UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 14A

PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

 

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☐ Preliminary Proxy Statement
☐ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
☒ Definitive Proxy Statement
☐ Definitive Additional Materials
☐ Soliciting Material Pursuant to §240.14a-11(c)§240.14a-11(c) or §240.14a-2§240.14a-2

RAMBUS INC.Rambus Inc.

(Name of Registrant as Specified In Its Charter)

 

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

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LOGOLOGO

NOTICE OF ANNUAL MEETING OF STOCKHOLDERS

TO BE HELD VIRTUALLY ON APRIL 26, 201828, 2022

To our stockholders:

You are cordially invited to virtually attend the 20182022 Annual Meeting of Stockholders (and any adjournments, postponements or other delays thereof, the “Annual Meeting”) of Rambus Inc. (“Rambus”). The Annual Meeting will be held on:virtually via live webcast at http://www.virtualshareholderineeting.com/RMBS2022 on April 28, 2022 at 9:00 a.m. Pacific Time. You will be able to attend the Annual Meeting online and submit questions during the Annual Meeting by visiting the website listed above. You will also be able to vote your shares electronically during the Annual Meeting. The Annual Meeting will be held online only.

Date:Thursday, April 26, 2018

Time:9:00 a.m., Pacific Time

Place:Attend the annual meeting online atwww.virtualshareholdermeeting.com/RMBS2018.

The following matters will be voted on atduring the Annual Meeting:

 

 1.

Election of the three nominees named in the Proxy Statement as Class I directors;

 

 2.

Ratification of PricewaterhouseCoopers LLP as Rambus’ independent registered public accounting firm for the fiscal year ending December 31, 2022;

3.

Advisory vote to approve named executive officer compensation;

and

3.Approval of an amendment to the Rambus 2015 Equity Incentive Plan to increase the number of shares reserved for issuance thereunder by 5,500,000;

 

 4.Approval of an amendment to the Rambus 2015 Employee Stock Purchase Plan to increase the number of shares reserved for issuance thereunder by 2,000,000;

5.Ratification of PricewaterhouseCoopers LLP as our independent registered public accounting firm; and

6.Such other business as may properly come before the Annual Meeting or any adjournment or postponement of the meeting.Meeting.

We are not aware of any other business to come before the meeting.Annual Meeting.

These items of business are more fully described in the accompanying Proxy Statement, which is available atwww.proxyvote.com.This notice, the Notice of Internet Availability, the 2017 http://www.proxyvote.com. Our 2022 Annual Report and ouron Form 10-K for the year ended December 31, 2021, the Proxy Statement for our 2018 annual stockholder meeting and the form of proxy card are first being made availablemailed to stockholders on or about March 9, 2018.11, 2022.

Only stockholders of record as of February 28, 2018,March 2, 2022 may virtually attend, vote atshares, and submit questions online during the Annual Meeting.WhetherMeeting. Whether or not you plan to virtually attend the meeting,Annual Meeting, please vote atwww.proxyvote.comhttp://wwwproxyvote.com, , call1-800-690-6903 or complete, sign, date and returnfollow the voting instructions in the Proxy Statement or on your proxy card.Returning the proxy card does NOT deprive you of your right to attend the meeting and to vote your shares at the meeting.Thecard. The Proxy Statement explains proxy voting and the matters to be voted on in more detail.Pleasedetail. Please read ourthe Proxy Statement carefully.Wecarefully. We look forward to your virtual attendance at the Annual Meeting.

 

By Order of the Board of Directors,

/s/ Jae KimJohn Shinn

Jae KimJohn Shinn
Senior Vice President, General Counsel and Secretary

Sunnyvale,San Jose, California

March 9, 201811, 2022

YOUR VOTE IS IMPORTANT

WHETHER OR NOT YOU PLAN TO VIRTUALLY ATTEND THE MEETING, PLEASE VOTE ATHTTP://WWW.PROXYVOTE.COM,OR AS INSTRUCTED ON THE PROXY CARD, OR THE NOTICE OF INTERNET AVAILABILITY OF PROXY MATERIALS, CALL1-800-690-6903 OR COMPLETE, SIGN, DATE AND RETURN THE PROXY CARD AS PROMPTLY AS POSSIBLEPOSSIBLE.

RAMBUS INC.

PROXY STATEMENT

FOR

20182022 ANNUAL MEETING OF STOCKHOLDERS

TABLE OF CONTENTS

 

Page

General Information about the MeetingGENERAL INFORMATION ABOUT THE MEETING

   12 

Proposal One: Election of DirectorsPROPOSAL ONE: ELECTION OF DIRECTORS

   78 

NomineesNOMINEES FOR CLASS I DIRECTORS

   79 

CLASS  I DIRECTOR NOT STANDING FOR Vote RequiredRE-ELECTION

7

Information About Nominees and Other Directors

7

Board of Directors Meetings and Committees

   11 

Director IndependenceCLASS II DIRECTORS

11

Director Qualifications

   12 

Corporate Governance PrinciplesCORPORATE GOVERNANCE

12

Section 16(a) Beneficial Reporting Compliance

13

Executive Sessions of the Independent Directors

13

Committees of the Board of Directors

13

Audit Committee

13

Compensation Committee

   14 

Compensation Committee Interlocks and Insider ParticipationPROPOSAL TWO: RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

15

Corporate Governance & Nominating Committee

15

Identifying and Evaluating Nominees For Directors

16

Consideration of Stockholder Nominees to the Board

16

Board Leadership Structure and Role in Risk Oversight

17

Transactions with Related Persons

17

Review, Approval or Ratification of Transactions with Related Persons

17

Corporate Development Committee

18

Proposal Two: Advisory Vote to Approve Named Executive Officer Compensation

19

Proposal Three: Approval of an Amendment to the Rambus 2015 Equity Incentive Plan to Increase the Number of Shares Reserved for Issuance Thereunder by 5,500,000

20

Key Features of the Amended 2015 Equity Incentive Plan and Our Compensation Practices

20

Vote Required; Recommendation of the Board of Directors

21

Considerations of the Board of Directors in Making its Recommendation

21

Summary of the 2015 Equity Incentive Plan

23

Eligibility

23

Shares Available

23

Administration

24

Limitations

25

Options

   26 

PROPOSAL THREE: Stock Appreciation RightsNON-BINDING ADVISORY VOTE TO APPROVE NAMED EXECUTIVE OFFICER COMPENSATION

27

Restricted Stock

27

Restricted Stock Units

   28 

Performance Units and Performance SharesSECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

28

Dividend Equivalents

   29 

Transferability of AwardsEXECUTIVE COMPENSATION — COMPENSATION DISCUSSION AND ANALYSIS

29

Change of Control

29

Amendment and Termination

30

Number of Awards Granted

30

Federal Tax Aspects

   31 

i

Proposal Four: Approval of an Amendment to the Rambus 2015 Employee Stock Purchase Plan to Increase the Number of Shares Reserved for Issuance Thereunder by 2,000,000COMPENSATION AND HUMAN RESOURCES COMMITTEE REPORT

33

Vote Required; Board Recommendation

33

Considerations of the Board in Making its Recommendation

33

Summary of the 2015 Employee Stock Purchase Plan

34

General

34

Shares available for issuance

34

Administration

34

Eligibility

34

Offering Period

35

Purchase Price

35

Payment of Purchase Price; Payroll Deductions

35

Withdrawal

36

Termination of Employment

36

Adjustments upon Changes in Capitalization, Dissolution, Liquidation, or Change of Control

36

Amendment or Termination

37

Number of Shares Purchased by Certain Individuals and Groups

37

Federal Tax Aspects

37

Proposal Five: Ratification of Appointment of Independent Registered Public Accounting Firm

39

Our History with PricewaterhouseCoopers

39

Principal Accountant Fees and Services

39

Policy on Audit CommitteePre-Approval of Audit and the PermissibleNon-Audit Services of Independent Registered Public Accounting Firm

40

Independence of PricewaterhouseCoopers LLP

40

Vote Required

40

Equity Compensation Plan Information

41

Security Ownership of Certain Beneficial Owners and Management

42

Executive Officers of the Company

   44 

Executive Compensation — Compensation Discussion and AnalysisEXECUTIVE COMPENSATION TABLES

   4645 

Executive SummaryEQUITY COMPENSATION PLAN INFORMATION

   4656 

2017 Advisory Vote on Executive Compensation and Other Stockholder EngagementAUDIT COMMITTEE REPORT

   4857 

Our Compensation Philosophy — Pay for PerformanceENVIRONMENTAL, SOCIAL AND GOVERNANCE ISSUES AND CORPORATE SOCIAL RESPONSIBILITY

   4958 

NEO Compensation ProcessOTHER MATTERS

   50

Components of NEO Compensation

53

Other Policies and Elements of NEO Compensation

59

Compensation Committee Report

61

Executive Compensation Tables

62

Summary Compensation Table

62

Grants of Plan Based Awards

63

Outstanding Equity Awards at FiscalYear-End

64

Option Exercises and Stock Vested

66

Potential Payments Upon Termination or Change of Control

67

Compensation of Directors

69

Summary of Director Plan

70

Audit Committee Report

71

Report of the Audit Committee

71

Review with Management

71

Review and Discussions with the Independent Registered Public Accounting Firm

71

Conclusion

71

Other Matters

7260 

 

ii

i

RAMBUS INC.

PROXY STATEMENT

FOR

20182022 ANNUAL MEETING OF STOCKHOLDERS

The Board of Directors (the “Board” or “Board of Directors”) of Rambus Inc. (“Rambus,” “we,” “us” or the “Company”) is providing these proxy materials to you for use at our 20182022 Annual Meeting of Stockholders (the(and any adjournment, postponement or other delay thereof, the “Annual Meeting”) to be held virtually via live webcast at http://www.virtualshareholderineeting.com/RMBS2022 on Thursday, April 26, 201828, 2022 at 9:00 a.m. Pacific Time, and at any postponement or adjournment of the meeting.Time. The purpose of the Annual Meeting is described in this Proxy Statement.

Rambus has been conducting its annual stockholder meetings through a virtual live webcast since our annual stockholder meeting held on April 24, 2014. We are continuously exploring technologies and services that will best permit our stockholders to engage with us and exercise their vote and we have continued to conduct annual stockholder meetings on a virtual basis because we believe they are more beneficial than holding a live meeting. For annual stockholder meetings prior to 2014, our annual meetings required us to rent a large facility, provide catered breakfast and snacks, and hire professional security in the Noticeevent of unforeseen incidents that could pose a safety risk. Attendance at our in-person annual stockholder meetings was typically fewer than 10 individuals. Questions were seldom asked and, in most cases, the meeting was concluded as soon as the Board proposals were approved. Compared to this costly and inefficient format, the webcast technology and the mechanics of a virtual meeting offer an attractive alternative. With virtual meetings, we have experienced significant cost savings and are able to conduct annual stockholder meetings at our headquarters in San Jose, California. We believe that a virtual annual meeting of stockholders provides all of the rights and opportunities for stockholders to participate as they would at an in-person meeting, but offers a greater level of flexibility for many of our stockholders who may not be able to attend an annual meeting of stockholders in person. Our virtual meeting provider, Broadridge, permits stockholders to ask questions before and during the meeting. Broadridge administers these questions by providing shareholders information regarding (i) time guidelines for their questions, rules around what types of questions are allowed, and rules for how questions and comments will be recognized and disclosed to meeting participants; (ii) procedures, if any, for posting appropriate questions received during the meeting and the Company’s answers, on their website as soon as is practical after the meeting; (iii) support in addressing technical and logistical issues related to accessing the virtual meeting platform; and (iv) procedures for accessing live technical support to assist in the event of any difficulties accessing the virtual meeting. We believe our stockholders’ increased opportunity to participate in the Annual Meeting virtually should assuage any concerns about disenfranchisement of Stockholders.

our stockholder base as a result of our transition away from The Annual Meeting will be held virtually via the Internet atwww.virtualshareholdermeeting.com/RMBS2018.in-person meetings. You will be able to vote duringattend the meeting.Annual Meeting online, submit questions, and obtain the information noted above by visiting http://www.virtualshareholderineeting.com/RMBS2022.

