuable upon vesting of such performance share award at 100% of target multiplied by (ii) 2.47221 multiplied by (iii) $6.64 and (b) a cash amount equal to the amount of accrued dividend equivalents.
F5Pursuant to the BCA, upon the closing of the Combination, all outstanding options were assumed by McDermott and converted into a vested option to purchase shares of McDermott common stock. Following such conversion, (a) the number of McDermott shares subject to such option is equal to the number of shares of Company common stock subject to the option multiplied by 0.82407, rounded down to the nearest whole share and (b) the option exercise price per share of McDermott common stock is equal to the option exercise price per share of Company common stock divided by 0.82407, rounded up to the nearest whole cent.