PacBio grants non-qualified stock option to recently hired employee
25 March 2024 -

PacBio (NASDAQ: PACB), a United States-based biotechnology company, announced on Friday that a recently hired employee has received a non-qualified stock option from its board of directors' Compensation Committee.

The non-qualified stock option includes an aggregate of 79,600 shares of PacBio common stock and restricted stock units (RSUs), which includes 39,800 shares of PacBio common stock. It was granted under the Pacific Biosciences 2020 Inducement Equity Incentive Plan, effective on 18 March 2024. The award was granted as an inducement material to such individual's entering into employment with PacBio in accordance with Nasdaq Marketplace Rule 5635(c)(4).

The Option has an exercise price of USD3.67 per share, which is equal to the closing price of PacBio common stock on 18 March 2024 (the 'Effective Date'). The shares subject to the Option are 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 shares subject to the RSUs are 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.