Our principal executive offices areoffice is located at 1050 Enterprise Way,4453 North First Street, Suite 700, Sunnyvale,100, San Jose, California 94089;95134; our telephone number is (408)462-8000. The Notice of Internet Availability (the “Internet Notice”) was first mailed on or about March 9, 2018 to stockholders of record as of February 28, 2018 and these proxy solicitation materials combined with theour Annual Report for the fiscal year ended December 31, 2017, including our Annual Report on Form10-K for the year ended December 31, 20172021 (the “Form10-K”) were first made availablemailed to you on the Internet,stockholders of record as of March 2, 2022, on or about March 9, 2018.11, 2022. We maintain a website atwww.rambus.comhttp://www.rambus.com/. The information on our website is not a part of this Proxy Statement.

GENERAL INFORMATION ABOUT THE MEETING

 

Who May Attend

  

You may virtually attend the Annual Meeting if you owned your shares, either as a stockholder of record or as a beneficial owner as(as described below,below) as of the close of business on February 28, 2018March 2, 2022 (the “Record Date”).

 

StockholdersStockholders of RecordRecord. . If your shares are registered directly in your name, then you are considered to be the stockholder of record with respect to those shares, and we are sendingproviding these proxy materials directly to you. Instructions on how to virtually attend and participate via the Internet, including how to demonstrate proof of stock ownership, are posted at http://www.virtualshareholdermeeting.com/RMBS2022www.virtualshareholdermeeting.com/RMBS2018. Stockholders may vote while virtually attending the meeting on the Internet.

 

Beneficial OwnersOwners. . If your shares are held in a stock brokerage account or by a bank or other nominee, you are considered the beneficial owner of shares held in “street name,” and your broker, bank or nominee is forwardingwill forward these proxy materials to you. Your broker, bank or nominee is considered to be the stockholder of record with respect to those shares. “Street name” stockholders who wish to vote virtually during the Annual Meeting will need to obtain a “legal proxy” from the broker, bank or nominee that holds their shares and that broker, bank or nominee will likely require voting instructions to be submitted before the deadline listed above. Please consult your broker, bank or nominee for additional information on how to vote your shares.

Internet Notice

Pursuant to the rules of the Securities and Exchange Commission (the “SEC”), we have provided access to our proxy materials over the Internet. Accordingly, the Internet Notice has been sent to our stockholders of record and beneficial owners as of the Record Date. Instructions on how to access the proxy materials over the Internet or to request a printed copy by mail may be found on the Internet Notice. In addition, the Internet Notice provides information on how stockholders may request to receive proxy materials in printed form by mail or electronically by email on an ongoing basis.

By accessing the proxy materials on the Internet or choosing to receive your future proxy materials by email, you will save us the cost of

printing and mailing documents to you and will reduce the impact of our annual stockholders’ meetings on the environment. If you choose to receive future proxy materials by email, you will receive an email next year with instructions containing a link to those materials and a link to the proxy voting site. If you choose to receive future proxy materials by mail, you will receive a paper copy of those materials, including a form of proxy. Your election to receive proxy materials by mail or email will remain in effect until you notify us that you are changing or terminating your request.
Who May Vote

  

You may vote at the Annual Meeting if you owned your shares, either as a stockholder of record or as a beneficial owner, as of the close of business on the Record Date. As of that date, we had a total of 110,533,605110,177,394 shares of common stock outstanding, which were held of record by approximately 489483 stockholders. You are entitled to one vote for each share of our common stock that you own.own as of the Record Date.

 

As of the Record Date, we had no shares of preferred stock outstanding.

Voting Your Proxy

  

Stockholders of RecordRecord. . If you hold your shares in your own name as a holder of record, you may instruct the proxy holders how to vote your common stock by:

 

•  voting via the internet atwww.proxyvote.com http://www.proxyvote.com/;

 

•  voting by telephone at1-800-690-6903; or

 

•  voting by mail (if you requested printed copies of the proxy materials to be mailed to you), by completing, signing, dating and mailing the proxy card in the postage-paid envelope provided.

 

Even if you vote your shares by proxy, you may also choose to virtually attend the Annual Meeting and vote your shares in person.during the Annual Meeting. If you provide instructions in your completed proxy card, the proxy holders will vote your shares in accordance with those instructions. If you sign and return a proxy card without giving specific voting instructions, your shares will be voted “FOR” all of the proposals described herein.

 

Beneficial OwnersOwners. . If you are the beneficial owner of shares held in street name, you have the right to direct your broker, bank or nominee how to vote.vote your shares. Your broker, bank or nominee has enclosed with these materials or provided voting instructions for you to use in directing thesuch broker, bank or nominee how to vote your shares.

Discretionary Voting Power;

Matters to be Presented

  



We are not aware of any matters to be presented atduring the Annual Meeting other than those described in this Proxy Statement. If any matters not described in this Proxy Statement are properly presented atduring the meeting, the proxy holders will use their own judgment to determine how to vote your shares. If the meeting is adjourned or postponed, the proxy holders can vote your shares on the new meeting date as well, unless you have subsequently revoked your proxy.

Changing Your Vote

Stockholders of Record. If you would like to change your vote you can do so in the following ways:

•  deliver written notice of your revocation to our Corporate Secretary prior to the Annual Meeting;

•  deliver a properly executed, later dated proxy prior to the Annual Meeting;

•  vote again on a later date on the Internet or by telephone (only your latest Internet or telephone proxy submitted prior to the Annual Meeting will be counted); or

•  attend the Annual Meeting and vote at the meeting.

Please note that your attendance at thenew meeting in and of itself is not enough to revoke your proxy.

Beneficial Owners. If you instructed a broker or nominee to vote your shares following the directions originally included with these materials or provided to you, you can change your vote only by following your broker or nominee’s directions for doing so.date.

Changing Your Vote

Subject to any rules your broker, bank or other nominee may have, you can change your vote or revoke your proxy before the Annual Meeting.

If you are a registered stockholder, you may change your vote by:

•  entering a new vote via the Internet or by telephone by 11:59 p.m. Eastern Time on April 27, 2022; or

•  virtually attending the Annual Meeting and voting.

If you are a registered stockholder, you may also revoke your proxy by providing our Corporate Secretary with a written notice of revocation prior to your shares being voted at the Annual Meeting. Such written notice of revocation should be hand delivered to our Corporate Secretary or mailed to and received by Rambus prior to the Annual Meeting at 4453 North First Street, Suite 100, San Jose, California 95134, Attention: Corporate Secretary.

If you are a street name stockholder, you may change your vote by:

•  submitting new voting instructions to your broker, bank or other nominee pursuant to instructions provided by such broker, bank or other nominee; or

•  virtually attending the Annual Meeting and voting (to do so, you must have obtained a “legal proxy” from your broker, bank or other nominee giving you the right to vote your shares).

If you are a street name stockholder, you must contact your broker, bank or other nominee that holds your shares to find out how to revoke your proxy.

Cost of this Proxy Solicitation

  We will bear the cost of this proxy solicitation. In addition to soliciting proxies by mail, our directors, officers and employees may solicit proxies in person or by telephone. None of these individuals will receive any additional or special compensation for doing this, but they may be reimbursed for reasonableout-of-pocket expenses. We have also hired Alliance Advisors LLC (“Alliance Advisors”) to help us solicit proxies from brokers, bankbanks, nominees and other institutional owners.stockholders. We

expect to pay Alliance Advisors a fee of up to approximately $10,000$23,000 for its services, and we will reimburse certain of its out-of-pocket expenses.

Meeting Quorum

  The Annual Meeting will be held if a majority of our outstanding shares of common stock issued and outstanding and entitled to vote are represented at the meetingAnnual Meeting (virtually or by proxy.proxy). If a quorum is not present during the Annual Meeting, the chairperson of the Annual Meeting or the stockholders entitled to vote at the Annual Meeting, virtually present or represented by proxy, will have the power to adjourn the meeting until a quorum is present.

Our Voting Recommendations

  

When proxies are properly dated, executed and returned, the shares represented by such proxies will be voted atduring the Annual Meeting in accordance with the directions of the stockholder. However, if no specific instructions are given, the shares will be voted in accordance with the following recommendations of our Board of Directors:

 

•  “FOR” the election of E. Thomas Fisher, Charles Kissner, Necip Sayiner and David ShrigleyLuc Seraphin as Class I directors;

•  “FOR” the advisory vote to approve named executive officer compensation, as disclosed in this Proxy Statement;

•  “FOR” the approval of an amendment to the Rambus 2015 Equity Incentive Plan to increase the number of shares reserved for issuance thereunder by 5,500,000;

•  “FOR” the approval of an amendment to the Rambus 2015 Employee Stock Purchase Plan to increase the number of shares reserved for issuance thereunder by 2,000,000; and

 

•  “FOR” the ratification of PricewaterhouseCoopers LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2018.2022; and

•  “FOR” the advisory vote to approve named executive officer compensation.

Abstentions and Broker
Non-Votes		  


We treat shares that are voted “ABSTAIN” in personduring the meeting or by proxy as being:

 

•  present for purposes of determining whether or not a quorum is present atduring the Annual Meeting; and

 

•  entitled to vote on a particular subject matter atduring the Annual Meeting.

 

In the election of directors, any vote you make that is “ABSTAIN” for any nominee will not impact the election of that nominee. In tabulating the voting results for the election of directors, only “FOR” and “AGAINST” votes are counted.

 

For the other proposals, an “ABSTAIN” vote is the same as voting against the proposal.

 

If you hold your common stock through a broker, bank or nominee, the broker, bank or nominee may be prevented from voting these shares held in your brokerage account on some proposalsnon-routine matters (a “brokernon-vote”) unless you have given the broker, bank or nominee voting instructions. Thus, if you hold your common stock through a broker, bank or nominee, it is critical that you castprovide your broker, bank or nominee with instructions on how to vote your shares if you want ityour vote to count. If you hold your common stock through a broker, bank or nominee and you do not instruct your broker, bank or nominee how to vote on Proposals One Two,or Three, and Four, it will be considered a brokernon-vote and no votes will be cast on your behalf with respect to such Proposals. Shares that are subject to a broker

non-vote are counted for purposes of determining whether a quorum exists, but do not count for or against any particular proposal.

 

Your broker will continue to have discretion to vote any uninstructed shares on Proposal Five, theTwo, Ratification of the Appointment of the Company’s Independent Registered Public Accounting Firm.Firm, is the only routine matter for which banks, brokers or nominees will have discretionary voting power.

Procedure for Submitting Stockholder Proposals  


Stockholders may present proper proposals for actioninclusion in our proxy statement and for consideration at a futurethe next annual meeting only if theyof stockholders by submitting their proposals in writing to our Corporate Secretary in a timely manner. Stockholder proposals must comply with the requirements of our bylaws andRule 14a-8 under the Securities Exchange Act regarding the inclusion of stockholder proposals in company-sponsored proxy rules established by the SEC.materials.

 

Stockholder proposals, including nominations for the election of directors, which are intended to be presented by such stockholders at our 2019 Annual Meeting of Stockholders must be received by us no later than November 9, 2018 to be considered for inclusion in the proxy statement and proxy card relating to that meeting.

