Company: PACB
Filing Date: 2025-04-23
Form Type: DEF 14A
Source: 0001299130-25-000090
Chunk: 79

Company: PACIFIC BIOSCIENCES OF CALIFORNIA, INC.
Filing Date: 2025-04-23
Form: DEF 14A
Chunk 79
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4 our Board of Directors determined it would be in the best interest of the Company and its stockholders in order to promote employee retention to modify the goals of the Original 2024 Bonus Plan (as modified, the “Modified 2024 Bonus Plan”) to align plan goals with the Company’s revised budget and financial projections and while there was still significant time left in the annual performance period to achieve the revised goals.

The Modified 2024 Bonus Plan included revised financial goals for fiscal year 2024 with respect to: a minimum ending cash balance (consisting of cash, cash equivalents and short-term investments, each as determined in accordance with GAAP and reported in the Company’s Form 10-K filed with the SEC) of $440 million weighted at 10%, with an additional 2% for every $1 million up to $450 million for a total possible achievement for ending cash balance of 30%; total recognized revenue (as determined in accordance with GAAP and reported in the Company's Form 10-K filed with the SEC) of $170 million weighted at 10%, with an additional 0.5% for each $1 million up to $200 million for a total possible achievement for total recognized revenue of 25%; and gross profit (non-GAAP consistent with existing reporting) of at least $62 million, weighted at 5% with an additional 0.5% for each $1 million up to $72 million for a total possible achievement for gross profit of 10%.

Further, the Modified 2024 Bonus Plan included additional performance goals as follows:

• With respect to Revio systems, achievement of at least 120 unit shipments (weighted at 1.25%) with an additional 0.1875% for each additional unit shipment up to 140 for a total possible achievement for Revio units shipped of 5%;

• With respect to Onso systems, achievement of at least 40 unit shipments (weighted at 5%);

• Achievement of installation of a Vega system at a collaborator or customer site by the end of 2024 weighted at 10%, or shipment of a Vega system resulting from a bona fide purchase order and recognition of revenue for the sale of such system by the end of 2024 (weighted at 15%); and

• Culture goals (weighted at a total of 10%), 5% each for achieving certain customer and employee net promoter scores.

Depending upon the Company’s achievement of the revised goals, the maximum achievement was reduced and limited to an