Company: PACB
Filing Date: 2025-04-23
Form Type: DEF 14A
Source: 0001299130-25-000090
Chunk: 29

Company: PACIFIC BIOSCIENCES OF CALIFORNIA, INC.
Filing Date: 2025-04-23
Form: DEF 14A
Chunk 29
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Each individual who first becomes a non-employee director is granted a stock option (an “Initial Option Award”) and an award of restricted stock units (“RSUs”) (an “Initial RSU Award,” and together with the Initial Option Award, the “Initial Awards”), in each case under the terms of the Company’s 2020 Equity Incentive Plan (the “2020 Plan”), that have an aggregate grant date fair value as of such Initial Awards’ grant date equal to $450,000, with the Initial Option Award having a grant date fair value equal to fifty percent (50%) of such dollar amount and the Initial RSU Award having a grant date fair value equal to fifty percent (50%) of such dollar amount; provided that in no event will the aggregate number of shares subject to the Initial Awards granted to a non-employee director exceed 127,000 shares. The Initial Awards are made on the first date on which such individual first becomes a non-employee director (the first date as a non-employee director, the “Initial Start Date”), whether through election by the stockholders of the Company or appointment by the Board of Directors to fill a vacancy. Each Initial Option Award is scheduled to vest as to one-third (1/3 rd ) of the shares subject to the Initial Option Award on the one (1) year anniversary of the non-employee director’s Initial Start Date, and thereafter, in equal installments on a monthly basis for the next twenty-four (24) months on the same day of the month as the non-employee director’s Initial Start Date (or if a particular month does not have a corresponding day within that month, then the last day of that month), in each case subject to the non-employee director continuing to be a director through the applicable vesting date. Each Initial RSU Award is scheduled to vest as to one-third (1/3 rd ) of the shares subject to the Initial RSU Award on the one (1), two (2), and three (3) year anniversaries of the non-employee director’s Initial Start Date, in each case subject to the non-employee director continuing to be a director through the applicable vesting date.

In addition, effective as of the date of each annual meeting of our stockholders (each an “Annual Meeting Date”), each individual who is continuing as a non-employee director as of such Annual Meeting Dates is automatically granted a non-statutory stock option (the “Annual Award”) with an aggregate grant date fair value as