PacBio Grants Equity Incentive Award to New Employee

Rhea-AI Summary

PacBio (NASDAQ: PACB) announced the grant of stock options and restricted stock units (RSUs) to a newly hired employee. The Compensation Committee of PacBio's Board approved non-qualified stock options for 80,000 shares and RSUs for 40,000 shares, effective November 15, 2021. The exercise price for the options is set at $26.70, matching the closing price on the effective date. The options will vest over four years, with partial vesting after one year. This grant is part of the 2020 Inducement Equity Incentive Plan, aimed at attracting new talent to the company.

Positive

• Equity awards granted to attract and retain talent.
• Stock options and RSUs granted indicate company growth strategy.

Negative

• None.

MENLO PARK, Calif., Nov. 19, 2021 (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 80,000 shares of PacBio common stock, and restricted stock units (“RSUs”) covering 40,000 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 November 15, 2021.

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 $26.70 per share, which is equal to the closing price of PacBio common stock on November 15, 2021 (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 long-read sequencing. 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:
Kathy Lynch
pr@pacificbiosciences.com

 

FAQ

What is the stock option grant amount by PacBio?

PacBio granted non-qualified stock options covering 80,000 shares.

What is the exercise price for PacBio's stock options?

The exercise price for the stock options is $26.70 per share.

When were the equity awards granted to the new employee?

The equity awards were granted effective November 15, 2021.

How many RSUs did PacBio grant?

PacBio granted restricted stock units (RSUs) covering 40,000 shares.

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

The 2020 Inducement Plan is designed to grant equity awards to newly hired individuals.