Pacific Biosciences Grants Equity Incentive Award to New Employee
May 21 2021 - 4:05PM
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 240,000 shares of Pacific Biosciences common stock and
restricted stock units (“RSUs”) covering 130,000 shares of Pacific
Biosciences common stock to two recently hired employees under the
Pacific Biosciences 2020 Inducement Equity Incentive Plan (the
“2020 Inducement Plan”) effective on May 17, 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 $23.39 per
share, which is equal to the closing price of Pacific Biosciences
common stock on May 17, 2021 (the “Effective Date”). The shares
subject to the option shall be scheduled to vest and become
exercisable as to 1/4th 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 1/48th 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 1/4th 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.
Contacts
Investors:Todd
Friedman650.521.8450ir@pacificbiosciences.com
Media:Jen
Carroll858.449.8082pr@pacificbiosciences.com
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