Company: PACB
Filing Date: 2025-03-27
Form Type: 8-K
Source: 0001299130-25-000072
Chunk: 1

Company: PACIFIC BIOSCIENCES OF CALIFORNIA, INC.
Filing Date: 2025-03-27
Form: 8-K
Item: Item 5.02
Chunk 1
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 to receive an award of restricted stock units under the Company’s equity plans covering 1,000,000 shares of the Company’s common stock that will be scheduled to vest as to ¼th of the shares on each anniversary of the applicable vesting commencement date, subject to his continued employment with the Company through each applicable vesting date.

Mr. Gibson’s offer letter states he will be offered certain benefits pursuant to the Company’s standard form of change in control and severance agreement. On the Effective Date, Mr. Gibson and the Company will enter into the Company’s standard form of change in control and severance agreement, a copy of which was filed as Exhibit 10.13 to the Company’s Annual Report on Form 10-K on March 17, 2025, which will provide that if the Company terminates his employment for a reason other than “cause,” his death or his “disability,” or he resigns for “good reason,” he would be entitled to: (i) a lump sum cash payment equal to 12 months of base salary; (ii) Company-paid COBRA continuation coverage for up to 12 months; and, if such termination occurs upon or within three months prior or 12 months following a change in control of the Company, he would be entitled to the following in addition: (iii) a lump sum cash payment equal to his annualized target bonus then in effect and (iv) vesting acceleration of 100% of the unvested portion of his then-outstanding equity awards, with any performance-based awards having any performance goals then subject to such awards being deemed achieved at 100% of target levels, unless specifically provided otherwise under the applicable performance-based award agreement. The severance benefits under the change in control and severance agreement will be subject to Mr. Gibson entering into and not revoking a separation agreement and release of claims with the Company.

In addition, on the Effective Date, Mr. Gibson and the Company will enter into the Company’s standard form of indemnification agreement, a copy of which was filed as Exhibit 10.1 to the Company’s Registration Statement on Form S-1 on August 16, 2010.

There is no arrangement or understanding between Mr. Gibson and any other persons pursuant to which Mr. Gibson was selected as Chief Financial Officer. There are no family relationships between Mr. Gibson and any director or executive officer of the Company, and no transactions involving Mr. Gibson that would require disclosure under Item 404(a) of Regulation S-K.