Todd Bennett
About Todd Bennett
Todd Bennett, 55, is Chief Commercial Officer of Quantum‑Si (QSI) since September 17, 2024; he holds a B.S. in Business Administration (finance emphasis) from The Ohio State University and brings 30+ years of commercial leadership in life science tools and diagnostics, including senior roles at Luminex and point‑of‑care molecular diagnostics companies Binx Health and Nuclein . His 2024 compensation included a $425,000 base salary (prorated), 50% target bonus, $100,000 sign‑on, and $1.0M in inducement equity split between RSUs and options; 2024 NEIP was $51,851, reflecting a partial‑year payout . As context for his tenure start, QSI’s pay‑versus‑performance table shows TSR values of $34.31, $25.54, and $23.25 for an initial fixed $100 investment in 2024, 2023, and 2022, respectively, alongside net losses of $(101.0)M, $(96.0)M, and $(132.4)M .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nuclein, LLC | Chief Commercial Officer | Jan 2024 – Sep 2024 | Point‑of‑care molecular diagnostics commercial leadership |
| Binx Health, Inc. | Chief Commercial Officer | Mar 2022 – Jun 2023 | Led commercialization in POC molecular diagnostics |
| Luminex, Inc. | SVP, Global Commercial Operations | Jul 2015 – Jul 2021 | Scaled global commercial operations in life science tools and molecular diagnostics |
| Industry background summary | Senior roles incl. Abbott, Roche, Immucor | Not disclosed | 30+ years across sales, marketing, service, BD, strategy in life science tools/diagnostics |
External Roles
- No public company directorships or external governance roles disclosed for Todd Bennett .
Fixed Compensation
| Component | FY 2024 | Notes |
|---|---|---|
| Base Salary ($) | $425,000 (annual; $122,348 paid in 2024) | Offer letter sets $425k annual base; partial‑year salary on start in Sep 2024 |
| Target Bonus (%) | 50% of base | Discretionary, based on goals/metrics determined by management |
| Actual NEIP Bonus ($) | $51,851 | Prorated discretionary payout for 2024 |
| Sign‑on Bonus ($) | $100,000 | Taxable; recoverable in full if resignation/termination for cause within 12 months |
Performance Compensation
| Metric/Instrument | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Annual cash incentive (NEIP) | Not disclosed | Goals/objectives set by management | Not disclosed | $51,851 for 2024 | N/A |
| RSUs (Inducement grant) | N/A | $500,000 grant date fair value | 510,142 units unvested at 12/31/2024; MV $1,377,410 at $2.70/share | N/A | 25% after one‑year anniversary; remaining quarterly over 3 years |
| Stock options (Inducement grant) | N/A | $500,000 grant date fair value | 735,294 options unearned; $0.98 strike; expire 9/17/2034 | N/A | 25% after one‑year anniversary; remaining quarterly over 3 years |
Equity Ownership & Alignment
| Item | As of/Detail | Amount |
|---|---|---|
| Beneficial ownership (Class A) | March 3, 2025 | “—”, less than 1% |
| Shares outstanding basis | March 3, 2025 | 163,202,105 Class A; 19,937,500 Class B |
| Vested vs. Unvested (equity awards) | Dec 31, 2024 | 0 vested; 1,245,436 unvested (735,294 options; 510,142 RSUs) |
| Options (details) | Grant 9/17/2024 | Exercise price $0.98; expiration 9/17/2034; quarterly vest after 1‑yr cliff |
| RSUs (details) | Grant 9/17/2024 | 25% after 1‑yr cliff; quarterly thereafter |
| Pledging/Hedging | Policy detail | Insider Trading Policy effective Feb 2025 (content not disclosed in proxy); no pledging by Bennett disclosed |
Employment Terms
| Term | Disclosure | Detail |
|---|---|---|
| Start date | Offer letter | September 17, 2024 |
| Employment status | At‑will | Explicitly at‑will; background/reference check required |
| Location | Home office | Scottsdale, AZ; travel as required |
| Non‑compete / Non‑solicit | Required agreement | Must sign Non‑competition/Non‑solicit, Confidentiality & IP Agreement (scope/duration not disclosed) |
| Severance (no Change‑in‑Control) | Executive Severance Plan | If terminated without cause: salary continuation or lump sum for 9 months; company COBRA contribution during severance period |
| Severance (during Change‑in‑Control Period, 12 months post‑CiC) | Executive Severance Plan | If terminated without cause or resigns for good reason: lump sum = current base + current target bonus × 1.0 (execs); full acceleration of unvested equity; company COBRA contribution for 12 months (execs) |
| CiC definition | Executive Severance Plan | Change in control triggers per majority voting power, qualifying mergers, or sale of substantially all assets; additional Section 409A and Class B voting power conditions |
Compensation Structure Analysis
- Mix shift: Bennett’s 2024 compensation is heavily equity‑weighted ($1.0M inducement equity vs $122k salary paid, $51.9k NEIP, $100k sign‑on), aligning retention to multi‑year vesting rather than short‑term cash .
- At‑risk pay: Annual incentive is discretionary with targets set by management; specific metrics and weightings are not disclosed, limiting pay‑for‑performance transparency for Bennett in FY2024 .
- Equity vesting: One‑year cliff followed by quarterly vesting for both RSUs and options reduces immediate selling pressure but creates steady quarterly potential for sales post‑cliff; options have 10‑year life at a $0.98 strike, amplifying leverage to share‑price appreciation .
Investment Implications
- Retention risk moderate: Significant unvested equity (RSUs and options) with one‑year cliff (first tranche expected around Sep 2025) provides retention tether; full acceleration under double‑trigger CiC reduces exit friction in a sale scenario .
- Alignment: Current beneficial ownership is “less than 1%” as of March 3, 2025, but substantial unvested awards indicate long‑term alignment to QSI’s share price; absence of disclosed pledging is a positive governance signal .
- Selling pressure watch: Quarterly vesting after the one‑year cliff can introduce periodic liquidity events; monitor Form 4 filings post‑Sep 2025 for transaction activity and potential trading signals (insider policy referenced but not detailed in proxy) .
- Execution focus: Bennett’s track record in scaling commercial organizations (Luminex, Binx, Nuclein) aligns with QSI’s commercialization of Platinum™; bonus metrics are determined by management, so investors should track revealed KPI cadence (e.g., instrument placements, kit utilization, revenue mix) in earnings materials to assess pay‑for‑performance efficacy .
Note: No clawback provisions, stock ownership guidelines, or metric weightings were disclosed for Bennett in the cited filings; say‑on‑pay is proposed annually, but voting outcomes are not provided in these excerpts .