schedule 14ad18rn0p25nwr6d.cloudfront.net/cik-0001124140/7a9b3d25-64...proxy statement o...

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14AProxyStatementPursuanttoSection14(a)of

theSecuritiesExchangeActof1934(AmendmentNo.)

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Exact Sciences Corporation

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441CharmanyDriveMadison,Wisconsin53719

June11,2020

DearStockholder:

YouarecordiallyinvitedtoattendtheannualmeetingofstockholdersofExactSciencesCorporationtobeheldat10:00a.m.,CentralTime,onThursday,July23,2020.WehavebeenmonitoringtheCOVID-19situationcloselyandhavedeterminedthatholdinganin-personannualmeetingcouldposearisktothehealthandsafetyofourstockholders,employees,anddirectors.Asaresult,thisyear'sannualmeetingwillbecompletelyvirtualandconductedvialivewebcast.Youwillbeabletoattendtheannualmeetingonlineandsubmityourquestionsduringthemeetingbyvisitinghttps://www.virtualshareholdermeeting.com/EXAS2020.Youwillalsobeabletovoteyourshareselectronicallyattheannualmeeting.

Weareexcitedtoembracethelatesttechnologytoprovideexpandedaccess,improvedcommunicationandcostsavingsforourstockholders.HostingavirtualmeetingenablesincreasedstockholderattendanceandparticipationsincestockholderscanparticipatefromanylocationaroundtheworldwithInternetconnectivity.Informationonhowtoparticipateinthisyear'svirtualmeetingcanbefoundbeginningonPage57oftheaccompanyingProxyStatement.

Foryourconvenience,wearealsopleasedtoofferare-playablewebcastoftheannualmeetingathttps://www.virtualshareholdermeeting.com/EXAS2020.

Yourvoteisimportanttous.Pleaseactassoonaspossibletovoteyourshares.ItisimportantthatyoursharesberepresentedatthemeetingwhetherornotyouplantoattendtheannualmeetingviatheInternet.PleasevoteelectronicallyovertheInternet,bytelephoneorif,youreceiveapapercopyoftheproxycardbymail,byreturningyoursignedproxycardintheenvelopeprovided.

OnbehalfoftheBoardofDirectorsandmanagement,itismypleasuretoexpressourappreciationforyourcontinuedsupport.

Verytrulyyours,

KevinT.ConroyChairman,PresidentandChiefExecutiveOfficer

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EXACTSCIENCESCORPORATION441CharmanyDriveMadison,Wisconsin53719

NOTICE OF 2020 ANNUAL MEETING OF STOCKHOLDERS TO BE HELD ON JULY 23, 2020To the Stockholders of Exact Sciences Corporation:

NOTICEISHEREBYGIVENthatthe2020AnnualMeetingofStockholdersofExactSciencesCorporation,aDelawarecorporation,willbeheldonThursday,July23,2020,at10:00a.m.,CentralTime.TheAnnualMeetingwillbeacompletelyvirtualmeeting,whichwillbeconductedvialivewebcast.YouwillbeabletoattendtheAnnualMeetingonlineandsubmityourquestionsduringthemeetingbyvisitinghttps://www.virtualshareholdermeeting.com/EXAS2020.ForinstructionsonhowtoattendandvoteyoursharesattheAnnualMeeting,seetheinformationintheaccompanyingProxyStatementinthesectiontitled"QuestionsandAnswers"beginningonpage56.

The Annual Meeting is being held for the following purposes:

1.ToelectthefournomineestoourBoardofDirectorsnominatedbyourBoardofDirectorstoserveforathreeyeartermasClassIIdirectors.

2.ToratifytheappointmentofPricewaterhouseCoopers,LLPasourindependentregisteredpublicaccountingfirmfor2020.

3.Toholdanadvisoryvoteonexecutivecompensation.

4.ToapproveanamendmenttoourCertificateofIncorporationincreasingthenumberofauthorizedsharesofcommonstockfrom200,000,000sharesto400,000,000shares.

5.Totransactsuchotherbusinessasmayproperlycomebeforetheannualmeetingandanyadjournmentsorpostponementsthereof.

WearepleasedtoutilizetheSecuritiesandExchangeCommission("SEC")rulesthatallowissuerstofurnishproxymaterialstotheirstockholdersontheInternet.WebelievetheserulesallowustoprovideyouwiththeinformationyouneedwhileloweringthecostsofdeliveryandreducingtheenvironmentalimpactoftheAnnualMeeting.OnoraboutJune11,2020,wewillmailtoourstockholdersofrecordasofJune1,2020(otherthanthosewhopreviouslyrequestedelectronicorpaperdeliveryonanongoingbasis)aNoticeofMeetingandImportantNoticeRegardingtheAvailabilityofProxyMaterialscontaininginstructionsonhowtoaccessourproxystatementandourAnnualReportonForm10-K.

ByOrderofourBoardofDirectors,

D.ScottCowardSeniorVicePresident,GeneralCounsel,ChiefAdministrativeOfficerandSecretary

Madison,WisconsinJune11,2020

This Notice of Annual Meeting and Proxy Statement are first being distributed or made available, as the case may be, on or about June 11, 2020.

Important Notice Regarding the Availability of Proxy Materials for the Stockholder Meeting: This Proxy Statement and our Annual Report are available free of charge at www.proxyvote.com.

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2020ProxySummary 1

Proposal1—ElectionofDirectors

5

InformationConcerningDirectorsandNomineesforDirector

6

InformationConcerningExecutiveOfficers

11

CorporateGovernancePrinciples,BoardMattersandNon-EmployeeDirectorCompensation

13

Proposal2—RatificationofAppointmentofIndependentRegisteredPublicAccountingFirm

24

CertainRelationshipsandRelatedTransactions

25

IndependentRegisteredPublicAccountingFirm

26

ReportoftheAuditandFinanceCommittee

27

Proposal3—AdvisoryVoteonExecutiveCompensation

28

CompensationandOtherInformationConcerningNamedExecutiveOfficers

29

ReportoftheCompensationandManagementDevelopmentCommittee

41

ExecutiveCompensationTables

42

EquityCompensationPlanInformation

49

CEOPayRatio

50

Proposal4—ApprovalofAmendmenttoCertificateofIncorporation

51

SecuritiesOwnershipofCertainBeneficialOwnersandManagement

53

Section16(a)BeneficialOwnershipReportingCompliance

55

OtherBusiness

55

ImportantNoticeRegardingtheAvailabilityofProxyMaterialsfortheStockholderMeetingtobeHeldonJuly23,2020

55

QuestionsandAnswers

56

AnnexA—CertificateofAmendmenttoSixthAmendedandRestatedCertificateofIncorporation

60

ExactSciences2020ProxyStatement i

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441CharmanyDriveMadison,Wisconsin53719

2020 PROXY SUMMARY

THISSUMMARYHIGHLIGHTSINFORMATIONCONTAINEDELSEWHEREINTHISPROXYSTATEMENT.ITDOESNOTCONTAINALLOFTHEINFORMATIONTHATYOUSHOULDCONSIDER.PLEASEREADTHEENTIREPROXYSTATEMENTCAREFULLYBEFOREVOTING.

2020 Annual Meeting of Stockholders Information

Your Vote

Yourvoteisveryimportant.OurBoardofDirectorsisrequestingyoutoallowyourCommonStocktoberepresentedatour2020AnnualMeetingbyproxiesnamedontheproxycard.

Inconnectionwiththisrequest,onoraboutJune11,2020,weexpecttosendtoourstockholders(otherthanthosewhopreviouslyrequestedelectronicorpaperdelivery)aNoticeofInternetAvailabilityofProxyMaterialscontaininginstructionsonhowtoaccessourproxymaterials,includingourproxystatementandourannualreport,andhowtovotethroughtheInternetorbytelephone.

How to Vote

StockholdersofrecordmayvotetheirsharespriortotheannualmeetingviatheInternet,bytelephoneorbymail.

Beneficialownersofsharesheldin"streetname"mayvotebyfollowingthevotinginstructionsprovidedtothembytheirbankorbroker.

Date and Time: Thursday,July23,2020,at10:00a.m.,CentralTime

Location: MeetingliveviatheInternetbyvisitinghttps://www.virtualshareholdermeeting.com/EXAS2020

Record Date: June1,2020

Admission: ToparticipateintheAnnualMeeting,visithttps://www.virtualshareholdermeeting.com/EXAS2020.Youwillneedthe16-digitcontrolnumberincludedonyourNoticeofInternetAvailabilityofProxyMaterials,onyourproxycardorontheinstructionsthataccompaniedyourproxymaterials.

ExactSciences2020ProxyStatement 1

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2020 PROXY SUMMARY

Summary of Voting Proposals and Voting Recommendations

Proposals Board Recommendation

PROPOSAL 1.Election of Directors (Page 5) FOR ALL

WeareaskingstockholderstovoteoneachdirectornomineetoourBoardofDirectorsnamedinthisProxyStatement.OurBoardofDirectorsbelievesthateachdirectornomineehasthequalifications,experience,andskillsnecessarytorepresentstockholdersthroughserviceonourBoardofDirectors.

PROPOSAL 2.Ratification of Appointment of Independent Registered Public Accounting Firm (Page 24) FOR

OurAuditandFinanceCommitteehasappointedPricewaterhouseCoopers,LLP("PWC")toserveastheCompany'sindependentregisteredpublicaccountingfirmforthefiscalyearendingDecember31,2020.OurAuditandFinanceCommitteeandourBoardofDirectorsbelievethattheretentionofPWCtoserveasourindependentauditorisinthebestinterestsoftheCompanyanditsstockholders.Asamatterofgoodcorporategovernance,stockholdersarebeingaskedtoratifyourAuditandFinanceCommittee'sappointmentofPWC.

PROPOSAL 3.Non-Binding, Advisory Approval of Compensation to NEOs ("Say-on-Pay") (Page 28) FOR

WeareaskingourstockholderstoindicatetheirsupportforourexecutivecompensationprogramsasdescribedinthisProxyStatement.Thisvoteisreferredtoasa"Say-on-Pay"vote.

PROPOSAL 4.Approval of Amendment to our Certificate of Incorporation (Page 51) FOR

WeareaskingstockholderstoapproveanamendmenttoourCertificateofIncorporationincreasingthenumberofauthorizedsharesofcommonstockfrom200,000,000sharesto400,000,000shares.

2 ExactSciences2020ProxyStatement

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2020 PROXY SUMMARY

Nominees for Election as Directors and Continuing DirectorsOurBoardofDirectorsrecommendsavoteFORtheelectionofeachofthefollowingnomineesfordirector:

Director Director Committee MembershipName Age Since Class Primary Occupation AFC CMDC CGNC ITPC

Nominees for Election as Class II Directors

Eli Casdin* 47 2017 ClassII Founder,ChiefInvestmentOfficerandManagingDirector,CasdinCapital

James E. Doyle* 74 2014 ClassII FormerGovernorofWisconsin(2003-2011);CurrentlyOfCounsel,Foley&LardnerLLP,andPartner,Doyle&BoyceStrategies

Freda Lewis-Hall* 65 2020 ClassII FormerChiefPatientOfficer,ExecutiveVicePresident,andChiefMedicalOfficerofPfizerInc.

Kathleen Sebelius* 72 2019 ClassII FormerSecretaryoftheDepartmentofHealthandHumanServices(2009-2014)andformerGovernorofKansas(2003-2009);CurrentlyCEOofSebeliusResourcesLLC

Continuing Directors

Thomas D. Carey* 58 2013 ClassIII FounderandManagingDirector,PerspectiveGroup,LLC

Kevin T. Conroy 54 2009 ClassI President,CEOandChairmanoftheBoardofDirectors,ExactSciencesCorporation

Pierre Jacquet* 53 2019 ClassIII ViceChairman,GlobalHealthcareManagingDirector,L.E.K.Consulting

Daniel J. Levangie* 69 2010 ClassIII FormerCEOandPresident,CytycHealthCorporation;CurrentlyCo-founderandManager,ATONPartners

Andrew Slavitt 54 2019 ClassI FounderandGeneralPartnerofTownHallVentures;FormerActingAdministrator,CentersforMedicare&MedicaidServices

Michael S. Wyzga* 65 2015 ClassIII FormerExecutiveVicePresident,FinanceandChiefFinancialOfficer,GenzymeCorporation

Katherine S. Zanotti* 65 2009 ClassI FormerCEOofArbonneInternational

†

*Independent Chair Member LeadIndependentDirectorAFC = Audit and Finance Committee; CMDC = Compensation and Management Development Committee; CGNC = Corporate Governance & Nominating Committee;ITPC = Innovation,Technology and Pipeline Committee

†


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2020 PROXY SUMMARY

Governance Highlights

Nine of eleven directors independentAnnual evaluation of CEO by our Board of DirectorsAnnual Board and Committee self-evaluationsBoard exercising a strong, independent oversight functionRobust director nominee selection processCommitted to actively seeking female and minority board candidatesLead Independent Director exercising forceful, energetic and independent leadershipStanding Committees comprised entirely of independent directorsRobust stock ownership guidelines for independent directors and executive officersClawback provisions in our key compensation programsRegular executive sessions of non-management directorsAnnual "say on pay" advisory voteAnti-hedging, anti-short sale and anti-pledging policiesEngagement of independent compensation consultant


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PROPOSAL 1—ELECTION OF DIRECTORS

PROPOSAL 1—ELECTION OF DIRECTORS

WHAT YOU ARE VOTING ON:Atthe2020AnnualMeeting,fourClassIIdirectorsaretobeelected,eachtoholdofficeuntilthe2023AnnualMeetinganduntilhisorherrespectivesuccessor

iselectedandqualified,oruntilhisorherearlierdeath,resignationorremoval.

TheCompany'sBoardofDirectorscurrentlyconsistsofelevenmembersandisdividedintothreeclassesservingtermsofthreeyears.Stockholderselectoneclassofdirectorsateachannualmeeting.Theclassupforelectionatthe2020AnnualMeetingisClassII,whosemembersarecurrentlyEliCasdin,JamesE.Doyle,FredaLewis-HallandKathleenSebelius.UpontherecommendationoftheCorporateGovernanceandNominatingCommitteeofourBoardofDirectors,ourBoardofDirectorshasnominatedandrecommendedEliCasdin,JamesE.Doyle,FredaLewis-HallandKathleenSebeliusforre-electiontoourBoardofDirectorsasClassIIdirectors.

SharesrepresentedbyallproxiesreceivedbyourBoardofDirectorsandnotmarkedsoastowithholdauthoritytovoteforanyindividualnomineewillbevotedFORtheelectionofthenomineesnamedbelow.OurBoardofDirectorsknowsofnoreasonwhyanynomineewouldbeunableorunwillingtoserve,butifsuchshouldbethecase,proxiesmaybevotedfortheelectionofsomeotherpersonnominatedbyourBoardofDirectors.

TheCompany'sCorporateGovernanceGuidelinesprovideforamajorityvotingpolicyinuncontestedelectionsofnomineestoourBoardofDirectors.Underthemajorityvotingpolicy,anynomineefordirectorinanuncontestedelectionwhoreceivesagreaternumberofvotes"withheld"fromhisorherelectionthanvotes"for"suchelectionmustofferhisorherresignationasadirectortotheCorporateGovernanceandNominatingCommitteeofourBoardofDirectors.Uponreceiptofthisofferofresignation,theCorporateGovernanceandNominatingCommitteewillconsidertheofferofresignationandrecommendtoourBoardofDirectorsactiontobetakenwithrespecttotheofferofresignation,includingwhetherornottoacceptsuchofferofresignation.OurBoardofDirectorswillthenactuponsuchrecommendationandpromptlydiscloseitsdecision,togetherwithanexplanationofthereasonsbehindsuchdecision.OurmajorityvotingpolicyissetforthinourCorporateGovernanceGuidelines,whichcanbefoundonourwebsitelocatedatwww.exactsciences.comunder"InvestorRelations—CorporateGovernance."

Setforthbelowarethenomineestobeelectedatthe2020AnnualMeetingandothermembersofourBoardofDirectorsand,foreachsuchotherdirector,theyearsuchdirectorwasfirstelectedasadirector,theyeareachdirector'scurrenttermwillexpireandthecurrentclassofeachdirector.


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INFORMATION CONCERNING DIRECTORS AND NOMINEES FOR DIRECTOR

INFORMATION CONCERNING DIRECTORS AND NOMINEES FOR DIRECTORSetforthbelowisbackgroundinformationforeachcurrentdirectorandnomineefordirector,aswellasinformationregardingadditionalexperience,qualifications,attributesorskillsthatledourBoardofDirectorstoconcludethatsuchdirectorornomineeshouldserveonourBoardofDirectors.

Nominees for Class II Directors

ELI CASDIN DIRECTOR SINCE: 2017

CurrentClassofDirector:IICurrentTermExpiration:2020

Eli Casdin,age47,istheChiefInvestmentOfficerandfounderofCasdinCapital.Forthelast17yearshehasanalyzedandinvestedindisruptivetechnologiesandbusinessmodelsinlifesciencesandhealthcare.PriortofoundingCasdinCapital,Mr.CasdinwasavicepresidentatAllianceBernsteininits"thematic"basedinvestmentgroupwhereheresearchedandinvestedintheimplicationsofnewtechnologiesforthelifescienceandhealthcaresectors.HisAllianceBernsteinblackbook,"TheDawnofMolecularMedicine"detailedtheearlyyetalreadyacceleratingwaveofinnovationsinlifesciences,andthenextwaveofinvestmentopportunities.Mr.Casdin'spriorexperienceincludestimeatBearStearnsandCooperHillPartners,ahealthcarefocusedinvestmentfirm.Mr.Casdinearnedabachelor'sdegreefromColumbiaUniversityandanMBAfromColumbiaBusinessSchool.

CasdinbringstoourBoardofDirectorssignificantfinancialandinvestmentexperienceandadeepknowledgeofthehealthcareandlifesciencesindustriesthatprovidesimportantinsightsintoourindustryandcompetitivelandscape.

JAMES E. DOYLE DIRECTOR SINCE: 2014


James E. Doyle,age74,iscurrentlyOfCounselatFoley&LardnerLLP,aninternationallawfirm,aswellaspartnerofDoyle&BoyceStrategies,aconsultanttoseveralnationalfoundations.Priortohiscurrentpositions,Mr.Doyleservedtwotermsasthe44thgovernorofthestateofWisconsinfrom2003to2011.Priortohisgubernatorialservice,Mr.DoyleservedthreetermsastheattorneygeneralofthestateofWisconsinfrom1991to2003.Inconnectionwithhisserviceasattorneygeneral,Mr.DoyleservedaspresidentoftheNationalAssociationofAttorneysGeneralfrom1997to1998.Mr.DoylealsopreviouslyservedastheDistrictAttorneyofDaneCounty,Wisconsinandworkedinprivatepractice.HisextensivepublicservicealsoincludesstintsinthePeaceCorpsasateacherinTunisiaandasanattorneyinafederallegalservicesofficeontheNavajoIndianReservation.Mr.Doyleearnedabachelor'sdegreefromtheUniversityofWisconsin—MadisonandaJDfromHarvardLawSchool.

Mr.DoylebringstoourBoardofDirectorsprovenleadershipandmanagerialcapabilitiesacquiredthroughhisextensivepublicandprivatesectorexperience.HealsoprovidesourBoardofDirectorswithdeepknowledgeofgovernmentalandlegalaffairs.

FREDA LEWIS-HALL DIRECTOR SINCE: 2020


Freda Lewis-Hall, M.D., DFAPA,age65,servedasChiefPatientOfficerandExecutiveVicePresidentofPfizerInc.(NYSE:PFE)fromJanuary2019toDecember2019.SheactedasaSeniorMedicalAdvisortotheCEOuntilherretirementinMarch2020.From2009toDecember2019,Dr.Lewis-HallservedasPfizer'sChiefMedicalOfficerandExecutiveVicePresident.PriortojoiningPfizerin2009,Dr.Lewis-HallheldvariousseniorleadershippositionsincludingChiefMedicalOfficerandExecutiveVicePresident,MedicinesDevelopmentatVertexPharmaceuticals,Inc.,abiopharmaceuticalcompany,from2008to2009,andSeniorVicePresident,U.S.Pharmaceuticals,MedicalAffairsforBristol-MyersSquibbCo.from2003to2008.Dr.Lewis-HallservesontheboardofdirectorsofSpringWorksTherapeutics,Inc.(NASDAQ:SWTX)and1LifeHealthcare,Inc.(NASDAQ:ONEM).FromDecember2014toMay2017,sheservedontheboardofdirectorsofTenetHealthcareCorporation(NYSE:THC).Dr.Lewis-HallcurrentlyservesontheboardoffellowsofTheHarvardSchoolandtheboardofadvisorsoftheDellMedicalSchool.ShealsoservesasamemberoftheboardofgovernorsforthePatient-CenteredOutcomesResearchInstitute.Dr.Lewis-HallearnedaB.A.inNaturalSciencesfromJohnsHopkinsUniversityandanM.D.fromHowardUniversityCollegeofMedicine.

Dr.Lewis-Hallbringssignificantexpertiseinthebiopharmaceuticalindustryandleadershipexperienceasaseniorexecutiveatvariousbiopharmaceuticalcompanies.Herleadershipinpatient-focusedmedicineandemphasisonpatientengagementandinclusionprovidescriticalinsighttoourBoardofDirectors.


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INFORMATION CONCERNING DIRECTORS AND NOMINEES FOR DIRECTOR KATHLEEN G.

SEBELIUS DIRECTOR SINCE: 2019


Kathleen G. Sebelius,age72,servesasCEOofSebeliusResourcesLLC,astrategicconsultingfirmthatadvisesprivatecompanies,non-profitorganizationsandfinancialinvestors.From2009through2014,Ms.SebeliusservedinPresidentBarackObama'sCabinetasthe21stSecretaryoftheDepartmentofHealthandHumanServices.AtHHS,Sebeliusmanaged11operatingagencies,90,000employeesin50countriesaroundtheworld,anda$1trillionbudget.PriortothatMs.SebeliusservedasGovernorofKansasfrom2003to2009.PreviouselectedofficesincludetwotermsastheKansasinsurancecommissionerandfourtermsintheKansasLegislature.Ms.SebeliusservesasadirectorofDermira,Inc.(Nasdaq:DERM),abiopharmaceuticalcompany,MyovantSciencesLtd.(NYSE:MYOV),abiopharmaceuticalcompany,andtheKaiserFamilyFoundation.Shealsoco-chairstheAspenInstituteHealthStrategyGroupandservesonadvisoryboardsfortheDoleInstituteofPolitics,SoleraHealth,OutLeadership,theEstéeLauderFoundation,andtheUniversityofKansasCollegeofLiberalArtsandSciences.Ms.Sebeliusearnedabachelor'sdegreefromTrinityWashingtonUniversityandamasterofpublicadministrationfromtheUniversityofKansas.

Ms.Sebeliusbringsawealthofstateandfederalgovernmentexpertise,managementinsightandhealthcareexperiencetoourBoardofDirectorswithdeepknowledgeofthesystemicchallengesandopportunitiestoimprovehealthcare.

Other Members of our Board of Directors

THOMAS D. CAREY DIRECTOR SINCE: 2013

CurrentClassofDirector:IIICurrentTermExpiration:2021

Thomas D. Carey,age58,isthefounderandManagingDirectorofPerspectiveGroup,LLC,ahumancapitalandexecutivesearchfirmservingthehealthcareindustry.Previously,Mr.CareywasamemberatSpencerStuart,aglobalexecutivesearchfirm,from2010through2015,wherehewasresponsibleforleadingthefirm'sglobaleffortsinprovidingboardservicestocompanieswithinallsegmentsofthehealthcaremarket.PriortoSpencerStuart,Mr.CareywaswithRussellReynoldsAssociatesfrom2001to2010whereheservedasaPartnerandCo-Headofthefirm'sGlobalLifeSciencesPracticeforthethreeyearsprecedinghismovetoSpencerStuart.Priortoenteringthesearchindustry,Mr.Careyservedasaninvestmentbankerandthenchieffinancialofficerofbothprivateandpublichealthcareandinformationtechnologycompanies.Mr.Careyearnedabachelor'sdegreefromtheCollegeoftheHolyCrossandanMBAfromtheKelloggGraduateSchoolofManagementatNorthwesternUniversity.

Mr.CareybringstoourBoardofDirectorsmorethan20yearsofbroadlifesciencesindustryexpertise.HisbackgroundinfinanceandtheexecutivesearchindustryalsoprovidesourBoardofDirectorsavaluableperspectivewithrespecttofinancialstrategy,keyexecutivehiresandotherpersonnel-relatedmatters.


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INFORMATION CONCERNING DIRECTORS AND NOMINEES FOR DIRECTOR KEVIN T. CONROY DIRECTOR SINCE: 2009

CurrentClassofDirector:ICurrentTermExpiration:2022

Kevin T. Conroy,age54,hasservedasourPresidentandChiefExecutiveOfficerandasadirectorsince2009,andasChairmanofourBoardofDirectorssince2014.Mr.ConroyservedaspresidentandchiefexecutiveofficerofThirdWaveTechnologies,Inc.,amoleculardiagnosticscompany,from2005untiltheacquisitionofThirdWavebyHologic,Inc.in2008.HejoinedThirdWavein2004andservedasgeneralcounseluntil2005.PriortojoiningThirdWave,Mr.ConroyheldleadershippositionsatGEHealthcareandpracticedintellectualpropertylawinprivatepractice.Mr.ConroyalsoservesasadirectorofEpizyme,Inc.(Nasdaq:EPZM),AdaptiveBiotechnologiesCorporation(Nasdaq:ADPT)andARYASciencesAcquisitionCorporation(Nasdaq:ARYAU:US).Heearnedabachelor'sdegreeinelectricalengineeringatMichiganStateUniversityandaJDfromtheUniversityofMichigan.

Mr.Conroybringsextensivebusiness,legalandexecutiveleadershipexperiencetoourBoardofDirectors.Withhissignificantknowledgeof,andbreadthofexperiencein,thehealthcareindustryingeneralandthemoleculardiagnosticsindustryandourCompanyinparticular,heprovidesourBoardofDirectorswithavitalunderstandingofourbusinessandindustry.

PIERRE JACQUET DIRECTOR SINCE: 2019


Pierre Jacquet,age53,isViceChairman,GlobalHealthcareManagingDirectorofL.E.K.Consulting.HehasservedinavarietyofleadershiprolesforL.E.K.,includingthefirm'sGlobalLeadershipTeam,theAmericasmanagementcommittee,andvariouspartneroperatingcommitteessince2001.Mr.Jacquethasspentmorethantwodecadesfocusedoncorporatestrategyconsulting,mergerandacquisitionadvisoryservices,andvaluemanagement,bothdomesticallyandinternationally.Aformerphysician,heworkedwithArthurD.Littlefrom1998to2000asamanagerofitspharmaceuticalpracticeandperformedbusinessdevelopmentforGenzymein1997.Duringhismedicalcareer,hewasaFellowattheWashingtonCancerInstitutefrom1993to1996,whereheauthoredover40publicationsandpresentations.PierrehasalsoservedontheAdvisoryBoardofLifeScienceCaressince2017.Mr.JacquetearnedaMasterofBusinessAdministrationfromtheDardenGraduateSchoolattheUniversityofVirginiain1998,wasawardedaDoctorofMedicinewithhighdistinctionin1991,andaDoctorofPhilosophyinbiomedicalsciencesin1996fromtheUniversityofLiègeinBelgium.

Mr.JacquetbringstoourBoardofDirectorsextensivebusinessandmanagerialexperienceinthehealthcareindustryandhisserviceasaphysicianandfellowatanoncologyfocusedmedicalinstituteprovidesvaluableinsighttoourBoardofDirectors.


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INFORMATION CONCERNING DIRECTORS AND NOMINEES FOR DIRECTOR DANIEL J. LEVANGIE DIRECTOR SINCE: 2010


Daniel J. Levangie,age69,isanexperiencedexecutiveandcorporatedirectorwithsenioroperatingexperienceinthefieldofmedicaldevicesandinvitrodiagnostics.Mr.Levangieisco-founderandmanagerofATONPartners,aprivateinvestmentfirm,andChairman,President&CEOofCereVasc,LLC,anearly-stagemedicaldevicecompany.From2013throughJanuary2017,Mr.LevangieservedasPresidentofInsuletDrugDeliverySystems.From2011through2013,Mr.LevangiewaschiefexecutiveofficerofDuneMedicalDevices,Inc.andco-founderandmanagingpartnerofConstitutionMedicalInvestors,Inc.,aBoston-basedprivateinvestmentandproductdevelopmentfirmacquiredbyRocheDiagnosticsCorporationin2013.Priortotheabove,Mr.LevangieheldavarietyofexecutivemanagementpositionswithCytycCorporationuntiltheacquisitionofCytycbyHologic,Inc.in2007.Thesepositionsincludeexecutivevicepresidentandchiefoperatingofficer,chiefexecutiveofficerandpresidentofCytycHealthCorporation,executivevicepresidentandchiefcommercialofficerandpresident,CytycSurgicalProductsDivision.PriortojoiningCytycCorporationin1992,Mr.Levangieheldanumberofsales,marketingandmanagementpositionswithAbbottLaboratories,adiversifiedhealthcarecompany.Mr.LevangieiscurrentlyadirectorofCereVasc,LLC,DuneMedicalDevicesandRenovia,Inc.HepreviouslyservedasadirectorofInsuletCorporation,amedicaldevicecompany(Nasdaq:PODD),Liposcience,Inc.,adiagnosticscompany(formerlyNasdaq:LIPO),ev3,Inc.,amedicaldevicecompany,andHologic,Inc.,adiagnostic,imagingsystemsandsurgicalproductscompany(Nasdaq:HOLX).Mr.LevangieisamemberoftheAdvisoryBoardoftheBarnettInstituteofNortheasternUniversityandisatrusteeofExcelCharterSchool,EastBoston.Mr.Levangieearnedabachelor'sdegreeinpharmacyfromNortheasternUniversity.

Levangiebringsawealthofexecutive,managerialandleadershipexperienceinthehealthcareindustrytoourBoard.Hehassignificantboardofdirectorexperiencefromhisserviceontheboardsofdirectorsofnumerousmedicaldeviceandbiotechnologycompanies.

