On August 24, 2023 Personalis, Inc. (Nasdaq: PSNL), a leader in advanced genomics for cancer, reported that the Compensation Committee of its Board of Directors granted, between the dates of May 15, 2023 and August 15, 2023, non-qualified stock options to purchase an aggregate of 43,000 shares of its common stock and restricted stock units (RSUs) covering an aggregate of 24,500 shares of its common stock to sixteen new employees under Personalis’ 2020 Inducement Plan (Press release, Personalis, AUG 24, 2023, View Source [SID1234634690]).

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The 2020 Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously an employee, or non-employee director, of Personalis, as an inducement material to such individual’s entering into employment with Personalis, pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules. Personalis is making this announcement as required by Nasdaq rules.

All of the inducement stock options were granted on August 15, 2023 and have an exercise price of $1.81 per share, which is equal to the closing price of Personalis’ common stock on the grant date. The inducement stock options vest over four years, with 25% of the shares vesting on the first anniversary of the grant date and 1/36th of the remaining shares vesting monthly thereafter, subject to continued service through each applicable vesting date. The inducement RSUs vest over four years, with 25% of the shares vesting on the first anniversary of the vesting commencement date (which is typically the grant date) and an additional 25% of the shares vesting annually thereafter, subject to continued service through each applicable vesting date. The foregoing inducement awards are subject to the terms and conditions of Personalis’ 2020 Inducement Plan, and the terms and conditions of the applicable award agreement covering each grant.