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

Rhea-AI Summary

Virgin Galactic, listed on the NYSE under the symbol SPCE, has announced an inducement award under NYSE Listing Rule 303A.08. The Compensation Committee approved a restricted stock unit award of 24,205 shares to a new non-executive employee. Effective May 15, 2024, this award is part of the 2023 Employment Inducement Incentive Award Plan, designed to attract new employees. The stock units will vest over four years, with 25% vesting on the first anniversary and the remaining 75% vesting quarterly over three years, contingent on continued service with the company.

Positive

• Virgin Galactic is actively attracting new talent with equity awards.
• The inducement award aligns with the company's long-term employee retention strategy.

Negative

• The issuance of 24,205 shares could lead to potential shareholder dilution.
• The restricted stock units might increase company expenses, impacting profitability.

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 grant of a time-based inducement restricted stock unit award of 24,205 shares of Virgin Galactic common stock to one new non-executive employee, effective May 15, 2024.

The award was 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 award 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 award was granted as an inducement material to the new employee 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/20240515513447/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

What is the latest stock inducement award announced by Virgin Galactic?

Virgin Galactic announced a restricted stock unit award of 24,205 shares to a new non-executive employee, effective May 15, 2024.

When will the restricted stock units awarded by Virgin Galactic vest?

The restricted stock units will vest over four years, with 25% vesting on the first anniversary and the remaining 75% vesting quarterly over the next three years.

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

The plan aims to attract new employees by granting equity awards as an inducement for employment.

Under what NYSE rule did Virgin Galactic grant the latest award?

The award was granted under NYSE Listing Rule 303A.08.

How many shares did Virgin Galactic grant as a restricted stock unit award?

Virgin Galactic granted 24,205 shares as a restricted stock unit award.