MENLO PARK, Calif., Aug. 4, 2023 /PRNewswire/ -- PacBio (NASDAQ: PACB), a leading developer of high-quality, highly accurate sequencing solutions, today announced that PacBio's Compensation Committee of the Board of Directors granted non-qualified stock options covering an aggregate of 100,000 shares of PacBio common stock and restricted stock units ("RSUs") covering 184,700 shares of PacBio common stock to fourteen non-executive employees, in connection with their commencement of employment as part PacBio's acquisition of Apton Biosystems, Inc., under the Pacific Biosciences 2020 Inducement Equity Incentive Plan (the "2020 Inducement Plan"), with such grants effective on August 2, 2023 (the "Effective Date").
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 $12.52 per share, which is equal to the closing price of PacBio common stock on the Effective Date. One-fourth (1/4th) of the shares subject to the options will vest on the one (1) year anniversary of the Effective Date, with an additional one-forty-eighth (1/48th) of the shares subject to the option vesting each month thereafter. One-fourth (1/4th) of the shares subject to the RSUs will vest on each of the one (1), two (2), three (3), and four (4) year anniversaries of (i) the Effective Date for one employee, and (ii) August 15, 2023, for the other thirteen employees.
The foregoing option grants and the awards of restricted stock units are subject to the terms and conditions of the 2020 Inducement Plan and the award agreements entered into with each of employees.
About Pacific Biosciences
Pacific Biosciences of California, Inc. (NASDAQ: PACB) is a premier life science technology company that is designing, developing, and manufacturing advanced sequencing solutions that enable scientists and clinical researchers to improve their understanding of the genome and ultimately, resolve genetically complex problems. Our products and technology under development stem from two highly differentiated core technologies focused on accuracy, quality, and completeness, which include our existing HiFi long-read sequencing technology and our emerging short-read Sequencing by Binding (SBBTM) technology. Our products address solutions across a broad set of applications, including human genomics, plant and animal sciences, infectious disease and microbiology, oncology, and other emerging applications. For more information, please visit www.pacb.com and follow @PacBio.
PacBio products are provided for research use only. Not for use in diagnostic procedures.
Contacts
Investors:
Todd Friedman
650.521.8450
ir@pacificbiosciences.com
Media:
Media:
Lizelda Lopez
pr@pacb.com
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SOURCE Pacific Biosciences of California, Inc.
