Company: PACB
Filing Date: 2025-04-23
Form Type: DEF 14A
Source: 0001299130-25-000090
Chunk: 77

Company: PACIFIC BIOSCIENCES OF CALIFORNIA, INC.
Filing Date: 2025-04-23
Form: DEF 14A
Chunk 77
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 served as our Chief Commercial Officer until November 15, 2024 and forfeited his target incentive opportunity for 2024.

In late 2023, upon the recommendation of the Compensation Committee, the Board of Directors approved our 2024 variable cash incentive program (the "Original 2024 Bonus Plan"), under which the participating NEOs could earn cash awards based on the achievement of certain preestablished performance criteria. These performance criteria included, among others, goals relating to the Company’s fiscal year 2024 financial results (as determined in accordance with generally accepted accounting principles (GAAP) and reported in the Company’s Form 10-K filed with the SEC), including with respect to the Company’s ending cash balance for fiscal year 2024 of at least $425 million (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), a minimum gross margin per

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Revio unit sold, a minimum number of SMRT cell shipments, an ending gross inventory of $100 million or less, and other extraordinary achievements as determined by our Board of Directors, with the aggregate of such financial goals weighted between 45-65% of the total variable cash bonus program, depending on the level of achievement as determined by our Board of Directors.

Further, the Original 2024 Bonus Plan included additional performance goals to align with our business strategy as follows:

• Technology adoption goals weighted between 25-35% of the total variable cash bonus program, depending on the level of achievement as determined by our Board of Directors, consisting of the following:

◦ With respect to Revio systems, achievement of at least 165 unit shipments to customers combined with certain utilization achievement and a target average sales price;

◦ With respect to Onso systems, achievement of at least 30 unit shipments to customers;

◦ Achievement of selling Revio or Onso systems to a specified number of new customers; and

◦ Other extraordinary achievements as determined by our Board of Directors.

• Innovation goals weighted between 25-35%, depending on the level of achievement as determined by our Board of Directors, that included, with respect to technologies under development, the achievement of certain demonstrated functional and accuracy capabilities and, in some cases, achievement of certain commercialization targets before December 2024, in addition to any other extraordinary achievements as determined by our Board of Directors.

• Culture