MENLO PARK, Calif.,
March 22, 2024 /PRNewswire/ -- PacBio
(NASDAQ: PACB), a leading provider of high-quality, highly accurate
sequencing platforms, today announced that the Compensation
Committee of the Company's Board of Directors granted a
non-qualified stock option (the "Option") covering an aggregate of
79,600 shares of PacBio common stock and restricted stock units
("RSUs") covering 39,800 shares of PacBio common stock to a
recently hired employee under the Pacific Biosciences 2020
Inducement Equity Incentive Plan (the "2020 Inducement Plan"),
effective on March 18, 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 $3.67 per share, which is equal to the closing
price of PacBio common stock on March 18,
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. The Option and the RSUs are subject to the terms and
conditions of the 2020 Inducement Plan and the applicable award
agreements thereunder entered into by the employee. Vesting
of the shares subject to each of the Option and the RSUs is
conditioned upon the employee's continued service through each
applicable vesting date.
About PacBio
PacBio (NASDAQ: PACB) is a premier life
science technology company that is designing, developing and
manufacturing advanced sequencing solutions to help scientists and
clinical researchers resolve genetically complex problems. Our
products and technologies stem from two highly differentiated core
technologies focused on accuracy, quality and completeness which
include our HiFi long-read sequencing and our SBB® short-read
sequencing technologies. Our products address solutions across a
broad set of research applications including human germline
sequencing, 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@pacb.com
Media:
Lizelda Lopez
pr@pacb.com
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SOURCE Pacific Biosciences of California, Inc.