Pacific Biosciences Grants Equity Incentive Award to New Employee

Rhea-AI Summary

Pacific Biosciences (NASDAQ: PACB) announced the granting of non-qualified stock options for 110,000 shares and restricted stock units (RSUs) for 55,000 shares to a newly hired employee under its 2020 Inducement Equity Incentive Plan. The options have an exercise price of $35.95 per share, equal to the stock's closing price on January 25, 2021. The options vest over four years, with one-fourth vesting after one year and the rest monthly thereafter. The RSUs will vest annually over four years. This plan aims to attract talent by offering equity awards.

Positive

• Granting of stock options and RSUs can attract and retain talent, enhancing workforce stability.
• Options have an exercise price set at the market closing price, potentially aligning employee interests with shareholders.

Negative

• None.

MENLO PARK, Calif., Jan. 29, 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 110,000 shares of Pacific Biosciences common stock and restricted stock units (“RSU”) covering 55,000 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 $ 35.95 per share, which is equal to the closing price of Pacific Biosciences common stock on January 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: Trevin Rard
650.521.8450
ir@pacificbiosciences.com

FAQ

What stock options were granted by Pacific Biosciences on January 29, 2021?

Pacific Biosciences granted non-qualified stock options covering 110,000 shares and restricted stock units (RSUs) for 55,000 shares to a newly hired employee.

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

The exercise price for the stock options is $35.95 per share, equal to the closing price on January 25, 2021.

How do the stock options and RSUs vest for Pacific Biosciences employees?

The options vest with one-fourth after one year, then monthly thereafter, while the RSUs vest annually over four years.

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

The 2020 Inducement Plan is designed to grant equity awards to attract new employees who were not previously associated with Pacific Biosciences.