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

Rhea-AI Summary

Virgin Galactic (NYSE: SPCE) granted time-based inducement restricted stock unit awards to two non-executive employees, totaling 46,225 shares, under the 2023 Employment Inducement Incentive Award Plan. The awards will vest over four years, with 25% vesting on the first anniversary of the grant date and the rest over the following 12 quarters.

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 46,225 shares of Virgin Galactic common stock to two new non-executive employees, each effective March 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/20240314280380/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 common stock were covered by the inducement restricted stock unit awards?

The awards covered an aggregate of 46,225 shares.

Under which plan were the restricted stock unit awards granted?

The awards were granted under Virgin Galactic's 2023 Employment Inducement Incentive Award Plan.

How long will it take for the restricted stock unit awards to vest?

The awards will vest over a four-year period.

What is the vesting schedule for the shares?

25% of the shares will vest on the first anniversary of the grant date, with the remaining 75% vesting over the following 12 quarters.

Why were the awards granted to the new employees?

The awards were granted as an inducement material to the new employees entering into employment with Virgin Galactic.