<SEC-DOCUMENT>0001104659-23-006228.txt : 20230124
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<ACCEPTANCE-DATETIME>20230124164348
ACCESSION NUMBER:		0001104659-23-006228
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		19
CONFORMED PERIOD OF REPORT:	20230124
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20230124
DATE AS OF CHANGE:		20230124

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PACIFIC BIOSCIENCES OF CALIFORNIA, INC.
		CENTRAL INDEX KEY:			0001299130
		STANDARD INDUSTRIAL CLASSIFICATION:	LABORATORY ANALYTICAL INSTRUMENTS [3826]
		IRS NUMBER:				161590339
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34899
		FILM NUMBER:		23548667

	BUSINESS ADDRESS:	
		STREET 1:		1305 O'BRIEN DRIVE
		CITY:			MENLO PARK
		STATE:			CA
		ZIP:			94025
		BUSINESS PHONE:		650-521-8000

	MAIL ADDRESS:	
		STREET 1:		1305 O'BRIEN DRIVE
		CITY:			MENLO PARK
		STATE:			CA
		ZIP:			94025

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PACIFIC BIOSCIENCES OF CALIFORNIA INC
		DATE OF NAME CHANGE:	20050829

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NANOFLUIDICS INC
		DATE OF NAME CHANGE:	20040729
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<p style="margin: 0">&#160;</p>

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<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES </b></p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Washington, DC 20549 </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORM <span id="xdx_907_edei--DocumentType_c20230124__20230124_zzfhTq3Gy02c"><ix:nonNumeric contextRef="From2023-01-24to2023-01-24" name="dei:DocumentType">8-K</ix:nonNumeric></span> </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CURRENT REPORT </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Pursuant to Section 13 or 15(d) of </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>The Securities Exchange Act of 1934 </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Date of Report (Date of earliest event reported)
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Exact name of registrant as specified in its
charter) </b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span id="xdx_90B_edei--EntityAddressAddressLine1_c20230124__20230124_zoG37trV2XGh"><ix:nonNumeric contextRef="From2023-01-24to2023-01-24" name="dei:EntityAddressAddressLine1">1305 O&#8217;Brien Drive</ix:nonNumeric> </span></b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Address of principal executive offices) (Zip
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Registrant&#8217;s telephone number, including
area code) </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Former name or former address, if changed
since last report) </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.
below):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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    communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </span></td></tr>
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    <td style="padding-bottom: 3pt; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#65279;</span></td>
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    communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </span></td></tr>
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    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#65279;</span></td>
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    <td style="vertical-align: top; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement
    communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities registered pursuant to Section 12(b) of the Act:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 20%; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><b>Trading
Symbol(s)</b></td>
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    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 37%; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><b>Name
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (</span>&#167;230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 10pt">Emerging growth company </span><span style="font-family: Wingdings"><span id="xdx_90E_edei--EntityEmergingGrowthCompany_c20230124__20230124_zs4OSnB1Hxih"><ix:nonNumeric contextRef="From2023-01-24to2023-01-24" format="ixt:booleanfalse" name="dei:EntityEmergingGrowthCompany">&#168;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 10pt">If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act. </span><span style="font-family: Wingdings">&#168;</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-transform: uppercase">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-transform: uppercase"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-transform: uppercase">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-transform: uppercase"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 2.02. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;RESULTS
OF OPERATIONS AND FINANCIAL CONDITION.&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The section of Exhibit 99.2 attached to this Current Report on Form 8-K captioned "Business Update&#8212;Preliminary Financial and Operational
Highlights for the Three and Twelve Months Ended December 31, 2022" is incorporated  by reference into this Item 2.02.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-transform: uppercase"><b>Item 8.01.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;OTHER
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><i>Launch of Public Offering</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">On January&#160;24, 2023, Pacific Biosciences
of California,&#160;Inc. (the &#8220;<span style="text-decoration: underline">Company</span>&#8221;) issued a press release announcing the commencement of an underwritten public
offering of its common stock by the Company pursuant to an automatically effective shelf registration statement filed on Form&#160;S-3&#160;(File&#160;No.&#160;333-249999)&#160;with
the Securities and Exchange Commission. A copy of the press release is attached hereto as Exhibit&#160;99.1 and is incorporated herein
by reference.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">This Current Report on
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securities of the Company, which is being made only by means of a written prospectus meeting the requirements of Section&#160;10 of
the Securities Act of 1933, as amended, nor shall there be any sale of the Company&#8217;s securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><i>Disclosure Update</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Company has updated its disclosures regarding risk factors, legal proceedings, certain executive compensation information, and certain business
and financial updates. Such updates are attached to this Current Report
on Form&#160;8-K as Exhibit&#160;99.2 and incorporated herein by reference.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>ITEM&#8239;9.01.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;FINANCIAL STATEMENTS AND
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>SIGNATURE</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<TYPE>EX-99.1
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<DESCRIPTION>EXHIBIT 99.1
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="margin: 0; text-align: right"><B><IMG SRC="tm234149d1_ex99-1img001.jpg" ALT="">&nbsp;</B></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pacific Biosciences of California, Inc. Announces
Proposed Public Offering of Common Stock</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">MENLO PARK, CA, January 24, 2023, Pacific Biosciences of California,
Inc. (Nasdaq: PACB) (&ldquo;PacBio&rdquo;) today announced that it intends to offer and sell $150.0 million of shares of its common
stock in an underwritten public offering. PacBio also intends to grant the underwriters a 30-day option to purchase up to an additional
$22.5 million of shares of its common stock, at the public offering price, less underwriting discounts and commissions. The proposed
offering is subject to market and other conditions and there can be no assurance as to whether or when the offering may be completed,
or as to the actual size or terms of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.4pt 0pt 0; text-align: justify">Goldman Sachs &amp; Co. LLC, Morgan Stanley
 &amp; Co. LLC, Cowen and Company, LLC and Allen &amp; Company LLC are acting as Joint Book Running managers for the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PacBio intends to use the net proceeds from the offering for research
and development, commercial infrastructure expansion and working capital and general corporate purposes. PacBio may also use a portion
of the net proceeds from this offering to acquire or invest in complementary businesses, technologies, product candidates or other intellectual
property, although it has no present commitments or agreements to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The securities described above are being offered pursuant to a shelf
registration statement filed by PacBio with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) that became automatically effective
upon filing.&nbsp;A preliminary prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC
and will be available on the SEC&rsquo;s website. The final terms of the offering will be disclosed in a final prospectus supplement to
be filed with the SEC. When available, copies of the preliminary prospectus supplement, the final prospectus supplement and the accompanying
prospectus may be obtained from:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Goldman Sachs &amp; Co. LLC, Attention:
Prospectus Department, 200 West Street, New York, New York 10282, telephone: (866) 471-2526, facsimile: 212-902-9316 or by emailing
prospectus-ny@ny.email.gs.com; Morgan Stanley &amp; Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New
York, New York 10014, telephone: (866) 718-1649 or by emailing prospectus@morganstanley.com; or Cowen and Company, LLC, 599
Lexington Avenue, New York, NY 10022, telephone: (833) 297-2926 or by emailing Prospectus_ECM@cowen.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This press release shall not constitute an offer to sell or the solicitation
of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other
jurisdiction. Any offer, if at all, will be made only by means of the prospectus supplement and accompanying prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Page 2 of 2</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>About PacBio </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pacific Biosciences of California, Inc. (NASDAQ: PACB) is a premier
life science technology company that is designing, developing, and manufacturing advanced sequencing solutions to help scientists and
clinical researchers resolve genetically complex problems.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Forward-Looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This press release contains forward-looking statements within the meaning
of the federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially,
including, but not limited to, whether or not PacBio will be able to raise capital through the sale of shares of common stock or consummate
the offering, the final terms of the offering, the satisfaction of customary closing conditions, prevailing market conditions, the anticipated
use of the proceeds of the offering which could change as a result of market conditions or for other reasons, and the impact of general
economic, industry or political conditions in the United States or internationally. Additional risks and uncertainties relating to the
offering, PacBio and its business can be found under the heading &ldquo;Risk Factors&rdquo; in PacBio&rsquo;s most recent current, quarterly
and annual reports filed with the SEC and in the preliminary prospectus supplement and accompanying prospectus relating to the offering
to be filed with the SEC. PacBio assumes no duty or obligation to update or revise any forward-looking statements except as required by
law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Contact:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Investors: Todd Friedman</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">650.521.8450<BR>
<U>ir@pacb.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">###</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<TYPE>EX-99.2
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<DESCRIPTION>EXHIBIT 99.2
<TEXT>
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<HEAD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><B>Exhibit 99.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in"><B>RISK FACTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>You should consider carefully the risks and
uncertainties described below, together with all of the other information in our public filings with the SEC, which could materially affect
our business, financial condition, results of operations and prospects. The risks described below are not the only risks facing us. Risks
and uncertainties not currently known to us or that we currently deem to be immaterial also may materially affect our business, financial
condition, results of operations and prospects. In addition, any worsening of the economic environment and the ongoing COVID-19 pandemic
may exacerbate the risks described below, any of which could have a material impact on us. This situation is changing rapidly and additional
impacts may arise that we are not aware of currently.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Summary Risk Factors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a summary of the principal risks
that could adversely affect our business, operations and financial results. Such risks are discussed more fully below and include, but
are not limited to, risks related to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our ability to successfully market, commercialize,
and sell current and future products and related maintenance services;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our ability to achieve profitability for our
business;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our ability to successfully leverage and integrate
our acquisitions and future acquisitions;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our ability to successfully research, develop
and timely manufacture our current and future products;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Management of new product introductions and transitions,
resultant costs, and ability of new products to generate promised performance;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Recent significant changes to our leadership
team and resultant disruptions to our business;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Retention, recruitment, and training of senior
management, key personnel, scientists and engineers;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our ability to further penetrate nucleic acid
sequencing applications, as well as grow product demand;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our reliance on outsourcing to other companies
for manufacturing certain components and sub-assemblies, some of which are sole-sourced;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our ability to consistently manufacture our instruments
and consumables to meet customers&rsquo; specifications, quantity, cost, or performance requirements;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The high amount of competition we face in our
industry;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our ability to attract customers and increase
sales of current and future products;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Reliance on a limited number of customers for
a significant portion of our revenues, including academic, research and government institutions;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The complexity of our products giving rise to
defects or errors;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our unpredictable and lengthy sales cycles;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our business, financial condition and results
of operations could be adversely affected by political and economic tensions between the United States and other countries, including
China and Russia;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Securing and maintaining patent or other intellectual
property protection for our products and related improvements;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Current and future legal proceedings filed against
us claiming intellectual property infringement;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The potential adverse impact of health epidemics,
including the ongoing COVID-19 pandemic;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Governmental regulations that burden operations
or narrow the market for our products;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Evolving ethical, legal, privacy, social, and
regulatory concerns regarding genetic testing;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Volatility of the price of our common stock;
and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our stock price falling as a result of future
offerings or sales of securities.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our risk factors are not guarantees that no such
conditions exist as of the date hereof and should not be interpreted as an affirmative statement that such risks or conditions
have not materialized, in whole or in part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risks Related to Our Business</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The commercialization and sales of our current
or future products may be unsuccessful or less successful than anticipated. While we plan to continue pursuing new products and expand
into adjacent markets, we have limited experience in managing and selling multiple products and, as a result, may face challenges selling
in new markets and fail to successfully carry out these initiatives, which may adversely impact our business, financial condition or results
of operation.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">We have made
and expect to continue making substantial investments to develop new products and enhance our existing products through our
acquisitions and research and development efforts. For example, we recently announced </FONT>our new Revio<SUP>TM</SUP> long-read
sequencing system in the fourth quarter of 2022, with shipments expected to commence in the first quarter of 2023, and we are also
progressing development of Onso<SUP>TM</SUP>, our SBB short-read platform, with shipments expected to commence in the second quarter
of 2023. Our future success is substantially dependent on our ability to successfully develop and commercialize our products,
including Revio and Onso, which are anticipated to be used in demanding scientific research that requires substantial levels of
accuracy and precision. In addition, we may not be successful in transitioning our Revio and Onso products from our prior generation
products, and could incur related obsolete inventory charges. Customers may also be slower that we anticipate in making new capital
equipment acquisitions, especially in the current economic environment. However, due to challenges we may experience in developing
and marketing our existing products and launching new products, we may not be able to effectively:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">manage the timeliness of our new product introductions
and the rate at which sales of our new products may cannibalize sales of our older products or manage sales and marketing of multiple
sequencing platforms;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">drive adoption of our current and future products,
including the Sequel II/IIe Systems, the Revio<SUP>TM</SUP> system and products under development related to our emerging SBB technology,
including the Onso<SUP>TM</SUP> system;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">maintain our competitive position by continuing
to attract and retain customers for our products;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">provide appropriate levels of customer training
and support for our products;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">implement an effective marketing strategy to
promote awareness of our products;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">develop and implement an effective sales and
distribution strategy for our current and future products;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">develop, manufacture and commercialize new products
or achieve an acceptable return on our manufacturing or research and development efforts and expenses;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">comply with regulatory requirements applicable
to our products;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">anticipate and adapt to changes in our market;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">accommodate customer expectations and demands
with respect to our products, increase product adoption by our existing customers or develop new customer relationships;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">deliver our beta systems to our external beta
testing sites or complete our external beta testing program on our currently expected timelines;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">overcome unexpected challenges discovered during
beta testing;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">complete the scientific and technical validation
of new products, such as Onso<SUP>TM</SUP>, on our currently expected timeline or at all;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">deliver our future products in a timely manner
to our customers;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">grow our share by marketing and selling our products
for new and additional applications;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">manage the significant burdens that expanding
our existing or future products into current and new markets may impose on marketing, compliance, and other administrative and managerial
resources;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">maintain and develop strategic relationships
with vendors, manufacturers and other industry partners to acquire necessary materials for the production of, and to develop, manufacture
and commercialize, our existing or future products;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">adapt or scale our manufacturing activities to
meet performance specifications and potential demand at a reasonable cost;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">avoid infringement and misappropriation of third-party
intellectual property;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">obtain and maintain any necessary licenses to
third-party intellectual property on commercially reasonable terms;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">obtain valid and enforceable patents that give
us a competitive advantage or enforce existing patents;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">protect our proprietary technology; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">attract, retain and motivate qualified personnel.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The risks noted above, especially with respect
to the marketing, sales, and commercialization of our products, may be heightened by the impact of current uncertain market and other
conditions.&nbsp;In addition, a high percentage of our expenses is and will continue to be fixed. Accordingly, if we do not generate revenue
as and when anticipated, we could suffer a material adverse effect on our business, financial conditions, results of operations and prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We have incurred losses to date, and we
expect to continue to incur significant losses as we develop our business and may never achieve profitability.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have generally incurred net losses each quarter
since inception and we cannot be certain if or when we will produce sufficient revenue from our operations to support our costs. Even
if profitability is achieved in the future, we may not be able to sustain profitability on a consistent basis. We expect to continue to
incur substantial losses and negative cash flow from operations for the foreseeable future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our net losses since inception and our expectation
of incurring substantial losses and negative cash flow for the foreseeable future could:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">make it more difficult for us to satisfy our
obligations;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">increase our vulnerability to general adverse
economic and industry conditions;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">limit our ability to fund future working capital,
capital expenditures, research and development and other business opportunities;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">increase the volatility of the price of our common
stock;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">limit our flexibility to react to changes in
our business and the industry in which we operate;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">place us at a disadvantage to other companies
that offer nucleic acid sequencing equipment or consumables; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">limit our ability to borrow additional funds.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, inflationary pressure, including
as a result of supply shortages, has adversely impacted and could continue to adversely impact our financial results, and our operating
costs may increase. We may not fully offset these cost increases by raising prices for our products and services, which could result in
downward pressure on our margins. Further, our customers may choose to reduce their business with us if we increase our pricing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any or all of the foregoing may have a material
adverse effect on our business, operations, financial condition, and prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We are not cash flow positive and may not
have sufficient cash to make required payments under the terms of our debt or fund our long-term planned operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our operations have consumed substantial amounts
of cash since inception, and we expect to continue to incur substantial losses and negative cash flow from operations for the foreseeable
future. Additional funds may not be available on terms acceptable to us or at all. We have incurred and may further incur additional debt,
including the debt incurred through issuance of $900.0 million in aggregate principal amount of 1.50% Convertible Senior Notes due 2028.
We may not have sufficient cash to make required payments under the terms of this debt, and should this occur, debt holders have rights
senior to common stockholders to make claims on our assets. We may not be able to issue equity securities due to unacceptable terms and
conditions to us in the capital markets. To the extent that we intend to raise additional funds through the sale of our common stock,
downward fluctuations in our stock price could adversely affect such fundraising efforts. Furthermore, equity financings normally involve
shares sold at a discount to the current market price and fundraising through sales of additional shares of common stock or other equity
securities will have a dilutive effect on our existing investors. The shares may also be sold at a time when the market price for our
common stock is low because we are in need of the funds, which will further dilute existing holders more than if the market price for
our common stock was higher.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">We believe
that our growth will depend, in part, on our ability to fund our commercialization efforts and our efforts to develop new products,
including any improvements to our existing products and the continued development and anticipated launch of the
Revio<SUP>TM</SUP></FONT> HiFi long-read system and the Onso<SUP>TM</SUP> SBB short-read system. To the extent our existing
resources are not sufficient, it may require us to delay, or even not allow us to conduct any or all of these activities that we
believe would be beneficial for our future growth. We may need to raise additional funds through public or private debt or equity
financing or alternative financing arrangements, which may include collaborations or licensing arrangements. If we are unable to
raise funds on favorable terms, or at all, we may have to reduce our cash burn rate and may not be able to support our
commercialization efforts, launching of new products, or operations, or to increase or maintain the level of our research and
development activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">If we are unable
to generate sufficient cash flows or to raise adequate funds to finance our forecasted expenditures, we may have to make significant changes
to our operations, including delaying or reducing the scope of, or eliminating some or all of, our development programs. We also may have
to reduce sales, marketing, engineering, customer support or other resources devoted to our existing or new products, or we may need to
cease operations. Any of these actions could materially impede our ability to achieve our business objectives and could materially harm
our operating results. </FONT>If our cash, cash equivalents and investments are insufficient to fund our projected operating requirements
and we are unable to raise capital, it could have a material adverse effect on our business, financial condition and results of operations
and prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We have made acquisitions and, in the future,
may continue to acquire businesses, technologies or assets, form joint ventures or make other strategic investments with companies that
could adversely affect our operating results, dilute our stockholders&rsquo; ownership, or cause us to incur debt or significant expense.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As part of our business strategy, we have acquired
and expect to continue to pursue acquisitions of complementary businesses, technologies or assets. We may also pursue technology license
arrangements, strategic alliances or investments that complement our business. In July&nbsp;2021, we acquired Circulomics and in September&nbsp;2021,
we acquired Omniome.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Acquisitions and strategic transactions involve
numerous risks, any of which could harm our business and negatively affect our financial condition and results of operations, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">intense competition for suitable acquisition
targets, which could increase prices and adversely affect our ability to consummate deals on favorable or acceptable terms;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">failure or material delay in closing a transaction;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">transaction-related lawsuits or claims;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">difficulties in integrating the technologies,
operations, existing contracts, and personnel of an acquired company;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">difficulties in retaining key employees or business
partners of an acquired company;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">difficulties in retaining suppliers, partners
or customers of an acquired company;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">challenges with integrating the brand identity
of an acquired company with our own;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">diversion of financial and management resources
from existing operations or alternative acquisition opportunities;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">failure to realize the anticipated benefits or
synergies of a transaction;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">difficulties in developing technology post-acquisition;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">failure to identify the problems, liabilities,
or other shortcomings or challenges of an acquired company or technology, including issues related to intellectual property, regulatory
compliance practices, litigation, revenue recognition or other accounting practices, or employee or user issues;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">risks that regulatory bodies may enact new laws
or promulgate new regulations that are adverse to an acquired company or business;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">risks that regulatory bodies do not approve our
acquisitions or business combinations or delay such approvals;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">theft of our trade secrets or confidential information
that we share with potential acquisition candidates or other potential strategic partners;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">risk that an acquired company or investment in
new services cannibalizes a portion of our existing business; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">adverse market reaction to an acquisition or
other strategic transaction.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To finance any acquisitions or other strategic
investments, we may raise additional funds, which could adversely affect our existing stockholders and our business. If the price of our
common stock is low or volatile, we may not be able to acquire other companies for stock. In addition, our stockholders may experience
substantial dilution as a result of additional securities we may issue for acquisitions. Open market sales of substantial amounts of our
common stock issued to stockholders of companies we acquire could also depress our stock price. Additional funds may not be available
on terms that are favorable to us, or at all.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we fail to address the foregoing risks or other
problems encountered in connection with past or future acquisitions of businesses, new technologies, services, and other assets and strategic
investments, or if we fail to successfully integrate such acquisitions or investments, our business, financial condition, and results
of operations could be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If we are unable to successfully develop
and timely manufacture our current and future products, including with respect to SMRT Cells, Sequel II/IIe Systems, Revio<SUP>TM</SUP>, Onso<SUP>TM</SUP>, and other SMRT Cell, HiFi, and SBB products under development, and related products, our business may be adversely
affected.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In light of the highly complex technologies involved
in our products, there can be no assurance that we will be able to manufacture and commercialize our current and future products on a
timely basis or continue providing adequate support for our existing products. The commercial success of our products, including the Sequel
and Sequel II/IIe Systems, and the Revio<SUP>TM</SUP> and Onso<SUP>TM</SUP> products under development, depends on a number of factors,
including performance and reliability of the systems, our anticipating and effectively addressing customer preferences and demands, the
success of our sales and marketing efforts, effective forecasting and management of product demand, purchase commitments and inventory
levels, effective management of manufacturing and supply costs, and the quality of our products, including consumables such as SMRT Cells
and reagents. Should we face delays in or discover unexpected defects during the further development or manufacturing process of instruments
or consumables related to our products, including with respect to SMRT Cells, reagents, Sequel II/IIe Systems, Revio<SUP>TM</SUP>, Onso<SUP>TM</SUP>, and other SMRT Cell, HiFi, and SBB products under development, and including any delays or defects in software
development or product functionality, the timing and success of the&nbsp;continued&nbsp;rollout and scaling of our products may be significantly
impacted, which may materially and negatively impact our revenue and gross margin. The ability of our customers to successfully utilize
our products will also depend on our ability to deliver high quality SMRT Cells and reagents. We have designed SMRT Cells and other consumables specifically for the Sequel, Sequel II/IIe, and Revio<SUP>TM</SUP> Systems,&nbsp;and
may need to develop in the future, other customized SMRT Cells and consumables for our future products. Our production of the SMRT Cells
for the Sequel and Sequel II/IIe Systems has been and may in the future, including with respect to the Revio<SUP>TM</SUP> system, be below
desired levels and yields, and we have experienced and may experience in the future manufacturing delays, product or quality defects,
SMRT Cell variability, and other issues. For example, the COVID&ndash;19 pandemic outbreak has impacted and could result in more pronounced
impacts to our manufacturing and our ability to supply products. The performance of our consumables is critical to our customers&rsquo;
successful utilization of our products, and any defects or performance issues with our consumables would adversely affect our business.
All of the foregoing could materially negatively impact our ability to sell our products or result in other material adverse effects on
our business, operations, financial condition, operations and prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The development of our products is complex and
costly. Problems in the design or quality of our products may have a material and adverse effect on our brand, business, financial condition,
and operating results, and could result in us losing our certifications from the International Organization for Standardization (&ldquo;ISO&rdquo;).