ANDREW SLAVITT DIRECTOR SINCE: 2019


Andrew Slavitt,age54,isthefounderandGeneralPartnerofTownHallVentures,whichinvestsinhealthcareinnovationsinvulnerablecommunities,apositionhehasheldsince2018.Priortothat,heservedastheActingAdministratorfortheCentersforMedicare&MedicaidServicesfrom2015to2017,andasGroupExecutiveVicePresidentofOptum,UnitedHealthGroup'shealthservicesplatform,from2012to2014.From2006through2011,Mr.SlavittwastheCEOofOptumInsight(formerlyIngenix),aUnitedHealthGroupsubsidiary.HeservesontheBoardofDirectorsofUnitedStatesofCare,anationalnon-profithealththink-tankandadvocacyorganization,isco-chairoftheFutureofHealthcareInitiativeattheBipartisanPolicyCenter,andpreviouslyservedasadirectorofCapellaEducationCompany,aneducationservicescompany(formerlyNasdaq:CPLA).Mr.SlavittreceivedhisMBAfromHarvardBusinessSchoolandbachelorofartsandbachelorofsciencedegreesfromtheUniversityofPennsylvania.

Mr.SlavittbringstoourBoardofDirectorsextensiveexecutiveandleadershipexperienceinthehealthcareindustry.HisleadershipatCentersforMedicare&MedicaidServicesandwithinthehealthcareinsuranceindustryprovidesavaluableperspectivetoourBoard.


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INFORMATION CONCERNING DIRECTORS AND NOMINEES FOR DIRECTOR MICHAEL S.

WYZGA DIRECTOR SINCE: 2015


Michael S. Wyzga,age65,isanindependenthealthcareconsultantandservedasthePresidentandChiefExecutiveOfficerandamemberoftheboardofdirectorsofRadiusHealth,Inc.,abiopharmaceuticalcompanyfocusedondevelopingnewtherapeuticsforthetreatmentofosteoporosisandotherwomen'shealthconditions,fromDecember2011toNovember2013.Priortothat,Mr.WyzgaservedinvariousseniormanagementpositionsatGenzymeCorporation,aglobalbiotechnologycompany.Mr.WyzgajoinedGenzymeinMarch1997andmostrecentlyservedasExecutiveVicePresident,FinancefromMay2003untilNovember2011andasChiefFinancialOfficerfromJuly1999untilNovember2011.Mr.WyzgacurrentlyservesasChairmanoftheBoardofDirectorsofGensightBiologicsS.A.,aclinical-stagebiologicscompany(EPA:SIGHT),ChairmanoftheBoardofDirectorsofX4Pharmaceuticals,abiopharmaceuticalcompany(Nasdaq:XFOR),adirectorofMereoBioPharmaGroupplc,aclinical-stagebiopharmaceuticalcompany(Nasdaq:MREO),andLogiBioTherapeutics,Inc.,abiopharmaceuticalcompany(Nasdaq:LOGC),andpreviouslyservedasadirectorofAkebiaTherapeutics,Inc.(Nasdaq:AKBA),ProsensaHoldingN.V.(formerlyNasdaq:RNA),abiotechnologycompany,andIdenixPharmaceuticals,Inc.(formerlyNasdaq:IDIX),apharmaceuticalcompany.Mr.Wyzgaearnedabachelor'sdegreefromSuffolkUniversityandanMBAfromProvidenceCollege.

Mr.WyzgabringsextensivefinancialandmanagerialexperienceinthebiotechnologyandbiopharmaceuticalindustriestoourBoardofDirectorswithkeyinsightintofinancialandstrategicinitiativesaswellasextensivepubliccompanyboardservicewithinourindustry.

KATHERINE S. ZANOTTI DIRECTOR SINCE: 2009


Katherine S. Zanotti,age65,servedaschiefexecutiveofficerofArbonneInternationalfrom2009until2018.Ms.ZanottialsoservedasChairofNaturalProductsGroup(theholdingcompanyofArbonne,Nature'sGate,andLevlad)from2010until2018whenGroupeRocheracquiredNaturalProductsGroupandArbonneInternational.Arbonneisabotanicallybasedskincare,cosmeticandnutritioncompanymarketedinsevencountries,withrevenueofover$600million.From2002to2006,sheservedasseniorvicepresidentofmarketingatMcDonald'sCorporation.PriortojoiningMcDonald'sMs.ZanottiwasavicepresidentattheProcter&GambleCompanyandmostrecentlyservedasvicepresidentandgeneralmanageroftheNorthAmericanpharmaceuticalbusinessandthecorporatewomen'shealthplatform.Ms.ZanotticurrentlyservesontheBoardofTrusteesofXavierUniversity.Ms.ZanotticurrentlyservesasadirectorofCutera,Inc.,adeveloperofcosmeticandaestheticlaserequipment(Nasdaq:CUTR).ShepreviouslyservedasadirectorofHill-RomHoldings,Inc.,aworldwidemanufacturerandproviderofmedicaltechnologiesandrelatedservices(NYSE:HRC);MentorCorporation,amedicaldevicecompany;AlbertoCulverCompany,apersonalcareproductscompany;andThirdWaveTechnologies,Inc.,amoleculardiagnosticscompany.Ms.Zanottiearnedabachelor'sdegreeineconomicsandstudiofineartsfromGeorgetownUniversityandanMBAwithaconcentrationinmarketingandfinancefromXavierUniversity.

Ms.Zanotti'sextensiveexecutive,managerialandleadershipexperience,includingmanyyearsinthepharmaceuticalindustry,positionsherwelltoserveasamemberofourBoard.HerbusinessacumenandexperienceontheboardsofdirectorsofnumerouscompaniesmakeheravaluableadditiontoourBoardofDirectors.


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INFORMATION CONCERNING EXECUTIVE OFFICERS

INFORMATION CONCERNING EXECUTIVE OFFICERSSetforthbelowisbackgroundinformationrelatingtoourexecutiveofficers.Kevin T. ConroyisdiscussedaboveunderInformation Concerning Directors and Nominees for Director.

JEFFREY T. ELLIOTT

Position: Chief Financial Officer

Jeffrey T. Elliott,age42,hasservedasourChiefFinancialOfficersinceNovember2016.PriortohisappointmentasChiefFinancialOfficer,Mr.ElliottservedastheCompany'sVicePresident,BusinessDevelopmentandStrategy,fromJune2016toNovember2016.PriortojoiningtheCompany,from2007to2016,Mr.ElliottwaswithRobertW.Baird&Co.,wherefromJune2012toJune2016hewasaseniorresearchanalystwhocovereddiagnosticsandlifesciencetoolscompanies.Earlierinhiscareer,Mr.ElliottworkedinasupplychainroleforWalgreensandasaconsultantatCapGeminiErnst&Young.Mr.Elliottearnedabachelor'sdegreeinbusinessadministrationfromtheUniversityofIllinoisatUrbana-ChampaignandanMBAfromtheUniversityofChicagoBoothSchoolofBusiness.Mr.ElliottisaCFAcharterholder.

MARK STENHOUSE

Position: General Manager,Screening

Mark Stenhouse,age53,hasservedasGeneralManager,ScreeningsinceNovember2019andservedasPresident,CologuardfromApril2018untilNovember2019.PriortojoiningtheCompany,Mr.Stenhouseworkedforover25yearsatAbbottLaboratories(NYSE:ABT)andAbbVie,Inc.(NYSE:ABVV),includinginanumberofexecutiveandmanagerialpositionswithinitsU.S.Immunologydivision.Mostrecently,fromOctober2016untilMarch2018,Mr.StenhouseservedasVicePresident,U.S.Immunology,whereMr.StenhousedevelopedAbbVie'sU.S.expansionintotheimmunologymarketplace.FromApril2010untilSeptember2016,Mr.StenhouseservedasVicePresidentandVicePresident/GeneralManager,U.S.Immunology—GastroenterologyFranchise,whereMr.Stenhouseledasuccessfulturnaroundofthefranchise,includingapprovalofHUMIRAfortreatmentofUlcerativeColitis.FromSeptember2006throughMarch2010,Mr.Stenhouseheldvariousseniormanagement,marketingandsalespositionswithinAbbottLaboratories'U.S.Immunologydivision.Mr.Stenhouseearnedabachelor'sdegreeinbusinessadministrationfromCollegeofCharleston.

TORSTEN HOOF

Position: General Manager,International

Torsten Hoof,age60,hasservedasourGeneralManager,InternationalsincetheCompany'sacquisitionofGenomicHealthinNovember2019.Mr.HoofjoinedGenomicHealthinSeptember2017asSeniorVicePresident,International.Mr.HoofpreviouslyservedfromMay2015toMarch2017astheVicePresidentandHeadofOncologyEMEAatBaxalta,wherehebuiltthecompany'soncologypresenceinEurope.FromFebruary2013toOctober2014,Mr.HoofwasalsotheEuropeanGeneralManagerforEndocyte,whereheestablisheditsEuropeanorganizationdesignedtobringaninnovative,precisionmedicinesolutiontopatientswithovariancancer.Duringhis10yearsatBristol-MyersSquibb,heledtheglobalhaemato-oncologyfranchiseandwasEMEAGeneralManagerandVicePresidentforHIVandPrimaryCare.InhiscareerwithRoche,TorstenledtheTamiflulaunchasaGlobalBusinessLeaderandestablishedRoche'sGermanleadershippositioninVirology.TorstenalsoservedasanIndependentDirectoratHRAPharmauntilitsacquisitionbyGoldmanSachsandAstorginFebruary2016.Mr.HoofearnedPhDandmaster'sdegreesfromtheUniversityofHannover,GermanyandisanalumnusoftheBoehringerIngelheimFonds,Germany.


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INFORMATION CONCERNING EXECUTIVE OFFICERS JAKE

ORVILLE

Position: General Manager,Pipeline

Jake Orville,age46,hasservedasourGeneralManager,PipelinesinceNovember2019andservedasSeniorVicePresident,PipelinefromFebruary2019toNovember2019.Mr.Orvillepreviouslyservedasgeneralmanager,Cardiometabolic&EndocrinologyFranchise,QuestDiagnostics,Inc.fromNovember2017toFebruary2018.Mr.Orvilleco-foundedClevelandHeartLab,Inc.inDecember2008andservedasitschiefexecutiveofficerfromDecember2008toNovember2017.EarlierinhiscareerMr.OrvilleservedinleadershipandoperationalrolesatNextGenSciences,Inc.andThirdWaveTechnologies,Inc.Mr.Orvilleearnedabachelor'sdegreefromUniversityofMassachusetts-AmherstandanMBAfromtheUniversityofWisconsin-Madison.

GISELA PAULSEN

Position: General Manager,Precision Oncology

Gisela Paulsen,age54,hasservedasourGeneralManager,PrecisionOncologysinceApril2020.PriortojoiningtheCompany,Ms.PaulsenservedinvariousmanagementrolesatF.Hoffmann-LaRocheLtd.andGenentech,IncsinceNovember2005.SheservedasRocheandGenentech'sSeniorVicePresident,GlobalHead,ProductDevelopment,ClinicalOperationsfromJanuary2018toApril2020,asRocheandGenentech'sVicePresident,GlobalHead,ProductDevelopment,GlobalProductStrategy&Late-StagePortfolioFinancebeginningfromMarch2017toFebruary2018,andasGenentech'sVicePresident,AccessSolutionsfromSeptember2014toFebruary2017.Ms.Paulsenreceivedabachelorofscience,pharmacyandamasterofscience,pharmaceuticsanddrugdeliveryfromUppsalaUniversityinSweden.


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CORPORATE GOVERNANCE PRINCIPLES, BOARD MATTERS AND NON-EMPLOYEE DIRECTOR COMPENSATION

CORPORATE GOVERNANCE PRINCIPLES, BOARD MATTERS AND NON-EMPLOYEE DIRECTORCOMPENSATION

Board Independence

OurBoardofDirectorshasdeterminedthateachofThomasD.Carey,EliCasdin,JamesE.Doyle,PierreJacquet,DanielJ.Levangie,FredaLewis-Hall,KathleenSebelius,MichaelS.WyzgaandKatherineS.ZanottiisanindependentdirectorwithinthemeaningofthedirectorindependencestandardsofTheNASDAQStockMarket,Inc.("NASDAQ").Furthermore,ourBoardofDirectorshasdeterminedthatallofthemembersofourAuditandFinanceCommittee,CompensationandManagementDevelopmentCommittee,CorporateGovernanceandNominatingCommitteeandInnovation,TechnologyandPipelineCommitteeareindependentwithinthemeaningofthedirectorindependencestandardsofNASDAQandtherulesoftheSECapplicabletoeachsuchcommittee.

Executive Sessions of Independent Directors

Executivesessionsofourindependentdirectorsaregenerallyscheduledfollowingeachregularlyscheduledin-personmeetingofourBoardofDirectors.ExecutivesessionsareledbyJamesE.Doyle,ourleadindependentdirector,whoactivelysolicitsotherindependentdirectorsforagendaitemsinadvanceofsuchmeetings.Theindependentdirectorsutilizetheexecutivesessionstodiscuss,amongotheritems,corporatestrategyandplanning,includingsuccessionplanningforourexecutiveofficers.

Board Qualifications

OurCorporateGovernanceandNominatingCommitteeisresponsibleforidentifyingtheappropriatequalifications,skillsandcharacteristicsdesiredofmembersofourBoardofDirectorsinthecontextoftheneedsofthebusinessandthecurrentcompositionandneedsofourBoardofDirectors.

Directorcandidatesareconsideredbaseduponavarietyofcriteria,includingdemonstratedbusinessandprofessionalskillsandexperiencesrelevanttoourbusinessandstrategicdirection,concernforlong-termstockholderinterests,personalintegrityandsoundbusinessjudgment.OurBoardofDirectorsseeksmembersfromdiverseprofessionalbackgroundswhocombineabroadspectrumofrelevantindustryandstrategicexperienceandexpertisethat,inconcert,offerusandourstockholdersdiversityofopinionandinsightintheareasmostimportanttousandourcorporatemission.Inaddition,nomineesfordirectorareselectedtohavecomplementary,ratherthanoverlapping,skillsets.WearecommittedtoactivelyseekingfemaleandminoritycandidatesforthepoolfromwhichBoardcandidatesarechosen.AllcandidatesfordirectornomineemusthavetimeavailabletodevotetotheactivitiesofourBoardofDirectors.OurCorporateGovernanceandNominatingCommitteealsoconsiderstheindependenceofcandidatesfordirectornominee,includingtheappearanceofanyconflictinservingasadirector.CandidatesfordirectornomineeswhodonotmeetallofthesecriteriamaystillbeconsideredfornominationtoourBoardofDirectorsifourCorporateGovernanceandNominatingCommitteebelievesthatthecandidatewillmakeanexceptionalcontributiontousandourstockholders.

Board Leadership Structure

Currently,Mr.ConroyservesasboththeChairmanofourBoardofDirectorsandtheChiefExecutiveOfficeroftheCompany.Ourby-lawspermitthesepositionstobeheldbythesameperson,andourBoardofDirectorsbelievesthatitisinthebestinterestsoftheCompanytoretainflexibilityindeterminingwhethertoseparateorcombinetherolesofChairmanandChiefExecutiveOfficerbasedonourcircumstances.WhileourBoardofDirectorsdoesnothaveaformalpolicyregardingtheseparationoftherolesofChairmanandChiefExecutiveOfficer,ourBoardofDirectorsrecognizesthatoneofitskeyresponsibilitiesistoevaluateanddetermineitsoptimalleadershipstructuresoastoprovideindependentoversightofseniormanagement,ahighlyengagedBoardofDirectors,andtherightbalancebetween(i)effectiveindependentoversightoftheCompany'sbusiness,(ii)ourBoardofDirectors'activitiesand(iii)consistentcorporateleadership.Onatleastanannualbasis,ourCorporateGovernanceandNominatingCommitteereviewsourcorporateleadershipstructure.Aspartofitsmostrecentsuchassessment,theCorporateGovernanceandNominatingCommitteegavethoroughconsiderationtoanumberoffactors,including,butnotlimitedto,theprosandconsofalternativeleadershipstructuresgiventheCompany'scurrentoperatingandgovernanceenvironment,areviewofempiricaldataonthetopic,investorfeedbackandthedynamicsofourBoardofDirectors.

BasedupontheseconsiderationsandtherecommendationoftheCorporateGovernanceandNominatingCommittee,theBoardofDirectorsdeterminedtomaintainourBoardofDirectors'currentleadershipstructurewithMr.ConroyservingasboththeChairmanofourBoardofDirectorsandtheChiefExecutiveOfficeroftheCompany.TheBoardofDirectorsbasedthisdeterminationon(1)Mr.Conroy'sextensiveexperienceinandknowledgeoftheCompany,themoleculardiagnosticsindustryandtheregulatoryenvironment,(2)thehighlyeffectivebridgeMr.Conroy'sserviceprovidesbetweenourBoardofDirectorsandtheCompany'smanagement,(3)Mr.Conroy'scontinuedleadershipandvisionnecessarytoleadourBoardofDirectorsandtheCompanythroughitschallengingindustryandmacroeconomicenvironments,(4)Mr.Conroy'sinvestor-focusedperspectiveand(5)theeffectiveindependentleadershipprovidedontheBoardofDirectorsbyourLeadIndependentDirectorandotherindependentdirectorsaswellasourstandingcommitteeswhichareallcomprisedentirelyofindependentdirectors.

PursuanttoourCorporateGovernanceGuidelines,atanytimethattheCompanydoesnothaveanindependentchairmanoftheBoardofDirectors,theBoardofDirectorsappointsanindependentdirectortoserveasLeadIndependentDirector.TheLeadIndependentDirectoriselectedtoserveaone-yeartermcommencingupontheadjournmentoftheannualmeetingofstockholdersuntiltheadjournmentofthefollowingyear'sannualmeetingofstockholders.OurCorporateGovernanceGuidelinesempowerourLeadIndependentDirectorwithwell-defineddutiesthatarefurthersummarizedbelow.Inaddition,ourBoardofDirectors—whichcurrentlyiscomprisedof82%independentdirectors—exercisesa


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strong,independentoversightfunctionwhichenhancestheaccountabilityoftheseniormanagementteamtoourBoardofDirectorsandprovidesforrobustandimpartialleadershipandaunifiedvoicethatisaccountabletoourstockholders.ThisoversightfunctionisenhancedbythefactthatourAuditandFinance,CompensationandManagementDevelopment,CorporateGovernanceandNominatingandInnovation,TechnologyandPipelineCommitteesarecomprisedentirelyofindependentdirectors.Further,ourBoardofDirectorsmeetingsincluderegularexecutivesessionsoftheindependentdirectorsandanannualevaluationofourCEO'sperformanceagainstpre-determinedgoals.OurBoardofDirectorscanandwillchangeitsleadershipstructureifourBoardofDirectorsdeterminesthatdoingsoisinthebestinterestoftheCompanyanditsstockholders.

Lead Independent Director Duties

» CounseltheCEOonissuesofinterestand/orconcerntotheindependentdirectors

» Coordinate,developtheagendaforandchairexecutivesessionsoftheBoard'sindependentdirectors

» ActasprincipalliaisonbetweentheindependentdirectorsandtheCEOonsensitiveissues

» LeadtheannualCEOreviewprocessandmeetwiththeCEOtodiscusssuchevaluation

» ReviewrecommendationsforretentionofconsultantswhoreportdirectlytotheBoard

» ProvidetheBoard'schairpersonwithinputastothepreparationoftheagendaforBoardmeetings

» AdvisetheBoard'schairpersonastothequantity,qualityandtimelinessoftheflowofinformationfrommanagementtotheindependentdirectors

Corporate Governance Guidelines

OurBoardofDirectorshasapproved,upontherecommendationoftheCorporateGovernanceandNominatingCommittee,asetofCorporateGovernanceGuidelinesunderwhichourBoardofDirectorsanditscommitteesoperate.OurCorporateGovernanceGuidelinesassisttheBoardanditscommitteesintheexerciseoftheirresponsibilitiesandestablishacommonsetofexpectationsandguidelinesinordertoprovideastrongandrobustgovernanceframeworkfortheCompany.Amongothertopics,ourCorporateGovernanceGuidelinesaddressthefollowingmatters:

» BoardEvaluation:OurBoardofDirectorsannuallyconductsaconfidentialperformanceevaluationtodeterminewhetheritanditscommitteesarefunctioningadequatelyandeffectively.Aspartofthisevaluation,eachdirectorcompletesawrittenself-assessmentquestionnairewithavarietyofquestionsdesignedtogathersuggestionsforimprovingtheeffectivenessoftheBoardofDirectorsanditscommitteesandtosolicitfeedbackonarangeofissues,includingBoardcomposition,Boarddynamics,theBoard'srelationshipwithseniormanagement,Boardagendasandmeetings,BoardprocessesandBoardcommittees.

» LimitationonOtherBoardService:CarryingoutthedutiesandfulfillingtheresponsibilitiesasamemberofourBoardofDirectorsrequiresasignificantcommitmentofanindividual'stimeandattention.WhileourBoardofDirectorsdoesnotbelievethatexplicitlimitsonthenumberofotherboardsofdirectorsonwhichdirectorsmayservearecurrentlyappropriate,eachdirectormustnotifytheChairmaninconnectionwithacceptingaseatontheboardofdirectorsofanotherbusinesscorporationsothatthepotentialforconflictsorotherfactorscompromisingsuchdirector'sabilitytoperformhisorherdutiesforourBoardofDirectorsmaybefullyassessed.

» BoardandCommitteeMeetingAttendance:EachmemberoftheBoardisexpectedtomakereasonableeffortstoattendregularlyscheduledmeetingsoftheBoardandtoparticipateintelephoneconferencemeetingsorotherspecialmeetingsoftheBoard.Attendanceandparticipationatmeetingsisanimportantcomponentofthedirectors'dutiesand,assuch,attendanceratesaretakenintoaccountbytheCorporateGovernanceandNominatingCommitteeinconnectionwithassessmentsofdirectorcandidatesforre-nominationasdirectors.

» DirectorOrientationandContinuingEducation:OurCorporateGovernanceandNominatingCommitteehasdevelopedanorientationprogramdesignedtofamiliarizenewdirectorswithourbusinessandstrategicplans,keypoliciesandpractices,principalofficersandmanagementstructure,auditingandcomplianceprocessesandourCodeofBusinessConductandEthics.Inaddition,ourBoardcommitteesmonitorthecontinuingeducationneedsoftheirmembersandrecommendactiontotheBoardwhereappropriate.Further,ourexecutiveofficersareresponsibleforperiodicallyprovidingmaterialsorbriefingsessionsforcontinuingdirectorstoassistthemindischargingtheirduties.

» DirectorAccesstoManagementandAdvisors:Directorshavecompleteaccesstoseniormembersofourmanagement.OurBoardofDirectorsandeachofitscommitteesisauthorizedtorequestthatanyCompanyofficeroremployee,outsidelegalcounsel,independentauditororotherprofessionalretainedbytheCompanytorenderadvicetotheCompany,attendanymeetingoftheBoardorsuchcommittee,orotherwisemeetwithmembersoforadvisorstotheBoardofDirectors.OurBoardofDirectorsandeachcommitteeisauthorizedtoengagelegal,accountingorotheradvisorstoprovideitwithadviceandinformationinconnectionwithcarryingoutitsortheirresponsibilities.


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Management Succession Planning

OurBoardofDirectorsrecognizesthatoneofitsmostimportantdutiesistoensurecontinuityintheCompany'sseniorleadershippositionsbyoverseeingthedevelopmentofexecutivetalentandplanningforthesuccessionofourseniormanagement,includingourChiefExecutiveOfficer.

OurCorporateGovernanceandNominatingCommitteeandCompensationandManagementDevelopmentCommitteereviewandoverseethedevelopmentandimplementationofseniormanagementsuccessionplans.ThesecommitteesperiodicallyreporttotheBoardofDirectorson(i)suchmanagementsuccessionplans,includingrecommendationsandevaluationsofpotentialsuccessorstotheChiefExecutiveOfficerandothermembersofseniormanagementand(ii)anydevelopmentplansforthen-currentmembersofseniormanagement.

Stockholder Engagement

Webelieveeffectivecorporategovernancerequiresregular,constructiveandthoughtfulengagementwithourstockholdersonanumberoftopics,includingoperatingperformance,corporategovernance,long-termstrategy,executivecompensation,corporatesocialresponsibilityandgovernance-relatedissues.OurBoardofDirectors,CEOandseniormanagementteamplayacentralroleinourstockholderengagementstrategyandweregularlyengagestockholdersthroughouttheyearandconsidertheirinput.Inaddition,ourCompensationandManagementDevelopmentCommitteeischargedwithmonitoringandevaluatingtheCompany'sengagementwithstockholderstosolicitfeedbackontheCompany'scompensationphilosophy,structure,programs,practicesandpolicies.

Wesolicitongoingfeedbackfrommajorstockholdersandstriveforcontinuedandrobuststockholderengagementthroughouttheyear.OurBoardofDirectorswelcomesfeedbackonitscorporategovernanceandexecutivecompensationpracticesandpoliciesandbelievesthatcontinuedengagementwithstockholderswillfurtheralignthelong-terminterestsofourBoardofDirectors,theCompany,itsmanagementanditsstockholders.

AssetforthinourCorporateGovernanceGuidelines,acopyofwhichisavailableatwww.exactsciences.com,securityholderswhowishtocommunicatedirectlywithourBoardofDirectors,theindependentdirectorsofourBoardofDirectorsoranyindividualmemberofourBoardofDirectorsmaydosobysendingsuchcommunicationbycertifiedmailaddressedtotheChairmanofourBoardofDirectors,asarepresentativeoftheentireBoardofDirectors,theLeadIndependentDirector,asarepresentativeoftheindependentdirectorsofourBoardofDirectors,ortotheindividualdirectorordirectors,ineachcase,c/oSecretary,ExactSciencesCorporation,441CharmanyDrive,Madison,Wisconsin53719.TheSecretaryreviewsanysuchsecurityholdercommunicationandforwardsrelevantcommunicationstotheaddressee.

Policies Regarding Director Nominations

OurBoardofDirectorshasadoptedapolicyconcerningdirectornominations,acopyofwhichisavailableatwww.exactsciences.com.Setforthbelowisasummaryofcertainprovisionsofthispolicy.

Process for Identifying and Evaluating Director Nominees

OurBoardofDirectorsisresponsibleforselectingnomineesforelectiontoourBoardofDirectorsbyourstockholders.OurBoardofDirectorsdelegatestheselectionprocesstoourCorporateGovernanceandNominatingCommittee,withtheexpectationthatothermembersofourBoardofDirectors,andofmanagement,mayberequestedtotakepartintheprocessasappropriate.Generally,ourCorporateGovernanceandNominatingCommitteeidentifiescandidatesfordirectornomineesinconsultationwithmanagement,throughtheuseofsearchfirmsorotheradvisers,throughtherecommendationssubmittedbyotherdirectorsorstockholdersorthroughsuchothermethodsasourCorporateGovernanceandNominatingCommitteedeemsappropriate.WearecommittedtoactivelyseekingfemaleandminoritycandidatesforthepoolfromwhichBoardcandidatesarechosen.Oncecandidateshavebeenidentified,ourCorporateGovernanceandNominatingCommitteeconfirmsthatthecandidatesmeetthequalificationsfordirectornomineesestablishedbyourCorporateGovernanceandNominatingCommittee.OurCorporateGovernanceandNominatingCommitteemaygatherinformationaboutthecandidatesthroughinterviews,detailedquestionnaires,comprehensivebackgroundchecks,oranyothermeansthatourCorporateGovernanceandNominatingCommitteedeemstobehelpfulintheevaluationprocess.OurCorporateGovernanceandNominatingCommitteethenmeetsasagrouptodiscussandevaluatethequalitiesandskillsofeachcandidate,bothonanindividualbasisandtakingintoaccounttheoverallcompositionandneedsofourBoardofDirectors.Basedontheresultsoftheevaluationprocess,ourCorporateGovernanceandNominatingCommitteerecommendscandidatesforourBoardofDirectors'approvalasnomineesforelectiontoourBoardofDirectors.OurCorporateGovernanceandNominatingCommitteealsorecommendscandidatesforourBoardofDirectors'appointmentstothestandingcommitteesofourBoardofDirectors.

Procedures for Recommendation of Director Nominees by Stockholders

ThepolicyofourCorporateGovernanceandNominatingCommitteeistoconsiderproperlysubmittedstockholderrecommendationsfordirectorcandidates.TosubmitarecommendationtoourCorporateGovernanceandNominatingCommitteefordirectornomineecandidates,astockholdermustmakesuchrecommendationinwritingandinclude:

» thenameandaddressofthestockholdermakingtherecommendation,astheyappearonourbooksandrecords,andofsuchrecordholder'sbeneficialowner,ifany;

» theclassandnumberofsharesofourequitythatareownedbeneficiallyandheldofrecordbysuchstockholderandsuchbeneficialownerincludingall"syntheticequityinstruments"(e.g.,derivatives,swaps,hedges,etc.),votingrights,rightstofees,dividends,orothermaterialrights;


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» adescriptionofthematerialtermsofanyagreements,arrangementsorunderstandings(whetherornotinwriting)enteredintobetweensuchstockholderorsuchbeneficialownerandanyotherpersonforthepurposeofacquiring,holding,disposingorvotingofanysharesofanyclassofourequity;

» thefollowinginformationregardingthedirectornominee:

» thename,age,businessaddressandresidenceaddressofsuchperson;

» theprincipaloccupationoremploymentofsuchperson;and

» theclassandnumberofsharesofourequitythatare,directlyorindirectly,ownedbeneficiallyorheldofrecordbysuchpersonoranyofitsaffiliatesorassociatesincludingall"syntheticequityinstruments"(e.g.,derivatives,swaps,hedges,etc.),votingrights,rightstofees,dividends,orothermaterialrights;

» certainrepresentationsandagreementsofsuchdirectornomineeassetforthindetailinourby-laws;

» whysuchrecommendedcandidatemeetsourcriteriaandwouldbeabletofulfillthedutiesofadirector;

» howtherecommendedcandidatemeetsapplicableindependencerequirementsestablishedbytheSECandNASDAQ;

» arepresentationthatthestockholdergivingthenoticeofrecommendationintendstoappearinpersonorbyproxyattheapplicablemeetingofstockholderstonominatethepersonsnamedinitsnoticeofrecommendation;and

» allotherinformationrelatingtotherecommendedcandidateandtherecommendingstockholderthatwouldberequiredtobedisclosedinsolicitationsofproxiesfortheelectionofdirectorsorisotherwiserequired,ineachcasepursuanttoRegulation14AundertheExchangeActorourby-laws,includingtherecommendedcandidate'swrittenconsenttobeingnamedintheproxystatementasanomineeandtoservingasadirectorifapprovedbyourBoardofDirectorsandelected.

