PacBio Grants Equity Incentive Award to New Employee

Rhea-AI Summary

PacBio (NASDAQ: PACB) recently announced the granting of non-qualified stock options for 100,000 shares and restricted stock units (RSUs) for 50,000 shares to a newly hired employee. This issuance is part of the 2020 Inducement Equity Incentive Plan, effective June 21, 2022. The options have an exercise price of $4.61, matching the stock's closing price on the effective date. The vesting schedule for the options and RSUs spans four years with a combination of annual and monthly vesting milestones.

Positive

• Granting of stock options and RSUs may attract and retain talent.
• Stock options priced at $4.61 reflect the current market value.

Negative

• None.

MENLO PARK, Calif., June 27, 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 June 21, 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 $4.61 per share, which is equal to the closing price of PacBio common stock on June 21, 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
PacBio (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@pacificbiosciences.com

Media:
Lizelda Lopez
pr@pacificbiosciences.com

FAQ

What is the significance of the stock options granted by PacBio on June 21, 2022?

The stock options and RSUs granted are part of PacBio’s effort to incentivize a newly hired employee, aligning their interests with shareholder value.

How many shares are involved in the stock options granted by PacBio?

PacBio granted non-qualified stock options covering 100,000 shares and RSUs covering 50,000 shares.

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

The exercise price for the stock options is $4.61 per share.

What is the vesting schedule for the stock options and RSUs at PacBio?

The options vest 1/4th after one year and then 1/48th each month; the RSUs vest 1/4th each year over four years.