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

Rhea-AI Summary

Virgin Galactic announced the grant of time-based inducement restricted stock unit awards to a new non-executive employee, totaling 23,946 shares of common stock. The award will vest over a four-year period, 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 grant of time-based inducement restricted stock unit awards of 23,946 shares of Virgin Galactic common stock to one new non-executive employee, effective April 15, 2024.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240415900688/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 common stock were granted to the new employee?

23,946 shares of Virgin Galactic common stock were granted to the new employee.

How will the restricted stock unit award vest?

The restricted stock unit award will vest over a four-year period, with 25% of the shares vesting on the first anniversary of the grant date and the remaining 75% vesting over the following 12 quarters.

What is the purpose of granting the award?

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.