Virgin Galactic Holdings, Inc. (NYSE: SPCE) (“Virgin Galactic”) announced that the Compensation Committee of Virgin Galactic’s Board of Directors approved the grant, effective June 15, 2024, of a time-based inducement restricted stock unit award of 1,741 shares of Virgin Galactic common stock (after taking into account the 1-for-20 reverse stock split of Virgin Galactic common stock, which became effective on June 14, 2024) to one new non-executive employee.
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. 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.
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