RecommendationsmustbesenttotheChairpersonofourCorporateGovernanceandNominatingCommittee,c/oSecretary,ExactSciencesCorporation,441CharmanyDrive,Madison,Wisconsin53719.TheSecretarymustreceiveanysuchrecommendationfornominationnotlaterthanthecloseofbusinessonthe90thdaynorearlierthanthecloseofbusinessonthe120thdaypriortothefirstanniversaryofthedateoftheproxystatementdeliveredtostockholdersinconnectionwiththeprecedingyear'sannualmeetingofstockholders;provided,however,thatwithrespecttoaspecialmeetingofstockholderscalledbyusforthepurposeofelectingdirectorstoourBoardofDirectors,theSecretarymustreceiveanysuchrecommendationnotearlierthanthe90thdaypriortosuchspecialmeetingnorlaterthanthelaterof(1)thecloseofbusinessonthe60thdaypriortosuchspecialmeetingor(2)thecloseofbusinessonthe10thdayfollowingthedayonwhichapublicannouncementisfirstmaderegardingsuchspecialmeeting.WewillpromptlyforwardanysuchnominationstoourCorporateGovernanceandNominatingCommittee.OnceourCorporateGovernanceandNominatingCommitteereceivesarecommendationforadirectorcandidate,suchcandidatewillbeevaluatedinthesamemannerasothercandidatesandarecommendationwithrespecttosuchcandidatewillbedeliveredtoourBoardofDirectors.

Policy Governing Director Attendance at Annual Meetings of Stockholders

OurpolicyistoschedulearegularmeetingofourBoardofDirectorsonthesamedateasourannualmeetingofstockholdersand,accordingly,directorsareencouragedtobepresentatsuchstockholdermeetings.Withtheexceptionofonedirector,allindividualsservingonourBoardofDirectorsatthetimeofthe2019annualmeeting,attendedthe2019annualmeetingofstockholders.

Code of Business Conduct and Ethics

WehaveinplaceaCodeofBusinessConductandEthics(the"CodeofEthics")thatappliestoallofourdirectors,officersandemployees.TheCodeofEthicsisdesignedtodeterwrongdoingandpromote:

» honestandethicalconduct,includingtheethicalhandlingofactualorapparentconflictsofinterestbetweenpersonalandprofessionalrelationships;

» full,fair,accurate,timelyandunderstandabledisclosureinreportsanddocumentsthatwefilewith,orsubmitto,theSECandinotherpubliccommunicationsthatwemake;

» compliancewithapplicablegovernmentallaws,rulesandregulations;

» thepromptinternalreportingofviolationsoftheCodeofEthicstoanappropriatepersonidentifiedintheCodeofEthics;

» accountabilityforadherencetotheCodeofEthics;and

» anonymousreportingofviolationsoftheCodeofEthicsviareportingmechanismsapprovedbyourAuditandFinanceCommittee.

AcurrentcopyoftheCodeofEthicsisavailableatwww.exactsciences.com.Acopymayalsobeobtained,freeofcharge,fromusuponarequestdirectedtoExactSciencesCorporation,441CharmanyDrive,Madison,Wisconsin53719,attention:InvestorRelations.WeintendtodiscloseanyamendmentstoorwaiversofaprovisionoftheCodeofEthicsbypostingsuchinformationonourwebsiteavailableatwww.exactsciences.comand/orinourpublicfilingswiththeSEC.


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Additional Governance Matters—Corporate Sustainability

Corporatesustainabilityisconsistentwithandsupportsourmissiontoempowerpatientsandthecoloncancercommunitywiththemosteffectivemethodsofdetectiontoeradicatethediseaseandsavelives.Webelievethattoservepatientswell,itisimportanttoalsoactresponsiblyinourrelationshipswithouremployees,ourcommunitiesandtheenvironment.Wearecommittedto:(1)investinginourhumancapital;(2)conductingourbusinesswiththehighestprofessionalandethicalstandards;(3)qualityandthecontinuingeffectivenessofourqualitymanagementsystem;(4)makingiteasyandaffordabletocompleteourtests;(5)andworkingsafelyandbeingenvironmentallyresponsible.Our2019SustainabilityReport,whichoutlinesthesegoalsinfurtherdetailanddescribesoursustainabilitypracticesisavailableathttp://investor.exactsciences.com/investor-relations/corporate-governance/default.aspx.

Our Board of Directors and its Committees

Board of Directors

Ourby-lawsstatethatthenumberofdirectorsconstitutingtheentireBoardofDirectorsshallbedeterminedbyresolutionofourBoardandthatourBoardhastheauthoritytoincreasethenumberofdirectors,fillanyvacanciesonourBoardandtodecreasethenumberofdirectorstoeliminateanyvacancies.ThenumberofdirectorscurrentlyfixedbyourBoardofDirectorsiseleven.

OurBoardofDirectorsisclassifiedintothreeseparateclasses(ClassesI,IIandIII),withoneclassofdirectorsnominatedforelectioneachyear.OurBoardofDirectorsbelievestheclassificationoftheBoardisimportanttoourphilosophyofmanagingandpromotingtheCompany'slong-termgrowth.Giventhehighlycompetitivenatureofourbusinessandthecomplexityandevolutionofthelifesciencesindustrymorebroadly,itcantakeseveralyearstogainarobustunderstandingofourbusinessandstrategy,theCompany'sorganizationandstructure,ourproductsandourindustry.Electingdirectorstoathreeyeartermisintendedtopromotecontinuityandstabilityofstrategyandbusinessdirectionforthelong-terminterestsandexpectationsofourstockholdersandotherstakeholders.

OurBoardofDirectorsmet18timesduringtheyearendedDecember31,2019.Alldirectorsattendedatleast75%oftheaggregateofallmeetingsofourBoardofDirectorsandallcommitteesofourBoardofDirectorsonwhichheorsheservedduring2019.

Committees

OurBoardofDirectorshasstandingAuditandFinance,CompensationandManagementDevelopment,CorporateGovernanceandNominatingandInnovation,TechnologyandPipelineCommittees.OurBoardofDirectorsandeachstandingcommitteeretainstheauthoritytoengageitsownadvisorsandconsultants.EachstandingcommitteehasacharterthathasbeenapprovedbyourBoardofDirectors.Acopyofeachcommitteecharterisavailableatwww.exactsciences.com.Eachcommitteereviewstheappropriatenessofitscharterannuallyoratsuchotherintervalsaseachcommitteedetermines.

ThefollowingtablesetsforththecurrentmembersofeachstandingcommitteeofourBoard:

Chair Member

NAME AUDIT AND FINANCE

COMPENSATION AND MANAGEMENT

DEVELOPMENT

CORPORATE GOVERNANCE AND

NOMINATING

INNOVATION, TECHNOLOGY AND

PIPELINE

ThomasD.Carey

EliCasdin

JamesE.Doyle

PierreJacquet

DanielJ.Levangie

FredaLewis-Hall

KathleenG.Sebelius

AndrewSlavitt

MichaelS.Wyzga

KatherineS.Zanotti


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Thefollowingsummarizesthemembershipofeachcommittee,aswellastheprimaryrolesandresponsibilitiesofeachcommitteeandthenumberoftimeseachcommitteemetin2019.

AUDITANDFINANCE

COMMITTEE NUMBER OF MEETINGS IN 2019: 7

MEMBERS

» Mr.Wyzga(Chair)

» Mr.Casdin

» Mr.Jacquet

AMONGOTHERTHINGS,OURAUDITANDFINANCECOMMITTEE:

» MaintainsresponsibilityforassistingourBoardofDirectorsinfulfillingitsoversightresponsibilitieswithrespecttofinancialreportsandotherfinancialinformation.

» Reviews,monitorsandreportstoourBoardofDirectorsontheadequacyoftheCompany'sfinancialreportingprocessandsystemofinternalcontrolsoverfinancialreporting.

» Selects,evaluatesandreplacestheindependentauditorandservesasultimateauthoritytowhichindependentauditorsareaccountable.

» OverseestheCompany'sinternalauditdepartment,includingtheappointment,replacementordismissalofthedirectorofinternalauditandtheinternalauditdepartment'sactivities,includingallissuedinternalauditreports,majorfindingsandupdatesonremediationofpastfindings.

» Inconsultationwithmanagement,periodicallyreviewstheadequacyoftheCompany'sdisclosurecontrolsandproceduresandapprovesanysignificantchangesthereto.

» AdvisesandconsultswithmanagementconcerningplansandobjectivesfortheCompany'scapitalization,includingthestructureandamountofdebtandequityrequiredtomeettheCompany'sfinancingneeds.

» Reviewsandevaluatessignificantcapitalexpenditures,mergers,acquisitions,divestitures,jointventuresandothersignificanttransactions.

» Regularlydiscusseswithmanagement,CompanylegalcounselandtheinternalauditdepartmenttheCompany'smajorriskexposures,theirpotentialfinancialimpactontheCompany,andthestepstakentomonitorandcontrolthoserisks,andreviewswithmanagementannuallyasummaryoflegalandregulatorycompliancemattersandriskmanagementactivities.

» ProvidestheAuditandFinanceCommitteereportforinclusioninourproxystatementforourannualmeetingofstockholders.

» Recommends,establishesandmonitorsproceduresforthereceipt,retentionandtreatmentofcomplaintsrelatingtoaccounting,internalaccountingcontrolsorauditingmattersandthereceiptofconfidential,anonymoussubmissionsbyemployeesofconcernsregardingquestionableaccountingorauditingmatters.

OurBoardofDirectorshasdeterminedthateachmemberofourAuditandFinanceCommitteeisindependentwiththemeaningoftheNASDAQdirectorindependencestandardsandapplicablerulesoftheSECforauditcommitteemembers.OurBoardofDirectorshasalsodeterminedthateachofMr.CasdinandMr.Wyzgaqualifiesasan"auditcommitteefinancialexpert"undertherulesoftheSEC.


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COMPENSATIONANDMANAGEMENTDEVELOPMENTCOMMITTEE

NUMBER OF MEETINGS IN 2019: 6

MEMBERS

» Ms.Zanotti(Chair)

» Mr.Doyle

» Mr.Levangie

AMONGOTHERTHINGS,OURCOMPENSATIONANDMANAGEMENTDEVELOPMENTCOMMITTEE:

» DischargestheresponsibilitiesofourBoardofDirectorsrelatingtothecompensationofourexecutiveofficers.

» EvaluatesandrecommendstoourBoardofDirectorsappropriatecompensationfortheCompany'sindependentdirectors.

» OverseestheCompany'sproceduresforconsiderationanddeterminationofexecutiveanddirectorcompensation.

» Reviewsandapprovesallexecutivecompensation.

» AdministersandimplementstheCompany'sincentivecompensationplansandequity-basedplans.

» Reviews,monitorsandoverseestheCompany'semployeebenefitplans.

» Overseessuccessionplanningforexecutivemanagementandreviewstheperformance,potential,developmentandretentionofcurrentandfutureexecutivemanagementandtheorganizationalcapabilitytomeetshort-andlong-termstrategicobjectives.

» ReviewsandrecommendstheCompensationDiscussion&Analysisforinclusioninourproxystatementforourannualmeetingofstockholders.

» ProvidesourCompensationandManagementDevelopmentCommitteeReportforinclusioninourproxystatementforourannualmeetingofstockholders.

EachmemberofourCompensationandManagementDevelopmentCommitteeisanon-employeedirectorasdefinedinRule16b-3oftheExchangeAct.OurBoardofDirectorshasdeterminedthateachmemberofourCompensationandManagementDevelopmentCommitteeisalsoanindependentdirectorwithinthemeaningofNASDAQ'sdirectorindependencestandardsandapplicableSECrules.

CORPORATEGOVERNANCEAND

NOMINATINGCOMMITTEE


MEMBERS

» Mr.Carey(Chair)

» Mr.Doyle

» Ms.Sebelius

AMONGOTHERTHINGS,OURCORPORATEGOVERNANCEANDNOMINATINGCOMMITTEE:

» RecommendstoourBoardofDirectorspersonstoserveasmembersofourBoardofDirectorsandasmembersofandchairpersonsforthecommitteesofourBoardofDirectors.

» Considerstherecommendationsofcandidatestoserveasdirectorssubmittedfromourstockholders.

» AssistsourBoardofDirectorsinevaluatingtheperformanceofourBoardofDirectorsandourBoardcommittees.

» AdvisesourBoardofDirectorsregardingtheappropriateboardleadershipstructurefortheCompany.

» ReviewsandmakesrecommendationstoourBoardofDirectorsoncorporategovernancematters.

» ReviewsthesizeandcompositionofourBoardofDirectorsandrecommendstoourBoardofDirectorsanychangesitdeemsadvisable.

OurBoardofDirectorshasdeterminedthateachmemberofourCorporateGovernanceandNominatingCommitteeisanindependentdirectorwithinthemeaningoftheNASDAQdirectorindependencestandardsandapplicablerulesoftheSEC.


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INNOVATION,TECHNOLOGYANDPIPELINECOMMITTEE


MEMBERS

» Mr.Levangie(Chair)

» Mr.Casdin

» Mr.Jacquet

» Ms.Sebelius

AMONGOTHERTHINGS,OURINNOVATION,TECHNOLOGYANDPIPELINECOMMITTEE:

» InteractswithmanagementandexternaladvisorstodevelopinsightsandrecommendationsregardingtheCompany'sapproachtopipelinedevelopmentandtechnicalandcommercialinnovation,including:

» MaintainingalignmentbetweenstrategiccommercialobjectivesandtheCompany'sproductdevelopmentpipeline;

» Assistingmanagementinidentification,evaluationandoversightofappropriatepipeline,technologyandproductdevelopmentinvestments;

» WorkingwithmanagementtoprioritizemedicalandclinicaltechnologyneedsthatcaneffectivelybeaddressedbytheCompany;

» Development,oversightandreviewofkeyproductdevelopmentandothertechnicalpersonnel;and

» Assessmentofnewandexistingintellectualpropertyassetsandrisks.

» Supportstherecruitmentanddevelopmentof,andinteractionwith,theCompany'sscientificadvisoryboard.

» Providesanearlyassessmentof,andactsasasoundingboardtomanagementwithregardto,mergerandacquisitionopportunitiesthatwouldexpandtheCompany'spipelineorproduct/serviceofferings.

» ProvidesfeedbackandinputregardingtheCompany'sdevelopmentofinnovativenewbusinessmodels,strategiesandtactics.

OurBoardofDirectorshasdeterminedthateachmemberofourInnovation,TechnologyandPipelineCommitteeisanindependentdirectorwithinthemeaningoftheNASDAQdirectorindependencestandardsandapplicablerulesoftheSEC.

Compensation and Management Development Committee Interlocks and Insider Participation

JamesE.Doyle,DanielJ.Levangie,KatherineS.ZanottiandEliCasdinservedonourCompensationandManagementDevelopmentCommitteein2019.NoneofthedirectorswhoservedonourCompensationandManagementDevelopmentCommitteein2019haseverservedasoneofouremployeesorofficers.During2019,noneofourexecutiveofficersservedasadirectorormemberofacompensationcommittee(orothercommitteeperformingsimilarfunctions)ofanyotherentityofwhichanexecutiveofficerservedonourBoardofDirectorsorCompensationandManagementDevelopmentCommittee.

Role of our Board of Directors in Risk Oversight

OurBoardofDirectorsadministersitsriskoversightfunctiondirectlyandthroughourAuditandFinanceCommitteeandourCompensationandManagementDevelopmentCommittee.OurAuditandFinanceCommitteeregularlydiscusseswithmanagement,CompanylegalcounselandtheinternalauditdepartmenttheCompany'smajorriskexposures,theirpotentialfinancialimpactontheCompany,andthestepstakentomonitorandcontrolthoserisksandreviewswithmanagementannuallyasummaryoflegalandregulatorycompliancemattersandriskmanagementactivities,includinganinsurancereview,areviewofmanagement'sprecautionaryplansfordisasterprotection,andareviewoftheCompany'spoliciesandprocedureswithrespecttocybersecuritythreatsandrelatedissues.Additionally,ourAuditandFinanceCommitteeoverseestheprocessbywhichtheBoardisinformedregardingthelegalandregulatorycompliancerisksfacingtheCompanyandcoordinateswiththeCompany'slegalcounseltoensuretheBoardreceivesregularlegalandregulatorycomplianceupdatesfrommanagement.OurAuditandFinanceCommitteealsoreviewsregulatoryinvestigations(includingfindingsthereof)aswellasanyallegedsignificantviolationsoflaws,regulationsorCompanypolicies,includingtheCompany'sCodeofBusinessConductandEthicsandtheCompany'sCodeofConductonInteractionwithHealthCareProfessionals,andreportssuchfindingstotheBoardasneeded.OurCompensationandManagementDevelopmentCommittee,togetherwithmanagement,hasreviewedtheCompany'scompensationpoliciesandpracticesandconcludedthatsuchpoliciesandpracticesdonotcreaterisksthatarereasonablylikelytohaveamaterialadverseeffectontheCompany.


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Cybersecurity and Data Protection Risk Management

Protectingtheprivacyofourpatients'andemployees'informationandthesecurityofoursystemsandnetworkshaslongbeenandwillcontinuetobeapriorityforExactSciencesandourBoardofDirectors.Wehavetechnical,administrativeandphysicalsafeguardsinplacetohelpprotectagainstunauthorizedaccessto,useordisclosureofpatientandemployeeinformationanddatawecollectandstore.Inaddition,ourcomprehensiveinformationsecurityprogramincludes,amongotheraspects,vulnerabilitymanagement,antivirusandmalwareprotection,fileintegritymonitoring,encryptionandaccesscontrol.

ConsistentwithourBoardofDirectors'riskmanagementandoversightstructure,ourAuditandFinanceCommitteehasprimaryresponsibilityforoverseeingourriskmanagementpractices,programs,policiesandproceduresrelatedtodataprivacy,dataprotectionandnetworksecurity.ManagementprovidesourAuditandFinanceCommitteeandourBoardofDirectorswithupdatesaboutcybersecuritypractices,programs,policiesandproceduresandthestatusofprojectsdesignedtostrengtheninternalcybersecurityanddataprotection.OurBoardofDirectorsandourAuditandFinanceCommitteealsodiscusspotentialcybersecurityanddataprotectionthreats.

Director Compensation

Compensation Policy for Non-Employee Directors

Wemaintainacompensationpolicyforournon-employeedirectors(the"DirectorCompensationPolicy")thatisintendedtoenableustoattractandretain,onalonger-termbasis,high-qualifiednon-employeedirectors.TheDirectorCompensationPolicyissupportedbyanannualbenchmarkingexerciseconductedbyRadford,anAonConsultingCompany("Radford"),theCompany'sindependentexecutivecompensationconsultant,whichpositionsthecashandequitycompensationpaidtoournon-employeedirectorsatthemarketmedianofapeergroupthatisreviewedannually.Forinformationregardingthepeergroup,whichisthesamepeergroupusedinconnectionwiththedeterminationofexecutivecompensation,see"Compensation And OtherInformation Concerning Named Executive Officers"beginningonpage29.

UndertheDirectorCompensationPolicy,onthedateofthe2019annualstockholdersmeeting,eachnon-employeedirectorwhocontinuedtoserveasadirectorfollowingsuchmeetingwaspaidanannualcashretainerasfollows:

Inlieuofcash,eachnon-employeedirectormayelecttoreceivesharesofCompanycommonstockhavinganequivalentdollarvalue.

InApril2020,inresponsetotherapidlyevolvingimpactoftheCOVID-19pandemic,theBoardofDirectorsamendedtheDirectorCompensationPolicytoprovidethattheannualcashretainerforBoardservicewouldnotbepaidfortheserviceperiodcommencingonthedateofthe2020AnnualMeeting.

Inaddition,non-employeedirectorsarepaidcashcompensationof$1,500permeetinginatypicalcircumstanceswhen(1)ourBoardofDirectorsoranycommitteehasmetmorethan10timesperyearor(2)ourBoardofDirectorscreatesaspecialcommittee.Further,membersofourInnovation,Technology&PipelineCommitteereceiveanadditionalcashpaymentof$5,000perfull-day,on-site,specialworkingmeeting(ofwhichitisanticipatedthattwosuchmeetingsperyearwilltakeplace).

UndertheDirectorCompensationPolicy,onthedateofeachannualstockholdersmeeting,eachnon-employeedirectorwhoiscontinuingtoserveasadirectorfollowingsuchmeetingisalsograntedrestrictedstockordeferredstockunitshavingavalueof$250,000withthenumberofsharesofrestrictedstockordeferredstockunitstobeissuedbeingdeterminedbasedontheclosingpriceoftheCompany'scommonstockonthegrantdate.Inaddition,iftheBoardchairisindependentandsuchBoardchairwillcontinueasBoardchairfollowingthedateoftheannualmeeting,suchBoardchairwillbegrantedanadditionalannualrestrictedstockordeferredstockunitawardhavingavalueof$15,000.Theseannualequitygrantsarescheduledtovestupontheearlierofthefirstanniversaryofthegrantdateorthedateofthenextannualstockholders

BOARD MEMBER COMPENSATION ANNUAL RETAINER ($) LeadIndependentDirector 75,000Director 50,000

COMMITTEE CHAIRPERSON COMPENSATION ANNUAL RETAINER ($) AuditandFinanceCommittee 25,000CompensationandManagementDevelopmentCommittee 20,000CorporateGovernanceandNominatingCommittee 13,000Innovation,Technology&PipelineCommittee 13,000

COMMITTEE MEMBER COMPENSATION ANNUAL RETAINER ($) AuditandFinanceCommittee 12,500CompensationandManagementDevelopmentCommittee 10,000CorporateGovernanceandNominatingCommittee 6,500Innovation,Technology&PipelineCommittee 6,500


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meeting;provideduponthedeathofadirector,suchdirector'sawardsvestinfull;uponadirector'sceasingtoserveforanyotherreason,suchdirector'sawardsvestproratabasedonthenumberofdayssincethegrantdate;anduponachangeofcontrol,allawardsvestinfull.

UndertheDirectorCompensationPolicy,ifadirectoriselectedorappointedtoourBoardofDirectorsotherthanonthedateoftheCompany'sannualmeetingofstockholders,suchdirector'sannualcashandequitycompensationasdescribedabove,fortheperiodbetweenthedateofsuchelectionorappointmentandthedateoftheCompany'snextannualmeetingofstockholders,willbegrantedinaprorataamountonthedateofsuchannualmeetingtoreflectthedateofsuchdirector'selectionorappointmentandthedateoftheCompany'sfollowingannualmeetingofstockholders.ThenumberofsharesofrestrictedstockordeferredstockunitstobeissuedtothedirectorbasedontheforegoingproratacompensationisdeterminedbasedontheclosingpriceoftheCompany'scommonstockonthedateofsuchdirector'sappointment,andsuchsharesofrestrictedstockordeferredstockunitsarefullyvestedupongrant.

UponhisorherinitialelectiontoourBoardofDirectors,anewdirectorreceivessharesofrestrictedstockordeferredstockunitshavingavalueequalto$375,000basedontheclosingsalepriceofourcommonstockonthedateofgrant.Suchsharesofrestrictedstockordeferredstockunitsvestinthreeequalannualinstallments.

TheExactSciencesCorporation2019OmnibusLong-TermIncentivePlan(the"2019Plan")establisheslimitsontheawardsissuabletoournon-employeedirectors.Underthe2019Plan,themaximumvalueofallawardsgrantedtoanon-employeedirector,takentogetherwithallcashfeespaidtosuchnon-employeedirectorunderanyotherequitycompensationplanoftheCompanyoranaffiliateinagivencalendaryear,maynotexceed$600,000(calculatingthevalueofanyequitycompensationplanawardsbasedonthegrantdatefairmarketvalueforfinancialreportingpurposes).However,awardsgrantedtonon-employeedirectorsupontheirinitialelectiontotheBoardofDirectorsortheboardofdirectorsofanaffiliatewillnotbecountedtowardsthislimit,andcertainotherlimitedexceptionsmayapply.

Theforegoingcompensationisinadditiontoreimbursementofallout-of-pocketexpensesincurredbydirectorsinattendingmeetingsofourBoardofDirectors.

PriortohisappointmenttotheBoardofDirectorsinJuly2019,theCompanywaspartytoaconsultingagreementwithAndrewSlavittpursuanttowhichheprovidedcertainadvisoryservices.Inaccordancewiththeagreement,Mr.Slavittwaspaidconsultingfeestotaling$105,000in2019.

Non-Employee Director Compensation in 2019

Thefollowingtableprovidescompensationinformationfortheone-yearperiodendedDecember31,2019foreachnon-employeememberofourBoardofDirectors.NomemberofourBoardemployedbyusreceivesseparatecompensationforservicesrenderedasamemberofourBoard.FredaLewis-HalldidnotjoinourBoardofDirectorsuntilApril22,2020andthusreceivednocompensationintheone-yearperiodendedDecember31,2019.

NAME

FEES EARNED OR PAID IN CASH

($)

STOCK AWARDS

($)

ALL OTHER COMPENSATION

($) TOTAL

($) ThomasD.Carey 69,000 250,023 — 319,023EliCasdin 75,000 250,023 — 325,023JamesE.Doyle 97,500 250,023 — 347,523PierreJacquet 69,000 625,000 — 694,000DanielJ.Levangie 79,000 250,023 — 329,023KathleenSebelius 87,855 723,638 — 811,493AndrewSlavitt 50,000 625,000 105,000 780,000MichaelS.Wyzga 81,000 250,023 — 331,023KatherineS.Zanotti 76,000 250,023 — 326,023

(1)(2)

(2) (3)(2)(2)(4) (5)

(3) (6)(2)

Theamountsshowninthiscolumnindicatethegrantdatefairvalueofstockoroptionawards,respectively,computedinaccordancewithFASBASCTopic718.Generally,thegrantdatefairvalueistheamountthatwewouldexpenseinourfinancialstatementsovertheaward'svestingschedule.Foradditionalinformationregardingtheassumptionsmadeincalculatingtheseamounts,seetheNotestoouraudited,consolidatedfinancialstatementsincludedinourAnnualReportonForm10-Kfor2019.Theseamountsreflectouraccountingexpensefortheseawardsanddonotcorrespondtotheactualvaluethatwillberecognizedbythedirectors.

(1)


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AsofDecember31,2019,thenon-employeemembersofourBoardofDirectorsheldunexercisedstockoptionsandunvestedsharesofrestrictedstock,RSUsanddeferredstockunitsasfollows:

NAME

NUMBER OF SECURITIES

UNDERLYING UNEXERCISED

OPTIONS

UNVESTED SHARES OF

RESTRICTED STOCK,RESTRICTED STOCK UNITS

AND DEFERRED STOCK UNITS

ThomasD.Carey 15,620 2,155EliCasdin 10,100 2,155JamesE.Doyle 18,477 2,155PierreJacquet — 5,387DanielJ.Levangie 9,865 2,155KathleenSebelius — 6,374AndrewSlavitt — 5,387MichaelS.Wyzga 10,108 2,155KatherineS.Zanotti 25,637 2,155

PertheelectionofthedirectorandinaccordancewiththeDirectorCompensationPolicy,100%oftheannualcashretainerwaspaidinsharesofCompanycommonstockhavinganequivalentdollarvalue.

Includes$374,976.64ofstockawardsissuedtotherecipientupontherecipient'sinitialelectiontotheBoardofDirectorsatthetimeofthe2019AnnualMeeting,issuedinaccordancewiththeDirectorCompensationPolicy

Includes$24,854.79incashfeesearnedfortheperiodbetweenthedateofMs.Sebelius'appointmenttotheBoardofDirectorsandthe2019AnnualMeetingofStockholders,paidinaccordancewiththeDirectorCompensationPolicy.

Includes(i)$374,984.72ofstockawardsissuedtoMs.SebeliusuponMs.Sebelius'appointmenttotheBoardofDirectorsinMarch2019,issuedinaccordancewiththeDirectorCompensationPolicyand(ii)$98,630.14ofstockawardsearnedfortheperiodbetweenthedateofMs.Sebelius'appointmenttotheBoardofDirectorsandthe2019AnnualMeetingofStockholders,paidinaccordancewiththeDirectorCompensationPolicy.

RepresentsconsultingfeesthatMr.SlavittreceivedpursuanttoaconsultingagreementpriortohisappointmenttotheBoardofDirectorsinJuly2019.

(2)

(3)

(4)

(5)

(6)


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PROPOSAL 2—RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

PROPOSAL 2—RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTINGFIRM

WHAT YOU ARE VOTING ON:WeareaskingourstockholderstoratifytheappointmentofPricewaterhouseCoopers,LLPasourindependentregisteredpublicaccountingfirmfor2020.

TheAuditandFinanceCommitteeoftheBoardofDirectorshasappointedPricewaterhouseCoopers("PWC")asourindependentregisteredpublicaccountingfirmforthefiscalyearendingDecember31,2020.PWCwasselectedasourindependentregisteredpublicaccountingfirmforthefiscalyearendingDecember31,2020followingcompletionofacompetitiveprocesstoselectafirmconductedbytheAuditandFinanceCommittee.Asaresultofthisprocess,onMarch4,2020theAuditandFinanceCommitteedismissedBDOUSA,LLP("BDO")astheCompany'sindependentregisteredpublicaccountingfirmeffectiveimmediately.PWCwasengagedastheCompany'sindependentregisteredpublicaccountingfirmonMarch4,2020.

ThereportsofBDOonthefinancialstatementsoftheCompanyforthepasttwofiscalyearscontainednoadverseopinionordisclaimerofopinionandwerenotqualifiedormodifiedastouncertainty,auditscopeoraccountingprinciples.Duringthetwomostrecentfiscalyears,therewere:(1)nodisagreementsbetweentheCompanyandBDOonanymatterofaccountingprinciplesorpractices,financialstatementdisclosureorauditingscopeorprocedure,whichdisagreements,ifnotresolvedtothesatisfactionofBDO,wouldhavecausedBDOtomakereferencetothesubjectmatterofthedisagreementintheirreportsonthefinancialstatementsforsuchyears,and(2)no"reportableevents"asthattermisdefinedinItem304(a)(1)(v)ofRegulationS-K.ArepresentativeofBDOisnotexpectedtobepresentatthe2020AnnualMeeting.

