FLYHT Aerospace Solutions has appointed Mr. Derek Graham as its new Chief Operating Officer.
Graham adds extensive depth and leadership to FLYTH's management team having worked for over 10 years at a major avionics manufacturer in product line management and development. In that role, Mr. Graham was heavily involved in aeronautical satellite development and was responsible for a line of successful aviation Iridium and Inmarsat communications products.
The Company also announced that it has granted incentive stock options for an aggregate 2,161,500 common shares, subject to regulatory approval, to employees, officers and directors under the stock option plan approved at the Annual and Special meeting yesterday.
"We have approved the stock option plan as a tangible performance incentive at several levels of the Company," said Bill Tempany, Chairman and CEO of FLY. "We have set the exercise price of the options above the current trading price of our shares because we feel that the price today is below where we should be. For that reason we believe that the plan serves to fully align employees, officers, board members and investors in the pursuit of shareholder value."
The stock options are exercisable at an exercise price of $0.25 per share which is approximately 28% above the current trading price on the TSX Venture Exchange. They also feature immediate vesting and expire on December 31, 2017. A maximum of 10% of the issued and outstanding shares are reserved under the Company's stock option plan. The options, and any common shares issued upon exercise of the stock options are subject to a four-month resale restriction.
FLYHT appoints COO and issues Incentive Stock Options
