Eric Benjamin
INSULETAbout Eric Benjamin
Eric Benjamin, age 42, is Executive Vice President and Chief Product and Customer Experience Officer at Insulet (PODD). He joined Insulet in May 2015 and has led product, innovation, and customer experience since July 2023; earlier roles spanned innovation strategy and R&D after prior experience in R&D, manufacturing, and quality at Abbott Laboratories. He holds a BS in Industrial Engineering & Operations Research (UC Berkeley), an MEng in Bioengineering (UC San Diego), and an MBA (Harvard Business School) . Company performance under the 2024 plan included revenue of $2.1B (+22%), operating margin of 14.9% (+190 bps), net income of $418.3M (>100% YoY), and adjusted EBITDA of $457.3M (+39%), with TSR since 2019 above the Nasdaq Healthcare Index .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Insulet | EVP, Chief Product & Customer Experience Officer | Jul 2023–present | Responsible for product and customer experience across Omnipod platform |
| Insulet | EVP, Innovation, Strategy & Digital Products | Mar 2022–Jun 2023 | Led innovation strategy and digital product roadmap |
| Insulet | SVP, Innovation & Strategy | Feb 2020–Mar 2022 | Advanced innovation pipeline and strategic planning |
| Insulet | SVP, R&D/New Product Dev./Commercialization; VP, Procurement & Supplier Dev.; Director, Business Development | May 2015–Feb 2020 | Built product development and supply chain capabilities |
| Abbott Laboratories | Roles of increasing responsibility (R&D, Manufacturing, Quality) | Pre-2015 | Operational, quality, and manufacturing leadership |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| — | None disclosed in proxy | — | — |
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary (earned, $) | 418,846 | 469,231 | 540,385 |
| Approved Base Salary for Year ($) | — | $500,000 (effective Jul 1, 2023) | $550,000 |
| Target Bonus % of Salary | — | — | 70% |
| Actual Annual Incentive Paid ($) | 518,900 | 661,296 | 684,530 |
Performance Compensation
Annual Incentive Plan (AIP) – FY 2024
| Metric | Weight | Threshold | Target | Stretch | Max | Actual | Performance to Target | Payout % | Vesting/Timing |
|---|---|---|---|---|---|---|---|---|---|
| Adjusted Revenue ($mm) | 60% | 1,805 | 1,953 | 2,000 | 2,101 | 2,074 | 106% | 181% | Cash paid after FY close |
| Adjusted EBIT ($mm) | 20% | 189 | 236 | 266 | 318 | 307 | 130% | 185% | Cash paid after FY close |
| New Customer Starts | 6.7% | — | — | — | — | — | 111% | 152% | Cash paid after FY close |
| Innovation Pipeline | 6.7% | — | — | — | — | — | 200% | 200% | Cash paid after FY close |
| People & Culture | 6.7% | — | — | — | — | — | 130% | 130% | Cash paid after FY close |
- Overall AIP payout factor: 177.8% (Financial 145.6% weighted; Strategic 32.1% weighted) .
- AIP mix: 80% financial (Adjusted Revenue 60%, Adjusted EBIT 20%), 20% strategic (new customer starts, innovation milestones, culture) .
Long-Term Incentives (2024 annual grants)
| Award Type | Grant Date | Quantity/Target | Key Terms | Valuation |
|---|---|---|---|---|
| PSUs | 2/27/2024 | 8,702 target; 17,404 max | 3-year performance (FY24–FY26); 70% cumulative Adjusted Revenue, 30% cumulative Adjusted EBIT; linear payout 0–200% | $1,449,927 grant-date fair value |
| RSUs | 2/27/2024 | 4,351 | Vest one-third annually starting first anniversary (2/27/2025) | $724,964 grant-date fair value |
| Options | 2/27/2024 | 10,423 | Strike $166.62; vest 25% annually starting first anniversary; expire 2/27/2034 | $724,920 grant-date fair value |
- Committee also approved an additional $200,000 equity award in conjunction with the annual grant for certain NEOs, including Mr. Benjamin (same mix as annual award) .
