Pacific Biosciences Grants Equity Incentive Award to New Employee

Rhea-AI Summary

Pacific Biosciences (NASDAQ: PACB) announced the grant of 100,000 stock options and 50,000 restricted stock units (RSUs) to a newly hired employee under the 2020 Inducement Equity Incentive Plan on December 14, 2020. The options have an exercise price of $34.18 per share, equal to the stock's closing price on February 1, 2021. The options will vest over four years, with 25% vesting on the one-year anniversary and the remainder vesting monthly. The RSUs will also vest over four years, with 25% vesting at each yearly anniversary.

Positive

• Attracts talent through equity awards, enhancing competitive positioning.
• Stock options granted at market price, aligning employee interests with shareholders.

Negative

• None.

MENLO PARK, Calif., Feb. 05, 2021 (GLOBE NEWSWIRE) -- Pacific Biosciences of California, Inc. (NASDAQ: PACB) (“Pacific Biosciences” or the “Company”), a leading provider of high-quality sequencing of genomes, transcriptomes, and epigenomes, 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 Pacific Biosciences common stock and restricted stock units (“RSU”) covering 50,000 shares of Pacific Biosciences common stock to a recently hired employee under the Pacific Biosciences 2020 Inducement Equity Incentive Plan on December 14, 2020 (the “2020 Inducement Plan”).

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

The options have an exercise price of $ 34.18 per share, which is equal to the closing price of Pacific Biosciences common stock on February 1, 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 restricted stock units are subject to the terms and conditions of the 2020 Inducement Plan and the award agreements entered into with the non-executive officer employee.

About Pacific Biosciences

Pacific Biosciences of California, Inc. (NASDAQ: PACB) 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.

Contact
Investors: Trevin Rard
650.521.8450
ir@pacificbiosciences.com

FAQ

What stock options were granted by Pacific Biosciences on February 5, 2021?

Pacific Biosciences granted 100,000 stock options and 50,000 RSUs to a new employee.

What is the exercise price of the stock options granted to the new employee?

The exercise price of the stock options is $34.18 per share.

How will the stock options granted by PACB vest?

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

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

The plan is designed to grant equity awards to new employees as an inducement to join Pacific Biosciences.