Paula Green
Twist BioscienceAbout Paula Green
Paula Green is Senior Vice President of Human Resources at Twist Bioscience (TWST), serving in this role since December 2020 after previously serving as Vice President of Human Resources from March 2016 to November 2020; she is 57 years old and holds a B.S. in Organizational Behavior from the University of San Francisco . Company performance underpinning her incentive structure: FY2024 revenue grew 28% to $313 million (from $245 million), gross profit rose 48% to $133 million, and cash, cash equivalents and short-term investments were $276 million as of September 30, 2024; the compensation program emphasizes at-risk pay, with ~83% of other NEOs’ target total direct compensation at-risk in FY2024 . FY2024 cash bonus metrics paid out at 170% for revenue and 200% for adjusted gross profit, leading to 155% of target bonuses for most NEOs including Ms. Green .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Twist Bioscience | Vice President, Human Resources | Mar 2016–Nov 2020 | Not disclosed |
| Twist Bioscience | Senior Vice President, Human Resources | Dec 2020–present | Not disclosed |
| Qiagen N.V. | Vice President, Human Resources | Mar 2001–Sep 2015 | Not disclosed |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| None disclosed for Paula Green in company filings | — | — | — |
Fixed Compensation
| Metric | FY2023 | FY2024 |
|---|---|---|
| Base Salary ($) | $350,000 | $371,000 |
| Target Bonus (% of Base) | 50% | 50% |
| Actual Cash Bonus Paid ($) | $142,230 | $287,525 |
Performance Compensation
Cash Bonus Plan – FY2024 Metrics and Outcomes
| Metric | Weighting | Threshold (50% payout) | Target (100%) | Maximum (200%) | FY2024 Result | Payout |
|---|---|---|---|---|---|---|
| Revenue (ex-Biopharma) | 50% | $205M | $257M | $308M | $293M | 170% |
| Adjusted Gross Profit (ex-Biopharma and SBC) | 20% | $76M | $96M | $115M | $128M | 200% |
| Individual Strategic Goals | 30% | — | — | — | 100% achievement for most NEOs | — |
Resulting bonus outcomes for NEOs (including Paula Green) were certified at 155% of target for FY2024 .
PRSUs (Performance Stock Units) – Structure and Vesting
| Metric | Weighting | Target Levels | Payout Range | Service-Vesting Schedule |
|---|---|---|---|---|
| FY2025 Revenue | 70% | Confidential; not disclosed | 50%–100% of eligible PRSUs via linear interpolation | 40% on Oct 1, 2025; 60% on Oct 1, 2026, subject to certification and continuous service |
| FY2025 Ending Cash Balance | 30% | Confidential; not disclosed | 50%–100% of eligible PRSUs via linear interpolation | 40% on Oct 1, 2025; 60% on Oct 1, 2026, subject to certification and continuous service |
FY2024 Equity Grants to Paula Green
| Award Type | Grant Date | Shares Granted | Grant Date Fair Value ($) | Vesting Terms |
|---|---|---|---|---|
| RSUs | Nov 2, 2023 | 35,513 | $614,730 | 1/16 quarterly over 4 years from 11/2/2023 |
| PRSUs | Nov 2, 2023 | 35,513 | $614,730 | Eligible by FY2025 metrics; then 40% on 10/1/2025, 60% on 10/1/2026 |
Additional vesting realized in FY2024: 19,735 shares vested to Paula Green with $745,688 value realized; no option exercises by her in FY2024 .
Equity Ownership & Alignment
Beneficial Ownership (as of Dec 6, 2024)
| Category | Shares |
|---|---|
| Common stock owned | 50,642 |
| Options exercisable within 60 days | 77,019 |
| RSUs vesting within 60 days | 3,117 |
| Aggregate beneficially owned | 130,778 |
| Ownership as % of outstanding | <1% (denoted “*”) |
Outstanding Options – Paula Green
| Grant Date | Exercisable (#) | Exercise Price ($) | Expiration |
|---|---|---|---|
| Sep 29, 2017 | 1,046 | 8.82 | Sep 29, 2027 |
| Nov 19, 2018 | 31,956 | 26.66 | Nov 18, 2028 |
| Oct 24, 2019 | 26,137 | 23.33 | Oct 23, 2029 |
| Sep 1, 2020 | 17,880 | 67.85 | Aug 31, 2030 |
Unvested RSUs and Unearned PSUs – Paula Green
| Grant Date | RSUs Unvested (#) | PSUs Unearned (#) |
|---|---|---|
| Sep 1, 2020 | 373 | — |
| Dec 27, 2021 | 1,450 | 6,262 |
| Dec 19, 2022 | 5,478 | 7,485 |
| Sep 5, 2023 | 22,500 | 30,000 |
| Nov 2, 2023 | 28,856 | 35,513 |
Policies and Guidelines
- Hedging and pledging of company stock are prohibited (limited exceptions to pledging may be granted); quarterly blackout and preclearance regime applies to insiders .
- Stock ownership guidelines: 1× base salary for NEOs; if not met, must retain 50% of net shares from vesting/exercise until in compliance; unvested/options and performance-based units do not count .
- Compensation recovery (clawback) policy adopted November 2, 2023, in line with SEC/Nasdaq rules; applies to erroneously awarded incentive comp over prior 3 completed fiscal years .
Employment Terms
| Item | Paula Green |
|---|---|
| Employment Agreement | Amended and Restated Employment Agreement effective Sep 9, 2022; position SVP Human Resources, reporting to CEO; full-time obligations and restrictions on outside services without CEO consent |
| Severance (no Change-in-Control) | 6 months base salary; pro‑rata incentive bonus based on actual results; 6 months COBRA; estimated totals at 9/30/2024: $185,500 base continuation, $287,525 pro‑rata bonus, $16,200 COBRA; total $489,225 |
| Change-in-Control (Double Trigger) | 12 months base salary; average bonus of prior 2 years; pro‑rata target bonus; 12 months COBRA; 100% acceleration of time-based equity; performance awards vest at greater of target or actual; estimated totals at 9/30/2024: $371,000 base, $154,530 average bonus, $185,500 pro‑rata target bonus, $32,400 COBRA, $2,650,123 time-based equity acceleration, $3,682,576 PSU acceleration; total $7,076,129 |
| Insider Trading Compliance | Blackout two weeks before quarter-end until two full trading days post earnings; preclearance required for listed insiders |
Investment Implications
- Strong pay-for-performance alignment: FY2024 bonus metrics materially exceeded targets (Revenue: $293M vs $257M target; Adjusted GP: $128M vs $96M target), driving 155% of target bonus for Ms. Green; PRSUs link vesting to FY2025 revenue and ending cash balance, with two-year and three-year vesting timelines .
- Vesting cadence creates predictable supply windows: RSUs vest quarterly over four years; PRSUs, if certified, vest 40% on Oct 1, 2025 and 60% on Oct 1, 2026—trading constrained by blackout/preclearance and anti-hedging/pledging policies .
- Ownership alignment: Beneficial ownership is modest (<1%); stock ownership guidelines and 50% retention requirement until compliance partially mitigate alignment concerns; no pledging permitted per policy .
- Downside-protection features: CIC terms include full acceleration of time-based awards and target/actual performance vesting for PSUs—could be value-accretive for the executive in a transaction; severance outside CIC is relatively conservative (six months base plus pro‑rata bonus and COBRA) .
- Execution risk: PRSU outcomes depend on FY2025 revenue and ending cash balance achievements; disclosure of targets is confidential, limiting external visibility into hurdle difficulty .