SEC Form DEF 14A filed by Illumina Inc.

April 9, 2026

Notice of Annual Meeting and Proxy Statement

This year’s annual meeting of stockholders will be held completely virtually.

The agenda for this year’s annual meeting includes the following items:

The Illumina Board of Directors (the “Board of Directors” or the “Board”) unanimously recommends that you vote “FOR” the nominees proposed by the Board of Directors and “FOR” the other proposals recommended by the Board. Only your latest validly executed proxy will count and any proxy may be revoked at any time prior to its exercise at the annual meeting as described in the accompanying proxy statement.

Stockholders as of the record date of March 26, 2026, are entitled to notice of and to vote on the matters listed in the proxy statement.

The proxy statement and accompanying proxy are being mailed to our stockholders on or about April 9, 2026, concurrently with the mailing of our annual report on Form 10-K for the fiscal year ended December 28, 2025.

By Order of the Board of Directors,

Scott Davies

Chief Legal Officer and Secretary

Important Notice Regarding the Availability of Proxy Materials for the Stockholder Meeting to be held on May 21, 2026: The proxy statement and Annual Report to Stockholders are available at www.proxyvote.com.

If you are a beneficial owner of your shares, you should have received a Notice of Internet Availability of Proxy Materials or voting instructions from the broker or other nominee through which you hold your shares. You should follow the instructions in the Notice of Internet Availability of Proxy Materials or voting instructions provided by your broker or other nominee in order to instruct your broker or other nominee on how to vote your shares.

Letter from Independent Chair of the Board

Dear Fellow Stockholders,

This past year marked a period of meaningful progress for Illumina. The company returned to growth and improved profitability, while its core sequencing business gained momentum. Illumina’s new investments in multiomics and data platforms have expanded the breadth and capability of our products. We are continuing to advance opportunities to improve patient care, and make the promise of precision medicine more accessible and routine.

Customer adoption remained strong in the third year of the NovaSeq X rollout, with Illumina converting more than 70% of sequencing volume to the platform. The transition is reshaping how customers operate. It is enabling our partners to broaden test portfolios, accelerate the path to reimbursement, and shift their sequencing work toward data-intensive assays that are both more cost-effective and more robust across a range of applications. At the same time, Illumina has continued to drive solid demand in our core sequencing business.

Over the course of the year, Illumina achieved a series of additional milestones that will help position the company for continued growth and deepen its impact on clinical practice. The acquisition of Somalogic builds on Illumina’s leadership in multiomics. The launch of Bioinsight enables the company to deliver more actionable insights to biopharma partners. At the Advances in Genome Biology and Technology (AGBT) meeting, we underscored our technology leadership by unveiling an 18-month roadmap for the X platform and introducing TruPath. These and similar steps underscore our commitment to providing the most accurate, comprehensive, and cost-effective end-to-end workflows in the industry. The Illumina team remains committed to our mission of equipping customers with the tools they need to unlock scientific insights and improve outcomes for patients.

In my first full year as Chair, the Board continued to provide independent oversight of management while executing on our Board succession plan. Frances Arnold, Robert Epstein and Gary Guthart will conclude their Board service at the 2026 annual meeting. The Board thanks each of them for their judgment and commitment to Illumina.

The Board is pleased to announce the nomination of David P. King to be elected by stockholders as a director at the 2026 annual meeting. We believe that David’s addition would broaden the skills on the Board, especially given his extensive experience in healthcare and life sciences, including managing a highly complex business at scale. With your support, upon his election, David will be the fifth independent director added to the Board since 2020, reducing our average independent director tenure to fewer than five years.

As Illumina moves forward, the Board remains focused on ensuring disciplined execution against our long-term targets and creating lasting value for stockholders. As NGS becomes more deeply embedded in healthcare, Illumina will continue to provide the highest quality insights at scale to ensure patients are given the most effective personalized care.

On behalf of the entire Board, I would like to thank you for your support of Illumina. We are committed to providing life-changing benefits for patients while driving significant value for our customers and stockholders.

Sincerely,

Dr. Scott Gottlieb

Independent Chair of the Board

Annual Meeting & Voting Information

Table of Contents

Who We Are

Our Mission

To improve human health by unlocking the power of the genome.

Our Company

We are a global leader in sequencing- and array-based solutions for genetic and genomic analysis. Our products and services serve customers in a wide range of markets, enabling the adoption of multiomic solutions in clinical and research settings.

Researchers and clinicians use our products to analyze the genome at all levels of complexity, from targeted panels to whole-genome sequencing. This enables them to discover, detect, diagnose, and treat diseases from cancer to various rare or heritable disorders.

Our Markets

Illumina is innovating across multiple markets, including:

Clinical Markets: We are focused on enabling translational and clinical markets through the introduction of best-in-class sequencing technology. Further, we are developing sample-to-answer solutions to catalyze adoption in the clinical setting, including in reproductive and genetic health and oncology. Using next-generation sequencing (NGS) can reduce costs compared to traditional methods of disease diagnosis, which are often expensive and inconclusive while requiring extensive testing.

Research & Applied Markets: Historically our core business has been in the life sciences research market, which includes laboratories associated with universities, research centers, and government institutions, along with biotechnology and pharmaceutical companies. Researchers at these institutions use our products and services for basic and translational research across a spectrum of scientific applications. Our products also serve various applied markets including consumer genomics and agrigenomics.

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Information About the Current Board

The following table sets forth the names, ages, standing Board committee assignments, and positions of our directors as of April 9, 2026.

 Chair   Member   Audit Committee Financial Expert (for purposes of Section 407 of Sarbanes-Oxley Act)

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Director Nominee Highlights and Robust Corporate Governance

The Board of Directors believes that maintaining a highly qualified Board and strong corporate governance is the foundation for enhancing investor confidence and increasing stockholder value long-term.

Providing robust oversight is fundamental to our strategy to enhance performance by creating an environment that increases operational efficiency and encourages long-term productivity and growth.