During2018and2019,theCompanydidnotconsultwithPWCregarding(1)theapplicationofaccountingprinciplestoaspecifiedtransactionortransactions,eithercompletedorproposed,orthetypeofauditopinionPWCmightrenderontheCompany'sfinancialstatementsor(2)anymatterthatwaseitherthesubjectofadisagreement,asthattermisdefinedinItem304(a)(1)(iv)ofRegulationS-KandtherelatedinstructionstothatItem,ora"reportableevent"asthattermisdefinedinItem304(a)(1)(v)ofRegulationS-K.

ArepresentativeofPWCisexpectedtobepresentatthe2020AnnualMeeting.Inadditiontohavingtheopportunitytomakeastatement,thePWCrepresentativewillbeavailabletorespondtoanyappropriatequestions.

Vote Required for Approval

Ratificationoftheappointmentofourindependentregisteredpublicaccountingfirmrequirestheaffirmativevoteofamajorityofthesharespresentorrepresentedatthe2020AnnualMeeting,inpersonorbyproxy,andvotingonsuchratification.IfourstockholdersfailtoratifytheselectionofPWCastheindependentregisteredpublicaccountingfirmfor2020,ourAuditandFinanceCommitteewillreconsiderwhethertoretainthatfirm.Eveniftheselectionisratified,ourAuditandFinanceCommitteemay,initsdiscretion,directtheappointmentofadifferentindependentregisteredpublicaccountingfirmatanytimeduringtheyear.

Board Recommendation


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CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONSOtherthanasdescribedbelowandcompensationagreementsandotherarrangementswhicharedescribedin"Compensation And Other Information Concerning Named Executive Officers"beginningonpage29,in2019therewasnot,andthereisnotcurrentlyproposed,anytransactionorseriesofsimilartransactionstowhichwewereorwillbeapartyinwhichtheamountinvolvedexceededorwillexceed$120,000inwhichanydirector,executiveofficer,holderoffivepercentormoreofanyclassofourcapitalstockoranymemberoftheirimmediatefamilyhadorwillhaveadirectorindirectmaterialinterest.

Atvarioustimes,includingin2019,theCompanyhasengagedPerspectiveGroupLLC,anexecutivesearchfirminwhichThomasCarey,amemberofourBoardofDirectors,ismajorityowner,toperformcertainexecutivesearches.Underthetermsoftheengagement,theCompanypaidPerspectiveGroupapproximately$100,000offeesduringtheyearendedDecember31,2019,whichwaslessthan5%ofthePerspectiveGroup'saggregaterevenuefortheyearendedDecember31,2019.Pursuanttothisengagement,theCompanyexpectstopayPerspectiveGroupapproximately$190,000offeesduringtheyearendedDecember31,2020.

PierreJacquet,amemberofourBoardofDirectors,isViceChairman,GlobalHealthcareandManagingDirectorofL.E.K.Consulting,LLC.Atvarioustimes,includingin2019,theCompanyhasengagedL.E.K.toperformstrategicconsultingservices.UnderthetermsoftheCompany'sengagementswithL.E.K.,theCompanypaidL.E.K.approximately$1,811,000offeesduringtheyearendedDecember31,2019,whichwaslessthan5%ofL.E.K.'saggregaterevenuefortheyearendedDecember31,2019.Pursuanttothisengagement,theCompanyexpectstopayL.E.K.approximately$525,000offeesduringtheyearendedDecember31,2020.

OurBoardofDirectorshasadoptedawrittenpolicywithregardtorelatedpersontransactions,whichsetsforthourproceduresandstandardsforthereview,approvalorratificationofanytransactionrequiredtobereportedinourfilingswiththeSECorinwhichoneofourexecutiveofficersordirectorshasadirectorindirectmaterialfinancialinterest,withlimitedexceptions.OurpolicyisthatourAuditandFinanceCommitteeshallreviewthematerialfactsofallrelatedpersontransactions(asdefinedintherelatedpersontransactionapprovalpolicy)andeitherapproveordisapproveoftheentryintoanyrelatedpersontransaction.IntheeventthatobtainingtheadvanceapprovalofourAuditandFinanceCommitteeisnotfeasible,ourAuditandFinanceCommitteeshallconsidertherelatedpersontransactionand,ifourAuditandFinanceCommitteedeterminesittobeappropriate,mayratifytherelatedpersontransaction.Indeterminingwhethertoapproveorratifyarelatedpersontransaction,ourAuditandFinanceCommitteewilltakeintoaccount,amongotherfactorsitdeemsappropriate,whethertherelatedpersontransactionisontermscomparabletothoseavailablefromanunaffiliatedthird-partyunderthesameorsimilarcircumstancesandtheextentoftherelatedperson'sinterestinthetransaction.


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INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMThefollowingtablesetsforththeaggregatefeesbilledorexpectedtobebilledbyBDOfor2019and2018forauditandnon-auditservices,including"out-of-pocket"expensesincurredinrenderingtheseservices.Thenatureoftheservicesprovidedforeachcategoryisdescribedfollowingthetable.

Pre-Approval Policies and ProceduresOurAuditandFinanceCommitteehasadoptedapolicythatrequiresthatallservicestobeprovidedbytheCompany'sindependentpublicaccountingfirm,includingauditservicesandpermittednon-auditservices,tobepre-approvedbyourAuditandFinanceCommittee.OurAuditandFinanceCommitteepre-approvedallauditandpermittednon-auditservicesprovidedbyBDOduring2019pursuanttothispolicy.

Fee Category 2019 2018 AuditFees $ 2,008,111 $ 841,722Audit-RelatedFees 27,540 21,828TaxFees — —AllOtherFees 22,917 —Total $ 2,058,568 $ 863,550

(1)

(2)

(3)

Auditfeesincludefeesforprofessionalservicesrenderedfortheauditofourconsolidatedannualstatements,quarterlyreviews,consentsandassistancewithandreviewofdocumentsfiledwiththeSEC.AuditfeesalsoincludefeesforprofessionalservicesrenderedforstatutoryauditsperformedbyBDO'sinternationalaffiliates.

Audit-relatedfeesincludefeesforprofessionalservicesrenderedfortheauditofour401(k)Plan.

AllotherfeesincludefeesforprofessionalservicesrenderedinconnectionwithcertainconsultingprojectsundertakenbytheCompany.

(1)

(2)

(3)


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REPORT OF THE AUDIT AND FINANCE COMMITTEE

REPORT OF THE AUDIT AND FINANCE COMMITTEETheAuditandFinanceCommitteeiscomprisedofEliCasdin,PierreJacquetandMichaelS.Wyzga.NoneofthemembersoftheAuditandFinanceCommitteeisanofficeroremployeeoftheCompany,andtheBoardofDirectorshasdeterminedthateachmemberoftheAuditandFinanceCommitteemeetstheindependencerequirementspromulgatedbyTheNASDAQStockMarketandtheSEC,includingRule10A-3(b)(1)undertheExchangeAct.

TheAuditandFinanceCommitteeoverseestheCompany'sfinancialreportingprocessonbehalfoftheBoardofDirectors.Managementhastheprimaryresponsibilityforthefinancialstatementsandthereportingprocess,includingthesystemsofinternalcontrolsandthecertificationoftheintegrityandreliabilityoftheCompany'sinternalcontrolsprocedures.Infulfillingitsoversightresponsibilities,theAuditandFinanceCommitteehasreviewedtheCompany'sauditedconsolidatedbalancesheetsatDecember31,2019and2018andtherelatedconsolidatedstatementsofoperations,comprehensiveloss,stockholders'equityandcashflowsforeachofthethreeyearsintheperiodendedDecember31,2019,andhasdiscussedthemwithbothmanagementandBDOUSA,LLP("BDO"),theCompany'sformerindependentregisteredpublicaccountingfirm.TheAuditandFinanceCommitteehasalsodiscussedwiththeindependentregisteredpublicaccountingfirmthemattersrequiredtobediscussedbytheAuditingStandardNo.1301,Communications with Audit Committees,asadoptedbythePublicCompanyAccountingOversightBoard.TheAuditandFinanceCommitteehasreviewedpermittedservicesunderrulesoftheSECascurrentlyineffectanddiscussedwithBDOtheirindependencefrommanagementandtheCompany,includingthemattersinthewrittendisclosuresandtheletterfromtheindependentregisteredpublicaccountingfirmrequiredbytheapplicablerequirementsofthePublicCompanyAccountingOversightBoardregardingtheindependentaccountant'scommunicationswiththeAuditandFinanceCommitteeconcerningindependence.TheAuditandFinanceCommitteehasalsoconsideredanddiscussedthecompatibilityofnon-auditservicesprovidedbyBDOwiththatfirm'sindependence.

Basedonitsreviewoftheconsolidatedfinancialstatementsandtheaforementioneddiscussions,theAuditandFinanceCommitteeconcludedthatitwouldbereasonabletorecommend,andonthatbasisdidrecommend,totheBoardofDirectorsthattheauditedconsolidatedfinancialstatementsbeincludedintheCompany'sAnnualReportonForm10-KforthefiscalyearendedDecember31,2019.

RespectfullysubmittedbytheAuditandFinanceCommittee.

TheAuditandFinanceCommittee:MichaelS.Wyzga,ChairpersonEliCasdinPierreJacquet


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PROPOSAL 3—ADVISORY VOTE ON EXECUTIVE COMPENSATION

PROPOSAL 3—ADVISORY VOTE ON EXECUTIVE COMPENSATION

WHAT YOU ARE VOTING ON:Atthe2020AnnualMeeting,stockholdersarebeingaskedtoapprovethecompensationofourNEOs

asdisclosedinthisProxyStatement.

ThisProposal3enablesourstockholderstocastanon-binding,advisoryvotetoapprovethecompensationofournamedexecutiveofficersasdisclosedinthisProxyStatement.

Asdescribedindetailundertheheading"Compensation and Other Information Concerning Named Executive Officers—Compensation Discussion and Analysis"beginningonpage29,ourexecutivecompensationprogramisdesignedtoattract,motivateandretainourexecutiveofficers,whoarecriticaltooursuccess.Pleasereadthe"Compensation and Other InformationConcerning Named Executive Officers"sectionbeginningonpage29foradditionaldetailsaboutourexecutivecompensationprograms,includinginformationaboutthe2019compensationofournamedexecutiveofficers.

WeareaskingourstockholderstoindicatetheirsupportforourexecutivecompensationprogramsasdescribedinthisProxyStatement.Thisvoteisnotintendedtoaddressanyspecifictermofcompensation,butrathertheoverallcompensationofournamedexecutiveofficersandthephilosophy,policiesandpracticesdescribedinthisProxyStatement.Accordingly,weareaskingourstockholderstovoteFORthefollowingresolutionattheannualmeeting:

"RESOLVED,thatthecompensationpaidtotheCompany'snamedexecutiveofficers,asdisclosedpursuanttotheSEC'scompensationdisclosurerules,includingthe"CompensationDiscussion and Analysis",thecompensationtablesandanyrelatedmaterialdisclosedintheproxystatementfortheCompany's2020annualmeeting,isherebyAPPROVED."

AlthoughthevoteonthisProposal3regardingthecompensationofournamedexecutiveofficersisnotbindingonourBoardofDirectors,wevaluetheopinionsofourstockholdersandwillconsidertheresultofthevotewhendeterminingfutureexecutivecompensationarrangements.


Theforegoingresolutionwillbeapprovedifholdersofamajorityofthesharespresentorrepresentedatthe2020AnnualMeeting,inpersonorbyproxy,andvotingonProposal3voteinfavorofsuchresolution.

Board Recommendation


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COMPENSATION AND OTHER INFORMATION CONCERNING NAMED EXECUTIVE OFFICERS


Compensation Discussion and AnalysisThisCompensation Discussion and Analysisexplainsourexecutivecompensationprogramasitrelatestoournamedexecutiveofficers("NEOs")determinedinaccordancewithSECrules,whosecompensationinformationispresentedinthefollowingtablesanddiscussioninaccordancewithSECrules:

Ourexecutivecompensationprogramisdesignedtofocusexecutivebehavioronachievementofbothourannualandlong-termobjectivesandstrategyaswellasaligntheinterestsofmanagementwiththoseofourstockholders.Tothatend,executivecompensationgenerallyconsistsofthreeprimaryelements:salary,long-termequityinterestsandanannualcashbonusopportunitybasedoncorporateperformance.

Objectives and Philosophy of Our Executive Compensation ProgramOurcompensationprogramforourexecutiveofficersisintendedtoachievethefollowingobjectives:

» Focusexecutivebehavioronachievementofourannualandlong-termobjectivesandstrategy;

» Provideacompetitivecompensationpackagethatenablesustoattractandretainqualifiedexecutives;

» ProvideatotalcompensationstructurethatourCompensationandManagementDevelopmentCommitteebelievesiscomparabletosimilarlysizedcompaniesinthelifesciencesindustrywithwhichwemaycompetefortalentandwhichconsistsofamixofbasesalary,equityandcashincentives;and

» Aligntheinterestsofmanagementandstockholdersbyprovidingmanagementwithlong-termincentivesthroughequityownership.

Elements of Executive CompensationOurexecutivecompensationprogramgenerallyconsistsofthreeprimaryelements:salary,long-termequityinterestsandanannualcashbonusopportunitybasedoncorporateperformance.Pursuanttohisemploymentagreement,Mr.Conroyparticipatesinalong-termincentiveplanthatprovidesforcertaincashpaymentsuponcertainchangesofcontroloftheCompany.Pursuanttotheiremploymentagreementsandourequityplans,certainofourexecutiveofficersarealsoeligibleforseverancepaymentsandbenefitsundercertaincircumstances.Inaddition,effectiveasofJanuary1,2019,wemaintainanexecutivedeferredcompensationplan,whichprovidesatax-advantagedmethodforoureligibleemployees,includingtheNEOs,tosaveforretirement,andwhichhelpsusprovideacompetitivecompensationpackagethatenablesustoattractandretainqualifiedexecutives.Ourexecutiveofficersarealsoeligibleforcertainbenefitsofferedtoemployeesgenerally,including,life,health,disability,dentalandvisioninsurance,aswellasparticipationinour401(k)planand2010EmployeeStockPurchasePlan.Wedonotcurrentlybelieveitisnecessaryfortheattractionorretentionofmanagementtalenttoprovideexecutiveofficerswithcompensationintheformofperquisites(otherthanhousingandrelocationbenefitsfromtimetotime).

Determining Executive CompensationItistheresponsibilityofourCompensationandManagementDevelopmentCommitteetoadministerourcompensationpractices,toensurethattheyarecompetitiveandfinanciallyprudentandthattheyincludeincentivesthataredesignedtoappropriatelydriveperformance.Toachievetheseobjectives,ourCompensationandManagementDevelopmentCommitteeperiodicallyreviewscommercially-available,industry-specificcompensationdataforcompaniesofgenerallysimilarstageofdevelopment,headcount,revenueandmarketcapitalizationinthediagnostic,biotechnologyandmedicaldeviceindustriesasageneralguideforestablishingourpayandequitypracticesandstructures.OurCompensationandManagementDevelopmentCommittee,alongwithourBoardofDirectors,alsoreviewsandapprovescorporateandfinancial

NAME POSITION

Kevin T. Conroy Chairman,PresidentandChiefExecutiveOfficer

Jeffrey T. Elliott ChiefFinancialOfficer

Mark Stenhouse GeneralManager,Screening

D. Scott Coward SeniorVicePresident,GeneralCounsel,ChiefAdministrativeOfficerandSecretary

G. Bradley Cole FormerGeneralManager,PrecisionOncology

Jacob Orville GeneralManager,Pipeline

Ana Hooker SeniorVicePresident,Operations


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objectivesusedinourexecutivecompensationprogramtoconfirmthatappropriategoalshavebeenestablishedandtracksperformanceagainstthem.Onanannualbasis,ourCompensationandManagementDevelopmentCommitteereviewstallysheetsreflectingeachexecutiveofficer'scompensationhistorywithrespecttoeachelementofcompensation,aswellasprojectedpayoutsthatwouldcomedueinconnectionwithaterminationorchangeofcontrol.

OurCompensationandManagementDevelopmentCommitteeconductsanannualreviewofperformanceandcompensationduringthefirstquarterofeachyearforthepurposeofdeterminingthecompensationofexecutiveofficersotherthantheChiefExecutiveOfficer.Aspartofthisreview,theChiefExecutiveOfficersubmitsrecommendationstoourCompensationandManagementDevelopmentCommitteerelatingtothecompensationoftheseofficers.Followingareviewoftheserecommendations,ourCompensationandManagementDevelopmentCommitteeapprovesthecompensationoftheseofficers,withsuchmodificationstotheChiefExecutiveOfficer'srecommendationsasourCompensationandManagementDevelopmentCommitteeconsidersappropriate.

OurCompensationandManagementDevelopmentCommittee'sreviewoftheChiefExecutiveOfficer'scompensationissubjecttoadditionalprocedures.Withinputfromtheindependentdirectors,theLeadIndependentDirector,alongwithourCompensationandManagementDevelopmentCommittee,evaluatestheChiefExecutiveOfficer'sperformanceandreviewstheevaluationwithhim.Basedonthatevaluationandreviewandconsultationwithitsindependentcompensationconsultant,ourCompensationandManagementDevelopmentCommitteethendeterminestheChiefExecutiveOfficer'scompensation.TheChiefExecutiveOfficerdoesnotattendtheportionsofmeetingsofourCompensationandManagementDevelopmentCommitteewheretheCommitteevotesordeliberatesonhiscompensation.

OurCompensationandManagementDevelopmentCommitteehasengagedRadfordasitsindependentexecutivecompensationconsultant.OurCompensationandManagementDevelopmentCommitteehasassessedtheindependenceofRadfordpursuanttoSECandlistingexchangerulesandconcludedthatnoconflictofinterestexiststhatwouldpreventRadfordfromservingasanindependentconsultanttoourCompensationandManagementDevelopmentCommittee.

Use of Peer Group DataInearly2019,withtheguidanceofRadford,ourCompensationandManagementDevelopmentCommitteeconductedanannualreviewofthecompetitivenessofourexecutivecompensationprogram,includingthecompetitivenessofourbasesalaries,targettotalcashcompensation,long-termincentivesandtargettotaldirectcompensation.

Radfordanalyzedthecomponentsofourexecutivecompensationprogramagainstinformationblendedfrom(1)proxystatementdatafromapeergroupofcompaniesthatconsistedofpublicly-tradeddiagnostic,biotechnologyandmedicaldevicecompaniesthatweresimilartotheCompanyintermsofheadcount,revenueandmarketcapitalizationand(2)surveydatafromabroadergroupofcommercialstagepublicdiagnostics,biotechnologyandmedicaldevicecompanieswithrevenuebetween$175millionand$1.75billionandmarketcapitalizationbetween$3.0billionand$28.0billion.

OurCompensationandManagementDevelopmentCommitteeseekstoidentifyanexecutivecompensationpeergroupofapproximately20companiesinthediagnostic,biotechnologyandmedicaldeviceindustriesatasimilarstageofdevelopmentandcomparablefinancialprofilethatmaycompetewiththeCompanyforexecutivetalent.InOctober2018,basedonRadford'sreviewandrecommendationsregardingtheCompany'sexecutivecompensationpeergroup,ourCompensationandManagementDevelopmentCommitteeapprovedanewpeergroupfor2019.Initsreview,Radfordfocusedoncreatingapeergroupthat:

» Representedcompaniesoperatinginthediagnostics,medicaldeviceandbiotechnologyindustries;

» Comprisedcompanieswithatleastonecommercializedproduct;and

» Capturedcomparablecompaniesintermsofheadcount,revenueandmarketcapitalization.

BasedonRadford'srecommendations,ourCompensationandManagementDevelopmentCommittee(1)removedfivecompaniesfromtheprioryear'speergroupeitherbecausetheywereacquiredorwerenolongercomparablebasedonfinancialmetricsand(2)addedsevencompaniestotheprioryear'speergroup(AlignTechnology,GuardantHealth,Incyte,MeritMedicalSystems,Neogen,ResMedandSeattleGenetics)thatmetthestatedcriteria.


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Thecompaniesinourpeergroupfor2019were:

Radfordalsoprovideduswithanassessmentofourannualequityawardburnrateandtheexpectedretentivevalueofequityawardsheldbyourexecutives,aswellasananalysisofthealignmentofCompanyperformanceandCEOcompensation.

BasedonRadford'sanalysis,wereachedthefollowingconclusionsandtookthefollowingactionswithrespecttoourNEOs(excludingMr.ColeandMr.Orville,whobothjoinedtheCompanyin2019)regardingourexecutivecompensationprogramrelativetoourpeergroup:

» InthecaseofMr.Conroy,whosetotalcashcompensation(basesalaryplusannualtargetcashbonusopportunity)hadfallenbelowthe25thpercentile,andMr.ElliottandMs.Hookerwhosetotalcashcompensationhadfallenbelowthe50thpercentile,basesalarywasincreasedbyapproximately15%,15%and10%,respectively,whiletheotherNEOsreceived3%meritsalaryincreases.

» Mr.Conroy'stargetbonusopportunitywasincreasedfrom100%to125%tobringhistotaltargetcashcompensationleveltoapproximatelythe50thpercentilewhiletheotherNEOstargetbonuslevelswereleftunchanged.

» Duetoeachnamedexecutiveofficer'sperformancein2018,grantedannualequityawardsconsistingofstockoptionsandrestrictedstockunits(RSUs)withtime-basedvestingtermstoMr.Conroyasdescribedbelow,toMr.ElliottandMs.Hookerabovethemarket60thpercentile,andtoMr.StenhouseandMr.Cowardatthemarket60thpercentile,asshowninthetablesbelow.

» Grantedequityawardswithperformance-basedvestingtermstiedtorevenuesandspecifiedscientificmilestonesconsistingofperformanceshareunits("PSUs")toMr.Elliott,Mr.Stenhouse,Mr.CowardandMs.Hookercovering(i)thethresholdamounts,(ii)targetamountsand(iii)maximumamountsasshowninthetablebelow,whichareintendedtocoverperformanceoverathree-yearperiodandissuedtocoverthedifferencebetweenthemarket50thpercentileandthemarket65thpercentileoverthreeyears.

» Mr.Conroyalsoreceivedannualequityawardsconsistingofstockoptionsandrestrictedstockunits(RSUs)withtime-basedvestingtermsandPSUsasshowninthebelowtablewhichweredeterminedinthefollowingmanner:

o TheCommitteeinitiallyconsideredannualequitygrantsatthe60thpercentileandaPSUgranttobridgethegapbetweenthe50thand65thpercentiles;

o TheCommitteedesiredtograntadditionalequityintheformofPSUstoMr.Conroyinlightofthefactthathistotaltargetcashcompensationapproximatedthe50thpercentilewhichtheCommitteeconsideredwaswellbelowwhatMr.Conroycouldcommandintheopenmarketgivenhisexperiencelevelandhisverystrongperformance;and

o TheCommitteealsodesiredtoensurethat50%ofMr.Conroy'stotalequitygrantsweresubjecttoperformance-basedvestingconditions.

COMPANY INDUSTRY ABIOMED HealthCareEquipmentAlign Technology HealthCareSuppliesDexCom HealthCareEquipmentGenomic Health BiotechnologyGuardant Health HealthCareEquipmentHalozyme Therapeutics BiotechnologyHologic HealthCareEquipmentIncyte BiotechnologyInsulet HealthCareEquipmentIonis Pharmaceuticals BiotechnologyIronwood Pharmaceuticals BiotechnologyMasimo HealthCareEquipmentMerit Medical Systems HealthCareSuppliesMyriad Genetics BiotechnologyNektar Therapeutics PharmaceuticalsNeogen HealthCareSuppliesOpko Health BiotechnologyQuidel HealthCareSuppliesResMed HealthCareEquipmentSeattle Genetics Biotechnology


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BasedonRadford'sanalysisandourassessmentoftheperformanceoftheexecutivesandourcompensationphilosophyasdescribedinthisCompensation Discussion and Analysis,inearly2019ourCompensationandManagementDevelopmentCommitteesetsalariesandtargetbonusopportunitiesasfollows:

Asdescribedaboveandindicatedinthetablesbelow,equityawardsgrantedin2019generallyconsistedoftime-basedstockoptionsandRSUs,aswellasperformance-basedPSUs,asfollows:

2020 Salary Reductions

InlateMarch2020,inresponsetotherapidlyevolvingimpactoftheCOVID-19pandemiconthecurrentbusinessenvironmentandatthesuggestionofMr.Conroyandtheexecutiveleadershipteam,theCompensationandManagementDevelopmentCommitteetemporarilyreducedMr.Conroy'sbasesalarytotheamountnecessarytocoverthehisportionofcontributions,andrelatedtaxes,undertheCompanybenefitplansinwhichheparticipates,andtemporarilyreducedthebasesalariesoftheotherNEOsby15%.

NAME 2018 BASE SALARY ($)

2019 BASE SALARY ($)

KevinT.Conroy 695,800 800,200JeffreyT.Elliott 400,000 460,000MarkStenhouse 500,000 515,000D.ScottCoward 470,000 484,100AnaHooker 371,700 410,000

NAME 2018 TARGET

BONUS % 2019 TARGET

BONUS % KevinT.Conroy 100% 125%JeffreyT.Elliott 50% 50%MarkStenhouse 50% 50%D.ScottCoward 50% 50%AnaHooker 50% 50%

NAME 2018 OPTIONS 2019 OPTIONS KevinT.Conroy 68,300 34,110JeffreyT.Elliott 16,700 11,361MarkStenhouse 0 10,786D.ScottCoward 16,700 10,786AnaHooker 11,700 7,790

NAME 2018 RSUS 2019 RSUS KevinT.Conroy 82,300 37,248JeffreyT.Elliott 20,100 13,747MarkStenhouse 75,000 13,051D.ScottCoward 20,100 13,051AnaHooker 14,100 9,426

(1)

Mr.StenhousereceivedanRSUawardcovering75,000sharesuponhishiringinApril2018.(1)

NAME

2019 PSUs (at threshold achievement)

2019 PSUs (at target

achievement)

2019 PSUs (at maximum achievement)

KevinT.Conroy 31,041 62,082 124,164JeffreyT.Elliott 6,747 13,494 26,988MarkStenhouse 6,747 13,494 26,988D.ScottCoward 6,747 13,494 26,988AnaHooker 5,398 10,794 21,589


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2019 Bonus Plan

OurCompensationandManagementDevelopmentCommitteebelievesthatameaningfulportionofourexecutives'compensationshouldbe"atrisk"—inotherwords,contingentuponsuccessfulimplementationofourstrategyandgoals.Accordingly,onecomponentofourexecutivecompensationprogramisanannualcashbonusopportunityunderwhicheachofourexecutiveofficersiseligibletoearnanannualcashbonuswithaspecifiedtargetamountequaltoapercentageofbasesalary,withtheactualbonusawardedtobebasedupontheachievementofcorporategoalsdeterminedbyourCompensationandManagementDevelopmentCommitteeinitsdiscretion.InJanuary2019,ourCompensationandManagementDevelopmentCommitteeapprovedmetricstobeusedtodetermine2019bonuses,whichincluded(1)powerthepartnership,(2)enhanceCologuardand(3)advanceliquidbiopsy.OurNEOswereeligibletoearnbonusesfor2019performanceequaltoupto150%oftheirtargetbonuses,whichweretargetbonusesof125%ofbasesalaryforMr.Conroyand50%ofbasesalaryforeachofMr.Elliott,Mr.Stenhouse,Mr.Coward,Mr.OrvilleandMs.Hooker.BecauseMr.ColejoinedtheCompanyinNovember2019,hedidnotparticipateinthe2019annualbonusplan.OurCompensationandManagementDevelopmentCommitteedeterminedactualbonuspaymentsaftertheendof2019basedontheCommittee'sassessmentoftheperformanceoftheCompanyrelativetothebusinessgoalsandweightingsasdescribedinthechartbelow.

PerformanceagainsttheapplicablegoalsisexpectedtobeusedbyourCompensationandManagementDevelopmentCommitteeindeterminingannualbonuspayments.However,indeterminingactualbonuspaymentsourCompensationandManagementDevelopmentCommitteeultimatelyreliesonitsjudgmentafteracomprehensivereviewofCompanyperformance,aswellasconsiderationofqualitativeandotherfactors,withoutbeingtiedtoanyformulasorpre-establishedweightings.OurCompensationandManagementDevelopmentCommitteehasultimatediscretiontomodifythemetricsandmayperiodicallyrevisitgoalsandweightingsascircumstanceschange.OtherthananApril2019refinementinoneofthebonusplan'snineperformancemeasurestoreflectanupdatedregulatorystrategyfortheliverprogram,theCompensationandManagementDevelopmentCommitteedidnotmakeanysuchmodificationswithrespecttothe2019bonusplan.

Indetermining2019bonusawards,ourCompensationandManagementDevelopmentCommitteeconsideredtheexecutiveteam'sachievementofavarietyofbusinessplangoals,asfollows:

Inaddition,ourCompensationandManagementDevelopmentCommitteeestablishedcertainadditionalgoalsbasedonemployeeengagement,asmeasuredbycertainemployeesurveysatisfactionresults,andimprovementsinorganizationalinclusivenessanddiversity,whichwereexpectedtobeusedtoadjustbonuspaymentsbyuptoplusorminus15%oftarget.Basedonpartialachievementofthesegoals,bonuspayoutsfortheNEOswerereducedby5%oftarget.

Afterconsideringtheexecutiveteam'sactualachievementofperformancemeasures,ourCompensationandManagementDevelopmentCommitteedeterminedtoawardcashbonusesfor2019performanceat100%oftarget.Accordingly,Mr.Conroy,Mr.Elliott,Mr.Stenhouse,Mr.Coward,Mr.OrvilleandMs.Hookerreceivedcashbonusesof$1,000,250,$230,000,$257,500,$242,050,$170,137and$203,636respectively.

Annual Equity Awards

Webelievesuccessfullong-termCompanyperformanceiscriticaltoenhancingstockholdervalueandaligningtheinterestsofourexecutiveofficerswiththoseofourstockholders.OurCompensationandManagementDevelopmentCommitteebelievesthatannualequityawardsprovideexecutiveofficerswiththeopportunitytoacquirelong-termstockownershippositions,whichmotivatesthemtofocusonlong-termstockholdervalue,withtheperformanceofeachNEOprimarilygoverningtheCompensationandManagementDevelopmentCommittee'sconsiderationsindetermininglong-termequityawardstoeachofthem.TheseawardsarealsointendedtomotivatetheretentionofourNEOsandprovideourNEOswithamarketcompetitivelong-termequityincentiveopportunity.Asdescribedabove,equityawardsgrantedin2019generallyconsistedoftime-basedstockoptionsandRSUs,aswellasperformance-basedPSUs.

