Benjamin Hindson
10x GenomicsAbout Benjamin Hindson
Benjamin J. Hindson, Ph.D., co-founded 10x Genomics in July 2012 and has served as President and Chief Scientific Officer since October 2012; he has been a director since July 2012. He holds a B.Sc. and Ph.D. in Chemistry from Deakin University, Australia, and is age 50 . 2024 operating highlights informing incentive outcomes included company revenue down 1% year-over-year, Spatial product revenue up 33%, and cash and equivalents plus marketable securities increasing by $4.7 million . Governance structure separates Chair, CEO, and President roles, with all key committees comprised solely of independent directors; hedging, pledging, and short sales of 10x stock are prohibited, mitigating independence and alignment concerns despite Hindson’s dual executive/director role .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| 10x Genomics | Co‑founder; President & Chief Scientific Officer | Since Oct 2012 | Scientific leadership and scale-up of single‑cell and spatial platforms |
| 10x Genomics | President of Technology; Treasurer | Jul–Oct 2012 | Early company formation and operational setup |
| 10x Genomics | Secretary | Oct 2012–Apr 2014 | Corporate administration during growth phase |
| QuantaLife (sold to Bio‑Rad) | Co‑founder & Chief Scientific Officer | Aug 2008–Oct 2011 | Commercialized ddPCR technology; successful exit to Bio‑Rad |
| Lawrence Livermore National Laboratory | Various roles, Chemical & Biological Weapons Non‑proliferation Program | 2002–2008 | Advanced applied chemistry/biodefense R&D |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| QuantaLife | Co‑founder & CSO | Aug 2008–Oct 2011 | Built ddPCR platform, led to acquisition by Bio‑Rad |
| Lawrence Livermore National Laboratory | Scientist/Program roles | 2002–2008 | Contributed to national security R&D |
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | 415,000 | 435,750 | 485,250 |
| Target Bonus (%) | — | — | 60% of eligible base salary |
| Actual Annual Bonus ($) | 151,176 | 182,574 | 150,000 |
Notes:
- Hindson’s annual base salary was increased from $441,000 to $500,000 annualized effective April 1, 2024 .
Performance Compensation
Annual Incentive Plan (AIP) – FY 2024 Structure and Outcome
| Component | Metric | Target | Actual/Result | Payout | Vesting |
|---|---|---|---|---|---|
| Corporate Performance | Revenue; Adjusted Free Cash Flow; Nine quantifiable strategic objectives | Not disclosed | Corporate goal achievement at 50% | Included in $150,000 annual bonus | Cash, annual cycle |
| Individual Performance | Role-specific objectives (non-CEO NEOs) | 50% of AIP opportunity tied to individual | Not disclosed | Included in $150,000 annual bonus | Cash, annual cycle |
| Design Update | Added quantitative metrics to AIP funding determinations | — | Implemented in 2024 | — | — |
2024 Equity Awards (RSUs & PSUs)
| Award Type | Metric | Performance Period | Grant Date | Shares/Units (as of 12/31/24) | Grant-Date Fair Value (Target) | Vesting |
|---|---|---|---|---|---|---|
| RSUs | Time-based | Ongoing | 3/21/2024 | 57,755 unvested; $829,362 MV | Included in total 2024 stock awards $3,634,816 | 1/16 on three‑month anniversary of 2/21/2024; then quarterly on 2/21, 5/21, 8/21, 11/21, subject to service |
| PSUs (CAGR-based) | Two‑year revenue CAGR (plus one year time‑based post‑performance) | 2 years + 1 year | 3/21/2024 | 11,847 target unearned; $170,123 MV | $974,179 grant‑date fair value at target for PSUs (Hindson) | |
| PSUs (Relative TSR) | Relative TSR vs index | 3 years | 3/21/2024 | 11,847 target unearned; $170,123 MV | $974,179 grant‑date fair value at target for PSUs (Hindson) |
Notes:
- Company highlights emphasize rigorous PSU design; 2022 and 2023 performance stock award goals had not been met to date, reinforcing at‑risk pay .
