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Essex Corporation Grants Adaptive Optics Associates Employees Stock Options

Columbia, Maryland – October 20, 2006:   Essex Corporation announces that in connection with its acquisition of Adaptive Optics Associates, Inc. (AOA), it has granted options to purchase up to 131,650 shares of Essex common stock to AOA employees.

  "An important part of the culture at Essex is that every employee is also a shareholder," commented Leonard Moodispaw, CEO and President of Essex Corporation. "I believe that every employee should share in the rewards of the Company's success as a stakeholder, and that this participation stimulates employee and shareholder interests to converge."

These grants include the grant of an option to purchase up to 7,500 shares of Essex common stock to Jeff Yorsz, who became an Essex Vice President and General Manager of AOA as part of Essex's acquisition of AOA. The options have an exercise price of $18.85 per share, vest over a period of five years at 20% per year (beginning on the first anniversary of their grant date) and may be exercised for a period of 7 years from their grant date. These options are "inducement grants" to new employees in connection with Essex's acquisition of AOA that qualify under the "inducement grant exception" to the shareholder approval requirements of NASD Marketplace Rule 4350.

Introduction to Adaptive Optics, Tyson
About the Companies:  
•   Essex Corporation provides advanced signal, image, information processing, information assurance and cyber-security solutions, primarily for U.S. Government intelligence and defense customers, as well as for commercial customers.  
•   Adaptive Optics Associates, a subsidiary of Essex Corporation, designs, develops and manufactures a wide variety of standard and custom electro-optic and opto-mechanical products.

 
Full Press Release

© 2006
 
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