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Our Leadership

Executive Officers

The following table sets forth the names, ages, positions, and business experience of our executive officers as of April 9, 2026:

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2025 Financial Performance Highlights

In 2025, Illumina returned to growth excluding Greater China and delivered meaningful financial improvement through disciplined execution. Full-year revenue was $4.34 billion, flat on a reported basis, with ex-China revenue increasing 2% and momentum building in the second half of the year. Core sequencing revenue grew modestly, driven by 2% growth in sequencing consumables (up 4% ex-China), partially offset by a 4% decline in sequencing instrument revenue (down 1% ex-China). Consumables growth reflected continued strength in clinical markets and increased utilization of the NovaSeq X platform. Instrument revenue declined as academic and government customers remained measured in capital spending; however, we continued to advance our high-throughput transition during the year and expanded the installed base of NovaSeq X systems. The continued shift toward recurring consumables revenue supported improved operating leverage during the year. GAAP operating margin was 18.6% for 2025, down from 34% in 2024, primarily due to the reversal of the withdrawn European Commission fine in 2024. Non-GAAP operating margin⁽¹⁾ expanded to 23.1%, up from 21.3% in 2024, reflecting disciplined cost management and operating leverage. GAAP diluted earnings per share was $5.45 in 2025, down from $5.61 in 2024. Non-GAAP diluted EPS⁽¹⁾ increased 16% to $4.84. Net cash provided by operating activities totaled $1,079 million and Illumina generated $931 million in free cash flow⁽¹⁾. Illumina also returned approximately $740 million to stockholders through share repurchases during 2025, while maintaining a strong balance sheet.

Summary 2025 Financial Performance

Strategic Performance

2025 marked a year of disciplined execution against the strategic pillars established in 2024, as Illumina returned to growth:

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2026 Director Nominees

Upon the recommendation of the Nominating/Corporate Governance Committee of the Board, the Board of Directors has nominated for election at the 2026 annual meeting the nine nominees named in the table below to hold office until the annual meeting of stockholders in 2027 and until their successors are duly elected and qualified or until their earlier death, resignation, retirement, disqualification or removal from office. The Nominating/Corporate Governance Committee has recommended that Mr. David King be elected as a new director at the 2026 annual meeting. In today’s evolving global business and regulatory environment, the Committee determined that the addition of Mr. King will broaden the skills of the current Board, particularly given his extensive experience in healthcare and life sciences, including managing a complex business at scale. Drs. Arnold, Epstein and Guthart will conclude their service on the Board at the close of the 2026 annual meeting of stockholders.

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Director Nominee Skills Matrix

The following table below summarizes the key skills and experiences of our director nominees. Further details about their qualifications are set forth in their respective individual biographies.

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How We Are Selected and Evaluated

Criteria for Board Membership

The Board of Directors has delegated to the Nominating/Corporate Governance Committee the responsibility for reviewing and recommending nominees to the Board for Board membership.

The Nominating/Corporate Governance Committee performs an assessment at least annually of the skills and the experience needed to provide robust independent oversight of management. In evaluating Board candidates, the Nominating/Corporate Governance Committee considers factors including, but not limited to, depth and breadth of experience, integrity, ability to make independent analytical inquiries, understanding of our business environment, and willingness to devote adequate time to Board duties, all in the context of an assessment of the needs of the Board at the time.

At a minimum, the Nominating/Corporate Governance Committee seeks to ensure that at least a majority of directors are independent under Nasdaq listing standards; that all members of our Audit Committee meet the financial literacy requirement under Nasdaq listing standards; that at least one of the members of our Audit Committee qualifies as an “audit committee financial expert” under SEC rules and regulations and as a “financially sophisticated audit committee member” under Nasdaq listing standards; and that each member of our Compensation Committee is “independent” as defined under SEC rules and regulations and Nasdaq listing standards, a “non-employee director” under SEC rules and regulations and an “outside director” under the rules of the Internal Revenue Code of 1986 (“Code”).

Through the Nominating/Corporate Governance Committee, the Board seeks to maintain a Board comprised of individuals of the highest personal character, integrity, and ethical standards, and that reflects a range of professional backgrounds and skills relevant to our business. The Nominating/Corporate Governance Committee considers many factors in identifying nominees for director. In selecting directors, the Board seeks to achieve a mix of Board members that represents a broad range of backgrounds and experience. The Nominating/Corporate Governance Committee does not assign specific weights to particular criteria and no individual criterion is necessarily applicable to all prospective nominees or dispositive in any specific instance.

The Nominating/Corporate Governance Committee believes that a wide breadth of personal experiences, attributes and skills contributes to the Board’s overall effectiveness, especially to the performance of its responsibilities in the oversight of a complex and highly competitive, science and clinically focused, global business. In addition, Illumina has engaged a third-party executive search firm on customary terms and conditions to assist the Nominating/Corporate Governance Committee with identifying and evaluating director candidates as needed.

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Process for Identifying and Evaluating Nominees

The Board believes we will be well served by the proposed slate of director nominees. That said, the Nominating/Corporate Governance Committee continuously evaluates whether new members would be beneficial to the Board in enhancing its variety of perspectives, experience, or skill sets and follows the process outlined below:

Stockholder Nominees

The Nominating/Corporate Governance Committee will consider written proposals from stockholders for nominees for director using the same criteria described above but, based on those criteria, may not necessarily recommend those nominees to the Board of Directors if they are not considered suitable or do not add distinct skills or perspectives to our Board. Any such nominations should be submitted to the Nominating/Corporate Governance Committee, via the attention of our Corporate Secretary, and should include the following information:

Nominations should be submitted in the manner and timeframe described in our bylaws and under the caption “Stockholder Proposals for our 2027 Annual Meeting” on page 79.

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Proxy Access

Our bylaws permit a stockholder, or a group of up to 20 stockholders, owning 3% or more of the Company’s outstanding capital stock continuously for at least three years as of both the date the written notice of the nomination is delivered to or mailed and received by us, and the record date for determining stockholders entitled to vote at the meeting, to nominate and include in the Company’s proxy materials the greater of two directors or 20% of the number of directors currently serving on the Board rounded down to the nearest whole number, provided that the stockholder(s) and the nominee(s) satisfy the requirements specified in the bylaws.

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How We Provide Oversight

Board of Directors

Our business is managed with oversight by our Board of Directors. All our directors stand for election to one-year terms. The Board has determined that a majority of the members of the Board, specifically Dr. Arnold, Ms. Dorsa, Dr. Epstein, Dr. Gottlieb, Dr. Guthart, Mr. Meister, Ms. Richo, Mr. Schiller, Ms. Siegel, and Mr. Ullem, are independent directors under the Nasdaq listing standards. In addition, Mr. King will be an independent director under the Nasdaq listing standards.

The Board typically holds executive sessions of the non-employee, independent directors following each regularly scheduled in-person meeting of the Board of Directors. At its meetings during the fiscal year ended December 28, 2025 (“fiscal 2025”), the Board of Directors regularly met in executive sessions of non-employee, independent directors.

