Company: PACB
Filing Date: 2025-03-27
Form Type: 8-K
Source: 0001299130-25-000072
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Company: PACIFIC BIOSCIENCES OF CALIFORNIA, INC.
Filing Date: 2025-03-27
Form: 8-K
Item: Item 5.02
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ITEM 5.02. DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.

On March 24, 2025, Pacific Biosciences of California, Inc. (the “ Company”) entered into an offer letter with Jim R. Gibson to serve as its Chief Financial Officer. Mr. Gibson will be appointed as the Company’s Chief Financial Officer and principal financial officer effective as of as his first date of employment, which is anticipated to be March 31, 2025 (the “ Effective Date”). Christian Henry, the Company’s President and Chief Executive Officer, who has been serving also as the Company’s interim Chief Financial Officer and principal financial officer since December 6, 2024 will cease serving as interim Chief Financial Officer and principal financial officer upon commencement of Mr. Gibson’s employment but will continue serving as the Company’s President and Chief Executive officer.

Mr. Gibson, age 56, previously served as Chief Financial Officer of Sequoia Benefits and Insurance Services, LLC since 2023. From 2021 to 2022, Mr. Gibson served as Chief Financial Officer of Willow Innovations, Inc. and from 2019 to 2021, he was the Vice President of Finance Transformation at GoDaddy, Inc. Mr. Gibson holds a B. A. in Business Economics with Honors from the University of California, Santa Barbara, and is a licensed CPA in California (inactive).

Under the terms of his offer letter, Mr. Gibson will receive an annual base salary of $500,000. Mr. Gibson will have an annual target bonus opportunity equal to 55% of his base salary, subject to achieving specified performance goals.

Under Mr. Gibson’s offer letter, he is eligible to receive stock options to purchase a total of 2,000,000 shares of the Company’s common stock to be granted under the Company’s equity incentive plans, in each case with an exercise price per share equal to the fair market value per share on the date of grant, which will be scheduled to vest as to ¼th of the shares subject to the option on the 1-year anniversary of the applicable vesting commencement date and as to 1/48th of the shares subject to the option each month thereafter, subject to his continued employment with the Company through each applicable vesting date. Under Mr. Gibson’s offer letter, he is also eligible