If we were to lose ISO certification, then our customers might choose not to purchase products from us and this could adversely impact
our ability to develop products approved for clinical uses. Unanticipated problems with our products could divert substantial resources,
which may impair our ability to support our new and existing products and could substantially increase our costs. If we encounter development
challenges or discover errors in our products late in our development cycle, including during external beta testing, we may be forced
to undertake design and/or production changes, delay product shipments or the scaling of manufacturing or supply. The completion of the
production and external testing of our beta systems may also take longer than currently planned, cost more than currently expected and
the scientific and technical validation may not be completed on our currently expected timelines or at all. Such testing may also expose
fundamental flaws in our products that may cause us to abandon the further development of such products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the continued rollout of our current and future
products, including with respect to the SMRT Cell, the Sequel II/IIe, Revio<SUP>TM</SUP>, and Onso<SUP>TM</SUP> Systems, is delayed
or is not successful or less successful than anticipated, then we may not be able to achieve an acceptable return, if any, on our substantial
research and development efforts, and our business may be materially and adversely affected. The expenses or losses associated with delayed
or unsuccessful product development or lack of market acceptance of our existing and new products, including the SMRT Cell, Sequel
II/IIe Systems,  Revio<SUP>TM</SUP> and  Onso<SUP>TM</SUP>, could materially and adversely affect our business, operations, financial
condition, and prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our research and development efforts may
not result in the benefits that we anticipate, and our failure to successfully market, sell, and commercialize our current and future
products could have a material adverse effect on our business, financial condition and results of operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">We have
dedicated significant resources to developing our current products, including sequencing systems and consumables based on our
proprietary SMRT sequencing technology and our Sequel and Sequel II/IIe Systems. We are also engaged in substantial and complex
research and development efforts, which, if successful, may result in the introduction of new products in the future, including in
connection with the SMRT Cell, the Sequel II/IIe Systems and  Revio<SUP>TM</SUP>, in addition to  Onso<SUP>TM</SUP> and other
SBB products currently under development. Our research and development efforts are complex and require us to incur substantial
expenses. We may not be able to develop, manufacture and commercialize new products, obtain regulatory approval if necessary, or
achieve an acceptable return, if any, on our research and development efforts and expenses or joint research and development efforts
with partners. Our joint research and development efforts with partners require significant management attention and operational
resources. If we are unable to successfully manage such joint research and development efforts, our future results may be adversely
impacted. For example, in January&nbsp;2021, we entered into a development agreement with Invitae</FONT>, which was amended and
restated on June&nbsp;24, 2022 (the &ldquo;Invitae Development Agreement&rdquo;), regarding a multi-year collaboration for the
development of a production-scale high-throughput sequencing platform. While we anticipate that in connection with the Invitae
Development Agreement, we will continue to receive feedback, input and insight from Invitae in connection with our intended
development of new high-throughput sequencing systems, such feedback is not contractually required and Invitae has no contractual
right to participate in decisions regarding the development program for such new sequencing systems. Invitae is not contractually
obligated to reimburse us for development costs under the Invitae Development Agreement. We do not expect to receive any additional
revenue under the Invitae Development Agreement apart from potential purchases by Invitae of our instruments. In consideration of
non-refundable Development Costs (as defined in the Invitae Development Agreement) paid by Invitae to us pursuant to the Invitae
Development Agreement, we have provided Invitae with credits in connection with Invitae&rsquo;s anticipated purchase of currently
available and in-development sequencing systems (instruments and consumables). In addition, subject to certain
conditions,&nbsp;Invitae will be entitled to most favored pricing for our Sequel IIe systems and certain in-development systems,
including the Revio<SUP>TM</SUP> system and we may be required to sell instruments to Invitae at below-market prices. Furthermore,
we will need to continue to expand our internal capabilities or seek new partnerships or collaborations, or both, in order to
successfully develop, market, sell and commercialize our products for and in the markets we seek to reach. If we are unable to do so
or are delayed, then this could materially and adversely affect our business, operations, financial condition and prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>We must successfully
manage new product introductions and transitions, including with respect to the SMRT Cell, the </I></B></FONT><B><I>Sequel II/IIe Systems,
and the development of the Revio<SUP>TM</SUP> HiFi long-read sequencing system and the Onso<SUP>TM</SUP> SBB short-read sequencing system,
and we may incur significant costs during these transitions and development, and these efforts may not result in the benefits we anticipate.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If our products and services fail to deliver the
performance, scalability or results expected by our current and future customers, or are not delivered on a timely basis, our reputation
and credibility may suffer, our current and future sales and revenue may be materially harmed and our business may not succeed. For instance,
if we are not able to realize the benefits we anticipate from the development and commercialization of the SMRT Cell, Sequel II/IIe
Systems, the Revio<SUP>TM</SUP> HiFi long-read sequencing system, and the Onso<SUP>TM</SUP> SBB short-read sequencing system, and any
future products that may be developed for research, medical and clinical uses, it could have a material adverse effect on our business,
financial condition and results of operations. In addition, the introduction of future products, including with respect to future long-read
and short-read products, and related consumables, has and may in the future lead to our limiting or ceasing development of further enhancements
to our existing products as we focus our resources on new products, and has resulted and could in the future result in reduced marketplace
acceptance and loss of sales of our existing products, materially adversely affecting our revenue and operating results. The introduction
of new products, including the recent announcement of our Revio system, has had and may in the future also have a negative impact on our
revenue in the near-term as our current and future customers have delayed or cancelled and may in the future delay or cancel orders of
existing products in anticipation of new products and we may also be pressured to decrease prices for our existing products. Our experience
in managing product transitions is limited, and we have experienced, and&nbsp;may&nbsp;in the future experience, difficulty in managing
or forecasting customer reactions, purchasing decisions or transition requirements with respect to newly launched products. We have incurred
and may continue to incur significant costs in completing these transitions,&nbsp;including costs of write-downs of our products, as current
or future customers transition to new products. If we do not successfully manage these product transitions, including with respect to
the SMRT Cell, Sequel II/IIe Systems, the Revio<SUP>TM</SUP> and the Onso<SUP>TM</SUP>, and any future long-read and short-read products,
our business, operations, financial condition, and prospects may be materially and adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our business may be adversely affected by
health epidemics, including the ongoing COVID-19 pandemic.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
business has been and could be further adversely impacted by the effects of COVID-19 or other epidemics or pandemics. </FONT><FONT STYLE="background-color: white">Although
it is not possible at this time to estimate the impact that health epidemics, including the ongoing&nbsp;COVID-19 pandemic, could have
on our business, the continued spread of&nbsp;pandemics and the measures taken by the governments of countries affected could disrupt
the supply chain and the manufacture of our products.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our manufacturing partners and suppliers have
been and could continue to be disrupted by conditions related to COVID-19 or other epidemics or pandemics, possibly resulting in disruption
to the production of our products. If our manufacturing partners or suppliers are unable or fail to fulfill their obligations to us for
any reason, we may not be able to manufacture our products and satisfy customer demand or our obligations under sales agreements in a
timely manner, and our business could be harmed as a result. There is significant uncertainty relating to the long-term effect of COVID-19
on our business. Infections may resurge or become more widespread and any ensuing disruptions to business activities or supply chains
could have a negative impact on our business, financial condition and operating results. Because our semiconductor manufacturers are located
in a region where immunization rates in certain communities may be low, new and emerging variants of COVID-19 could impact workforce availability
at those locations and disrupt supply. For example, the Chinese government may re-impose lockdowns or similar measures to combat the spread
of COVID-19 and such measures have had, and may continue to have in the future, a negative impact on manufacturing and/or supply chains,
as well as customer demand for our products and demand through certain distributors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The COVID-19 pandemic has caused us to modify
our business practices, including limiting certain of our commercial operations and limiting certain employees from working in the office.
We have offered, and may plan to continue to offer, a significant percentage of our employees flexibility in the amount of time they work
in an office, which could adversely impact the productivity of certain employees and harm our business, including our future operating
results. This may also present risks for our strategy and may present operational, cybersecurity and workplace culture challenges that
may adversely affect our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Even after the COVID-19 pandemic has subsided,
we may continue to experience an adverse impact to our business as a result of its global economic impact, including recessionary effects
and inflationary pressures. Specifically, difficult macroeconomic conditions, such as decreases in discretionary capital expenditure spending,
changes to the government funding environment, a reduction in or the lapsing of COVID-19-related governmental stimulus measures, increased
and prolonged unemployment or a decline in consumer confidence as a result of the COVID-19 pandemic, as well as limited or significantly
reduced points of access of our products, could have a continuing adverse effect on the demand for some of our products and, consequently,
related maintenance and support services. The degree of impact of COVID-19 on our business will depend on several factors, such as the
duration and the extent of the pandemic, the risk of waning immunity among persons already vaccinated and an increase in fatigue or skepticism
with respect to initial or booster vaccinations, as well as actions taken by governments, businesses and consumers in response to the
pandemic, all of which continue to evolve and remain uncertain at this time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Significant changes to our leadership team
and the resulting management transitions might harm our future operating results.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have experienced significant changes to our
leadership team. Our President and Chief Executive Officer Christian O. Henry was appointed effective September&nbsp;14, 2020, succeeding
Dr.&nbsp;Michael Hunkapiller who retired on December&nbsp;31, 2020. Our Chief Financial Officer Susan G. Kim was appointed effective September&nbsp;28,
2020, succeeding Susan K. Barnes who retired on August&nbsp;7, 2020. Our Chief Operating Officer Mark Van Oene was appointed effective
January&nbsp;8, 2021. Jeff Eidel was appointed Chief Commercial Officer effective August&nbsp;16, 2022, succeeding Peter Fromen who resigned
effective May&nbsp;20, 2022. Also, our Vice President and Chief Accounting Officer Michele Farmer was appointed effective May&nbsp;17,
2021, and our Chair of the Board Dr.&nbsp;John F. Milligan was appointed effective September&nbsp;14, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although we believe these leadership transitions
are in the best interest of our stakeholders, these transitions may result in the loss of personnel with deep institutional or technical
knowledge. Further, the transition could potentially disrupt our operations and relationships with employees, suppliers, partners and
customers due to added costs, operational inefficiencies, decreased employee morale and productivity and increased turnover. We must successfully
recruit and integrate our new leadership team members within our organization to achieve our operating objectives; as such, the leadership
<FONT STYLE="background-color: white">transition</FONT> may temporarily affect our business performance and results of operations while
the new members of our leadership team become familiar with our business. In addition, our competitors may seek to use this transition
and the related potential disruptions to gain a competitive advantage over us. Furthermore, these changes increase our dependency on the
other members of our leadership team that remain with us, who are not contractually obligated to remain employed with us and may leave
at any time. Any such departure could be particularly disruptive given that we are already experiencing leadership transitions and, to
the extent we experience additional management turnover, competition for top management is high such that it may take some time to find
a candidate that meets our requirements. Our future operating results depend substantially upon the continued service of our key personnel
and in significant part upon our ability to attract and retain qualified management personnel. If we are unable to mitigate these or other
similar risks, our business, results of operations and financial condition may be materially and adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We depend on the continuing efforts of
our senior management team and other key personnel. If we lose members of our senior management team or other key personnel or are unable
to successfully retain, recruit and train qualified scientists, engineers, sales personnel and other employees, our ability to maintain,
develop and commercialize our products could be harmed and we may be unable to achieve our goals.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Our success
depends upon the continuing services of members of our senior management team and scientific and engineering personnel. In
particular, our scientists and engineers are critical to our technological and product innovations, and we will need to hire
additional qualified personnel. Our industry, particularly in the San Francisco Bay Area, is characterized by high demand and
intense competition for talent, and the turnover rate has been and may continue to be high. We compete for qualified management and
scientific personnel with other life science companies, academic institutions and research institutions, particularly those focusing
on genomics. This competition has become exacerbated by the increase in employee resignations in 2021 and continued high rates of
employee turnover continuing through 2022 that have been experienced by us and reported by employers nationwide. </FONT>In addition,
we have experienced significant turnover in our senior management team in recent periods. To induce valuable employees to remain at
our company, in addition to salary and cash incentives, we have issued stock options and restricted stock units that vest over time.
The value to employees of stock options and restricted stock units that vest over time may be significantly affected by movements in
our stock price that are beyond our control and may at any time be insufficient to counteract more lucrative offers from other
companies. We may face challenges in retaining and recruiting such individuals due to sustained declines in our stock price that
could reduce the retention value of equity awards. The loss of qualified employees, or an inability to attract, retain, and motivate
employees, could prevent us from pursuing collaborations and materially and adversely affect our support of existing products,
product development and launches, business growth prospects, results of operations and financial condition. In addition, we will
need to continue to recruit, hire and retain sales personnel to support the commercialization of our existing and new products. Our
employees could leave our company with little or no prior notice and would be free to work for a competitor.&nbsp;In addition,
changes to&nbsp;U.S.&nbsp;immigration policies, particularly to H-1B and other visa programs, could restrain the flow of technical
and professional talent into the U.S. and may inhibit our ability to hire qualified personnel.&nbsp;If one or more of our senior
executives or other key personnel were unable or unwilling to continue in their present positions, we may not be able to replace
them easily or at all, and other senior management may be required to divert attention from other aspects of the business. In
addition, we do not have &ldquo;key person&rdquo; life insurance policies covering any member of our management team or other key
personnel. Further, our vaccination and return to office protocols related to COVID-19 may also impact the recruitment and retention
of key employees. The loss of any of these individuals or any inability to attract or retain qualified personnel, including
scientists, engineers, sales personnel and others, could prevent us from pursuing collaborations and materially and adversely affect
our support of existing products, product development and introductions, business growth prospects, results of operations and
financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our success is highly dependent on our ability
to further penetrate nucleic acid sequencing applications as well as on the growth and expansion of the demand for our products. If our
products fail to achieve and sustain sufficient market acceptance, we will not generate expected revenue and our business may not succeed.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although nucleic acid sequencing technology is
well-established, our SMRT Sequencing technology is relatively new and evolving. We cannot be sure that our current or future products
will gain acceptance in the marketplace at levels sufficient to support our costs. Our success depends, in part, on our ability to expand
overall demand for nucleic acid sequencing to include new applications that are not practicable with other current technologies and to
introduce new products that capture a larger share of growing overall demand for sequencing. To accomplish this, we must successfully
commercialize, and continue development of, our proprietary SMRT Sequencing technology for use in a variety of life science and other
research applications, including uses by academic, government and clinical laboratories, as well as pharmaceutical, diagnostic, biotechnology
and agriculture companies, among others. However, we may be unsuccessful in these efforts and the sale and commercialization of the SMRT
Cell, Sequel II/IIe Systems, and anticipated sale and commercialization of  Revio<SUP>TM</SUP> and Onso<SUP>TM</SUP>, and related
products may not grow sufficiently to cover our costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There can be no assurance that we will be
successful in adding new products or securing additional customers for our current and future products, including with respect to
the SMRT Cell, Sequel II/IIe Systems, Revio<SUP>TM</SUP> and  Onso<SUP>TM</SUP>. If we are unable to successfully develop SBB technology and sell acquired technology products, we may fail
to achieve our strategic commercial initiatives in connection with the planned release of new products and anticipated entry into
new markets. Our ability to further penetrate existing applications and any new applications depends on a number of factors,
including the cost, performance and perceived value associated with our products, as well as customers&rsquo; willingness to adopt a
different approach to nucleic acid sequencing. Potential customers may have already made significant investments in other sequencing
technologies and may be unwilling to invest in new technologies.&nbsp;We are experiencing pricing pressures caused by industry
competition and increased demand for lower-priced instruments and lower operational costs. We have limited experience
commercializing and selling products outside of the academic and research settings, and we cannot guarantee success in acquiring
additional customers. Furthermore, we cannot guarantee that our products will be satisfactory to potential customers or that our
products will perform in accordance with customer expectations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Nucleic acid sequencing applications are new and
dynamic, and there can be no assurance that they will develop as quickly as we anticipate, that they will reach their full potential or
that our products will be appropriate or competitive for these applications. As a result, we may be required to refocus our marketing
efforts, and we may have to make changes to the specifications of our products to enhance our ability to enter particular applications
more quickly. We may also need to delay full-scale commercial deployment of new products as we develop them in order to perform quality
control and early access user testing. We also need to maintain reliable supply chains for the various components in our new products
and consumables to support large-scale commercial production. Even if we are able to implement our technology successfully, we and/or
our sales and distribution partners may fail to achieve or sustain market acceptance of our current or future products across the full
range of our intended life science and other applications. We need to continue to expand and update our internal capabilities or to collaborate
with other partners, or both, in order to successfully expand sales of our products in the applications that we seek to reach, which we
may be unable to do at the scale required to support our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the demand for our products grows more slowly
than anticipated, if we are unable to successfully scale or otherwise ensure sufficient manufacturing capacity for new products to meet
demand, if we are not able to successfully market and sell our products, if competitors develop better or more cost-effective products,
if our product launches and commercialization are not successful, or if we are unable to further grow our customer base or do not realize
the growth with existing customers that we are expecting, our current and future sales and revenue may be materially and adversely harmed,
or we may recognize an impairment loss, and our business may not succeed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We rely on other companies for the manufacture
of certain components and sub-assemblies and intend to outsource additional sub-assemblies in the future, some of which are sole sources.
We may not be able to successfully scale the manufacturing process necessary to build and test multiple products on a full commercial
basis, which could materially harm our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Our products are
complex and involve a large number of unique components, many of which require precise manufacturing. The nature of our products requires
customized components that are currently available only from a limited number of sources, and in some cases, single sources. We have chosen
to source certain critical components from a single source, including suppliers for our SMRT Cells, reagents and instruments. </FONT>We
cannot assure you that product supplies will not be limited or interrupted, especially with respect to our sole source third-party manufacturing
and supply collaborators, or that product supplies will be of satisfactory quality or continue to be available at acceptable prices. In
particular, any replacement of our manufacturers could require significant effort and expertise because there may be a limited number
of qualified replacements. We may be unable to negotiate binding agreements with our current and future sole source third-party manufacturing
and supply collaborators or, in the event that such collaborators&rsquo; services become interrupted for any reason, find replacement
manufacturers to support our development and commercial activities at commercially reasonable terms. We do not always have arrangements
in place for a redundant or second-source supply for our sole source vendors in the event they cease to provide their products or services
to us or fail to provide sufficient quantities in a timely manner. If we are required to purchase these components from alternative sources,
it could take several months or longer to qualify the alternative sources. If we are unable to source these product components from sole-source
third-party manufacturing and supply collaborators for any reason, including in connection with acts of terrorism, hostilities, military
conflict and acts of war, including between China and Taiwan, or secure a sufficient supply of these product components on a timely basis,
or if these components do not meet our expectations or specifications for quality and functionality, our operations and manufacturing
would be materially and adversely affected, we could be unable to meet customer demand and our business and results of operations may
be materially and adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The operations of our third-party
manufacturing partners and suppliers have been and could continue to be disrupted by conditions unrelated to our business or
operations or that are beyond our control, including but not limited to international trade restrictions, inflation, supply chain
disruptions, and conditions related to COVID-19 or other epidemics. If our manufacturing partners or suppliers are unable or fail to
fulfill their obligations to us for any reason, we may not be able to manufacture our products and satisfy customer demand or our
obligations under sales agreements in a timely manner, and our business could be harmed as a result. For example, the global
shortage of semiconductors, which has been reported since early 2021, has caused challenges for us in our supply chain and resulted
in some cost increases that have and may continue to adversely impact margins. During these periods of shortages or delays, the
price of components may increase, or the components may not be available at all. Our suppliers have raised their prices and may
continue to raise prices that we may not be able to pass on to our customers, which could adversely affect our business, including
our competitive position, market share, revenues and profit margins in material ways. We may not be able to secure enough components
at reasonable prices or of acceptable quality to build new products in a timely manner in the quantities or configurations needed.
For example, the Chinese government may re-impose lockdowns or similar measures to combat the spread of COVID-19 and  these
measures have had, and may continue to have in the future, a negative impact on manufacturing and/or supply chains, in addition to customer
demand for our products and demand through certain distributors. If as a result of global economic or political instability, such as
the political uncertainty associated with an escalation of the war in Ukraine, potential uncertainty related to Taiwan and its
relationship with China, other disease outbreaks, or supply issues, we or our contractors could experience shortages, business
disruptions or delays for materials sourced or manufactured in the affected countries, and their ability to supply us with
instruments or product components may be affected. From time to time, certain components of our systems and reagents may reach the
end of their life cycles or become obsoleted by our suppliers, and we would have to procure alternative sources for these
end-of-life products. If we encounter delays or difficulties in securing the quality and quantity of materials we require for our
products, our supply chain would be interrupted which would adversely affect sales. If any of these events occur, our business and
operating results could be harmed. Accordingly, if any of the foregoing occurs, our ability to commercialize our products, revenue
and gross margins could suffer until lockdowns from COVID-19 infections are reduced, supply issues or business disruptions are
resolved and/or other sources can be developed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, because our semiconductor suppliers
are in regions that may have communities with low vaccination rates, the Omicron variant of COVID-19, or any variants that evolve in the
future, could lead to increased infections among workers that could further disrupt the supply chain. Our current manufacturing process
is characterized by long lead times between the placement of orders for and delivery of our products. If we do not accurately anticipate
our needs or if we receive insufficient components to manufacture our products on a timely basis to meet customer demand, our sales and
our gross margin may be adversely affected, and our business could be materially harmed. If we are unable to reduce our manufacturing
costs and establish and maintain reliable, high-volume manufacturing suppliers as we scale our operations and expand our product offerings,
our business, operations, financial condition, and prospects could be materially and adversely harmed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may be unable to consistently manufacture
our instruments and consumables, including SMRT Cells and reagents, to the necessary specifications or in quantities necessary to meet
demand at an acceptable cost or at an acceptable performance level.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to successfully generate revenue from
our products, we need to supply our customers with products that meet their expectations for quality and functionality in accordance with
established specifications. Our customers have experienced variability in the performance of our products. We have experienced and may
continue to experience delays, quality issues or other difficulties leading to customer dissatisfaction with our products.&nbsp;Our production
of SMRT Cells and reagents involves a long and complex manufacturing process and has been and may in the future be below desired yields
and resulting output levels. We have experienced and may experience in the future manufacturing delays, product defects, variability in
the performance of SMRT Cells and other products, inadequate reserves for inventory, or other issues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">There is no assurance
that we will be able to manufacture our products so that they consistently achieve the product specifications and quality that our customers
expect, including any products developed for clinical uses. Problems in the design or quality of our products, including low manufacturing
yields of SMRT Cells, or sub-performing reagent lots may have a material adverse </FONT><FONT STYLE="background-color: white">effect</FONT>
on our brand, business, financial condition, and operating results, and could result in us losing our ISO certifications. If we were to
lose our ISO certifications, then our customers might choose not to purchase products from us. There is also no assurance that we will
be able to increase manufacturing yields and decrease costs, particularly if high rates of inflation continue, or that we will be successful
in forecasting customer demand or manufacturing and supply costs, or that product supplies, including reagents or integrated chips, will
not be limited or interrupted, or will be of satisfactory quality or continue to be available at acceptable prices. Furthermore, while
we are undertaking efforts to increase our manufacturing scale and capability, we may not be able to increase manufacturing to meet anticipated
demand or may experience downtime in our manufacturing facilities, including, for example, if we experience increased cases of COVID-19
among our employees, or if our suppliers are unable to meet our increased demand at a time when the supply chain is under duress due to
potential dislocations and disruptions in product and employee availability due to COVID-19. An inability to manufacture products and
components that consistently meet specifications, in necessary quantities and at commercially acceptable costs, will have a negative impact,
and may have a material adverse effect on our business, product development timelines, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Rapidly changing technology in life sciences
and research diagnostics could make our products obsolete unless we continue to develop, manufacture and commercialize new and improved
products and pursue new opportunities.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our industry is characterized by rapid and significant
technological changes, frequent new product introductions and enhancements and evolving industry standards. Our future success depends
on our ability to continually improve our products, to develop and introduce new products that address the evolving needs of our customers
on a timely and cost-effective basis and to pursue new opportunities. These new opportunities may be outside the scope of our proven expertise
or in areas where demand is unproven, and new products and services developed by us may not gain market acceptance or may not adequately
perform in order to capture market share. Our inability to develop and introduce new products and to gain market acceptance of our existing
and new products could harm our future operating results. Unanticipated difficulties or delays in replacing existing products with new
products or in commercializing our existing or new products in sufficient quantities and of acceptable quality to meet customer demand,
including with respect to the SMRT Cell, Sequel II/IIe Systems,  Revio<SUP>TM</SUP> and  Onso<SUP>TM</SUP>, could diminish future
demand for our products and may materially and adversely harm our future operating results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The size of the markets for our products,
including our Revio and Onso instruments, may be smaller than estimated, and new market opportunities may not develop as quickly as we
expect, or at all, limiting our ability to successfully sell our products.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The market for sequencing systems and
consumables products is evolving, making it difficult to accurately predict the size of the markets for our current and future
products, including our Revio and Onso instruments. Our estimates of the total addressable market for our current and future
products are based on a number of internal and third-party estimates and assumptions that may be incorrect, including the
assumptions that academic, governmental, corporate, or other sources of funding will continue to be available to life sciences
researchers at times and in amounts necessary to allow them to purchase our products. In addition, sales of new products may take
time to develop and mature and we cannot be certain that these market opportunities will develop as we expect. While we believe our
assumptions and the data underlying our estimates of the total addressable market for our products are reasonable, these assumptions
and estimates may not be correct and the conditions supporting our assumptions or estimates, or those underlying the third-party
data we have used, may change at any time, thereby reducing the accuracy of our estimates. As a result, our estimates of the total
addressable market and growth opportunities for our products may be incorrect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The future growth of the market for our current
and future products depends on many factors beyond our control, including recognition and acceptance of our products by the research and
scientific communities, the growth, prevalence and costs of competing products and solutions and the development of robust ecosystems
supporting our products and their methodologies. For example, our long-read sequencers, such as Revio, require tools for effective, high
quality sample collection and preparation as well as advanced bioinformatic tools to process results; if these tools are unavailable to
our customers, whether at a reasonable cost or at all, the market acceptance and growth of our long-read sequencers, like Revio, may be
negatively impaired. There can be no assurance that our current or future products will gain traction in the market. If the markets for
our current and future products are smaller than estimated or do not develop as we expect, our growth may be limited and it could materially
and adversely affect our business, operations, financial condition and prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Increased market adoption of our products
by customers may depend on the availability of sample preparation and informatics tools, some of which may be developed by third parties.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our commercial success may depend in part upon
the development of sample preparation and software and informatics tools by third parties for use with our products. We cannot guarantee
that product supplies, including reagents, will not be limited or interrupted, or will be of satisfactory quality or continue to be available
at acceptable prices, or that third parties will develop tools that our current and future customers will find useful with our products,
or that customers will adopt such third-party tools on a timely basis or at all. A lack of complementary sample preparation and informatics
tools, or delayed updates of such tools, may impede the adoption of our products and may materially and adversely impact our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We operate in a highly competitive industry
and if we are not able to compete effectively, our business and operating results will likely be harmed.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">There are a significant
number of companies offering nucleic acid sequencing products and/or services., including Illumina, BGI Genomics, Thermo Fisher Scientific, Oxford Nanopore Technologies Ltd. (&ldquo;ONT Ltd.&rdquo;), Roche, and Qiagen.
