In accordance with NASDAQ Listing Rule 5635(c)(4), NanoString's Board of Directors approved the grants of the following equity awards to
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. Bailey's start date and 1/48th of the underlying shares vesting monthly over the following three years, subject to his continued service. All of the restricted stock units are scheduled to vest on the second anniversary of his start date, 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 each inducement award will become fully vested as of the termination of his employment.
The Inducement Awards were made outside of the company's current equity plan, under NanoString's newly adopted 2018 Inducement Equity Incentive Plan and related award agreements, but will be subject to terms and conditions generally consistent with those in the company's 2013 Equity Incentive Plan, or the 2013 Plan. However, the 2013 Plan permits certain exchange programs (including repricings) without stockholder approval, while the inducement plan requires stockholder approval for such exchange programs.
For more information, please visit www.nanostring.com.
Vice President, Investor Relations & Corporate Communications
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