HOUSTON, May 7 /PRNewswire-FirstCall/ -- ExpressJet Holdings, Inc. 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 http://www.expressjet.com/.
ExpressJet Holdings, Inc.
CONTACT: Kristy Nicholas, +1-832-353-3333
Web Site: http://www.expressjet.com/