The Board of Directors has adopted Corporate Governance Guidelines, which outline the Company’s significant corporate governance policies and procedures. These guidelines can be viewed on our Investor Relations website at investor.illumina.com under “Governance.” The Board of Directors meets regularly to review significant developments affecting the Company and to act on matters requiring the Board of Directors’ approval. The Board of Directors held nine meetings during fiscal 2025. Board members are expected to attend Board and Board committee meetings, to come to meetings prepared, having read any materials provided to the Board of Directors prior to the meeting, and to participate actively in the meetings.

Corporate Governance

The Board of Directors and our management believe that good corporate governance is an important component in increasing stockholder value and enhancing investor confidence in the Company. Continuing to develop and implement best practices throughout our corporate governance structure is fundamental to our strategy to enhance performance by creating an environment that increases operational efficiency and encourages long-term productivity and growth.

Sound corporate governance practices also ensure alignment with stockholder interests by promoting fairness, transparency, and accountability in business activities among employees, management, and the Board of Directors.

We maintain a corporate governance page on our website that includes key information about our corporate governance initiatives, including our Corporate Governance Guidelines, Code of Conduct, and charters for each of the Board committees, including the Audit Committee, the Compensation Committee, the Nominating/Corporate Governance Committee, and the Science and Technology Committee. The corporate governance page can be found on our Investor Relations website at investor.illumina.com under “Governance” and the charters for each of the Board committees under “Governance” and then “Board of Directors.”

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Outside Board Limits

The Board and Nominating/Corporate Governance Committee annually evaluates each director’s time commitment and availability, including their primary occupation, and other public company and private boards on which they serve. Only directors who are determined to have sufficient availability are considered for nomination or renomination each year. The Company also has a policy, included in its Corporate Governance Guidelines, that limits Board members from serving on more than four public company boards (including Illumina). The Corporate Governance Guidelines further provide that a Board member who is also a CEO of a public company should sit on, at most, one public company board other than Illumina and the board of the public company on which he or she serves as CEO, and that the Company’s CEO, if serving as a member of the Board, should sit on, at most, two other boards of directors or advisory boards (including non-profit organizations), only one of which may be another public company board.

Board Leadership Structure

Our Board leadership structure is reviewed annually by the Board and currently consists of an Independent Chair of the Board and four independent Board committee chairs. Currently, Dr. Gottlieb is the Chair of the Board and our CEO Jacob Thaysen also serves as a member of the Board. The Board previously determined that Mr. MacMillan, our previous Chair of the Board, and who served on the Board of Directors until March 2025, was also independent under the Nasdaq listing standards. Our Board believes that the current leadership structure is appropriate for the Company at this time because it effectively allocates authority, responsibility, and oversight between management and the independent members of our Board.

Our Corporate Governance Guidelines provide that, should the Chair of the Board not be an independent director, the independent directors of the Board will elect, by majority vote, an independent director to serve as the Lead Independent Director.

Board Evaluation

On an annual basis, the Nominating/Corporate Governance Committee undertakes an annual evaluation of the performance and effectiveness of the Board as a whole, as well as its individual Board committees. The evaluation process commences with an independent third party conducting an interview with each director to gather feedback on the effectiveness of each director, each Board committee, and the Board. The results of these interviews are aggregated and an evaluation is discussed with the full Board. This process serves to identify opportunities for the development of individual members and the respective Board committees.

Attendance at Meetings

During fiscal 2025, each director attended, virtually, in person or by telephone, at least 75% of the aggregate number of meetings of the Board of Directors and Board committees on which such director served during the period. The Board of Directors held nine meetings during fiscal 2025. Board members are invited to attend our annual meetings of stockholders and we reimburse the travel expenses of any director who travels to attend the annual meetings, but we do not have a policy under which directors are required to attend the annual meeting of stockholders. Six members of the Board of Directors attended our 2025 annual meeting of stockholders.

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Board Committees

The Board of Directors currently has four standing Board committees to facilitate and assist the Board in the execution of its responsibilities. The Audit Committee, the Compensation Committee, the Nominating/Corporate Governance Committee, and the Science and Technology Committee held 8 meetings, 5 meetings, 4 meetings, and 4 meetings during fiscal 2025, respectively. All of the standing Board committees are composed solely of non-employee, independent directors. Charters for each Board committee are available on our website at www.illumina.com/company/about-us/board-of-directors.html under “Committee Charter Documentation Downloads”.

Audit Committee

The Board of Directors has unanimously determined that all Audit Committee members satisfy the additional independence requirements that apply to Audit Committee members under Nasdaq listing standards and SEC rules and regulations, are financially literate under Nasdaq listing standards and SEC rules and regulations, and at least one member is financially sophisticated as required under Nasdaq listing standards and a financial expert as such term is described under SEC rules and regulations. More specifically, the Board of Directors has unanimously determined that each of Ms. Dorsa, Dr. Guthart and Mr. Ullem qualify as an “audit committee financial expert” under SEC rules and regulations and “financially sophisticated audit committee member” under Nasdaq listing standards. Designation as an “audit committee financial expert” is an SEC disclosure requirement and does not impose any additional duties, obligations, or liability on any person so designated.

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Compensation Committee

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The Board of Directors has unanimously determined that all Compensation Committee members satisfy the additional independence requirements that apply to Compensation Committee members under Nasdaq listing standards and SEC rules and regulations, and qualify as “non-employee directors” for the purposes of Section 16 of the Exchange Act.

No executive officer may participate in or be present during any deliberations or determinations of the Compensation Committee regarding his or her compensation.

The CEO has been delegated limited authority to grant equity incentive awards to any employee who is not designated as an “Executive Officer” or “Section 16 Officer,” and who does not report directly to him at the level of Vice President or higher. The CEO may exercise this authority without any further action required by the Compensation Committee; however, the Compensation Committee approves grant ranges based on employee job levels to guide the CEO in the exercise of his authority and sets the maximum individual award values that may be granted under this authority. The purpose of this delegation of authority is to enhance the flexibility of equity administration and to facilitate the timely grant of equity awards to non-management employees, particularly new employees, within the specified limits approved by the Compensation Committee. At least annually, the Compensation Committee reviews this authority and grant guidelines to ensure alignment with market and good governance practices. The CEO reports at least annually to the Compensation Committee on his exercise of this delegated authority. In addition, the Compensation Committee reviews our equity award usage forecast on a quarterly basis as part of its administration duties with respect to our Second Amended and Restated 2015 Stock and Incentive Plan.

