Annual General Meeting Transcript - TXG 2025-06-03

Operator

Hello and welcome to the 10x Genomics Annual Meeting of Stockholders. Please note that this meeting is being recorded. Questions may be submitted via the message icon at the top left of your screen by typing your message, then clicking the send icon to the right of the message box. The meeting is about to begin.

Serge Saxonov, CEO

Good afternoon. It is a pleasure to welcome all of you to the 2025 Annual Meeting of Stockholders of 10x Genomics, Inc. and call this meeting to order. I am Serge Saxonov, co-founder, chief executive officer, and a member of the board of directors of 10X Genomics. And I will act as chairperson of the meeting. Adam Tej, our chief financial officer, Eric Whitaker, our chief legal officer, Cassie Korna, 10X's senior director, investor relations and strategic finance, and James Bryan, 10X's senior director, corporate legal, join me in welcoming you today. James will like the secretary of the meeting. I would also like to welcome the members of our board of directors who are present at today's meeting. I'm also pleased to welcome Dan Coleman, a representative of Ernst & Young, our external auditing firm, who is here to answer any appropriate questions. In addition, I'd like to welcome John Lumberg, a representative of the Quincy Trust Company, LLC, our transfer agent, who has been appointed to act as our inspector of election. Mr. Lumberg has signed the oath of office, which will be filed with the minutes of this meeting. Please note that this meeting is being recorded, and the replay of the audio cast will be posted posted to the investor relations section of our website at htgps colon slash forward slash forward slash investors.com.10xgenomics.com as soon as practical.

Cassie Corneau, Head of Investor Relations

Hi, I'm Cassie Corno, Senior Director of Investor Relations and Strategic Finance at 10x Genomics. This meeting is the company's sixth annual meeting of stockholders as a public company. We believe in engaging our stockholders and maximizing their ability to meaningfully engage with us. Today's virtual annual meeting allows our stockholders to participate in the meeting regardless of their location. Participants are also permitted to submit questions and stockholders can vote their shares online before the polls close. I will now turn the meeting over to James, who will explain certain procedures for today's meeting.

James Bryan, Other

Thanks, Cassie. Today's meeting has been duly called and is being conducted in conformity with the laws of the state of Delaware and the company's charter and bylaws. The rules of conduct and procedures for this meeting are available by clicking the documents icon at the top left side of your screen, then click on the document titled Rules of Conduct and Procedures to view. It is 1.33 p.m., and the polls are open for voting and will close after a brief discussion of the proposal scheduled to be voted on today. If you've already voted and did not wish to change your vote, you did not need to do anything. If you haven't voted or if you voted previously but want to change your vote, you may do so now online by clicking on the Props D voting site link on the left side of your screen. Momentarily, Serge will introduce each of the three proposals scheduled to be voted on today. We'll then pause for questions on the proposals before closing the polls. Polls for each matter upon which stockholders will vote at this meeting will remain open until we announce that the polls are closed. No ballots or procties or revocations or changes of procties will be accepted after the polls are closed. Under Section 2.03 of our company's bylaws, in order for a stockholder proposal to have been properly brought before this 2025 annual meeting of stockholders, the proposal was required to be submitted to the company's secretary not later than the close of business on the 90th day and not earlier than the close of business on the 120th day prior to today, June 3rd, 2025. Since no such proposals were submitted with respect to this annual meeting, no such proposals will be considered at this meeting. After closing the polls, we'll provide the preliminary results of the voting based on a preliminary report from Mr. Lundberg, who, as Serge noted, has been appointed to act as Inspector of Election and is present at the meeting today. To submit any questions, you may do so by clicking on the messaging icon on the top left side of your screen, type your question into the text box, then click the send icon at the right of that text box. In order to ensure that the business of the meeting proceeds in an orderly fashion, we ask that you please observe the meeting rules and only submit questions directly related to the business of the meeting. In the interest of all stockholders, we will only address those questions that are pertinent to the business of this meeting. Following Q&A, we'll formally adjourn this meeting. It's possible that our discussion at today's meeting, including some of our comments and responses to your questions, may include forward-looking statements, which are predictions, projections, or other statements about future events. These statements are not historical facts and are subject to known and unknown risks, uncertainties, and other factors, which may cause our actual results, performance, or achievements to be materially different from such anticipated results, performance, or achievements expressed or applied by such forward-looking statements. Accordingly, such forward-looking statements should not be relied upon, and except to the extent required by applicable securities laws, we undertake no obligation to publicly update or revise any forward-looking statements. Thus, it should not be assumed that our silence over time means that actual events are occurring as expressed or implied in such forward-looking statements. Please refer to our discussion set forth under the forward-looking statements section of our earnings releases, as well as under the captioned risk factors in our annual report on Form 10-K for the fiscal year ended December 31, 2024, and in our quarterly report on Form 10-Q for the first quarter ended March 31, 2025. As such, risks, uncertainties, and factors may be updated in our periodic violence with the SEC. With that, I'll now turn it back over to Serge.

