Embraer Executive Jets and NetJets have signed an agreement to convert 10 Signature Series Phenom 300 purchase options into firm orders. At current list prices, this addition to the contract is worth $89.55 million, which will be included in the backlog of the fourth quarter of 2014. In October 2010, a purchase agreement was signed for 50 firm and 75 options. The total value of the deal may exceed $1 billion, if all options are exercised.

“NetJets’ addition of 10 aircraft to their order reaffirms the success of the Signature Series Phenom 300 and of our relationship,” said Marco Túlio Pellegrini, president & CEO, Embraer Executive Jets. “The Phenom 300’s market acceptance continues to grow in the fractional and corporate markets, having recently become the most delivered business aircraft.”

Embraer has delivered 36 Signature Series Phenom 300s to NetJets. These aircraft operate in the NetJets fleet, with fractional owners in the U.S. and Europe. Deliveries of the 10 additional aircraft will begin as of January 2016.