Twist Bioscience Corporation Announces Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
As required by the rules of the Nasdaq Stock Market, Twist Bioscience Corporation (NASDAQ:TWST) ("Twist" or the "Company"), a core mid-cap growth and value equity company in the life sciences segment of the health care sector, today announced that it has granted a total of 72,991 equity awards, consisting of 53,600 restricted stock units ("RSUs") and up to 19,379 performance stock units ("PSUs"), to 36 recently hired individuals, in each case as an inducement material to their acceptance of employment with Twist. The employment inducement awards were granted under Twist's Amended and Restated Inducement Equity Incentive Plan and related form of restricted stock unit award agreement in accordance with 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).
A portion of the 53,600 RSUs vest over a 48-month period for each employee as follows: 25% vests on the one-year anniversary of the applicable vesting commencement date (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. A portion of the 53,600 RSUs vest over a 48-month period for each employee as follows: 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, subject to the employee's continued service through each vesting date.
The up to 19,379 PSUs vest on achievement of certain performance metrics set by the Compensation Committee of the Company's Board of Directors, to be achieved by no later than the end of the 2027 fiscal year (which can be earned at 50%-140% of 100% target), subject, in each case, to the employee's continued service through the applicable vesting dates.
About Twist Bioscience Corporation
At Twist Bioscience, we work in service of customers who are changing the world for the better. In fields such as medicine, agriculture, industrial chemicals and defense, by using our synthetic DNA tools, our customers are developing ways to better lives and improve the sustainability of the planet. The faster our customers succeed, the better for all of us, and Twist Bioscience is uniquely positioned to help accelerate their efforts.
Our innovative silicon-based DNA Synthesis Platform provides precision at a scale that is otherwise unavailable to our customers. Our platform technologies overcome inefficiencies and enable cost-effective, rapid, precise, high-throughput synthesis, sequencing and therapeutics discovery, providing both the quality and quantity of the tools they need to most rapidly realize the opportunity ahead. For more information about our products and services, please visit www.twistbioscience.com.
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