In addition to the SEC rules, our bylaws establish an advance notice procedure for proposals that a stockholder wants to have included in our proxy statement relating to a meeting or to have brought before the meeting. To be timely for our annual meeting of stockholders in 2023, a stockholder proposal made pursuant to Rule 14a-8 must be received by the Company’s Secretary/General CounselSecretary at the principal executive offices of the Company not later than the 45th day nor earlier than the 75th day before theone-year anniversary of the date the Company’s proxy statement was released to stockholders in connection with the previous year’s annual meeting. However, if no annual meeting was held in theNovember 11, 2022.

Procedure for Submitting Stockholder Nominations  

previous year

Our bylaws also establish an advance notice procedure for stockholders who wish to present a proposal before an annual meeting of stockholders but do not intend for the proposal to be included in our proxy statement.

Our bylaws provide that the only business that may be conducted at an annual meeting is business that is brought (A) pursuant to our proxy materials with respect to such meeting, (B) by or ifat the direction of the board of directors, or (C) by a stockholder of the Company who (1) is a stockholder of record both at the time of giving notice of such business and on the record date for the determination of stockholders entitled to vote during the annual meeting is advancedand (2) has timely complied in proper written form with the notice procedures set forth in our bylaws.

To be timely for our annual meeting of stockholders in 2023, a stockholder proposal not made pursuant to Rule 14a-8 must be received by the Company’s Secretary at the principal executive offices of the Company:

•  not earlier than December 26, 2022; and

•  not later than January 25, 2023.

In the event we hold our 2023 annual meeting of stockholders more than 30 days prior to or delayed by more than 60 days after theone-year anniversary of the date of the previousthis year’s annual meeting, then notice of a stockholder proposal not intended to be included in our proxy statement must be received no earlier than the close of business on the 120th day prior tobefore such annual meeting and notno later than the close of business on the later of the following two dates:

•  the 90th day prior to such annual meeting,meeting; or

•  the tenth10th day following the day on which public announcement of the date of such annual meeting is first made.

 

Moreover, yourAny notice of proposed business must contain specific information concerning the matters to be brought before the meeting.meeting in accordance with our bylaws. We urge you to read our bylaws in full in order to understand the requirements of bringing a proposal or nomination. If a notice containing all the required information is not timely delivered, your proposal will not be presented.

 

All notices of proposals by stockholders, whether or not they are intended to be included in our proxy materials, should be sent to Rambus Inc., 4453 North First Street, Suite 100, San Jose, California 95134, Attention: Corporate Secretary/General Counsel.

Availability of Bylaws

A copy of the full text of the bylaw provisionprovisions relating to our advance notice procedureprocedures may be obtained by writing to our Corporate SecretarySecretary/General Counsel or by accessing a copy of our bylaws, which are publicly available at http://www.sec.gov. All notices of proposals by stockholders, whether or not included in proxy materials, should be sent to Rambus Inc., 1050 Enterprise Way, Suite 700, Sunnyvale, California 94089, Attention: Secretary/General Counsel.

www.sec.gov/.
Communication Withwith the Board of Directors  


Our Board of Directors may be contacted by writing to them via regular mail at Board of Directors, Rambus Inc., 1050 Enterprise Way,4453 North First Street, Suite 700, Sunnyvale,100, San Jose, California 94089.95134. If you wish to contact our Board of Directors or any member of the Audit Committee to report questionable accounting or auditing matters you may do so anonymously by using this mailing address and designating the communication as “confidential.”

 

Our process for handling communications to our Board of Directors is as follows:

 

Any stockholder communications that our Board of Directors receives will first go to our Corporate Secretary/General Counsel, who will log the date of receipt of the communication as well as (fornon-confidential communications) the identity of the correspondent in our stockholder communications log.

Unless the communication is marked “confidential,” our Corporate Secretary/General Counsel will review, summarize and, if appropriate, draft a response to the communication. The summary and response will become part of the stockholder communications log that our Corporate Secretary/General Counsel maintains with respect to all stockholder communications.

Our Corporate Secretary/General Counsel will then forward the stockholder communication to the member(s) of our Board of Directors (or committee chair, if the communication is addressed to a committee) for review.

 

Any stockholder communication marked “confidential” will be logged by our Corporate Secretary/General Counsel as “received” but will not be reviewed, opened or otherwise held by our Corporate Secretary/General Counsel. Such confidential correspondence will be forwarded to the addressee(s).

Annual Meeting Attendance  Members of our Board of Directors are invitedencouraged but not required to virtually attend the Annual Meeting of Stockholders.Meeting. The 20172021 Annual Meeting of Stockholders was virtually attended by all members of our Board of Directors who were members at the time of the meeting.

“Householding” of
Proxy Materials		  



The SECSecurities and Exchange Commission (the “SEC”) has adopted rules that permit companies and intermediaries such as brokers to satisfy delivery requirements for proxy statements with respect to two or more stockholders sharing the same address by delivering a single proxy statement addressed to those stockholders. This process, which is commonly referred to as “householding,” potentially provides extra convenience for stockholders and cost savings for companies. The Company and some brokers household proxy materials, delivering a single proxy. Upon written or oral request, we will deliver promptly a separate copy of our proxy materials to any stockholder at a shared address to which we delivered a single copy of any of these materials. If your proxy statement is being householded and you would like to receive separate copies, or if you are receiving multiple copies and would like to receive a single copy, please contact Investor Relations at Rambus Inc., 1050 Enterprise Way,4453 North First Street, Suite 700, Sunnyvale,100, San Jose, California 94089,95134, Attention: Corporate Secretary, or ir@rambus.com, or place a collect call to the Company, at (408)462-8000, and direct the call to the Investor Relations Department.Relations.

Delivery of Proxy Materials  To receive current and future proxy materials, such as annual reports, proxy statements and proxy cards, in either paper or electronic form, please contact Investor Relations at ir@rambus.com orhttp:https://investor.rambus.cominvestor.rambus.com/investor-home/default.aspx, , or place a collect call to the Company, at (408)462-8000, and direct the call to the Investor Relations Department.Relations.

IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS

FOR THE ANNUAL MEETING OF STOCKHOLDERS TO BE VIRTUALLY HELD ON APRIL 26, 201828, 2022

The Notice and Proxy Statement Annual Report to Stockholders and Form10-K Combo document areis available atwww.proxyvote.com. http://www.proxyvote.com. You are encouraged to access and review all of the important information contained in the proxy materials before voting.

PROPOSAL ONE:

ELECTION OF DIRECTORS

As of the date of this proxy statement, our Board of Directors is composed of eightnine members who are divided into two classes with overlappingtwo-year terms. As of the date of this proxy statement, we have four Class I directors and four Class II directors. At each annual meeting of stockholders, a class of directors is elected for a term of two years to succeed those directors whose terms expire on the annual meeting date. A director serves in office until his or her respective successor is duly elected and qualified or until his or her earlier death or resignation. Any additional directorships resulting from an increase in the number of directors will be distributed among the two classes so that, as nearly as possible, each class will consist of an equal number of directors. Any vacancy occurringmid-term will be filled by a majority of the other current members of the Board of Directors. There is no family relationship between any of our directors. As of the date of this proxy statement, we have four Class I directors and five Class II directors.

Immediately following our 20182022 annual meeting, the number of authorized directors will be reduced from eightnine to seveneight directors, as Mr. Bentley,Mitarotonda, a Class I director, is not standing forre-election and and will no longer serve on our Board of Directors. We thank Mr. BentleyMitarotonda for his service to the Company and our Board of Directors.

 

Nominees

  

Three Class I directors are to be elected atduring the Annual Meeting for atwo-year term ending in 2020.2024. Based upon the recommendation of our Corporate Governance/Nominating Committee, our Board has nominated: E. Thomas Fisher, Charles Kissner, Necip Sayiner and David ShrigleyLuc Seraphin for election as Class I directors.

 

If any of these nomineespersons nominated by the Board is unable or declines to serve as a director at the time of the Annual Meeting, proxies will be voted for a substitute nominee or nominees designated by the Board of Directors.

Vote Required

  The Company’s bylaws requireprovide that each directorin uncontested elections nominees will be elected byto the majority ofBoard if the votes cast with respect tofor a nominee’s election exceed the votes cast against such director in uncontested elections.nominee’s election. The Board of Directors, after taking into consideration the recommendation of the Corporate Governance/Nominating Committee of the Board, will determine whether or not to accept thepre-tendered resignation of any nominee for director, in an uncontested election, who receives a greater number of votes “AGAINST” his or her election than votes “FOR” such election. There are no cumulative voting rights in the election of directors. Stockholders as of the Record Date may vote their shares for or against some, all or none of the Class I nominees.

Recommendation of the

Board of Directors

The Board unanimously recommends that you vote “FOR” the election to the Board of Directors each of our Class I nominees: Charles Kissner, Necip Sayiner and Luc Seraphin.

Information About Nominees

and Other Directors

  

 

The members of our Board of Directors have deep executive and board leadership experience derived from their respective tenures as executives and directors of technology companies of various sizes. The following table contains information regarding the Class I nominees and other directors as of March 9, 2018.11, 2022. This information includes the specific experience, qualifications, attributes and skills that led to our Board of Directors’ conclusion that the person should be nominated to serve as a director.

Incumbent Nominees for Class I Directors

 

Name

 Age   

Principal Occupation and Business Experience

E. Thomas Fisher

63Mr. Fisher has served as a director since January 2015. He is currently senior vice president and chief technology officer of MapR Technologies. From June 2011 to February 2017, Mr. Fisher served as senior vice president and chief information officer (“CIO”) of Global Commercial Cloud Services at Oracle Corporation. Prior to joining Oracle, Mr. Fisher served as CIO and vice president of Cloud Computing at SuccessFactors, Inc., now SAP, from April 2009 to June 2011. Prior to joining SuccessFactors, Mr. Fisher spent seven years at Qualcomm where he served as CIO of CDMA Technologies. Before Qualcomm, he was vice president and acting chief technology officer at eBay Inc. Mr. Fisher holds a bachelor of arts degree from the University of North Carolina in Charlotte.
Mr. Fisher’s experience as a technology officer of high technology companies, his experience with cloud-based products and services as well as his business and leadership experience allow him to provide strategic guidance to the Board and the Company, which led the Board of Directors to conclude that he should serve as a director.

Charles Kissner

  7074   

Mr. Kissner has served as a director since July 2012. Mr. Kissner also currently serves as Chair of our Board of Directors and as a member of our Audit Committee, Corporate Governance/Nominating Committee and Cyber Risk Committee. Mr. Kissner currently serves as chief executive officer of Digital Pillars, a private information systems company. From April 2013 to September 2017, Mr. Kissner served as Chairman of the Board of ShoreTel Inc., a business communications systems company acquired by Mitel Networks Corporation. He joined ShoreTel as a director in April 2006.2006, where he also served on the Nominating and Governance Committee, Audit Committee and Compensation Committee. From January 2007 to February 2015, he was Chairman of Aviat Networks and from June 2010 to July 2011, Mr. Kissner was Chairman and CEO. From 2010 to 2015, he served on the board of Meru Networks, a technology leader in the enterprise wireless systems market.market, where he also served on the Audit Committee and Compensation Committee. From 1995 to 2006, he served as Chairman and CEO of Stratex Networks, a global provider of wireless transmission solutions. Mr. Kissner previously was Vice President and General Manager ofM/A-COM, Inc., a manufacturer of radio and microwave communications products, President and CEO of Aristacom International, a communications software company, Executive Vice President of Fujitsu Network Switching, Inc., and held a number of executive positions at AT&T (now Alcatel-Lucent).&T. He has also served on a number of other public and private boards, as well asnot-for-profit boards such as the NPR Foundation and Angel Flight, Inc. He currently serves as Chairman ofnon-profitInc and KQED Public Media. Mr. Kissner holds a Bachelor of Science degree from California State Polytechnic University and a Master of Business Administration degree from Santa Clara University.