Serge Saxonov, CEO

Thanks, James. The Quincy has delivered an affidavit of mailing that shows that proper advance notice of this meeting and distribution of these documents was given to our stockholders of record as of the close of business on April 8th, 2025, the date fixed by our board of directors as the record date for the determination of stockholders entitled to receive notice of and to vote at this meeting. A copy of the notice of this meeting and the affidavit of mailing will be incorporated into the minutes of this meeting. All stockholders of record at the close of business on April 8, 2025 are entitled to vote at this annual meeting, and the list of stockholders of record is available for stockholders review. Our first item of business is to determine whether we have a quorum for the purpose of transacting business. Mr. Lundbrook, do you have a report?

John Lundberg, Analyst — Inspector of Election, Quincy Trust Company

Yes, the stockholders list shows that holders of 109,376,917 shares of Class A common stock and 13,756,833 shares of Class B common stock of the company for a combined total of 246,945,247 votes are entitled to vote at this meeting. There are represented in person or by proxy at this meeting a combined total of 216,567,558 votes, representing approximately 87.7% of the voting power of the Class A and Class B shares entitled to vote at this meeting. thank you because holders of a majority of the voting power of the shares entitled to vote at this meeting are present in person or by proxy we have a quorum for the transaction of business and this meeting is duly convenient the next item of business is a description of the matters to be

Serge Saxonov, CEO

voted on at today's meeting after all three proposals have been presented we will answer questions. The polls will close after this discussion. The first proposal is the election of two Class III director nominees to serve three-year terms expiring at our 2028 Annual Meeting of Stockholders, or until his or her successor is duly elected and qualified, or until his or her earlier death, resignation, disqualification, or removal. The Board of Directors recommends the election of Shrikh Khasarajouk and Shanaz Suleiman as Class III directors of the company. Because we have an advance notice provision in our bylaws, all further nominations are closed. The second proposal is the ratification of the appointment of Ernst & Young LLP as the company's independent registered public accounting firm for our fiscal year ending December 31st, 2025. The Board of Directors recommends that stockholders vote in favor of this proposal. And finally, the last proposal is to consider a non-binding advisory resolution, commonly known as a say-on-pay proposal, to approve the compensation of our named executive officers. The Board of Directors recommends that stockholders vote in favor of this proposal.

Cassie Corneau, Head of Investor Relations

This concludes our presentation of the proposals at this meeting. Does anyone have any questions related to any of the proposals? We will give folks about a minute to submit any questions.

James Bryan, Other

Thanks, Serge and Cassie. At this time, no questions regarding the proposals have been submitted. Having not received any questions, I'm now going to proceed with the voting. As noted previously, if you've already voted and do not wish to change your vote, you don't need to do anything. If you haven't voted or if you voted previously but want to change your vote, You may do so now online by clicking on the proxy voting site link on the left side of your screen. The polls will be closing shortly and will give you a last few moments to cast any last votes or make changes. Now that time has been given to vote, it's 1.41 p.m. and I hereby declare the polls closed for voting.

Cassie Corneau, Head of Investor Relations

At this time, I will ask James to report the preliminary results of the voting.

James Bryan, Other

The preliminary report of the inspector of election indicates that Srikosaraju and Shinaz Suleiman have been duly elected to our board of directors, that the appointment of Hurston Young LLP as independent registered public accounting firm for fiscal year 2025 has been ratified, and that our stockholders have approved on a non-binding advisory basis the compensation paid to our named executive officer. The final voting results will be contained in a Form 8K that we will file with the SEC within four business days following this week. This concludes the formal business of this meeting.

Cassie Corneau, Head of Investor Relations

Thank you for attending today's meeting. We will now entertain questions pertinent to the business of this meeting. Mr. Coleman from EY is also available to answer appropriate questions. Please be mindful of the meeting rules.

James Bryan, Other

Thank you, Cassie. No questions have been submitted. Serge, having not received any questions, we may proceed to adjournment.

Serge Saxonov, CEO

I declare the meeting adjourned at 1.43 PM Pacific Time, June 3rd, 2025. Again, thank you for your time today and for the interest you have shown in the affairs of your company. We very much appreciate your attendance, and as always, thank you for your support.