Compensation Committee Interlocks and Insider Participation

The following directors served on Illumina’s Compensation Committee during fiscal 2025: Susan Siegel, Caroline Dorsa, Robert Epstein and Scott Gottlieb. No member of the Compensation Committee is, or ever has been, an officer or employee of the Company. Furthermore, during fiscal 2025, none of our current executive officers served as a member of a board of directors or compensation committee (or other board committee performing equivalent functions) of another entity where an executive officer of such entity served as a member of our Board of Directors or Compensation Committee. No related party transactions involving a member of the Compensation Committee occurred in fiscal 2025.

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Nominating/Corporate Governance Committee

Science and Technology Committee

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The Board’s Role in Risk Oversight

The Board of Directors is responsible for overseeing our risk management. The Board of Directors believes that the work undertaken by the full Board, the respective Board committees, and our executive management team, led by our CEO, enables the Board to effectively oversee our risk management function and take appropriate action to evaluate and respond to risks as the circumstances require.

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Cybersecurity Risk Oversight

As part of its overall oversight of risk management, the Board provides oversight of management’s efforts to address information security risk by receiving regular reports at meetings of the Audit Committee.

Our Audit Committee is responsible for governing management’s review and assessment of our cybersecurity, artificial intelligence and other information technology risks, controls, and procedures, including management’s incident resolution process and any specific cybersecurity issues that could affect the adequacy of our internal controls.

The Company’s management team maintains an internal information security working group, which is charged with the protection of confidential and sensitive business data and intellectual property from hostile or malicious attack; the protection of sensitive personal data from unauthorized access; product security; and enterprise technology risk review.

Compensation Risk Assessment

The Compensation Committee, together with senior management and external compensation consultants, reviews our compensation policies, practices and programs including other benefits and any other compensation rights received under the Company’s benefit plans. We have concluded that our compensation policies, practices and programs do not incentivize inordinate risk taking or result in other unacceptable risks to the Company. We also believe that our incentive compensation arrangements provide incentives that do not encourage risk taking beyond our ability to effectively identify and manage significant risks; are compatible with effective internal controls and our risk management practices; and are supported by the oversight and administration of the Compensation Committee regarding executive compensation programs.

Certain Relationships and Related Party Transactions

All transactions between us and our officers, directors, principal stockholders, and affiliates are subject to approval by a majority of the independent and disinterested members of our Board of Directors, and will be on terms determined by such members of the Board of Directors to be no less favorable to us than could be obtained from unaffiliated third parties. No such transactions occurred in fiscal 2025.

Illumina has adopted a written Related Party Transactions Policy setting forth the Company’s policies and procedures for the notification, review, approval, ratification, and disclosure of related party transactions. The policy applies to transactions in which the Company or its subsidiaries participate, the amount involved exceeds $120,000, and a related person—including a director, executive officer, director nominee, 5% stockholder, or an immediate family member of any of the foregoing—has a direct or indirect material interest.

Directors, executive officers, and director nominees are required to promptly notify the Company’s Chief Legal Officer of potential related party transactions. The Chief Legal Officer (or, in certain circumstances, the Corporate Secretary or an Assistant Corporate Secretary) reviews the relevant facts and circumstances to determine whether a transaction constitutes a related party transaction under the policy or falls within a pre-approved category.

Related party transactions subject to the policy are submitted to the Audit Committee of the Board of Directors for review and approval or ratification. In limited circumstances, transactions may be reviewed by the Audit

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Committee Chair, with any such action reported to the full Audit Committee at its next meeting. In reviewing a transaction, the Audit Committee considers all relevant facts and circumstances, including whether the transaction is in the ordinary course of business, the business purpose and terms of the transaction, the nature and extent of the related person’s interest, the availability of comparable transactions with unaffiliated third parties, whether the terms are no less favorable than those available to unrelated parties, and any potential impact on director independence. A related party transaction is approved or ratified only if the Audit Committee determines in good faith that it is in, or not inconsistent with, the best interests of the Company and its stockholders. Directors with an interest in a transaction do not participate in the approval decision.

The policy provides for certain pre-approved categories of transactions that do not require Audit Committee review, including specified transactions that are excluded from disclosure under Item 404 of Regulation S-K, compensation arrangements approved pursuant to applicable committee procedures, and other transactions that do not present a material conflict of interest.

The Audit Committee also reviews, at least annually, any previously approved or ratified related party transactions that remain ongoing. Related party transactions required to be disclosed under SEC rules are disclosed in the Company’s public filings.

Code of Conduct

We have adopted a Code of Conduct that applies to all of our directors, officers, employees, consultants and temporary workers, including our CEO, CFO, and the rest of our executive management team. Our Code of Conduct is reviewed by the Nominating/Corporate Governance Committee on an annual basis and modified as deemed necessary. Our Code of Conduct is available for download at www.illumina.com/company/investor-information/corporate-governance.html. A copy of the Code of Conduct may also be obtained free of charge from us upon a request directed to Illumina, Inc., 5200 Illumina Way, San Diego, California 92122, Attention: Corporate Secretary. We will disclose within four business days any substantive changes in or waivers of the Code of Conduct granted to our principal executive officer, principal financial officer, principal accounting officer, or controller, or persons performing similar functions, by posting such information on our website as set forth above rather than by filing a Form 8-K with the SEC.

Corporate Political Contribution Policy

We have adopted a Corporate Political Contribution Policy, Partnering with Policy Makers to Improve Human Health, pursuant to which we annually disclose in our Corporate Responsibility Report the monetary value of direct and indirect political contributions and certain payments made to trade associations. Our Political Contributions Policy can be found at www.illumina.com/content/dam/illumina-marketing/documents/company/political-disclosure-policy.pdf.

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Corporate Responsibility

Corporate Responsibility (“CR”) is integral to how we do business. Our governance structure facilitates accountability, transparency, and continuous improvement. This strong leadership supports the management of CR issues, including environmental sustainability, human capital management, human rights, cybersecurity, and ethical, responsible business practices.

We expect to publish our 2025 CR report in May 2026. Previous reports, performance metrics, and additional information on our program can be found here: www.illumina.com/CSR.