Mr. Kissner’s experience as a director and executive of wireless technology and networking companies and, his years of business and leadership experience led the Board of Directors to conclude that he should serve as a director.

David ShrigleyNecip Sayiner

  6956   Mr. ShrigleyDr. Sayiner has served as a director since October 2006.2019. Dr. Sayiner currently serves as the chair of our Corporate Development Committee and member of our Compensation and Human Resources Committee. He also serves as a director on the board of Power Integrations, Inc., a semiconductor manufacturing company. He was most recently the Executiveexecutive vice president of Renesas Electronics Corporation from February 2017 to March 2019 and the president of Renesas Electronics America from July 2017 to March 2019. Previously, he was the president, chief executive officer and a director of Intersil Corporation, a leading provider of innovative power management and precision analog solutions, from March 2013 until its acquisition by Renesas Electronics Corporation in February 2017. Prior to Intersil, from September 2005 to April 2012, he served as president and chief executive officer, and director of Silicon Laboratories, a fabless semiconductor company engaged in the design of analog-intensive, mixed signal integrated circuits. Dr. Sayiner served as Chairman of Soilthe Semiconductor Industry Association, or SIA, from December 2015 to November 2016 and Topography Information, Inc. Mr. Shrigley was a member of the board of Wolfson Microelectronics plc, a supplier of mixed-signal chips for the digital marketas Vice Chairman from November 20062014 to December

Name

 Age   

Principal Occupation and Business Experience

   

2015. Dr. Sayiner was initially appointed to December 2008,the Board of the SIA in September 2013. He also serves on the board of directors of Power Integrations. Dr. Sayiner holds a doctoral degree in Electrical Engineering from the University of Pennsylvania, a Master of Science degree in Engineering from Southern Illinois University, along with a Bachelor of Science degree in Electrical and was itsElectronics Engineering and a Bachelor of Science degree in Physics from Bosphorus University in Turkey.

Dr. Sayiner’s experience as chief executive officer from March 2007. He served as a general partner at Sevin Rosen Funds, a venture capital firm, from 1999 to 2005. Prior to that, Mr. Shrigley heldand extensive engineering experience, along with his deep knowledge of the position of executive vice president, Marketing, Sales and Service at Bay Networks, a network hardware company. Mr. Shrigley served in various executive positions at Intel Corporation, including vice president and general manager of Asia Pacific sales and marketing operations based in Hong Kong, and vice president and general manager, corporate marketing. Mr. Shrigley holds a B.S. in Business Administration from Franklin University.

Mr. Shrigley’s experience as a director and executive officer of high technology companies, his experience in the venture capitalsemiconductor industry and with his yearsproven track records of international businesssuccessfully increasing company revenue growth and leadership experienceprofitability led the Board of Directors to conclude that he should serve as a director.

The Board unanimously recommends that you vote “FOR” the election to the Board of Directors of each of the nominees proposed above.

Class I Director Not Standing forRe-election

J. Thomas Bentley

68Mr. Bentley has served as a director since March 2005, and served as Chairman of the Board from June 2011 to March 2013. He served as a managing director at SVB Alliant (formerly Alliant Partners), a mergers and acquisitions firm, since heco-founded the firm in 1990 until October 2005. Mr. Bentley holds a B.A. in Economics from Vanderbilt University and an M.S. in Management from the Massachusetts Institute of Technology. Mr. Bentley currently serves on the board of Nanometrics, Inc. Mr. Bentley is not standing forre-election to the Company’s Board of Directors.

Incumbent Class II Directors Whose Terms Expire in 2019

Name

Age

Principal Occupation and Business Experience

Ronald Black, Ph.D.

54Dr. Black has served as our chief executive officer and president since June 2012 and as a director since July 2012. Dr. Black was previously the Managing Director of R.D. Black & Company, a consulting firm, since August 2011. From September 2010 to August 2011, Dr. Black was the Chief Executive Officer of MobiWire, formerly Sagem Wireless, a privately-held mobile handset company headquartered near Paris, France that offers products and services to original equipment manufacturers and mobile network operators in the mobile phone marketplace. From June 2009 to October 2010, Dr. Black served as Chairman and CEO of UPEK, Inc. Dr. Black currently serves as a board member of Energy Focus, Inc, a publicly held LED lighting technology developer, VeriFone Systems, Inc., a publicly held provider of technology for electronic payment transactions, Microfabrica Inc., a privately held high precision metal parts fabricator, and FlexEnable Limited, a privately held producer of flexible electronics manufacturing platforms. Dr. Black served on the board of Ultratech, Inc., a publicly held company that designs, builds and markets manufacturing systems of the global technology industry from July 2016 until its acquisition in May 2017. From 2012 to March 2015, Dr. Black served on the board of EnOcean GmbH, a German-based company that manufactures

Name

Age

Principal Occupation and Business Experience

and markets energy harvesting technology, sensors, and radio frequency communication. From September 2010 to November 2012, he served as a board member of AuthenTec, Inc., which he joined following the AuthenTec-UPEK merger in September 2010 and from 2007 to 2013, he served as a board member of Inside Contactless, a France-based company engaged in the semiconductors and information technology industry. From September 2004 to June 2009, he was chief executive officer of Wavecom S.A., a publicly traded French wireless solutions company. Dr. Black holds a Bachelor of Science, a Master of Science, and a Ph.D. in materials science and engineering from Cornell University.

Luc Seraphin

 58 Dr. Black’s status

Mr. Seraphin is President & Chief Executive Officer. With over 30 years of experience managing global businesses, Mr. Seraphin brings the overall vision and leadership necessary to drive future growth for the company. Prior to this role, from October 2015 to June 2018, Mr. Seraphin was the senior vice president and general manager of the Memory and Interface Division, leading the development of the company’s innovative memory architectures and high-speed serial link solutions. From October 2013 to June 2014, Mr. Seraphin also served as our chief executive officer,the vice president of Worldwide Sales and Operations where he oversaw sales, business development, customer support and operations across the various business units within Rambus. In June 2014, Mr. Seraphin was promoted to senior vice president of Worldwide Sales and Operations. Mr. Seraphin started his recordcareer in 1985 as a leaderfield application engineer at NEC and later joined AT&T Bell Labs, which became Lucent Technologies and Agere Systems (now Broadcom Inc.). During his 18 years at Agere, Mr. Seraphin held several senior positions in sales, marketing and general management, culminating in his last position as executive vice president and general manager of variousthe Wireless Business Unit. Following this, Mr. Seraphin held the position of general manager of a GPS startup company in Switzerland and was vice president of Worldwide Sales and Support at Sequans Communications. During his career, Mr. Seraphin has advised and supported companies in both the product and IP markets. Mr. Seraphin holds a bachelor’s degree in Mathematics and Physics and a master’s degree in Electrical Engineering from Ecole Superieure de Chimie, Physique, Electronique, based in Lyon, France where he majored in Computer Architecture. Mr. Seraphin also holds an M.B.A from the University of Hartford and has completed the senior executive program of Columbia University. In September 2021, Mr. Seraphin attended the Directors Consortium, a course offered at Stanford Graduate School of Business Executive Education Program.

Mr. Seraphin’s experience as a semiconductor and technology companies, both domestic and foreign,industry executive and his deep technical expertiseyears of experience with the Company led the Board of Directors to conclude that he should serve as a director.

Class I Director Not Standing for Re-election

Penelope HerscherName

Age

Principal Occupation and Business Experience

James Mitarotonda

  5767   

Ms. HerscherMr. Mitarotonda has served as a director since July 2006. SheMarch 2021. He currently serves as a member of our Audit Committee. He is currently the Chairman, President and CEO at Barington Capital Group, L.P., an activist investment firm. He is also the Chairman, President and CEO of Barington Companies Investors, LLC, the general partner of Barington Companies Equity Partners, L.P., an activist investment fund. He has served as presidenta director of The Eastern Company, a manufacturer of industrial hardware, security and chief executive officermetal products, since May 2015, where he also serves as Chairman of FirstRain,the Nominating and Corporate Governance Committee, and has also served as Chairman since January 2016. Since 2019, he has served as a Special Advisor to L Brands, Inc., a custom-configured,on-demand intelligence services firm,specialty retailer of women’s apparel and personal care products. Since 2012, he has also served as a Special Advisor to Griffon Corporation, a diversified manufacturing company. Over the past five years, Mr. Mitarotonda served as a director of Avon Products, Inc., a global manufacturer and marketer of beauty and related products, from 2004April 2018 to January 2020; OMNOVA Solutions Inc., a global provider of emulsion polymers and specialty chemicals, from March 2015 to April 2020; and A. Schulman Inc., an international supplier of plastic compounds and resins, from October 2005 until August 2018. Over the past five years, he also served as a director of The Pep Boys – Manny, Moe & Jack, an automotive aftermarket service and retail chain, from August 2006 to February 2016, and as Chairman from July 2008 to July 2009. Mr. Mitarotonda has also served as a director of Barington/Hilco Acquisition Corp., a special purpose acquisition company, from February 2015 until January 2018, as Chief Executive Officer from February 2015 to May 2015, and as Executive Chairman from February 2015 until its acquisition in AugustMay 2017. Previously, Ms. Herscher served as executive vice president and chief marketing officer at Cadence Design Systems from 2002 to 2003, and executive vice president and general manager, Design and Verification Business during the second half of 2003. From 1996 to 2002, Ms. Herscher was president and chief executive officer of Simplex Solutions, which was acquired by Cadence in 2002. Before Simplex, she was an executive at Synopsys for eight years and started her career as an R&D engineer with Texas Instruments. Ms. Herscher serves on the boards of Faurecia SA, Lumentum Holdings LLC, PROS Holdings, Inc., and Verint Systems Inc. SheHe has also served onas a director of Ebix, Inc., a supplier of software and e-commerce services to the boardinsurance, financial and healthcare industries, from January 2015 to March 2015; The Jones Group Inc., a designer, marketer and wholesaler of Savonixbranded clothing, shoes and JDS Uniphaseaccessories, from June 2013 to April 2014; Griffon Corporation, which split into two companies Lumentum Holdingsa diversified manufacturing company, from November 2007 to January 2012; Ameron International Corporation, a multinational manufacturer of products and Viavi Solutionsmaterials for the chemical, industrial, energy, transportation and severalnon-profit institutions. She holdsinfrastructure markets, from March 2011 to October 2011; and Gerber Scientific, Inc., an international supplier of automated manufacturing systems, from June 2010 to August 2011. Mr. Mitarotonda received a B.A. with honors, M.A. in Mathematicseconomics from Cambridge University in England.

Ms. Herscher’s experience as chief executive officerQueens College, where he is currently a member of technology companies, the successful sale of a company under her leadership to a larger technology company and her years of business and leadership experience led the Board of DirectorsTrustees and a M.B.A. from New York University’s Graduate School of Business Administration (now known as the Stern School of Business).

Mr. Mitarotonda is not standing for re-election to conclude that she should serve as a director. the Company’s Board of Directors.

