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Twist Bioscience Corporation Announces Inducement Grant under NASDAQ Listing Rule 5635(c)(4)
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Twist Bioscience Corporation (TWST) announced the grant of 50,000 restricted stock units and 70,000 shares to its chief financial officer, Adam Laponis, as an inducement material to his acceptance of employment with Twist. The RSUs vest quarterly over a 48-month period, with the first 25% vesting on the one-year anniversary of Mr. Laponis' employment. The shares subject to the executive compensation programs include RSUs and performance stock units that vest based on achievement against established metrics.
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SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--
As required by the rules of the Nasdaq Stock Market, Twist Bioscience Corporation (NASDAQ: TWST) (“Twist” or the “Company”), a company enabling customers to succeed through its offering of high-quality synthetic DNA using its silicon platform, today announced that it has granted a total of 50,000 restricted stock units (“RSUs”) and 70,000 shares subject to the Company’s executive compensation programs to Adam Laponis, Twist’s recently appointed chief financial officer, as an inducement material to his acceptance of employment with Twist. The employment inducement award was granted under Twist’s Inducement Equity Incentive Plan and related form of restricted stock award agreement in accordance with Nasdaq Listing Rule 5635(c)(4).
The inducement plan is used exclusively for the grant of equity awards to individuals who were not previously employees of Twist, or following a bona fide period of non-employment, as an inducement material to such individuals entering into employment with Twist, pursuant to Nasdaq Listing Rule 5635(c)(4).
The 50,000 RSUs vest quarterly over a 48-month period, with the first 25% vesting on the one-year anniversary of Mr. Laponis’ employment. The 70,000 shares subject to the Company’s executive compensation programs include 25,000 RSUs, which vest quarterly over a 48-month period; 25,000 performance stock units (“PSUs”), which vest based on achievement against the metrics established in connection with the Company’s fiscal year 2024 long-term incentive program; and 20,000 PSUs, which vest based on achievement against the metrics established in connection with the Company’s fiscal year 2024 cash balance measurement program.
About Twist Bioscience Corporation
Twist Bioscience is a leading and rapidly growing synthetic biology and genomics company that has developed a disruptive DNA synthesis platform to industrialize the engineering of biology. The core of the platform is a proprietary technology that pioneers a new method of manufacturing synthetic DNA by “writing” DNA on a silicon chip. Twist is leveraging its unique technology to manufacture a broad range of synthetic DNA-based products, including synthetic genes, tools for next-generation sequencing (NGS) preparation, and antibody libraries for drug discovery and development. Twist is also pursuing longer-term opportunities in digital data storage in DNA and biologics drug discovery. Twist makes products for use across many industries including healthcare, industrial chemicals, agriculture and academic research.
What is the recent announcement from Twist Bioscience Corporation?
Twist Bioscience Corporation announced the grant of 50,000 restricted stock units and 70,000 shares to its chief financial officer, Adam Laponis, as an inducement material to his acceptance of employment with Twist.
What is the ticker symbol of Twist Bioscience Corporation?
The ticker symbol of Twist Bioscience Corporation is TWST.
How do the restricted stock units (RSUs) vest for Adam Laponis?
The 50,000 RSUs vest quarterly over a 48-month period, with the first 25% vesting on the one-year anniversary of Mr. Laponis' employment.
What are the shares subject to Twist's executive compensation programs?
The shares include 25,000 RSUs, 25,000 performance stock units (PSUs), and 20,000 PSUs that vest based on achievement against established metrics.
