In accordance with NASDAQ Listing Rule 5635(c)(4), NanoString's Board of Directors approved the grant of the following equity award to Mr. Winham as a material inducement to Mr. Winham entering into employment with NanoString: effective as of the date his employment with NanoString began, a stock option to purchase 50,000 shares of the company's common stock. The stock option has an exercise price per share equal to the fair market value of the company's common stock on Mr. Winham's start date and has a maximum term of 10 years. Mr. Winham's employment with the company began on October 2, 2019.
The stock option is scheduled to vest over a period of four years, with 25% of the underlying shares vesting on the one-year anniversary of Mr. Winham's start date and 1/48th of the underlying shares vesting monthly over the following three years, subject to his continued service. In addition, if there is a change in control and, upon or during the 12 months after the change in control, his employment is terminated either (i) by the Company without cause or (ii) by him for good reason, 100% of the shares subject to the inducement stock option will become fully vested as of the termination of his employment.
The inducement stock option was made outside of the company's current equity plan, under
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Vice President, Investor Relations & Corporate Communications