Class II Directors

Name

Age

Principal Occupation and Business Experience

Emiko Higashi

  6063   

Ms. Higashi has served as a director since May 2017. She foundedMs. Higashi currently serves as the chair of our Corporate Governance/Nominating Committee and member of our Corporate Development Committee. Ms. Higashi is a founder of Tohmon Capital Partners, LLC (formerly Tomon Partners, LLC,LLC), a mergersstrategy and acquisitionsM&A advisory firm based in San Francisco and strategy consulting firm,primarily serving companies in technology and hashealthcare-related fields since 2003. Ms. Higashi also serves on the boards of One Equity Partners Open Water I Corp (OEPW.U), where she also serves on the Audit Committee, as Chair of the Compensation Committee and Nomination Committee; Takeda Pharmaceutical Company Ltd. (TSE/NYSE), where she also serves on the Compensation Committee and Audit Supervisory Committee; and KLA Inc. (Nasdaq), where she also serves on the Compensation Committee. Ms. Higashi also served as a managing director since 2003.on the board of InvenSense, Inc. until May 2017. Prior to TomonTohmon Capital Partners, she was aco-founder and chief executive officerChief Executive Officer of Gilo Ventures, a technology-focused venture capital firm. Other executive and management roles include various roles withfirm, from 2000 to 2002. Before that, Ms. Higashi spent 15 years in investment bankbanking. After beginning her investment banking career at Lehman Brothers beingfrom 1985 to 1988, Ms. Higashi was a founding member of Wasserstein Parella includingPerella & Co. and the technology head for theirof that firm’s technology M&A business from 1988 to 1994, and servingsubsequently served as a managing director in charge of Merrill Lynch’s global technology M&A practice.practice from 1994 until 2000. Prior to her investment banking career, Ms. Higashi spent two years as a consultant at McKinsey & Co. in Tokyo, Japan. Ms. Higashi currently serves on the boards ofKLA-Tencor

Name

Age

Principal Occupation and Business Experience

Corporation, Zeptor, MetLife Insurance K.K., a subsidiary of MetLife, Inc. and Takeda Pharmaceutical Company Ltd. From October 2014 to May 2017, sheShe has also served on the boarda number of Invensense, Inc., a publicly traded motion sensing hardwareother public and motion processing technology company. She previously served as a director on the boards of private companies.boards. Ms. Higashi is also a senior advisor to several private consulting firms. She holds a B.A. from International Christian University in Tokyo, and an M.B.A. from Harvard Business School.

 

Ms. Higashi’s experience in investment banking and finance, as a director of several publicly traded companies, and as a founder and partner of a venture capital firm, led the Board of Directors to conclude that she should serve as a director.

Meera Rao

61

Ms. Rao has served as a director since August 2019. Ms. Rao currently serves as the chair of our Audit Committee. Ms. Rao also serves on the board of Impinj, Inc., a manufacturer of radio-frequency identification devices and software. She has held several senior executive positions, most recently from January 2011 to March 2016 as Chief Financial Officer at Monolithic Power Systems, a leading company in high-performance analog solutions, and as VP Finance from January 2009 to December 2010. Prior to Monolithic Power Systems, Ms. Rao has held various executive roles at leading technology companies, including Integration Associates Inc from 2004 to 2006, Atrica from 2002 to 2003, Raza Foundries from 2000 to 2002, NVIDIA February 1998 to May 1999 and AMD from 1988 to 1998. Ms. Rao holds a master’s degree in business administration from the University of Rochester in New York.

Ms. Rao’s experience as a semiconductor and technology industry executive and her years of finance and operations experience led the Board of Directors to conclude that she should serve as a director.

Name

Age

Principal Occupation and Business Experience

Karen Rogge

66

Ms. Rogge has served as a director since April 2021. Ms. Rogge currently serves as a member of both our Audit Committee and Cyber Risk Committee. Ms. Rogge is currently the President of the RYN Group LLC, a management consulting business, which she founded in 2010. In addition, since 2021, she has served as a director at Onto Innovation, a semiconductor equipment company, where she also serves on the Audit Committee. Ms. Rogge also serves as a strategic advisor at GigCapital Global, and a director on the board of GigCapital6 Inc., a special purpose acquisition company, focused in the technology sector, where she also serves as chair of the Nominating and Governance Committee. Ms. Rogge previously served on the board of directors at Kemet Corporation, an electronic components company, acquired by Yageo, from 2018 to 2020, where she also served as a member of the Audit Committee and the Compensation Committee. Previously, she served on the board of directors at AeroCentury Corporation, an aircraft leasing company, from 2017 to 2018, where she also served on the Audit Committee and the Compensation Committee. She served as the Interim Vice President and Chief Financial Officer of Applied Micro Circuits Corporation, a semi-conductor company, from 2015 to 2016. Previously, Ms. Rogge served as the Senior Vice President and Chief Financial Officer of Extreme Networks, Inc., a computer network company, from 2007 to 2009. Earlier in her career, she held executive financial and operations management positions at Hewlett Packard Company and Seagate Technology. Ms. Rogge holds a B.S. degree in Business Administration from California State University, Fresno and an M.B.A degree from Santa Clara University.

Ms. Rogge’s substantial financial and operational expertise gained from holding executive positions at various publicly traded companies, service on the board of directors for public companies, and deep technology industry experience, led the Board of Directors to conclude that she should serve as a director.

Sanjay Saraf

53Mr. Saraf has served as a director since July 2018. Mr. Saraf currently serves as the chair of our Cyber Risk Committee and member of our Compensation and Human Resources Committee and Corporate Development Committee. He currently serves as Managing Director, Global Head Payments – Value Added Services at JPMorgan Chase & Co., a leading global financial services firm with assets of $3.2 trillion and operations worldwide. JPMorgan Chase & Co. is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. Prior to JPMorgan Chase & Co., from March 2017 to April 2020, Mr. Saraf was the executive vice president and chief technology officer at YapStone, Inc., a global payments FinTech company where he is responsible for product engineering cyber security, cloud infrastructure and AI/ML platforms. Prior to YapStone, from August 2012 to March 2017, Mr. Saraf was chief technology officer at Western Union (WU) Digital, where he led product engineering and launched web and mobile transaction processing applications leveraging massive data sets and advanced fraud detection based on AI/ML technologies. Prior to WU, Mr. Saraf held

Name

Age

Principal Occupation and Business Experience

various senior leadership positions for a period of over ten years at Symantec Corporation, a global leader in enterprise and consumer security products. Prior to his technology career, Mr. Saraf spent several years in technology management consulting firms. Mr. Saraf has won several awards, including a Premier 100 Technology Leader Award by IDG Computerworld in 2017. He holds a B.S. in Engineering from the University of Bombay and a M.S. in Engineering from the University of Wyoming.

Mr. Saraf’s experience as chief technology officer of high technology companies, his expertise in the security, cloud engineering and AI/ML platform and his years of business and leadership experience led the Board of Directors to conclude that he should serve as a director.

Eric Stang

  5862   

Mr. Stang has served as a director since July 2008 and has served as Chairman of the Board sincefrom March 2013.2013 to June 2019. Mr. Stang serves as chair of our Compensation and Human Resources Committee and member of our Corporate Governance/Nominating Committee. Mr. Stang currently serves as chairman, president and chief executive officer of Ooma, Inc., a cloud-based communications and connected services company that went public in July 2015.company. He has held the position of Chairman since December 2014 and the positions of president, chief executive officer and director since January 2009. Prior to joining Ooma, Mr. Stang served as a director, chief executive officer and president of Reliant Technologies, Inc., a developer of medical technology solutions for aesthetic applications, from 2006 to 2008. Mr. Stang previously served as chief executive officer and president of Lexar Media, Inc., a provider of solid statesolid-state memory products from 2001 to 2006 and chairman from 2004 to 2006. From September 2013 until May 2017, he served on the board of Invensense,InvenSense, Inc. and from December 2008 to January 2014 he served on the board of Solta Medical. Mr. Stang also serves on the boards of private and nonprofit companies. Mr. Stang holds an A.B. in Economics from Stanford University and M.B.A. from the Harvard Business School.

 

Mr. Stang’s experience as chief executive officer of high technology companies, his prior experience in the memory products market and licensing semiconductor patents, and his years of business and leadership experience led the Board of Directors to conclude that he should serve as a director.

Corporate Governance

Board of Directors Meetings and Committees  

Our Board of Directors held a total of 1214 meetings during 2017.2021. During 2017,2021, each member of our Board of Directors attended 75% or more of the meetings of the Board of Directors and of the committees, if any, of which she or he was a member.

Director Independence  Our Board of Directors has determined that each of the following directors, constituting greater than a majority of our Board of Directors,

has no material relationship with us (either directly as a partner, stockholder or officer of an organization that has a relationship with us) and is “independent” under the applicable NASDAQNasdaq and SEC rules: J. Thomas Bentley, E. Thomas Fisher, Penelope Herscher, Emiko Higashi, Charles Kissner, David ShrigleyJames Mitarotonda, Meera Rao, Karen Rogge, Necip Sayiner, Sanjay Saraf and Eric Stang.

LOGO

LOGO

  

Currently, each of the committees of our Board of Directors is composed of independent directors as follows:

Audit Committee:        

Charles Kissner (Chair)

J. Thomas Bentley*

Emiko Higashi

David Shrigley

  

Compensation

Audit Committee:

  

David ShrigleyMeera Rao (Chair)
James Mitarotonda*

Emiko Higashi

Karen Rogge
Charles Kissner

  

Corporate Governance/

NominatingCompensation and Human Resources Committee:

  

Eric Stang (Chair)

E. Thomas Fisher

Penelope Herscher


Necip Sayiner
Sanjay Saraf
  

Corporate Development

Governance/Nominating Committee:

  

Penelope Herscher (Chair)

Emiko Higashi

E. Thomas Fisher

(Chair)
Charles Kissner
Eric Stang

Director Qualifications  Corporate Development Committee:Necip Sayiner (Chair)
Sanjay Saraf
Emiko Higashi
Cyber Risk Committee:Sanjay Saraf (Chair)
Charles Kissner
Karen Rogge

Director Qualifications

Except as may be required by rules promulgated by NASDAQNasdaq or the SEC, there are currently no specific, minimum qualifications that must be met by each candidate for our Board of Directors, nor are there any specific qualities or skills that are necessary for one or more of the members of our Board of Directors to possess. The Corporate Governance/Nominating Committee considers a number of factors in its assessment of the appropriate skills and characteristics of members of the Board of Directors, as well as the composition of the Board of Directors as a whole. These factors include the members’ qualification as independent, as well as consideration of judgment, character, integrity, diversity, skills, and experience in such areas as operations, technology, finance, and the general needs of the Board of Directors and such other factors as the Corporate Governance/ Nominating Committee may consider appropriate. The Corporate Governance/ Nominating Committee does not have a formal policy with respect to diversity. However, the Board of Directors and the Corporate Governance/Nominating Committee believe that it is essential that the members of the Board of Directors represent diverse viewpoints. In considering candidates for the Board of Directors, the Board of Directors and the Corporate Governance/Nominating Committee consider the entirety of each candidate’s credentials in the context of the factors mentioned above. As shown below in the board diversity matrix, the Company is currently in compliance with the diversity requirements of Nasdaq Rule 5605(f) and Sections 301.3 and 301.4 of the California Corporations Code. In 2021, the Corporate Governance/Nominating Committee retained Spencer Stuart and Evercore Inc. to aid in the process of conducting board searches.

Our directors have deep executive and board leadership experience from tenures at diverse technology companies of various sizes:

*

Mr. Mitarotonda will serve on the Audit Committee until the completion of the Annual Meeting.

Our directors and nominees possess a broad range of experience, as follows:

Board Member or NomineeSelect Experience

Charles Kissner (Board member since 2012)

Non-Executive Chairman

•  Currently serves as chief executive officer of Digital Pillars

•  Previously Chairman of the Board at ShoreTel, Inc. and Chairman and CEO of Aviat Networks, Stratex Networks, and President and CEO of Aristacom International

Emiko Higashi (Board member since 2017)

•  Currently founder and managing director of Tohmon Capital Partners

•  Previously co-founder and CEO of Gilo Ventures

James Mitarotonda (Board member since 2021)*

•  Currently the Chairman, President and CEO at Barington Capital Group, L.P.

