MENLO PARK, Calif., Nov. 19, 2021 (GLOBE NEWSWIRE) – PacBio (NASDAQ: PACB), a leading provider of high-quality and highly accurate sequencing platforms, today announced that the Board’s Compensation Committee directors of the company granted non-qualifying stock options covering a total of 80,000 PacBio common shares and restricted stock units (âRSUsâ) covering 40,000 PacBio common shares, to a recent employee hired under the Pacific Biosciences 2020 Inducement Equity Incentive Plan (the “2020 Incentive Plan”) effective November 15, 2021.
The 2020 Incentive Plan is used exclusively to grant equity awards to people who were not previously an employee or non-employee director of PacBio as a means of inducing the hiring of that person at PacBio in accordance with Nasdaq Market Rule 5635 (c) (4). ).
The options have an exercise price of $ 26.70 per share, which corresponds to the closing price of the common shares of PacBio on November 15, 2021 (the âEffective Dateâ). The shares subject to the option will vest and may be exercised up to 1/4 of the total number of shares subject to the option on the one (1) year anniversary of the Effective Date and at 1/48 of the total of the shares subject to the granting of the option each month thereafter, on the same day of the month as the date of entry into force (or the last day of the month, if a particular month n has no corresponding day). RSUs must be vested up to 1/4 of the total number of shares subject to the allocation of RSUs on each anniversary of one (1), two (2), three (3) and four (4) years . of the date of entry into force. The grant of options and the grant of RSUs are subject to the terms of the 2020 incentive plan and the grant agreements entered into with the employee.
Pacific Biosciences of California, Inc. provides life scientists with highly accurate long-read sequencing. The company’s innovative instruments are based on Real-Time Single Molecule Sequencing (SMRTÂ®) technology, which provides a comprehensive view of genomes, transcriptomes and epigenomes, providing access to the full spectrum of variations genetic in any organism. Cited in thousands of peer-reviewed publications, PacBioÂ® sequencing systems are used by scientists around the world to drive breakthroughs in human biomedical research, plant and animal science, and microbiology. For more information, please visit www.pacb.com and follow @PacBio.
PacBio products are provided for research purposes only. Not for use in diagnostic procedures.
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