Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangement of Certain Officers.
At a meeting held on January 19, 2009, the Compensation Committee of the Board
of Directors of Gulfstream International Group, Inc. (the "Company") approved
grants of stock options to certain officers of the Company as set forth below.
The option grants are for the purchase of a total of 60,000 shares of common
stock of the Company at an exercise price equal to the fair market value on the
date of grant, or $2.00 per share. The options vest 20% on the date of grant and
20% on each of the first four anniversaries of the date of grant.
Name Title Option Shares
Robert M. Brown Chief Financial Officer 20,000
Thomas P. Cooper Senior Vice President, Legal Affairs 10,000
David F. Hackett Chief Executive Officer and President 30,000
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