Other companies recently entering the market include Ultima Genomics, Element Biosciences and Singular Genomics. Many of these companies currently have greater name recognition,
more substantial intellectual property portfolios, longer operating histories, significantly greater financial, technical, research and/or
other resources, more experience in new product development, larger and more established manufacturing capabilities and marketing, sales
and support functions, and/or more established distribution channels to deliver products to customers than we do. These companies may
be able to respond more quickly and effectively than we can to new or changing opportunities, technologies, standards or customer requirements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">There are also several
companies that are in the process of developing or have already developed and commercialized new, competing or potentially competing technologies,
products and/or services,&nbsp;including&nbsp;ONT Ltd. and its subsidiaries, against whom we have filed complaints for patent infringement
in the U.S. District Court for the District of Delaware and, previously, with the U.S. International Trade Commission, in the High Court
of England and Wales and in the District Court of Mannheim, Germany. ONT Ltd.&nbsp;previously filed claims against us in the High Court
of England and Wales and the District Court of Mannheim, Germany, also for patent infringement, and its subsidiary, Oxford Nanopore Technologies,&nbsp;Inc.
(&ldquo;ONT Inc.&rdquo;)</FONT>, filed counterclaims against us in the U.S. District Court for the District of Delaware seeking declaratory
judgements of non-infringement, invalidity and unenforceability of the asserted patents, as well as antitrust, false advertising and unfair
competition counterclaims that were subsequently dismissed by that court. Roche is developing potentially competing sequencing products.
Increased competition may result in pricing pressures, which could harm our sales, profitability or market share. Our failure to further
enhance our existing products and to introduce new products to compete effectively could materially and adversely affect our business,
operations, financial condition and prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may be unable to successfully increase
sales of our current products or market and sell our future products.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our ability to achieve profitability depends, in part, on our ability to attract customers for our current and future products including Revio and Onso, and we may be unable to
effectively market or sell our products, or find appropriate partners to do so. To perform sales, marketing, distribution and
customer support functions successfully, we face a number of risks, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our ability to attract, retain and manage qualified
sales, marketing and service personnel necessary to expand market acceptance for our technologies;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the performance and commercial availability expectations
of our existing and potential customers with respect to new and existing products;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">availability of potential sales and distribution
partners to sell our technologies, and our ability to attract and retain such sales and distribution partners;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the time and cost of maintaining and growing
a specialized sales, marketing and service force for a particular application, which may be difficult to justify in light of the revenue
generated; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our sales, marketing and service force may be
unable to execute successful commercial activities.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have enlisted and may continue to enlist third
parties to assist with sales, distribution and customer support. There is no guarantee that we will be successful in attracting desirable
sales and distribution partners, that we will be able to enter into arrangements with such partners on terms favorable to us or that we
will be able to retain such partners on a going-forward basis. If our sales and marketing efforts, or those of any of our third-party
sales and distribution partners, are not successful, or our products do not perform in accordance with customer expectations, our technologies
and products may not gain market acceptance, which could materially and adversely impact our business, operations, financial condition
and prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Large purchases by a limited number of customers
represent a significant portion of our revenue, and any loss or delay of expected purchases has resulted, and in the future could result,
in material quarter-to-quarter fluctuations of our revenue or otherwise adversely affect our results of operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">We receive a significant
portion of our revenue from a limited number of customers. For example,</FONT> for the  years ended December&nbsp;31, 2021, 2020
and 2019, one of our customers, who is our primary distributor in China, accounted for approximately 13%, 14%, and 17% of our total revenue,
respectively. Many of these customers make large purchases on a purchase-order basis rather than pursuant to long-term contracts. As a
consequence of the concentrated nature of our customer base and their purchasing behavior, our quarterly revenue and results of operations
have fluctuated, and may fluctuate in the future, from quarter to quarter and are difficult to forecast. For example, the cancellation
of orders or acceleration or delay in anticipated product purchases or the acceptance of shipped products by our larger customers has
materially affected, and in the future could materially affect, our revenue and results of operations in any quarterly period. We have
been, and may in the future be, unable to sustain or increase our revenue from our larger customers, or offset any discontinuation or
decrease of purchases by our larger customers with purchases by new or other existing customers. To the extent one or more of our larger
customers experience significant financial difficulty, bankruptcy or insolvency, this could have a material adverse effect on our sales
and our ability to collect on receivables, which could materially and adversely harm our financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, many of our customers, including
some of our larger customers, have negotiated, or may in the future negotiate, volume-based discounts or other more favorable terms from
us or our sales and distribution partners, which can and have had a negative effect on our gross margins or revenue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We expect that such concentrated purchases will
continue to contribute materially to our revenue for the foreseeable future and that our results of operations may fluctuate materially
as a result of such larger customers&rsquo; buying patterns. In addition, we may see consolidation of our customer base. The loss of one
of our larger customers, a significant delay or reduction in its purchases, or any volume-based discount or other more favorable terms
that we or our sales and distribution partner(s)&nbsp;may agree to provide, in light of the aggregated purchase volume or buying power
resulting from such consolidation, has harmed, and in the future could harm, our business, financial condition, results of operations
and prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our products are highly complex, have recurring
support requirements and could have unknown defects or errors, which may give rise to claims against us or divert application of our resources
from other purposes.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Products using our SMRT sequencing technology
are highly complex and may develop or contain undetected defects or errors. Our customers have experienced and may continue to experience
reliability issues with our existing and future products, including the Sequel System and the Sequel II/IIe Systems. Despite internal
and external testing, defects or errors may arise in our products, which could result in a failure to obtain, maintain or increase market
acceptance of our products, diversion of development resources, injury to our reputation and increased warranty, service and maintenance
costs. New products, including  Revio<SUP>TM</SUP> and  Onso<SUP>TM</SUP>, or enhancements to our existing products, including the
SMRT Cell and Sequel II/IIe Systems, in particular may contain undetected errors or performance problems that are discovered only after
delivery to customers. If our products have reliability or other quality issues or require unexpected levels of support in the future,
the market acceptance and utilization of our products may not grow to levels sufficient to support our costs and our reputation and business
could be harmed. Low utilization rates of our products could cause our revenue and gross margins to be adversely affected. We provide
a warranty for our sequencing instruments and consumables, which is generally limited to replacing, repairing, or at our option, giving
credit for any sequencing instrument or consumable with defects in material or workmanship. Service contracts for our sequencing instruments
may be separately purchased. Defects or errors in our products may also discourage customers from purchasing our products. The costs incurred
in correcting any defects or errors may be substantial and could materially and adversely affect our operating margins. If our service
and support costs increase, our business and operations may be materially and adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, such defects or errors could lead
to the filing of product liability claims against us or against third parties whom we may have an obligation to indemnify against such
claims, which could be costly and time-consuming to defend and result in substantial damages. Although we have product liability insurance,
any product liability insurance that we have or procure in the future may not protect our business from the financial impact of a product
liability claim. Moreover, we may not be able to obtain adequate insurance coverage on acceptable terms. Any insurance that we have or
obtain will be subject to deductibles and coverage limits. A product liability claim could have a material adverse effect on our business,
financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>A significant portion of our sales depends
on customers&rsquo; spending budgets that may be subject to significant and unexpected variation which could have a negative effect on
the demand for our products.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our instruments represent significant capital
expenditures for our customers in research applications. Current and potential customers for our current or future products include academic
and government institutions, genome centers, medical research institutions, clinical laboratories, pharmaceutical, agricultural, biotechnology,
diagnostic and chemical companies. Their spending budgets can have a significant effect on the demand for our products. Spending budgets
are based on a wide variety of factors, including the allocation of available resources to make purchases, funding from government sources
which is highly uncertain and subject to change, the spending priorities among various types of research equipment, policies regarding
capital expenditures during economically uncertain periods and the impact of COVID-19. Any decrease in capital spending or change in spending
priorities of our current and potential customers could significantly reduce the demand for our products. Any delay or reduction in purchases
by current or potential customers or our inability to forecast fluctuations in demand could materially and adversely harm our future operating
results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may not be able to convert our orders
in backlog into revenue.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our backlog represents product orders from our
customers that we have confirmed but have not been able to fulfill, and, accordingly, for which we have not yet recognized revenue. We
may not receive revenue from these orders, and&nbsp;any&nbsp;order backlog we report may not be indicative of our future revenue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Many events can cause an order to be delayed or
not completed at all, some of which may be out of our control, including the potential impacts from COVID-19 and our suppliers, especially
our sole source suppliers, not being able to provide us with products or components. If we delay fulfilling customer orders or if customers
reconsider their orders, those customers may seek to cancel or modify their orders with us. Customers may otherwise seek to cancel or
delay their orders even if we are prepared to fulfill them. If our orders in backlog do not result in sales, our operating results may
suffer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our sales cycles are unpredictable and lengthy,
which makes it difficult to forecast revenue and may increase the magnitude of quarterly or annual fluctuations in our operating results.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The sales cycles
for our sequencing instruments are lengthy because they represent a major capital expenditure and generally require the approval of our
customers&rsquo; senior management. This may contribute to substantial fluctuations in our quarterly or annual operating results, particularly
during periods in which our sales volume is low. Because of these fluctuations, it is likely that in some future quarters our operating
results will fall below the expectations of securities analysts or investors. If that happens, the market price of our stock would likely
decrease. Past fluctuations in our quarterly and annual operating results have resulted in decreases in our stock price. Such fluctuations
also mean that investors may not be able to rely on our operating results in any particular period as an indication of future performance.
Sales to existing customers and the establishment of a business relationship with other potential customers is a lengthy process, generally
taking several months and sometimes longer. Following the establishment of the relationship, the negotiation of purchase terms can be
time-consuming, including as a result of seasonal factors, as discussed below, and a potential customer may require an extended evaluation
and testing period. Our sales cycles may also lengthen as we introduce </FONT>our Revio<SUP>TM</SUP> and Onso<SUP>TM</SUP> instruments
and their associated consumables to the market, as our customers may have additional administrative, technical or other requirements
associated with transitioning to new products and technologies. In anticipation of product orders, we may incur substantial costs before
the sales cycle is complete and before we receive any customer payments. As a result, if a sale is not completed or is canceled or delayed,
we may have incurred substantial expenses, making it more difficult for us to become profitable or otherwise negatively impacting our
financial results. Even if our selling efforts are successful, the realization of revenue may be substantially delayed, our ability to
forecast our future revenue may be more limited and our revenue may fluctuate significantly from quarter to quarter and year over year.
For more information on the impact of these fluctuations on our results and stock price, see &ldquo;&mdash;Our operating results fluctuate
from quarter to quarter and year over year, which makes our future results difficult to predict and could negatively impact the market
price of our common stock,&rdquo; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Because some of our customers and suppliers
are based in China, our business, financial condition and results of operations could be adversely affected by the political and economic
tensions between the United States and China.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are subject to risks associated with political
conflicts between the U.S. and China. A significant portion of our revenue is generated from China. <FONT STYLE="background-color: white">For
example, for the  years ended December&nbsp;31, 2021, 2020 and 2019, one customer, who is our primary distributor in China, accounted
for approximately 13%, 14% and 17% of our total revenue, respectively. In addition, certain c</FONT>omponents, some of which are critical
components, of our products are manufactured in China. These components are either sourced directly from companies in China or indirectly
from third parties that source from companies in China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Consequently, we are subject to significant
risks associated with the trading relationship between the U.S. and China, which is currently characterized by significant
uncertainty. Tariffs imposed by the U.S. and China have increased, and may continue to increase, our costs. Additionally, export
restrictions imposed by the U.S. may impact our ability to export certain products to customers or distributors in China and
restrict our ability to use certain integrated circuits in our products, and it is possible that additional restrictions will be put
in place that could impact our ability to provide our products to customers or distributors in China or source components from
China. Moreover, the Chinese government may retaliate against U.S. trade restrictions in ways that could impact our business. Given
the relatively fluid regulatory environment in China and the United States and uncertainty how the U.S. or foreign governments will
act with respect to export controls, tariffs, international trade agreements and policies, there could be additional import, export,
tax or other regulatory changes in the future. Any such changes could directly and adversely impact our financial results and
results of operations. For more information, see &ldquo;&mdash;Risks Related to Regulation&mdash;Enhanced trade tariffs, import
restrictions, export restrictions, Chinese regulations or other trade barriers may materially harm our business.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other risks could include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">interruptions to operations in China as a result
of the COVID-19 pandemic or other disease outbreaks and natural catastrophic events, which have in the past and can result in the future
in business closures, transportation restrictions, import and export complications and cause shortages in the supply of raw materials
or disruptions in manufacturing;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">product supply disruptions and increased costs
as a result of heightened exposure to changes in the policies of the Chinese government, political unrest or unstable economic conditions
in China; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the nationalization or other expropriation of
private enterprises or intellectual property by the Chinese government.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Difficulties in this relationship may require
us to take actions adverse to our business to comply with governmental restrictions on business and&nbsp;trade&nbsp;with&nbsp;China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, our consumable chips are partly manufactured
by a company based in Taiwan. Our supply of consumables chips and other critical components may be materially and adversely affected by
diplomatic, geopolitical and other developments affecting the relationship between China and Taiwan. Accordingly, there is a risk that
current political tensions between China and Taiwan may lead to circumstances that negatively affect the availability of such consumable
chips and other critical components to us, which could limit or prohibit our ability to manufacture consumable chips and other critical
components or lead to an increase in our supply costs if we cannot find a similar cost alternative supplier, which could materially and
adversely impact our business, operations, prospects, financial condition and results, and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our operating results fluctuate from quarter
to quarter and year over year, which makes our future results difficult to predict and could negatively impact the market price of our
common stock.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We operate on a December&nbsp;31st year-end and
believe that there are significant seasonal factors which may cause sales of our products, and particularly our sequencing instruments,
to vary on a quarterly or yearly basis, contribute to lengthy sales cycles for our sequencing instruments, and increase the magnitude
of quarterly or annual fluctuations in our operating results. We believe that this seasonality results from a number of factors, including
the procurement and budgeting cycles of many of our customers, especially government-funded customers, which often coincide with government
fiscal year ends. For example, the U.S. government&rsquo;s fiscal year-end occurs in our third quarter and may result in increased sales
of our products during this quarter if government-funded customers have unused funds that may be forfeited, or future budgets that may
be reduced if funds remain unspent at fiscal year-end. Furthermore, Lunar New Year celebrations, which occur during our first quarter,
and may last for a week or longer, resulting in closure of many of our customers&rsquo; offices in China and across the Asia-Pacific region
have caused, and may in the future cause, decreased sales of our consumables during our first quarter. These factors have contributed,
and in the future may contribute, to substantial fluctuations in our quarterly operating results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our operating results during any given period
can also be impacted by numerous other factors, including the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">market acceptance for our products;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our ability to attract new customers;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the length of our sales cycles, as discussed
above;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">our ability to achieve economies of scale and other manufacturing efficiencies at the rate we anticipate;</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">publications of studies by us, our
                                                                                                                                                     competitors or third parties;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the timing and success of new product introductions
by us or our competitors or other changes in the competitive dynamics of our industry, such as consolidation;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the amount and timing of our costs and expenses; </FONT></TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                                                                                                                                                                                                                <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">changes in our pricing policies or those of our competitors;</TD></TR>
                                                                                                                                                                                                                                                                                                                </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">general economic, industry and market conditions;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the regulatory environment in which we operate;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">expenses associated with warranty obligations or unforeseen
product quality issues;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the hiring, training and retention of key employees,
including our ability to grow our sales organization;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">litigation or other claims against us for intellectual
property infringement or otherwise;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our ability to obtain additional financing as
necessary;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">changes or trends in new technologies and industry
standards; and the impact of COVID-19.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Consequently, it is possible that in some quarters
our operating results will fall below the expectations of securities analysts or investors. If that happens, the market price of our common
stock would likely decrease. These fluctuations, among other factors, also mean that our operating results in any particular period may
not be relied upon as an indication of future performance. Seasonal or cyclical variations in our sales have in the past, and may in the
future, become more or less pronounced over time, and have in the past materially affected, and may in the future materially affect, our
business, financial condition, results of operations and prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our ability to use net operating losses
to offset future taxable income may be subject to substantial limitations, and changes to U.S. tax laws may cause us to make adjustments
to our financial statements.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under Section&nbsp;382 of the Internal
Revenue Code, a corporation that undergoes an &ldquo;ownership change&rdquo; is subject to limitations on its ability to utilize its
pre-change net operating losses (&ldquo;NOLs&rdquo;) to offset future taxable income. We believe that we have had one or more
ownership changes, as a result of which our existing NOLs are currently subject to limitation. Future changes in our stock ownership
could result in additional ownership changes, including potentially material changes, under Section&nbsp;382. Consequently, we may
not be able to utilize some or all of our NOLs even if we attain profitability. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our facilities in California are located
near earthquake faults, and the occurrence of an earthquake or other catastrophic disaster could cause damage to our facilities and equipment,
which could require us to cease or curtail operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our facilities in California are
located near earthquake fault zones and are vulnerable to damage from earthquakes. We are also vulnerable to damage from other types of
disasters, including fire, floods, power loss, communications failures and similar events. If any disaster were to occur, our ability
to operate our business at our facilities would be seriously, or potentially completely, impaired. In addition, the nature of our activities
could cause significant delays in our research programs and commercial activities and make it difficult for us to recover from a disaster.
The insurance we maintain may not be adequate to cover our losses resulting from disasters or other business interruptions. Accordingly,
an earthquake or other disaster could materially and adversely harm our ability to conduct business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risks Related to Our Intellectual Property</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Failure to secure patent or other intellectual
property protection for our products and improvements to our products may reduce our ability to maintain any technological or competitive
advantage over our current and potential competitors.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our ability to protect and enforce our intellectual
property rights is uncertain and depends on complex legal and factual questions. Our ability to establish or maintain a technological
or competitive advantage over our competitors may be diminished because of these uncertainties. For example:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">we or our licensors might not have been the first
to make the inventions covered by each of our pending patent applications or issued patents;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">we or our licensors might not have been the first
to file patent applications for these inventions;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">it is possible that neither our pending patent
applications nor the pending patent applications of our licensors will result in issued patents;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the scope of the patent protection we or our
licensors obtain may not be sufficiently broad to prevent others from practicing our technologies, developing competing products, designing
around our patented technologies or independently developing similar or alternative technologies;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our and our licensors&rsquo; patent applications
or patents have been, are and may in the future be, subject to interference, opposition or similar administrative proceedings, which could
result in those patent applications failing to issue as patents, those patents being held invalid or the scope of those patents being
substantially reduced;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our enforcement of patents and proprietary rights
in other countries may be problematic or unpredictable;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">we may not be able to prevent third parties from
practicing our inventions in all countries outside the United States, or from selling or importing products made using our inventions
in and into the United States or other jurisdictions;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">we or our partners may not adequately protect
our trade secrets;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">we may not develop additional proprietary technologies
that are patentable; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the patents of others may limit our freedom to
operate and prevent us from commercializing our technology in accordance with our plans.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The occurrence of any of these events could impair
our ability to operate without infringing upon the proprietary rights of others or prevent us from establishing or maintaining a competitive
advantage over our competitors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Variability in intellectual property laws
may adversely affect our intellectual property position.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Intellectual property laws, and patent laws and
regulations in particular, have been subject to significant variability either through administrative or legislative changes to such laws
or regulations or changes or differences in judicial interpretation, and it is expected that such variability will continue to occur.
Additionally, intellectual property laws and regulations differ by country. Variations in the patent laws and regulations or in interpretations
of patent laws and regulations in the United States and other countries may diminish the value of our intellectual property and may change
the impact of third-party intellectual property on us. Accordingly, we cannot predict the scope of the patents that may be granted to
us with certainty, the extent to which we will be able to enforce our patents against third parties or the extent to which third parties
may be able to enforce their patents against us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Some of the intellectual property that is
important to our business is owned by other companies or institutions and licensed to us, and changes to the rights we have licensed may
adversely impact our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We license from third parties some of the intellectual
property that is important to our business. If the third parties who license intellectual property to us fail to maintain the intellectual
property that we have licensed, or lose rights to that intellectual property, the rights we have licensed may be reduced or eliminated,
which would eliminate barriers against our competition. Termination of these licenses or reduction or elimination of our licensed rights
may result in our having to negotiate new or reinstated licenses with less favorable terms, or could subject us to claims of intellectual
property infringement or contract breach in litigation or other administrative proceedings that could result in damage awards against
us and injunctions that could prohibit us from selling our products. In addition, some of our licenses from third parties limit the field
in which we can use the licensed technology. Therefore, in order for us to use such licensed technology in potential future applications
that are outside the licensed field of use, we may be required to negotiate new licenses with our licensors or expand our rights under
our existing licenses. We cannot be certain that we will be able to obtain such licenses or expanded rights on reasonable terms or at
all. In the event a dispute with our licensors were to occur, our licensors may seek to renegotiate the terms of our licenses, increase
the royalty rates that we pay to obtain and maintain those licenses, limit the field or scope of the licenses, or terminate the license
agreements. In addition, we have limited rights to participate in the prosecution and enforcement of the patents and patent applications
that we have licensed. If we fail to meet our obligations under these licenses, or if we have a dispute regarding the terms of the licenses,
these third parties could terminate the licenses, which could subject us to claims of intellectual property infringement. As a result,
we cannot be certain that these patents and applications will be prosecuted and enforced in a manner consistent with the best interests
of our business. Further, because of the rapid pace of technological change in our industry, we may need to rely on key technologies developed
or licensed by third parties, and we may not be able to obtain licenses and technologies from these third parties at all or on reasonable
terms. The occurrence of these events may have a material adverse effect on our business, financial condition or results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The measures that we use to protect the
security of and enforce our intellectual property and other proprietary rights may not be adequate, which could result in the loss of
legal protection for, and thereby diminish the value of, such intellectual property and other rights.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to patents, we also rely upon trademarks,
trade secrets, copyrights and unfair competition laws, as well as license agreements and other contractual provisions, to protect our
intellectual property and other proprietary rights. Despite these measures, any of our intellectual property rights could be challenged,
invalidated, circumvented or misappropriated. In addition, we attempt to protect our intellectual property and proprietary information
by requiring our employees and consultants to enter into confidentiality and assignment of inventions agreements, and by entering into
confidentiality agreements with our third-party development, manufacturing, sales and distribution partners, who may also acquire, develop
and/or commercialize alternative or competing products or provide services to our competitors. For example, Roche had certain access to
our trade secrets and other proprietary information pursuant&nbsp;to&nbsp;an agreement we had entered into with Roche, subject to the
confidentiality provisions thereof&nbsp;(certain of&nbsp;which provisions survive the termination of the agreement); however, Roche is
developing potentially competing sequencing products. There can be no assurance that our measures have provided or will provide adequate
protection for our intellectual property and proprietary information. These agreements may be breached, and we may not have adequate remedies
for any such breach. In addition, our trade secrets and other proprietary information may be disclosed to others, or others may gain access
to or disclose our trade secrets and other proprietary information. Enforcing a claim that a third party illegally obtained and is using
our trade secrets is expensive and time consuming, and the outcome is unpredictable. Additionally, others may independently develop proprietary
information and techniques that are substantially equivalent to ours. The occurrence of these events may have a material adverse effect
on our business, financial condition or results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our intellectual property may be subject
to challenges in the United States or foreign jurisdictions that could adversely affect our intellectual property position.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Our pending, issued
and granted U.S. and foreign patents and patent applications have been, are and may in the future be, subject to challenges by ONT Ltd.,
ONT Inc. and Metrichor,&nbsp;Ltd. (&ldquo;Metrichor&rdquo; and, together with ONT Ltd. and ONT Inc., &ldquo;ONT&rdquo;) in addition to
other parties asserting prior invention by others or invalidity on various grounds, through proceedings, such as </FONT><FONT STYLE="background-color: white">interferences</FONT>,
reexaminations or opposition proceedings. Addressing these challenges to our intellectual property has been, and any future challenges
can be, costly and distract management&rsquo;s attention and resources. For example, we previously incurred significant legal expenses
to litigate and settle a complaint seeking review of a patent interference decision of the U.S. Patent and Trademark Office. Additionally,
ONT previously requested that the U.S. Patent and Trademark Office institute <I>inter partes</I> reviews of certain patents that we have
asserted against ONT Inc. and ONT Ltd. in litigation proceedings for patent infringement. While none of the <I>inter partes</I> reviews
requested by ONT were instituted by the U.S. Patent and Trademark Office, challenges of this nature before the Patent Trial and Appeal
Board (&ldquo;PTAB&rdquo;) in the future could result in determinations that our patents or pending patent applications are unpatentable
to us, or are invalidated or unenforceable in whole or in part and could require us to expend significant time, funds, and other resources
in litigating such challenges. Accordingly, adverse rulings in such proceedings could negatively impact the scope of our intellectual
property protection for our products and technology, and could materially and adversely affect our business. Similar mechanisms for challenging
the validity and enforceability of a patent exist in foreign patent offices and courts and may result in the revocation, cancellation,
or amendment of any foreign patents we hold now or in the future. The outcome following legal assertions of invalidity and unenforceability
is unpredictable, and prior art could render our patents invalid. If a defendant were to prevail on a legal assertion of invalidity and/or
unenforceability, we would lose at least part, and perhaps all, of the patent protection on such products. Such a loss of patent protection
would have a material adverse impact on our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Some of our technology is subject to &ldquo;march-in&rdquo;
rights by the U.S. government.</I></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Some of our patented
technology was developed with U.S. federal government funding. When new technologies are </FONT><FONT STYLE="background-color: white">developed</FONT>
with U.S. government funding, the government obtains certain rights in any resulting patents, including a nonexclusive license authorizing
the government to use the invention for non-commercial purposes. These rights may permit the government to disclose our confidential information
to third parties and to exercise &ldquo;march-in&rdquo; rights to use or allow third parties to use our patented technology. The government
can exercise its march-in rights if it determines that such action is necessary to (i)&nbsp;achieve practical application of the U.S.
government-funded technology, (ii)&nbsp;alleviate health or safety needs, (iii)&nbsp;meet requirements of federal regulations, or (iv)&nbsp;give
preference to U.S. industry. In addition, U.S. government-funded inventions must be reported to the government and such government funding
must be disclosed in any resulting patent applications. Furthermore, our rights in such inventions are subject to government license rights
and foreign manufacturing restrictions. The U.S. government has generally denied requests to exercise its march-in rights, even to provide
access to potentially life-saving medications; however, if the U.S. government were to exercise its march-in rights to our patent technologies
funded by the U.S. government, particularly for the benefit of one of more of our competitors, that may have a material adverse effect
on our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We are involved in legal proceedings to
enforce our intellectual property rights.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
intellectual property rights involve complex factual, scientific and legal questions. We operate in an industry characterized by
significant intellectual property litigation. Even though we may believe that we have a valid patent on a particular technology,
other companies have from time to time taken, and may in the future take, actions that we believe violate our patent rights. For
example, we are involved in legal proceedings for patent infringement and related matters in the United States with Personal
Genomics of Taiwan,&nbsp;Inc. (&ldquo;PGI&rdquo;) and </FONT>Take2 Technologies,&nbsp;Ltd. and the Chinese University of Hong Kong<FONT STYLE="font-family: Times New Roman, Times, Serif">,
and we were previously involved in other legal proceedings with ONT and Harvard University in several United States and European
jurisdictions. We have in the past received adverse rulings against us with respect to our complaint with the United States
International Trade Commission for one of these proceedings. Legal actions to enforce our patent rights have been, and will continue
to be, expensive, and may divert significant management time and resources. Adverse parties from previous legal actions have
brought, and they and others may in the future bring, claims against us and/or our intellectual property. Litigation is a
significant ongoing expense, recognized in sales, general and administrative expense, with an uncertain outcome, and has been, and
may in the future be, a material expense for us. Our enforcement actions may not be successful, have given rise to legal claims
against us and could result in some of our intellectual property rights being determined to be invalid or not enforceable.
