10X GENOMICS INC CLASS A (TXG)
Sector: Health Care
2026 Annual Meeting Analysis
10X GENOMICS INC CLASS A · Meeting: June 4, 2026
Directors FOR
0
Directors AGAINST
3
Say on Pay
FOR
Auditor
FOR
Director Elections
Election of Class I Directors
Against Analysis
As CEO and co-founder since 2012, Dr. Saxonov bears full accountability for TXG's 3-year stock decline of -58.5%, which underperforms the company's own compensation peer group median of -31.1% by 27.4 percentage points — exceeding the 20-point threshold that triggers an AGAINST vote — and the 5-year record (-89.1% vs peer median -46.5%, a gap of -42.6pp) provides no mitigating relief.
As co-founder, President, and Chief Scientific Officer since 2012, Dr. Hindson's tenure fully overlaps with TXG's sustained underperformance — the stock has declined -58.5% over three years versus a peer group median of -31.1%, a gap of 27.4 percentage points that triggers an AGAINST vote, and the 5-year record is equally poor, offering no mitigating relief.
As Chairman since 2013, Dr. Stuelpnagel has overseen the full period of TXG's underperformance; the stock's -58.5% three-year return trails the company's own compensation peer group median by 27.4 percentage points (threshold: 20pp for negative absolute TSR), and the 5-year comparison (-89.1% vs. peer median -46.5%) is similarly deficient, so no 5-year mitigant applies.
For Analysis
All three Class I nominees — CEO Serge Saxonov, President/CSO Benjamin Hindson, and Chairman John Stuelpnagel — are subject to an AGAINST vote because TXG's 3-year stock return of -58.5% underperforms the company's own compensation peer group median of -31.1% by 27.4 percentage points, exceeding the 20-point threshold applicable when absolute 3-year returns are negative; the 5-year record (-89.1% vs. peer median -46.5%) provides no mitigating relief; all three directors have been on the board since at least 2013 and their tenure fully overlaps with the underperformance period.
Say on Pay
✓ FORCEO
Serge Saxonov
Total Comp
$6,329,244
Prior Support
84%%
The prior year Say on Pay vote received 84% support, well above the 70% threshold that would require a response, so no remediation concern applies. CEO total compensation of $6,329,244 is reported to be below the 25th percentile of the company's own peer group, meaning pay level is not excessive relative to the market; more than 90% of the CEO's pay is variable and at-risk, which satisfies the policy requirement that senior executives receive at least 50-60% variable pay. The performance stock award program has meaningful hurdles tied to 3-year relative total shareholder return and revenue growth, none of the 2022, 2023, or 2024 performance stock award cycles have paid out, and the annual cash bonus paid out at only 93% of target — all consistent with a pay-for-performance structure that is working as intended even in a difficult stock-performance environment.
Auditor Ratification
✓ FORAuditor
Ernst & Young LLP
Tenure
11 yrs
Audit Fees
$3,381,712
Non-Audit Fees
$85,955
Ernst & Young LLP has served as TXG's auditor since 2015 (approximately 11 years), well below the 25-year threshold that would raise independence concerns; non-audit fees (tax services plus the database subscription) totaled approximately $85,955, which is just 2.5% of audit fees of $3,381,712 — far below the 50% threshold — and EY is a Big 4 firm fully appropriate for a $2.8B public company.
Overall Assessment
The 2026 TXG annual meeting ballot contains three proposals: director elections, auditor ratification, and an advisory Say on Pay vote. We recommend AGAINST all three Class I director nominees — including the CEO, President/CSO, and Chairman — because TXG's 3-year stock return has underperformed the company's own compensation peer group by more than the policy threshold with no 5-year mitigant, while we recommend FOR on both the auditor (clean fee ratio, appropriate tenure, Big 4 firm) and Say on Pay (below-market CEO pay, strong at-risk structure, 84% prior-year support).
Compensation Peer Group
19 companies disclosed in 2026 proxy filing