Pacific Biosciences Grants Equity Incentive Award to New Employee

Rhea-AI Summary

Pacific Biosciences (NASDAQ: PACB) announced the grant of stock options and restricted stock units (RSUs) to a new employee on June 7, 2021. The compensation includes 80,000 stock options and 40,000 RSUs, in accordance with the 2020 Inducement Equity Incentive Plan. The options have an exercise price of $27.94 per share, aligned with the closing stock price on the grant date. The vesting schedule includes a one-year cliff for options, with monthly vesting thereafter, while RSUs vest over four years.

Positive

• Granting of 80,000 stock options and 40,000 RSUs indicates company growth and employee investment.
• The exercise price of $27.94 reflects the current stock market value, ensuring alignment with shareholder interests.

Negative

• None.

MENLO PARK, Calif., June 11, 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 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 June 7, 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 $27.94 per share, which is equal to the closing price of Pacific Biosciences common stock on June 7, 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.

Contacts

Investors:
Todd Friedman
650.521.8450
ir@pacificbiosciences.com

Media:
Jen Carroll
858.449.8082
pr@pacificbiosciences.com

FAQ

What stock options were granted by PACB in June 2021?

On June 7, 2021, PACB granted 80,000 stock options and 40,000 restricted stock units to a new employee.

What is the exercise price for the stock options granted by Pacific Biosciences?

The exercise price for the stock options granted is $27.94 per share.

How does the vesting schedule work for the RSUs granted by PACB?

The RSUs will vest over four years, with 1/4th vesting on each anniversary of the grant date.

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

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