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Virgin Galactic Reports Inducement Awards Under NYSE Listing Rule 303A.08
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Virgin Galactic Holdings, Inc. (NYSE: SPCE) announced the grant of time-based inducement restricted stock unit awards to a new non-executive employee. The award consists of 7,546 shares of Virgin Galactic common stock and will vest over a four-year period, in accordance with the 2023 Employment Inducement Incentive Award Plan. This grant was made as an inducement for the new employee entering into employment with Virgin Galactic, following NYSE Listing Rule 303A.08.
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ORANGE COUNTY, Calif.--(BUSINESS WIRE)--
Virgin Galactic Holdings, Inc. (NYSE: SPCE) (“Virgin Galactic” or the “Company”) announced that the Compensation Committee of Virgin Galactic’s Board of Directors approved the grant of time-based inducement restricted stock unit awards of 7,546 shares of Virgin Galactic common stock to one new non-executive employee, effective August 15, 2023.
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. It has developed a spaceflight system designed to connect the world to the love, wonder and awe created by space travel and to offer customers a transformative experience. You can find more information at https://www.virgingalactic.com/.
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 grant of time-based inducement restricted stock unit awards by Virgin Galactic?
Virgin Galactic granted 7,546 shares of common stock to a new non-executive employee, with a four-year vesting period, under the 2023 Employment Inducement Incentive Award Plan.
How many shares were granted and to whom?
7,546 shares were granted to one new non-executive employee.
What is the vesting period for the awarded shares?
The shares will vest over a four-year period, with 25% vesting on the first anniversary of the grant date and the remaining 75% vesting over the remaining 12 quarters, subject to continued service.
Why was the award granted?
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.