The following is an overview of the governance of our CR program:

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How to Communicate with Us

The Board believes that engaging in stockholder outreach is an essential element of strong corporate governance. We strive for a collaborative approach to issues of importance to investors and continually seek to better understand the views of our investors on key topics.

Our Board values stockholder feedback and is committed to robust stockholder outreach. Feedback received is conveyed to the full Board and respective Board committees, and informs Board and Board Committee discussions and decisions. In the fall of 2025, we proactively reached out to stockholders owning greater than 50% of outstanding shares (based on 13F filings for the quarter ended June 30, 2025) to solicit feedback and promote engagement.

All interested parties who wish to communicate with the Board of Directors or any of the non-employee directors may do so by sending a letter to the Corporate Secretary, Illumina, Inc., 5200 Illumina Way, San Diego, California 92122, Attention: Corporate Secretary, and should specify the intended recipient or recipients. All such communications will be forwarded to the appropriate director or directors for review, except for spam, junk mail, mass mailings, product complaints or inquiries, job inquiries, surveys, business solicitations or advertisements, or patently offensive or otherwise inappropriate material.

In addition, you may send, in an envelope marked “Confidential,” a written communication to the Chair of the Audit Committee, via the attention of our Corporate Secretary, to Illumina, Inc., 5200 Illumina Way, San Diego, California 92122, Attention: Corporate Secretary. All such envelopes will be delivered unopened to the Chair of the Audit Committee.

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Our Approach to Director Pay

Director Compensation Overview

Our directors play a critical role in guiding our strategic direction and overseeing management of the Company. Ongoing developments in corporate governance and financial reporting have resulted in an increased demand for highly qualified and productive public company directors. The many responsibilities and risks, and the substantial time commitment of being a director of a public company, require that we provide fair compensation for our directors’ time and efforts. Our non-employee directors are compensated based upon their respective levels of Board participation and responsibilities, including service on Board committees. Mr. Thaysen, a director who is a member of our management team, receives no separate compensation for his services as a director.

Our director compensation is overseen by the Compensation Committee of our Board, which makes recommendations to the Board on the appropriate amount and structure of our programs in light of various factors, including, but not limited to, relative contributions, time commitments, risks, and regularly evaluated competitive practices by peer companies. The Second Amended and Restated 2015 Stock and Incentive Plan places a limit on total compensation for non-employee members of our Board of $1 million in a director’s first year of service and $750,000 in any other year, subject to certain limited exceptions.

Director Compensation Review

The Compensation Committee regularly reviews non-employee director compensation practices and program designs at peer group companies and the broader market to inform its decision-making process in setting total compensation levels, and is assisted in this process by its independent compensation consultant.

For fiscal 2025, the Compensation Committee retained an independent compensation consultant from Aon’s Human Capital Practice, a division of Aon, plc (“Aon”) to assist in its review of the non-employee director compensation program and provide input on potential program changes. At the direction of the Compensation Committee, Aon conducted a comprehensive formal review and analysis of our non-employee director compensation, as well as that of our peers and general market practice, to understand pay practices and pay levels for cash retainers for board and committee service, as well as equity incentives. This review included a comparative analysis of our non-employee director compensation philosophy and the practices of identified peer group companies and broader industry trends, including a review of the total direct compensation (including cash retainers and stock-based compensation) of our non-employee directors as compared with these data sets. The review included an analysis of market trends using publicly available information in addition to proprietary data provided by Aon.

No one factor was considered dispositive in this review, including the market data. The Compensation Committee does not design the director compensation program with a goal to achieve a specific target percentile, but considers the market data as a factor in considering the appropriate design and quantum of compensation for Board service.

For the peer group used by the Company, please see the discussion in the Compensation Discussion & Analysis section on page 45.

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Cash Compensation

Annual Retainer

During fiscal 2025, each of our non-employee directors was eligible to receive an annual cash retainer of $75,000, unchanged from the prior year.

Committee Fees

During fiscal 2025, each of our non-employee directors serving on one or more permanent Board committees was eligible to receive the applicable cash fees set forth below. As of the beginning of fiscal 2026, no changes to board committee fees had been made.

Independent Chair and Lead Independent Director Fees

As of the beginning of fiscal 2025, the cash retainer fee for the Chair of the Board is $100,000.

Scott Gottlieb, an independent director, became Chair of the Board on March 28, 2025. Since we currently have an independent Chair of the Board, our Board has not appointed a Lead Independent Director. Stephen MacMillan served as Chair of the Board from June 2023 until March 2025.

Stock in Lieu of Cash Compensation

Non-employee directors may elect to receive shares of our common stock in lieu of all, but not less than all, cash fees otherwise payable by the Company to such director in a given calendar year. Shares issued to an eligible director electing to receive shares in lieu of cash compensation will not be subject to vesting or forfeiture restrictions and will be issued on a quarterly basis. The number of shares issued to an eligible director electing to receive shares in lieu of cash will equal the amount of cash compensation otherwise payable by the Company to such director for the immediately preceding calendar quarter, divided by the weighted average closing price of our common stock during the immediately preceding calendar quarter (calculated by reference to each trading day during such quarter), with any fractional shares settled in cash based on such price. For fiscal 2025, Mr. Ullem elected to receive shares in lieu of all of the cash compensation to which he was entitled.

32 • Illumina, Inc. 2026 Proxy Statement

Equity Compensation

Annual Awards

We provide a mix of cash and equity compensation aligned with common market practices. The equity portion of compensation represents the majority of compensation provided to more fully align the interests of our non-employee directors with those of our stockholders.

Each of our non-employee directors is eligible to receive an annual restricted stock unit (“RSU”) award valued at $300,000 (as determined based on the fair market value of the Company’s common stock on the date of grant), rounded up to the nearest whole share, unchanged from the prior year. Such RSU awards are granted on the date of the annual meeting and vest on the earlier of the first anniversary of the grant date and the day prior to the annual meeting of stockholders immediately following the annual meeting at which the award was granted, subject to continued service as a Board member through the applicable vesting date. At the time of grant, each non-employee director can elect whether his or her RSU awards will be settled in cash, stock, or a combination of the two.

Accordingly, in connection with our 2025 annual meeting of stockholders, each of our non-employee directors serving at that time received an award of 3,780 RSUs (which had a value of $300,018.60 based on the closing price of our common stock on May 21, 2025, of $79.37).

