SAN DIEGO, May 17, 2013 /PRNewswire/ -- Leap Wireless International, Inc. (NASDAQ: LEAP) reported today that it has granted inducement awards to three new employees.
The awards were made on May 16, 2013 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 options to purchase up to 113,500 shares of Leap common stock and deferred stock units for 83,900 shares of Leap common stock. Among the new employees receiving inducement awards was Julie Dexter Berg, the Company's newly-appointed chief marketing officer, who received options to purchase 100,000 shares of Leap common stock and deferred stock units for 75,000 shares of Leap common stock. The remaining awards were made to two new non-executive employees.
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 options vesting in equal 25 percent annual increments and the deferred stock units 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.
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.