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 to a new employee under its 2020 Inducement Equity Incentive Plan. The grant includes 80,000 shares as stock options and 40,000 shares as RSUs, effective April 19, 2021. The options have an exercise price of $29.61, matching the closing stock price on the effective date. Vesting for the options occurs over four years, while RSUs vest annually over four years. This initiative aims to attract talent to the company in compliance with Nasdaq rules.

Positive

• Grant of 80,000 stock options and 40,000 RSUs indicates commitment to attracting talent.
• Options have an exercise price equal to the market price, aligning interests with shareholders.

Negative

• None.

MENLO PARK, Calif., April 22, 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 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 April 19, 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 $29.61 per share, which is equal to the closing price of Pacific Biosciences common stock on April 19, 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 1/4^th 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 stock options were granted by PACB?

PACB granted 80,000 stock options and 40,000 RSUs to a new employee.

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

The exercise price is $29.61 per share, equal to the closing stock price on the grant date.

When were the stock options and RSUs granted by Pacific Biosciences?

They were granted on April 19, 2021.

What is the vesting schedule for the stock options granted by PACB?

The options vest 1/4 after one year and then 1/48 monthly thereafter.

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

It is designed to grant equity awards to new employees to incentivize their employment with PACB.