InJanuary2019,ourCompensationandManagementDevelopmentCommitteeapprovedannualequityawardstoourthen-NEOsconsistingoftime-vestingRSUsandstockoptions,aswellasperformance-vestingPSUs,includingtheapprovalofthenumberofsharesofourcommonstocksubjecttoeachaward.TheseawardswereissuedonFebruary26,2019inaccordancewithourStatementofPolicywithrespecttoEquityAwardApprovals.Inconnectionwiththeseannualequityawards,Mr.Conroy,Mr.Elliott,Mr.Stenhouse,Mr.Coward,andMs.Hookerreceivedstockoptionscovering34,110,11,361,10,786,10,786and7,790shares,respectively.Thesharesunderlyingtheseoptionsvestandbecomeexercisableinfourequalannualinstallmentsbeginningonthefirstanniversaryofthegrantdate.Mr.Conroy,Mr.Elliott,Mr.Stenhouse,Mr.CowardandMs.HookerreceivedRSUscovering37,248,13,747,13,051,13,051and9,426shares,respectively.TheseRSUsvestinfourequalannualinstallmentsbeginningonthefirstanniversaryofthegrantdate.Inaddition,Mr.Conroy,Mr.Elliott,Mr.Stenhouse,Mr.Cowardand

GOAL PERFORMANCE MEASURES TARGET WEIGHTING ACTUAL

ACHIEVEMENT Power the partnership » Revenue

» Scalelabcapacity

» ImplementcoreITinfrastructure

60.0% 60.0%

Enhance Cologuard » Cologuardpublications

» ExpandCologuardlabelforage45-49,averageriskpopulation

» EstablishproofofconceptforenhancedCologuardtest

25.0% 27.5%

Advance liquid biopsy » Advanceliverprogram

» Identifynewmarkersforcoloncancerbloodtest

» Markerselectionandbusinessplanforonenewtest

15.0% 17.5%


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Ms.HookerreceivedPSUstied70%torevenuesand30%tospecifiedscientificmilestones,including,amongotherthings,labelexpansionforCologuard,launchofaversionofCologuardwithenhancedperformancecharacteristicsandlaunchingofnewdiagnosticproducts.ThesePSUscovered(i)atthresholdamounts,31,041,6,747,6,747,6,747and5,398shares,respectively,(ii)attargetamounts,62,082,13,494,13,494,13,494and10,794shares,respectively,and(iii)uponachievementofallperformance-basedvestingtermscontainedtherein,124,164,26,988,26,988,26,988and21,589shares,respectively.Mr.ColeandMr.Orvilleeachjoinedusin2019aftertheforegoingawardswereissued.InconnectionwiththeircommencementofemploymentwiththeCompanyin2019,Mr.ColeandMr.OrvillereceivedRSUscovering9,620and14,595shares,respectively,andMr.OrvillereceivedPSUscovering,(i)atthreshold,5,398shares,(ii)attarget,10,794shares,and(iii)uponachievementofallperformance-basedvestingtermscontainedtherein,21,589shares.Mr.Cole'sRSUawardvestonDecember31,2020,andMr.Orville'sRSUawardvestsinfourequalannualinstallmentsbeginningonFebruary18,2020.

2010 Plan and 2019 Plan

TheCompanymaintainstheExactSciencesCorporation2010OmnibusLong-TermIncentivePlan(AsAmendedandRestatedEffectiveJuly27,2017)(asamended,the"2010Plan"),underwhich,priortotheadoptionofthe2019Planasdescribedbelow,wewereabletograntcashandequityincentiveawardstoeligibleserviceprovidersinordertoattract,motivateandretainthetalentforwhichwecompete.TheCompanyalsomaintainstheExactSciencesCorporation2019OmnibusLong-TermIncentivePlan(the"2019Plan").The2019Plan,likethe2010Plan,providesforthegrantofincentivestockoptions,nonstatutorystockoptions,stockappreciationrights,restrictedstockawards,restrictedstockunitsandotherstock-basedawards.Incentivestockoptionsmaybegrantedonlytoemployees,andallotherawardsmaybegrantedtoourandouraffiliates'employees,non-employeedirectors,consultantsandotherserviceproviders.The2019PlanisadministeredbyourBoardofDirectorsoracommitteeofourBoardofDirectorsdesignatedbyourBoardofDirectorstoadministerthe2019Plan.OurBoardofDirectorshasdesignatedtheCompensationandManagementDevelopmentCommitteetoadministerthe2019Plan.

Company Clawback Policy

IfanyoftheCompany'sfinancialstatementsarerequiredtoberestated,theCompanymaybeentitledtorecoveralloraportionofanyawardmadeunderthe2010Planor2019PlanwithrespecttoanyfiscalyearoftheCompanythefinancialresultsofwhicharenegativelyaffectedbytherestatement.Theamounttoberecoveredwillbetheamountbywhichtheaffectedawardexceedstheamountthatwouldhavebeenpayablehadthefinancialstatementsbeeninitiallyfiledasrestated.Moreover,anyaward,amountorbenefitreceivedunderthe2010Planor2019Plan,asapplicable,willbesubjecttopotentialcancellation,recoupment,rescission,paybackorotheractioninaccordancewiththetermsofanyapplicableCompanyclawbackpolicyoranyapplicablelaw,asmaybeineffectfromtimetotime,whetheradoptedpriortoorfollowingthedateoftheaward.

Deferred Compensation Plan

Wemaintainanexecutivenon-qualifieddeferredcompensationplanpursuanttowhichcertainserviceproviders,includingournamedexecutiveofficers,maydeferupto90%oftheircashcompensationotherthanbonusesand100%oftheircashbonuses,andpursuanttowhichwemaymakematchingandothercontributionsinourdiscretion.Anymatchingcontributionsmadebyusgenerallywouldbesubjecttocontinuedserviceforoneyear,subjecttoearliervestingupondeath,disability,achangeincontrolofusortheparticipantbecomingeligibleforretirementundertheplan.Aparticipantgenerallymayelecttoreceivehisorheraccountbalanceundertheplanuponattaininganagespecifiedbytheparticipantorupontheparticipant'sretirement,ineithercaseinlump-sumorinannualinstallmentsasspecifiedintheplan,providedthattheparticipant'sremainingaccountbalancegenerallywouldbepaidtotheparticipantinlump-sumintheeventoftheparticipant'sseparationfromservicewithuspriortoretirementorintheeventofdeathordisability.

Other Compensation

Wepermitexecutiveofficerstopurchasecommonstockatadiscountthroughour2010EmployeeStockPurchasePlanonthesametermsandconditionsasourotheremployees.Executiveofficersmayalsoparticipateinour401(k)Plan,whichallowsfortheinvestmentofaportionofplanassetsinsharesofourcommonstock.OurCompensationandManagementDevelopmentCommitteeapprovedadiscretionarymatchingCompanycontributiontoour401(k)Planfor2019.ThematchingcontributionwasmadeusingCompanystockinanamountequalto100%ofanemployee'stotaldeferralsintotheplanuptoalimitof6%oftheemployee'stotalcompensation(subjecttoIRSlimits).

Role of Stockholder Say-on-Pay Votes

Weprovideourstockholderswiththeopportunitytocastanannualadvisoryvoteonexecutivecompensation(a"say-on-payproposal").AttheCompany'sannualmeetingofstockholdersheldinJuly2019,approximately89%ofthevotescastonthesay-on-payproposalatthemeetingwerevotedinfavoroftheproposal.OurCompensationandManagementDevelopmentCommitteebelievesthisvoteaffirmsourstockholders'supportoftheCompany'sapproachtoexecutivecompensationanddidnotmakespecificchangestoourexecutivecompensationprograminresponsetothevote.However,ourCompensationandManagementDevelopmentCommitteecontinuestoreviewandrefinethedesignandadministrationofourexecutivepaypractices.OurCompensationandManagementDevelopmentCommitteealsowillcontinuetoconsidertheoutcomeoftheCompany'ssay-on-payvoteswhenmakingfuturecompensationdecisionsforourNEOs.


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Stock Ownership Guidelines

WemaintainStockOwnershipGuidelinestoencourageownershipofsharesoftheCompany'scommonstockbyourdirectorsandexecutiveofficers,tofurtheraligntheirinterestswiththelong-terminterestsofourstockholdersandtofurtherpromotetheCompany'scommitmenttosoundcorporategovernance.Undertheseguidelines,directorsandexecutiveofficershaveuntilthreeyearsfromthedatethedirectororexecutiveofficerbecomessubjecttotheguidelines,toachieveanownershiptargetequaltothelower ofthe"BaseSalaryTarget"andthe"FixedShareTarget"determinedasfollows:

"AnnualRetainer"or"BaseSalary"forpurposesofboththeBaseSalaryTargetandFixedShareTargetisthedirector'sannualretainerortheexecutive'sbasesalary,asapplicable,onJune30ofeachfiscalyear.

"StockValue"forpurposesoftheBaseSalaryTargetiscalculatedannuallyattheendofeachfiscalyearbasedontheaverageoftheclosingpricesofourcommonstockforthelast30tradingdaysofthefiscalyear.

"StockValue"forpurposesoftheFixedShareTargetiscalculatedasofthelaterof(1)January1,2012,and(2)thedatethedirectororexecutiveofficeroriginallybecomessubjecttotheStockOwnershipGuidelines,asthecasemaybe,basedontheaverageoftheclosingpricesofourcommonstockforthe30daysleadingupto,andinclusiveof,theapplicabledate.

EachdirectorandexecutiveofficerisexpectedtocontinuouslyownsufficientsharestosatisfyeithertheBaseSalaryTargetortheFixedShareTargetownershiptargetonceattainedforaslongasheorsheremainssubjecttotheStockOwnershipGuidelines.Vested"inthemoney"stockoptionscountasownedsharesforthispurposebutunvestedstockoptions,restrictedshares,restrictedstockunits,anddeferredstockunitsandvested"outofthemoney"stockoptionsdonot.Ifanindividual'sownershiptargetincreasesbecauseofachangeinpositionorcompensation,theindividualwillhaveathree-yearperiodtoachievetheincrementalamountofsharesbeginningontheeffectivedateofthechangeinpositionorcompensation.

Followingtheinitialthree-yearperiodthatthedirectororexecutiveofficerisaffordedtoachievehisorherindividualownershiptargetundertheStockOwnershipGuidelines,untiladirectororexecutiveofficerhassatisfiedtheapplicableownershiptarget,thedirectororexecutiveofficerisrequiredtoretainanamountequalto50%ofthenetsharesreceivedastheresultoftheexercise,vestingorpaymentunderanyCompanyequityawardsgrantedtothedirectororexecutive.Thisamountiscalculatedusingtheclosingpriceofourcommonstockonthetradingdayimmediatelyprecedingthedateofexercise,vestingorpaymentundertheequityaward.Onceadirectororexecutiveofficerachieveshisorherindividualownershiptarget,theretentionrequirementsasdescribedabovenolongerwillapplytosuchdirectororexecutiveofficerunlessadispositionbysuchdirectororexecutiveofficerwouldcausesuchindividual'sstockownershiptofallbelowhisorherownershiptarget.

AsofApril17,2020,eachofourdirectorsandexecutiveofficerswasincompliancewiththeStockOwnershipGuidelines.

Restrictions on Hedging and Pledging of Company Securities

OurInsiderTradingPolicyprohibitsshortsalesofoursecurities,includinga"saleagainstthebox,"byourdirectorsandexecutives.OurInsiderTradingPolicyalsoprohibitsdirectorsandemployeesfromengaginginhedgingormonetizationtransactions,suchaszero-costcollarsandforwardsalecontracts,astheyinvolvetheestablishmentofashortpositioninoursecurities.OurInsiderTradingPolicyalsoprohibitsdirectorsandexecutivesfromholdingoursecuritiesinamarginaccountorpledgingsuchsecuritiesascollateralforaloan.

Section 162(m)

Section162(m)oftheInternalRevenueCodegenerallylimitsourannualcorporatetaxdeductionforcompensationpaidtoeachofour"coveredemployees"to$1million."Coveredemployees"includeanyonewhoservedaschiefexecutiveofficerorchieffinancialofficerduringanypartofayearandthenextthreemosthighlycompensatednamedexecutiveofficersforthatyear.Inaddition,onceapersonisconsidereda"coveredemployee,"thatpersonremainsacoveredemployeeinallsubsequentyears(includingafterthepersonleavesourserviceorchangesroles).Consequently,wegenerallywillnotbeentitledtoaU.S.taxdeductionforcompensationpaidinanyyeartoournamedexecutiveofficersandourother"coveredemployees"inexcessof$1million.Whileconsideringtaxdeductibilityasonlyoneofseveralconsiderationsindeterminingcompensation,webelievethatthetaxdeductionlimitationshouldnotcompromiseourabilitytostructurecompensationprogramsthatprovidebenefitstotheCompanythatoutweighthepotentialbenefitofataxdeductionand,therefore,mayapprovecompensationthatisnotdeductiblefortaxpurposes.

POSITION BASE SALARY / FIXED SHARE TARGET

CEO

NumberofshareswithaStockValueequaltoorgreaterthan6timesBaseSalary

Executive Officrs

NumberofshareswithaStockValueequaltoorgreaterthan2timesBaseSalary

Board of Directors

NumberofshareswithaStockValueequaltoorgreaterthan3timesAnnualRetainer


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Our NEOs

InApril2009,KevinT.ConroyjoinedusasourPresident&ChiefExecutiveOfficer.InNovember2016,JeffreyT.ElliottbecameourChiefFinancialOfficer.InJanuary2015,D.ScottCowardjoinedusasSeniorVicePresident,GeneralCounsel&Secretary.InJuly2018,Mr.CowardwasappointedChiefAdministrativeOfficerinadditiontohistitlesofSeniorVicePresident,GeneralCounselandSecretary.InApril2018,MarkStenhousejoinedusasPresident,CologuardandwasnamedGeneralManager,ScreeninginNovember2019.Mr.ColejoinedusGeneralManager,PrecisionOncologyfollowingtheCompany'sacquisitionofGenomicHealthinNovember2019.Mr.OrvillejoinedusasSeniorVicePresident,PipelineinFebruary2019andwasnamedGeneralManager,PipelineinNovember2019.Ms.Hookerjoinedusin2013tostartourclinicallaboratorypendingFDAapprovalofCologuardandhasservedasourSeniorVicePresident,Operationssince2015.

Employment Agreements with our NEOs

WehaveenteredintoagreementswithourNEOsunderwhichwehaveagreedtocertaincompensationarrangementsandseveranceandchangeofcontrolbenefits.InconnectionwithhiscommencementofemploymentwiththeCompanyinNovember2019,weenteredintoaletteragreementwithMr.Cole,underwhichwehaveagreedtocertainretentionarrangements,asdescribedbelow.

EachofthesepackageswasdeterminedbasedonnegotiationswiththeapplicableNEOandtakingintoaccounthisorherbackgroundandqualificationsandthenatureofhisorherposition.Webelievethatthesecompensationpackagesareappropriateinlightofthecompetitionfortopexecutivesinthebiotechnologyfieldandamongsimilarly-situatedcompanies,andthatthetermsofthesearrangementsareconsistentwithourexecutivecompensationgoals,includingthebalancingofshort-termandlong-termcompensationtoproperlymotivateourNEOs.

Conroy Employment Agreement

Mr.Conroy'semploymentagreement,datedMarch18,2009,providesforaminimumbasesalaryandforaminimumtargetbonusopportunityequaltoatleast50%ofhisbasesalary,withtheexactamountofanysuchbonustobebasedupontheachievementofcorporateandindividualperformancegoalstobedeterminedbyourCompensationandManagementDevelopmentCommittee.Attheendof2019,Mr.Conroy'sbasesalarywas$800,200andhistargetbonusopportunitywas125%ofhisbasesalary.

Underhisagreement,Mr.Conroywouldbeentitledtocertainpaymentsandbenefitsinconnectionwithcertainterminationeventsorachangeofcontrolasdescribedunder"Potential Benefitsupon Termination or Change of Control"beginningonpage37below.TheagreementalsoprohibitsMr.Conroyfromengagingincertainactivitiesinvolvingcompetitionwithusandfromsolicitingouremployeesforan18-monthperiodfollowingterminationofhisemploymentwiththeCompany.

Elliott Employment Agreement

Mr.Elliott'semploymentagreement,datedNovember8,2016,providesforaminimumbasesalaryandforaminimumtargetbonusopportunityequalto40%ofhisbasesalary,withtheexactamountofanysuchbonustobebasedupontheachievementofcertaingoals,includingcorporateandindividualgoals,tobedeterminedbytheChiefExecutiveOfficerandourCompensationandManagementDevelopmentCommittee.Attheendof2019,Mr.Elliott'sbasesalarywas$460,000andhistargetbonusopportunitywas50%ofhisbasesalary.

Underhisagreement,Mr.Elliottwouldbeentitledtocertainpaymentsandbenefitsinconnectionwithcertainterminationeventsorachangeofcontrolasdescribedunder"Potential Benefitsupon Termination or Change of Control"beginningonpage37below.TheagreementalsoprohibitsMr.Elliottfromengagingincertainactivitiesinvolvingcompetitionwithusandfromsolicitingouremployeesorcertainofourcustomersfora12-monthperiodfollowingterminationofhisemploymentwiththeCompany.

Stenhouse Employment Agreement

Mr.Stenhouse'semploymentagreement,datedApril2,2018,providesforaminimumbasesalaryandforaminimumtargetbonusopportunityequalto50%ofhisbasesalary,withtheexactamountofanysuchbonustobebasedupontheachievementofcertaingoals,includingcorporateandindividualgoals,tobedeterminedbytheChiefExecutiveOfficerandourCompensationandManagementDevelopmentCommittee.Attheendof2019,Mr.Stenhouse'sbasesalarywas$515,000andhistargetbonusopportunitywas50%ofhisbasesalary.

Underhisagreement,Mr.Stenhousewouldbeentitledtocertainpaymentsandbenefitsinconnectionwithcertainterminationeventsorachangeofcontrolasdescribedunder"PotentialBenefits upon Termination or Change of Control"beginningonpage37below.TheagreementalsoprohibitsMr.Stenhousefromengagingincertainactivitiesinvolvingcompetitionwithusandfromsolicitingouremployeesorcertainofourcustomersfora12-monthperiodfollowingterminationofhisemploymentwiththeCompany.

Coward Employment Agreement

Mr.Coward'semploymentagreement,datedOctober30,2014,providesforaminimumbasesalaryandforaminimumtargetbonusopportunityequalto40%ofhisbasesalary,withtheexactamountofanysuchbonustobebasedupontheachievementofcertaingoals,includingcorporateandindividualgoals,tobedeterminedbytheChiefExecutiveOfficerandourCompensationandManagementDevelopmentCommittee.Attheendof2019,Mr.Coward'sbasesalarywas$484,100,andhistargetbonusopportunitywas50%ofthisbasesalary.

Underhisagreement,Mr.Cowardwouldbeentitledtocertainpaymentsandbenefitsinconnectionwithcertainterminationeventsorachangeofcontrolasdescribedunder"Potential Benefitsupon Termination or Change of Control"beginningonpage37below.TheagreementalsoprohibitsMr.Cowardfromsolicitingourcustomersfora12-monthperiodfollowingterminationofhisemploymentwiththeCompany.


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Cole Letter Agreement

OnNovember15,2019,theCompanyenteredintoaletteragreementwithMr.ColesettingforththetermsandconditionsofaretentionarrangementfollowingtheCompany'sacquisitionofGenomicHealth.Theletteragreementprovidesforacashretentionbonusof$550,000,subjecttoMr.Cole'scontinuedemploymentthroughDecember31,2020,afurthercashretentionbonusof$450,000,subjecttoMr.Cole'scontinuedemploymentthroughMay8,2021,andaretentionRSUawardwithatargetvalueof$800,000,vestingonDecember31,2020,subjecttoMr.Cole'scontinuedemploymentthroughsuchdate.Attheendof2019,Mr.Cole'sbasesalarywas$557,293,andhistargetbonusopportunitywas55%ofthisbasesalary.

Orville Employment Agreement

Mr.Orville'semploymentagreement,datedFebruary18,2019,providesforaminimumbasesalaryandforaminimumtargetbonusopportunityequalto50%ofhisbasesalary,withtheexactamountofanysuchbonustobebasedupontheachievementofcertaingoals,includingcorporateandindividualgoals,tobedeterminedbytheChiefExecutiveOfficerandourCompensationandManagementDevelopmentCommittee.Attheendof2019,Mr.Orville'sbasesalarywas$375,000andhistargetbonusopportunitywas50%ofhisbasesalary.Mr.OrvillealsoreceivedaRSUgrant(describedabove),asigningbonusintheamountof$200,000,andaone-timerelocationpaymentintheamountof$325,000inconnectionwithhisemploymentagreement.

Underhisagreement,Mr.Orvillewouldbeentitledtocertainpaymentsandbenefitsinconnectionwithcertainterminationeventsorachangeofcontrolasdescribedunder"Potential Benefitsupon Termination or Change of Control"beginningonpage37below.TheagreementalsoprohibitsMr.Orvillefromengagingincertainactivitiesinvolvingcompetitionwithusandfromsolicitingouremployeesorcertainofourcustomersfora12-monthperiodfollowingterminationofhisemploymentwiththeCompany.

Hooker Employment Agreement

Ms.Hooker'semploymentagreement,datedAugust28,2017,providesforaminimumbasesalaryandforaminimumtargetbonusopportunity,withtheexactamountofanysuchbonustobebasedupontheachievementofcertaingoals,includingcorporateandindividualgoals,tobedeterminedbytheChiefExecutiveOfficerandourCompensationandManagementDevelopmentCommittee.Attheendof2019,Ms.Hooker'sbasesalarywas$371,700andhertargetbonusopportunitywas50%ofherbasesalary.

Underheragreement,Ms.Hookerwouldbeentitledtocertainpaymentsandbenefitsinconnectionwithcertainterminationeventsorachangeofcontrolasdescribedunder"Potential Benefitsupon Termination or Change of Control"beginningonpage37below.TheagreementalsoprohibitsMs.Hookerfromengagingincertainactivitiesinvolvingcompetitionwithusandfromsolicitingouremployeesorcertainofourcustomersfora12-monthperiodfollowingterminationofheremploymentwiththeCompany.

Potential Benefits upon Termination or Change of ControlWebelievethatprovidingexecutiveswithseveranceandchangeofcontrolprotectionisimportantforthefollowingreasons:

» toallowexecutivestovaluetheforwardlookingelementsoftheircompensationpackages,andthereforelimitretentionrisk;and

» toprovidecompensationassuranceswhicharecompetitivewiththoseofothersimilarly-situatedcompanies.

Accordingly,theCompany'semploymentagreementsandequityawardsgenerallyprovideforsalarycontinuationintheeventofcertainemploymentterminationsbeyondthecontroloftheexecutive,aswellasvaryingdegreesofacceleratedvestingofequityawardsintheeventofachangeofcontroloftheCompany.

This"PotentialBenefitsuponTerminationorChangeofControl"sectionshouldbereadinconjunctionwiththe"PotentialPaymentsuponTerminationorChangeofControl"sectionbeginningonpage46below,whichprovidesatablethatquantifiesthebenefitsdescribedinthissection.

Severance and Change of Control Arrangements in General

Wehaveenteredintoemploymentagreementsandmaintaincertainplansthatwillrequireustoprovidecompensationandotherbenefitstoourexecutiveofficersinconnectionwithcertaineventsrelatedtoaterminationofemploymentorchangeofcontrol.

Conroy Employment Agreement

Underhisemploymentagreement,Mr.Conroywould,uponterminationwithout"cause,"resignationfor"goodreason"orcertain"changeofcontrol"events(ineachcaseasdefinedinMr.Conroy'sagreement),beentitledtoreceivecertainbenefits,asdescribedbelow.

UnderMr.Conroy'semploymentagreement,uponterminationwithoutcauseorresignationforgoodreason,Mr.Conroywouldbecomeentitledtoreceivethefollowing:

» Salarycontinuationforaperiodof18monthsathisthencurrentbasesalary;

» Anyaccruedbutunpaidbonus,includinganyperformance-basedbonus,asoftheterminationdate,onthesametermsandatthesametimesaswouldhaveappliedhadMr.Conroy'semploymentnotterminated;


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» Theprorataportionofatargetbonusoranyotherperformance-basedbonus,providedthatsuchbonusispaidtootherseniorexecutivesoftheCompanyattheendoftheapplicableperiodwithinwhichMr.Conroy'semploymentwasterminated;

» IfMr.ConroyelectsCOBRAcoverageforhealthand/ordentalinsurance,Company-paidmonthlypremiumpaymentsforsuchcoverageuntiltheearliestof:(1)12monthsfromtheterminationdate;(2)thedateMr.Conroyobtainsemploymentofferinghealthand/ordentalcoveragecomparabletothatofferedbytheCompany;or(3)thedateCOBRAcoveragewouldotherwiseterminate;

» Apaymentof$10,000towardsthecostofanoutplacementconsultingpackagewithin30daysoftermination;

» ThevestingofthethenunvestedequityawardsgrantedtoMr.Conroy(whetherstockoptions,restrictedstockorstockpurchaserightsundertheCompany'sequitycompensationplan,orotherequityawards)willimmediatelyacceleratebyaperiodof12months;and

» Achangeintheexerciseperiodforvestedequityawardssuchthatvestedequityawardsbecomeexercisableuntiltheearlierof(1)twoyearsfromthedateofterminationofemploymentand(2)thelatestdateonwhichthoseequityawardsexpireorareeligibletobeexercisedunderthegrantagreements,determinedwithoutregardtosuchterminationorresignation.

UnderMr.Conroy'semploymentagreement,inconnectionwithachangeofcontrol,Mr.Conroywouldbecomeentitledtoreceivethefollowing:

» IntheeventofterminationbytheCompanywithoutcauseorbyMr.Conroyforgoodreason,within12monthsbefore,orifMr.ConroyremainsemployedwiththeCompanyontheeffectivedateof,achangeofcontrol,alump-sumpaymentequalto24monthsofbasesalaryandhisproratatargetbonusthroughtheeffectivedateofthechangeofcontrol;provided,thatanypaymentspreviouslymadetoMr.ConroyinconnectionwiththeterminationofhisemploymentbytheCompanywithoutcauseorbyMr.Conroywithgoodreasonwithinthe12monthsprecedingachangeofcontrolwouldbecreditedagainstanysuchlump-sumpayment;

» Acceleratedvestingofalloutstandingunvestedequityawards(whetherstockoptions,restrictedstockorstockpurchaserightsundertheCompany'sequitycompensationplans,orotherequityawards),subjecttoMr.Conroy'sagreementtoremainemployedbytheCompanyoranysuccessor,ifrequested,foraperiodofatleastsixmonthsfollowingthechangeofcontrolathisthencurrentbasesalary;

» IntheeventMr.Conroy'semploymentisterminatedbytheCompanywithoutcauseorbyMr.ConroyforgoodreasoninanticipationorcontemplationofapendingorpotentialchangeofcontrolorwhileapotentialchangeofcontrolisunderconsiderationorbeingnegotiatedbytheCompany'sBoardofDirectors,Mr.Conroywillbedeemedtoremainanemployeeforpurposesoftheincentiveplantowhichheisentitledtoparticipateunderhisemploymentagreement(the"LongTermIncentivePlan",describedbelow)asoftheeffectivedateofthechangeofcontrolandwillreceiveafullpayoutundertheLongTermIncentivePlanasdescribedinhisemploymentagreementasthoughheremainedanemployeeoftheCompanyasoftheeffectivedateofsuchchangeofcontrol;and

» Ataxgross-uppaymentinanamountsufficienttocausethenetamountretainedbyhim,afterdeductionofanyparachutepaymentexcisetaxes,toequaltheamountspayableasdescribedabove.Atthistime,ourBoardofDirectorsdoesnotintendtoprovideanyadditionaltaxgross-uppaymentstoemployeesitmayhireinthefuture.

Elliott, Stenhouse, Coward, Orville and Hooker Employment Agreements

Undertheiremploymentagreements,Mr.Elliott,Mr.Stenhouse,Mr.Coward,Mr.OrvilleandMs.Hookerwould,uponterminationwithout"cause,"resignationfor"goodreason"orcertain"changeofcontrol"events(ineachcaseasdefinedintheirrespectiveagreements),receivecertainbenefits,asdescribedbelow.

Undertheiremploymentagreements,uponterminationwithoutcauseorresignationforgoodreason,Mr.Elliott,Mr.Stenhouse,Mr.Coward,Mr.OrvilleandMs.Hookerwouldbecomeentitledtoreceivethefollowing:

» Salarycontinuationforaperiodof12monthsattheexecutive'sthencurrentbasesalary;

» Anyaccruedbutunpaidbonus,includinganyperformance-basedbonus,asoftheterminationdate,onthesametermsandatthesametimesaswouldhaveappliedhadtheexecutive'semploymentnotterminated;

» IftheexecutiveelectsCOBRAcoverageforhealthand/ordentalinsurance,Company-paidmonthlypremiumpaymentsforsuchcoverageuntiltheearliestof:(1)12monthsfromtheterminationdate;(2)thedatetheexecutiveobtainsemploymentofferinghealthand/ordentalcoveragecomparabletothatofferedbytheCompany;or(3)thedateCOBRAcoveragewouldotherwiseterminate;

» Apaymentof$10,000towardsthecostofanoutplacementconsultingpackagewithin30daysoftermination;

» Thevestingofthethenunvestedequityawardsgrantedtotheexecutive(whetherstockoptions,restrictedstockorstockpurchaserightsundertheCompany'sequitycompensationplan,orotherequityawards)willimmediatelyacceleratebyaperiodof12months;provided,that,solelyinrespectofMr.Stenhouse,Mr.OrvilleandMs.Hooker,forpurposesofPerformanceAwards(asdefinedintheiremploymentagreements),theywillbetreatedashavingremainedinserviceforanadditional12monthsfollowingactualSeparationfromService(asdefinedintheiremploymentagreements),providedthatsuchPerformanceAwardswillnotbecomeearnedandvestedsolelyasaresultofsuchtreatment,andthevestingandearningofallPerformanceAwardswillremainsubjecttotheattainmentofallapplicableperformancegoals,andsuchPerformanceAwards,ifandtotheextenttheybecomeearnedandvested,willbepayableatthesametimeasundertheapplicableawardagreement;and


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» Achangeintheexerciseperiodforvestedequityawardssuchthatvestedequityawardsbecomeexercisableuntiltheearlierof(1)twoyearsfromthedateofterminationofemploymentand(2)thelatestdateonwhichthoseequityawardsexpireorareeligibletobeexercisedunderthegrantagreements,determinedwithoutregardtosuchterminationorresignation.

