UNITY Biotechnology Reports Granting of New Employment Inducement Award

South San Francisco, California, UNITED STATES


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.

 

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