Business Context and Reporting Period
This Form 8-K Current Report was filed by Pacific Biosciences of California, Inc. on January 18, 2012. The report discloses a corporate governance event regarding the appointment of a new director to the Board of Directors.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
The material change reported is the appointment of Marshall Mohr as a Class II director, effective immediately on January 18, 2012. Mr. Mohr was also appointed to the Audit Committee. This appointment replaces no specific individual mentioned in this text but adds to the existing Board composition.
Management Commentary and Compensation
- Background: Mr. Mohr, 56, previously served as Senior Vice President and CFO of Intuitive Surgical, Inc. (since 2006) and held CFO roles at Adaptec, Inc. and PricewaterhouseCoopers LLP.
- Compensation: As a non-employee director, Mr. Mohr will receive an annual retainer of $35,000, plus an additional $10,000 annual retainer for Audit Committee service.
- Equity Grant: Pursuant to the outside director equity compensation policy, Mr. Mohr was granted a stock option to purchase 25,000 shares of common stock on the date of his appointment.
Investor Verification Checklist
- Verify the total number of directors on the Board following this appointment.
- Confirm the vesting schedule and exercise price for the 25,000 stock options granted to Mr. Mohr.
- Review the Company's proxy statement for the 2011 Annual Meeting for full details on director compensation policies.
- Assess potential conflicts of interest given Mr. Mohr's prior roles at Intuitive Surgical and Plantronics.