Compensation Upon First Joining the Board of Directors

Each non-employee director, upon first joining the Board, whether through election by our stockholders or appointment by our Board to fill a vacancy, is eligible to receive the standard cash retainer and a one-time RSU award valued at $300,000, each prorated for time of service between the director’s start date and the next annual meeting of stockholders, with the RSU award rounded up to the nearest whole share and vesting in full the day prior to the next annual meeting of stockholders. An employee director who ceases to be an employee but remains a director will not receive this initial RSU award. At the time of grant, each non-employee director can elect whether his or her RSU awards will be settled in cash, stock, or a combination of the two.

Accordingly, in connection with his joining the Board in March of 2025, Keith Meister received an award of 625 RSUs (which had a value of $50,000 based on the closing price of our common stock on March 28, 2025, of $80.00).

Illumina, Inc. 2026 Proxy Statement • 33

Non-Employee Director Compensation

The following table summarizes the total compensation paid by the Company to our non-employee directors for fiscal 2025. Non-employee directors receive no other form of compensation and we do not provide non-employee directors with any benefits. We reimburse reasonable expenses incurred in connection with attending Board and Board committee meetings.

34 • Illumina, Inc. 2026 Proxy Statement

The following table shows the number of outstanding RSUs held by each of our directors who served during 2025, other than Mr. Thaysen, as of December 28, 2025:

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Security Ownership of Certain Beneficial Owners and Management

Stock Ownership

The following table sets forth the number of shares of our common stock beneficially owned by each of our directors who served during 2025, director nominees and each named executive officer, and by all of our directors, director nominees, and executive officers as a group.

The information set forth below is as of March 26, 2026, and is based upon information supplied or confirmed by the named individuals. The address of each person named in the table below, except as otherwise noted, is c/o Illumina, Inc., 5200 Illumina Way, San Diego, California 92122.

36 • Illumina, Inc. 2026 Proxy Statement

As of March 26, 2026, the following are the only persons known to us to be the beneficial owner of more than five percent of our common stock:

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Vote for Us

Proposal 1: Election of Directors

General

Our Certificate of Incorporation and bylaws provide for the annual election of our directors. The Board of Directors currently consists of eleven directors, having terms expiring at the 2026 annual meeting of stockholders.

Election of Nine Directors to Hold Office for One Year until the 2027 Annual Meeting of Stockholders

Upon the recommendation of the Nominating/Corporate Governance Committee, the Board has nominated for election at the 2026 annual meeting the following nine nominees to hold office until the annual meeting of stockholders in 2027 and until their successors are duly elected and qualified or until their earlier death, resignation, retirement, disqualification or removal from office. The Nominating/Corporate Governance Committee has recommended that Mr. David King be elected as a new director at the 2026 annual meeting. Drs. Arnold, Epstein and Guthart will conclude their service on the Board at the close of the 2026 annual meeting of stockholders.

38 • Illumina, Inc. 2026 Proxy Statement

Additional Information

For more information about each nominee and each of the other directors serving on our Board, please see “Information about the Board” and “2026 Director Nominees” in this proxy statement. Each of the director nominees, with the exception of Mr. King, is currently serving as a director. All of these nominees have agreed to serve if elected, and management has no reason to believe that such nominees will be unable to serve. The persons designated as proxyholders on the form of proxy card attached to this proxy statement intend to vote such proxy “FOR” the election of each of the nine nominees named above, unless the stockholder validly indicates otherwise on the proxy.

Vote Required for Approval

Our bylaws require that, in an uncontested election, a director nominee be elected only if he or she receives a majority of the votes cast with respect to his or her election (meaning, the number of votes cast “FOR” that nominee must exceed the number of votes cast “AGAINST” that nominee for the nominee to be elected). Abstentions and broker non-votes will not be counted as votes cast either “FOR” or “AGAINST” and will have no effect on the outcome but will be counted only for purposes of determining whether a quorum is present at the annual meeting. Each of our director nominees currently serves on the Board of Directors. If a nominee who currently serves as a director is not re-elected, Delaware law provides that the director would continue to serve on the Board as a “holdover director”. Under our Corporate Governance Guidelines, each director submits an advance, contingent, irrevocable resignation that the Board may accept if stockholders do not re-elect that director. In that situation, our Nominating/Corporate Governance Committee would make a recommendation to the Board about whether to accept or reject the resignation, or whether to take other action.

Recommendation

THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT YOU

VOTE “FOR” THE ELECTION OF EACH OF THE DIRECTOR NOMINEES SET

FORTH ABOVE.

Illumina, Inc. 2026 Proxy Statement • 39

Our Auditors

Proposal 2: Ratification of the Appointment of Ernst & Young LLP as Our Independent Registered Public Accounting Firm

The Audit Committee of the Board is directly responsible for the appointment, compensation (including advance approval of the audit fee), retention, and oversight of the independent registered public accounting firm that audits our financial statements and our internal control over financial reporting. The Audit Committee annually reviews Ernst & Young LLP’s independence and performance in deciding whether to retain Ernst & Young LLP or engage a different independent auditor. Ernst & Young LLP has served as the Company’s external auditor continuously since 2000 and has been appointed by the Audit Committee to continue as the Company’s independent registered public accounting firm for fiscal year 2026. At the annual meeting, our stockholders are being asked to ratify the appointment of Ernst & Young LLP as Illumina’s independent registered public accounting firm for the fiscal year ending January 3, 2027. The members of the Audit Committee and the Board believe that the continued retention of Ernst & Young LLP to serve as the Company’s independent registered public accounting firm is in the best interests of the Company and its stockholders.

While stockholder ratification of the selection of Ernst & Young LLP is not required by our bylaws or other governing documents or law and is not binding on the Audit Committee, the Board is submitting the selection of Ernst & Young LLP to our stockholders for ratification as the Board believes it is a matter of good corporate governance. If stockholders fail to ratify the selection, the Audit Committee will reconsider whether to retain Ernst & Young LLP but may choose to continue the engagement. Even if the selection is ratified, the Audit Committee in its discretion may direct the selection of a different independent registered public accounting firm at any time during the year if it determines that such a change would be in the best interests of the Company and our stockholders.

A representative of Ernst & Young LLP is expected to be present at the annual meeting, will have an opportunity to make a statement if he or she desires to do so, and is expected to be available to respond to appropriate questions.

