William McCombe
Cytek BiosciencesAbout William McCombe
William “Bill” McCombe (age 67) is Chief Financial Officer of Cytek Biosciences (CTKB) since March 18, 2024, with prior CFO roles at Velo3D (2020–2023), HZO (2018–2020), and Maxar Technologies (2016–2018), and earlier senior M&A investment banking roles at Bank of America Merrill Lynch and Morgan Stanley. He holds an MBA from Columbia Business School and Bachelor of Laws and Commerce degrees from the University of Melbourne . Executive bonus metrics emphasize revenue growth and adjusted EBITDA; for 2024, revenue exceeded 2023 and management assessed 90% achievement on revenue and 53% on adjusted EBITDA, producing a 79% payout of target for executives including the CFO . 2024 Say‑on‑Pay support was 85.8%, indicating broad shareholder backing of the compensation program .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Velo3D, Inc. | Chief Financial Officer | Aug 2020 – Sept 2023 | Public-company CFO experience in advanced manufacturing and growth finance . |
| HZO, Inc. | Chief Financial Officer | 2018 – 2020 | CFO for nano‑coatings company; operating finance and controls . |
| Maxar Technologies Inc. | Chief Financial Officer | 2016 – 2018 | CFO for satellite/space imaging company; large‑scale public company finance . |
| Bank of America Merrill Lynch | Managing Director, M&A | — | Senior M&A execution and advisory experience . |
| Morgan Stanley | Managing Director, M&A | — | Senior M&A execution and advisory experience . |
| Pixxel Space Technologies Inc. | Chief Financial Officer | Jan 2024 – Mar 2024 | Short tenure immediately prior to CTKB appointment . |
External Roles
- No public-company board roles disclosed for McCombe in CTKB’s 2025 proxy .
Fixed Compensation
| Year | Base salary (annual rate) | Target bonus % | Target bonus ($) | Actual bonus paid ($) |
|---|---|---|---|---|
| 2024 | $420,000 | 50% | $157,500 (prorated for 3/18–12/31/24) | $124,268 |
Performance Compensation
Annual Incentive Plan (AIP) – 2024
| Metric | Weighting | Company result vs target | Payout factor |
|---|---|---|---|
| Revenue | 70% | 90% achievement; 2024 revenue exceeded 2023 | Contributed to 79% total payout |
| Adjusted EBITDA | 30% | 53% achievement | Contributed to 79% total payout |
| Total | 100% | — | 79% of target (CFO) |
Notes: AIP maximum payout capped at 110% of target; individual modifiers possible; revenue must exceed prior year to fund any payout .
2024 Equity Awards (hire grant)
| Grant date | Instrument | Quantity | Exercise price | Expiration | Grant date FV ($) | Vesting terms |
|---|---|---|---|---|---|---|
| 05/13/2024 | Stock options | 150,602 | $6.18 | 05/13/2034 | $624,998 | 25% on 05/13/2025; remaining 75% monthly over 36 months, subject to service . |
| 05/13/2024 | RSUs | 101,132 | — | — | $624,996 | 12/48 on 05/18/2025; 3/48 on each 08/18 and 11/18 annually; 4/48 on each 03/10 annually; 2/48 on each 05/18 annually until fully vested, subject to service . |
Program construct: For executives, equity mix targets 50% options / 50% RSUs, aligning with 50th–75th percentile peer practices per Meridian’s survey .
Equity Ownership & Alignment
Beneficial Ownership (as of 03/31/2025)
| Holder | Shares beneficially owned | % of outstanding |
|---|---|---|
| William McCombe | 85,420 (options/RSUs exercisable/vesting within 60 days) | * (less than 1%) |
Outstanding Equity (as of 12/31/2024)
| Instrument | Exercisable | Unexercisable | Exercise price | Expiration | Unvested RSUs (#) | Market value of unvested RSUs ($) |
|---|---|---|---|---|---|---|
| Options | 0 | 150,602 | $6.18 | 05/13/2034 | — | — |
| RSUs | — | — | — | — | 101,132 | $656,347 (at $6.49 on 12/31/2024) |
Alignment policies and guardrails:
- Hedging, pledging, short sales, margin accounts prohibited for all insiders under CTKB’s Insider Trading Policy .
