Jim R. Gibson
PACIFIC BIOSCIENCES OF CALIFORNIAAbout Jim R. Gibson
Jim R. Gibson, age 56, joined PacBio as Chief Financial Officer effective March 31, 2025; he holds a B.A. in Business Economics with Honors from UC Santa Barbara and is a licensed CPA in California (inactive) . Prior roles include CFO of Sequoia Benefits and Insurance Services (2023–2025), CFO of Willow Innovations (2021–2022), and VP of Finance Transformation at GoDaddy (2019–2021); he also held executive roles at Tesla, Apple, Netflix, and Affymetrix . Management’s stated financial objective under his tenure includes progressing toward positive cash flows exiting 2027, aligning CFO incentives to long-term value creation .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Sequoia Benefits & Insurance Services, LLC | Chief Financial Officer | 2023–2025 | Led finance across four entities; compensation and benefits solutions; scaling and operational excellence |
| Willow Innovations, Inc. | Chief Financial Officer | 2021–2022 | Raised $132M; positioned company for next stage of growth |
| GoDaddy, Inc. | VP, Finance Transformation | 2019–2021 | Drove finance transformation at global scale |
| Tesla; Apple; Netflix; Affymetrix | Executive roles (not specified) | Not disclosed | Helped scale businesses, integrate acquisitions; >$1B capital raised across career |
External Roles
No public company board seats or committee roles disclosed in the 2025 Proxy or appointment 8-K .
Fixed Compensation
| Element | 2025 Terms | Notes |
|---|---|---|
| Base Salary | $500,000 | Per offer letter dated March 24, 2025 |
| Target Bonus % | 55% of base salary | Subject to “specified performance goals”; annual plan |
| Actual Bonus Paid | Not disclosed | New hire in 2025; payouts contingent on 2025 performance |
Performance Compensation
| Incentive Type | Metric | Weighting | Target | Actual | Payout Formula | Vesting |
|---|---|---|---|---|---|---|
| Annual Cash Incentive | Financial and operational goals set by Comp Committee | Not disclosed | Target = 55% of base salary | Not disclosed | Variable based on corporate and individual goals | Annual; details for 2025 not disclosed |
| RSUs | Time-based service | n/a | 1,000,000 RSUs | Grant disclosed | n/a | Vests 25% annually on March 31, 2026, 2027, 2028, 2029 |
| Stock Options | Time-based service | n/a | 2,000,000 options; strike = FMV at grant | Grant expected/granted in Q1’25 | n/a | 25% at 1-year cliff from vesting start; 1/48 monthly thereafter |
2025 equity grants: PacBio granted stock options and RSUs covering 19,180,167 shares in Q1 2025, including a combined 3,000,000 shares for the new CFO, consistent with the offer-letter structure (2.0M options + 1.0M RSUs) .
Equity Ownership & Alignment
| Item | Detail | Alignment Notes |
|---|---|---|
| Beneficial Ownership (as of Apr 10, 2025) | Not individually listed in the 2025 Proxy’s security ownership table; group total for current directors and executive officers is 7,355,571 shares (2.5%) | Gibson likely below 1% at that date; RSUs/options not within 60 days of exercisability/vesting |
| RSUs Granted | 1,000,000 units; vest 25% annually on each March 31 from 2026–2029 | Multi-year retention; creates annual settlement windows |
| Options Granted | 2,000,000; strike = FMV at grant; 25% at 1-year, then 1/48 monthly | Aligns with long-term stock appreciation; monthly vesting after year 1 may introduce incremental liquidity windows |
| Pledging/Hedging | Prohibited: short sales, derivatives, pledging, margin accounts | Reduces misalignment/forced selling risk |
| Clawback | Updated clawback policy effective Oct 2, 2023 per Nasdaq/Exchange Act Section 10D for incentive-based comp, including stock price/TSR metrics | Recoupment on restatements safeguards pay-for-performance |
| Ownership Guidelines | Multiple-of-salary guideline not disclosed | Not disclosed in 2025 Proxy |
Employment Terms
| Term | Detail |
|---|---|
| Offer Letter Date | March 24, 2025 |
| Effective Start Date | March 31, 2025 (anticipated/commenced) |
| Role | Chief Financial Officer; Principal Financial Officer |
| Severance (non-CIC) | Lump sum 12 months base; up to 12 months Company-paid COBRA, upon termination without cause or resignation for good reason |
