UNITY Biotechnology Reports Granting of New Employment Inducement Award

Rhea-AI Summary

UNITY Biotechnology, Inc. (NASDAQ: UBX) appointed Alexander Nguyen as general counsel. His role is expected to drive legal strategies, supporting UNITY's mission to develop therapies for aging-related diseases. As an inducement, Nguyen received an option to purchase 250,000 shares at an exercise price of $6.69, vesting partially on March 8, 2022. This move aligns with UNITY's focus on advancing treatments targeting senescent cells to improve age-related ophthalmologic and neurologic conditions.

Positive

• Appointment of Alexander Nguyen as general counsel to enhance legal support.
• Issuance of stock options aligns interests of new counsel with shareholders.

Negative

• None.

SOUTH SAN FRANCISCO, Calif., March 11, 2021 (GLOBE NEWSWIRE) -- UNITY Biotechnology, Inc. (“UNITY”) [NASDAQ: UBX], a biotechnology company developing therapeutics to slow, halt or reverse diseases of aging, today announced that Alexander Nguyen has officially joined UNITY as general counsel, and on March 9, 2021, the Compensation Committee of the Board of Directors granted Alexander Nguyen an option to purchase 250,000 shares of UNITY common stock as a material inducement for Mr. Nguyen to commence employment with UNITY as general counsel. The stock-based award was granted pursuant to the UNITY 2020 Employment Inducement Incentive Plan, as amended, which was approved by the Board of Directors in March 2020 to provide for grants to newly hired employees as a material inducement for them to commence employment with UNITY in accordance with Nasdaq Stock Market Rule 5635(c)(4). The option has a per share exercise price of $6.69 and will vest and become exercisable as to 25% of the shares underlying the option on March 8, 2022 and thereafter as to 1/48th of the shares underlying the option on a monthly basis, subject to Mr. Nguyen’s continued service to UNITY through the applicable vesting date.

About UNITY
UNITY is developing a new class of therapeutics to slow, halt or reverse diseases of aging. UNITY’s current focus is on creating medicines to selectively eliminate or modulate senescent cells and thereby provide transformative benefit in age-related ophthalmologic and neurologic diseases. More information is available at www.unitybiotechnology.com or follow us on Twitter and LinkedIn.

FAQ

Who has joined UNITY as general counsel?

Alexander Nguyen has joined UNITY as general counsel.

What stock options were granted to Alexander Nguyen?

Alexander Nguyen was granted an option to purchase 250,000 shares at an exercise price of $6.69.

What is the purpose of the stock options granted to Nguyen?

The stock options are a material inducement for Alexander Nguyen to commence his role at UNITY.

What does UNITY Biotechnology focus on?

UNITY focuses on developing therapeutics to slow, halt, or reverse diseases of aging.