UnderouremploymentagreementswithMr.Elliott,Mr.Stenhouse,Mr.Coward,Mr.OrvilleandMs.Hooker,allsuchexecutiveswouldbecomeentitledtoacceleratedvestingofalloutstandingunvestedequityawards(whetherstockoptions,restrictedstock,RSUsorstockpurchaserightsundertheCompany'sequitycompensationplans,orotherequityawards)if(1)within12monthsafterachangeofcontrol,theexecutiveisterminatedbytheCompany(oranysuccessor)withoutcauseortheexecutiveterminatestheexecutive'semploymentforgoodreason,(2)achangeofcontrolhappenswithinfourmonthsaftertheCompanyterminatestheexecutivewithoutcauseortheexecutiveterminatestheexecutive'semploymentforgoodreasonor(3)solelywithrespecttoMr.ElliottandMr.Coward,heremainsemployedbytheCompany(oranysuccessor)foratleastsixmonthsfollowingachangeofcontrol.SolelywithrespecttoMr.Stenhouse,Mr.OrvilleandMs.Hooker,anyPerformanceAwardsheldbythemasofsuchchangeofcontrolwillbedeemedtohavebeenfullyvestedandearnedbaseduponthegreaterof(A)anassumedachievementofallrelevantperformancegoalsatthe"target"levelor(B)the"actual"levelofachievementofallrelevantperformancegoalsasofthechangeofcontrol.

Conditions to Receipt of Severance and Change of Control Benefits

UnderMr.Conroy'semploymentagreement,theCompany'sobligationstoprovideMr.Conroywiththeseverancebenefitsdescribedabovearecontingenton:

» Mr.Conroy'sresignationfromourBoardofDirectorsintheeventofanyterminationofMr.Conroy'semploymentwiththeCompanyorupontherequestofourBoardofDirectorsinconnectionwithanychangeofcontrol;

» Mr.Conroy'sdeliveryandnon-revocationofasignedwaiverandreleaseinaformreasonablysatisfactorytotheCompanyofallclaimshemayhaveagainsttheCompany;

» Mr.Conroy'scompliancewithhisEmployeeConfidentialityandAssignmentAgreementwiththeCompany;

» Mr.Conroy'scompliancewiththe18-monthnon-competitioncovenantinhisemploymentagreement;and

» Mr.Conroy'scompliancewiththe18-monthnon-solicitationcovenantinhisemploymentagreement.

UnderMr.Elliott's,Mr.Stenhouse's,Mr.Coward's,Mr.Orville'sandMs.Hooker'semploymentagreements,theCompany'sobligationstoprovidetheseverancebenefitsdescribedabovearecontingenton:

» Theexecutive'sdeliveryandnon-revocationofasignedwaiverandreleaseinaformreasonablysatisfactorytotheCompanyofallclaimshemayhaveagainsttheCompany;

» Theexecutive'scompliancewiththetermsoftheexecutive'sEmployeeConfidentialityandAssignmentAgreementwiththeCompany;

» Theexecutive'scompliancewiththe12-monthnon-competitioncovenanttotheextentsetforthintheexecutive'semploymentagreement;and

» Theexecutive'scompliancewiththe12-monthnon-solicitationcovenantsetforthintheexecutive'semploymentagreement.

Death or Disability

InaccordancewitheachNEO'semploymentagreement,intheeventofthedeathordisabilityoftheexecutiveduringtheexecutive'semploymentterm,thefollowingwilloccur:

» Theexecutive'semploymentandtheexecutive'semploymentagreementwillimmediatelyandautomaticallyterminate;and

» Allequityawardsgrantedtotheexecutive,whetherstockoptionsorstockpurchaserightsundertheCompany'sequitycompensationplans,orotherequityawards,thatareunvestedatthetimeofterminationwillimmediatelybecomefullyvestedandexercisableuponsuchtermination.

Cole Letter Agreement

Mr.Cole'sletteragreementprovidesthatifhisemploymentisterminatedbytheCompanyoranaffiliateoftheCompanywithoutcause(asdefinedintheletteragreement),hewouldbecomeentitledtopaymentofanyunvestedcashretentionbonusthereunder,subjecttohisexecutionofareleaseofclaimsinfavoroftheCompanyanditsaffiliates.TheletteragreementalsoprovidesthatifMr.Cole'semploymentterminatesforanyreasonotherthancauseduringcalendaryear2020,hewillreceiveapro-rataportionofthe2020annualbonushewouldotherwisehavereceivedhadhisemploymentcontinuedthroughDecember31,2020.Further,theletteragreementprovidesthatifMr.Cole'semploymentterminatesforanyreasonotherthancausebetweenJanuary1,2021andMay8,2021,hewillreceiveapro-rataportionofthe2021annualbonushewouldhaveotherwisereceivedhadhisemploymentcontinuedthroughDecember31,2021.Finally,theletteragreementprovidesthatifMr.Cole'semploymentisterminatedbytheCompanyoranaffiliateoftheCompanywithoutcause,theunvestedportionoftheretentionRSUawardgrantedtohimundertheletteragreementwillvestinfull.


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Change in Control Benefits under 2010 Plan and 2019 Plan

Underboththe2010Planand2019Plan,exceptasotherwisespecificallyprovidedintheapplicableawardagreementorinanexecutive'semploymentagreement,upontheconsummationofachangeincontrol(asdefinedineachofthe2010Planand2019Plan):alloutstandingawardswillremaintheobligationoftheCompanyorbeassumedbythesurvivingoracquiringentity,andtherewillbeautomaticallysubstitutedforthesharesofourcommonstockthensubjecttotheawardstheconsiderationpayablewithrespectoftheoutstandingsharesofourcommonstockinconnectionwiththechangeincontrol,thetimevestingandexercisabilityofalloutstandingawardswillimmediatelyacceleratebyaperiodoftwelvemonths,providedthat,withrespecttoPerformanceAwards(asdefinedineachofthe2010Planand2019Plan),suchaccelerationwillapplytoPerformanceAwardssuchthatiftheapplicableperformanceperiodisscheduledtoendwithin12monthsfollowingtheChangeinControl,thePerformanceAwardwillbedeemedtohavebeenfullyvestedandearnedasoftheChangeinControlbaseduponthegreaterof(A)anassumedachievementofallrelevantperformancegoalsatthe"target"levelor(B)theactuallevelofachievementofallrelevantperformancegoalsasoftheChangeinControl.Inadditiontotheforegoing,withrespecttoawardsgrantedpriortotheconsummationofthechangeincontrol,intheeventthatanygranteewhoremainsanemployeeoftheCompanyortheacquiringorsurvivingentityimmediatelyfollowingtheconsummationofthechangeincontrolisterminatedwithoutcause(asdefinedineachofthe2010Planand2019Plan)orterminateshisorherownemploymentforgoodreason(asdefinedineachofthe2010Planand2019Plan)priortothefirstanniversaryoftheconsummationofthechangeincontrol:(1)alloptionsandSARsoutstandingonthedatethegrantee'semploymentisterminated,willbecomeimmediatelyexercisableinfullandwillterminate,totheextentunexercised,ontheirscheduledexpirationdate,andifthesharesofourcommonstocksubjecttotheoptionsaresubjecttorepurchaseprovisionsthentherepurchaserestrictionswillimmediatelylapse;(2)allrestrictedstockawardsoutstandingonthedatethegrantee'semploymentisterminated,willbecomevestedinfullandfreeofallrepurchaseprovisions;(3)allrestrictedstockunitsthatarenotPerformanceAwardsoutstandingonthedatethegrantee'semploymentisterminatedwillbecomevestedinfull,andifthesharesofcommonstocksubjecttosuchRestrictedStockUnitsaresubjecttorepurchaseprovisionsthensuchrepurchaseprovisionswillimmediatelylapse;(4)allotherstock-basedawards(asdefinedineachofthe2010Planand2019Plan)thatarenotPerformanceAwardswillbecomeexercisable,realizableorvestedinfull,andwillbefreeofallrepurchaseprovisions,asthecasemaybe;and(5)allrestrictedstockawards,restrictedstockunitsandotherstock-basedawardsthatarePerformanceAwardswillbecomefullyvestedandearnedbaseduponthegreaterof(A)anassumedachievementofallrelevantperformancegoalsatthe"target"levelor(B)theactuallevelofachievementofallrelevantperformancegoalsasofthechangeincontrol.

ThePSUsgrantedtoourNEOsin2019providethatupontheconsummationofachangeincontrol(asdefinedinthe2019Plan)priortotheNEO'sseparationfromservice(asdefinedinthe2019Plan),oruponaseparationfromserviceinitiatedbytheCompanyoranaffiliateinanticipationofthechangeincontrolandotherthanforcause(asdefinedinthe2019Plan)duringthesix-monthperiodprecedingthechangeincontrol,thePSUswillvestbaseduponthehigherof"target"achievementoractualperformanceachievedthroughthechangeincontrol(orasotherwisedeterminedbytheCompensationandManagementDevelopmentCommittee).

Thesummaryoftheforegoingbenefitsarisingoutofachangeincontrolunderthe2010Planandthe2019Planaresubjecttoandqualifiedbythetermsandconditionsofallapplicableawardagreementsandemploymentagreementstowhichournamedexecutiveofficersareaparty,ineachcase,asdescribedinthisProxyStatement.

Payments under the Executive Deferred Compensation Plan

Participantsinourexecutivedeferredcompensationplan,includingthenamedexecutiveofficers,generallymayelecttoreceivetheiraccountbalancesundertheplanuponattaininganagespecifiedbytheapplicableparticipantorupontheparticipant'sretirement,ineithercaseinlump-sumorinannualinstallmentsasspecifiedintheplan,providedthattheparticipant'sremainingaccountbalancegenerallywouldbepaidtotheparticipantinlump-sumintheeventoftheparticipant'sseparationfromservicewithuspriortoretirementorintheeventofdeathordisability.Inaddition,anyunvestedamountsinaparticipant'saccountwouldvestupontheparticipant'sdeath,disability,achangeincontrolofusortheparticipantbecomingeligibleforretirementundertheplan.

Long Term Incentive Plan

AspartofMr.Conroy'semploymentagreement,weestablishedaLongTermIncentivePlanpursuanttowhichMr.ConroywouldbeentitledtoreceiveacashpaymentuponachangeofcontrolbasedontheequityvalueoftheCompanyasreflectedinthefollowingtable.

LONG TERM INCENTIVE PLAN PORTION OF EQUITY VALUE

NAME FROM $100 MILLION

TO $500 MILLION

EACH INCREMENTAL$50 MILLION FROM $500 MILLION TO

$1 BILLION

EACH INCREMENTAL$50 MILLION FROM

$1 BILLION TO $2 BILLION

ANY AMOUNT OVER $2 BILLION

KevinT.Conroy 1.00% 0.50% 0.25% 0.00%


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REPORT OF THE COMPENSATION AND MANAGEMENT DEVELOPMENT COMMITTEE

REPORT OF THE COMPENSATION AND MANAGEMENT DEVELOPMENT COMMITTEETheCompensationandManagementDevelopmentCommitteehasreviewedanddiscussedwithmanagementtheCompensationDiscussionandAnalysis(the"CD&A")fortheyearendedDecember31,2019,ascontainedintheforegoingsectionofthisProxyStatement.Inrelianceonthereviewsanddiscussionsreferredtoabove,theCompensationandManagementDevelopmentCommitteerecommendedtotheBoardofDirectors,andtheBoardofDirectorshasapproved,thattheCD&AbeincludedintheCompany'sAnnualReportonForm10-KfortheyearendedDecember31,2019andinthisProxyStatement.

TheCompensationandManagementDevelopmentCommittee:KatherineS.Zanotti,ChairpersonJamesE.DoyleDanielJ.Levangie


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EXECUTIVE COMPENSATION TABLES


Summary Compensation Table for 2019

ThefollowingtablerepresentssummaryinformationregardingthecompensationofeachofourNEOsforthethreeyearsendedDecember31,2019.

NAME AND PRINCIPAL POSITION YEAR SALARY

($) BONUS

($)

STOCK AWARDS

($)

OPTION AWARDS

($)

ALL OTHER COMPENSATION

($) TOTAL

($) Kevin T. Conroy 2019 792,169 1,000,250 14,949,979 1,948,193 25,952 18,716,543Chairman,Presidentand 2018 695,800 794,952 3,651,651 1,833,094 16,500 6,991,997ChiefExecutiveOfficer 2017 632,500 920,920 5,207,789 6,487,680 16,200 13,265,089Jeffrey T. Elliott 2019 455,385 230,000 3,772,876 648,884 16,385 5,123,530ChiefFinancialOfficer 2018 400,000 228,500 891,837 448,209 15,317 1,983,863

2017 350,000 254,800 1,410,996 1,757,080 15,351 3,788,227Mark Stenhouse 2019 513,846 677,500 3,708,412 616,042 29,250 5,545,050GeneralManager,Screening 2018 375,000 285,625 2,910,000 — 291,631 3,862,256D. Scott Coward 2019 483,016 242,050 3,708,412 616,042 16,800 5,066,320SeniorVicePresident,GeneralCounsel, 2018 446,923 268,488 891,837 448,209 29,857 2,085,314ChiefAdministrativeOfficerandSecretary 2017 400,300 364,273 1,949,602 2,027,400 51,949 4,793,525G. Bradley Cole 2019 81,272 389,270 871,861 — 757,468 2,099,871FormerGeneralManager,PrecisionOncology Jacob Orville 2019 57,692 370,137 3,291,960 — 341,800 4,061,589GeneralManager,Pipeline Ana Hooker 2019 407,054 203,636 2,872,609 444,926 16,800 3,945,025SeniorVicePresident,Operations

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TheamountsshowninthiscolumnindicatethegrantdatefairvalueofstockawardscomputedinaccordancewithFASBASCTopic718,includingthegrantdatefairvalueofthePSUawardsgrantedonFebruary26,2019,whichtheCompanyhasaccountedforatthe"maximum"level.Generally,thegrantdatefairvalueistheamountthatwewouldexpenseinourfinancialstatementsovertheaward'svestingschedule.Foradditionalinformationregardingtheassumptionsmadeincalculatingtheseamounts,seetheNotestoouraudited,consolidatedfinancialstatementsincludedinourAnnualReportonForm10-Kfor2019.TheseamountsreflectouraccountingexpensefortheseawardsanddonotcorrespondtotheactualvaluethatmayberecognizedbyourNEOs.

TheamountsshowninthiscolumnindicatethegrantdatefairvalueofoptionawardscomputedinaccordancewithFASBASCTopic718.Generally,thegrantdatefairvalueistheamountthatwewouldexpenseinourfinancialstatementsovertheaward'svestingschedule.Foradditionalinformationregardingtheassumptionsmadeincalculatingtheseamounts,seetheNotestoouraudited,consolidatedfinancialstatementsincludedinourAnnualReportonForm10-Kfor2019.TheseamountsreflectouraccountingexpensefortheseawardsanddonotcorrespondtotheactualvaluethatmayberecognizedbyourNEOs.

Mr.Conroyelectedtodeferpaymentof100%ofthisamountpursuanttotheCompany'sExecutiveDeferredCompensationPlan.

Represents(i)amatchingcontributiontoour401(k)planpaidinsharesofourcommonstockand(ii)$9,152paidbytheCompanytoMr.Conroyfortravel,lodgingandotherexpensesincurredinrespectofMr.Conroy'sspouse'sattendanceataCompanysalesconference.

Representsamatchingcontributiontoour401(k)planpaidinsharesofourcommonstock.

TheamountsreportedintheStockAwardsandOptionAwardscolumnsfor2017representthegrantdatefairvalueoftime-basedoptionandRSUawardsthatwereapprovedbyourCompensationandManagementDevelopmentCommitteeonJanuary31,2017andmadeeffective(forOmnibusPlanpurposes)onFebruary23,2017inaccordancewithourStatementofPolicywithrespecttoEquityAwardApproval(the"2017EquityAwards").Theissuanceofeach2017EquityAwardwassubjecttoandcontingentuponapprovalbyourstockholdersatthe2017annualmeetingoftheFirstAmendmenttothe2010OmnibusLong-TermIncentivePlan(AsAmendedandRestatedEffectiveApril28,2015)(the"2017PlanAmendment"),whichapprovalwasobtainedonJuly27,2017.

PursuanttoandinaccordancewithFASBASCTopic718,thegrantdatefairvalueofeach2017EquityAwardiscalculatedasofJuly27,2017,thedateonwhichthecontingencyofeachsuch2017EquityAwardwassatisfied(which,inthecaseofthetime-basedoptionawardsincludedinthe2017EquityAwards,isbasedonaBlack-ScholesvaluationmodelbasedonthefairmarketvalueofourcommonstockonJuly27,2017).TheclosingpriceofourcommonstockonJuly27,2017was$37.93.

The$37.93closingpriceofourcommonstockonJuly27,2017(theFASBASCTopic718grantdate)wassignificantlyhigherthanthe$21.68closingpriceofourcommonstockonFebruary23,2017,thedateonwhich,pursuanttoourStatementofPolicywithrespecttoEquityAwardApprovals,the2017EquityAwardswouldotherwisehavebeengrantedtoourNEOs,andthedateonwhichtheFASBASCTopic718grantdatefairvaluewouldhavebeendetermined,hadthe2017EquityAwardsnotbeensubjecttothecontingencyofstockholderapprovalofthe2017PlanAmendment.Thus,asaresultofapplicableSECandaccountingrules—andthesignificantincreaseinthepriceofourcommonstockfromFebruary2017toJuly2017—thevaluesreflectedintheSummaryCompensationTableforthe2017EquityAwardsaremeaningfullyhigherthanthevalueswhentheCompensationandManagementDevelopmentCommitteeapprovedtheawards.

Forillustrativepurposesonly,belowisatablesettingforth,withrespecttoeachNEOwhowasanNEOinfiscalyear2017andreceivedanannualequityawardin2017,(i)thegrantdatefairvalueofeach2017EquityAwardasreflectedintheSummaryCompensationTable,(ii)thegrantdatefairvalueofeach2017EquityAwardonFebruary23,2017,calculatedunderFASBASCTopic718,hadsuch2017EquityAwardnotbeensubjecttothecontingencyofstockholderapprovalofthe2017PlanAmendment,(iii)thedifferencesbetweensuchgrantdatefairvaluesand(iv)eachNEO'stotalcompensationfor2017hadthegrantdatefairvaluesofsuchNEO's2017EquityAwardsbeencalculatedasofFebruary23,2017.

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NAME

2017 EQUITY AWARD


UNDERLYING OPTIONS

AND UNITS (#)

ASC 718 GRANT DATE

FAIR VALUE AS OF JULY 27, 2017

(AS REFLECTED IN SUMMARY

COMPENSATION TABLE) ($)

ASC 718 GRANT DATE FAIR VALUE

AS OF FEBRUARY 23,

2017 ($)

DIFFERENCEIN GRANT DATE FAIR VALUES ($)

TOTAL 2017 COMPENSATION

IN SUMMARY COMPENSATION

TABLE (WITH FEBRUARY 23,

2017 GRANT DATE FAIR VALUE) ($)

Kevin T.Conroy StockOption 240,000 6,487,680 3,168,000 3,319,680 7,714,284

RestrictedStockUnits 137,300 5,207,789 2,976,664 2,231,125 Jeffrey T. Elliott StockOption 65,000 1,757,080 858,000 899,080 2,284,647

RestrictedStockUnits 37,200 1,410,996 806,496 604,500 D. Scott

Coward StockOption 75,000 2,027,400 990,000 1,037,400 2,920,875 RestrictedStockUnits 51,400 1,949,602 1,114,352 835,250

Mr.StenhousewashiredasPresident,CologuardinApril2018.

Represents(i)$257,500inincentivecompensationbonusand(ii)thepaymentof$420,000inrespectofaportionofasigningbonusowedtoMr.StenhouseinconnectionwithhisappointmentasPresident,CologuardinApril2018,theremainderofwhichwillbepaidinApril2020.

Represents(i)amatchingcontributiontoour401(k)planpaidinsharesofourcommonstockand(ii)$12,450paidbytheCompanytoMr.Stenhousefortravel,lodgingandotherexpensesincurredinrespectofMr.Stenhouse'sspouse'sattendanceataCompanysalesconference.

Represents(i)amatchingcontributiontoour401(k)planpaidinsharesofourcommonstockand(ii)thepaymentcertainrelocationandtravelstipendspaidtoMr.StenhouseinconnectionwithhisappointmentasPresident,CologuardinApril2018.

Represents(i)amatchingcontributiontoour401(k)planpaidinsharesofourcommonstockand(ii)$13,357paidinrespectofacorporateapartmentinMadison,WisconsinusedbyMr.Cowardin2018.

Represents(i)amatchingcontributiontoour401(k)planpaidinsharesofourcommonstockand(ii)$35,749paidinrespectofacorporateapartmentinMadison,WisconsinusedbyMr.Cowardin2017.

Mr.ColebecameourGeneralManager,PrecisionOncologyfollowingtheCompany'sacquisitionofGHIinNovember2019.

OuracquisitionofGHIinNovember2019constituted"goodreason"forpurposesof,andtherebyvested,certainseverancebenefitsunderMr.Cole'sprioremploymentarrangementswithGHI.Theamountreportedrepresentsthevalueofcertainequityawardsacceleratedinconnectionwiththevestingofsuchbenefits.

Mr.OrvillewashiredasSeniorVicePresident,PipelineinFebruary2019.

Represents(i)$170,137inincentivecompensationbonusand(ii)aone-timepaymentof$200,000inrespectofasigningbonusowedtoMr.OrvilleinconnectionwithhisappointmentasSeniorVicePresident,PipelineinFebruary2019.

Represents(i)amatchingcontributiontoour401(k)planpaidinsharesofourcommonstockand(ii)$325,000paidinrespectofcertainrelocationandtravelstipendspaidtoMr.OrvilleinconnectionwithhisappointmentasSeniorVicePresident,PipelineinFebruary2019.

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Grants of Plan-Based Awards in 2019

Thefollowingtablesetsforthallplan-basedawardsmadetoourNEOsin2019.

ALL OTHER STOCK

AWARDS: NUMBER OFSHARES OF STOCK OR UNITS (#)

ALL OTHER OPTION

AWARDS: NUMBER OF SECURITIES UNDERLYINGOPTIONS (#)

ESTIMATED FUTURE PAYOUTSUNDER EQUITY INCENTIVE PLAN

AWARDS

EXERCISEOR

BASE PRICEOF OPTION AWARDS

($/SH)

GRANTDATE

FAIR VALUEOF

STOCK AND OPTION AWARDS

($)

NAME AWARDTYPE

GRANT DATE

THRESHOLD(#)

TARGET (#)

MAXIMUM (#)

Kevin T.Conroy

StockOption 2/26/2019 34,110 92.62 1,948,193

RestrictedStockUnits 2/26/2019 37,248 3,449,910

PerformanceShareUnits 2/26/2019 31,041 62,082 124,164 11,500,070

Jeffrey T.Elliott

StockOption 2/26/2019 11,361 92.62 648,884



MarkStenhouse

StockOption 2/26/2019 10,786 92.62 616,042



D. ScottCoward

StockOption 2/26/2019 10,786 92.62 616,042



G. BradleyCole

RestrictedStockUnits 12/18/2019 9,620 871,861

JacobOrville



Ana Hooker StockOption 2/26/2019 7,790 92.62 444,926

RestrictedStockUnits 2/26/2019 9,426 873,036


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TheamountsshowninthiscolumnindicatethegrantdatefairvalueofoptionawardsandthegrantdatefairvalueofRSUsandPSUscomputedinaccordancewithFASBASCTopic718.Generally,thegrantdatefairvalueistheamountthatwewouldexpenseinourfinancialstatementsovertheaward'svestingschedule.Foradditionalinformationregardingtheassumptionsmadeincalculatingtheseamounts,seetheNotestoouraudited,consolidatedfinancialstatementsincludedinourAnnualReportonForm10-Kfor2019.TheseamountsreflectouraccountingexpensefortheseawardsanddonotcorrespondtotheactualvaluethatwillberecognizedbyourNEOs.

ThesharesunderlyingthisoptionvestandbecomeexercisableinfourequalannualinstallmentsbeginningonFebruary26,2020.

RepresentsRSUswhichvestinfourequalannualinstallmentsbeginningonFebruary26,2020.

RepresentsaPSUaward.Forfurtherinformation,see"Annual Equity Awards"above.

RepresentsRSUswhichvestonDecember31,2020.

RepresentsRSUswhichvestinfourequalannualinstallmentsbeginningonFebruary18,2020.

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Outstanding Equity Awards at December 31, 2019

ThefollowingtablepresentsinformationaboutinformationaboutunexercisedoptionsandunvestedRSUsandPSUsthatwereheldbyourNEOsasofDecember31,2019.

OPTION AWARDS STOCK AWARDS

NAME


UNDERLYING UNEXERCISEDOPTIONS (#)

EXERCISABLE


UNDERLYING UNEXERCISED

OPTIONS (#) UNEXERCISABLE

OPTION EXERCISE

PRICE ($)

OPTION EXPIRATION

DATE

NUMBER OF SHARES OR

UNITS OFSTOCK

THAT HAVE NOT VESTED

(#)

MARKETVALUE

OF SHARES OR UNITS OF STOCK

THAT HAVE NOT VESTED

($)

EQUITY INCENTIVE

PLAN AWARDS: NUMBER

OF UNEARNEDSHARES, UNITS OR

OTHER RIGHTS

THAT HAVENOT

VESTED (#)(2)

EQUITY INCENTIVE

PLAN AWARDS: MARKET

OR PAYOUT

VALUE OF UNEARNEDSHARES, UNITS OR

OTHER RIGHTS

THAT HAVENOT

VESTED ($)(1)

KevinT.Conroy 94,425 — 9.07 02/27/22 187,648 17,353,687 31,041 2,870,672

96,758 — 10.82 02/22/23 102,837 — 13.96 02/24/24 66,723 — 23.38 03/09/25 185,475 61,825 5.70 02/26/26 120,000 120,000 21.68 02/23/27 17,075 51,225 44.37 02/27/28 — 34,110 92.62 02/26/29

JeffreyT.Elliott 32,500 32,500 21.68 02/23/27 66,172 6,119,587 6,747 623,963

4,175 12,525 44.37 02/27/28 — 11,361 92.62 02/26/29

MarkStenhouse — 10,786 92.62 02/26/29 63,051 5,830,956 6,747 623,963

D.ScottCoward — 13,750 5.70 02/26/26 75,226 6,956,900 6,747 623,963

— 37,500 21.68 02/23/27 — 12,525 44.37 02/27/28 — 10,786 92.62 02/26/29

G.BradleyCole 3,934 — 35.28 02/16/26 9,620 889,658 — —

13,422 — 35.91 01/31/27 22,527 — 43.40 01/31/28 21,230 — 94.76 01/29/29

JacobOrville 14,595 1,349,746 5,398 499,207

AnaHooker 15,000 — 23.38 03/09/25 43,876 4,057,652 5,398 499,207 10,150 5,050 5.03 02/28/26 15,000 15,000 21.68 02/23/27 2,925 8,775 44.37 02/27/28 — 7,790 92.62 02/26/29

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ThemarketvalueofunvestedandunearnedRSUsandPSUsisbasedontheclosingpriceofourcommonstockonDecember31,2019($92.48).

RepresentstheunearnedportionofcertainPSUs,whichvestbasedupontheachievementof(i)milestonesrelatedtorevenueforthetwelvemonthsendedDecember31,2021and(ii)certainscientificandotherstrategicmilestonesonorbeforeDecember31,2021.InaccordancewithSECrules,theamountsrepresentthethresholdamountspayableinconnectionwithsuchPSUawards.

RepresentstheunvestedportionsofcertainRSUsthatvestasfollows:(1)20,025sharesthatvestedonFebruary26,2020;(2)68,650sharesthatvestintwoequalannualinstallmentsbeginningonFebruary23,2020;(3)61,725sharesthatvestinthreeequalannualinstallmentsbeginningonFebruary27,2020and(4)37,248sharesthatvestinfourequalannualinstallmentsbeginningonFebruary26,2020.

RepresentstheunvestedportionofanoptiongrantthatvestedonFebruary26,2020.

RepresentstheunvestedportionofanoptiongrantthatvestsintwoequalannualinstallmentsbeginningonFebruary23,2020.

RepresentstheunvestedportionofanoptiongrantthatvestsinthreeequalannualinstallmentsbeginningonFebruary27,2020.

RepresentstheunvestedportionofanoptiongrantthatvestsinfourequalannualinstallmentsbeginningonFebruary26,2020.

RepresentstheunvestedportionofcertainRSUsthatvestasfollows:(1)18,750sharesthatvestonJuly28,2020;(2)18,600sharesthatvestintwoequalannualinstallmentsbeginningonFebruary23,2020;(3)15,075sharesthatvestinthreeequalannualinstallmentsbeginningonFebruary27,2020and(4)13,747sharesthatvestinfourequalannualinstallmentsbeginningonFebruary26,2020.

RepresentstheunvestedportionofcertainRSUsthatvestasfollows:(1)50,000sharesthatvestinthreeequalannualinstallmentsbeginningonApril2,2020and(2)13,051sharesthatvestinfourequalannualinstallmentsbeginningonFebruary26,2020.

RepresentstheunvestedportionofcertainRSUsthatvestasfollows:(1)21,400sharesthatvestedonFebruary26,2020;(2)25,700sharesthatvestintwoequalannualinstallmentsbeginningonFebruary23,2020;(3)15,075sharesthatvestinthreeequalannualinstallmentsbeginningonFebruary27,2020and(4)13,051sharesthatvestinfourequalannualinstallmentsbeginningonFebruary26,2020.

