Pacific Biosciences Grants Equity Incentive Award to New Employee

Rhea-AI Summary

Pacific Biosciences (NASDAQ: PACB) announced the grant of non-qualified stock options for 80,000 shares and restricted stock units (RSUs) for 40,000 shares to a newly hired employee under the 2020 Inducement Equity Incentive Plan, effective February 25, 2021. The options have an exercise price of $31.18, matching the stock's closing price on the effective date. Vesting for the options occurs over four years, while the RSUs vest annually over four years. This program is designed to attract talent by providing equity stakes in the company.

Positive

• Attracts talent through equity compensation.
• Aligns employee interests with shareholder value.

Negative

• None.

MENLO PARK, Calif., March 02, 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 Company’s Board of Directors granted non-qualified stock options covering an aggregate of 80,000 shares of Pacific Biosciences common stock and restricted stock units (“RSUs”) covering 40,000 shares of Pacific Biosciences common stock to a recently hired employee under the Pacific Biosciences 2020 Inducement Equity Incentive Plan (the “2020 Inducement Plan”) effective on February 25, 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 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 $31.18 per share, which is equal to the closing price of Pacific Biosciences common stock on February 25, 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: Todd Friedman
650.521.8450
ir@pacificbiosciences.com

FAQ

What is the significance of PACB's equity awards announced on March 2, 2021?

The equity awards aim to attract a recently hired employee, reinforcing the company's strategy to incentivize talent retention and align employee interests with shareholder value.

What was the exercise price for the stock options granted by PACB?

The exercise price for the stock options granted on February 25, 2021, was $31.18 per share.

How long will it take for the new employee's stock options at PACB to vest?

The stock options will vest over four years, with 1/4 vesting on the one-year anniversary and the remaining shares vesting monthly thereafter.

What are restricted stock units (RSUs) granted by PACB?

RSUs are shares awarded to employees that vest over a specified period, in this case, 1/4 vesting annually over four years.