40 • Illumina, Inc. 2026 Proxy Statement

Audit Committee Report

The following report of the Audit Committee, the report of the Compensation Committee under “Compensation Committee Report”, along with statements in this proxy statement regarding the Audit Committee’s charter, are not considered “soliciting material” and are not considered to be “filed” with the SEC as part of this proxy statement. Any current or future cross-references to this proxy statement in filings with the SEC under either the Securities Act of 1933 or the Exchange Act will not include such reports or statements, except to the extent that we specifically incorporate it by reference in such filing.

The Audit Committee oversees our accounting and financial reporting process including internal control over financial reporting, and audits of its financial statements on behalf of the Board of Directors and provides advice with respect to our risk evaluation and mitigation processes. In fulfilling its oversight role, the Audit Committee monitors and advises the Board of Directors on:

The Audit Committee meets with the independent registered public accounting firm, internal auditor, and our outside counsel, with and without our management present, to discuss the results of their examinations, their evaluations of our internal controls, and the overall quality of our financial reporting.

The Audit Committee, in its oversight role, has reviewed and discussed the consolidated financial statements with management and Ernst & Young LLP, our independent registered public accounting firm. Management is responsible for the preparation, presentation, and integrity of our financial statements; accounting and financial reporting principles; establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e)); establishing and maintaining internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f)); evaluating the effectiveness of disclosure controls and procedures; evaluating the effectiveness of internal control over financial reporting; and evaluating any change in internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, internal control over financial reporting. Ernst & Young LLP is responsible for performing an independent audit of the consolidated financial statements and expressing an opinion on the conformity of those financial statements with U.S. generally accepted accounting principles, as well as expressing an opinion on the effectiveness of internal control over financial reporting.

Illumina, Inc. 2026 Proxy Statement • 41

During the course of fiscal 2025, management completed the documentation, testing, and evaluation of our system of internal control over financial reporting in response to the requirements set forth in Section 404 of the Sarbanes-Oxley Act of 2002 and related regulations. The Audit Committee was kept apprised of the progress of the evaluation and provided oversight and advice to management during the process. In connection with this oversight, the Audit Committee received periodic updates from management and Ernst & Young LLP at each regularly scheduled Audit Committee meeting. At the conclusion of the process, management provided the Audit Committee with, and the Audit Committee reviewed, a report on the effectiveness of our internal control over financial reporting. The Audit Committee also reviewed the report of management contained in our annual report on Form 10-K for the fiscal year ended December 28, 2025, filed with the SEC, as well as Ernst & Young LLP’s Reports of Independent Registered Public Accounting Firm included in our annual report on Form 10-K related to its audit of (i) the consolidated financial statements and (ii) the effectiveness of internal control over financial reporting. The Audit Committee continues to oversee our efforts related to our internal control over financial reporting and management’s preparations for the evaluation for the fiscal year ending January 3, 2027.

The Audit Committee has reviewed and discussed the consolidated audited financial statements with management, discussed with the independent registered public accounting firm the matters required to be discussed by Auditing Standard 1301 of the Public Company Accounting Oversight Board (Communications with Audit Committees), has received the written disclosures and the letter from Ernst & Young LLP required by Rule 3526 of the Public Company Accounting Oversight Board (Communication with Audit Committees Concerning Independence), and has had discussions with Ernst & Young LLP regarding their independence. Based on the reviews and discussions referred to above, the Audit Committee recommended to the Board of Directors that the audited financial statements be included in our annual report on Form 10-K for the fiscal year ended December 28, 2025, for filing with the SEC.

42 • Illumina, Inc. 2026 Proxy Statement

Fees Paid to Ernst & Young LLP

During the fiscal years ended December 28, 2025 and December 29, 2024, the aggregate fees billed or accrued by Ernst & Young LLP for professional services were as follows:

Audit fees consist of amounts for professional services rendered in connection with the integrated audit of our consolidated financial statements and internal control over financial reporting, review of the interim condensed consolidated financial statements included in quarterly reports, and statutory audits required internationally. For the fiscal year ended December 29, 2024, audit-related fees were primarily incurred for the audit of stand-alone financial statements for GRAIL. Tax fees for the fiscal years ended December 28, 2025 and December 29, 2024, related to services rendered for the preparation of foreign tax filings and routine tax advice. For the fiscal years ended December 28, 2025 and December 29, 2024, Ernst & Young LLP did not perform any professional services other than as stated under the captions Audit Fees, Audit-Related Fees, and Tax Fees.

Pre-Approval Policies and Procedures

The Audit Committee, as required by the Exchange Act, requires advance approval of all audit services and permitted non-audit services to be provided by our independent registered public accounting firm. The Audit Committee must approve the permitted service before the independent registered public accounting firm is engaged to perform it. The services listed as Audit Fees, Audit-Related Fees, and Tax Fees in the table above were pre-approved by our Audit Committee in accordance with this policy.

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Vote Required for Approval

Although ratification is not required by our bylaws or otherwise, the Board of Directors is submitting this proposal as a matter of good corporate governance practices. If stockholders do not ratify the appointment of Ernst & Young LLP, the Audit Committee and the Board of Directors would consider such a negative vote in their consideration of what, if any, action to take. Even if the appointment is ratified, the Audit Committee, in its discretion, may direct the appointment of a different independent audit firm at any time during the fiscal year if it is determined that such a change would be in the best interests of Illumina and its stockholders. Ratification of the appointment of Ernst & Young LLP as our independent registered public accounting firm requires the affirmative “FOR” vote of the majority of the votes cast (meaning the number of votes cast “FOR” this proposal must exceed the number of votes cast “AGAINST” this proposal for this proposal to pass). Abstentions and broker non-votes will not be counted as votes for either “FOR” or “AGAINST” and will have no effect on the outcome of this proposal but will be counted only for purposes of determining whether a quorum is present at the annual meeting.

Recommendation

THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT YOU VOTE

“FOR” THE RATIFICATION OF THE APPOINTMENT OF ERNST & YOUNG LLP

AS THE COMPANY’S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM.

44 • Illumina, Inc. 2026 Proxy Statement

Our Approach to Executive Pay

Compensation Discussion and Analysis

Our Compensation Philosophy

Our Compensation Philosophy serves as the foundation of the compensation program and is designed to achieve four key objectives:

At our 2025 annual meeting, our stockholders approved our say-on-pay proposal with 91% support of votes cast. Our Compensation Committee considered this vote result, along with input from stockholder engagement, in affirming the core features of our compensation program.