| Change-in-Control (CIC) | If termination occurs upon or within 3 months prior/12 months post-CIC: additional lump sum = annualized target bonus (55% of base), plus 100% acceleration of unvested equity; performance awards deemed achieved at 100% of target unless award specifies otherwise; requires separation agreement and release (double-trigger construct) |
| Equity Plan CIC Mechanics | If awards are not assumed/substituted, equity under plans may fully vest; performance goals deemed achieved at 100% of target |
| Indemnification | Standard indemnification agreement at start; Exhibit 10.1 to S-1 (Aug 16, 2010) |
| Non-Compete/Non-Solicit | Not disclosed |
| Tax Gross-Ups | Company policy avoids excise tax gross-ups |
| Governance Practices | Independent comp consultant (Aon) for peer data; pay-for-performance; recoupment policy; prohibit margin/hedging/pledging |
| SOX Certifications | CFO executed Section 302 certifications on Forms 10-Q (Q1 and Q3 2025) |
Compensation Structure Notes
- 2024 NEO program elements (context for structure Gibson enters): base salary, annual cash incentives tied to financial and operational goals, and annual RSU grants that vest in equal installments over two to four years .
- 2024 CEO/NEO salary changes guided by Aon peer data; modest increases were implemented effective March 2024 (illustrative of committee process; Gibson’s base set by offer letter) .
- Say-on-pay approval exceeded 95% at the June 2024 annual meeting, signaling shareholder support for pay practices .
Risk Indicators & Red Flags
- Hedging/pledging prohibited by policy; reduces alignment risk .
- Clawback compliant with Nasdaq/Section 10D; strengthens accountability for incentive pay .
- No excise tax gross-ups; shareholder-friendly posture .
- 8-K notes no related-party transactions with Gibson under Item 404(a) and no family relationships; selection free of external arrangements .
Equity Grant and Vesting Specifics (Insider filings)
| Grant Type | Shares | Grant/Commencement | Vesting Dates/Schedule |
|---|---|---|---|
| RSUs | 1,000,000 | March 31, 2025 | 25% on March 31 of 2026, 2027, 2028, 2029 |
| Options | 2,000,000 | Q1 2025 (per program) | 25% at 1-year anniversary; 1/48 monthly thereafter; strike at FMV on grant |
Performance & Track Record
- Company objective under current leadership: achieve positive cash flows exiting 2027; Gibson’s role emphasizes operational scale and financing strategy .
- No TSR, revenue, EBITDA performance metrics specific to Gibson’s tenure disclosed; annual cash incentive goals typically include financial, R&D portfolio, commercial/customer success, and operational metrics at PacBio .
Equity Ownership & Insider Activity Snapshot
- Form 4 filed April 2, 2025 evidences the RSU grant and vesting schedule; no open-market purchases/sales disclosed for Gibson in the period since appointment based on third-party trackers and company filings referenced (RSU award) .
Investment Implications
- Strong retention design: Combined 3.0M-share equity package (2.0M options + 1.0M RSUs) with four-year vesting and one-year cliff for options aligns Gibson’s incentives to long-term value creation and may limit near-term selling pressure; monthly vesting post-cliff introduces gradual liquidity windows rather than large single unlocks .
- Alignment safeguards: Prohibition on hedging/pledging/margin and an updated clawback policy reduce governance risk and enhance pay-for-performance credibility .
- Change-in-control economics: Double-trigger severance (12 months base + target bonus + 100% equity acceleration within CIC window) creates retention through potential strategic transactions while limiting single-trigger windfalls; awards not assumed in a CIC can accelerate under plan terms .
- Shareholder support: >95% say-on-pay approval in 2024 and independent consultant involvement suggest compensation discipline; base pay and bonus targets appear market-informed via Aon .
- Execution focus: CFO mandate to help drive toward positive cash flow by 2027 positions compensation outcomes to hinge on operational scaling and capital efficiency under current long-read/short-read platform strategy .