SEATTLE– NanoString Technologies, Inc. (NASDAQ:NSTG), a provider of life science tools for discovery and translational research, today announced that Todd Garland has been appointed Chief Commercial Officer, effective August 28, 2023.
Mr. Garland is a senior executive with more than 25 years of experience in healthcare and life sciences technologies that serve customers in the discovery, translational and clinical markets. Most recently Mr. Garland served as Chief Commercial Officer at Cytek Biosciences, a leading provider of flow cytometry products and services. Prior to joining Cytek, Mr. Garland spent 6 years at BD Biosciences, a $1.2 billion life sciences tools company, as Vice President and General Manager responsible for all commercial functions including marketing, sales, service and support. Before joining BD Biosciences, Mr. Garland was Vice President of Sales at CareFusion, a medical device company. From 2003-2009, Mr. Garland held a variety of commercial leadership roles at Cardinal Health. Mr. Garland earned his BS degree in accounting from California Polytechnic State University and an MBA from the University of Michigan.
“I’m thrilled to have Todd joining the team to lead our commercial efforts at a time of explosive growth in spatial biology,” said Bray Gray, President and CEO of NanoString. “Todd has an outstanding track record of developing great teams and delivering strong results. Our global commercial team has a lot of momentum behind it and Todd is ready to lead the charge.”
“I have long admired NanoString’s mission of developing breakthrough technologies that help our scientific community better understand the biology of disease. I’m extremely excited to be joining this team of dedicated and passionate professionals to help drive adoption of spatial biology which will advance scientific discovery and lead to the development of new treatments that will ultimately improve the human condition,” said Todd Garland.
NanoString also announced today, as required by Nasdaq Stock Market Rules, equity inducement awards to Mr. Garland and 16 other new employees.
In accordance with Nasdaq Listing Rule 5635(c)(4), the Compensation and Human Capital Committee of NanoString’s Board of Directors approved the grant of the following equity award to Mr. Garland as a material inducement to Mr. Garland entering into employment with NanoString: effective as of August 28, 2023, the first day of his employment with NanoString, an award of 200,000 restricted stock units, or RSUs. In addition, if there is a change in control and if upon or during the 12 months after such change in control, Mr. Garland’s employment is terminated either (i) by NanoString without cause or (ii) by him for good reason, 100% of the unvested RSUs will become fully vested as of the termination of his employment. In addition, the Compensation and Human Capital Committee approved the grant of, in the aggregate, 59,983 RSUs to 16 employees as material inducements to their entrance into employment with NanoString, effective as of September 5, 2023.
For all of the aforementioned equity inducement awards, one-third of the RSUs vest on the first market trading day on or following the first anniversary of the effective date of grant and one-third of the RSUs vest annually each year on the first market trading day on or after the second and third anniversaries of the effective date of grant, subject to each employee’s continued service through each such date.
The inducement RSU awards were made outside of NanoString’s current stockholder approved equity plan, the 2022 Equity Incentive Plan, and under NanoString’s 2018 Inducement Equity Incentive Plan and related award agreements, but will be subject to terms and conditions generally consistent with those in the 2022 Equity Incentive Plan.
