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Personalis Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
Rhea-AI Impact
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Rhea-AI Sentiment
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Rhea-AI Summary
Personalis, Inc. (NASDAQ: PSNL) announced on August 15, 2022, that its Compensation Committee granted non-qualified stock options and restricted stock units (RSUs) totaling 70,000 shares each to two new employees under its 2020 Inducement Plan. The stock options have an exercise price of $5.32 per share, aligning with the closing stock price on the grant date. Vested options and RSUs will occur over four years. This grant complies with Nasdaq rules and is aimed at attracting talent to enhance the company's growth in advanced cancer genomics.
Positive
Granting of stock options and RSUs signals confidence in new talent acquisition.
The exercise price aligns with the market price, which can be viewed positively by investors.
Negative
None.
MENLO PARK, Calif.--(BUSINESS WIRE)--
Personalis, Inc. (Nasdaq: PSNL), a leader in advanced genomics for cancer, today announced that, effective on August 15, 2022, the Compensation Committee of its Board of Directors granted non-qualified stock options to purchase an aggregate of 70,000 shares of its common stock and restricted stock units (RSUs) covering an aggregate of 70,000 shares of its common stock to two new employees under Personalis’ 2020 Inducement Plan.
The 2020 Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously an employee, or non-employee director, of Personalis, as an inducement material to such individual’s entering into employment with Personalis, pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules. Personalis is making this announcement as required by Nasdaq rules.
The inducement stock options have an exercise price of $5.32 per share, which is equal to the closing price of Personalis’ common stock on August 15, 2022, and will vest over four years, with 25% of the shares vesting on the first anniversary of the grant date and 1/36th of the remaining shares vesting monthly thereafter, subject to continued service through each applicable vesting date. The RSUs will vest over four years, with 25% of the shares vesting on the first anniversary of the grant date and an additional 25% of the shares vesting annually thereafter, subject to continued service through each applicable vesting date. The options and RSUs are subject to the terms and conditions of Personalis’ 2020 Inducement Plan, and the terms and conditions of the applicable award agreement covering each grant.
About Personalis
Personalis, Inc. is a leader in advanced cancer genomics, enabling the next generation of precision cancer therapies and diagnostics. The Personalis NeXT Platform® is designed to adapt to the complex and evolving understanding of cancer, providing its biopharmaceutical customers and clinicians with information on all of the approximately 20,000 human genes, together with the immune system, from a single sample. To enable cancer sequencing, Personalis'Clinical Laboratory was built with a focus on clinical accuracy, quality, big data, scale, and efficiency. The laboratory is GxP-aligned as well as Clinical Laboratory Improvement Amendments of 1988-certified and College of American Pathologists-accredited. For more information, visit the Personalis website and follow Personalis on LinkedIn and Twitter.
