PacBio Grants Equity Incentive Award to New Employee

Rhea-AI Summary

PacBio (NASDAQ: PACB) announced the granting of stock options and restricted stock units (RSUs) totaling 150,000 shares to a newly hired employee under the 2020 Inducement Equity Incentive Plan, effective February 22, 2022. The options have an exercise price of $10.32 per share, matching the closing stock price on the effective date. The vesting schedule includes a one-year cliff and monthly vesting thereafter for the options, while the RSUs will vest annually over four years.

Positive

• Granting of 100,000 stock options and 50,000 RSUs may enhance employee retention and motivation.
• The exercise price of options reflects the current market value, indicating alignment with shareholder interests.

Negative

• None.

MENLO PARK, Calif., Feb. 25, 2022 (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 non-qualified stock options covering an aggregate of 100,000 shares of PacBio common stock, and restricted stock units (“RSUs”) covering 50,000 shares of PacBio common stock, to a recently hired employee under the Pacific Biosciences 2020 Inducement Equity Incentive Plan (the “2020 Inducement Plan”) effective on February 22, 2022.

The 2020 Inducement Plan is used exclusively to grant equity awards to individuals who were not previously an employee or non-employee director of PacBio as an inducement material to such individual’s entering into employment with PacBio in accordance with Nasdaq Marketplace Rule 5635(c)(4).

The options have an exercise price of $10.32 per share, which is equal to the closing price of PacBio common stock on February 22, 2022 (the “Effective Date”). The shares subject to the option shall be 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 RSUs shall be scheduled to vest as to 1/4th of the total number of shares subject at grant to the RSUs on each of the one (1), two (2), three (3), and four (4) year anniversaries of the Effective Date. The option grant and the award of RSUs are subject to the terms and conditions of the 2020 Inducement Plan and the award agreements entered into with the employee.

About PacBio

Pacific Biosciences of California, Inc. is empowering life scientists with highly accurate sequencing platforms. The company’s innovative instruments are based on Single Molecule, Real-Time (SMRT^®) Sequencing technology, which delivers a comprehensive view of genomes, transcriptomes, and epigenomes, enabling access to the full spectrum of genetic variation in any organism. Cited in thousands of peer-reviewed publications, PacBio^® sequencing systems are in use by scientists around the world to drive discovery in human biomedical research, plant and animal sciences, and microbiology. 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@pacificbiosciences.com

Media:
Lizelda Lopez
pr@pacificbiosciences.com

FAQ

What did PacBio announce on February 25, 2022?

PacBio announced the granting of stock options and restricted stock units totaling 150,000 shares to a new employee.

What is the exercise price of the stock options granted by PacBio?

The exercise price of the stock options is $10.32 per share.

How is the vesting schedule structured for the stock options at PacBio?

The stock options will vest 1/4th on the first anniversary and 1/48th each month thereafter.

What is the purpose of the 2020 Inducement Equity Incentive Plan at PacBio?

The plan is used to grant equity awards to newly hired employees as an inducement for employment.