UNITY Biotechnology Reports Granting of New Employment Inducement Award

Rhea-AI Summary

UNITY Biotechnology, a company focused on developing therapeutics for age-related diseases, has announced the granting of a stock-based award to its new chief strategy officer. The award, approved by the Compensation Committee of the Board of Directors, includes options to purchase 100,000 shares of UNITY common stock and 15,000 Restricted Stock Units. This grant, totaling 115,000 shares, was made under the UNITY 2020 Employment Inducement Incentive Plan, which was established to provide incentives for newly hired employees in accordance with Nasdaq Stock Market Rule 5635(c)(4). The award became effective on July 22, 2024, serving as a material inducement for the new executive to join UNITY.

Positive

• Appointment of a new chief strategy officer, potentially bringing fresh strategic insights
• Implementation of employee incentive plan to attract top talent

Negative

• Potential dilution of existing shareholders due to the issuance of new stock options and RSUs

SOUTH SAN FRANCISCO, Calif., July 24, 2024 (GLOBE NEWSWIRE) -- UNITY Biotechnology, Inc. (“UNITY”) [NASDAQ: UBX], a biotechnology company developing therapeutics to slow, halt, or reverse diseases of aging, today announced that the Compensation Committee of the Board of Directors (the “Board”) granted a stock-based award to a new employee, the company’s chief strategy officer, effective as of July 22, 2024, covering an aggregate of 115,000 shares of UNITY common stock, including options to purchase an aggregate of 100,000 shares of UNITY common stock and 15,000 Restricted Stock Units of UNITY common stock. The stock-based awards were granted pursuant to the UNITY 2020 Employment Inducement Incentive Plan, as amended, which was approved by the Board 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).

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 X and LinkedIn.

Media Contact
Inizio Evoke Comms
Katherine Smith
Katherine.Smith@inizioevoke.com

Investor Contact 
LifeSci Advisors, LLC
Joyce Allaire
jallaire@lifesciadvisors.com

FAQ

What stock-based award did UNITY Biotechnology (UBX) grant to its new chief strategy officer?

UNITY Biotechnology granted its new chief strategy officer options to purchase 100,000 shares of UNITY common stock and 15,000 Restricted Stock Units, totaling 115,000 shares, effective July 22, 2024.

Under which plan was the stock-based award granted by UNITY Biotechnology (UBX)?

The stock-based award was granted under the UNITY 2020 Employment Inducement Incentive Plan, which was approved by the Board in March 2020 to provide incentives for newly hired employees.

What is the purpose of UNITY Biotechnology's (UBX) stock-based award to the new chief strategy officer?

The stock-based award serves as a material inducement for the new chief strategy officer to commence employment with UNITY Biotechnology, in accordance with Nasdaq Stock Market Rule 5635(c)(4).

When did UNITY Biotechnology (UBX) grant the stock-based award to its new chief strategy officer?

UNITY Biotechnology granted the stock-based award to its new chief strategy officer effective as of July 22, 2024.