Furthermore, an adverse determination or judgement could lead to an award of damages against us, or the issuance of an injunction
against us or our products that could prevent us from selling any products found to be infringing the intellectual property rights
of another party.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We have been, are currently, and could in
the future be, subject to legal proceedings with third parties who may claim that our products infringe or misappropriate their intellectual
property rights.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Our products are
based on complex, rapidly developing technologies. We may not be aware of issued or previously filed patent applications that belong to
third parties that mature into issued patents that cover some aspect of our products or their use. In addition, because patent litigation
is complex and the outcome inherently uncertain, our belief that our products do not </FONT><FONT STYLE="background-color: white">infringe</FONT>
third-party patents of which we are aware or that such third-party patents are invalid and unenforceable may be determined to be incorrect.
As a result, third parties have claimed, and may in the future claim, that we infringe their patent rights and have filed, and may in
the future file lawsuits or engage in other proceedings against us to enforce their patent rights. For example, ONT Ltd. and Harvard University
have, in the past, filed claims against us in the High Court of England and Wales and the District Court of Mannheim, Germany for patent
infringement, and PGI has filed claims against us in the U.S. District Court for the District of Delaware and in the Wuhan People&rsquo;s
Court in China. We are aware of other issued patents and patent applications owned by third parties that could be construed to read on
our products, and related maintenance and support services. Although we do not believe that our products or services infringe any valid
issued patents, the third-party owners of these patents and applications may in the future claim that we infringe their patent rights
and file lawsuits against us. In addition, as we enter new markets, our competitors and other third parties may claim that our products
infringe their intellectual property rights as part of a business strategy to impede our successful entry into those markets. Furthermore,
parties making claims against us may be able to obtain injunctive or other relief, which effectively could block our ability to further
develop or commercialize products or services, and could result in the award of substantial damages against us. Patent litigation between
competitors in our industry is common. Additionally, we have certain obligations to many of our customers and suppliers to indemnify and
defend them against claims by third parties that our products or their use infringe any intellectual property of these third parties.
In defending ourselves against any of these claims, we have in the past incurred, and could in the future incur, to defend ourselves or
our customers, substantial costs, and the attention of our management and technical personnel could be diverted. For example, we previously
incurred significant legal expenses to litigate and settle a complaint alleging patent infringement. Even if we have an agreement that
indemnifies us against such costs, the indemnifying party may be unable to uphold its contractual obligations. To avoid or settle legal
claims, it may be necessary or desirable in the future to obtain licenses relating to one or more products or relating to current or future
technologies, which could negatively affect our gross margins. We may not be able to obtain these licenses on commercially reasonable
terms, or at all. We may be unable to modify our products so that they do not infringe the intellectual property rights of third parties.
In some situations, the results of litigation or settlement of claims may require us to cease allegedly infringing activities which could
prevent us from selling some or all of our products. The occurrence of these events may have a material adverse effect on our business,
financial condition or results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, in the course of our business, we
may from time to time have access or be alleged to have access to confidential or proprietary information of others, which, though not
patented, may be protected as trade secrets. Others could bring claims against us asserting that we improperly used their confidential
or proprietary information, or that we misappropriated their technologies and incorporated those technologies into our products. A determination
that we illegally used the confidential or proprietary information or misappropriated technologies of others in our products could result
in us paying substantial damage awards or being prevented from further developing or selling some or all of our products, which could
materially and adversely affect our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We have not yet registered some of our trademarks
in all of our potential markets, and failure to secure those registrations could adversely affect our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Some of our trademark applications may not be
allowed for registration, and our registered trademarks may not be maintained or enforced. In addition, in the U.S. Patent and Trademark
Office and in comparable agencies in many foreign jurisdictions, third parties are given an opportunity to oppose pending trademark applications
and to seek to cancel registered trademarks. Opposition or cancellation proceedings may be filed against our trademarks, and our trademarks
may not survive such proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our use of &ldquo;open source&rdquo; software
could adversely affect our ability to sell our products and subject us to possible litigation.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A portion of the products or technologies developed
and/or distributed by us incorporate &ldquo;open source&rdquo; software, and we may incorporate open source software into other products
or technologies in the future. Some open source software licenses require that we disclose the source code for any modifications to such
open source software that we make and distribute to one or more third parties, and that we license the source code for such modifications
to third parties, including our competitors, at no cost. We monitor the use of open source software in our products to avoid uses in a
manner that would require us to disclose or grant licenses under our source code that we wish to maintain as proprietary; however, there
can be no assurance that such efforts have been or will be successful. In some circumstances, distribution of our software that includes
or is linked with open source software could require that we disclose and license some or all of our proprietary source code in that software,
which could include permitting the use of such software and source code at no cost to the user. Open source license terms are often ambiguous
and there is little legal precedent governing the interpretation of these licenses. Successful claims made by the licensors of open source
software that we have violated the terms of these licenses could result in unanticipated obligations, including being subject to significant
damages, being enjoined from distributing products that incorporate open source software and being required to make available our proprietary
source code pursuant to an open source license, which could substantially help our competitors develop products that are similar to or
better than ours or otherwise materially and adversely affect our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risks Related to Regulation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We are, and may become, subject to governmental
regulations that may impose burdens on our operations, and the markets for our products may be narrowed.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are subject, both directly and
indirectly, to the adverse impact of government regulation of our operations and markets. For example, export of our instruments may
be subject to strict regulatory control in a number of jurisdictions.&nbsp;Following Russia&rsquo;s invasion of Ukraine, the United
States and other countries imposed certain economic sanctions and severe export control restrictions against Russia and Belarus as
well as certain Russian nationals and individuals and entities with ties to Russia, Belarus, and this conflict. These sanctions and
restrictions have continued to increase as the conflict has further escalated and now cover the export of our products to Russia,
and the United States and other countries could impose even wider sanctions and export restrictions and take other actions in the
future that could further limit our ability to provide products in certain locations. Additionally, new restrictions on the ability
to send certain products and technology related to semiconductors, semiconductor manufacturing, and supercomputing to China without
an export license discussed above impact our ability to provide products to customers or distributors in China. We have expanded and
are continuing to expand the international jurisdictions into which we supply products, which increases the risks surrounding
governmental regulations relating to our business.&nbsp;The need to or failure to satisfy export control criteria or to obtain
necessary clearances could delay or prevent shipment of products, which could materially and adversely affect our revenue and
profitability. Moreover, the life sciences industry, which is expected to continue to be one of the primary markets for our
technology, has historically been heavily regulated. There are, for example, laws in several jurisdictions restricting research in
genetic engineering, which may narrow our markets. Given the evolving nature of this industry, legislative bodies or regulatory
authorities may adopt additional regulations that may adversely affect our market opportunities. Additionally, if ethical and other
concerns surrounding the use of genetic information, diagnostics or therapies become widespread, there may be less demand for our
products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our business is also directly affected by a wide
variety of government regulations applicable to business enterprises generally and to companies operating in the life science industry
in particular. Failure to comply with government regulations or obtain or maintain necessary permits and licenses could result in a variety
of fines or other censures or an interruption in our business operations which may have a negative impact on our ability to generate revenue
and the cost of operating our business. In addition, changes to laws and government regulations could cause a material adverse effect
on our business as we will need to adapt our business to comply with such changes. For example, a governmental prohibition on the use
of human&nbsp;<I>in vitro</I>&nbsp;diagnostics or other regulations that negatively impact the research and development activities of
our customers would adversely impact our commercialization of products on which we have expended significant research and development
resources, which would in turn have a material adverse impact on our business and prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Our products
could become subject to </I></B></FONT><B><I>government regulation as medical devices by the U.S. Food and Drug Administration or other
domestic and international regulatory agencies even if we do not elect to seek regulatory clearance or approval to market our products
for diagnostic purposes, which could increase our costs and impede or delay our commercialization efforts, thereby materially and adversely
affecting our business and results of operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our products are currently labeled and promoted
as research use only (&ldquo;RUO&rdquo;) products, and are not currently designed, or intended to be used, for clinical diagnostic tests
or as medical devices. However, in the future, certain of our products or related applications, such as those that may be developed for
clinical uses, could be subject to regulation by the U.S. Food and Drug Administration (&ldquo;FDA&rdquo;), or the FDA&rsquo;s regulatory
jurisdiction could be expanded to include our products. Also, even if our products are labeled, promoted, and intended as RUO, the FDA
or comparable agencies of other countries could disagree with our conclusion that our products are intended for research use only or deem
our sales, marketing and promotional efforts as being inconsistent with the FDA&rsquo;s guidance on RUO products. For example, our customers
may independently elect to use our RUO labeled products in their own laboratory developed tests (&ldquo;LDTs&rdquo;) for clinical diagnostic
use, which could subject our products to government regulation, and the regulatory clearance or approval and maintenance process for such
products may be uncertain, expensive, and time-consuming. Regulatory requirements related to marketing, selling, and distribution of RUO
products could change or be uncertain, even if clinical uses of our RUO products by our customers were done without our consent. If the
FDA or other regulatory authorities assert that any of our RUO products are subject to regulatory clearance or approval, our business,
financial condition, or results of operations could be adversely affected. In the event that we fail to obtain and maintain necessary
regulatory clearances or approvals for products that we develop for clinical uses, or if clearances or approvals for future products and
indications are delayed or not issued, our commercial operations may be materially harmed. Furthermore, even if we are granted regulatory
clearances or approvals, they may include significant limitations on the indicated uses for the product, which may limit the market for
the product. We do not have experience in obtaining FDA approvals and no assurance can be given that we will be able to obtain or to maintain
such approvals. Furthermore, any approvals that we may obtain can be revoked if safety or efficacy problems develop.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The FDA has historically exercised enforcement
discretion in not enforcing the medical device regulations against laboratories developing and offering LDTs. However, in 2014, the FDA
issued two draft guidance documents that set forth the FDA&rsquo;s proposed risk-based framework for regulating LDTs, which are designed,
manufactured, and used within a single laboratory. The draft guidance documents provide the anticipated details through which the FDA
would propose to establish an LDT oversight framework, including premarket review for higher-risk LDTs, such as those that have the same
intended use as FDA-approved or cleared companion diagnostic tests currently on the market. In 2017, the FDA announced that it would not
issue final guidance on the oversight of LDTs and manufacturers of products used for LDTs, but would seek further public discussion on
an appropriate oversight approach, and give Congress an opportunity to develop a legislative solution. More recently, the FDA has issued
warning letters to certain genomics labs for illegally marketing genetic tests that claim to predict patients&rsquo; responses to specific
medications, noting that the FDA has not created a legal &ldquo;carve-out&rdquo; for LDTs and retains discretion to take action when appropriate,
such as when certain genomic tests raise significant public health concerns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As manufacturers develop more complex diagnostic
tests and diagnostic software, the FDA may increase its regulation of LDTs. Any future legislative or administrative rule&nbsp;making
or oversight of LDTs, if and when finalized, may impact the sales of our products and how customers use our products, and may require
us to change our business model in order to maintain compliance with these laws. We cannot predict how these various efforts will be resolved,
how Congress or the FDA will regulate LDTs in the future, or how that regulatory system will impact our business. Changes to the current
regulatory framework, including the imposition of additional or new regulations, including regulation of our products, could arise at
any time during the development or marketing of our products, which may negatively affect our ability to obtain or maintain FDA or comparable
regulatory approval of our products, if required. Further, sales of devices for diagnostic purposes may subject us to additional healthcare
regulation and enforcement by the applicable government agencies. Such laws include, without limitation, state and federal anti-kickback
or anti-referral laws, healthcare fraud and abuse laws, false claims laws, privacy and security laws, Physician Payments Sunshine Act
and related transparency and manufacturer reporting laws, and other laws and regulations applicable to medical device manufacturers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additionally, in 2013, the FDA issued Final Guidance
 &ldquo;Distribution of In Vitro Diagnostic Products Labeled for Research Use Only.&rdquo; The guidance emphasizes that the FDA will review
the totality of the circumstances when it comes to evaluating whether equipment and testing components are properly labeled as RUO. The
final guidance states that merely including a labeling statement that the product is for research purposes only will not necessarily render
the device exempt from the FDA&rsquo;s clearance, approval, and other regulatory requirements if the circumstances surrounding the distribution,
marketing and promotional practices indicate that the manufacturer knows its products are, or intends for its products to be, used for
clinical diagnostic purposes. These circumstances may include written or verbal sales and marketing claims or links to articles regarding
a product&rsquo;s performance in clinical applications and a manufacturer&rsquo;s provision of technical support for clinical applications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In August 2020, the Department of Health and
Human Services ("HHS") announced rescission of guidance and other informal issuances of FDA regarding premarket review of LDT absent
notice-and-comment rulemaking, stating that, absent notice-and-comment rulemaking LDTs are not required to obtain FDA premarket
authorization. In November 2021, HHS under the Biden administration issued a statement that withdrew the August 2020 policy
announcement stating that HHS does not have a policy on LDTs that is separate from FDA&rsquo;s longstanding approach.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Legislative and administrative proposals to
amend the FDA's oversight of LDTs have been introduced in recent years, including the Verifying Accurate Leading-edge IVCT
Development Act of 2021 (the "VALID Act"), which aims to create a new category of medical products separate from medical devices
called &ldquo;in vitro clinical tests,&rdquo; or IVCTs, and bring all such products within the scope of the FDA&rsquo;s oversight.
To date, Congress has not passed the VALID Act, but may revisit the VALID Act or similar policy riders and enact other FDA
programmatic reforms in the future. It is unclear how future legislation by federal and state governments and FDA regulation will
impact the industry, including our business and that of our customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the FDA determines our products or related
applications should be subject to additional regulation as in vitro diagnostic devices based upon customers&rsquo; use of our products
for clinical diagnostic or therapeutic decision-making purposes, our ability to market and sell our products could be impeded and our
business, prospects, results of operations and financial condition may be adversely affected. In addition, the FDA could consider our
products to be misbranded or adulterated under the Federal Food, Drug, and Cosmetic Act and subject to recall and/or other enforcement
action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>To the extent we elect to label and promote
any of our products as medical devices, we would be required to obtain prior approval or clearance by the FDA or comparable foreign regulatory
authority, which could take significant time and expense and could fail to result in a marketing authorization for the intended uses we
believe are commercially attractive. Obtaining marketing authorization in one jurisdiction does not mean that we will be successful in
obtaining marketing authorization in other jurisdictions where we conduct business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we elect to label and market our products for
use as, or in the performance of, clinical diagnostics in the United States, thereby subjecting them to FDA regulation as medical devices,
we would be required to obtain premarket 510(k)&nbsp;clearance or premarket approval from the FDA, unless an exception applies. It is
possible, in the event we elect to submit 510(k)&nbsp;applications for certain of our products, that the FDA would take the position that
a more burdensome premarket application, such as a PMA or a <I>de novo</I> application is required for some of our products. If such applications
were required, greater time and investment would be required to obtain FDA approval. Even if the FDA agreed that a 510(k)&nbsp;was appropriate,
FDA clearance can be expensive and time consuming. It generally takes a significant amount of time to prepare a 510(k), including conducting
appropriate testing on our products, and several months to years for the FDA to review a submission. Notwithstanding the effort and expense,
FDA clearance or approval could be denied for some or all of our products for which we choose to market as a medical device or a clinical
diagnostic device. Even if we were to seek and obtain regulatory approval or clearance, it may not be for the intended uses we request
or that we believe are important or commercially attractive. There can be no assurance that future products for which we may seek premarket
clearance or approval will be approved or cleared by FDA or a comparable foreign regulatory authority on a timely basis, if at all, nor
can there be assurance that labeling claims will be consistent with our anticipated claims or adequate to support continued adoption of
such products. Compliance with FDA or comparable foreign regulatory authority regulations will require substantial costs, and subject
us to heightened scrutiny by regulators and substantial penalties for failure to comply with such requirements or the inability to market
our products. The lengthy and unpredictable premarket clearance or approval process, as well as the unpredictability of the results of
any required clinical studies, may result in our failing to obtain regulatory clearance or approval to market such products, which would
significantly harm our business, results of operations, reputation, and prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we sought and received regulatory clearance
or approval for certain of our products, we would be subject to ongoing FDA obligations and continued regulatory oversight and review,
including the general controls listed above and the FDA&rsquo;s QSRs for our development and manufacturing operations. In addition, we
would be required to obtain a new 510(k)&nbsp;clearance before we could introduce subsequent material modifications or improvements to
such products. We could also be subject to additional FDA post-marketing obligations for such products, any or all of which would increase
our costs and divert resources away from other projects. If we sought and received regulatory clearance or approval and are not able to
maintain regulatory compliance with applicable laws, we could be prohibited from marketing our products for use as, or in the performance
of, clinical diagnostics and/or could be subject to enforcement actions, including warning letters and adverse publicity, fines, injunctions,
and civil penalties; recall or seizure of products; operating restrictions; and criminal prosecution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Further, if we decide
to seek regulatory clearance or approval for certain of our products in countries outside of the United States or if a foreign regulatory
authority determines that our products are regulated as medical devices, we would be subject to extensive medical device laws and regulations
outside of the United States. Sales of such products outside the United States will likely be subject to foreign regulatory requirements,
which can vary greatly from country to country. As a result, the time required to obtain clearances or approvals outside the United States
may differ from that required to obtain FDA clearance or approval and we may not be able to obtain foreign regulatory approvals on a timely
basis or at all. In Europe, we would need to comply with the Medical Device Regulation 2017/745 and In Vitro Diagnostic Regulation 2017/746,
which became effective May&nbsp;26, 2017, with application dates of May&nbsp;26, 2021 (postponed from 2020) and May&nbsp;26, 2022, respectively.
This will increase the difficulty of regulatory approvals in Europe in the future. In addition, the FDA regulates exports of medical devices.
</FONT>The number and scope of these requirements are increasing. Unlike many of the other companies offering nucleic acid sequencing
equipment or consumables, this is an area where we do not have expertise. We, or our other third-party sales and distribution partners,
may not be able to obtain regulatory approvals in such countries or may incur significant costs in obtaining or maintaining our foreign
regulatory approvals. In addition, the export by us of certain of our products, which have not yet been cleared for domestic commercial
distribution, may be subject to FDA or other export restrictions. Failure to comply with these regulatory requirements or obtain and maintain
required approvals, clearances and certifications could impair our ability to commercialize our products for diagnostic use outside of
the United States. Any action brought against us for violations of these laws or regulations, even if successfully defended, could cause
us to incur significant legal expenses and divert our management&rsquo;s attention from the operation of our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Enhanced trade tariffs, import restrictions,
export restrictions, Chinese regulations or other trade barriers may materially harm our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">We are continuing
to expand our international operations as part of our growth strategy and have experienced an increasing concentration of sales in certain
regions outside the United States, especially the Asia-Pacific region, as discussed above. There is currently significant uncertainty
about the future relationship between the United States and various other countries, most significantly China, with respect to trade policies,
treaties, government regulations and tariffs. Starting in </FONT>September&nbsp;2018, the U.S. Trade Representative (the &ldquo;USTR&rdquo;)
enacted various tariffs of 7.5%, 10%, 15% and 25% on the import of Chinese products, including non-U.S. components and materials that
may be used in our products. Additionally, China also has imposed tariffs on imports into China from the United States. These tariffs
have and could continue to raise our costs. Furthermore, tariffs, trade restrictions, or trade barriers that have been, and may in the
future be, placed on products such as ours by foreign governments, especially China, have raised, and could further raise, amounts paid
for some or all of our products, which may result in the loss of customers and our business, and our financial condition and results of
operations may be harmed. Further tariffs may be imposed that could cover imports of components and materials used in our products, or
our business may be adversely impacted by retaliatory trade measures taken by China or other countries, including restricted access to
components or materials used in our products or increased amounts that must be paid for our products, which could materially harm our
business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Additionally,
the U.S. government recently announced new controls restricting the ability to send certain products and technology related to
semiconductors, semiconductor manufacturing, and supercomputing to China without an export license. These new controls also apply to
certain hardware containing these specified integrated circuits. In many cases, these licenses are subject to a policy of denial and
will not be issued. These controls may impact our ability to export certain products to customers or distributors in China and
restrict our ability to use certain integrated circuits in our products. The U.S. government also recently added additional entities
in China to restricted party lists impacting the ability of U.S. companies to provide items to these entities. Moreover, in </FONT>November&nbsp;2018,
the U.S. Commerce Department&rsquo;s Bureau of Industry and Security (&ldquo;BIS&rdquo;) released an advance notice of proposed
rulemaking to control the export of emerging technologies. This notice included &ldquo;[b]iotechnology, including nanobiology;
synthetic biology; genomic and genetic engineering; or neurotech&rdquo; as possible areas of increased export controls.&nbsp;The
Biden Administration has continued to provide updated lists of emerging technologies subject to national security consents, and it
continues to include biotechnologies including &ldquo;[g]enome and protein engineering including design tools&rdquo; and
 &ldquo;[b]iomanufacturing and bioprocessing technologies.&rdquo; Therefore, it is possible that our ability to export our products
to customers or distributors in China may be further restricted in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">It is possible
that the Chinese government will retaliate in response to existing or future U.S. export controls or trade restrictions in ways that
could impact our business. </FONT>It also is possible that additional restrictions will be put in place that could impact our
ability to provide our products to customers or distributors in China or source components from China. The continued threats of
tariffs, trade restrictions and trade barriers could have a generally disruptive impact on the global economy and, therefore,
negatively impact our sales. Given the relatively fluid regulatory environment in China and the United States and uncertainty how
the U.S. or foreign governments will act with respect to export controls, tariffs, international trade agreements and policies,
there could be additional tax or other regulatory changes in the future. Any such changes could directly and adversely impact our
financial results and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our international business could expose
us to business, regulatory, political, operational, financial, and economic risks associated with doing business outside of the United
States.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Engaging in international business inherently
involves a number of difficulties and risks, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">required compliance with existing and changing
foreign regulatory requirements and laws that are or may be applicable to our business in the future, such as the European Union&rsquo;s
General Data Protection Regulation (&ldquo;GDPR&rdquo;) and other data privacy requirements, labor and employment regulations, anti-competition
regulations, the U.K. Bribery Act of 2010 and other anti-corruption laws, regulations relating to the use of certain hazardous substances
or chemicals in commercial products, and require the collection, reuse, and recycling of waste from products we manufacture;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">required compliance with U.S. laws such as the
Foreign Corrupt Practices Act, and other U.S. federal laws and trade and economic sanctions and other regulations established by the Office
of Foreign Asset Control;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">export requirements and import or trade restrictions;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">laws and business practices favoring local companies;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">restrictions on both inbound and outbound cross-border
investment;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">foreign currency exchange, longer payment cycles
and difficulties in enforcing agreements and collecting receivables through certain foreign legal systems;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">changes in social, economic, and political conditions
or in laws, regulations and policies governing foreign trade, manufacturing, research and development, and investment both domestically
as well as in the other countries and jurisdictions in which we operate and into which we may sell our products including as a result
of the separation of the United Kingdom from the European Union (&ldquo;Brexit&rdquo;) and ongoing geopolitical tensions related to the
political uncertainty and military actions associated with the war in Ukraine, resulting sanctions imposed by the U.S. and other countries,
and retaliatory actions taken by Russia in response to such sanctions;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">potentially adverse tax consequences, tariffs,
customs charges, bureaucratic requirements, and other trade barriers;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">difficulties and costs of staffing and managing
foreign operations; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">difficulties protecting, maintaining, enforcing
or procuring intellectual property rights and defending against intellectual property claims under the law and judicial systems of other
countries.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If one or more of these risks occurs, it could
require us to dedicate significant resources to remedy such occurrence, and if we are unsuccessful in finding a solution, our financial
results will suffer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our operations involve the use of hazardous
materials, and we must comply with environmental, health and safety laws, which can be expensive and may adversely affect our business,
operating results and financial condition.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our research and development and manufacturing
activities involve the use of hazardous materials, including chemicals and biological materials, and some of our products include hazardous
materials. Accordingly, we are subject to federal, state, local and foreign laws, regulations and permits relating to environmental, health
and safety matters, including, among others, those governing the use, storage, handling, exposure to and disposal of hazardous materials
and wastes, the health and safety of our employees, and the shipment, labeling, collection, recycling, treatment and disposal of products
containing hazardous materials. Liability under environmental laws and regulations can be joint and several and without regard to fault
or negligence. For example, under certain circumstances and under certain environmental laws, we could be held liable for costs relating
to contamination at our or our predecessors&rsquo; past or present facilities and at third-party waste disposal sites. We could also be
held liable for damages arising out of human exposure to hazardous materials. There can be no assurance that violations of environmental,
health and safety laws will not occur as a result of human error, accident, equipment failure or other causes. The failure to comply with
past, present or future laws could result in the imposition of substantial fines and penalties, remediation costs, property damage and
personal injury claims, investigations, the suspension of production or product sales, loss of permits or a cessation of operations. Any
of these events could harm our business, operating results and financial condition. We also expect that our operations will be affected
by new environmental, health and safety laws and regulations on an ongoing basis, or more stringent enforcement of existing laws and regulations.
