Virgin Galactic Reports Inducement Award Under NYSE Listing Rule 303A.08

Rhea-AI Summary

Virgin Galactic Holdings, Inc. (NYSE: SPCE) has announced the approval of inducement restricted stock unit awards for two new non-executive employees. The Compensation Committee of Virgin Galactic's Board of Directors granted these awards, covering a total of 3,089 shares of Virgin Galactic common stock, effective July 15, 2024. These awards, granted under the company's 2023 Employment Inducement Incentive Award Plan, are designed to attract new talent to the company.

The restricted stock units will vest over a four-year period, with 25% vesting on the first anniversary of the grant date and the remaining 75% vesting quarterly over the next three years, subject to continued employment. This announcement is in compliance with NYSE Listing Rule 303A.08, which requires public disclosure of such inducement awards.

Positive

• Attraction of new talent through equity incentives
• Compliance with NYSE listing rules for transparency

Negative

• Potential dilution of existing shareholders' equity

ORANGE COUNTY, Calif.--(BUSINESS WIRE)-- Virgin Galactic Holdings, Inc. (NYSE: SPCE) (“Virgin Galactic”) announced that the Compensation Committee of Virgin Galactic’s Board of Directors approved the grants of time-based inducement restricted stock unit awards covering an aggregate of 3,089 shares of Virgin Galactic common stock to two new non-executive employees, each effective July 15, 2024.

The awards were granted under Virgin Galactic’s 2023 Employment Inducement Incentive Award Plan, which provides for the granting of equity awards to new employees of Virgin Galactic. The restricted stock unit awards will vest over a four-year period: 25% of the underlying shares will vest on the first anniversary of the grant date and the remaining 75% of the shares will vest over the remaining 12 quarters, subject to continued service. The awards were granted as an inducement material to the new employees entering into employment with Virgin Galactic, in accordance with NYSE Listing Rule 303A.08.

About Virgin Galactic

Virgin Galactic is an aerospace and space travel company, pioneering human spaceflight for private individuals and researchers with its advanced air and space vehicles. Scale and profitability are driven by next generation vehicles capable of bringing humans to space at an unprecedented frequency with an industry-leading cost structure. You can find more information at https://www.virgingalactic.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240715760604/en/

For media inquiries:

Aleanna Crane - Vice President, Communications

news@virgingalactic.com

575.800.4422

For investor inquiries:

Eric Cerny - Vice President, Investor Relations

vg-ir@virgingalactic.com

949.774.7637

Source: Virgin Galactic Holdings, Inc.

FAQ

How many shares of Virgin Galactic (SPCE) stock were granted in the inducement awards?

Virgin Galactic (SPCE) granted inducement restricted stock unit awards covering an aggregate of 3,089 shares of common stock to two new non-executive employees.

When will the Virgin Galactic (SPCE) inducement restricted stock units vest?

The Virgin Galactic (SPCE) restricted stock units will vest over a four-year period, with 25% vesting on the first anniversary of the July 15, 2024 grant date, and the remaining 75% vesting quarterly over the next three years.

What is the purpose of Virgin Galactic's (SPCE) 2023 Employment Inducement Incentive Award Plan?

Virgin Galactic's (SPCE) 2023 Employment Inducement Incentive Award Plan is designed to provide equity awards to new employees as an inducement for them to join the company.

Why did Virgin Galactic (SPCE) announce these inducement awards publicly?

Virgin Galactic (SPCE) announced these inducement awards publicly to comply with NYSE Listing Rule 303A.08, which requires disclosure of equity-based compensation awarded to new employees outside of shareholder-approved compensation plans.