•  Previously a director at Avon Products, Inc.

* Mr. Mitarotonda is not standing for re-election to the Company’s Board of Directors.

Meera Rao (Board member since 2019)

•  Currently serves as a director at Impinj, Inc.

•  Previously CFO of Monolithic Power Systems; VP, Finance of Monolithic Power Systems

Karen Rogge (Board member since 2021)

•  Currently serves as President of the RYN Group, and Strategic Advisor at GigCapital Global

•  Currently serves as a director at Onto Innovation and GigCapital6 Inc.

•  Previously a director at Kemet Corporation and AeroCentury Corporation

•  Previously served as Interim VP and CFO at Applied Micro Circuits Corporation, SVP and CFO at Extreme Networks, VP of Corporate Finance, Treasurer and PAO at Seagate Technology, and held executive finance and operations positions at Hewlett-Packard

Sanjay Saraf (Board member since 2018)

•  Currently Managing Director, Global Head Payments, JP Morgan Chase & Co.

•  Previously EVP and CTO of YapStone, Inc.

Necip Sayiner (Board member since 2019)

•  Currently serves as a director at Power Integrations, Inc.

•  Previously served as Executive Vice President and General Manager of Renesas Electronics Corporation

•  Previously served as President and Chief Executive Officer of Intersil Corporation and Silicon Laboratories

Board Member or NomineeSelect Experience

Luc Seraphin (Board member since 2018)

CEO

•  Previously Interim CEO; SVP and GM, Memory and Interface Division; and SVP Worldwide Sales and Operations

Eric Stang (Board member since 2008)

•  Currently Chairman, President & CEO of Ooma, Inc.

•  Previously Director, CEO, and President of Reliant Technologies; Director, Chairman, CEO and President of Lexar Media

Board DiversityThe Corporate Governance/Nominating Committee is committed to continuing to identify and recruit highly qualified director candidates with diverse experiences, perspectives, and backgrounds to join our Board of Directors. The table below provides certain information regarding the composition of our Board of Directors. Each of the categories listed in the below table has the meaning as it is used in Nasdaq Rule 5605(f).

 
Board Diversity Matrix (as of December 31, 2021) 
  

Total Number of Directors

   9 
     
    Female   Male   Non-Binary   Did Not
Disclose
Gender		 
     

Part I: Gender Identity

                    
     

Directors

   3    6    —      —   
     

Part II: Demographic Background

                    
     

African American or Black

   —      —      —      —   
     

Alaskan Native or Native American

   —      —      —      —   
     

Asian

   2    1    —      —   
     

Hispanic or Latinx

   —      —      —      —   
     

Native Hawaiian or Pacific Islander

   —      —      —      —   
     

White

   1    5    —      —   
     

Two or More Races or Ethnicities

   —      —      —      —   
  

LGBTQ+

   —   
  

Did Not Disclose Demographic Background

   —   

Corporate Governance Principles  

We are committed to maintaining the highest standards of business conduct and corporate governance, which we believe are essential to running our business efficiently, serving our stockholders’ interests and maintaining our integrity in the marketplace. We have adopted a code of business conduct and ethics forthat applies to all of our directors, officers and employees, known as the Code of Business Conduct and Ethics. The Code of Business Conduct and Ethics which is available on our website at http:https://investor.rambus.com/corporate-governance.cfm.corporate-governance/governance-documents/default.aspx.

* Mr. Bentley will serve on the Audit Committee until the completion of the 2018 Annual Meeting.

Section 16(a) Beneficial Reporting Compliance

Section 16(a) of the Securities Exchange Act of 1934, as amended (the “Securities Exchange Act”) requires our executive officers, directors and ten percent stockholders to file reports of ownership and changes in ownership with the SEC. The same persons are required to furnish us with copies of all Section 16(a) forms they file. Based on our review of these forms, we believe that during fiscal year 2017 all of our executive officers, directors and ten percent stockholders complied with the applicable filing requirements.
Executive Sessions of the Independent Directors  



It is the policy of the Board of Directors to have executive sessions of the independent directors at which only independent directors are present, typically in conjunction with the regularly scheduled meetings of the Board of Directors.

Committees of the Board of Directors  

During 2017,2021, our Board of Directors had fourfive standing committees:

 

•  an Audit Committee,

 

•  a Compensation and Human Resources Committee,

 

•  a Corporate Governance/Nominating Committee, and

 

•  a Corporate Development Committee.Committee, and

 

During 2017, our Board of Directors also had an ad hoc Finance Committee which held two meetings.•  a Cyber Risk Committee.

 

The following describes each standing committee, its function, its membership, and the number of meetings held during 2017.2021.

 

Each of the standing committees operates under a written charter adopted by our Board of Directors. All of the current committee charters are available on our website at http:https://investor.rambus.com/corporate-governance.cfm.corporate-governance/governance-documents/default.aspx.

Audit Committee  

Currently, the Audit Committee is composed of J. Thomas BentleyMeera Rao, James Mitarotonda (until the completion of the 2018 Annual Meeting), Emiko Higashi,Karen Rogge and Charles Kissner, and David Shrigley, with Mr. Kissner serving as Chair. During fiscal year 2017, the Audit Committee was composed of J. Thomas Bentley, Emiko Higashi, Charles Kissner and David Shrigley, with Mr. BentleyMs. Rao serving as Chair. The Audit Committee oversees our corporate accounting and financial reporting processes and internal control over financial reporting, as well as our internal and external audits. The Audit Committee held eight12 meetings during 2017.2021. Its duties include:

 

•  Reviewing our accounting and financial reporting processes and internal control over financial reporting;

 

•  Providing oversight and review at least annually of our risk management policies, including our investment policy;

 

•  Retaining the independent registered public accounting firm, approving their fees, and providing oversight of communication with them;

 

•  Reviewing the plans, findings and performance of our internal auditors;

 

•  Reviewing our annual and quarterly financial statements and related disclosure documents; and

 

•  Overseeing special investigations into financial and other matters, as necessary.

 

Our Board of Directors has determined that Mr. Kissnereach member of the Audit Committee is an “audit committee financial expert,” that each member is “financially sophisticated” and able to read and understand fundamental financial statements, each as required by Nasdaq. No member of the Audit Committee “financial expert” and that Mr. Kissner, together with each of Ms. Higashi and Messrs. Bentley and Shrigley, has noa material relationship with us (either directly as a partner,

stockholder or officer of an organization that has a relationship with us) and is an “independent director”each member of the Audit Committee satisfies the independence requirements for audit committee membership under the applicable NASDAQNasdaq and SEC rules.

 

The Audit Committee’s role is detailed in the Audit Committee Charter, which is available on our website at http:https://investor.rambus.com/corporate-governance.cfm.corporate-governance/governance-documents/default.aspx.

Compensation and Human Resources Committee  


Currently, the Compensation and Human Resources Committee is composed of Emiko Higashi, Charles KissnerEric Stang, Necip Sayiner and David Shrigley,Sanjay Saraf, with Mr. Shrigley serving as Chair. During fiscal year 2017 and until March 8, 2018, the Compensation Committee was composed of E. Thomas Fisher, Charles Kissner and David Shrigley, with Mr. KissnerStang serving as Chair. Our Board of Directors has determined that each of Ms. HigashiMessrs. Stang, Sayiner and Messrs. Kissner and ShrigleySaraf are independent under the rules for compensation committee independence under the applicable NASDAQNasdaq and SEC rules. The Compensation and Human Resources Committee reviews and determines all forms of compensation, including base compensation, bonuses, and stock compensation, to be provided to our executive officers including(including the named executive officersofficers) and directors of Rambus, including base compensation, bonuses, and stock compensation.Rambus. The Compensation and Human Resources Committee held 1611 meetings during 2017.2021. Its duties include:

 

•  Annually reviewing and approving the Chief Executive Officer (“CEO”) and other executive officers’ compensation in the context of their performance, which includes reviewing and approving their annual base salary, annual incentive bonus including(including the specific goals, targets, and amounts,amounts), equity compensation, and any employment agreements, and any other benefits, compensation or arrangements, as applicable;

 

•  Administering our stock option and equity incentive plans pursuant to the terms of such plans and the authority delegated by our Board of Directors, including: granting stock options, performance units, stock appreciation rights, restricted stock, restricted stock units (“RSUs”) or other equity compensation to individuals eligible for such grants and amendamending such awards following their grant; amending the plans; and delegating to appropriate executive officers of the Company the ability to grant awards tonon-executive officer employees of the Company pursuant to specific guidelines;

 

•  Adopting, amending and overseeing the administration of our significant employee benefits programs;

 

•  Reviewing external surveys to establish appropriate ranges of compensation;

 

•  Retaining and terminating any compensation consultant to assist in the evaluation of CEO or executive officer or director compensation, and approving the consultant’s fees and other terms of service, as well as obtaining advice and assistance from internal or external legal, accounting or other advisors;

•  Overseeing the Company’s processes for identifying and managing risks arising from its compensation policies and

practices and from other human resources matters, reviewing and discussing with management the risks that are reasonably likely to have a material adverse effect on the Company, and reporting to the Board regarding these matters; and

 

•  Conducting an annual assessment of the Company’s engagement with compensation consultants retained by the Board and/or management, as applicable, including the nature and extent of services provided, the amount of fees paid and who made or recommended the decision to retain the compensation consultants.

The Compensation and Human Resources Committee uses Semler Brossy Consulting Group,used Farient Advisors LLC (“SBCG”Farient”) in 2021 to assist in evaluating executive and director compensation, and has determined that SBCGFarient is an independent consultant under applicable NASDAQNasdaq and SEC rules.

 

A detailed description of the processes and procedures of the Compensation and Human Resources Committee for considering and determining executive and director compensation, including the role of SBCG,Farient, is provided in the “Executive Compensation” section of this proxy statement.

 

The Compensation and Human Resources Committee’s role is detailed in the Compensation and Human Resources Committee Charter, which is available on our website at http:https://investor.rambus.com/corporate-governance.cfm.corporate-governance/governance-documents/default.aspx.

Compensation and Human Resources Committee Interlocks and Insider Participation  



During 2017,2021, there were no interlock relationships by our Compensation and Human Resources Committee members. Please see the Compensation Discussion and Analysis section of this Proxy Statement for further discussion.

Corporate Governance & Nominating Committee  


Currently, the Corporate Governance/Nominating Committee is composed of E. Thomas Fisher, Penelope HerscherEmiko Higashi, Charles Kissner and Eric Stang, with Mr. Stang serving as Chair. During fiscal year 2017 and until March 8, 2018, the Corporate Governance/Nominating Committee was composed of Eric Stang and Penelope Herscher, with Mr. StangMs. Higashi serving as Chair. Our Board of Directors has determined that each of Ms. HerscherHigashi and Messrs. FisherKissner and Stang are “independent” under applicable NASDAQNasdaq and SEC rules. The Corporate Governance/Nominating Committee held fiveseven meetings during 2017.2021.

 

The Corporate Governance/Nominating Committee recommends and approves Rambus’ Corporate Governance Guidelines. Its duties include:

 

•  Evaluating and making recommendations to the Board of Directors concerning the appointment of directors to committees of the Board of Directors and the selection of committee chairs;

 

•  Identifying best practices and recommending corporate governance principles;

 

•  Overseeing the evaluation of the Board of Directors; and

  

 

•  Proposing the slate of nominees for election to the Board of Directors.

