Randy Wu
10x GenomicsAbout Randy Wu
Randy Wu has been appointed to succeed Eric S. Whitaker as General Counsel and Secretary of 10x Genomics, effective January 1, 2026; he joined 10x in August 2016 after practicing at Orrick, Herrington & Sutcliffe LLP . Dr. Wu holds a Ph.D. in Biophysics (UCSF), a J.D. (Stanford Law School), and an A.B. in Chemistry (Harvard University) . Executive performance incentives at 10x are tightly linked to company results via an Annual Incentive Plan focused on revenue, adjusted free cash flow, and strategic objectives, and long-term PSUs tied to 3-year relative TSR and 2-year revenue CAGR, aligning pay with shareholder value creation .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| 10x Genomics, Inc. | VP, Intellectual Property & Litigation | Aug 2016–Dec 2025 | Led IP strategy and litigation through major milestones; prepared to transition into GC role . |
| 10x Genomics, Inc. | General Counsel & Secretary (appointed) | Effective Jan 1, 2026 | Successor to Chief Legal Officer; continuity of legal leadership and governance . |
| Orrick, Herrington & Sutcliffe LLP | Attorney | Pre-2016 | Big-law training; IP/litigation experience foundational to 10x legal strategy . |
External Roles
No public company directorships or external board roles disclosed for Dr. Wu .
Fixed Compensation
- Base salary, target bonus %, and actual bonus paid for Dr. Wu are not disclosed in current filings. 10x’s executive program comprises base salary, annual incentive plan (AIP), and equity awards; base salaries for named executive officers were adjusted in 2024 to be closer to the market 50th percentile (CEO remained below 25th percentile), but Dr. Wu was not a named executive officer in 2024 .
Performance Compensation
Annual Incentive Plan (Company program)
| Metric | Weighting | Target | Actual FY2024 Result | Payout Funding |
|---|---|---|---|---|
| Revenue | 60% | $725M (min $650M; max $775M) | $611M | 0% funding contribution (below minimum) . |
| Adjusted Free Cash Flow | 20% | $9M (min -$30M; max $30M) | $41M | 35% funding contribution (175% metric funding × 20% weight) . |
| Strategic Business Objectives | 20% | 7 objectives (min 4; max 9) | 6 of 9 achieved | 15% funding contribution (75% metric funding × 20% weight) . |
| Total Bonus Pool Funding | — | — | — | 50% for executive officers (excl. separated NEO) . |
Long-term PSUs (Company program design)
| Metric | Weighting | Performance Period | Threshold | Target | Maximum | Vesting |
|---|---|---|---|---|---|---|
| Relative TSR vs Russell 3000 Medical Equipment & Services Index | 50% | 3 years (1/1/2024–12/31/2026; month-average pricing) | 25th percentile (50% earn) | 55th percentile (100%) | 90th percentile (200%; capped at target if TSR negative) | Shares earned at end of 3-year period . |
| Revenue CAGR | 50% | 2 years (plus 1-year time-based) | 4.9% (25% earn) | 13.5% (100%) | 22.1% (175%) | 2/3 vests quarterly in year 2–3; 1/3 cliff at year 3 . |
Notes: Program applies to executive officers; specific grant details for Dr. Wu are not disclosed in 2024–2025 proxies .
Equity Ownership & Alignment
- Stock Ownership Guidelines: CEO required to hold 5× salary; other executive officers 2× salary; directors 3× annual cash retainer. Compliance deadline is January 25, 2029 or the 5th anniversary of appointment as an executive officer; executives are on track or compliant as of the proxy date .
- Prohibition on Hedging, Pledging, Short Sales: Hedging and short sales are prohibited; pledging requires preclearance and is generally restricted, designed to prevent insulation from poor stock performance .
- Clawback Policy: Compliant with SEC/Nasdaq; recovery of erroneously awarded incentive-based compensation upon qualifying restatement; 2019 Omnibus Plan allows recoupment for restatements/calculation errors .
- Beneficial Ownership: No specific beneficial ownership or pledged share data disclosed for Dr. Wu; the proxy’s ownership table principally covers >5% holders, directors, and named executive officers .
Employment Terms
- Appointment: Dr. Wu appointed General Counsel & Secretary effective January 1, 2026; joined 10x in August 2016 .
- Change-in-Control Severance Policy (double-trigger, company-wide):
- Eligibility: U.S. employees, certain non-U.S. employees with equity, and consultants/advisors with equity may be eligible; executive officers are covered .
- If a U.S. employee incurs a qualifying termination (without cause or for good reason) during the 24 months post-change-in-control: six months continued base salary and six months COBRA premium support at active-employee rates .
- Equity Acceleration:
- If awards are assumed/replaced and the participant has a qualifying termination post-CIC: 100% of the then‑unvested portion vests; performance-based awards deemed achieved at target, unless award agreement provides otherwise .
- If awards are not assumed/replaced at CIC: 100% of the then‑unvested portion vests on the effective date .
- No CIC benefits absent termination; NEOs receive double-trigger benefits only .
- Policy term: Effective July 30, 2020; continues through December 31, 2025 and auto‑extends one year unless terminated/amended .
Investment Implications
- Alignment: Strong pay-for-performance design—AIP tied to revenue/FCF/SBOs and PSUs tied to 3-year relative TSR and 2-year revenue CAGR—suggests incentive alignment for incoming General Counsel; policies prohibit hedging/short sales and restrict pledging, reducing misalignment risk .
- Retention: Double-trigger CIC severance and equity acceleration provide standard market protection without single-trigger windfalls, reducing retention risk during strategic events; lack of disclosed individualized cash guarantees for Dr. Wu lowers guaranteed-pay inflation risk .
- Trading Signals: No Form 4 history or pledged-share disclosure for Dr. Wu found; monitor upcoming proxy/8‑K supplements for his compensation package, RSU/PSU grants, and any insider transactions post‑appointment to gauge selling pressure and vesting cadence .