UNITY Biotechnology Reports Granting of New Employment Inducement Award

Rhea-AI Summary

UNITY Biotechnology, a biotechnology firm focused on developing therapeutics to combat aging, has granted a stock-based award of 30,000 shares to a new employee from June 14 to June 28, 2022. This grant, which includes options to purchase the same amount of stock, is made under the UNITY 2020 Employment Inducement Incentive Plan. This plan is designed to attract new talent, complying with Nasdaq Rule 5635(c)(4). UNITY aims to create medicines that target age-related diseases, particularly in ophthalmology and neurology.

Positive

• Grant of 30,000 stock-based awards to attract new talent.

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• None.

SOUTH SAN FRANCISCO, Calif., June 29, 2022 (GLOBE NEWSWIRE) -- UNITY Biotechnology, Inc. (“UNITY”) [NASDAQ: UBX], a biotechnology company developing therapeutics to slow, halt, or reverse diseases of aging, today announced that from June 14, 2022, through June 28, 2022, the Compensation Committee of the Board of Directors (the “Board”) granted a new employee a stock-based award covering an aggregate of 30,000 shares of UNITY common stock, including options to purchase an aggregate of 30,000 shares of UNITY common stock. The stock-based award was 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 Twitter and LinkedIn.

Media Contact:
Canale Communications
Jason Spark
jason.spark@canalecomm.com 

Investor Contact:
Joyce Allaire
LifeSci Advisors
212-915-2569
jallaire@lifesciadvisors.com 

FAQ

What stock-based award did UNITY Biotechnology grant between June 14 and June 28, 2022?

UNITY Biotechnology granted a stock-based award covering 30,000 shares, including options to purchase the same amount.

What is the purpose of the stock-based award granted by UNITY?

The stock-based award is intended to provide a material inducement for newly hired employees to join UNITY.

What plan is the stock award related to at UNITY?

The award is granted under the UNITY 2020 Employment Inducement Incentive Plan.

What is UNITY Biotechnology's focus in terms of therapeutics?

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

What Nasdaq rule does UNITY's stock award comply with?

The stock award complies with Nasdaq Stock Market Rule 5635(c)(4).