Francis Lo - Chief People Officer | Adaptive Biotechnologies (ADPT) Executive Profile & Compensation

About Francis Lo

Francis Lo is 44 and has served as Chief People Officer at Adaptive Biotechnologies since May 2019, following senior HR roles at Whole Foods Market and Starbucks; he holds an MBA from Stanford GSB and a BA from the University of Texas at Austin’s Plan II Honors Program . During his tenure, Adaptive’s 2024 revenue increased to $179.0 million from $170.3 million in 2023, driven by 42% MRD revenue growth to $145.5 million, with company annual incentive funding set at 105% based on corporate goal achievement . Adaptive utilizes market-based PSUs tied to relative TSR against the S&P Biotechnology Select Industry Index, aligning equity compensation with shareholder returns and long-term performance .

Past Roles

Organization	Role	Years	Strategic Impact
Whole Foods Market, Inc.	Vice President, Human Resources	Mar 2017 – Apr 2019	Led HR at a large-scale retailer; workforce alignment and talent processes
Starbucks Corporation	Director, Global Talent Management; various ascending HR roles	Aug 2011 – Mar 2017	Built global talent programs; leadership development and retention

External Roles

No public company directorships or external board roles for Francis Lo are disclosed in the proxy filings .

Fixed Compensation

Not disclosed for Francis Lo (non-NEO). Company-wide structures include base salary, annual incentives, and long-term equity (RSUs, options, and PSUs), targeted around market median with heavy equity emphasis for executives .

Stock ownership guidelines:

Group	Required Multiple	Multiple Definition
CEO	6x	Base salary
Other Executives	1x	Base salary
Non-Employee Directors	3x	Annual cash retainer

Performance Compensation

Company annual incentive structure and 2024 corporate goals (executives’ bonuses primarily tied to these metrics):

Metric	Weighting	Target/Threshold	Actual	Payout Outcome
MRD Revenue	30%	Threshold $130M; Median $140M; Stretch $150M	$146M	30% (Achieved)
Cash Burn	15%	Targets aligned to MRD path to profitability	Achieved	15% (Achieved)
Strategic Review	15%	Reorganize into MRD and Immune Medicine	Achieved	15% (Achieved)
MRD Diagnostics & Clinical Testing	15%	Quantitative testing and MRD Pharma bookings goals	Achieved	15% (Achieved)
Immune Medicine Discovery/Pipeline	25%	4 qualitative milestones	3 of 4 Achieved	20%
Employee Retention Kicker	10%	Trailing 12-month voluntary turnover target	Achieved	10%
Total Corporate Performance Factor				105%

Long-term equity incentive design:

RSUs: 25% vest on each of the first four anniversaries .
Stock options: 10-year term; 25% vest at year 1, then monthly installments; exercise price at grant-date market value .
PSUs: 3-year performance measured on relative TSR vs S&P Biotechnology Select Industry Index; payout 0–200% with thresholds at 33rd/50th/75th percentile; negative TSR caps payout at 100% .

Clawback policy:

Formal clawback policy adopted effective December 1, 2023 .

Equity Ownership & Alignment

Insider trading plan and selling pressure:

Adoption Date	Maximum Shares to Sell	Net Vested Shares Sale %	Plan Expiration
Sep 15, 2025	Up to 753,993 shares	20% of net vested shares from RSU vesting	Dec 18, 2026

Ownership and pledging/hard hedging risk:

Individual beneficial ownership for Francis Lo is not itemized in 2025 proxy tables; only NEOs/directors are listed individually (executives as a group: 10,125,817 shares, 6.4%) .
Insider trading policy prohibits short sales, pledging, hedging, and monetization transactions, supporting alignment and reducing collateral risk .

Stock ownership guidelines compliance:

Executives must attain 1x base salary in share ownership within 5 years; compliance status for Francis Lo is not disclosed .

Employment Terms

Term	Details
Employment Status	At-will; executives have employment agreements and are parties to an executive severance agreement .
Severance (general form)	Double-trigger CoC structure; no excise tax gross-ups; outside CoC severance provided per role; specific multiples for Lo not disclosed in proxy (policy applies to all current executive officers) .
Change-in-Control Equity	Time-based unvested awards accelerate upon qualifying CoC termination under executive severance; market-based PSUs convert/settle based on measured TSR at CoC per PSU Agreement mechanics; assumed awards convert to time-based with protection on qualifying termination .
Restrictive Covenants	Executives are subject to non-disclosure and assignment agreements; non-solicit for one year post-employment; confidentiality/IP assignment; non-compete is specifically disclosed for CEO; non-compete for Lo not disclosed .
Insider Trading Plan	Rule 10b5-1 plan adopted by Francis Lo on Sep 15, 2025, permitting scheduled sales through Dec 2026 .

Investment Implications

Retention/execution: The company achieved an employee retention kicker (10% payout) and overall corporate performance of 105% in 2024, indicating effective human capital outcomes during Lo’s tenure as CPO, which can support operating stability and MRD scaling .
Selling pressure: Lo’s 10b5-1 plan authorizes up to 753,993 shares for sale and 20% of net vested RSU shares through Dec 18, 2026, creating a structured source of insider supply; monitor Form 4 filings for execution pace and liquidity impact .
Alignment safeguards: Prohibition of pledging/hedging and formal clawback policy reduce governance and alignment risks and support long-term pay-for-performance integrity .
Pay-for-performance framework: Executive incentives are driven by quantifiable financial and MRD milestones with long-term PSUs tied to relative TSR, but Lo’s individual base salary, bonus targets, and ownership levels are not disclosed, limiting precision in assessing his personal pay-performance alignment .
Corporate context: MRD revenue growth of 42% in 2024 and reorganization into MRD and Immune Medicine suggest operational focus and cost discipline, factors that underpin the incentive design and human capital priorities overseen by the CPO .