PSU vesting history
| PSU Cycle | Weighting | Performance vs Target | Payout |
|---|---|---|---|
| FY22–FY24 cumulative | 70% Adjusted Revenue; 30% Adjusted EBIT | Adj. Revenue 113%; Adj. EBIT 123% (weighted factors 131% and 38% respectively per Committee methodology) | 169% |
Equity Ownership & Alignment
Beneficial Ownership and Alignment Policies
| Item | Detail |
|---|---|
| Shares beneficially owned | 30,844 (incl. 16,113 options exercisable within 60 days) |
| Shares outstanding reference | 70,361,846 (as of Mar 26, 2025) |
| Ownership % of shares outstanding | ~0.04% (30,844 / 70,361,846) |
| Stock ownership guideline | Executives: 3× base salary; hold at least 50% of net shares until guideline met |
| Compliance status | Company states all directors and executive officers comply, subject to phase-in |
| Hedging/pledging | Prohibited under Insider Trading Policy; pledging only with pre-approval of the Talent & Compensation Committee (and company highlights “No hedging or pledging” governance practice) |
| Clawback | SEC Rule 10D-1 compliant recoupment of incentive comp for restatements; 3-year recovery period |
Unvested/Outstanding Equity Detail (as of 12/31/2024)
| Instrument | Quantity | Key Terms |
|---|---|---|
| RSUs (2022 grant) | 504 | Vest one-third annually beginning 2/28/2023 |
| RSUs (2023 grant) | 1,206 | Vest one-third annually beginning 2/28/2024 |
| RSUs (2024 grant) | 4,351 | Vest one-third annually beginning 2/27/2025 |
| PSUs (2022 grant) | 5,107 (max) | Vested Feb 17, 2025 at 169% payout |
| PSUs (2023 grant) | 7,236 (max) | FY23–FY25 performance cycle; vest subject to certified results |
| PSUs (2024 grant) | 17,404 (max) | FY24–FY26 performance cycle; vest subject to certified results |
| Options exercisable (within 60 days) | 16,113 | Multiple tranches; includes legacy grants |
| Options unexercisable | Examples: 651 (2021), 2,080 (2022), 3,252 (2023), 10,423 (2024) | Vesting schedules per grant; 2024 options expire 2/27/2034 at $166.62 strike |
2024 equity vesting activity and insider selling pressure
| Item | FY 2024 |
|---|---|
| Options exercised | None by NEOs |
| Shares acquired on vesting (Benjamin) | 3,388; $620,091 value realized on vesting |
| Near-term supply catalysts | 2023 PSUs (FY23–FY25) and 2024 PSUs (FY24–FY26) could add share supply upon vesting; 2022 PSU cycle paid at 169% |
Employment Terms
Executive Severance Plan (coverage: EVPs)
- Involuntary termination (without cause): 1× base salary continuation; 1× target AIP in installments; pro‑rated AIP; 12 months medical/dental at employee rates; up to $25,000 outplacement; requires release .
- Change-in-control with qualifying termination (double trigger): Lump sum 2× base salary + 2× higher of target/last AIP; pro‑rated AIP; 24 months medical; up to $25,000 outplacement; full accelerated vesting of equity .
- Equity awards: Full vesting on death or disability; change-in-control vesting subject to treatment and double-trigger conditions in plan .
- Restrictive covenants: Non‑compete and non‑solicit during employment and for 12 months post‑employment; non‑disclosure and IP assignment .
Potential Payments (illustrative, if terminated 12/31/2024)
| Scenario | Cash Severance | Accelerated Equity Value | Welfare/Outplacement | Total |
|---|---|---|---|---|
| Involuntary Termination | $1,619,530 | — | $45,999 | $1,665,529 |
| Death/Disability | $684,530 | $6,572,134 | — | $7,256,664 |
| Change-in-Control Termination | $3,107,122 | $6,572,134 | $66,998 | $9,746,254 |
Compensation Structure Analysis
- Pay mix remains heavily performance-based: 2024 equity awards ($2.90M in stock/option grant-date value) plus AIP paid $0.685M, versus base salary earned $0.540M .
- Emphasis on PSUs and options for alignment and at‑risk pay; PSUs are 50% of LTI for non‑CEO NEOs; options 25%; RSUs 25% .
- AIP shifted toward profitability for 2025 (EBIT weight 20%→30%; strategic weight 20%→10%) and added a relative TSR ±25% PSU modifier to better link pay to shareholder outcomes .
Say‑on‑Pay & Shareholder Feedback
- 2024 say‑on‑pay support was ~96%, indicating strong investor approval of the program’s design .
- Program governance features include double‑trigger change‑in‑control, clawback, ownership guidelines, and prohibition on hedging/pledging .
Expertise & Qualifications
- Academic credentials in engineering and bioengineering with an MBA; operational and product development experience from Abbott and Insulet; current remit spans product and customer experience for Omnipod 5 platform and innovation pipeline .
Equity Ownership & Alignment (Policy Summary)
- Executives must hold stock equal to 3× salary, and retain at least half of net shares until reaching guideline; company states compliance (subject to phase-in) .
- Anti‑hedging and anti‑pledging policy; short sales and derivatives prohibited; pledging only if specifically pre‑approved .
- Recoupment policy consistent with SEC Rule 10D‑1 for restatements (3‑year lookback) .
Investment Implications
- Alignment: Heavy weighting to PSUs (financial metrics) and options supports pay‑for‑performance and shareholder alignment; ownership guidelines and clawback further reduce agency risk .
- Retention and potential supply: Multi‑year vesting (RSUs/options) and sizable PSU tranches into FY25–FY26/27 aid retention; expect periodic selling pressure around vest dates and PSU certifications; no options exercised in 2024, but RSU vesting occurred .
- Change‑in‑control economics: Double‑trigger 2× cash and full acceleration for EVPs is market‑standard; not shareholder‑unfriendly (no excise tax gross‑ups) .
- Execution track record: 2024 operational achievements (Omnipod 5 expansion; type 2 indication; international launches; new Malaysia plant) and financial outcomes (22% revenue growth; >100% net income growth) indicate strong execution in Benjamin’s functional areas, lowering execution risk for product roadmap .
- Governance quality: 96% say‑on‑pay, independent comp consultant (Pearl Meyer), and no employment agreements reinforce disciplined pay practices; anti‑hedging/pledging and stock ownership guidelines are positives for alignment .