Twist Bioscience Corporation Announces Inducement Grants under NASDAQ Listing Rule 5635(c)(4)
The inducement plan is used exclusively for the grant of equity awards to individuals who were not previously employees of Twist, or following a bona fide period of non-employment, as an inducement material to such individuals entering into employment with Twist, pursuant to Nasdaq Listing Rule 5635(c)(4).
The 110,300 RSUs vest over a 48-month period for each employee as follows: 25% vests on the one year anniversary of the start date of the employee (the “Vesting Commencement Date”), and 1/16 of the RSUs vest on each quarterly anniversary (or the last day of the month if no such day exists) of the Vesting Commencement Date thereafter, subject to the employee’s continued service through each vesting date. The up to 37,500 PSUs vest on achievement of certain performance metrics set by the Company’s Compensation Committee for the second half of fiscal year 2024 through fiscal year 2026 (which can be earned at 80%-150% of 100% target), subject, in each case, to his continued service through the applicable vesting dates.
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