- Clawback/recoupment policy compliant with Sarbanes‑Oxley 304 and Dodd‑Frank listing standards .
- 2024 Say‑on‑Pay approval: 85.8% FOR, indicating broad shareholder support .
Employment Terms
| Topic | Terms |
|---|---|
| Start date; role | Appointed CFO effective March 18, 2024 . |
| Cash comp on hire | Base salary $420,000; target bonus 50% of base . |
| New‑hire equity | $1.25M target value (50% options/50% RSUs); options vest 25% at 1‑yr then monthly; RSUs 25% at first preset quarterly vesting date post 1‑yr, then quarterly over 3 years . |
| At‑will; notice | At‑will employment; 30 days prior written notice if executive resigns (company may waive) . |
| Severance (non‑CIC) | If terminated without cause outside the CIC period: 9 months base salary + 9 months COBRA for C‑level executives . Estimated CFO illustrative amounts (12/31/2024): $315,000 cash; $6,391 COBRA . |
| Severance (CIC; double‑trigger) | If terminated without cause or resigns for good reason during CIC period: 18 months base salary + 100% target bonus + 18 months COBRA + 100% vesting acceleration (performance awards at target) . Estimated CFO illustrative amounts (12/31/2024): $840,000 cash; $12,781 COBRA; $703,033 equity acceleration . |
| Arbitration | Employment disputes subject to binding arbitration (JAMS) per offer letter . |
| Benefits/ESPP | Eligible for standard benefits and ESPP . |
CIC period defined as 3 months prior to and 12 months after a change in control .
Investment Implications
- Pay‑for‑performance linkage: 2024 AIP was formulaic and tied 70% to revenue and 30% to adjusted EBITDA, with strict “revenue must exceed prior year” funding and a 110% cap; actual 79% payout indicates measured calibration and downside sensitivity when EBITDA underperforms .
- Retention and potential selling pressure timing: Large first RSU vest (12/48) scheduled for May 18, 2025, and initial option cliff on May 13, 2025, then monthly/quarterly vests thereafter; watch trading windows around these dates for any net share sales for tax withholding or liquidity needs . Hedging/pledging is prohibited, reducing misalignment risk .
- Change‑in‑control economics: Double‑trigger protection (18 months salary + 100% target bonus + full equity acceleration) is competitive and could reduce executive resistance to strategic alternatives, but also increases deal‑related payouts; CFO illustrative CIC package at 12/31/2024 totals cash components plus equity acceleration valued at $703k (mark‑to‑market) .
- Ownership alignment: Beneficial ownership is under 1%, with most equity unvested as of year‑end 2024, reinforcing retention via vesting rather than current ownership heft .
- Governance and market calibration: The program is benchmarked to a specific life sciences/tools peer set with targets at the 50th–75th percentile, and received 85.8% Say‑on‑Pay support, signaling acceptable market alignment and shareholder tolerance for the mix of cash/equity and severance terms .
Net: Strong structural alignment (formulaic AIP, significant unvested equity, clawbacks, hedging/pledging ban) with identifiable vesting milestones in 2025 that may create episodic supply if shares are sold upon vest; CIC terms are standard double‑trigger and could be supportive of shareholder‑friendly strategic optionality .
Appendix: Additional Context
Peer Group and Targeting
- Peer group constructed by Meridian focused on U.S. life sciences/med‑tech companies with revenue ~$85–$550M and market cap ~$250M–$2.5B; examples include 10x Genomics, Pacific Biosciences, Veracyte, Twist Bioscience, Quanterix, Standard BioTools, among others .
- 2024 targeting: total compensation aimed at the 50th–75th percentile; cash at ~50th; equity at 50th–75th .
2024 Grants and Award Philosophy
- Executives generally receive a 50/50 mix of options and RSUs; options vest over four years with 1‑year cliff; RSUs vest quarterly after an initial one‑year delay, aligning long‑term incentives with shareholder value creation .