SAN DIEGO, May 14, 2012 /PRNewswire/ -- Leap Wireless International, Inc. (NASDAQ: LEAP), a leading provider of innovative and value-driven wireless communications services, reported today that it 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.
Leap provides innovative, high-value wireless services to a fast-growing, young and ethnically diverse customer base. With the value of unlimited wireless services as the foundation of its business, Leap pioneered its Cricket service. Cricket products and services are available nationwide through company-owned stores, dealers, national retailers and at MyCricket.com. Through its affordable, flat-rate service plans, Cricket offers customers a choice of unlimited voice, text, data and mobile Web services. Headquartered in San Diego, Calif., Leap is traded on the NASDAQ Global Select Market under the ticker symbol "LEAP." For more information, please visit www.leapwireless.com.
SOURCE Leap Wireless International, Inc.
Greg Lund, Media Relations, +1-858-882-9105, email@example.com, or Amy Wakeham, Investor Relations, +1-858-882-6084, firstname.lastname@example.org, both of Leap Wireless International, Inc.