New laws or changes to existing laws may result in additional costs and may increase penalties associated with violations or require us
to change the content of our products or how we manufacture them, which could have a material adverse effect on our business, operating
results and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Ethical, legal, privacy, data protection
and social concerns or governmental restrictions surrounding the use of genetic information could reduce demand for our technology.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our products may be used to provide genetic information
about humans, agricultural crops and other living organisms. The information obtained from our products could be used in a variety of
applications which may have underlying ethical, legal, privacy, data protection and social concerns, including the genetic engineering
or modification of agricultural products or testing for genetic predisposition for certain medical conditions. Governmental authorities
could, for safety, social or other purposes, call for limits on or regulation of the use of genetic testing, and may consider or adopt
such regulations or other restrictions. Such concerns or governmental restrictions could limit the use of our products or be costly and
burdensome to comply with, and actual or perceived violations of any such restrictions may lead to the imposition of substantial fines
and penalties, remediation costs, claims and litigation, regulatory investigations and proceedings, and other liability, any of which
could have a material adverse effect on our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Regulations related to conflict minerals
has caused us to incur, and will continue to cause us to incur, additional expenses and could limit the supply and increase the costs
of certain materials used in the manufacture of our products.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are subject to requirements under the Dodd-Frank
Wall Street Reform and Consumer Protection Act of 2010 that require us to conduct diligence and report on whether or not our products
contain conflict minerals. The implementation of these requirements could adversely affect the sourcing, availability and pricing of the
materials used in the manufacture of components used in our products. Furthermore, the complex nature of our products requires components
and materials that may be available only from a limited number of sources and, in some cases, from only a single source. We have incurred,
and will continue to incur, additional costs to comply with the disclosure requirements, including costs related to conducting diligence
procedures to determine the sources of conflict minerals that may be used or necessary to the production of our products and, if applicable,
potential changes to components, processes or sources of supply as a consequence of such verification activities. We may face reputational
harm if we determine that certain of our products contain minerals that are not determined to be conflict free or if we are unable to
alter our processes or sources of supply to avoid using such materials. In such circumstances, the reputational harm could materially
and adversely affect our business, financial condition or results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&#65279;</FONT><B>Risks
Related to Owning Our Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The price of our common stock has been,
is, and may continue to be, highly volatile, and you may be unable to sell your shares at or above the price you paid to acquire them.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The market price of our common stock is highly
volatile, and we expect it to continue to be volatile for the foreseeable future in response to many risk factors listed in this section,
and others beyond our control, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">actual or anticipated fluctuations in our financial
condition and operating results;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">announcements of new products, technological
innovations or strategic partnerships by us or our competitors;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">announcements by us, our customers, partners
or suppliers relating directly or indirectly to our products, services or technologies;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">overall conditions in our industry and market;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">addition or loss of significant customers;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">changes in laws or regulations applicable to
our products;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">actual or anticipated changes in our growth rate
relative to our competitors;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">announcements by us or our competitors of significant
acquisitions, strategic partnerships, joint ventures, capital commitments or achievement of significant milestones;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">additions or departures of key personnel;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">competition from existing products or new products
that may emerge;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">issuance of new or updated research or reports
by securities analysts;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">fluctuations in the valuation of companies perceived
by investors to be comparable to us;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">disputes or other developments related to proprietary
rights, including patents, litigation matters or our ability to obtain intellectual property protection for our technologies;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">announcement or expectation of additional financing
efforts;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">sales of our common stock by us or our stockholders;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">stock price and volume fluctuations attributable
to inconsistent trading volume levels of our shares;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">reports, guidance and ratings issued by securities
or industry analysts;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">operating results below the expectations of securities
analysts or investors; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">general economic and market conditions, which
could be impacted by various events including COVID-19 or interest rate fluctuations, increases in fuel prices, foreign currency fluctuations,
international tariffs, acts of terrorism, hostilities or the perception that hostilities may be imminent, military conflict and acts of
war, including further political uncertainty and military actions associated with the war in Ukraine and the related response, including
sanctions or other restrictive actions, by the United States and/or other countries.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">If any of the forgoing
occurs, it would cause our stock price or trading volume to decline. Stock markets in general and the market for companies in our industry
in particular have experienced price and volume fluctuations, which have been exacerbated by the COVID-19 pandemic, and current macroeconomic
trends and geopolitical events, and have affected and continue to affect the market prices of equity securities of many companies. These
fluctuations often have been unrelated or disproportionate to the operating performance of those companies. These broad market and industry
fluctuations, as well as general economic, political and market conditions such as recessions, interest rate changes or international
currency fluctuations, may negatively impact the market price of our common stock. You may not realize any return on your investment in
us and may lose some or all of your investment. In the past, companies that </FONT><FONT STYLE="background-color: white">have</FONT> experienced
volatility in the market price of their stock have been subject to securities class action litigation. We have been a party to this type
of litigation in the past and may be the target of this type of litigation again in the future. Securities litigation against us could
result in substantial costs and divert our management&rsquo;s attention from other business concerns, which could seriously harm our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Sales of substantial amounts of our common
stock in the public markets, or the perception that such sales might occur, could reduce the market price that our common stock might
otherwise attain and may dilute your voting power and your ownership interest in us.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sales of a substantial number of shares of our
common stock in the public market, or the perception that such sales could occur, could adversely affect the market price of our common
stock and may make it more difficult for existing stockholders to sell their common stock at a time and price that they deem appropriate
and may dilute their voting power and ownership interest in us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In addition, if
our existing stockholders sell, or indicate an intent to sell, a large number of shares of our common stock in the public market, it could
cause our stock price to fall. </FONT>We may also issue shares of common stock or securities convertible into our common stock in connection
with a financing, acquisition, our equity incentive plans, or otherwise. Any such issuances would result in dilution to our existing stockholders
and the market price of our common stock may be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In September&nbsp;2021, in connection with the
closing of the Omniome Merger, we completed a private placement of an aggregate of 11,214,953 shares of our common stock, at a price of
$26.75 per share, for aggregate gross proceeds of approximately $300&nbsp;million (the &ldquo;Private Placement&rdquo;), and registered
the Private Placement shares for resale on a registration statement on Form&nbsp;S-3. The Private Placement Investors may sell any or
all of their shares pursuant to the registration statement from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Concentration of ownership by our principal
stockholders may result in control by such stockholders of the composition of our board of directors.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Our
existing&nbsp;principal stockholders, executive officers, directors and their affiliates beneficially own a significant number of
our outstanding shares of common stock. In addition, such parties may acquire additional control by purchasing stock that we issue
in connection with our future fundraising efforts. These parties may now and in the future be able to exercise a significant level
of control over all matters requiring stockholder approval, including the election of directors. This control could have the effect
of delaying or preventing a change of control of our company or changes in management and will make the approval of certain
transactions difficult or impossible without the support of these stockholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Anti-takeover provisions in our charter
documents and under Delaware law could make an acquisition of us, which may be beneficial to our stockholders, more difficult and may
prevent attempts by our stockholders to replace or remove our current management and limit the market price of our common stock.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Provisions in our amended and restated certificate
of incorporation and amended and restated bylaws may have the effect of delaying or preventing a change of control or changes in our management.
Our amended and restated certificate of incorporation and amended and restated bylaws include provisions that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">authorize our board of directors to issue, without
further action by the stockholders, up to 50,000,000 shares of undesignated preferred stock and up to approximately 1,000,000,000 shares
of authorized but unissued shares of common stock;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">require that any action to be taken by our stockholders
be effected at a duly called annual or special meeting and not by written consent;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">specify that special meetings of our stockholders
can be called only by our board of directors, the Chair of the Board, the Chief Executive Officer or the President;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">establish advance notice procedures for stockholder
approvals to be brought before an annual meeting of our stockholders, including proposed nominations of persons for election to our board
of directors;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">establish that our board of directors is divided
into three classes, Class&nbsp;I, Class&nbsp;II and Class&nbsp;III, with each class serving staggered terms;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">provide that our directors may be removed only
for cause; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">provide that vacancies on our board of directors
may be filled only by a majority of directors then in office, even though less than a quorum.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These provisions may frustrate or prevent any
attempts by our stockholders to replace or remove our current management by making it more difficult for stockholders to replace members
of our board of directors, which is responsible for appointing the members of our management. In addition, because we are incorporated
in Delaware, we are governed by the provisions of Section&nbsp;203 of the Delaware General Corporation Law, which limits the ability of
stockholders owning in excess of 15% of our outstanding voting stock to merge or combine with us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our amended and restated bylaws designate
a state or federal court located within the State of Delaware as the exclusive forum for certain stockholder litigation matters, and also
provide that the federal district courts will be the exclusive forum for resolving any complaint asserting a cause of action arising under
the Securities Act of 1933, as amended, each of which could limit our stockholders&rsquo; ability to choose the judicial forum for disputes
with us or our directors, officers, stockholders, or employees.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Our amended and
restated bylaws provide that unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State
of Delaware (or, if the Court of Chancery does not have jurisdiction, another State court in Delaware or the federal district court for
the District of Delaware) will, to the fullest extent permitted by law, be the sole and exclusive forum for: (i)&nbsp;any derivative action
or proceeding brought on our behalf</FONT>&#894; (ii)&nbsp;any action asserting a claim of breach of a fiduciary duty owed by any of our
current or former directors, stockholders, officers, or other employees to us or our stockholders&#894; (iii)&nbsp;any action arising
pursuant to any provision of the Delaware General Corporation Law; (iv)&nbsp;any action to interpret, apply, enforce or determine the
validity of our amended and restated certificate of incorporation or our amended and restated bylaws&#894; or (v)&nbsp;any action asserting
a claim governed by the internal affairs doctrine, except as to each of (i)&nbsp;through (v)&nbsp;above, for any claim as to which such
court determines that there is an indispensable party not subject to the jurisdiction of such court.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">Section&nbsp;22
of the Securities Act creates concurrent jurisdiction for federal and state courts over all such Securities Act actions. Accordingly,
both state and federal courts have jurisdiction to entertain such claims. To prevent having to litigate claims in multiple jurisdictions
and the threat of inconsistent or contrary rulings by different courts, among other considerations, our amended and restated bylaws also
provide that, unless we consent in writing to the selection of an alternative forum, the federal district courts of the United States
of America will be the exclusive forum for resolving any complaint asserting a cause of action arising under the Securities Act including,
without limitation and for the avoidance of doubt, any auditor, underwriter, expert, control person or other defendant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">Any person
or entity purchasing, holding or otherwise acquiring any interest in any of our securities shall be deemed to have notice of and consented
to the foregoing bylaw provisions. Although we believe these exclusive forum provisions benefit us by providing increased consistency
in the application of Delaware law and federal securities laws in the types of lawsuits to which each applies, the exclusive forum provisions
may limit a stockholder&rsquo;s ability to bring a claim in a judicial forum of its choosing for disputes with us or any of our directors,
stockholders, officers or other employees, which may discourage lawsuits with respect to such claims against us and our current and former
directors, stockholders, officers or other employees. In addition, a stockholder that is unable to bring a claim in the judicial forum
of its choosing may be required to incur additional costs in the pursuit of actions which are subject to the exclusive forum provisions
described above. Our stockholders will not be deemed to have waived our compliance with the federal securities laws and the rules&nbsp;and
regulations thereunder as a result of our exclusive forum provisions. Further, in the event a court finds either exclusive forum provision
contained in our bylaws to be unenforceable or inapplicable in an action, we may incur additional costs associated with resolving such
action in other jurisdictions, which could harm our results of operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our large number of authorized but unissued
shares of common stock may potentially dilute existing stockholders&rsquo; stockholdings.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have a significant number of authorized but
unissued shares of common stock. Our board of directors may issue shares of common stock from this authorized but unissued pool from
time to time without stockholder approval, resulting in the dilution of our existing stockholders.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We do not intend to pay dividends for the
foreseeable future.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have never declared or paid any dividends on
our common stock and do not intend to pay any dividends in the foreseeable future. We anticipate that we will retain all of our future
earnings for use in the operation of our business and for general corporate purposes. Any determination to pay dividends in the future
will be at the discretion of our board of directors. Accordingly, investors must rely on sales of their common stock after price appreciation,
which may never occur, as the only way to realize any future gains on their investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risks Related to Our Notes</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may not have the ability to raise the
funds necessary to settle conversions of the Notes in cash or to repurchase the Notes upon a fundamental change, and our future debt may
contain limitations on our ability to pay cash upon conversion or repurchase of the Notes.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In February&nbsp;2021,
we issued $900.0 million in aggregate principal amount of 1.50% Convertible Senior Notes due 2028, which we refer to as the Notes. The
Notes will mature on February&nbsp;15, 2028, subject to earlier conversion, redemption or repurchase, including upon a fundamental change.
</FONT>Holders of the Notes will have the right to require us to repurchase all or a portion of their Notes upon the occurrence of a fundamental
change before the maturity date at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus unpaid
interest to, but excluding, the maturity date. In addition, upon conversion of the Notes, unless we elect to deliver solely shares of
our common stock to settle such conversion (other than paying cash in lieu of delivering any fractional share), we will be required to
settle a portion or all of our conversion obligation in cash in respect of the Notes being converted. Moreover, we will be required to
repay the Notes in cash at their maturity unless earlier converted, redeemed or repurchased. However, we may not have enough available
cash or be able to obtain financing at the time we are required to make repurchases of Notes surrendered therefor or pay cash with respect
to Notes being converted or at their maturity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, our ability to repurchase Notes or
to pay cash upon conversions of Notes or at their maturity may be limited by law, regulatory authority or agreements governing our future
indebtedness. Our failure to repurchase Notes at a time when the repurchase is required by the indenture or to pay cash upon conversions
of Notes or at their maturity as required by the indenture would constitute a default under the indenture. A default under the indenture
or the fundamental change itself could also lead to a default under agreements governing our future indebtedness. Moreover, the occurrence
of a fundamental change under the indenture could constitute an event of default under any such agreement. If the payment of the related
indebtedness were to be accelerated after any applicable notice or grace periods, we may not have sufficient funds to repay the indebtedness
or to pay cash amounts due upon conversion, upon required repurchase or at maturity of the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If the Notes are converted, it may adversely
affect our financial condition and operating results.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holders of the Notes are entitled to convert their
Notes at any time at their option. If one or more holders elect to convert their Notes, unless we elect to satisfy our conversion obligation
by delivering solely shares of our common stock (other than paying cash in lieu of delivering any fractional share), we would be required
to settle a portion or all of our conversion obligation in cash, which could adversely affect our liquidity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>General Risk Factors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Unfavorable global economic or political
conditions could adversely affect our business, financial condition or results of operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">General conditions
in the global economy and in the global financial markets could adversely affect our results of operations, including the potential effects
from the ongoing COVID-19 pandemic as discussed above, and the overall demand for nucleic acid sequencing products may be particularly
vulnerable to unfavorable economic conditions. A global financial crisis, inflation or a global or regional political disruption, as well
as acts of terrorism, hostilities, military conflict and acts of war, including any further political uncertainty and military actions
associated with the war in Ukraine and the related response, could cause extreme volatility in the capital and credit markets. A severe
or prolonged economic downturn or political disruption could result in a variety of risks to our business, including weakened demand for
our products and our ability to raise additional capital when needed on acceptable terms, if at all. A weak or declining economy or political
disruption could also strain our manufacturers or suppliers, possibly resulting in supply disruption, or cause our customers to delay
making payments for our product and services. </FONT><FONT STYLE="background-color: white">An impairment in value of our tangible or intangible
assets could also be recorded as a result of weaker economic conditions. </FONT>Any of the foregoing could harm our business and we cannot
anticipate all of the ways in which the political or economic climate and financial market conditions could adversely impact our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Delivery of our products could be delayed
or disrupted by factors beyond our control, and we could lose customers as a result.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We rely on third-party carriers for the timely
delivery of our products. As a result, we are subject to carrier disruptions and increased costs that are beyond our control. Any failure
to deliver products to our customers in a safe and timely manner may damage our reputation and brand and could cause us to lose customers.
If our relationship with any of these third-party carriers is terminated or impaired or if any of these carriers are unable to deliver
our products, the delivery of our products by our customers may be delayed, which could harm our business and financial results. The failure
to deliver our products in a safe and timely manner may harm our relationship with our customers, increase our costs and otherwise disrupt
our operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Doing business internationally creates operational
and financial risks for our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We currently conduct operations in various countries
and jurisdictions, and continue to expand to new international jurisdictions as part of our growth strategy and have experienced an increasing
concentration of sales in certain regions outside the U.S. We sell directly and through distribution partners throughout Europe, the Asia-Pacific
region, Mexico, Brazil, and South Africa and have a significant portion of our sales and customer support personnel in Europe and the
Asia-Pacific region. As a result,&nbsp;we or our distribution partners may be subject to additional regulations and increased diversion
of management time and efforts. Conducting and launching operations on an international scale requires close coordination of activities
across multiple jurisdictions and time zones and consumes significant management resources.&nbsp;If we fail to coordinate and manage these
activities effectively, our business, financial condition or results of operations could be materially and adversely affected and failure
to comply with laws and regulations applicable to business operations in foreign jurisdictions may also subject us to significant liabilities
and other penalties. International operations entail a variety of other risks, including, without limitation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">limits to travel as a result of the COVID-19
pandemic or other epidemics;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">challenges in staffing and managing foreign operations;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">potentially longer sales cycles and more time
required to engage and educate customers on the benefits of our platform outside of the United States;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the potential need for localized software and
documentation;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">reduced protection for intellectual property
rights in some countries and practical difficulties of enforcing intellectual property and contract rights abroad;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">defending against intellectual property claims
in other countries;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">restrictions on both inbound and outbound cross-border
investment, including enhanced oversight by the Committee on Foreign Investment in the United States (&ldquo;CFIUS&rdquo;) and substantial
restrictions on investment from China;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">U.S. and foreign government trade restrictions,
including those which may impose restrictions on the importation, exportation, re-exportation, sale, shipment or other transfer of programming,
technology, components, and/or services to foreign persons;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">changes in diplomatic and trade relationships,
including new tariffs, trade protection measures, import or export licensing requirements, trade embargoes, sanctions and other trade
barriers;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">tariffs imposed by the U.S. on goods from other
countries and tariffs imposed by other countries on U.S. goods, including the tariffs by the U.S. government on various imports from China,
Canada, Mexico and the European Union (&ldquo;E.U.&rdquo;) and by the governments of these jurisdictions on certain U.S. goods, and any
other possible tariffs that may be imposed on products such as ours, the scope and duration of which, if implemented, remains uncertain;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">deterioration of political relations between
the U.S. and Russia, China, Japan, Korea, Canada, the United Kingdom (&ldquo;U.K.&rdquo;) and the E.U., which could have a material adverse
effect on our sales and operations in these countries;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">changes in social, political and economic conditions
or in laws, regulations and policies governing foreign trade, manufacturing, development and investment both domestically as well as in
the other countries and jurisdictions into which we sell our products, including as a result of the withdrawal of the U.K. from the E.U.;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">difficulties in obtaining export licenses or
in overcoming other trade barriers and restrictions resulting in delivery delays;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">fluctuations in currency exchange rates and the
related effect on our results of operations;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">increased financial accounting and reporting
burdens and complexities;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">disruptions to global trade due to disease outbreaks
or conflicts;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">potential increases on tariffs or restrictions
on trade generally; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">significant taxes or other burdens of complying
with a variety of foreign laws and regulations, including laws and regulations relating to privacy and data protection such as the E.U.
General Data Protection Regulation which took effect in the E.U. in 2018.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In conducting our international operations, we
are subject to U.S. laws relating to our international activities, such as the Foreign Corrupt Practices Act of 1977, as well as foreign
laws relating to our activities in other countries, such as the United Kingdom Bribery Act of 2010. Additionally, the inclusion of one
of our foreign customers on any U.S. Government sanctioned persons list, including but not limited to the U.S. Department of Commerce&rsquo;s
List of Denied Persons and the U.S. Department of Treasury&rsquo;s List of Specially Designated Nationals and Blocked Persons List, could
be material to our earnings. Failure to comply with these laws may subject us to claims or financial and/or other penalties in the United
States and/or foreign countries that could materially and adversely impact our operations or financial condition. These risks have become
increasingly prevalent as we have expanded our sales into countries that are generally recognized as having a higher risk of corruption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We face risks related to the current global economic
environment, which could delay or prevent our customers from purchasing our products, which could in turn harm our business, financial
condition and results of operations.&nbsp;The state of the global economy continues to be uncertain. The current global economic conditions
and uncertain credit markets and concerns regarding the availability of credit pose a risk that could impact customer demand for our products,
as well as our ability to manage normal commercial relationships with our customers, suppliers and creditors, including financial institutions.