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2019 Option Exercises and Stock Vested Table

ThefollowingtablesetsforthinformationforeachofourNEOsregardingstockoptionexercisesandvestingofstockawardsduring2019.

2019 Nonqualified Deferred Compensation

Wemaintainanexecutivenon-qualifieddeferredcompensationplanpursuanttowhichcertainemployees,includingournamedexecutiveofficers,maydeferupto90%oftheircashcompensationotherthanbonusesand100%oftheircashbonuses,andpursuanttowhichwemaymakematchingandothercontributionsinourdiscretion.Anymatchingcontributionsmadebyusgenerallywouldbesubjecttocontinuedserviceforoneyear,subjecttoearliervestingupondeath,disability,achangeincontrolofusortheparticipantbecomingeligibleforretirementundertheplan.Aparticipantgenerallymayelecttoreceivehisorheraccountbalanceundertheplanuponattaininganagespecifiedbytheparticipantorupontheparticipant'sretirement,ineithercaseinlump-sumorinannualinstallmentsasspecifiedintheplan,providedthattheparticipant'sremainingaccountbalancegenerallywouldbepaidtotheparticipantinlump-sumintheeventoftheparticipant'sseparationfromservicewithuspriortoretirementorintheeventofdeathordisability.Amountsinaparticipant'saccountaretreatedasinvestedininvestmentsselectedbytheparticipantfromamenuofinvestmentoptionsdesignatedbyus.

Potential Payments upon Termination or Change of Control

Thefollowingtablesetsforththeestimatedpost-employmentcompensationandbenefitsthatwouldhavebeenpayabletoourNEOsundertheiremploymentagreements,assumingthateachcoveredcircumstanceoccurredonDecember31,2019.

RepresentstheunvestedportionofcertainRSUsthatvestonDecember31,2020.

RepresentstheunvestedportionofcertainRSUsthatvestinfourequalannualinstallmentsbeginningonFebruary18,2020.

RepresentstheunvestedportionofcertainRSUsthatvestasfollows:(1)12,500sharesthatvestedonFebruary26,2020;(2)2,775sharesthatvestedonFebruary29,2020;(3)8,600sharesthatvestintwoequalannualinstallmentsbeginningonFebruary23,2020;(4)10,575sharesthatvestinthreeequalannualinstallmentsbeginningonFebruary27,2020and(5)9,426sharesthatvestinfourequalannualinstallmentsbeginningonFebruary26,2020.

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OPTION AWARDS STOCK AWARDS

NAME

NUMBER OF SHARES ACQUIRED ON

EXERCISE (#)

VALUE REALIZEDON

EXERCISE ($)

NUMBER OF SHARES ACQUIRED ON VESTING

(#)

VALUE REALIZEDON

VESTING ($)

KevinT.Conroy 11,440 845,395 99,325 9,082,504JeffreyT.Elliott — — 33,075 3,551,885MarkStenhouse — — 25,000 2,296,500D.ScottCoward 100,425 6,597,352 45,300 4,164,049G.BradleyCole — — — —JacobOrville — — — —AnaHooker — — 25,600 2,359,635

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Valuerealizediscalculatedbasedonthedifferencebetweentheclosingpriceofourcommonstockonthedateofexerciseandtheexercisepriceofthestockoption.

Valuerealizediscalculatedbasedontheclosingpriceofourcommonstockonthedateofvesting.

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NAME

EXECUTIVE CONTRIBUTIONS

IN LAST FY

($)

REGISTRANT CONTRIBUTIONS

IN LAST FY

($)

AGGREGATE EARNINGS IN

LAST FY ($)

AGGREGATE WITHDRAWALS/DISTRIBUTIONS

($)

AGGREGATEBALANCE

AT LAST FYE ($)

KevinT.Conroy 1,000,250 — — — 1,000,250JeffreyT.Elliott — — — — —MarkStenhouse — — — — —D.ScottCoward — — — — —G.BradleyCole — — — — —JacobOrville — — — — —AnaHooker — — — — —

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Theamountsshowninthiscolumnarereportedascompensationin2019intheSummaryCompensationTable.

$1,000,250hasbeenreportedascompensationin2019intheSummaryCompensationTable.

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Forfurtherinformationregardingthefollowingtable,seethe"PotentialBenefitsuponTerminationorChangeofControl"sectionoftheCompensationDiscussion&AnalysisinthisProxyStatement.

NAME AND BENEFIT

SEVERANCEELIGIBLE

TERMINATION* ($)

CHANGE OF CONTROL($)

DEATH ORDISABILITY

($) Kevin T. Conroy CashSeverance 1,200,300 — —Bonus 1,000,250 — —OptionsandRestrictedStock 18,224,890 39,420,639 39,420,639Long-TermIncentivePlan 10,000,000 COBRABenefits 20,226 — —OutplacementConsulting 10,000 — —TotalEstimatedValue 20,455,666 49,420,639 39,420,639Jeffrey T. Elliott CashSeverance 460,000 — —Bonus 230,000 — —OptionsandRestrictedStock 4,727,989 10,271,089 10,271,089COBRABenefits 20,226 — —OutplacementConsulting 10,000 — —TotalEstimatedValue 5,448,215 10,271,089 10,271,089Mark Stenhouse CashSeverance 515,000 — —Bonus 257,500 — —OptionsandRestrictedStock 2,613,762 2,613,762 7,078,881COBRABenefits 18,393 — —OutplacementConsulting 10,000 — —TotalEstimatedValue 3,414,655 2,613,762 7,078,881D. Scott Coward CashSeverance 484,100 — —Bonus 242,050 — —OptionsandRestrictedStock 6,655,498 12,655,628 12,655,628COBRABenefits 20,226 — —OutplacementConsulting 10,000 — —TotalEstimatedValue 7,411,874 12,655,628 12,655,628G. Bradley Cole CashSeverance — — —Bonus — — —OptionsandRestrictedStock — — —COBRABenefits — — —OutplacementConsulting — — —TotalEstimatedValue — —

— Jacob Orville CashSeverance 400,000 — —Bonus 170,137 — —OptionsandRestrictedStock 337,460 337,460 2,347,975COBRABenefits 20,226 — —OutplacementConsulting 10,000 — —TotalEstimatedValue 937,823 337,460 2,347,975Ana Hooker CashSeverance 410,000 — —Bonus 203,636 — —OptionsandRestrictedStock 3,467,608 3,467,608 6,981,670COBRABenefits 15,113 — OutplacementConsulting 10,000 — —TotalEstimatedValue 4,106,357 3,467,608 6,981,670

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* "SeveranceEligibleTermination"meanstheexecutive'sterminationbytheCompanywithoutcauseorbytheexecutiveforgoodreason.

Represents18months'severancepayableuponaSeveranceEligibleTerminationanddoesnotincludeanadditional$400,100,representinganadditionalsixmonths'severance,thatwouldbepayableifsuchSeveranceEligibleTerminationoccurswithin12monthsbeforeaChangeofControl(asdefinedinMr.Conroy'semploymentagreement).

Represents2019bonusaward.

RepresentsthevalueofunvestedoptionsandRSUsheldonDecember31,2019thatwerescheduledtovestwithin12monthsofsuchdate,assumingsuchaccelerationinconnectionwithaSeveranceEligibleTermination,basedupontheclosingmarketpriceofthecommonstockonDecember31,2019($92.48).

Representsthevalueofunvestedoptions,RSUsandPSUsheldonDecember31,2019,basedupontheclosingmarketpriceonDecember31,2019($92.48).TheseoptionsandRSUswouldvestinfulluponaChangeofControl(asdefinedintheNEO'semploymentagreement)ifsuchNEO(x)remainsemployedbytheCompany(oritssuccessor)atleastsixmonthsfollowingsuchChangeofControlor(y)isterminatedwithoutCauseorresignsforGoodReason(eachas

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definedintheNEO'semploymentagreement)(1)withinfourmonthspriortotheconsummationofsuchChangeofControlor(2)within12monthsfollowingsuchChangeofControl.InaccordancewiththetermsofsuchNEO'semploymentagreementandtheawardagreementgoverningsuchNEO'sPSUaward,thisamountreflectstheaccelerationofsuchPSUsbasedupontheachievementoftheperformancemetricstowhichsuchPSUsaresubjectatthe"target"level.

Representsthevalueofunvestedoptions,RSUsandPSUsheldonDecember31,2019,basedupontheclosingmarketpriceonDecember31,2019($92.48).TheseoptionsandRSUswouldvestinfullupontheNEO'sdeathorDisability(asdefinedintheNEO'semploymentagreement).InaccordancewiththetermsofsuchNEO'semploymentagreementandtheawardagreementgoverningsuchNEO'sPSUaward,thisamountreflectstheaccelerationofsuchPSUsbasedupontheachievementoftheperformancemetricstowhichsuchPSUsaresubjectatthe"target"level.

AmountrepresentspaymentdueundertheLongTermIncentivePlanassumingachangeofcontroltransactionatanequityvalueequaltotheCompany'stotalmarketcapitalizationasofDecember31,2019.

Representstheestimatedcostofpayingforpremiumsforhealthand/ordentalinsuranceforthemaximumof12months.

Represents12months'severance.

RepresentsthevalueofunvestedoptionsandRSUsheldonDecember31,2019thatwerescheduledtovestwithin12monthsofsuchdate,assumingsuchaccelerationinconnectionwithaSeveranceEligibleTerminationanddoesnotincludeanadditional$4,465,119representingtheincrementalvalueoftheremainderofMr.Stenhouse'sunvestedoptions,RSUsandPSUsheldonDecember31,2019,allofwhichwouldvestinfullifsuchSeveranceEligibleTerminationoccurredwithin4monthsbeforeor12monthsafteraChangeofControl(asdefinedinMr.Stenhouse'semploymentagreement).InaccordancewiththetermsofMr.Stenhouse'semploymentagreementandtheawardagreementgoverningMr.Stenhouse'sPSUaward,theamountreflectedintheimmediatelyprecedingsentencereflectstheaccelerationofsuchPSUsbasedupontheachievementoftheperformancemetricstowhichsuchPSUsaresubjectatthe"target"level.TheforegoingvaluesarecalculatedbasedupontheclosingmarketpriceofthecommonstockonDecember31,2019($92.48).

RepresentsthevalueofunvestedoptionsandRSUsheldonDecember31,2019thatwerescheduledtovestwithin12monthsofsuchdate,assumingsuchaccelerationinconnectionwithaChangeofControl(asdefinedintheNEO'semploymentagreement),basedupontheclosingmarketpriceofthecommonstockonDecember31,2019($92.48).BecausetheperformanceperiodunderthePSUsheldbytheNEOisnotscheduledtoendwithintwelvemonthsfollowingaChangeofControlasofDecember31,2019,suchPSUsarenotsubjecttoaccelerationundersuchNEO'semploymentagreement,andthisamountdoesnotincludeanyaccelerationofsuchPSUs.

RepresentsthevalueofunvestedoptionsandRSUsheldonDecember31,2019thatwerescheduledtovestwithin12monthsofsuchdate,assumingsuchaccelerationinconnectionwithaSeveranceEligibleTerminationanddoesnotincludeanadditional$2,010,515representingtheincrementalvalueoftheremainderofMr.Orville'sunvestedoptions,RSUsandPSUsheldonDecember31,2019,allofwhichwouldvestinfullifsuchSeveranceEligibleTerminationoccurredwithin4monthsbeforeor12monthsafteraChangeofControl(asdefinedinMr.Orville'semploymentagreement).InaccordancewiththetermsofMr.Orville'semploymentagreementandtheawardagreementgoverningMr.Orville'sPSUaward,theamountreflectedintheimmediatelyprecedingsentencereflectstheaccelerationofsuchPSUsbasedupontheachievementoftheperformancemetricstowhichsuchPSUsaresubjectatthe"target"level.TheforegoingvaluesarecalculatedbasedupontheclosingmarketpriceofthecommonstockonDecember31,2019($92.48).

RepresentsthevalueofunvestedoptionsandRSUsheldonDecember31,2019thatwerescheduledtovestwithin12monthsofsuchdate,assumingsuchaccelerationinconnectionwithaSeveranceEligibleTerminationanddoesnotincludeanadditional$3,514,062representingtheincrementalvalueoftheremainderofMs.Hooker'sunvestedoptions,RSUsandPSUsheldonDecember31,2019,allofwhichwouldvestinfullifsuchSeveranceEligibleTerminationoccurredwithin4monthsbeforeor12monthsafteraChangeofControl(asdefinedinMs.Hooker'semploymentagreement).InaccordancewiththetermsofMs.Hooker'semploymentagreementandtheawardagreementgoverningMs.Hooker'sPSUaward,theamountreflectedintheimmediatelyprecedingsentencereflectstheaccelerationofsuchPSUsbasedupontheachievementoftheperformancemetricstowhichsuchPSUsaresubjectatthe"target"level.TheforegoingvaluesarecalculatedbasedupontheclosingmarketpriceofthecommonstockonDecember31,2019($92.48).

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EQUITY COMPENSATION PLAN INFORMATION

EQUITY COMPENSATION PLAN INFORMATIONWemaintainthefollowingequitycompensationplansunderwhichourequitysecuritiesthathavebeenissuedorareauthorizedforissuancetoouremployeesand/ordirectors,ineachcase,asamended:the2000StockOptionandIncentivePlan,the2010OmnibusLong-TermIncentivePlan,the2010EmployeeStockPurchasePlan,the2016InducementAwardPlanandthe2019OmnibusLong-TermIncentivePlan.ThefollowingtablepresentsinformationabouttheseplansasofDecember31,2019.

PLAN CATEGORY

NUMBER OF SECURITIESTO BE ISSUED UPON

EXERCISE OFOUTSTANDING

OPTIONS, WARRANTS AND RIGHTS

WEIGHTED AVERAGE EXERCISE PRICE OF

OUTSTANDING OPTIONS,

WARRANTS AND RIGHTS

NUMBER OF SECURITIES REMAINING AVAILABLE FOR FUTURE ISSUANCE

UNDER EQUITYCOMPENSATION PLANS

(EXCLUDING SECURITIES OUTSTANDING)

Equitycompensationplansapprovedbysecurityholders 5,549,490(2) $25.76(3) 14,851,832(4)

Equitycompensationplansnotapprovedbysecurityholders 360,744(5) N/A 1,640,063(6)

Total 5,910,234 $25.76 16,491,895

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Tabledoesnotinclude(a)466,944sharesofcommonstockissuablepursuanttooutstandingrestrictedstockunitsor(b)650,405sharesofcommonstockissuablepursuanttooutstandingstockoptions(whichhadaweightedaverageexercisepriceof$60.02pershareasofDecember31,2019),ineachcasegrantedunderGHI'sequitycompensationplan(the"GHIPlan"),whichtheCompanyassumedinconnectionwiththeacquisitionofGHIin2019.NofurtherawardsmaybegrantedundertheGHIPlan.

Includes3,729,293outstandingRSUs.

DoesnotreflectRSUsincludedinthefirstcolumnthatdonothaveanexerciseprice.

Consistsof13,791,753sharesofcommonstockavailableforfutureissuanceunderour2019OmnibusLong-TermIncentivePlanand1,060,079sharesofcommonstockavailableforfutureissuanceunderour2010EmployeeStockPurchasePlan.

Includes229,691RSUsissuedunderour2016InducementAwardPlangrantedto423Companyemployeesinconnectionwiththeirhiring.TheseinducementRSUawardsconvertintocommonstockonaone-for-onebasisuponvestingandvestinfourequalannualinstallmentsbeginningonthefirstanniversaryoftheapplicablegrantdate.Alsoincludes131,053RSUsgrantedpursuanttoNasdaqRule5635(c)underthe2019OmnibusLong-TermIncentivePlanbasedonthesharesthatwereavailableforgrantundertheGHIPlanatthetimetheCompanyacquiredGHI.NoneoftheseRSUsweregrantedtoindividualsemployedbytheCompanyimmediatelypriortotheacquisitionofGHI.

ReflectssharesofcommonstockthattheCompanymaygrantpursuanttoNasdaqRule5635(c)underthe2019OmnibusLong-TermIncentivePlanbasedonthesharesthatwereavailableforgrantundertheGHIPlanatthetimetheCompanyacquiredGHI.ThesesharesmayonlybegrantedtopersonswhowerenotemployedbytheCompanyimmediatelypriortotheacquisitionofGHI.

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CEO PAY RATIO

CEO PAY RATIOAsrequiredbySECrules,weareprovidingthefollowinginformationabouttherelationshipoftheannualtotalcompensationfor2019ofouremployeesandourCEO,Mr.Conroy.ThepayratioprovidedbelowisareasonableestimatecalculatedinaccordancewithSECrulesandmethodsfordisclosure.

For2019,themedianoftheannualtotalcompensationofallouremployees(otherthanourCEO)was$113,869;andtheannualtotalcompensationofourCEO,forpurposesofthispayratiodisclosure(asdiscussedbelow),was$18,729,996.Asaresult,theratiooftheannualtotalcompensationofourCEOtothemedianoftheannualtotalcompensationofallouremployeeswasapproximately164to1.Asdiscussedfurtherbeginningonpage33,during2019Mr.Conroywasgrantedone-timeperformance-contingentPerformanceStockUnitsintendedtoprovideperformanceincentivesoverathree-yearperiod.InordertoprovideamoreaccurateassessmentofMr.Conroy'scompensationfor2019relativetoourmedianemployee,andinordertoaccountforthelong-termintentofthataward,asasupplementalratiowededucted2/3ofthevalueofthataward,whichwouldresultinasupplementalpayratioof97:1.

Consistentwithprioryears'disclosure,weidentifiedourmedianemployeeby(A)aggregatingforeachofouremployees(otherthanourCEO)asofDecember13,2019(ourmedianemployeedeterminationdate):(1)forpermanentsalariedemployees,annualbasesalary,andsolelyforhourlyemployees,hourlyratemultipliedbyexpectedannualworkschedule,includingovertime(adjustedfortheportionoftheyearactuallyworkedfornon-permanentemployees),(2)targetbonusfor2019,and(3)estimatedgrantdatefairvalueofequityawardsgrantedduring2019,and(B)rankingouremployeesfromlowesttohighestusingthiscompensationmeasure.AmountspaidincurrenciesotherthanUSDollarswereconvertedbasedontheaverageannualexchangerateasofthedeterminationdate.

Fortheannualtotalcompensationofourmedianemployee,weidentifiedandcalculatedtheelementsofthatemployee'scompensationfor2019inaccordancewiththerequirementsofItem402(c)(2)(x),andthenaddedtheCompany'sannualshareofthecostofmedical,dental,disability,andlifeinsurancefortheemployee,resultinginannualtotalcompensationof$113,869.FortheannualtotalcompensationofourCEO,weusedtheamountreportedinthe"Total"columnofour2019SummaryCompensationTable,adjustedasfollows:tomaintainconsistencybetweentheannualtotalcompensationofourCEOandourmedianemployee,weaddedtheCompany'sannualshareofthecostofmedical,dental,disability,andlifeinsuranceforourCEO(estimatedat$13,453)totheamountreportedintheSummaryCompensationTable.ThisresultedinannualtotalcompensationforpurposesofdeterminingtheCEOpayratioof$18,729,996,whichexceededtheamountreportedforourCEOintheSummaryCompensationTable.


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PROPOSAL 4—APPROVAL OF AN AMENDMENT TO OUR CERTIFICATE OF INCORPORATION


WHAT YOU ARE VOTING ON:Atthe2020AnnualMeeting,stockholdersarebeingaskedtoapproveanamendmenttoourCertificateofIncorporationtoincreasethenumberofauthorized

sharesofcommonstockfrom200,000,000sharesto400,000,000shares.

OurBoardisseekingstockholderapprovalofanamendmenttoourCertificateofIncorporationthatwouldincreasethenumberofauthorizedsharesofcommonstockfrom200,000,000to400,000,000.TheproposedCertificateofAmendmenttotheCertificateofIncorporation(the"CertificateofAmendment")isattachedheretoasAppendixA.

Thenewlyauthorizedsharesofcommonstockwouldhavethesamerightsasthecurrentlyoutstandingsharesofourcommonstock.AsofMarch31,2020,149,443,103sharesofourcommonstockwereissuedandoutstanding,4,767,961sharesweresubjecttooutstandingrestrictedstockunitawards,2,840,592optionstopurchasesharesofourcommonstockwereissuedandoutstandingunderourequitycompensationplans,13,360,645sharesofourcommonstockwerereservedforfutureissuanceunderourequitycompensationplans,and26,291,240shareswerereservedforissuanceupontheconversionofouroutstandingconvertiblenotes.Accordingly,196,703,541ofthe200,000,000authorizedsharesofourcommonstockarecurrentlyissuedorreservedwhile3,296,459oftheauthorizedsharesofourcommonstockremainavailableforfutureissuance.

Reasons for the Increase in Authorized Shares

OurBoardbelievesitwouldbeprudentandadvisabletohavetheadditionalsharesavailabletoprovideadditionalflexibilityregardingthepotentialuseofsharesofcommonstockforbusinessandfinancialpurposesinthefuture.Havinganincreasednumberofauthorizedbutunissuedsharesofcommonstockwouldallowustotakepromptactionwithrespecttocorporateopportunitiesthatdevelop,withoutthedelayandexpenseofconveningaspecialmeetingofstockholdersforthepurposeofapprovinganincreaseinourauthorizedshares.Theadditionalsharescouldbeusedforvariouspurposeswithoutfurtherstockholderapproval.Thesepurposesmayinclude:(i)raisingcapital,ifwehaveanappropriateopportunity,throughofferingsofcommonstockorsecuritiesthatareconvertibleintocommonstock;(ii)expandingourbusinessthroughpotentialstrategictransactions,includingmergers,acquisitions,andotherbusinesscombinationsoracquisitionsofnewtechnologiesorproducts;(iii)establishingstrategicrelationshipswithothercompanies;(iv)exchangesofcommonstockorsecuritiesthatareconvertibleintocommonstockforotheroutstandingsecurities;(v)providingequityincentivestoattractandretainemployees,officersordirectors;and(vi)otherpurposes.

Potential Effects of the Proposed Amendment

Iftheproposedamendmentisapprovedbyourstockholders,theadditionalauthorizedsharesofcommonstockwouldhaverightsidenticaltoourcurrentlyoutstandingcommonstock.OurCertificateofIncorporationalsocurrentlyauthorizestheissuanceof5,000,000sharesofpreferredstock,noneofwhichareissuedoroutstanding.

TheproposedamendmenttotheCertificateofIncorporationwouldnotchangetheauthorizednumberofsharesofpreferredstock.Futureissuancesofsharesofcommonstockorsecuritiesconvertibleintosharesofcommonstockcouldhaveadilutiveeffectonourearningspershare,bookvaluepershareandthevotinginterestandpowerofcurrentstockholderssinceholdersofcommonstockarenotentitledtopreemptiverights.

SECrulesrequiredisclosureofthepossibleanti-takeovereffectsofanincreaseinauthorizedcapitalstockandothercharterandbylawprovisionsthatcouldhaveananti-takeovereffect.AlthoughwehavenotproposedtheincreaseinthenumberofauthorizedsharesofcommonstockwiththeintentofusingtheadditionalsharestopreventordiscourageanyactualorthreatenedtakeoveroftheCompany,undercertaincircumstances,suchsharescouldhaveananti-takeovereffect.TheadditionalsharescouldbeissuedtodilutethestockownershiporvotingrightsofpersonsseekingtoobtaincontroloftheCompanyorcouldbeissuedtopersonsalliedwiththeBoardofDirectorsormanagementandtherebyhavetheeffectofmakingitmoredifficulttoremovedirectorsormembersofmanagementbydilutingthestockownershiporvotingrightsofpersonsseekingtoeffectsucharemoval.Accordingly,iftheproposedamendmentisapproved,theadditionalsharesofauthorizedcommonstockmayrendermoredifficultordiscourageamerger,tenderofferorproxycontest,theassumptionofcontrolbyaholderofalargeblockofcommonstock,orthereplacementorremovalofmembersoftheBoardofDirectorsormanagement.

Implementation of the Authorized Share Increase

Followingstockholderapprovalofthisproposal,theauthorizedshareincreasewouldbeimplementedbyourfilingtheCertificateofAmendmentwiththeSecretaryofStateoftheStateofDelaware.However,atanytimepriortotheeffectivenessofthefilingoftheCertificateofAmendmentwiththeSecretaryofStateoftheStateofDelaware,theBoardofDirectorsreservestherighttoabandonthisproposalandtonotfiletheCertificateofAmendment,evenifapprovedbythestockholdersoftheCorporation,iftheBoardofDirectors,initsdiscretion,determinesthatsuchamendmentisnolongerinthebestinterestsoftheCorporationoritsstockholders.


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TheamendmenttoourCertificateofIncorporationwillbeapprovedifholdersofamajorityoftheissuedandoutstandingsharesofcommonstockasoftherecorddatevoteinfavoroftheproposal.


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SECURITIES OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

SECURITIES OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENTThefollowingtablesetsforthcertaininformationregardingbeneficialownershipofourcommonstockasofApril27,2020by:

» eachpersonorgroupofaffiliatedpersonsknownbyustobethebeneficialownerofmorethan5%ofourcommonstock;

» eachexecutiveofficerincludedintheSummaryCompensationTableabove;

» eachofourdirectors;

» eachpersonnominatedtobecomeadirector;and

» allexecutiveofficers,directorsandnomineesasagroup.

Unlessotherwisenotedbelow,theaddressofeachpersonlistedonthetableisc/oExactSciencesCorporationat441CharmanyDrive,Madison,Wisconsin53719.Toourknowledge,eachpersonlistedbelowhassolevotingandinvestmentpoweroverthesharesshownasbeneficiallyownedexcepttotheextentjointlyownedwithspousesorotherwisenotedbelow.

BeneficialownershipisdeterminedinaccordancewiththerulesoftheSEC.Theinformationdoesnotnecessarilyindicateownershipforanyotherpurpose.Undertheserules,sharesofcommonstockissuablebyustoapersonpursuanttorestrictedstockunitawardsexpectedtovestwithin60daysofApril27,2020andoptionswhichmaybeexercisedwithin60daysafterApril27,2020aredeemedtobebeneficiallyownedandoutstandingforpurposesofcalculatingthenumberofsharesandthepercentagebeneficiallyownedbythatperson.However,thesesharesarenotdeemedtobebeneficiallyownedandoutstandingforpurposesofcomputingthepercentagebeneficiallyownedbyanyotherperson.TheapplicablepercentageofcommonstockoutstandingasofApril27,2020isbasedupon149,564,305sharesoutstandingonthatdate.

AMOUNT AND NATURE OF BENEFICIAL OWNERSHIP

NAME AND ADDRESS OF BENEFICIAL OWNER

NUMBER OFISSUED SHARES

NUMBER OFSHARES

ISSUABLE

TOTAL SHARESBENEFICIALLY

OWNED

PERCENTAGE OF COMMON STOCK

OUTSTANDINGDirectors and Executive Officers Thomas D. Carey 34,181 18,850 53,031 *Eli Casdin 6,712 8,888 15,600 *G. Bradley Cole 10,194 43,757 53,951 *Kevin T. Conroy 1,019,268 830,721 1,849,989 1.3%D. Scott Coward 54,313 2,697 57,010 *James E. Doyle 32,440 18,477 50,917 *Jeffrey T. Elliott 60,015 59,940 119,955 *Ana Hooker 208,687 60,498 269,185 *Pierre Jacquet 5,982 — 5,982 *Daniel J. Levangie 12,458 16,545 29,003 *Freda Lewis-Hall 5,064 — 5,064 *Jacob Orville 2,688 — 2,688 *Kathleen Sebelius 8,200 — 8,200 *Andrew Slavitt 6,887 — 6,887 *Mark Stenhouse 29,926 2,697 32,623 *Michael S. Wyzga 8,913 26,595 35,508 *Katherine S. Zanotti 77,513 25,637 103,150 *All directors and executive officers as a group (18 persons) 1,589,355 1,118,912 2,708,267 1.8%Stockholders BlackRock, Inc. 7,784,507 — 7,784,507 5.3%T. Rowe Price 18,698,591 — 18,698,591 12.6%The Vanguard Group 13,428,104 — 13,428,104 9.1%

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SECURITIES OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

Representssharesofourcommonstockissuablepursuanttooption,restrictedstockunitanddeferredstockunitawardsexercisableorissuablewithin60daysofApril17,2020.Doesnotincludesharesofstockissuablepursuanttooption,restrictedstockunitanddeferredstockunitawardsnotexercisableorissuablewithin60daysofApril17,2020.

Includes450sharesofcommonstockheldincustodialaccounts,forthebenefitofcertainofMr.Casdin'sfamilymembers,overwhichMr.Casdinservesascustodian(the"CasdinCustodialAccounts").Mr.CasdinmaybedeemedtohavesharedvotingandinvestmentpowerwithrespecttothesharesofcommonstockheldbytheCasdinCustodialAccounts.Mr.CasdinexpresslydisclaimsbeneficialownershipofanysuchsecuritiesheldbytheCasdinCustodialAccounts,excepttotheextentofhispecuniaryinteresttherein,ifany.

Includes26,305sharesheldthroughour401(k)plan.

DoesnotincludesharesofcommonstockissuableonMay1,2020uponpurchasepursuanttotheCompany's2010EmployeeStockPurchasePlan.ThenumberofsharestobepurchasedonMay1,2020wasindeterminableasofApril17,2020.




Includes192sharesheldthroughour401(k)plan.

Includes355sharesheldthroughour401(k)plan.

Includes37,000sharesheldinagrantorretainedannuitytrustinrespectofwhichMrs.Zanottiisthetrusteeandholdssolevotingandinvestmentpower.

AmountincludessharesofcommonstockbeneficiallyownedbyTorstenHoof,ourGeneralManager,International,whobecameanexecutiveofficeronNovember11,2019followingthecompletionofouracquisitionofGenomicHealth.AsofApril17,2020,Mr.Hoofbeneficiallyowned5,914sharesandoptionstopurchase3,610shareswhichmaybeexercisedwithin60daysafterApril17,2020.AsofApril17,2020,Mr.Hoofdidnotholdanysharesofcommonstockissuablebyuspursuanttorestrictedstockunitawardsexpectedtovestwithin60daysofApril17,2020.

