Twist Bioscience Corporation Announces Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)

Rhea-AI Summary

Twist Bioscience announced the granting of 87,200 restricted stock units to 26 new employees as inducement for joining the company. The RSUs vest over a 48-month period for each employee, with 25% vesting on the one year anniversary of employment and 1/16 vesting quarterly thereafter.

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 87,200 restricted stock units (“RSUs”) to 26 recently hired individuals as an inducement material to their acceptance of employment with Twist. The employment inducement awards were 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 RSUs vest over a 48-month period for each employee as follows: 25% vests on the one year anniversary of the start date of the employee (the “Vesting Commencement Date”), and 1/16 of the RSUs vest on each quarterly anniversary (or the last day of the month if no such day exists) of the Vesting Commencement Date thereafter, subject to the employee’s continued service through each vesting date.

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.

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For Investors:

Angela Bitting

SVP, Corporate Affairs

925-202-6211

abitting@twistbioscience.com

For Media:

Amanda Houlihan

Communications Manager

774-265-5334

ahoulihan@twistbioscience.com

Source: Twist Bioscience Corporation

FAQ

How many restricted stock units were granted by Twist Bioscience ?

Twist Bioscience granted a total of 87,200 restricted stock units.

How many employees were granted RSUs as an inducement?

26 employees were granted RSUs as an inducement for joining Twist Bioscience

What is the vesting period for the RSUs?

The RSUs vest over a 48-month period for each employee, with 25% vesting on the one year anniversary of employment and 1/16 vesting quarterly thereafter.

Under what rule were the inducement awards granted?

The employment inducement awards were granted under Twist Bioscience 's Inducement Equity Incentive Plan and related form of restricted stock award agreement in accordance with Nasdaq Listing Rule 5635(c)(4).

What does the inducement plan exclusively used for?

The inducement plan is exclusively used for the grant of equity awards to individuals who were not previously employees of Twist, or following a period of non-employment, as an inducement material to entering into employment with Twist.

How does the RSUs vest for each employee?

The RSUs vest over a 48-month period for each employee, with 25% vesting on the one year anniversary of the start date of employment, and 1/16 vesting on each quarterly anniversary thereafter, subject to the employee's continued service.