If the current global economic environment deteriorates, our business could be negatively affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Moreover, changes in the value of the relevant
currencies may affect the cost of certain items required in our operations. Changes in currency exchange rates may also affect the relative
prices at which we are able to sell products in the same market. Our revenue from international customers may be negatively impacted as
increases in the U.S. dollar relative to our international customers&rsquo; local currencies could make our products more expensive, impacting
our ability to compete&nbsp;or as a result of financial or other instability in such locations which could result in decreased sales of
our products. Our costs of materials from international suppliers may also increase as the value of the U.S. dollar decreases relative
to their local currency. Foreign policies and actions regarding currency valuation could result in actions by the United States and other
countries to offset the effects of such fluctuations. Such actions may materially and adversely impact our financial condition and results
of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Violations of complex foreign and U.S. laws and
regulations could result in fines and penalties, criminal sanctions against us, our officers, or our employees, prohibitions on the conduct
of our business and on our ability to offer our products and services in one or more countries, and could also materially affect our brand,
our international growth efforts, our ability to attract and retain employees, our business, and our operating results. Even if we implement
policies or procedures designed to ensure compliance with these laws and regulations, there can be no assurance that our distribution
partners, our employees, contractors, or agents will not violate our policies and subject us to potential claims or penalties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If we fail to maintain proper and effective
internal controls, our ability to produce accurate financial statements on a timely basis could be impaired, which would adversely affect
our business and our stock price.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ensuring that we have adequate internal financial
and accounting controls and procedures in place to produce accurate financial statements on a timely basis is a costly and time-consuming
effort that needs to be evaluated frequently. We may in the future discover areas of our internal financial and accounting controls and
procedures that need improvement. Operating as a public company requires sufficient resources within the accounting and finance functions
in order to produce timely financial information, ensure the level of segregation of duties, and maintain adequate internal control over
financial reporting customary for a U.S. public company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our management is responsible for establishing
and maintaining adequate internal control over financial reporting to provide reasonable assurance regarding the reliability of our financial
reporting and the preparation of financial statements for external purposes in accordance with&nbsp;U.S. GAAP. Our management does not
expect that our internal control over financial reporting will prevent or detect all errors and all fraud. A control system, no matter
how well designed and operated, can provide only reasonable, not absolute, assurance that the control system&rsquo;s objectives will be
met. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements
due to error or fraud will not occur or that all control issues and instances of fraud, if any, within our company will have been detected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to Section&nbsp;404 of the Sarbanes-Oxley
Act, we perform periodic evaluations of our internal control over financial reporting. While we have in the past performed this evaluation
and concluded that our internal control over financial reporting was operating effectively, there can be no assurance that in the future
material weaknesses or significant deficiencies will not exist or otherwise be discovered. In addition, if we are unable to produce accurate
financial statements on a timely basis, investors could lose confidence in the reliability of our financial statements, which could cause
the market price of our common stock to decline and make it more difficult for us to finance our operations and growth.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our business could be negatively impacted
by changes in the United States political environment.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is significant ongoing uncertainty with
respect to potential legislation, regulation and government policy at the federal level, as well as the state and local levels. Any such
changes could significantly impact our business as well as the markets in which we compete. Specific legislative and regulatory proposals
discussed during election campaigns and more recently that might materially impact us include, but are not limited to, changes to spending
priorities and potential reductions in research funding. Uncertainty about U.S. government funding has posed, and may continue to pose,
a risk as customers may choose to postpone or reduce spending in response to actual or anticipated restraints on funding. To the extent
changes in the political environment have a negative impact on us or on our markets, our business, results of operation and financial
condition could be materially and adversely impacted in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Disruption of critical information technology
systems or material breaches in the security of our systems could harm our business, customer relations and financial condition.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Information technology (&ldquo;IT&rdquo;) helps
us to operate efficiently, interface with customers, maintain financial accuracy and efficiently and accurately produce our financial
statements. IT systems are used extensively in virtually all aspects of our business, including sales forecast, order fulfillment and
billing, customer service, logistics, and management of data from running samples on our products. Our success depends, in part, on the
continued and uninterrupted performance of our IT systems. Our IT systems may be vulnerable to damage from a variety of sources, including
telecommunications or network failures, power loss, natural disasters, human acts, computer viruses, ransomware, computer denial-of-service
attacks, unauthorized access to customer or employee data or company trade secrets, and other attempts to harm our systems. Furthermore,
there may be a heightened risk of potential cybersecurity incidents and security breaches to which we could be vulnerable by state-sponsored
or affiliated actors or others in connection with the political uncertainty and military actions associated with the war in Ukraine. Certain
of our systems are not redundant, and our disaster recovery planning is not sufficient for every eventuality. Despite any precautions
we may take, such problems could result in, among other consequences, disruption of our operations, which could harm our reputation and
financial results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we do not allocate and effectively manage the
resources necessary to build and sustain the proper IT infrastructure, we could be subject to transaction errors, processing inefficiencies,
loss of customers, business disruptions or loss of or damage to intellectual property. If our data management systems do not effectively
collect, store, process and report relevant data for the operation of our business, whether due to equipment malfunction or constraints,
software deficiencies or human error, our ability to effectively plan, forecast and execute our business plan and comply with applicable
laws and regulations will be impaired, perhaps materially. Any such impairment could materially and adversely affect our reputation, financial
condition, results of operations, cash flows and the timeliness with which we report our internal and external operating results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Security breaches and other disruptions
could compromise our information and expose us to liability, which would cause our business and reputation to suffer.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the ordinary course of our business, we collect
and store sensitive data, including intellectual property, our proprietary business information and that of our customers, suppliers and
business partners, and personally identifiable information of our customers and employees, in our data centers and on our networks. The
secure processing, maintenance and transmission of this information is critical to our operations. Despite our security measures, our
IT infrastructure may be vulnerable to attacks by hackers, computer viruses, malicious codes, ransomware, unauthorized access attempts,
and cyber- or phishing-attacks, or breached or otherwise disrupted due to employee error, malfeasance, faulty password management or other
disruptions. Third parties may attempt to fraudulently induce employees or other persons into disclosing usernames, passwords or other
sensitive information, which may in turn be used to access our IT systems, commit identity theft or carry out other unauthorized or illegal
activities. Any such breach or incident could compromise our systems and networks and the information stored or otherwise processed there
could be accessed, publicly disclosed, lost, stolen or otherwise processed in an unauthorized manner. We engage third-party vendors and
service providers to store and otherwise process some of our data, including sensitive and personal information. Our vendors and service
providers may also be the targets of the risks described above, including cyberattacks, malicious software, ransomware, phishing schemes,
and fraud. Our ability to monitor our vendors and service providers&rsquo; data security is limited, and, in any event, third parties
may be able to circumvent those security measures, resulting in the unauthorized access to, misuse, disclosure, loss or destruction of
our data, including sensitive and personal information, and disruption of our or third-party service providers&rsquo; systems. We and
our third-party service providers may face difficulties in identifying, or promptly responding to, potential security breaches and other
instances of unauthorized access to, or disclosure or other loss or unavailability of, information. Any hacking or other attack on our
or our third-party service providers&rsquo; or vendors&rsquo; systems, and any unauthorized access to, or disclosure or other loss of,
information suffered by us or our third-party service providers or vendors, or the perception that any of these have occurred, could result
in legal claims or proceedings, loss of intellectual property, liability under laws that protect the privacy of personal information,
negative publicity, disruption of our operations and damage to our reputation, which could divert our management&rsquo;s attention from
the operation of our business and materially and adversely affect our business, revenues and competitive position. Moreover, we may need
to increase our efforts to train our personnel to detect and defend against cyber- or phishing-attacks, which are becoming more sophisticated
and frequent, and we may need to implement additional protective measures to reduce the risk of potential security breaches and security
incidents, which could cause us to incur significant additional expenses. Retaliatory acts by Russia in response to Western sanctions
or otherwise in connection with the war in Ukraine could include cyber attacks that could disrupt the economy generally or that may either
directly or indirectly impact our operations specifically.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, our insurance may be insufficient
to cover our losses resulting from cyber-attacks, breaches, or other interruptions, and any incidents may result in loss of, or increased
costs of, such insurance. The successful assertion of one or more large claims against us that exceed available insurance coverage, the
occurrence of changes in our insurance policies, including premium increases or the imposition of large deductible or co-insurance requirements,
or denials of coverage, could have a material adverse effect on our business, including our financial condition, results of operations
and reputation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We are currently subject to, and may in
the future become subject to additional, U.S. federal and state laws and regulations imposing obligations on how we collect, store and
process personal information. Our actual or perceived failure to comply with such obligations could harm our business. Ensuring compliance
with such laws could also impair our efforts to maintain and expand our future customer base, and thereby decrease our revenue.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In the ordinary
course of our business, we currently, and in the future will, collect, store, transfer, use or process sensitive data, including personally
identifiable information of employees, and intellectual property and proprietary business information owned or </FONT>controlled by ourselves
and other parties. The secure processing, storage, maintenance, and transmission of this critical information are vital to our operations
and business strategy. We are, and may increasingly become, subject to various laws and regulations, as well as contractual obligations,
relating to data privacy and security in the jurisdictions in which we operate. The regulatory environment related to data privacy and
security is increasingly rigorous, with new and constantly changing requirements applicable to our business, and enforcement practices
are likely to remain uncertain for the foreseeable future. These laws and regulations may be interpreted and applied differently over
time and from jurisdiction to jurisdiction, and it is possible that they will be interpreted and applied in ways that may have a material
adverse effect on our business, financial condition, results of operations and prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In the United States,
various federal and state regulators, including governmental agencies like the Consumer Financial Protection <FONT STYLE="background-color: white">Bureau</FONT>
and the </FONT>Federal Trade Commission, have adopted, or are considering adopting, laws and regulations concerning personal information
and data security. Certain state laws may be more stringent or broader in scope, or offer greater individual rights, with respect to personal
information than federal, international or other state laws, and such laws may differ from each other, all of which may complicate compliance
efforts. For example, the California Consumer Privacy Act (&ldquo;CCPA&rdquo;), which increases privacy rights for California residents
and imposes obligations on companies that process their personal information, came into effect on January&nbsp;1, 2020. Among other things,
the CCPA requires covered companies to provide new disclosures to California consumers and provide such consumers new data protection
and privacy rights, including the ability to opt-out of certain sales of personal information. The CCPA provides for civil penalties for
violations, as well as a private right of action for certain data breaches that result in the loss of personal information. This private
right of action may increase the likelihood of, and risks associated with, data breach litigation. In November&nbsp;2020, California also
passed the California Privacy Rights Act, or (&ldquo;CPRA&rdquo;), which significantly expands the CCPA as of January&nbsp;1, 2023, including
by introducing additional obligations such as data minimization and storage limitations and granting additional rights to consumers, among
others. The enactment of the CCPA has prompted similar legislative developments in other states, such as Virginia, which in March&nbsp;2021
enacted a Consumer Data Protection Act that is effective as of January&nbsp;1, 2023, and Colorado, which in June&nbsp;2021 enacted a Colorado
Privacy Act that is effective as of July&nbsp;1, 2023, Utah, which in March&nbsp;2022 enacted a Utah Consumer Privacy Act that is effective
as of July&nbsp;1, 2023, and Connecticut, which in May&nbsp;2022 enacted a similar law, An Act Concerning Personal Data Privacy and Online
Monitoring, that is effective as of July&nbsp;1, 2023. Similar laws are being considered by other state legislatures. In addition, laws
in all 50 U.S. states require businesses to provide notice to consumers whose personal information has been disclosed as a result of a
data breach. State laws are changing rapidly and there is discussion in the U.S. Congress of a new comprehensive federal data privacy
law to which we would become subject if it is enacted. These and future laws and regulations may increase our compliance costs and potential
liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Furthermore, regulations promulgated pursuant
to the Health Insurance Portability and Accountability Act of 1996 (&ldquo;HIPAA&rdquo;), establish privacy and security standards that
limit the use and disclosure of individually identifiable health information (known as &ldquo;protected health information&rdquo;) and
require the implementation of administrative, physical and technological safeguards to protect the privacy of protected health information
and ensure the confidentiality, integrity and availability of electronic protected health information. Determining whether protected health
information has been handled in compliance with applicable privacy standards and our contractual obligations can require complex factual
and statistical analyses and may be subject to changing interpretation. Although we take measures to protect sensitive data from unauthorized
access, use or disclosure, our information technology and infrastructure may be vulnerable to attacks by hackers or viruses or breached
due to employee error, malfeasance or other malicious or inadvertent disruptions. Any such breach or interruption could compromise our
networks and the information stored there could be accessed by unauthorized parties, manipulated, publicly disclosed, lost or stolen.
Any such access, breach or other loss of information could result in legal claims or proceedings, and liability under federal or state
laws that protect the privacy of personal information, such as the HIPAA, the Health Information Technology for Economic and Clinical
Health Act (&ldquo;HITECH&rdquo;), and regulatory penalties. Notice of breaches must be made to affected individuals, the Secretary of
the Department of Health and Human Services, and for extensive breaches, notice may need to be made to the media or State Attorneys General.
Such a notice could harm our reputation and our ability to compete.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While we have in place formal policies and
procedures related to the storage, collection and processing of information, and have conducted data privacy audits, we continue to
evaluate our compliance needs, including the need to conduct additional internal and external data privacy audits or adopt
additional policies and procedures, to ensure our compliance with all applicable data protection laws and regulations. Additionally,
we do not currently have policies and procedures in place for assessing our third-party vendors&rsquo; compliance with applicable
data protection laws and regulations. All of these evolving compliance and operational requirements impose significant costs, such
as costs related to organizational changes, implementing additional protection technologies, training employees and engaging
consultants, which are likely to increase over time. In addition, such requirements may require us to modify our data processing
practices and policies, distract management or divert resources from other initiatives and projects, all of which could have a
material adverse effect on our business, financial condition, results of operations and prospects. Any failure or perceived failure
by us or our third-party vendors, collaborators, contractors and consultants to comply with any applicable federal, state or similar
foreign laws and regulations relating to data privacy and security, could result in damage to our reputation, as well as proceedings
or litigation by governmental agencies or other third parties, including class action privacy litigation in certain jurisdictions,
which would subject us to significant fines, sanctions, awards, penalties or judgments, all of which could have a material adverse
effect on our business, financial condition, results of operations and prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Increased scrutiny of our environmental,
social or governance responsibilities may result in additional costs and risks, and may adversely impact our reputation, employee retention,
and willingness of customers and suppliers to do business with us.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investor advocacy groups, institutional investors,
investment funds, proxy advisory services, stockholders, and customers are increasingly focused on environmental, social and governance
(&ldquo;ESG&rdquo;) practices of companies. Additionally, public interest and legislative pressure related to public companies&rsquo;
ESG practices continues to grow. If our ESG practices fail to meet regulatory requirements or investor or other industry stakeholders'
evolving expectations and standards for responsible corporate citizenship in areas including environmental stewardship, support for local
communities, Board of Director and employee diversity, human capital management, employee health and safety practices, product quality,
supply chain management, corporate governance and transparency and employing ESG strategies in our operations, our brand, reputation and
employee retention may be negatively impacted and customers and suppliers may be unwilling to do business with us. In addition, as we
work to align our ESG practices with industry standards, we will likely continue to expand our disclosures in these areas and doing so
may result in additional costs and require additional resources to monitor, report, and comply with our various ESG practices. If we fail
to adopt ESG standards or practices as quickly as stakeholders desire, report on our ESG efforts or practices accurately, or satisfy the
expectations of stakeholders, our reputation, business, financial performance and growth may be adversely impacted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>LEGAL PROCEEDINGS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>U.S. District Court
Proceedings</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">On September&nbsp;26,
2019, Personal Genomics of Taiwan,&nbsp;Inc. (&ldquo;PGI&rdquo;) filed a complaint in the U.S. District Court for the District of Delaware
against us for patent infringement (C.A. No.&nbsp;19-cv-1810) (the &ldquo;PGI District Court matter&rdquo;). The matter from this complaint
is based on PGI&rsquo;s U.S. Patent No.&nbsp;7,767,441 (the &ldquo;&lsquo;441 Patent&rdquo;). We plan to vigorously defend in this matter.
On November&nbsp;20, 2019, we filed our answer to the complaint, denying infringement and seeking a declaratory judgement of invalidity
of the &lsquo;441 Patent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">On June&nbsp;22, 2020,
we filed a petition requesting institution of an inter-partes review ("IPR") to the Patent Trial and Appeals Board (the &ldquo;Board&rdquo;)
at the United States Patent Office requesting the Board to find a set of claims in the &lsquo;441 Patent invalid. On June&nbsp;27, 2020,
we filed a second petition requesting institution of an IPR requesting the Board to find another set of claims in the &lsquo;441 Patent
invalid. The two petitions (the &ldquo;PacBio IPR Petitions&rdquo;) requesting IPRs assert that all of the claims relevant to the PGI
complaint are invalid. On January&nbsp;19, 2021, the Board ordered that both PacBio IPR Petitions are instituted on all grounds presented.
On January&nbsp;18, 2022, the Board issued decisions on the two IPRs. In one IPR, all challenged claims were found unpatentable including
PGI&rsquo;s core device claims. In the second IPR, the board did not find the disputed claims unpatentable. We are appealing the decision
in the second IPR to the U.S. Court of Appeals for the Federal Circuit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">On August&nbsp;19,
2020, the court ordered a stay of the PGI District Court matter based on a joint stipulation by the parties pending a final written
decision on the IPRs. Following the final decision on the IPRs described above, on February&nbsp;2, 2022, the judge ordered that the
PGI District Court matter be reopened. However, in a subsequent order dated September 15, 2022, the judge stayed the PGI District
Court matter pending a final decision by the U.S. Court of Appeals for the Federal Circuit regarding the appeal described above. We
plan to vigorously defend against the remaining claims.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">In December 2022, Take2 Technologies, Ltd. and the Chinese University of Hong Kong filed a complaint in the U.S. District Court for Delaware
against us alleging infringement of U.S. Patent No. 11,091,794 (the &ldquo;&rsquo;794 Patent&rdquo;) (C.A. No. 22- cv-01595). The complaint
alleges that our Sequel&reg; II systems, Sequel IIe Systems, and Revio&trade; Systems that operate version 11.0 or later of the SMRT&reg;
Link software infringe the &lsquo;794 Patent. The complaint seeks unspecified monetary damages and an order enjoining us from infringing
the &rsquo;794 Patent. We have not yet responded to the complaint but will do so on or before February 14, 2023. We believe the infringement
allegations in the complaint lack merit and we intend to defend this action vigorously.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>Proceedings in China</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">On May&nbsp;12, 2020,
PGI filed a complaint in the Wuhan Intermediate People&rsquo;s Court in China alleging infringement of one or more claims of China patent
No.&nbsp;CN101743321B (the &ldquo;CN321 Patent&rdquo;), which is related to the &lsquo;441 Patent. On November&nbsp;23, 2020 we filed
an Invalidation Petition at the China National Intellectual Property Administration (CNIPA) demonstrating the invalidity of the claims
in the CN321 Patent on grounds of insufficient disclosure, and the lack of support, essential technical features, clarity, novelty, and
inventiveness. A hearing in the invalidation proceeding at the CNIPA was held on April&nbsp;29, 2021. On September&nbsp;2, 2021, the CNIPA
issued its decision on the Invalidation Petition and determined that all claims (1-61) of the CN321 patent were invalid. On December&nbsp;1,
2021, PGI filed an appeal with the Beijing IP Court, contesting the CNIPA decision. We filed a petition with the Wuhan Intermediate People&rsquo;s
court requesting dismissal of the infringement action based on the CNIPA invalidation decision, and PGI filed a petition to withdraw its
complaint. The Wuhan Intermediate People&rsquo;s court granted PGI&rsquo;s petition and dismissed the infringement action in May&nbsp;2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>Other Proceedings</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">From time to time, we
may also be involved in a variety of other claims, lawsuits, investigations and proceedings relating to securities laws, product liability,
patent infringement, contract disputes, employment and other matters that arise in the normal course of our business. In addition, third
parties may, from time to time, assert claims against us in the form of letters and other communications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We record a provision
for contingent losses when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated.
We currently do not believe that the ultimate outcome of any of the matters described above is probable or reasonably estimable, or that
these matters will have a material adverse effect on our business; however, the results of litigation and claims are inherently unpredictable.
Regardless of the outcome, litigation can have an adverse impact on us because of litigation and settlement costs, diversion of management
resources and other factors.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>BUSINESS UPDATE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Product Announcements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On October&nbsp;25, 2022, we announced two new sequencing platforms,
Revio and Onso.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Revio is a new long-read sequencing system designed to enable the use
of HiFi sequencing for large studies in human genetics, cancer research, and agricultural genomics. We expect first commercial shipments of Revio to occur later this quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Onso, a short-read DNA sequencing system, is designed to deliver industry-leading
sensitivity and specificity for novel insights in oncology, disease research, and other applications. We commenced the beta program for
Onso in the fourth quarter of 2022. We began taking orders for Onso during the first quarter of 2023 and expect to start shipping by the
end of the second quarter of 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Preliminary Financial and Operational Highlights for the Three and
Twelve Months Ended December&nbsp;31, 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following are our expected financial and
operational results as of and for the quarter and year ended December&nbsp;31, 2022. They are preliminary and subject to adjustment
as described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Received orders for 96 instruments in the
                                                                                                                                                     fourth quarter of 2022, which included orders for 76 Revio systems for delivery in 2023.</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Preliminary unaudited fourth quarter revenue is expected to be approximately
$27.3 million, representing a decrease of approximately 24% compared with $36.0 million for the fourth quarter of 2021. As a result, preliminary
unaudited annual 2022 revenue is expected to be approximately $128.2 million, representing a decline of approximately 2% from 2021.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Preliminary instrument revenue for the fourth quarter of 2022 is expected
to be approximately $6.1 million, compared with $16.2 million for the fourth quarter of 2021. The decline was primarily due to the robust
demand for Revio, displacing previously-anticipated Sequel IIe sales in the fourth quarter. Preliminary instrument revenue for 2022 is expected to be approximately $48.7 million.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">Preliminary consumables revenue for the fourth quarter of 2022
is expected to be approximately $16.6 million, compared with $15.0 million for the fourth quarter of 2021. Preliminary consumables revenue for 2022
is expected to be approximately $59.9 million.  Consumable growth reflects
approximately 24% growth in Sequel II and IIe SMRT cells shipped in 2022, as compared to 2021.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">Preliminary service and other revenue for the fourth quarter
of 2022 is expected to be approximately $4.6 million, compared with $4.8 million for the fourth quarter of 2021. Preliminary service
and other revenue for 2022 is expected to be approximately $19.6 million.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Preliminary gross profit is expected to be in the range of $3.0 million to $7.0
million and $47.0 million to $51.0 million for the three and twelve months ended December 31, 2022, respectively. Preliminary operating
loss is expected to be in the range of $94.0 million to $80.0 million and $314.0 million to $300.0 million for the three and twelve months
ended December 31, 2022, respectively. Preliminary gross profit and preliminary operating loss for the three months ended December 31,
2022 reflect adjustments for excess inventory, either on hand or at our contract manufacturer, of $5.0 million to $9.0 million related
to a faster than expected ramp in Revio demand, which resulted in a faster than expected decline in Sequel II demand upon the launch of
Revio. </FONT></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our near-term future financial performance will be dependent on (1) the success of the Revio launch and (2) the related product
introduction expenses and associated margin impact.</FONT></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total preliminary cash, cash equivalents, and investments balance as of December&nbsp;31,
2022 is expected to be approximately $772.3 million.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The amounts set forth above are preliminary estimates. We are in the
process of finalizing our results of operations for the three- and twelve-month periods ended December&nbsp;31, 2022, and therefore final
results are not yet available. These preliminary estimates are based solely upon information available to management as of the date hereof and are therefore subject to change. Our actual results may differ from these estimates due to the completion
of our quarter- and year-end closing procedures, final adjustments, audit by our independent registered public accounting firm, and developments
that may arise between now and the time our financial results for the three- and twelve-month periods ended December&nbsp;31, 2022 are
finalized, all of which will occur after this offering is completed. The preliminary financial data herein
have been prepared by, and are the responsibility of, our management. Ernst&nbsp;&amp; Young LLP has not audited, reviewed, or applied agreed-upon procedures with respect to the preliminary financial data. Accordingly, Ernst&nbsp;&amp; Young LLP does not express
an opinion or any other form of assurance with respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, although we expect to experience
a net loss for the three- and twelve-month periods ended December&nbsp;31, 2022, we are not able to provide an estimate of such results
at the time hereof. However, no conclusions should be drawn as to the size of our net loss for the three months
ended December&nbsp;31, 2022 based on the foregoing preliminary results. Our expectations regarding revenue for the three- and twelve-month
periods ended December&nbsp;31, 2022 are not necessarily indicative of results expected in future periods.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="background-color: white"><B>EMPLOYMENT
AGREEMENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="background-color: white">A copy
of Jeff Eidel&rsquo;s employment offer letter is attached hereto as Exhibit 99.3. Mr. Eidel also entered into the Company&rsquo;s form
of executive Change in Control and Severance Agreement previously filed by the Company. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="background-color: white">A copy
of Susan Kim&rsquo;s Amended Change in Control and Severance Agreement is attached hereto as Exhibit 99.4.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="background-color: white"><B>EXECUTIVE
COMPENSATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following Potential Payments upon Involuntary Termination or Change
in Control table, originally included in the Company&rsquo;s Definitive Proxy Statement on Schedule 14A filed with the SEC on April 14,
2022 (the &ldquo;Proxy Statement&rdquo;), is being filed solely to correct a clerical error in the calculation of the amount of equity
acceleration owed to Mr. Henry upon an involuntary termination presented, which should have been &ldquo;$2,645,506&rdquo; not &ldquo;$200,831&rdquo;
as previously indicated. No other information presented in this section or any other section of the Proxy Statement is being corrected
or updated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><B>Potential Payments upon
Involuntary Termination or Change in Control</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><B>Compensation and Benefits</B></TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center"><B>Involuntary Termination<BR>

    ($)</B></TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center"><B>Involuntary Termination
    On<BR> or Within 12 Months<BR> Following Change In Control<BR>
 ($)</B></TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Christian O. Henry</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 64%; padding-left: 12pt">Salary</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right">975,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right">975,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 12pt">Performance-based cash bonus</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">650,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 12pt">Equity acceleration (1)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,645,506</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">25,628,959</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 12pt">Health care benefits</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">52,759</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">52,759</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 12pt">Total</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,673,264</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">27,306,718</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Susan G. Kim</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 12pt">Salary</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">430,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">430,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 12pt">Performance-based cash bonus</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">215,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 12pt">Equity acceleration (1)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5,417,159</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 12pt">Health care benefits</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 12pt">Total</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">430,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6,062,159</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Mark Van Oene</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 12pt">Salary</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">550,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">550,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 12pt">Performance-based cash bonus</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">330,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 12pt">Equity acceleration (1)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6,854,100</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 12pt">Health care benefits</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">31,291</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">31,291</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 12pt">Total</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">581,291</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">7,765,391</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Peter Fromen</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 12pt">Salary</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">425,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">425,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 12pt">Performance-based cash bonus</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">212,500</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 12pt">Equity acceleration (1)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,273,600</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 12pt">Health care benefits</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">39,070</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">39,070</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 12pt">Total</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">464,070</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,950,170</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Denis Zaccarin, Ph.D.</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 12pt">Salary</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">172,500</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">258,750</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 12pt">Performance-based cash bonus</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">155,250</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 12pt">Equity acceleration (1)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,108,791</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 12pt">Health care benefits</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">11,313</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">16,969</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 12pt">Total</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">183,813</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,539,760</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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<TD STYLE="width: 27.35pt"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify">Includes vesting acceleration of shares of the Company&rsquo;s common stock subject to options and stock awards. (i) Amounts for shares
subject to options are calculated as the intrinsic value per option, meaning the product of (x)&nbsp;the number of shares subject to the
options that become immediately vested upon (1) an involuntary termination or (2) an involuntary termination on or within 12 months following
a change in control, and (y) the excess, if any, of the closing price of a share of the Company&rsquo;s common stock on December&nbsp;31,
2021, which was $20.46 per share, over the per share exercise price of the option. (ii) Stock awards consist of RSUs. The <FONT STYLE="background-color: white">value
of stock awards was calculated as the product of (x) the number of shares subject to the stock award that become immediately vested upon
(1) an involuntary termination or (2) an involuntary termination during a change in control period of the Company, and (y)&nbsp;the closing
price of $20.46 for a share the Company&rsquo;s common stock on December&nbsp;31, 2021. Amounts shown also represent the intrinsic value
of the options and value of stock awards that accelerate vesting upon a change in control of the Company in the event that a successor
corporation refuses to assume or substitute for such awards in connection with such change in control.</FONT></TD></TR></TABLE>

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<TYPE>EX-99.3
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<FILENAME>tm234149d1_ex99-3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm234149d1_ex99-3img001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jeff Eidel<BR>
[***]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Jeff,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On behalf of Pacific Biosciences of California, Inc. (the &ldquo;Company&rdquo;),
I am pleased to offer you a position at the Company as Chief Commercial Officer. You will report directly to me and be responsible for
all commercial activity at PacBio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You will receive a salary of $438,000 annually, paid twice monthly
according to the Company&rsquo;s payroll schedule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You will be eligible for a one-time signing bonus of $225,000 (the
 &ldquo;Sign-On Bonus&rdquo;), to be paid in your first full payroll cycle paycheck, less appropriate deductions and in accordance with
the Company&rsquo;s customary payroll procedures (the &ldquo;Sign-On Bonus&rdquo;). If you resign from your employment with the Company
for any reason prior to completing 12 months of continuous employment, you hereby agree to repay a pro-rata portion of the gross Sign-On
Bonus (based on a 365-day year less the number of days you were employed by the Company) within 10 days after your employment termination
date. We may deduct any Sign-On Bonus you are required to re-pay from any monies owed by the Company to you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You will also be eligible to participate in The Employee Incentive
Bonus Plan (the &ldquo;Bonus Plan&rdquo;) with a target of 50% of your base salary (subject to the Company&rsquo;s achievement of certain
corporate goals and objectives). The details of the Bonus Plan are set forth in the Employee Handbook. Any bonus payment you are awarded
will be paid less appropriate deductions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to approval by the Company&rsquo;s Board of Directors (the
 &ldquo;<B>Board</B>&rdquo;) and as otherwise described below, you will be granted (i) a nonstatutory stock option (the &ldquo;<B>Option</B>&rdquo;)
to purchase a total of 600,000 shares of the Company&rsquo;s common stock (each a &ldquo;<B>Share</B>&rdquo; and, collectively, the &ldquo;<B>Shares</B>&rdquo;),
having an exercise price per Share equal to the fair market value of a Share on the date of grant, and (ii) an award of restricted stock
units covering 300,000 Shares (the &ldquo;<B>RSUs</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The effectiveness of the Option will be subject to your being employed
by the Company on the date of grant. The specific terms of the Option will be determined by the Board and will be subject to the terms
and conditions of the Company&rsquo;s then-current Equity Incentive Plan (the &ldquo;<B>Plan</B>&rdquo;) and related agreements thereunder.
