Letter Relating to Employment Terms - Stephen Turner



 Exhibit 10.21 

 

 

 September 15, 2010 

Stephen Turner 
 c/o Pacific Biosciences, Inc.

 1380 Willow Road 
 Menlo Park, CA
94025 
  

	 	Re:	Letter Relating to Employment Terms 


Dear Steve: 
 This letter is to
confirm the terms of your employment with Pacific Biosciences, Inc. (the “Company”). This letter supersedes all prior agreements relating to the terms of your employment, except for the Change in Control Severance Agreement
dated September 9, 2010, between you and the Company (the “Severance Agreement”) and the Proprietary Information and Inventions Agreement dated March 3, 2004, between you and the Company (the
“Confidentiality Agreement”). This letter reflects the terms that are in effect as of September 15, 2010 (the “Effective Date”). 

 

	1.	Title and Cash Compensation 


Your title is, and shall remain, Vice President and Chief Technology Officer. In your capacity as Vice President and Chief Technology
Officer, you will continue to report to the Chief Executive Officer and President. As of the Effective Date, your base salary is $275,000 on an annualized basis. 
  

	2.	Bonus Compensation 

 In
addition to your base salary, you will be eligible for an annual incentive cash award, as determined by the Company. For calendar year 2010, you are eligible to receive a bonus of up to 30% of your base salary as of the Effective Date, pro-rated for
the portion of the year covered by our incentive plan. The target bonus and its components, the Company performance objectives, and your individual objectives shall be determined each year by the Compensation Committee of the Board of Directors (the
“Compensation Committee”) in consultation with the CEO. 
  

	3.	Equity Awards 

 The
Company may grant equity awards to you from time to time, which will be subject to the terms of the applicable equity compensation plan or arrangement in effect at the time of grant. The Compensation Committee will determine in its discretion
whether you will be 
  

 1380 Willow Road, Menlo Park, CA 94025 Tel: 650.323.9401 Fax: 650.323.9410 www.pacificbiosciences.com










 
Stephen Turner 
 Page 2 of 2 

September 15, 2010 
  

 
granted any such equity awards and the terms and conditions of any such awards in accordance with the terms of any applicable equity plan. 

You should be aware that you may incur federal and state income taxes as a result of your receipt or the vesting of any equity
compensation awards and it shall be your responsibility to pay any such applicable taxes. 
  

	4.	Other Benefits 

 As an
employee, you will continue to be eligible to receive our standard employee benefits, except to the extent that this letter agreement provides you with more valuable benefits than the Company’s standard policies. 

 

	5.	Additional Terms 

 You
should be aware that your employment with the Company is for no specified period and constitutes “at will” employment. As a result, you are free to resign at any time, for any reason or for no reason. Similarly, the Company is free to
conclude its employment relationship with you at any time, with or without cause, subject to the severance obligations under or referred to in this letter. 

Please review these terms to make sure they are consistent with your understanding. If so, please send the original signed offer letter
to Mary Corbett no later than two days after your receipt of this letter. 
  

			
	Sincerely,
	
	Pacific Biosciences, Inc.
		
	By:	 	/s/ Hugh C. Martin
		 	Hugh C. Martin
		 	Chairman, CEO and President


  

			
	AGREED:
		
	Signed:  	 	/s/ Stephen Turner
		 	Stephen Turner
		
	Dated:	 	Sept 17, 2010