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Personalis Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
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Personalis, Inc. (Nasdaq: PSNL) announced the grant of non-qualified stock options for 35,000 shares and restricted stock units (RSUs) covering 42,100 shares to three new employees between December 5, 2022, and December 16, 2022. The grant is part of the 2020 Inducement Plan, aimed at attracting new talent to the company. The options have an exercise price of $2.83 and vest over four years. This decision aligns with Nasdaq regulations and reflects Personalis' commitment to enhancing its workforce as a leader in cancer genomics.
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FREMONT, Calif.--(BUSINESS WIRE)--
Personalis, Inc. (Nasdaq: PSNL), a leader in advanced genomics for cancer, today announced that the Compensation Committee of its Board of Directors granted, between the dates of December 5, 2022 and December 16, 2022, non-qualified stock options to purchase an aggregate of 35,000 shares of its common stock and restricted stock units (RSUs) covering an aggregate of 42,100 shares of its common stock to three 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 $2.83 per share, which is equal to the closing price of Personalis’ common stock on the date of grant, December 5, 2022, and will vest over four years, with 25% of the shares vesting on the first anniversary of the grant date and 1/48th 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 one year after 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.
What stock options were granted by Personalis, Inc. (PSNL) in December 2022?
Personalis, Inc. granted non-qualified stock options for 35,000 shares and RSUs covering 42,100 shares to three new employees.
What is the exercise price for the stock options granted by PSNL?
The exercise price for the stock options is $2.83 per share.
What is the purpose of the 2020 Inducement Plan by Personalis, Inc.?
The 2020 Inducement Plan is designed to grant equity awards to individuals not previously employed by Personalis to induce them to join the company.
How does the vesting schedule work for the stock options and RSUs granted by PSNL?
The stock options and RSUs vest over four years, with 25% vesting after the first anniversary and the remainder vesting monthly or annually thereafter.
Why did Personalis, Inc. make this announcement regarding stock options?
The announcement was made in compliance with Nasdaq rules regarding equity awards.