The Option will be scheduled to vest as to one-fourth (1/4<SUP>th</SUP>) of the Shares subject at grant to the Option on the one-year
anniversary of your start date with the Company (the &ldquo;<B>Start Date</B>&rdquo;) and as to one forty-eighth (1/48<SUP>th</SUP>) of
the Shares subject at grant to the Option each month thereafter on the same day of the month as the Start Date, provided that you remain
employed with the Company through the applicable vesting date. Any portion of the Option that has not vested as of the date of cessation
of your continuous status as an employee of the Company will terminate as of the date of such cessation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">pacb.com&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;650.521.8000&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;1305 O&rsquo;Brien Dr. Menlo Park, CA 94025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm234149d1_ex99-3img001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">The RSU award will be subject to your being employed by the Company
or a group company on the date of grant. The specific terms of the RSU award will be determined when granted by the Board and will be
subject to the Plan and the related agreements thereunder. The RSUs will be scheduled to vest as to one fourth (1/4th) of the Shares on
each of the one (1), two (2), three (3) and four (4) year anniversaries of the date of grant, provided that you remain employed with the
Company through the applicable vesting date. Any portion of the award of RSUs that has not vested as of the date of cessation of your
continuous status as an employee of the Company or a group company will terminate as of the date of such cessation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You will be eligible to receive equity awards covering Shares pursuant
to any plans or arrangements the Company may have in effect from time to time, including but not limited to any focal grants. The Board
will determine in its discretion whether you will be granted any such equity awards and the terms of any such award in accordance with
the terms of any applicable plan or arrangement that may be in effect from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You will also be offered our standard executive Change in Control Severance
Agreement, subject to approval by the Compensation Committee of the Board, and our standard director/officer Indemnification Agreement,
copies of which are attached.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">We will be offering you our standard benefits package. As an
exempt employee, you are eligible for Flexible Time Off (the &ldquo;FTO&rdquo;) which provides paid time off to promote work-life
balance. There is no pre-set amount of FTO time that can be taken, and you do not accrue FTO. You will also receive
designated Company holidays. The terms of our time off with pay policies are outlined in our employee handbook. The Company
reserves the right to modify or terminate the benefit plans and programs it offers to its employees at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All forms of compensation referred to in this letter
agreement are subject to reduction to reflect applicable withholding and payroll taxes and other deductions required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Your employment with the Company is for no specified period of time.
Your employment with the Company will be &ldquo;at will,&rdquo; meaning that either you or the Company may terminate your employment at
any time and for any reason, with or without cause. Any contrary representations that may have been made to you are superseded by this
letter agreement. This is the full and complete agreement between you and the Company on this term. Although your job duties, title, compensation
and benefits, as well as the Company&rsquo;s personnel policies and procedures, may change from time to time, the &ldquo;at will&rdquo;
nature of your employment may only be changed in an express written agreement signed by you and a duly authorized officer of the Company
(other than you).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">pacb.com&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;650.521.8000&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;1305 O&rsquo;Brien Dr. Menlo Park, CA 94025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm234149d1_ex99-3img001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You represent that the performance of your duties
in the position described above will not violate the terms of any agreements you may have with others, including your former employer.
You also understand that you are not to bring to or use at the Company any confidential information of your prior employers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Your employment is also conditioned upon your agreement
and execution of the attached Pacific Biosciences At Will Employment, Confidential Information, Invention Assignment, and Arbitration
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Your employment with the Company is also
conditioned on satisfactory proof that it has been at least 14 days since you were fully vaccinated against COVID-19 and, if
eligible under applicable CDC guidelines, you have received a booster shot (CDC booster eligibility may be found at:
https://www.cdc.gov/coronavirus/2019-ncov/vaccines/booster-shot.html). Proof of your vaccination, and booster shot if applicable,
must be uploaded to a secure site that will be provided to you by the Company. Please immediately contact Natalie Welch in the
Company&rsquo;s HR department at nwelch@pacificbiosciences.com if you have a sincerely held religious belief or documented medical
reason that would prohibit you from receiving the COVID-19 vaccine. In such a case, to the extent required by applicable law, the
Company will make an accommodation if such an accommodation does not impose an undue hardship on the Company or a direct threat to
the health and safety of others. If such a reasonable accommodation cannot be made for you, you will not be employed with the
Company and this employment offer will be null and void.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon your acceptance of this offer (as evidenced
by your return of a signed copy of this letter and the attached agreement to the company), this letter agreement, the Pacific Biosciences
At Will Employment, Confidential Information, Invention Assignment, and Arbitration Agreement, the Change in Control Severance Agreement
(if signed by you) and the Indemnification Agreement (if signed by you) together constitute the complete agreement between you and the
Company, contain all of the terms of your employment with the Company and supersede any prior agreements, representations or understandings
(whether written, oral or implied) between you and the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As required by law, your employment with the Company is contingent
upon your providing legal proof of identity and authorization to work within the United States on your first day of employment. In addition,
to the extent permitted by applicable law, the Company may require current or new employees to submit to, and pass, a background check.
Additionally, any employee authorized to drive a Company vehicle, or who is receiving a vehicle allowance, must provide a valid and current
driver&rsquo;s license and consent to a DMV check.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">pacb.com&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;650.521.8000&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;1305 O&rsquo;Brien Dr. Menlo Park, CA 94025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0"><IMG SRC="tm234149d1_ex99-3img001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To accept our offer, please sign and date this letter in the space
provided below. If you accept our offer, your first day of employment will be August 16, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This offer of employment will terminate if it is not accepted, signed,
and returned by midnight Pacific Time, June 28, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company is committed to hiring employees like you that have the
courage, creativity, and experience to develop new ideas for new markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We look forward to your joining us!</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ Christian O. Henry</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 50%; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><B>Christian O. Henry</B></TD>
    <TD STYLE="font-size: 10pt"><B>&nbsp;</B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><B>President &amp; Chief Executive Officer</B></TD>
    <TD STYLE="font-size: 10pt"><B>&nbsp;</B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><B>Pacific Biosciences of California, Inc.</B></TD>
    <TD STYLE="font-size: 10pt"><B>&nbsp;</B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I have read and accept this employment offer:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 34%; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ Jeff Eidel</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 33%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom; width: 33%; font-size: 10pt"><FONT STYLE="font-size: 10pt">6/28/2022</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; font-size: 10pt"><B>Jeff Eidel</B></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: top; font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; font-size: 10pt"><B>Date</B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">pacb.com&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;650.521.8000&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;1305 O&rsquo;Brien Dr. Menlo Park, CA 94025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>tm234149d1_ex99-4.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0 0pt 148.6pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;Exhibit
99.4</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<IMG SRC="tm234149d1_ex99-4img001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 126.8pt 0pt 87.8pt; text-align: center; text-indent: -0.1pt"><B>PACIFIC
BIOSCIENCES OF CALIFORNIA, INC. CHANGE IN CONTROL AND SEVERANCE AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 126.8pt 0pt 87.8pt; text-align: center; text-indent: -0.1pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 35.95pt">This Change
in Control and Severance Agreement (the &ldquo;<I>Agreement</I>&rdquo;) is made and entered into by and between Susan Kim (&ldquo;<I>Executive</I>&rdquo;)
and Pacific Biosciences of California, Inc., a Delaware corporation (the &ldquo;<I>Company</I>&rdquo;), effective as of February 3, 2021
(the &ldquo;<I>Effective Date</I>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 246.95pt 0pt 208.1pt; text-align: center"><B><U>RECITALS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 35.95pt">1.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>It is expected that the Company from time to time will consider the possibility of an acquisition by another company or other change
in control. The Board of Directors of the Company (the &ldquo;<I>Board</I>&rdquo;) recognizes that such considerations can be a distraction
to Executive and can cause Executive to consider alternative employment opportunities. The Board has determined that it is in the best
interests of the Company and its stockholders to assure that the Company will have the continued dedication and objectivity of Executive,
notwithstanding the possibility, threat or occurrence of such a termination of employment or the occurrence of a Change in Control (as
defined herein) of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 35.95pt">2.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Board believes that it is in the best interests of the Company and its stockholders to provide Executive with an incentive
to continue Executive&rsquo;s employment and to motivate Executive to maximize the value of the Company for the benefit of its stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 35.95pt">3.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Board believes that it is imperative to provide Executive with certain severance benefits upon Executive&rsquo;s termination
of employment in connection with a Change in Control. These benefits will provide Executive with enhanced financial security, incentive
and encouragement to remain with the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt"> 4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain capitalized terms used in the Agreement are defined in Section 6 below.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 247.05pt 0pt 208.1pt; text-align: center"><B><U>AGREEMENT</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 44.25pt 0pt 5pt; text-align: justify; text-indent: 35.95pt">NOW, THEREFORE,
in consideration of the mutual covenants contained herein, the parties hereto agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 35.95pt">1.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Term
of Agreement</U>. This Agreement will have an initial term of three (3) years commencing on the Effective Date (the
 &ldquo;<I>Initial Term</I>&rdquo;). On the third anniversary of the Effective Date, this Agreement will renew automatically for
additional one (1) year terms (each an &ldquo;<I>Additional Term</I>&rdquo;), unless either party provides the other party with
written notice of non-renewal at least sixty (60) days prior to the date of automatic renewal. Notwithstanding the foregoing
provisions of this paragraph, if a Change in Control occurs when there are fewer than twelve (12) months remaining during the
Initial Term or an Additional Term, the term of this Agreement will extend automatically through the date that is twelve (12) months
following the effective date of the Change in Control. If Executive becomes entitled to benefits under Section 3(a) or Section 3(b)
during the term of this</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Agreement, the Agreement will not terminate until all
of the obligations of the parties hereto with respect to this Agreement have been satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 35.95pt">2.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>At-Will Employment</U>. The Company and Executive acknowledge that Executive&rsquo;s employment is and will continue to be at-will,
as defined under applicable law. No payments, benefits, or provisions under this Agreement will confer upon Executive any right to continue
Executive&rsquo;s employment with the Company, nor will they interfere with or limit in any way the right of the Company or Executive
to terminate such relationship at any time, with or without cause, to the extent permitted by applicable laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt"> 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Severance Benefits</U>.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 71.95pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Termination without Cause or Other than Death or Disability or Resignation for Good Reason Other than During the Change in Control
Period</U>. If a Qualifying Termination occurs other than during the Change in Control Period, then subject to Section 4, Executive will
receive the following severance from the Company:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 114.7pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Base Salary Severance</U>. Executive will receive continuing payments of Salary, less any applicable withholdings, for a period
of twelve (12) months following the date of such termination of employment, to be paid periodically in accordance with the Company&rsquo;s
normal payroll policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 111.35pt">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Continued Employee Benefits</U>. If Executive elects continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation
Act of 1985, as amended (&ldquo;<I>COBRA</I>&rdquo;) for Executive and Executive&rsquo;s eligible dependents (as applicable), within the
time period prescribed pursuant to COBRA, Executive will receive Company-paid group health, dental and vision coverage for Executive and
Executive&rsquo;s eligible dependents, as applicable, at the coverage levels in effect immediately prior to the termination of Executive&rsquo;s
employment (the &ldquo;<I>COBRA Severance</I>&rdquo;) until the earliest of: (A) a period of twelve (12) months from the last date of
employment of the Executive with the Company, (B) the date upon which Executive and/or Executive&rsquo;s eligible dependents becomes covered
under similar plans, or (C) the expiration of Executive&rsquo;s and Executive&rsquo;s eligible dependents&rsquo; (as applicable) eligibility
for continuation coverage under COBRA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 71.95pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Termination without Cause or Other than Death or Disability or Resignation for Good Reason On or Within Twelve Months Following
a Change in Control</U>. If a Qualifying Termination occurs during the Change in Control Period, then subject to Section 4, Executive
will receive the following severance from the Company:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 114.7pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Base Salary Severance</U>. Executive will receive continuing payments of Salary, less any applicable withholdings, for a period
of twelve (12) months following the date of such termination of employment, to be paid periodically in accordance with the Company&rsquo;s
normal payroll policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 111.35pt">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Prorated
Target Bonus Severance</U>. Executive will receive a lump sum cash payment equal to Executive&rsquo;s annualized target bonus in
effect for the year in which the Qualifying Termination occurs, provided that such amount will be prorated based on a fraction, the
numerator of which is the number of days during which Executive was employed with the Company (or its successor) in the year that
the Qualifying Termination occurs, and the denominator of which is the total number of days in such year (the &ldquo;<I>Prorated
Bonus Severance</I>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 107.95pt">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Continued Employee Benefits</U>. If Executive elects continuation coverage pursuant to COBRA for Executive and Executive&rsquo;s
eligible dependents (as applicable), within the time period prescribed pursuant to COBRA, the Company will provide the COBRA Severance
until the earliest of: (A) a period of twelve (12) months from the last date of employment of the Executive with the Company, (B) the
date upon which Executive and/or Executive&rsquo;s eligible dependents becomes covered under similar plans, or (C) the expiration of Executive&rsquo;s
and Executive&rsquo;s eligible dependents&rsquo; (as applicable) eligibility for continuation coverage under COBRA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 108.7pt">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Equity</U>. One hundred percent (100%) of the unvested portion of the Executive&rsquo;s then-outstanding equity awards (the
 &ldquo;<I>Awards</I>&rdquo;) will immediately vest and, to the extent applicable, become exercisable, as of the date of such termination.
To the extent that an Award is subject to performance-based vesting at the time of such termination, such performance goals will be deemed
achieved at one hundred percent (100%) of target levels and all other terms and conditions met, unless specifically provided otherwise
under the applicable Award agreement. The Awards will remain exercisable, to the extent applicable, following Executive&rsquo;s termination
for the period prescribed in the applicable equity plan and agreement for each Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 71.95pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Other
Termination</U>. If Executive&rsquo;s employment with the Company terminates other than as set forth in Section 3(a) or 3(b)
above,then (i) all vesting will terminate immediately with respect to Executive&rsquo;s outstanding Awards, (ii) all payments of
compensation by the Company to Executive hereunder will terminate immediately (except as to amounts already earned), and (iii)
Executive will only be eligible for severance benefits in accordance with the Company&rsquo;s established policies, if any, as then
in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 71.95pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Accrued Amounts</U>. On any termination of Executive&rsquo;s employment with the Company, Executive will be entitled to receive
all accrued but unpaid vacation, expense reimbursements, wages, and other benefits due to Executive under any Company-provided plans,
policies, and arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 71.95pt">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Non-duplication of Payment or Benefits</U>. Notwithstanding any provision of this Agreement to the contrary, if Executive is
entitled to any cash severance, continued health coverage severance benefits, vesting acceleration of any Awards, or other severance or
separation benefits similar to those provided under this Agreement, by operation of applicable law or under a plan, policy, contract,
or arrangement sponsored by or to which the Company is a party other than this Agreement (&ldquo;<U>Other Benefits</U>&rdquo;), then the
corresponding severance payments and benefits under this Agreement will be reduced by the amount of Other Benefits paid or provided to
Executive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40.95pt"></TD><TD STYLE="width: 36.05pt">4.</TD><TD STYLE="text-align: justify"><U>Conditions to Receipt of Severance</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 71.95pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Release
of Claims Agreement</U>. The receipt of any severance payments or benefits pursuant to this Agreement is subject to Executive
signing and not revoking a separation agreement and release of claims in a form acceptable to the Company (the
 &ldquo;<I>Release</I>&rdquo;), which must become effective and irrevocable no later than the sixtieth (60<SUP>th</SUP>) day
following Executive&rsquo;s termination of employment (the &ldquo;<I>Release Deadline Date</I>&rdquo;). If the Release does not
become effective and irrevocable by the Release Deadline Date, Executive will forfeit any right to severance payments or benefits
under this Agreement. No severance payments and benefits under Section 3(a) or 3(b) of this Agreement will be paid or provided until
the Release becomes effective and irrevocable, and any such severance payments and benefits otherwise payable between the date of
Executive&rsquo;s termination of employment and the date the Release becomes effective and irrevocable (including, if applicable,
the lump sum cash payment under Section 4(c) below) will be paid, subject to the requirements of Section 4(d) below, on the
Company&rsquo;s first regularly scheduled payroll date on or following the date the Release becomes effective and irrevocable. Any
restricted stock units, performance units, performance shares, and/or similar full value awards that accelerate vesting under this
Agreement (&ldquo;<I>Full Value Awards</I>&rdquo;) will be settled (subject to Section 4(d) below and the terms of any award
agreement or other Company plan, policy, or arrangement governing the settlement timing of such award to the extent such terms
specifically require different payment timing in order to comply with the requirements of Section 409A, as applicable (the
 &ldquo;<I>Full Value Settlement Provisions</I>&rdquo;), on a date within ten (10) days following the date the Release becomes
effective and irrevocable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 71.95pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Confidential Information and Invention Assignment Agreements</U>. Executive&rsquo;s receipt of any payments or benefits under
Sections 3(a) and 3(b) will be subject to Executive continuing to comply with the terms of any confidential information and invention
assignment agreement executed by Executive in favor of the Company and the provisions of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 71.95pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>COBRA Severance Limitations</U>. Notwithstanding the provisions of Sections 3(a)(ii) and 3(b)(ii), if the Company determines
in its sole discretion that it cannot provide the COBRA Severance without potentially violating applicable laws (including, without limitation,
Section 2716 of the Public Health Service Act and the Employee Retirement Income Security Act of 1974, as amended), then in lieu of such
COBRA Severance, and subject to any delay required by this Section 4, the Company will provide to Executive a taxable lump sum cash payment
in an amount equal to the product of (x) the number of months of Salary severance specified in Section 3(a)(i) or 3(b)(i), as applicable,
multiplied by (y) the monthly COBRA premium that Executive otherwise would be required to pay to continue the group health, dental and
vision coverage for Executive and Executive&rsquo;s eligible dependents, as applicable, as in effect on the date of termination of Executive&rsquo;s
employment (which amount will be based on the premium for the first month of COBRA coverage for Executive and Executive&rsquo;s eligible
dependents), which payment will be made regardless of whether Executive elects COBRA continuation coverage (the &ldquo;<I>Taxable Payment</I>&rdquo;).
