HOUSTON, May 7 /PRNewswire-FirstCall/ -- ExpressJet
Holdings, Inc. (NYSE: XJT) is pleased to announce that it completed
the required filings to grant its new President and Chief Executive
Officer, Tom Hanley, 300,000 shares
of restricted stock as an employment inducement award ("Inducement
Grant"). This Inducement Grant was included in Mr. Hanley's
employment agreement as a material inducement for him to join
ExpressJet and in order to align his interests immediately with
those of ExpressJet shareholders. Generally, the terms of the
Inducement Grant provide that Mr. Hanley will vest in 10% of the
grant for each of the first two years of his employment, 20% upon
completing his third year, and the remaining 60% upon completing
his fourth year. Under the rules of the New York Stock
Exchange, the restricted stock award was issued as an "employment
inducement award" and, as such, is not subject to approval
by ExpressJet's stockholders.
About ExpressJet
ExpressJet Holdings operates several divisions designed to
leverage the management experience, efficiencies and economies of
scale present in its subsidiaries, including ExpressJet Airlines,
Inc. and ExpressJet Services, LLC. ExpressJet Airlines serves
134 scheduled destinations in North
America and the Caribbean
with approximately 1,200 departures per day. Operations
include capacity purchase agreements for United and Continental as
well as providing clients customized 50-seat charter options; and
supplying third-party aviation and ground handling services.
For more information, visit www.expressjet.com.
SOURCE ExpressJet Holdings, Inc.