In accordance with New York Stock Exchange rules regarding equity inducement awards, Exterran Holdings, Inc. (NYSE:EXH) announced today that it has granted an employment inducement award to William M. Austin, the Company’s executive vice president and chief financial officer, in connection with the commencement of his employment on Dec. 12, 2011. The award, which was made under the Exterran Holdings, Inc. 2011 Employment Inducement Long-Term Equity Plan, consists of 131,342 shares of restricted stock, generally vesting in equal installments over three years, and 328,676 non-qualified stock options, generally vesting in equal installments over three years. The stock options have an exercise price equal to the closing price of the Company's common stock on Dec. 12, 2011.
The award to Mr. Austin was made in accordance with the New York Stock Exchange’s employment inducement grant exemption and therefore was not awarded under any of the Company's stockholder-approved equity plans. It is not anticipated that Mr. Austin will receive an equity grant in 2012 or 2013 for his services as executive vice president and chief financial officer.
In addition, the compensation committee of the board of directors of Exterran GP LLC, the managing general partner of Exterran Partners, L.P., has awarded Mr. Austin 13,971 phantom units under the Exterran Partners, L.P. Long-Term Incentive Plan.
About Exterran Holdings and Exterran Partners
Exterran Holdings, Inc. is a global market leader in full service natural gas compression and a premier provider of operations, maintenance, service and equipment for oil and gas production, processing and transportation applications. Exterran Holdings serves customers across the energy spectrum -- from producers to transporters to processors to storage owners. Headquartered in Houston, Texas, Exterran has more than 10,000 employees and operates in approximately 30 countries.
Exterran Partners, L.P. provides natural gas contract operations services to customers throughout the United States. Exterran Holdings owns an equity interest in Exterran Partners.