Pacific Biosciences Grants Equity Incentive Award to New Employee

Rhea-AI Summary

Pacific Biosciences (NASDAQ: PACB) announced on July 28, 2021, that it granted 29,500 restricted stock units (RSUs) to a new employee as part of its 2020 Inducement Equity Incentive Plan. The RSUs will vest over four years, with one-fourth vesting on each anniversary of the grant date, July 22, 2021. This move is intended to incentivize new employees who were not previously associated with the company, aligning with Nasdaq rules.

Positive

• Grant of 29,500 RSUs indicates commitment to attract talent.
• RSUs vesting over four years may enhance employee retention.

Negative

• None.

MENLO PARK, Calif., July 28, 2021 (GLOBE NEWSWIRE) -- Pacific Biosciences of California, Inc. (NASDAQ: PACB) (“Pacific Biosciences” or the “Company”), a leading provider of high-quality sequencing platforms, today announced that the Compensation Committee of the Company’s Board of Directors granted restricted stock units (“RSUs”) covering 29,500 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 July 22, 2021 (the “Effective Date”).

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 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 award of RSUs is subject to the terms and conditions of the 2020 Inducement Plan and the applicable award agreement entered into with the 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.

Contacts

Investors:
Todd Friedman
650.521.8450
ir@pacificbiosciences.com

Media:
Jen Carroll
858.449.8082
pr@pacificbiosciences.com

FAQ

What is the significance of the RSUs granted by PACB on July 28, 2021?

The RSUs are part of an inducement plan to attract new employees, intended to align their interests with shareholder success.

How do the RSUs vest for PACB's new employee?

The RSUs will vest in four equal parts over four years, starting on the one-year anniversary of the grant date.

What is the 2020 Inducement Equity Incentive Plan at PACB?

It is a plan exclusively to grant equity awards to individuals who are newly hired, as per Nasdaq regulations.

What company does PACB belong to?

Pacific Biosciences is known for its advanced sequencing technology aimed at life sciences.