 

The Corporate Governance/Nominating Committee’s role is detailed in the Corporate Governance/Nominating Committee Charter which is available on our website athttp:https://investor.rambus.com/corporate-governance.cfm.corporate-governance/governance-documents/default.aspx.

Identifying and Evaluating Nominees Forfor Directors  


The Corporate Governance/Nominating Committee utilizes a variety of methods for identifying and evaluating nominees for director, including those discussed in the “Director Qualifications” section of this proxy statement. In the event that vacancies on the Board of Directors are anticipated, or otherwise arise, the committee will consider various potential candidates for director. Candidates may come to the attention of the committee through current members of the Board of Directors, professional search firms, stockholders or other persons. The Corporate Governance/Nominating Committee has from time to time retained third parties to whom a fee is paid to assist it in identifying or evaluating potential director nominees.

 

Stockholders may propose director candidates for general consideration by the Corporate Governance/Nominating Committee by submitting to the Corporate Secretary/General Counsel of the Company, in proper written form, the individual’s name, qualifications, and the other information required by our bylaws for stockholder nominations submitted as set forth belowabove in “Consideration of“Procedure for Submitting Stockholder Nominees to the Board” to the Secretary/General Counsel of the Company.Nominations.” The Corporate Governance/Nominating Committee will evaluate any candidates recommended by stockholders against the same criteria and pursuant to the same policies and procedures applicable to the evaluation of candidates proposed by directors or management.

ConsiderationCorporate Development Committee

Currently, the Corporate Development Committee is composed of Stockholder NomineesNecip Sayiner, Sanjay Saraf and Emiko Higashi with Mr. Sayiner serving as Chair. The Corporate Development Committee held three meetings during 2021. The duties of the Corporate Development Committee include:

•  Working with management to review and consider potential strategic transactions that are consistent with our growth strategy;

•  Reviewing and advising management with respect to our growth strategy; and

•  Acting as the liaison to the Board


Stockholders may nominate directors for election at an annual meeting or at a special meeting at which directors are to be elected orre-elected, provided that the advance notice requirements for director nominations set forth in the Company’s bylaws have been met. As summarized below, this advance notice provision requires a stockholder to give timely notice of a director nomination in proper written form to Rambus Inc., 1050 Enterprise Way, Suite 700, Sunnyvale, CA 94089, Attention: Secretary/General Counsel.

In order for a stockholder to give timely notice of a director nomination for an annual meeting, the notice must be received by the Secretary/General Counsel at the Company’s principal executive offices not later than the 45th day nor earlier than the 75th day before theone-year anniversary of the date the Company’s proxy statement was released to stockholdersDirectors in connection with the previous year’s annual meeting. However, if no annual meeting was heldCommittee’s and management’s activities in this regard.

The Corporate Development Committee’s role is detailed in the previous year or if the date of the annual meetingCorporate Development Committee Charter which is advanced by more than 30 days prior to or delayed by more than 60 days after theone-year anniversary of the date of the previous year’s annual meeting, then notice must be received no earlier than the close of businessavailable on the 120th day prior to such annual meeting and not later than the close of business on the later of the 90th day prior to such annual meeting, or theour website at http://investor.rambus.com/corporate-governance/governance-documents/default.aspx.

Cyber Risk Committee  

tenth day followingCurrently, the day on which public announcementCyber Risk Committee is composed of Sanjay Saraf, Charles Kissner and Karen Rogge, with Mr. Saraf serving as Chair. The Cyber Risk Committee held one meeting during 2021. The duties of the date of such annual meeting is first made.Cyber Risk Committee include:

 

In order for a stockholder to give timely notice of a director nomination for a special meeting at which directors are to be elected orre-elected,•  overseeing the notice must be receivedsystems, controls and procedures used by the Secretary/General Counsel atCompany and business partners engaged by the Company to collect, create, use, maintain, process and protect personal information and/or any information or assets of the Company’s principal executive offices not later thancustomers, employees and business partners (collectively, “Company Information Assets”);

•  overseeing policies, procedures, plans and execution intended to provide security, confidentiality, availability and integrity of Company Information Assets;

•  overseeing the laterquality and effectiveness of the 90th day priorCompany’s policies and procedures with respect to such special meeting or the 10th day following the day on which public announcement is first made of the date of the special meetingits information technology systems, including enterprise cybersecurity and of the nominees proposed by the Board to be elected orre-elected at such meeting.privacy;

 

To be in proper written form, a stockholder’s notice to•  reviewing and providing oversight on the Secretary/General Counselpolicies and procedures of the Company must set forthin preparation for responding to any data security incidents as well as reviewing with management the root cause of and remediation efforts with respect to all material cybersecurity incidents;

•  reviewing periodically with management the Company’s disaster recovery, business continuity, and business resiliency capabilities;

•  overseeing the Company’s management of internal and external risks related to its information required bytechnology systems and processes, including encryption, network security, data security, risk management frameworks, and any internal or third-party audits of such systems and processes; and

•  reviewing with management the quality and effectiveness of IT systems and processes that relate to the Company’s internal access control systems, including physical, organizational, and technical security.

The Cyber Risk Committee’s role is detailed in the Cyber Risk Committee Charter which is available on our bylaws, which we urge you to read in full in order to understand the requirements for making a director nomination.website at http://investor.rambus.com/corporate-governance/governance-documents/default.aspx

Board Leadership Structure and Role in Risk Oversight  

Our Corporate Governance Guidelines require that the Chairperson of the Board not be the CEO of the Company. In addition, while the Chairperson works closely with the CEO and other members of our management, the Chairperson is not part of management and does not have an operating or external role or responsibility. The Board of Directors considers it useful and appropriate to designate a Chairperson to act as the presiding director at Board of Directors meetings, to call and organize such meetings and manage the agenda thereof, and to manage the affairs of the Board of Directors, including ensuring that the Board of Directors is organized properly, functions effectively, and meets its obligations and responsibilities. The Chairperson also acts as the principal contact for the CEO and other members of the Board of Directors and management, as

appropriate, for matters requiring the attention of the full Board of Directors. We believe that this leadership structure is appropriate given the attention, time, effort, and energy that the CEO is required to dedicate to his position in the current business environment, and the high level of commitment required to serve as our Chairperson.

Risk Oversight

The Board of Directors plays an integral role in our risk oversight processes. The Board of Directors meets regularly to receive reports from its committees, as well as from management with respect to areas of material risk to the Company, including legal, operational, financial and strategic risks. The Cyber Risk Committee is responsible for oversight of the Company’s processes to manage information security risks and cybersecurity concerns. In order to respond to the threat of security breaches and cyberattacks, the Company has taken a proactive approach to data protection consisting of maintenance of an information security training program, audit and/or certification by top information security standards. The Company’s general security strategy is defense-in-depth, and includes sub-segmentation of internal network security for further separation of critical systems and information. The security protocol includes around the clock monitoring of Company networks and systems using commercially available tools with redundant coverage across the different tools. Further, the security team manages real time alerts, which are directed to functional experts as warranted.

In addition, the Audit Committee is responsible for oversight of the Company’s processes to manage financial risk and oversees and reviews at least annually our risk management policies, including our business interruption and other risk policies and our investment policies.

The Compensation and Human Resources Committee oversees the Company’s processes for identifying and managing risks arising from its compensation policies and practices and from other human resources matters.

Transactions with Related Persons  

None.None except as described under “Amended Agreement with Barington” below.

Review, Approval or Ratification of Transactions with Related Persons  

 

OurAll of our directors and executive officers are subject to our Code of Business Conduct and Ethics, and our directors are guided in their duties by our Corporate Governance Guidelines. Our Code of Business Conduct and Ethics requires that our directors and executive officers avoid situations where a conflict of interest might occur or appear to occur. In general, our

directors and executive officers should not have a pecuniary interest in transactions involving us or a customer, licensee, or supplier of the Company, unless such interest is solely a result of routine investments made by the individual in publicly traded companies.

 

Inthe event that a director or executive officer is going to enter into a related party transaction with a relative or significant other, or with a

business in which a relative or significant other is associated in any significant role, the director or executive officer must fully disclose the nature of the related party transaction to our Chief Financial Officer. For directors and executive officers, such related party transaction then must be reviewed and approved in advance by the Audit Committee. For other conflicts of interest that may arise, the Code of Business Conduct and Ethics advises our directors and executive officers to consult with our General Counsel.

 

In addition, each director and officer is required to complete a Director and Officer Questionnaire on an annual basis and upon any new appointment, and provide quarterly updates, which requires disclosure of any related-party transactions pertaining to the director or executive officer. Our Board of Directors will consider such information in its determinations of independence with respect to our directors under applicable NASDAQNasdaq and SEC rules. In order to help ensure our directors remain free from conflicts or the appearance of conflicts, our Corporate Governance Guidelines require that each director deliver an irrevocable resignation from the Board of Directors, to be effective upon the occurrence of both (i) a significant change in his or her status and appointments or positions with other companies during his or her tenure as a director on the Board of Directors, and (ii) the Board of Directors’ acceptance of such resignation.

Corporate Development CommitteeAmended Agreement with Barington  

Currently,On March 11, 2022, the Corporate Development Committee is composedCompany entered into an amendment to the letter agreement (the “Amended Agreement”), dated March 12, 2021 (the “Agreement”) with Barington Companies Equity Partners, L.P. and certain other affiliated parties (collectively, “Barington”). The Amended Agreement extends the customary standstill provisions in the Agreement (described in the Company’s Form 8-K filed on March 16, 2021) until the first anniversary of E. Thomas Fisher, Penelope Herscher, Emiko Higashithe Annual Meeting.

In addition and Michael Farmwald in his capacityrelated to the Amended Agreement, the Company entered into a Director Transition and Consulting Agreement with Barington and James Mitarotonda (the “Transition Agreement”). Pursuant to the terms of the Transition Agreement, after the conclusion of Mr. Mitarotonda’s service as a director at the Annual Meeting, Mr. Mitarotonda will provide consulting services to the board member emeritus, with Ms. Herscher serving as Chair. During fiscal year 2017chair and until March 8, 2018, the Corporate Development Committee was composed of E. Thomas Fisher, Penelope Herscher and David Shrigley. The Corporate Development Committee held three meetings during 2017.

The dutiessenior management of the Corporate Development Committee are to:

•  work with management to reviewCompany for one year and consider potential strategic transactions that are consistent with our growth strategy;

•  review and advise management with respect to our growth strategy; and

•  act as the liaison to the Board of Directors in connection with the Committee’s and management’s activities in this regard.

The Corporate Development Committee’s role is detailed in the Corporate Development Committee Charter which is available on our website at http://investor.rambus.com/corporate-governance.cfm.Barington will be paid $230,000 cash for such services.

PROPOSAL TWO:

RATIFICATION OF APPOINTMENT OF

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Audit Committee has appointed PricewaterhouseCoopers LLP as the independent registered public accounting firm to Rambus to audit our consolidated financial statements for the fiscal year ending December 31, 2022.

Although ratification by stockholders is not required by law, the Audit Committee has conditioned its appointment of the independent registered public accounting firm upon the receipt of the affirmative vote of a majority of the votes duly cast (virtually or by proxy) during the Annual Meeting.

Notwithstanding its selection, the Audit Committee, in its discretion, may hire a new independent registered public accounting firm at any time during the year if the Audit Committee believes that such a change would be in the best interest of Rambus and its stockholders.

Our History with PricewaterhouseCoopers

PricewaterhouseCoopers LLP (or its predecessor, Coopers & Lybrand L.L.P.) has audited our financial statements since 1991. Representatives of PricewaterhouseCoopers LLP are expected to virtually attend the Annual Meeting to respond to appropriate questions and to make a statement if they so desire.

