PacBio Grants Equity Incentive Award to New Employee

Rhea-AI Summary

PacBio (NASDAQ: PACB) announced the granting of stock options for 80,000 shares and restricted stock units (RSUs) for 40,000 shares to a newly hired employee under its 2020 Inducement Equity Incentive Plan. The stock options have an exercise price of $23.06, reflecting the closing price on November 29, 2021. The options will vest 25% after one year and monthly thereafter, while RSUs will vest quarterly over four years. This plan aims to attract new talent and aligns with Nasdaq rules for inducement equity grants.

Positive

• Granting of 80,000 stock options and 40,000 RSUs signals commitment to attracting talent.
• Exercise price of options matches the market value, ensuring fair value for new hire.

Negative

• None.

MENLO PARK, Calif., Dec. 03, 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 29, 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 $23.06 per share, which is equal to the closing price of PacBio common stock on November 29, 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 stock options were granted by PacBio on December 3, 2021?

PacBio granted 80,000 stock options and 40,000 RSUs to a new employee as part of its 2020 Inducement Equity Incentive Plan.

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

The exercise price for the stock options is $23.06 per share.

When do the stock options granted by PacBio vest?

The stock options vest 25% on the one-year anniversary and monthly thereafter.

How long is the vesting period for the RSUs granted by PacBio?

The RSUs vest over four years, with 25% vesting each year.