Pacific Biosciences of California Inc.
12/13/2024 | Press release | Distributed by Public on 12/13/2024 15:57
Management Change/Compensation Form 8 K
ITEM 5.02. DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
The Compensation Committee (the "Committee") of the Board of Directors (the "Board") of Pacific Biosciences of California, Inc. (the "Company") and the Board approved the following amendments to the Company's change in control and severance agreement for Christian O. Henry, the President and Chief Executive Officer of the Company, and Mark Van Oene, Chief Operating Officer of the Company, on December 11, 2024 and December 12, 2024, respectively:
•Any salary severance is to be paid in a lump sum cash payment equal to twelve months (or eighteen months in the case of Mr. Henry) of the executive's base salary.
•The change of control period under the agreement is to include the three months prior to the occurrence of a change in control in addition to the twelve months following the change in control.
The Committee also amended and restated the Company's current form of change in control and severance agreement for executive officers to reflect these amendments.
The Company entered into amended and restated change in control and severance agreements with each of Mr. Henry and Mr. Van Oene reflecting these amendments.
This description of the amended and restated change in control and severance agreements with each of Mr. Henry and Mr. Van Oene and the form of change in control and severance agreement for executive officers is qualified in its entirety by reference to the full text of the such agreements, which the Company intends to file as exhibits to the Company's Annual Report on Form 10-K for the year ended December 31, 2024.