Business Context and Reporting Period
This Form 8-K filing by BIO-RAD LABORATORIES, INC. was submitted on April 22, 2019. The report discloses a significant corporate governance event: the appointment of a new principal operating officer.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on executive compensation and appointment details.
Material Changes
The primary material change reported is the appointment of Dr. Andrew J. Last, PhD as Executive Vice President and Chief Operating Officer, effective April 22, 2019. Dr. Last brings over 30 years of global management experience, having previously served as Chief Commercial Officer at Berkeley Lights, Inc., and held senior roles at Intrexon Corporation, Affymetrix, Inc., Becton, Dickinson and Company, Applied Biosystems, Incyte Genomics, and Monsanto Company.
Compensation and Employment Terms
The employment offer letter filed as Exhibit 10.1 outlines the following compensation package for Dr. Last:
- Base Salary: $575,000 per year.
- Sign-on Bonus: $50,000 (less taxes), payable within 30 days of hire.
- Cash Bonus: 2019 target of 80% of eligible earnings, pro-rated based on time in the position.
- Equity Grant: 5,000 restricted stock units and 5,000 non-qualified stock options to be granted within 30 days of hire.
- Severance: If terminated without good cause, Dr. Last is entitled to a lump sum equal to one year of his then-current annual base salary, contingent upon signing a full release of claims.
Investor Verification Checklist
- Verify the effective date of Dr. Last's appointment (April 22, 2019).
- Review the specific terms of the employment offer letter (Exhibit 10.1) regarding severance conditions and equity vesting.
- Confirm the absence of any undisclosed family relationships or material interests in transactions involving Dr. Last.
- Note that this filing contains no financial results; refer to the company's 10-K or 10-Q for financial metrics.