PacBio Grants Equity Incentive Award to New Employee

Rhea-AI Summary

PacBio (NASDAQ: PACB) announced the grant of non-qualified stock options covering 475,000 shares to its new Chief Commercial Officer, Jeff Eidel, under the Pacific Biosciences 2020 Inducement Equity Incentive Plan, effective August 16, 2022. The options have an exercise price of $8.00, which matches the closing stock price on the effective date. The vesting schedule includes 1/4 of the shares vesting after one year, followed by monthly vesting of 1/48 thereafter, contingent on Eidel’s continued service.

Positive

• Grant of 475,000 stock options to Chief Commercial Officer indicates company’s commitment to attracting top talent.
• Options priced at $8.00 reflect current market value, aligning employee interests with shareholder performance.

Negative

• None.

MENLO PARK, Calif., Aug. 19, 2022 /PRNewswire/ -- PacBio (NASDAQ: PACB), a leading developer of high-quality, highly accurate sequencing solutions, today announced that the Compensation Committee of the Company's Board of Directors granted non-qualified stock options covering an aggregate of 475,000 shares of PacBio common stock to the Company's recently hired Chief Commercial Officer, Jeff Eidel, under the Pacific Biosciences 2020 Inducement Equity Incentive Plan (the "2020 Inducement Plan"), effective on August 16, 2022.

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 options have an exercise price of $8.00 per share, which is equal to the closing price of PacBio common stock on August 16, 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), subject to Mr. Eidel's continued service through each applicable vesting date. The option grant is 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. (NASDAQ: PACB) is a premier life science technology company that is designing, developing and manufacturing advanced sequencing solutions to help scientists and clinical researchers resolve genetically complex problems. Our products and technology under development stem from two highly differentiated core technologies focused on accuracy, quality and completeness which include our existing HiFi long read sequencing and our emerging 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

Media:
Lizelda Lopez
pr@pacb.com

View original content:https://www.prnewswire.com/news-releases/pacbio-grants-equity-incentive-award-to-new-employee-301608974.html

SOURCE Pacific Biosciences of California, Inc.

FAQ

What stock options were granted to PacBio's new Chief Commercial Officer?

PacBio granted non-qualified stock options covering 475,000 shares to Chief Commercial Officer Jeff Eidel.

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

The exercise price of the stock options is $8.00 per share.

When did the stock options become effective for PacBio's new CCO?

The stock options became effective on August 16, 2022.

What is the vesting schedule for the stock options granted to Jeff Eidel?

The vesting schedule includes 1/4 of the shares vesting on the one-year anniversary and 1/48 each month thereafter.

What is the purpose of the stock option grant to Jeff Eidel at PacBio?

The grant serves as an inducement for Eidel to join PacBio, in accordance with Nasdaq Marketplace Rule 5635(c)(4).