Outstanding Stock Options (as of 12/31/2024)
| Grant Date | Exercisable (#) | Unexercisable (#) | Strike ($) | Expiration |
|---|---|---|---|---|
| 5/10/2019 | 14,978 | — | 11.48 | 5/10/2029 |
| 4/21/2020 | 93,630 | — | 74.58 | 4/21/2030 |
| 3/19/2021 | 25,595 | 2,327 | 177.76 | 3/19/2031 |
| 3/22/2022 | 47,459 | 23,730 | 69.56 | 3/22/2032 |
| 9/14/2022 | 38,055 | 29,600 | 33.67 | 9/14/2032 |
| 3/21/2023 | 15,161 | 21,226 | 50.10 | 3/21/2033 |
Equity Ownership & Alignment
Beneficial Ownership (as of March 31, 2025)
| Class | Shares Beneficially Owned | Percent | Notes |
|---|---|---|---|
| Class A Common | 260,243 | <1% | 39,005 direct; 200,584 options exercisable within 60 days; 20,654 RSUs vesting within 60 days |
| Class B Common | 3,000,000 | 21.3% | Held via Hindson Family Revocable Trust (2,733,000) and two Hindson Descendants Irrevocable Trusts (133,500 each) |
| Total Voting Power | — | 12.0% | Class B carries 10 votes/share; total voting power on Class A + Class B basis |
| Shares Outstanding Base | Class A: 109,076,917; Class B: 14,056,833 | — | Denominators for % calc |
Ownership Policies and Alignment
- Stock Ownership Guidelines: 2x annual salary requirement for executive officers other than CEO; compliance deadline Jan 25, 2029 (or fifth anniversary of appointment); directors/executives satisfy or are making timely progress .
- Hedging/Pledging: Prohibited for executives/directors/employees; short sales prohibited .
- Clawback: Company maintains SEC/Nasdaq‑compliant clawback policy; awards under the 2019 Omnibus Plan subject to recoupment for restatement/errors .
Employment Terms
| Term | Detail |
|---|---|
| Employment Start | Co‑founded 10x Genomics (Jul 2012); President & CSO since Oct 2012 |
| Contract | No offer letter since inception; participates in standard executive benefit plans |
| 2024 Base Salary | $441,000, increased to $500,000 annualized effective Apr 1, 2024 |
| Target Bonus | 60% of eligible base salary (2024) |
| Severance (Change‑in‑Control) | Double‑trigger: 6 months base salary + 6 months COBRA + accelerated vesting of options/RSUs (excluding performance stock options/PSUs); no benefit upon CoC absent qualifying termination |
| Severance (Non‑CoC) | No severance provisions for Hindson outside of CoC |
| Potential Payments (if terminated without cause/for good reason within 24 months post‑CoC) | Cash $250,000; Benefits $12,251; Accelerated Equity $3,046,675; Total $3,308,926 (values as of 12/31/2024, stock price $14.36 assumption) |
| Clawback | SEC/Nasdaq‑compliant clawback policy; plan-level recoupment |
| Pensions/Deferred Comp | No executive pensions; executives eligible for same 401(k) as employees; no tax gross‑ups for parachute payments |
Board Governance
| Attribute | Detail |
|---|---|
| Board Service | Director since 2012 |
| Committee Roles | None listed for Hindson; audit, compensation, and nominating/corporate governance committees are entirely independent |
| Leadership Structure | Independent Chair (John R. Stuelpnagel); CEO (Serge Saxonov); President/CSO (Benjamin Hindson); roles separated by policy |
| Independence | Hindson is an employee director (not independent); committees oversee independence/conflicts and risk |
| Governance Safeguards | No poison pill; majority voting; stock ownership policy; clawback; prohibition on hedging/pledging; annual Say‑on‑Pay |
Say‑on‑Pay & Shareholder Feedback
| Year | Approval % | Notes |
|---|---|---|
| 2024 | ~83% | Supported 2023 executive compensation program; led to 2024 AIP design tightness and inclusion of relative TSR in PSUs |
Investment Implications
- Alignment and pay‑for‑performance: Hindson’s 2024 pay tilts toward equity ($3.63M stock awards) with performance PSUs tied to relative TSR and two‑year revenue CAGR; 2022/2023 performance equity remains unearned to date, evidencing stringent goals .
- Vesting and potential selling pressure: 2024 RSUs vest quarterly on fixed dates, creating regular liquidity events; performance PSUs require multi‑year outcomes prior to vesting, moderating near‑term selling risk .
- Retention/CoC economics: Double‑trigger CoC benefits are modest (6 months salary + COBRA) with broad acceleration of options/RSUs excluding PSOs/PSUs; no severance outside CoC, which incentivizes continuity absent a transaction .
- Governance and control: Hindson’s 12.0% total voting power (driven by Class B holdings) reinforces founder influence; mitigants include independent chair, fully independent committees, and prohibitions on hedging/pledging .
- Ownership guidelines and clawback: New stock ownership policy (2x salary for execs) with 2029 deadline and SEC/Nasdaq‑compliant clawback enhance long‑term alignment and risk discipline .
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