PacBio Grants Equity Incentive Award to New Employee

Rhea-AI Summary

PacBio (NASDAQ: PACB) announced the grant of a non-qualified stock option to its new Chief Financial Officer, Jim Gibson. The equity incentive award, approved by the Company's Compensation Committee, includes options for 342,432 shares of PacBio common stock under the 2020 Inducement Plan.

The option has an exercise price of $1.18 per share, matching PacBio's closing price on March 31, 2025. The vesting schedule includes 25% of shares after one year, followed by 1/48th monthly thereafter. The grant, made in accordance with Nasdaq Marketplace Rule 5635(c)(4), serves as an inducement for Gibson's employment and is subject to his continued service through each vesting date.

Positive

• New CFO appointment strengthens executive team
• Structured equity compensation aligns management interests with shareholders

Negative

• Potential future dilution from 342,432 new stock options

MENLO PARK, Calif., April 04, 2025 (GLOBE NEWSWIRE) -- PacBio (NASDAQ: PACB), a leading provider of high-quality, highly accurate sequencing platforms, today announced that the Compensation Committee of the Company’s Board of Directors granted a non-qualified stock option (the “Option”) covering 342,432 shares of PacBio common stock to the Company’s recently hired Chief Financial Officer, Jim Gibson, under the Pacific Biosciences 2020 Inducement Equity Incentive Plan (the “2020 Inducement Plan”), effective on March 31, 2025. The award was granted as an inducement material to such individual’s entering into employment with PacBio in accordance with Nasdaq Marketplace Rule 5635(c)(4).

The Option has an exercise price of $1.18 per share, which is equal to the closing price of PacBio common stock on March 31, 2025 (the “Effective Date”). The shares subject to the Option are scheduled to vest and become exercisable as to 1/4^th of the total number of shares subject at grant to the Option on the one (1) year anniversary of the Effective Date and as to 1/48^th of the total shares subject at grant to the Option each month thereafter on the same day of the month as the Effective Date (or the last day of the month, if a particular month does not have a corresponding day). The Option is subject to the terms and conditions of the 2020 Inducement Plan and the applicable award agreements thereunder entered into by the employee. Vesting of the shares subject to the Option is conditioned upon the employee’s continued service through each applicable vesting date.

About PacBio
PacBio (NASDAQ: PACB) is a premier life science technology company that designs, develops, and manufactures advanced sequencing solutions to help scientists and clinical researchers resolve genetically complex problems. Our products and technologies stem from two highly differentiated core technologies focused on accuracy, quality, and completeness, which include our HiFi long-read sequencing and our SBB® short-read sequencing technologies. Our products address solutions across a broad set of research applications, including human germline sequencing, plant and animal sciences, infectious disease and microbiology, oncology, and other emerging applications. For more information, please visit www.pacb.com and follow @PacBio.

PacBio products are provided for Research Use Only. Not for use in diagnostic procedures.

Contacts

Investors:
Todd Friedman
650.521.8450
ir@pacb.com

FAQ

What is the vesting schedule for PACB's new CFO stock options granted in March 2025?

The options vest 25% after one year (March 31, 2026) and then 1/48th monthly thereafter, subject to continued employment.

How many stock options were granted to PacBio's new CFO under the 2020 Inducement Plan?

342,432 shares of PacBio common stock options were granted at $1.18 per share exercise price.

What was the exercise price for PACB's stock options granted to Jim Gibson?

The exercise price was $1.18 per share, equal to PacBio's closing price on March 31, 2025.

Under which plan were the PACB stock options granted to the new CFO in 2025?

The options were granted under the Pacific Biosciences 2020 Inducement Equity Incentive Plan.