Leap Wireless (LEAP) Grants Inducement Awards to New CFO Elliott

May 14, 2012 7:14 AM EDT
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Leap Wireless International, Inc. (Nasdaq: LEAP), has issued inducement awards to Jerry V. Elliott, its new executive vice president and chief financial officer.

The awards were made on May 14, 2012 under Leap's 2009 Employment Inducement Equity Incentive Plan, which provides for the granting of equity awards to new employees of Cricket Communications, Inc. as an inducement to join the company. The inducement awards consist of 150,000 shares of restricted stock and options to purchase up to 225,000 shares of Leap common stock. The options have a ten year term and an exercise price equal to the fair market value of Leap common stock on the date of grant. The awards vest in four years, with the shares of restricted stock vesting in 25 percent equal increments on the second and third anniversaries of the date of grant and 50 percent on the fourth anniversary of the date of grant, and the options vesting in equal 25 percent annual increments.

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