Our Compensation Practices

Our compensation practices are designed to align with our compensation philosophy:

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Components of Fiscal 2025 Executive Compensation

The pay elements of our compensation program are:

Pay Element				2025 Key Characteristics
		Annual Base Salary		The only fixed pay component, base salary, provides competitive, fixed cash compensation for NEOs.
		Cash Bonus		Company-wide annual performance-based cash compensation. For NEOs, 100% of the annual cash bonus is earned based on Company performance against preset financial and operational goals established at the beginning of the fiscal year.
		Performance Stock Units (PSUs)		PSUs vest and are earned based on 3-year Company Relative TSR performance against select companies in the Nasdaq Biotechnology Index and 3-year average achievement of pre-determined operating margin targets at the end of the 3-year period. PSUs represent approximately 70% of the value of equity compensation granted
		Restricted Stock Units (RSUs)		Equity awards that vest over four years based on continued service. RSUs represent approximately 30% of the value of equity compensation granted.

Compensation Impacts in 2025

Early in 2025, and before compensation program decisions were finalized for the 2025 fiscal year, Illumina faced abrupt and uncertain financial headwinds. The Company was prohibited from exporting sequencing instruments into China, the U.S. government implemented cuts to National Institutes of Health (NIH) grants upon which many Illumina research customers rely, and various trade tariffs were adopted or increased by governments around the world. In response to these developments, and as part of the risk-mitigating actions to manage the compensation expenses across the Company, management recommended a suspension of salary increases and a decrease in annual equity grants for our executive officers in 2025. The Compensation Committee and Board approved both the suspension of the salary increases and the reduction of annual equity awards. While recognizing the financial prudence of these actions, in light of the uncertainties at the time, the Compensation Committee and Board considered these actions to be one-time in nature.

Proactive implementation of these one-time changes allowed Illumina to better navigate these financial headwinds and deliver strong results in 2025. In November 2025, China lifted its prohibition on the importation of Illumina instruments. Throughout 2025, with decisive leadership, we were able to mitigate the impact of the NIH funding reductions and tariffs to deliver a solid year of performance. As a result, in 2026, we restored base salary increases and annual equity grant amounts to previously established levels.

46 • Illumina, Inc. 2026 Proxy Statement

Compensation Mix

The charts below highlight the focus on long-term equity incentives and overall at-risk mix of the fiscal 2025 target direct compensation for our CEO and current NEOs, respectively. The chart for non-CEO NEOs reflects percentages based on average compensation of all current NEOs other than the CEO.

Our 2025 NEOs

For fiscal 2025, our NEOs include the following individuals who continue to serve as executive officers:

For fiscal 2025, our NEOs also include one executive who departed early in fiscal year 2026:

Base Salary

Base salary is the only fixed component of our executive compensation program.

The Compensation Committee believes that base salary should reflect each executive’s responsibility and experience and be competitive with peer group pay levels for similar positions. Base salary adjustments reflect current performance assessed as part of our annual executive performance review and anticipated executive contributions including upon promotion or any other material change in job responsibility.

Our CEO recommends base salary changes for executive officers (excluding himself) to the Compensation Committee based on performance, criticality, retention, internal comparisons, and comparisons to market

Illumina, Inc. 2026 Proxy Statement • 47

practices for similar executive officers. The Compensation Committee reviews these recommendations, makes adjustments if necessary, and approves base salary changes. The Board, upon the recommendation of the Compensation Committee, approves our CEO’s base salary based on performance and his current pay relative to other chief executives in our peer group.

In fiscal 2025, the CEO’s and all other NEO’s base pay remained unchanged from fiscal 2024. In response to the significant headwinds to the Company’s business operations as described above in the “Compensation Impacts in 2025” section, management recommended that all executive officers receive no salary increases for 2025. In line with management’s recommendation, the Board and Compensation Committee implemented no salary increases for 2025.

Fiscal 2025 NEO Base Salaries

Performance-Based Cash Compensation

Overview

At the beginning of each annual performance cycle, the Compensation Committee approves an “at-risk”, variable compensation program (VCP) for Company employees, including executive officers, pursuant to which the Board establishes preset financial performance goals for the relevant performance period. At the end of the performance period, the Compensation Committee evaluates Company performance against those preset performance goals to determine whether a cash incentive opportunity has been earned.

VCP goals are aligned to the annual fiscal forecast and budget. Any executive officer hired during the fiscal year on or prior to October 1 is eligible to participate in the VCP, with any cash incentive compensation received by such executive being prorated based on the amount of time the executive officer contributed to the performance period.

2025 VCP Goals and Actual Performance

In fiscal 2025, the Compensation Committee pre-approved two separate and equally weighted financial performance goals for the fiscal year: revenue objectives (the “revenue goals”) and non-GAAP operating income objectives (the “non-GAAP operating income goals”). Our target VCP goals for fiscal 2025 represent an increase from our actual 2024 performance and were aligned to our annual fiscal 2025 budget and forecast at the beginning of the fiscal year. For both metrics, the actual cash incentive achievement for each executive officer could have ranged from 0% to a maximum of 200% of target based on the Company’s performance against the fiscal 2025 revenue goals and non-GAAP operating income goals shown in the table below.

48 • Illumina, Inc. 2026 Proxy Statement

At the time the plan was set, the Compensation Committee determined that, given the business uncertainty in China, financial results for China would be treated as achieved at budget for purposes of calculating the overall fiscal VCP payout.

2025 VCP Short-Term Incentive Targets and Incentive Payouts

For fiscal 2025, the Compensation Committee established annual target cash incentive amounts, calculated as a percentage of each executive officer’s base salary. The target as a percentage of base salary was increased for the CEO, from 125% to 150% in fiscal 2025. This change was approved by the Compensation Committee based upon the market benchmark data reviewed and the importance of maintaining a compensation mix that remains meaningfully at-risk and linked to performance. Importantly, the 2025 annual cash incentive remained fully formula-based and the CEO’s payout was determined by the same objective financial criteria. In fiscal 2025, the target cash incentive percentage for other NEOs remained consistent with fiscal 2024 targets.

The following table presents the performance-based cash incentive targets as a percentage of base salary and the actual amounts earned by each NEO for fiscal 2025. Fiscal 2025 compensation decisions were made in the context of abrupt, external headwinds early in the year, as described above in the section titled “Compensation Impacts in 2025”. Against that backdrop, the Compensation Committee maintained a formula-based annual incentive plan with pre-established revenue and non-GAAP operating income goals tied to our budget and forecasts and targeting increases over 2024 performance, which resulted in a below-target 77% funding level for 2025.