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adaptiveoptics.org provides news and information for the world-wide adaptive optics community.
Columbia, Maryland – October 20, 2006:
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.
|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|
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