For the avoidance of doubt, the Taxable Payment may be used for any purpose, including, but not limited to continuation coverage under
COBRA, and will be subject to all applicable tax withholdings. Notwithstanding anything to the contrary under this Agreement, if the Company
determines in its sole discretion at any time that it cannot provide the COBRA Severance or the Taxable Payment without violating applicable
law (including, without limitation, Section 2716 of the Public Health Service Act and the Employee Retirement Income Security Act of 1974,
as amended), Executive will not receive any COBRA Severance or Taxable Amount under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 76.95pt"></TD><TD STYLE="width: 36.05pt">(d)</TD><TD STYLE="text-align: justify"><U>Section 409A</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 114.7pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding anything to the contrary in this Agreement, no severance payments or benefits payable to Executive, if any, pursuant
to this Agreement that, when considered together with any other severance payments or separation benefits, is considered deferred compensation
under Internal Revenue Code Section 409A (together, the &ldquo;<I>Deferred Payments</I>&rdquo;) will be payable until Executive has a
 &ldquo;separation from service&rdquo; within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the &ldquo;<I>Code</I>&rdquo;),
and the Treasury Regulations and guidance thereunder, and any applicable state law equivalent, as each may be promulgated, amended or
modified from time to time (&ldquo;<I>Section 409A</I>&rdquo;). Similarly, no severance payable to Executive, if any, pursuant to this
Agreement that otherwise would be exempt from Section 409A pursuant to Treasury Regulations Section 1.409A-1(b)(9) will be payable until
Executive has a &ldquo;separation from service&rdquo; within the meaning of Section 409A. To the extent required to be exempt from or
comply with Section 409A, references to the termination of Executive&rsquo;s employment or similar phrases used in this Agreement will
mean Executive&rsquo;s &ldquo;separation from service&rdquo; within the meaning of Section 409A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 111.35pt">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any severance payments or benefits under this Agreement that would be considered Deferred Payments will be paid on, or, in the
case of installments, will not commence until, the sixtieth (60<SUP>th</SUP>) day following Executive&rsquo;s separation from service,
or, if later, such time as required by Section 4(d)(iii) (or with respect to Full Value Awards, such time or times as required by any
applicable Full Value Settlement Provisions). Except as required by Section 4(d)(iii) and any applicable Full Value Settlement Provisions,
any Deferred Payments payable in installments that would have been made to Executive during the sixty (60) day period immediately following
Executive&rsquo;s separation from service but for the preceding sentence will be paid to Executive on the sixtieth (60<SUP>th</SUP>) day
following Executive&rsquo;s separation from service and the remaining payments shall be made as provided in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 107.95pt">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Further, if Executive is a &ldquo;specified employee&rdquo; within the meaning of Section 409A at the time of Executive&rsquo;s
separation from service (other than due to death), any Deferred Payments that otherwise are payable within the first six (6) months following
Executive&rsquo;s separation from service will become payable on the first payroll date that occurs on or after the date six (6) months
and one (1) day following the date of Executive&rsquo;s separation from service. All subsequent Deferred Payments, if any, will be payable
in accordance with the payment schedule applicable to each payment or benefit. Notwithstanding anything herein to the contrary, in the
event of Executive&rsquo;s death following Executive&rsquo;s separation from service but prior to the six (6) month anniversary of Executive&rsquo;s
separation from service (or any later delay date), then any payments delayed in accordance with this paragraph will be payable in a lump
sum as soon as administratively practicable after the date of Executive&rsquo;s death and all other Deferred Payments will be payable
in accordance with the payment schedule applicable to each payment or benefit. Each payment and benefit payable under the Agreement is
intended to constitute a separate payment for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 108.7pt">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Any
amount paid under this Agreement that satisfies the requirements of the &ldquo;short-term deferral&rdquo; rule set forth in Section
1.409A-1(b)(4) of the Treasury Regulations will not constitute Deferred Payments for purposes of clause (i) above. Any amount paid
under this Agreement that qualifies as a payment made as a result of an involuntary separation from service pursuant to Section
1.409A-1(b)(9)(iii) of the Treasury Regulations that is within the limit set forth thereunder will not constitute Deferred Payments
for purposes of clause (i) above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 111.95pt">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The foregoing provisions are intended to comply with, or be exempt from, the requirements of Section 409A so that none of the severance
payments and benefits to be provided under the Agreement will be subject to the additional tax imposed under Section 409A, and any ambiguities
and ambiguous terms herein will be interpreted to so comply or be exempt. Executive and the Company agree to work together in good faith
to consider amendments to the Agreement and to take such reasonable actions which are necessary, appropriate or desirable to avoid imposition
of any additional tax or income recognition prior to actual payment to Executive under Section 409A. In no event will the Company or any
of its subsidiaries or other affiliates have any obligation, responsibility or liability to reimburse, indemnify or hold harmless Executive
for any taxes imposed, or other costs incurred, as result of Section 409A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 35.95pt">5.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Limitation on Payments</U>. In the event that the severance and other benefits provided for in this Agreement or otherwise that
Executive would receive from the Company or any other party whether in connection with the provisions of this Agreement or otherwise (the
 &ldquo;<I>Payments</I>&rdquo;) would (i) constitute &ldquo;parachute payments&rdquo; within the meaning of Section 280G of the Code and
(ii) but for this Section 5, would be subject to the excise tax imposed by Section 4999 of the Code, then the Payments will be either:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 76.95pt"></TD><TD STYLE="width: 36.05pt">(a)</TD><TD STYLE="text-align: justify">delivered in full, or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 77pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify; padding-right: 44.1pt">delivered as to such lesser extent which would result in no portion of such Payments
being subject to excise tax under Section 4999 of the Code,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">whichever of the foregoing amounts,
taking into account the applicable federal, state and local income taxes and the excise tax imposed by Section 4999, results in the receipt
by Executive on an after-tax basis, of the greatest amount of Payments, notwithstanding that all or some portion of such Payments may
be taxable under Section 4999 of the Code. If a reduction in severance and other benefits constituting &ldquo;parachute payments&rdquo;
is necessary so that benefits are delivered to a lesser extent, reduction will occur in the following order: (i) reduction of cash payments
in reverse chronological order (that is, the cash payment owed on the latest date following the occurrence of the event triggering the
excise tax under Code Section 4999 will be the first cash payment to be reduced); (ii) cancellation of equity awards granted &ldquo;contingent
on a change in ownership or control&rdquo; (within the meaning of Code Section 280G) in the reverse order of date of grant of the equity
awards (that is, the most recently granted equity awards will be cancelled first), (iii) reduction of accelerated vesting of equity awards
in the reverse order of date of grant of the equity awards (that is, the vesting of the most recently granted equity awards will be cancelled
first); (iv) reduction of employee benefits in reverse chronological order (that is, the benefit owed on the latest date following the
occurrence of the event triggering such excise tax will be the first benefit to be reduced). In no event will Executive have any discretion
with respect to the ordering of Payment reductions. Executive will be solely responsible for the payment of all personal tax liability
that is incurred as a result of the payments and benefits received under this Agreement, and neither the Company nor any parent, subsidiary
or other affiliate of the Company will have any responsibility, liability or obligation to reimburse, indemnify or hold harmless Executive
for any of those payments of personal tax liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 71.95pt">Unless the
Company and Executive otherwise agree in writing, any determination required under this Section 5 will be made in writing by a nationally
recognized accounting or valuation firm (the &ldquo;<I>Firm</I>&rdquo;) selected by the Company, whose determination will be conclusive
and binding upon Executive and the Company for all purposes. For purposes of making the calculations required by this Section 5, the Firm
may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations
concerning the application of Sections 280G and 4999 of the Code. The Company and Executive will furnish to the Firm such information
and documents as the Firm may reasonably request in order to make a determination under this Section. The Company will bear all costs
and make all payments required to be made to the Firm for the Firm&rsquo;s services that are rendered in connection with any calculations
contemplated by this Section 5. The Company will have no liability to Executive for the determinations of the Firm.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 35.95pt">6.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Definition of Terms</U>. For purposes of this Agreement, the following terms referred to in this Agreement will have the following
meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 71.95pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Cause</U>. &ldquo;<I>Cause</I>&rdquo; means (i) conviction of any felony; (ii) conviction of any crime involving moral turpitude
or dishonesty that causes, or is likely to cause, material harm to the Company; (iii) participation in a fraud or willful act of dishonesty
against the Company that causes, or is likely to cause, material harm to the Company; (iv) intentional and material damage to the Company&rsquo;s
property; or (v) material breach of the Company&rsquo;s Proprietary Information and Inventions Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 71.95pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Change in Control</U>. &ldquo;<I>Change in Control</I>&rdquo; means the first occurrence of any of the following on or after
the Effective Date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 114.7pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>A change in the ownership of the Company which occurs on the date that any one person, or more than one person acting as a group
(&ldquo;<I>Person</I>&rdquo;), acquires ownership of the stock of the Company that, together with the stock held by such Person, constitutes
more than 50% of the total voting power of the stock of the Company; provided, however, that for purposes of this subsection (i), the
acquisition of additional stock by any one Person, who is considered to own more than 50% of the total voting power of the stock of the
Company will not be considered a Change in Control. Further, if the stockholders of the Company immediately before such change in ownership
continue to retain immediately after the change in ownership, in substantially the same proportions as their ownership of shares of the
Company&rsquo;s voting stock immediately prior to the change in ownership, direct or indirect beneficial ownership of fifty percent (50%)
or more of the total voting power of the stock of the Company or of the ultimate parent entity of the Company, such event will not be
considered a Change in Control under this subsection (i). For this purpose, indirect beneficial ownership will include, without limitation,
an interest resulting from ownership of the voting securities of one or more corporations or other business entities which own the Company,
as the case may be, either directly or through one or more subsidiary corporations or other business entities; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 111.35pt">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>A
change in the effective control of the Company which occurs on the date that a majority of members of the Board (each, a
 &ldquo;<I>Director</I>&rdquo;) is replaced during any twelve (12) month period by Directors whose appointment or election is not
endorsed by a majority of the members of the Board prior to the date of the appointment or election. For purposes of this subsection
(ii), if any Person is considered to be in effective control of the Company, the acquisition of additional control of the Company by
the same Person will not be considered a Change in Control; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 107.95pt">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>A change in the ownership of a substantial portion of the Company&rsquo;s assets which occurs on the date that any Person acquires
(or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such Person) assets from the
Company that have a total gross fair market value equal to or more than 50% of the total gross fair market value of all of the assets
of the Company immediately prior to such acquisition or acquisitions; provided, however, that for purposes of this subsection (iii), the
following will not constitute a change in the ownership of a substantial portion of the Company&rsquo;s assets: (A) a transfer to an entity
that is controlled by the Company&rsquo;s stockholders immediately after the transfer, or (B) a transfer of assets by the Company to:
(1) a stockholder of the Company (immediately before the asset transfer) in exchange for or with respect to the Company&rsquo;s stock,
(2) an entity, 50% or more of the total value or voting power of which is owned, directly or indirectly, by the Company, (3) a Person,
that owns, directly or indirectly, 50% or more of the total value or voting power of all the outstanding stock of the Company, or (4)
an entity, at least 50% of the total value or voting power of which is owned, directly or indirectly, by a Person described in this subsection
(iii)(B)(3). For purposes of this subsection (iii), gross fair market value means the value of the assets of the Company, or the value
of the assets being disposed of, determined without regard to any liabilities associated with such assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 107.95pt">For purposes
of this definition of Change in Control, persons will be considered to be acting as a group if they are owners of a corporation that enters
into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 107.95pt">Notwithstanding
the foregoing, a transaction will not be deemed a Change in Control unless the transaction qualifies as a change in control event within
the meaning of Section 409A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 107.95pt">Further and
for the avoidance of doubt, a transaction will not constitute a Change in Control if: (i) its sole purpose is to change the jurisdiction
of the Company&rsquo;s incorporation, or (ii) its sole purpose is to create a holding company that will be owned in substantially the
same proportions by the persons who held the Company&rsquo;s securities immediately before such transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 71.95pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Change in Control Period</U>. &ldquo;<I>Change in Control Period</I>&rdquo; means the period beginning upon the occurrence of
a Change in Control through the date twelve (12) months following a Change in Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 71.95pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Disability</U>. &ldquo;<I>Disability</I>&rdquo; means Executive is unable to engage in any substantial gainful activity by reason
of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous
period of not less than twelve</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt; text-align: justify">(12) months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 71.95pt">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Good
Reason</U>. &ldquo;<I>Good Reason</I>&rdquo; means Executive&rsquo;s termination of his or her employment with the Company within
thirty (30) days following the expiration of any cure period (discussed below) following the occurrence of one or more of the
following, without Executive&rsquo;s express written consent: (i) a material reduction of Executive&rsquo;s duties, authority, or
responsibilities, relative to Employee&rsquo;s duties, authority, or responsibilities as in effect immediately prior to such
reduction; <I>provided, however, </I>that a reduction in duties, authority, or responsibilities solely by virtue of the Company
being acquired and made part of a larger entity (for example, where Executive retains essentially the same responsibility and duties
of the subsidiary, business unit or division substantially containing the Company&rsquo;s business following a Change in Control)
shall not constitute &ldquo;Good Reason&rdquo;; (ii) a material reduction by the Company in Executive&rsquo;s annualized base pay as
in effect immediately prior to such reduction (in other words, a reduction of more than ten percent (10%) of Executive&rsquo;s
annualized base compensation in any one year, other than a reduction applicable to executives generally that does not adversely
affect Executive to a greater extent than other similarly situated executives); (iii) the relocation of Executive&rsquo;s principal
place of performing his or her duties as an employee of the Company by more than fifty (50) miles; or (iv) the failure of the
Company to obtain the assumption of this Agreement by a successor. In order for an event to qualify as Good Reason, Executive must
not terminate employment with the Company without first providing the Company with written notice of the acts or omissions
constituting the grounds for &ldquo;Good Reason&rdquo; within ninety (90) days of the initial existence of the grounds for
 &ldquo;Good Reason&rdquo; and a reasonable cure period of not less than thirty (30) days following the date of such notice. To the
extent Executive&rsquo;s primary work location is not the Company&rsquo;s corporate offices due to a shelter-in-place order,
quarantine order, or similar work-from-home requirement that applies to Executive, Executive&rsquo;s primary office location, from
which a change in location under the foregoing clause (iii) will be measured, will be considered the Company&rsquo;s office location
where Executive&rsquo;s employment with the Company primarily was based immediately prior to the commencement of such
shelter-in-place order, quarantine order, or similar work-from-home requirement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 71.95pt">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Qualifying
Termination</U>. &ldquo;<I>Qualifying Termination</I>&rdquo; means either (i) the Company terminates Executive&rsquo;s employment
with the Company for a reason other than (A) Cause, (B) Executive&rsquo;s death, or (C) Executive&rsquo;s Disability or (ii)
Executive resigns for Good Reason.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 71.95pt">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Salary</U>. &ldquo;<I>Salary</I>&rdquo; means Executive&rsquo;s base salary as in effect immediately prior to the termination
of Executive&rsquo;s employment (unless such termination occurs as a result of clause (ii) of the definition of &ldquo;Good Reason&rdquo;
under Section 6(e), in which case the amount will be equal to Executive&rsquo;s base salary as in effect immediately prior to such reduction)
or, if greater in the case of a Qualifying Termination during the Change in Control Period, as in effect immediately prior to the Change
in Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40.95pt"></TD><TD STYLE="width: 36.05pt">7.</TD><TD STYLE="text-align: justify"><U>Successors</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 71.95pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>The Company&rsquo;s Successors</U>. Any successor to the Company (whether direct or indirect and whether by purchase, merger,
consolidation, liquidation or otherwise) to all or substantially all of the Company&rsquo;s business and/or assets will assume the obligations
under this Agreement and agree expressly to perform the obligations under this Agreement in the same manner and to the same extent as
the Company would be required to perform such obligations in the absence of a succession. For all purposes under this Agreement, the term
 &ldquo;Company&rdquo; will include any successor to the Company&rsquo;s business and/or assets which executes and delivers the assumption
agreement described in this Section 7(a) or which becomes bound by the terms of this Agreement by operation of law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 71.95pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Executive&rsquo;s Successors</U>. The terms of this Agreement and all rights of Executive hereunder will inure to the benefit
of, and be enforceable by, Executive&rsquo;s personal or legal representatives, executors, administrators, successors, heirs, distributees,
devisees and legatees. Notwithstanding the foregoing, none of the rights of Executive to receive any form of compensation payable pursuant
to this Agreement may be assigned or transferred except by will or the laws of descent and distribution. Any other attempted assignment,
transfer, conveyance, or other disposition of Executive&rsquo;s right to compensation or other benefits will be null and void.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40.95pt"></TD><TD STYLE="width: 36.05pt">8.</TD><TD STYLE="text-align: justify"><U>Notice</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 71.95pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>General</U>. Notices and all other communications contemplated by this Agreement will be in writing and will be deemed to have
been duly given (a) upon actual delivery to the party to be notified, (b) twenty-four (24) hours after confirmed facsimile transmission,
(c) one (1) business day after deposit with a recognized overnight courier, or (d) three (3) business days after deposit with the U.S.
Postal Service by first class certified or registered mail, return receipt requested, postage prepaid, addressed: (i) if to Executive,
at the address Executive will have most recently furnished to the Company in writing, or (ii) if to the Company, to its corporate headquarters
and all notices will be directed to the General Counsel of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 71.95pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notice of Termination</U>. Any termination of Executive&rsquo;s employment by the Company for Cause or by Executive for Good
Reason or as a result of a voluntary resignation will be communicated by a notice of termination to the other party hereto given in accordance
with Section 8(a) of this Agreement. Such notice will indicate the specific termination provision in this Agreement relied upon, will
set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination under the provision so indicated,
and will specify the termination date (which will be not more than thirty (30) days after the giving of such notice or in the case of
Executive&rsquo;s resignation for Good Reason, in accordance with the requirements under Section 6(e)). The failure by Executive to include
in the notice any fact or circumstance which contributes to a showing of Good Reason will not waive any right of Executive hereunder or
preclude Executive from asserting such fact or circumstance in enforcing Executive&rsquo;s rights hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 71.95pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Resignation</U>. The termination of Executive&rsquo;s employment for any reason also will constitute, without any further required
action by Executive, Executive&rsquo;s voluntary resignation from all officer and/or director positions held at the Company or any of
its subsidiaries or affiliates, and at the Board&rsquo;s request, Executive will execute any documents reasonably necessary to reflect
the resignations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40.95pt"></TD><TD STYLE="width: 36.05pt">9.</TD><TD STYLE="text-align: justify"><U>Miscellaneous Provisions</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 71.95pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Duty to Mitigate</U>. Executive will not be required to mitigate the amount of any payment contemplated by this Agreement,
nor will any such payment be reduced by any earnings that Executive may receive from any other source except as specified in Sections
3(e), 4(d) and 5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 71.95pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Waiver</U>.
No provision of this Agreement will be modified, waived or discharged unless the modification, waiver or discharge is agreed to in
writing and signed by Executive and by an authorized officer of the Company (other than Executive). No waiver by either party of any
breach of, or of compliance with, any condition or provision of this Agreement by the other party will be considered a waiver of any
other condition or provision or of the same condition or provision at another time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 71.95pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Headings</U>. All captions and section headings used in this Agreement are for convenient reference only and do not form a part
of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 71.95pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Entire Agreement</U>. This Agreement constitutes the entire agreement of the parties hereto and supersedes in their entirety
all prior representations, understandings, undertakings or agreements (whether oral or written and whether expressed or implied) of the
parties. No waiver, alteration, or modification of any of the provisions of this Agreement will be binding unless in writing and signed
by duly authorized representatives of the parties hereto and which specifically mention this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 71.95pt">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Choice of Law</U>. The validity, interpretation, construction, and performance of this Agreement will be governed by the laws
of the State of California (with the exception of its conflict of laws provisions). Any claims or legal actions by one party against the
other arising out of the relationship between the parties contemplated herein (whether or not arising under this Agreement) will be commenced
or maintained in any state or federal court located in San Mateo County, California, and Executive and the Company hereby submit to the
jurisdiction and venue of any such court.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 71.95pt">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Severability</U>. The invalidity, illegality, or unenforceability of any provision or provisions of this Agreement will not
affect the validity, legality or enforceability of any other provision hereof, which will remain in full force and effect, and this Agreement
will be construed and enforced as if the invalid, illegal, or unenforceable provision had not been included.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 71.95pt">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Withholding</U>. The Company (and any parent, subsidiary or other affiliate of the Company, as applicable) will have the right
and authority to deduct from any payments or benefits all applicable federal, state, local, and/or non-U.S. taxes or other required withholdings
and payroll deductions (&ldquo;<I><U>Withholdings</U></I>&rdquo;). Prior to the payment of any amounts or provision of any benefits under
this Agreement, the Company (and any parent, subsidiary or other affiliate of the Company, as applicable) is permitted to deduct or withhold,
or require Executive to remit to the Company, an amount sufficient to satisfy any applicable Withholdings with respect to such payments
and benefits. Neither the Company nor any parent, subsidiary or other affiliate of the Company will have any responsibility, liability
or obligation to pay Executive&rsquo;s taxes arising from or relating to any payments or benefits under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 71.95pt">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Counterparts</U>. This Agreement may be executed in counterparts, each of which will be deemed an original, but all of which
together will constitute one and the same instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">o O o</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 35.95pt">IN WITNESS WHEREOF, each of the
parties has executed this Agreement, in the case of the Company by its duly authorized officer, as of the Effective Date set forth above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD>COMPANY</TD><TD COLSPAN="2" STYLE="text-align: left">PACIFIC BIOSCIENCES OF CALIFORNIA, INC.</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="text-align: left; width: 5%">&nbsp;</TD><TD STYLE="text-align: justify; width: 45%">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">By:</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify">/s/ Natalie Welch</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">Name: </TD><TD STYLE="text-align: justify">Natalie Welch</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">Title:</TD><TD STYLE="text-align: justify">Vice President, Human Resources and Organization</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>EXECUTIVE</TD><TD STYLE="text-align: left">By:</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify">/s/ Susan G. Kim</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">Name:</TD><TD STYLE="text-align: justify">Susan G. Kim</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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	</link:roleType>
	<link:linkbaseRef xlink:type="simple" xlink:href="pacb-20230124_pre.xml" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Presentation Links" />
	<link:linkbaseRef xlink:type="simple" xlink:href="pacb-20230124_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Label Links" />
      </appinfo>
    </annotation>
    <import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd" />
    <import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" />
    <import namespace="http://xbrl.sec.gov/dei/2021q4" schemaLocation="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd" />
    <import namespace="http://fasb.org/us-gaap/2021-01-31" schemaLocation="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd" />
    <import namespace="http://fasb.org/us-types/2021-01-31" schemaLocation="https://xbrl.fasb.org/us-gaap/2021/elts/us-types-2021-01-31.xsd" />
    <import namespace="http://www.xbrl.org/dtr/type/2020-01-21" schemaLocation="https://www.xbrl.org/dtr/type/2020-01-21/types.xsd" />
    <import namespace="http://xbrl.sec.gov/country/2021" schemaLocation="https://xbrl.sec.gov/country/2021/country-2021.xsd" />
    <import namespace="http://fasb.org/srt/2021-01-31" schemaLocation="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd" />
    <import namespace="http://fasb.org/srt-types/2021-01-31" schemaLocation="https://xbrl.fasb.org/srt/2021/elts/srt-types-2021-01-31.xsd" />
</schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>7
<FILENAME>pacb-20230124_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.17a -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: https://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" roleURI="http://www.xbrl.org/2009/role/negatedLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel" roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel" roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" roleURI="http://www.xbrl.org/2009/role/netLabel" />
    <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_CoverAbstract" xlink:label="dei_CoverAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CoverAbstract" xlink:to="dei_CoverAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CoverAbstract_lbl" xml:lang="en-US">Cover [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentType" xlink:label="dei_DocumentType" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentType_lbl" xml:lang="en-US">Document Type</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US">Amendment Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_AmendmentDescription" xlink:label="dei_AmendmentDescription" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentDescription" xlink:to="dei_AmendmentDescription_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentDescription_lbl" xml:lang="en-US">Amendment Description</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentRegistrationStatement" xlink:label="dei_DocumentRegistrationStatement" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentRegistrationStatement" xlink:to="dei_DocumentRegistrationStatement_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentRegistrationStatement_lbl" xml:lang="en-US">Document Registration Statement</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentAnnualReport" xlink:label="dei_DocumentAnnualReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAnnualReport" xlink:to="dei_DocumentAnnualReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAnnualReport_lbl" xml:lang="en-US">Document Annual Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentQuarterlyReport" xlink:label="dei_DocumentQuarterlyReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentQuarterlyReport" xlink:to="dei_DocumentQuarterlyReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentQuarterlyReport_lbl" xml:lang="en-US">Document Quarterly Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentTransitionReport" xlink:label="dei_DocumentTransitionReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentTransitionReport" xlink:to="dei_DocumentTransitionReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentTransitionReport_lbl" xml:lang="en-US">Document Transition Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentShellCompanyReport" xlink:label="dei_DocumentShellCompanyReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentShellCompanyReport" xlink:to="dei_DocumentShellCompanyReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentShellCompanyReport_lbl" xml:lang="en-US">Document Shell Company Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentShellCompanyEventDate" xlink:label="dei_DocumentShellCompanyEventDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentShellCompanyEventDate" xlink:to="dei_DocumentShellCompanyEventDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentShellCompanyEventDate_lbl" xml:lang="en-US">Document Shell Company Event Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentPeriodStartDate" xlink:label="dei_DocumentPeriodStartDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodStartDate" xlink:to="dei_DocumentPeriodStartDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodStartDate_lbl" xml:lang="en-US">Document Period Start Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFileNumber_lbl" xml:lang="en-US">Entity File Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityPrimarySicNumber" xlink:label="dei_EntityPrimarySicNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPrimarySicNumber" xlink:to="dei_EntityPrimarySicNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressAddressLine2" xlink:label="dei_EntityAddressAddressLine2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US">Entity Address, Address Line Two</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressAddressLine3" xlink:label="dei_EntityAddressAddressLine3" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US">Entity Address, Address Line Three</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressCountry" xlink:label="dei_EntityAddressCountry" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_CountryRegion" xlink:label="dei_CountryRegion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CountryRegion" xlink:to="dei_CountryRegion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xlink:type="arc" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="arc" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US">No Trading Symbol Flag</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12gTitle" xlink:to="dei_Security12gTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>8
<FILENAME>pacb-20230124_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
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    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.22.4</span><table class="report" border="0" cellspacing="2" id="idm140298543745728">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Jan. 24, 2023</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Jan. 24,  2023<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-34899<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Pacific Biosciences of California, Inc.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001299130<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">16-1590339<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">1305 O&#8217;Brien Drive<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Menlo Park<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">CA<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">94025<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">650<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">521-8000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common
    Stock, par value $0.001 per share<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">PACB<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
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<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>xbrli:normalizedStringItemType</td>
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<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
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<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
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<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>dei:centralIndexKeyItemType</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
