Pacific Biosciences Grants Equity Incentive Awards to New Employees
13 January 2021 - 10:26AM
Pacific Biosciences of California, Inc. (NASDAQ: PACB) (“Pacific
Biosciences” or the “Company”), a leading provider of high-quality,
long read sequencing platforms, today announced that the Board of
Directors granted non-qualified stock options covering an aggregate
of 750,000 shares of Pacific Biosciences common stock and
restricted stock units (“RSUs”) covering 335,000 shares of Pacific
Biosciences common stock to the Company’s recently hired Chief
Operating Officer, Mark Van Oene, under the Pacific Biosciences
2020 Inducement Equity Incentive Plan (the “Inducement Plan”)
effective on January 8, 2021.
The Board of Directors also granted
non-qualified stock options covering an aggregate of 320,000 shares
of Pacific Biosciences common stock and RSUs covering 160,000
shares of Pacific Biosciences common stock to the Company’s
recently hired Chief Commercial Officer, Peter Fromen, under the
Inducement Plan, also effective on January 8, 2021.
The Compensation Committee of the Company’s
Board of Directors granted non-qualified stock options covering an
aggregate of 100,000 shares of Pacific Biosciences common stock and
RSUs covering 50,000 shares of Pacific Biosciences common stock to
a recently hired non-executive officer employee under the
Inducement Plan, effective on January 7, 2021.
The 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 granted to the Chief Operating
Officer and the Chief Commercial Officer each have an exercise
price of $36.70 per share, which is equal to the closing price of
Pacific Biosciences common stock on January 8, 2021. The options
granted to the employee have an exercise price of $32.89 per share,
which is equal to the closing price of Pacific Biosciences common
stock on January 7, 2021. The shares subject to each of
the option grants shall be scheduled to vest and become
exercisable as to 1/4th of the total number of shares on the
one (1) year anniversary of the date of grant and as to 1/48th
of the total shares each month thereafter on the same day of the
month as the applicable grant 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 each applicable
grant date. The option grants and the RSU awards are subject to the
terms and conditions of the Inducement Plan and the award
agreements entered into with the employees.
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. For more
information, please visit www.pacb.com and follow @PacBio.
ContactInvestors: Trevin
Rard650.521.8450ir@pacificbiosciences.com
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