BlackRock,Inc.,aDelawarecorporation("BlackRock"),beneficiallyownsthesesharesthroughitssubsidiaries,BlackRockLifeLimited,BlackRockInternationalLimited,BlackRockAdvisors,LLC,BlackRock(Netherlands)B.V.,BlackRockInstitutionalTrustCompany,NationalAssociation,BlackRockAssetManagementIrelandLimited,BlackRockFinanicalManagement,Inc.,BlackRockJapanCo.,Ltd.,BlackRockAssetManagement,LLC,BlackRockInvestmentManagement(UK)Limited,BlackRockAssetManagementCanadaLimited,BlackRock(Luxembourg)S.A.,BlackRockInvestmentManagement(Australia)Limited,BlackRockAdvisors(UK)Limited,BlackRockFundAdvisors,BlackRockAssetManagementNorthAsiaLimited,BlackRock(Singapore)LimitedandBlackRockFundManagersLtd.,andhasthesolepowertovoteortodirectthevoteof6,816,920sharesandhasthesolepowertodisposeortodirectthedispositionof7,784,507shares.TheprincipaladdressofBlackRockis55East52ndStreet,NewYork,NewYork10055.ThisinformationhasbeenobtainedfromSchedule13GfiledbyBlackRockwiththeSEConFebruary10,2020.

T.RowePriceAssociates,Inc.,aMarylandcorporation("T.RowePrice"),hasthesolepowertovoteortodirectthevoteof5,311,294sharesandthesolepowertodisposeortodirectthedispositionof18,698,591shares.AsdisclosedbyT.RowePrice,thesesecuritiesareownedbyvariousindividualandinstitutionalinvestorsforwhichT.RowePriceservesasaninvestmentadvisor.ForpurposesofreportingrequirementsoftheExchangeAct,T.RowePriceisdeemedtobethebeneficialownerofsuchsecurities.TheprincipaladdressofT.RowePriceis100E.PrattStreet,Baltimore,MD21202.ThisinformationhasbeenobtainedfromAmendmentNo.2toSchedule13GfiledbyT.RowePricewiththeSEConFebruary14,2020.

TheVanguardGroup,Inc.,aPennsylvaniacorporation("Vanguard"),beneficiallyownsthesesharesdirectlyandthroughitssubsidiaries,VanguardFiduciaryTrustCompanyandVanguardInvestmentsAustralia,Ltd.Vanguardhasthesolepowertovoteortodirectthevoteof115,578shares,thesharedpowertovoteortodirectthevoteof37,980shares,thesolepowertodisposeortodirectthedispositionof13,289,134sharesandsharedpowertodisposeortodirectthedispositionof138,970shares.VanguardFiduciaryTrustCompany,awholly-ownedsubsidiaryofVanguard,isthebeneficialownerof62,530shares,andVanguardInvestmentsAustralia,Ltd.,awholly-ownedsubsidiaryofVanguard,isthebeneficialownerof127,145shares.TheprincipaladdressofVanguardis100VanguardBlvd.,Malvern,Pennsylvania19355.ThisinformationhasbeenobtainedfromAmendmentNo.7toSchedule13GfiledbyVanguardwiththeSEConFebruary12,2020.

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SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE

SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCESection16(a)oftheExchangeActrequiresourdirectors,executiveofficersandpersonswhoownmorethantenpercentofaregisteredclassofourequitysecuritiestofilereportsofownershipandchangesinownershipwiththeSEC.SuchpersonsarerequiredbySECregulationstofurnishuswithcopiesofallsuchfilings.Basedsolelyonourreviewofcopiesofsuchfilings,webelievethatallreportingpersonscompliedonatimelybasiswithallSection16(a)filingrequirementsduringtheyearendedDecember31,2019,exceptthatEliCasdinfiledonelateForm4withrespecttosharesofcommonstockMr.CasdinreceivedinexchangeforsharesofGenomicHealthheheldindirectlypriortotheCompany'sacquisitionofGenomicHealth.

OTHER BUSINESSOurBoardofDirectorsknowsofnobusinessthatwillbepresentedforconsiderationatthe2020AnnualMeetingotherthanthoseitemsstatedabove.Ifanyotherbusinessshouldcomebeforethe2020AnnualMeeting,votesmaybecastpursuanttoproxiesinrespecttoanysuchbusinessinthebestjudgmentofthepersonorpersonsactingundertheproxies.

IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE STOCKHOLDERMEETING TO BE HELD ON JULY 23, 2020Theproxystatementandannualreporttostockholdersareavailableatwww.proxvote.com.


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QUESTIONS AND ANSWERS

QUESTIONS AND ANSWERSWhy did I receive a one-page notice in the mail regarding the Internet availability of proxy materials instead of a full set of proxy materials?

UnderrulesadoptedbytheSEC,wearefurnishingproxymaterialstoourstockholdersprimarilyviatheInternet,insteadofmailingprintedcopiesofthosematerialstoeachstockholder.OnoraboutJune11,2020,wewillmailtoourstockholdersofrecordasofJune1,2020(otherthanthosewhopreviouslyrequestedelectronicorpaperdeliveryonanongoingbasis)aNoticeofMeetingandImportantNoticeRegardingtheAvailabilityofProxyMaterials(the"Notice")containinginstructionsonhowtoaccessourproxymaterials,includingourproxystatementandour2020AnnualReport,whichincludesourAnnualReportonForm10-KfortheyearendedDecember31,2019.AllstockholderswillhavetheabilitytoaccessourproxymaterialsonthewebsitereferredtointheNoticeorrequestaprintedsetoftheproxymaterials.InstructionsonhowtoaccessourproxymaterialsontheInternetortorequestprintedversionsareprovidedintheNotice.TheNoticealsoinstructsyouonhowtoaccessyourproxycardtovotethroughtheInternetorbytelephone.Inaddition,stockholdersmayrequesttoreceiveproxymaterialsinprintedformbymailorelectronicallybyemailonanongoingbasis.Ifyouhavepreviouslyelectedtoreceiveourproxymaterialselectronically,youwillcontinuetoreceivethesematerialsviaemailuntilyouelectotherwise.

What does it mean if I receive more than one Notice or more than one set of proxy materials?

Itmeansthatyoursharesareheldinmorethanoneaccountatthetransferagentand/orwithbanksorbrokers.Pleasevoteallofyourshares.Toensurethatallofyoursharesarevoted,foreachNoticeorsetofproxymaterials,pleasesubmityourproxybyphone,viatheInternet,or,ifyoureceivedprintedcopiesoftheproxymaterials,bysigning,datingandreturningtheenclosedproxycardintheenclosedenvelope.

How do I receive a paper copy of the materials?

Ifyouprefertoreceivepapercopiesoftheproxymaterials,youcanstilldoso.YoumayrequestapapercopybyfollowingtheinstructionsprovidedintheNotice.TheNoticealsoprovidesyouwithinstructionsonhowtorequestpapercopiesoftheproxymaterialsonanongoingbasis.Thereisnochargetoreceivethematerialsbymail.YoumayrequestprintedcopiesofthematerialsuntiloneyearafterthedateoftheAnnualMeeting.Ifyouhavepreviouslyelectedtoreceiveprintedproxymaterials,youwillcontinuetoreceivethesematerialsinpaperformatuntilyouelectotherwise.

What is a proxy?

OurBoardofDirectorsisaskingforyourproxy.Thismeansyouauthorizepersonsselectedbyustovoteyoursharesattheannualmeetinginthewaythatyouinstruct.Allsharesrepresentedbyvalidproxiesreceivedbeforetheannualmeetingwillbevotedinaccordancewiththestockholder'sspecificvotinginstructions.

What items will be voted on at the Annual Meeting?

Therearefourproposalsscheduledtobevotedonattheannualmeeting:

» ToelectthefournomineestoourBoardofDirectorsnominatedbyourBoardofDirectorstoserveforathreeyeartermasClassIIdirectors.

» ToratifytheappointmentofPricewaterhouseCoopers,LLPasourindependentregisteredpublicaccountingfirmfor2020.

» Toholdanadvisoryvoteonexecutivecompensation.

» ToapproveanamendmenttoourCertificateofIncorporationincreasingthenumberofauthorizedsharesofcommonstockfrom200,000,000sharesto400,000,000shares.

OurBoardofDirectorsisnotawareofanyothermatterstobebroughtbeforethemeeting.Ifothermattersareproperlyraisedatthemeeting,theproxyholdersmayvoteanysharesrepresentedbyproxyintheirdiscretion.

What are our Board of Directors' voting recommendations?

OurBoardofDirectorsrecommendsthatyouvoteyourshares:

» FORthefournomineestoourBoardofDirectorsnominatedbyourBoardofDirectorstoserveforathreeyeartermasClassIIdirectors;

» FORtheratificationoftheappointmentofPricewaterhouseCoopers,LLPasourindependentregisteredpublicaccountingfirmfor2020;

» FORtheapprovaloftheadvisoryvoteonexecutivecompensation;and

» FORtheapprovaloftheamendmenttoourCertificateofIncorporationincreasingthenumberofauthorizedsharesofcommonstockfrom200,000,000sharesto400,000,000shares.


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When is the record date and who is entitled to vote?

OurBoardofDirectorssetJune1,2020astherecorddate.HoldersofrecordofsharesofourcommonstockasofthecloseofbusinessontherecorddatewillbeentitledtonoticeofandtovoteattheAnnualMeetingandanycontinuation,postponementoradjournmentthereof.Atthecloseofbusinessontherecorddate,thereweresharesofourcommonstockissuedandoutstandingandentitledtovote.EachshareofourcommonstockisentitledtoonevoteonanymatterpresentedtostockholdersattheAnnualMeeting.YouwillneedtoobtainyourownInternetaccessifyouchoosetoattendtheAnnualMeetingonlineand/orvoteovertheInternet.

ToattendandparticipateintheAnnualMeeting,youwillneedthe16-digitcontrolnumberincludedinyourNotice,onyourproxycardorontheinstructionsthataccompaniedyourproxymaterials.Ifyoursharesareheldin"streetname,"youshouldcontactyourbankorbrokertoobtainyour16-digitcontrolnumberorotherwisevotethroughthebankorbroker.Themeetingwebcastwillbeginpromptlyat10:00a.m.CentralTime.Weencourageyoutoaccessthemeetingpriortothestarttime.Onlinecheck-inwillbeginshortlybeforethemeetingonJuly23,2020.

Why hold a virtual meeting?

Virtualmeetingtechnologyprovidesexpandedaccess,improvedcommunicationandcostsavingsforourstockholdersandtheCompanywhileprovidingstockholdersthesamerightsandopportunitiestoparticipateastheywouldhaveatanin-personmeeting.AvirtualmeetingenablesstockholderparticipationfromanylocationaroundtheworldwithInternetaccess.Furthermore,aspartofourefforttomaintainthehealthandsafetyofourdirectors,membersofmanagement,employeesandstockholderswhowishtoattendtheAnnualMeeting,inlightofthenovelcoronavirusdisease,COVID-19,webelievethathostingavirtualmeetingisinthebestinterestoftheCompanyanditsstockholders.

What is a stockholder of record?

AstockholderofrecordorregisteredstockholderisastockholderwhoseownershipofExactSciencesstockisreflecteddirectlyonthebooksandrecordsofourtransferagent,AmericanStockTransferandTrustCompany,LLC.Ifyouholdstockthroughanaccountwithabank,brokerorsimilarorganization,youareconsideredthebeneficialownerofsharesheldin"streetname"andarenotastockholderofrecord.Forsharesheldinstreetname,thestockholderofrecordisyourbank,brokerorsimilarorganization.Weonlyhaveaccesstoownershiprecordsfortheregisteredshares.Ifyouarenotastockholderofrecord,wewillrequireadditionaldocumentationtoevidenceyourstockownershipasoftherecorddate,suchasacopyofyourbrokerageaccountstatement,aletterfromyourbroker,bankorothernomineeoracopyofyournoticeorvotinginstructioncard.Asdescribedbelow,ifyouarenotastockholderofrecord,youwillnotbeabletovoteyoursharesunlessyouhaveaproxyfromthestockholderofrecordauthorizingyoutovoteyourshares.

How do I vote my shares without attending the Annual Meeting?

WerecommendthatstockholdersvotebyproxyeveniftheyplantoattendtheAnnualMeetingandvoteelectronically.Ifyouareastockholderofrecord,therearethreewaystovotebyproxy:

» By telephone.Youcanvotebycalling1-800-690-6903withthecontrolnumberincludedontheNoticeorproxycard.

» By Internet.YoucanvoteovertheInternetatwww.proxyvote.combyfollowingtheinstructionsontheNoticeorproxycard.

» By mail.Youcanvotebymailbysigning,datingandmailingtheproxycard,whichyoumayhavereceivedbymail.

TelephoneandInternetvotingfacilitiesforstockholdersofrecordwillbeavailable24hoursadayandwillcloseat11:59p.m.,EasternTime,onJuly22,2020.

Ifyoursharesareheldinthenameofabank,brokerorotherholderofrecord,youwillreceiveinstructionsonhowtovotefromthebank,brokerorholderofrecord.Youmustfollowtheinstructionsofsuchbank,brokerorholderofrecordinorderforyoursharestobevoted.

How can I attend and vote at the Annual Meeting?

WewillbehostingtheAnnualMeetingliveviaaudiowebcast.AnystockholdercanattendtheAnnualMeetingliveonlineathttps://www.virtualshareholdermeeting.com/EXAS2020.Ifyouwereastockholderasoftherecorddate,oryouholdavalidproxyfortheAnnualMeeting,youcanvoteattheAnnualMeeting.AsummaryoftheinformationyouneedtoattendtheAnnualMeetingonlineisprovidedbelow:

» InstructionsonhowtoattendandparticipateviatheInternet,includinghowtodemonstrateproofofstockownership,arepostedathttps://www.virtualshareholdermeeting.com/EXAS2020.

» AssistancewithquestionsregardinghowtoattendandparticipateviatheInternetwillbeprovidedathttps://www.virtualshareholdermeeting.com/EXAS2020onthedayoftheAnnualMeeting.

» Webcaststartsat10:00a.m.CentralTime.

» Youwillneedyour16-DigitControlNumbertoentertheAnnualMeeting.

» StockholdersmaysubmitquestionswhileattendingtheAnnualMeetingviatheInternet.

» WebcastreplayoftheAnnualMeetingwillbeavailableuntilJuly23,2021.

ToattendandparticipateintheAnnualMeeting,youwillneedthe16-digitcontrolnumberincludedinyourNotice,onyourproxycardorontheinstructionsthataccompaniedyourproxymaterials.Ifyoursharesareheldin"streetname,"youshouldcontactyourbankorbrokertoobtainyour16-digitcontrolnumberorotherwisevotethroughthebankorbroker.


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What if during the check-in time or during the Annual Meeting I have technical difficulties or trouble accessing the virtual meeting website?

Wewillhavetechniciansreadytoassistyouwithanytechnicaldifficultiesyoumayhaveaccessingthevirtualmeetingwebsite.Ifyouencounteranydifficultiesaccessingthevirtualmeetingwebsiteduringthecheck-inormeetingtime,pleasecallthetechnicalsupportnumberthatwillbepostedontheAnnualMeetingloginpage.

How can I change or revoke my vote?

Youmaychangeorrevokeyourvoteasfollows:

» Stockholders of record.YoumaychangeorrevokeyourvotebysubmittingawrittennoticeofrevocationtoExactSciencesCorporationc/oSecretaryat441CharmanyDrive,Madison,Wisconsin53719orbysubmittinganothervoteonorbeforeJuly22,2020.YoumayalsochangeyourvotebyvotingagainbyInternetortelephoneatalatertimebeforetheclosingofthosevotingfacilitiesat11:59p.m.,EasternTime,onJuly22,2020orbyattendingtheAnnualMeeting,revokingyourproxyandvotingagain.

» Beneficial owners of shares held in "street name."Youmaychangeorrevokeyourvotinginstructionsbyfollowingthespecificdirectionsprovidedtoyoubyyourbankorbroker.

YourmostrecentproxycardortelephoneorInternetproxyistheonethatiscounted.YourattendanceattheAnnualMeetingbyitselfwillnotrevokeyourproxyunlessyougivewrittennoticeofrevocationtotheCompanybeforeyourproxyisvotedoryouvoteattheAnnualMeeting.

What happens if I do not give specific voting instructions?

Stockholders of record.IfyouareastockholderofrecordandyousignandreturnaproxycardwithoutgivingspecificvotinginstructionsthentheproxyholderswillvoteyoursharesinthemannerrecommendedbyourBoardofDirectorsonallmatterspresentedinthisproxystatementandastheproxyholdersmaydetermineintheirdiscretionforanyothermattersproperlypresentedforavoteatthemeeting.

Beneficial owners of shares held in "street name."Ifyouareabeneficialownerofsharesheldinstreetnameanddonotprovidetheorganizationthatholdsyourshareswithspecificvotinginstructions,theorganizationthatholdsyoursharesmaygenerallyvoteonroutinemattersbutcannotvoteonnon-routinematters.Iftheorganizationthatholdsyoursharesdoesnotreceiveinstructionsfromyouonhowtovoteyoursharesonanon-routinematter,theorganizationthatholdsyourshareswillinformtheinspectorofelectionthatitdoesnothavetheauthoritytovoteonthismatterwithrespecttoyourshares.Thisisreferredtoasa"brokernon-vote."

What ballot measures are considered "routine" or "non-routine?"

Theelectionofdirectors("Proposal1")andtheadvisoryvoteonthecompensationpaidtoourexecutiveofficers("Proposal3")areconsideredtobenon-routinemattersunderapplicablerules.Abrokerorothernomineecannotvotewithoutinstructionsonnon-routinematters,andthereforetheremaybebrokernon-votesonProposals1and3.

TheratificationoftheappointmentofPWCasourindependentregisteredpublicaccountingfirmfor2020("Proposal2")andtheapprovaloftheamendmenttoourCertificateofIncorporationincreasingthenumberofauthorizedsharesofcommonstockfrom200,000,000sharesto400,000,000shares("Proposal4")areconsideredtoberoutinemattersunderapplicablerules.Abrokerorothernomineemaygenerallyvoteonroutinematters,andwedonotexpecttheretobeanybrokernon-voteswithrespecttoProposals2or4.

What is the quorum for the annual meeting?

Thepresence,inpersonorbyproxy,oftheholdersofamajorityofthesharesentitledtovoteisnecessaryforthetransactionofbusinessattheannualmeeting.Thisiscalledaquorum.

What is the voting requirement to approve each of the proposals?

Thefollowingarethevotingrequirementsforeachproposal:

» Proposal 1, Election of Directors.ThenomineesreceivingthehighestnumberofvoteswillbeelectedasClassIIdirectorstoserveuntilthe2023annualmeetingofstockholders.UnderthemajorityvotingpolicycontainedinourCorporateGovernanceGuidelines,anynomineefordirectorinanuncontestedelectionwhoreceivesagreaternumberofvotes"withheld"fromhisorherelectionthanvotes"for"suchelectionmustofferhisorherresignationasadirectortoourCorporateGovernanceandNominatingCommitteeofourBoardofDirectors.Uponreceiptofthisofferofresignation,ourCorporateGovernanceandNominatingCommitteewillconsidertheofferofresignationandrecommendtoourBoardofDirectorsactiontobetakenwithrespecttotheofferofresignation,includingwhetherornottoacceptsuchofferofresignation.OurBoardofDirectorswillthenactuponsuchrecommendationandpromptlydiscloseitsdecision,togetherwithanexplanationofthereasonsbehindsuchdecision.

» Proposal 2, Ratification of Appointment of Independent Registered Public Accounting Firm.TheratificationofourAuditandFinanceCommittee'sappointmentofPWCasourindependentregisteredpublicaccountingfirmfor2020willbeapprovedifamajorityofthevotesofstockholderspresentorrepresented,inpersonorbyproxy,andvotingonthismatterarecastinfavoroftheproposal.

» Proposal 3, Advisory Vote on Executive Compensation.Thecompensationpaidtoournamedexecutiveofficerswillbeconsideredapprovedifamajorityofthevotesofstockholderspresentorrepresented,inpersonorbyproxy,andvotingonthismatter,arecastinfavoroftheproposal.


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» Proposal 4, Approval of an Amendment to our Certificate of Incorporation.TheamendmenttoourCertificateofIncorporationtoincreasethenumberofauthorizedsharesofourcommonstockfrom200,000,000sharesto400,000,000shareswillbeapprovedifholdersofamajorityoftheissuedandoutstandingsharesofcommonstockasoftherecorddatevoteinfavoroftheproposal.

How are abstentions and broker non-votes treated?

Brokernon-votesandabstentionsarecountedforpurposesofdeterminingwhetheraquorumispresent.Brokernon-votesandabstentionsarenotcountedasvotescastonanyproposalconsideredattheannualmeetingand,therefore,willhavenoeffectontheproposalsregardingtheelectionofdirectorsandtheadvisoryvoteonthecompensationofournamedexecutiveofficers.Weexpectnobrokernon-votesontheproposalsregardingtheappointmentofPWCasourindependentregisteredpublicaccountingfirmfor2020andtheamendmenttoourCertificateofIncorporationtoincreasethenumberofauthorizedshares.AbstentionswillhavenoeffectontheproposalratifyingtheappointmentofPWCasourindependentregisteredpublicaccountingfirmfor2020.Abstentionswillhavethesameeffectas"no"votesontheproposalapprovingtheamendmenttotheCertificateofIncorporation.

Who pays for solicitation of proxies?

Wearepayingthecostofsolicitingproxies.Wewillreimbursebrokeragefirmsandothercustodians,nomineesandfiduciariesfortheirreasonableout-of-pocketexpensesforsendingproxymaterialstostockholdersandobtainingtheirvotes.Inadditiontosolicitingtheproxiesbymail,certainofourdirectors,officersandregularemployees,withoutcompensation,maysolicitproxiespersonallyorbytelephone,facsimileandemail.

Where can I find the voting results of the annual meeting?

WewillannouncepreliminaryorfinalvotingresultsattheannualmeetingandpublishfinalresultsinaForm8-KfiledwiththeSECwithinfourbusinessdaysfollowingthemeeting.

What is the deadline to propose actions for consideration or to nominate individuals to serve as directors at the 2021 annual meeting of stockholders?

Requirements for Stockholder Proposals to Be Considered for Inclusion in the Company's Proxy Materials.Stockholderproposalstobeconsideredforinclusionintheproxystatementandformofproxyrelatingtothe2021annualmeetingofstockholdersmustbereceivednolaterthanFebruary11,2021.Inaddition,allproposalswillneedtocomplywithRule14a-8oftheSecuritiesExchangeActof1934,asamended(the"ExchangeAct"),whichliststherequirementsfortheinclusionofstockholderproposalsincompany-sponsoredproxymaterials.StockholderproposalsmustbedeliveredtotheCompany'sSecretaryat441CharmanyDrive,Madison,Wisconsin53719.

Requirements for Stockholder Nominations or Proposals to Be Brought Before the 2021 Annual Meeting of Stockholders.Noticeofanydirectornominationorotherproposalthatyouintendtopresentatthe2021annualmeetingofstockholders,butdonotintendtohaveincludedintheproxystatementandformofproxyrelatingtothe2021annualmeetingofstockholders,mustbedeliveredtotheCompany'sSecretaryat441CharmanyDrive,Madison,Wisconsin53719notearlierthanthecloseofbusinessonMarch25,2021andnotlaterthanthecloseofbusinessonApril24,2021.Inaddition,yournoticemustsetforththeinformationrequiredbyourby-lawswithrespecttoeachdirectornominationorotherproposalthatyouintendtopresentatthe2021annualmeetingofstockholders.


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ANNEX A CERTIFICATE OF AMENDMENT TO SIXTH AMENDED AND RESTATED CERTIFICATE OF INCORPORATION OF EXACT SCIENCESCORPORATION

ANNEX A CERTIFICATE OF AMENDMENT TO SIXTH AMENDED AND RESTATED CERTIFICATE OFINCORPORATION OF EXACT SCIENCES CORPORATION

ANNEX A CERTIFICATE OF AMENDMENT

TO SIXTH AMENDED AND RESTATED CERTIFICATE OF

INCORPORATION OF EXACT SCIENCES CORPORATION

EXACTSCIENCESCORPORATION,acorporationorganizedandexistingunderthelawsoftheStateofDelaware(the"Corporation"),herebycertifiesthat:

FIRST:ThisCertificateofAmendmentamendstheprovisionsoftheCorporation'sSixthAmendedandRestatedCertificateofIncorporation(the"CertificateofIncorporation").

SECOND:PursuanttotheSection242oftheDelawareGeneralCorporationLaw,thisCertificateofAmendmentherebyamendstheprovisionsoftheCorporation'sCertificateofIncorporationbydeletingthefirstparagraphofArticle"FOURTH"andsubstitutingthereforanewfirstparagraphtoreadinitsentiretyasfollows:

"FOURTHThetotalnumberofsharesofallclassesofcapitalstockwhichtheCorporationshallhaveauthoritytoissueis405,000,000shares,consistingof400,000,000sharesofCommonStockwithaparvalueof$0.01pershare(the"CommonStock")and5,000,000sharesofPreferredStockwithaparvalueof$0.01pershare(the"PreferredStock")."

THIRD:ThisCertificateofAmendmenthasbeendulyadoptedbythestockholdersoftheCorporationinaccordancewiththeprovisionsofSection242oftheDelawareGeneralCorporationLaw.

INWITNESSWHEREOF,theCorporationhascausedthisCertificateofAmendmenttobesignedbyitsofficerthereuntodulyauthorizedthisdayof2020.

EXACTSCIENCESCORPORATION

By:

Name: Title:


VOTE BY INTERNET Before The Meeting - Go to www.proxyvote.com Use the Internet to transmit your voting instructions and for electronic delivery of information. Vote by 11:59 p.m. Eastern Time on July 22, 2020 for shares held directly and by 11:59 p.m. Eastern Time on July 21, 2020 for shares held in a Plan. Have your proxy card in hand when you access the web site and follow the instructions to obtain your records and to create an electronic voting instruction form. EXACT SCIENCES CORPORATION 441 CHARMANY DRIVE MADISON, WI 53719 ATTN: LEGAL DEPARTMENT During The Meeting - Go to www.virtualshareholdermeeting.com/EXAS2020 You may attend the meeting via the Internet and vote during the meeting. Have the information that is printed in the box marked by the arrow available and follow the instructions. VOTE BY PHONE - 1-800-690-6903 Use any touch-tone telephone to transmit your voting instructions. Vote by 11:59 p.m. Eastern Time on July 22, 2020 for shares held directly and by 11:59 p.m. Eastern Time on July 21, 2020 for shares held in a Plan. Have your proxy card in hand when you call and then follow the instructions. VOTE BY MAIL Mark, sign and date your proxy card and return it in the postage-paid envelope we have provided or return it to Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood, NY 11717. TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS: D14223-P40404 KEEP THIS PORTION FOR YOUR RECORDS DETACH AND RETURN THIS PORTION ONLY THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED. EXACT SCIENCES CORPORATION For Withhold For All AllAllExcept To withhold authority to vote for any individual nominee(s), mark "For All Except" and write the number(s) of the nominee(s) on the line below. THE BOARD OF DIRECTORS RECOMMENDS A VOTE “FOR” ALL NOMINEES FOR DIRECTOR AND "FOR" PROPOSALS 2, 3 AND 4. ! ! ! 1. To elect four members of the board of directors to serve for three-year terms as Class II Directors. NOMINEES: 01) Eli Casdin 02) James E. Doyle 03) Freda Lewis-Hall 04) Kathleen Sebelius For Against Abstain ! ! ! ! ! ! ! ! ! 2. To ratify the appointment of PricewaterhouseCoopers, LLP as the Company's

independent registered public accounting firm for 2020. 3. To approve on an advisory basis the compensation of the Company's named executive officers. 4. To approve an amendment to the Company's Certificate of Incorporation increasing the number of authorized shares of common stock from 200,000,000 shares to 400,000,000 shares. 5. To transact such other business as may properly come before the Annual Meeting and any adjournment thereof. ! For address changes and/or comments, please check this box and write them on the back where indicated. Note: Please sign exactly as your name or names appear(s) on this Proxy. When shares are held jointly, each holder should sign. When signing as executor, administrator, attorney, trustee or guardian, please give full title as such. If the signer is a corporation, please sign full corporate name by duly authorized officer, giving full title as such. If signer is a partnership, please sign in partnership name by authorized person. Signature [PLEASE SIGN WITHIN BOX] Date Signature (Joint Owners) Date

2020 Annual Meeting of the Stockholders EXACT SCIENCES CORPORATION www.virtualshareholdermeeting.com/EXAS2020 Date: July 23, 2020 Time: 10:00 a.m. Central Time IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE STOCKHOLDER MEETING TO BE HELD ON JULY 23, 2020. THE PROXY STATEMENT AND ANNUAL REPORT TO STOCKHOLDERS ARE AVAILABLE AT www.proxyvote.com. Please sign, date and mail your proxy card in the envelope provided as soon as possible. Please detach along perforated line and mail in the envelope provided. D14224-P40404 EXACT SCIENCES CORPORATION Proxy for Annual Meeting of Stockholders July 23, 2020 SOLICITED BY THE BOARD OF DIRECTORS The undersigned hereby appoint(s) Kevin T. Conroy and Jeffrey T. Elliott together, and each of them singly, proxies, with full power of substitution to vote all shares of stock of Exact Sciences Corporation (the "Company") which the undersigned is/are entitled to vote at the Annual Meeting of Stockholders of Exact Sciences Corporation to be held on Thursday, July 23, 2020, at 10:00 a.m. Central Time, and at any adjournments or postponements thereof, upon matters set forth in the Notice of Annual Meeting of Stockholders and Proxy Statement. THIS PROXY, WHEN PROPERLY EXECUTED WILL BE VOTED IN THE MANNER DIRECTED BY THE UNDERSIGNED STOCKHOLDER(S). IF NO DIRECTION IS GIVEN, THIS PROXY WILL BE VOTED FOR ELECTION OF ALL NOMINEES FOR DIRECTOR AND FOR PROPOSALS 2, 3 AND 4. PLEASE COMPLETE, SIGN, DATE AND RETURN THIS PROXY CARD PROMPTLY USING THE ENCLOSED ENVELOPE. (If you noted any Address Changes/Comments above, please mark corresponding box on the reverse side.) CONTINUED AND TO BE SIGNED ON REVERSE SIDE Address Changes/Comments:

schedule 14ad18rn0p25nwr6d.cloudfront.net/cik-0001124140/7a9b3d25-64...proxy statement o...

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