Principal Accountant Fees and Services

The aggregate fees billed for professional accounting services by PricewaterhouseCoopers LLP for the fiscal years ended December 31, 2021 and December 31, 2020 are as follows:

   Fiscal Year
Ended
December 31,
2020		   Fiscal Year
Ended
December 31,
2021		 

Audit Fees (1)

  $1,832,732   $1,896,381 

Audit-Related Fees (2)

   —     $860,450 

Tax Fees (3)

  $83,635   $89,438 

All Other Fees (4)

  $2,700   $4,150 
  

 

 

   

 

 

 

Total Fees

  $1,919,067   $2,850,420 
  

 

 

   

 

 

 

(1)

Audit Fees consist of fees for PricewaterhouseCoopers LLP’s professional services rendered for the audit of the Company’s consolidated annual financial statements and review of the interim consolidated financial statements included in quarterly reports. Fees relating to professional services rendered for the audits of the effectiveness of internal control over financial reporting and statutory audits in fiscal 2021 and 2020 are included under “Audit Fees.”

(2)

Audit-Related Fees consist of fees related to work performed around the 2020 10K/A audit, revision of immaterial prior period error, and acquisitions of AnalogX Inc. and PLDA Group in 2021.

(3)

Tax Fees primarily relate to tax compliance, tax study, and technical tax advice in both years presented.

(4)

All Other Fees consist of fees for products and services other than the services described above. During fiscal 2021 and fiscal 2020, these fees related to license PricewaterhouseCoopers LLP’s online accounting and auditing research tool and disclosure checklist.

Policy on Audit Committee Pre-Approval of Audit and the Permissible Non-Audit Services of Independent Registered Public Accounting Firm

The Audit Committee’s policy is to pre-approve 100% of all audit and permissible non-audit services provided by the independent registered public accounting firm. These services may include audit services, audit-related services, tax services and other services. Pre-approval is generally provided for up to one year and any pre-approval is detailed as to the particular service or category of services and is generally subject to a specific budget. The independent registered public accounting firm and management are required to periodically report to the Audit Committee regarding the extent of services provided by the independent registered public accounting firm in accordance with this pre-approval, and the fees for the services performed to date. The Audit Committee may also pre-approve particular services on a case-by-case basis.

Independence of PricewaterhouseCoopers LLP

The Audit Committee has determined that the accounting advice and tax services provided by PricewaterhouseCoopers LLP are compatible with maintaining PricewaterhouseCoopers LLP’s independence.

Vote RequiredThe affirmative vote of a majority of the shares present and entitled to vote during the Annual Meeting will be required to ratify the appointment of PricewaterhouseCoopers LLP as our independent registered public accounting firm. Abstentions are considered votes cast, and thus, will have the same effect as votes “against” the proposal. We do not anticipate any broker non-votes on this proposal, but any such broker non-vote will have no effect on the outcome of this proposal.
Recommendation of the Board of Directors

The Board unanimously recommends that you vote “FOR” the ratification of PricewaterhouseCoopers LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2022.

PROPOSAL THREE:

NON-BINDINGADVISORY VOTE TO APPROVE NAMED EXECUTIVE OFFICER COMPENSATION

WeAsrequired by Section 14A of the Securities Exchange Act, we are asking our stockholders to provide ana non-binding advisory vote to approve the compensation of our named executive officers, including the Compensation Discussion and Analysis, the compensation tables and narrative disclosures as described in this Proxy Statement. The Company currently holds such an advisory vote annually, and this proposal, commonly known as a“say-on-pay” proposal, gives our stockholders the opportunity to express their views on the compensation of our named executive officers.

Please see the Compensation Discussion and Analysis section of this Proxy Statement, the compensation tables and the narrative disclosures that accompany the compensation tables for greater detail about our executive compensation programs, including information about the fiscal year 20172021 compensation of our named executive officers.

We believe that our overall compensation program and philosophy support and help drive the Company’s long-term value creation, business strategy and operating performance objectives. We are again asking our stockholders to indicate their support for our named executive officer compensation as described in this proxy statement by voting “FOR” the following resolution atduring the Annual Meeting:

“RESOLVED, that the compensation paid to the Company’s named executive officers, as disclosed pursuant to Item 402 ofRegulation S-K, including the Compensation Discussion and Analysis, compensation tables and narrative discussion is hereby APPROVED.”

While thissay-on-pay vote is advisory and does not bind the Company to any particular action, the Board of Directors and the Compensation and Human Resources Committee value your opinion. Accordingly, the Board of Directors and the Compensation and Human Resources Committee will consider the outcome of this vote when making future compensation decisions for the Company’s named executive officers.

Approval of this resolution requires the affirmative vote of the holders of a majority of the votes cast in person or by proxy atshares present and entitled to vote during the Annual Meeting. Abstentions are considered votes cast, and thus, will have the same effect as votes “against” the proposal. Broker non-votes will have no effect on the outcome of this proposal.

The Board unanimously recommends a vote “FOR” the approval of the compensation of our named executive officers, as disclosed in this Proxy Statement.

PROPOSAL THREE:

APPROVAL OF AN AMENDMENT TO THE RAMBUS 2015 EQUITY INCENTIVE PLAN TO INCREASE THE NUMBER OF SHARES RESERVED FOR ISSUANCE THEREUNDER BY 5,500,000

The 2015 Equity Incentive Plan (the “2015 Plan”) was originally adopted by the Board and approved by our stockholders in 2015. We are asking our stockholders to approve an amendment to the 2015 Plan to increase the number of shares of our Common Stock reserved for issuance thereunder by 5,500,000 shares, so that we can continue to use it to achieve our goals.

Our named executive officers and directors have an interest in this proposal as they are eligible to receive equity awards under the 2015 Plan.

We have historically provided stock options, restricted stock units and other types of equity awards as an incentive to our employees, directors and consultants to promote increased stockholder value. The Board of Directors and management believe that stock options, restricted stock units and other types of equity awards are one of the primary ways to attract and retain key personnel responsible for the continued development and growth of our business, and to motivate all employees to increase stockholder value. In addition, stock options, restricted stock units and other types of equity awards are considered a competitive necessity in the high technology sector in which we compete. Given the highly competitive labor market for employee talent, our Board of Directors and management believe that the ability to continue to grant equity awards will be critical to the future success of Rambus.

Our Board of Directors believes that approval of the amended 2015 Plan will enable us to continue to use the 2015 Plan to achieve employee performance, recruiting, retention and incentive goals. In particular, our Board of Directors believes that our employees are our most valuable assets and that awards granted under the 2015 Plan are vital to our ability to attract and retain outstanding and highly skilled individuals in the extremely competitive labor markets in which we compete. Such awards also are crucial to our ability to motivate employees to achieve our goals.

Key Features of the Amended 2015 Equity Incentive Plan and Our Compensation Practices:

Reserves an additional 5,500,000 shares of our Common Stock for issuance under the amended 2015 Plan.

The 2015 Plan has a 1.5:1 conversion ratio for full-value awards.

A committee of independent directors administers the 2015 Plan.

The 2015 Plan prohibits us from implementing a program to increase or reduce the exercise price of outstanding awards or surrender or cancel outstanding awards for new awards and/or cash.

The 2015 Plan does not provide for automatic vesting of equity awards based solely on the occurrence of a change in control unless awards are not assumed or substituted for in connection with the change in control.

Although the 2015 Plan permits a number of types of equity and cash long-term incentives, we intend to continue to have a long-term incentive program with a strong focus on our performance, including the grant of performance units to our executives which only vest if certain Company performance targets are met.

Non-employee members of the Board of Directors may not be granted, in any fiscal year, awards in excess of limits contained in the 2015 Plan.

We have stock ownership guidelines for our executive officers and Board of Directors.

All employees are prohibited from hedging transactions involving Rambus stock.

Our executive officers are not entitled to any perquisites that are not generally available to employees.

The amended 2015 Plan provides that Awards granted under the 2015 Plan will vest no earlier than theone-year anniversary of the Award’s date of grant, subject to the terms of the 2015 Plan.

The amended 2015 Plan provides that dividends and other distributions payable with respect to shares subject to Awards (including dividend equivalents) will not be paid before the underlying shares vest.

The amended 2015 Plan provides that in the event of a merger or change in control where the successor corporation refuses to assume or substitute for an Award, with respect to Awards with performance-based vesting, all performance goals will be deemed achieved at target levels as to a prorated portion of such Award based on the portion of the applicable performance period that has lapsed through the date of the merger or change in control.

Vote Required; Recommendation of the Board of Directors

The Board has approved the amendment to the 2015 Plan to increase the number of shares reserved for issuance thereunder by 5,500,000 shares, subject to the approval of our stockholders at the Annual Meeting. The affirmative vote of the holders of a majority of the shares of stock present in person or represented by Proxy and entitled to vote at the Annual Meeting will be required to approve this proposal.

Our Board of Directors recommends that you vote “FOR” the approval of an amendment to our 2015 Equity Incentive Plan to increase the number of authorized shares reserved for issuance under the 2015 Plan by 5,500,000 shares.

Considerations of the Board of Directors in Making its Recommendation

In determining and recommending the increase to the share reserve under the 2015 Plan, the Compensation Committee and the Company’s Board considered a number of factors, including the following:

Historical Grant Practices. The Compensation Committee and Board considered the historical numbers of equity awards that Rambus has granted in the past three years. The annual share usage, or burn rate, under our equity compensation program for the last three years was as follows:

Annual Share Usage

 Fiscal
Year 2017		  Fiscal
Year 2016		  Fiscal
Year 2015		  Three-Year
Average		 

Stock Options Granted

  558,426   500,000   362,335   473,587 

Restricted Stock Units Granted

  2,548,925   2,944,444   2,547,238   2,680,202 

Performance Units Granted

  526,471   400,004   318,640   415,038 

Total Options, RSUs and Performance Units Granted

  3,633,822   3,844,448   3,228,213   3,568,828 

Basic Weighted Average Common Shares Outstanding

  110,198,000   110,162,000   114,814,000   111,724,667 

Annual Share Usage

  3.3%   3.5%   2.8%   3.2% 

Our three-year burn rate, which we define as the number of shares subject to equity awards granted in a year divided by the weighted average common shares outstanding for that fiscal year, is below industry guidelines recommended by Institutional Shareholder Services (“ISS”). Our senior management, Compensation Committee and Semler Brossy Consulting Group, LLC, the independent consultants to the Compensation Committee, reviewed our burn rate as compared to our industry peer companies and indexes provided by two different third-party data providers. Our Board ultimately approved the reservation of an additional 5,500,000 shares for issuance under the amended 2015 Plan.

Forecasted Grant Practices. We currently forecast granting options and full-value awards (in the form of restricted stock units and performance units) covering approximately 10,800,000 shares over the next three-year period, which is equal to 9.8% of our approximately 110,198,000 shares of Common Stock outstanding as of December 31, 2017. We also estimate cancellation of options and forfeitures of restricted stock unit and performance unit awards of approximately 3,900,000 shares over this period, based on our historic rates. If our expectation for cancellations is accurate, our net grants (grants less cancellations) over the nextthree-year period would be approximately 6,900,000 shares, or approximately 6.3% of our Common Stock outstanding as of December 31, 2017. We believe, and our Board considered, that the requested additional shares to the share reserve in light of this expected forecast will allow us to make equity awards for the purpose of our expected new hires, focal awards, any special retention needs and employee growth through any opportunistic acquisitions or hiring for approximately the next two to three years. However, circumstances could alter this projection, such as a change in business conditions, our stock price, competitive pressures for attracting and retaining employees, or our company strategy.

Awards Outstanding Under Existing Grants and Dilutive Impact. We have outstanding, as of December 31, 2017, stock options covering approximately 4,310,361 shares with a weighted average remaining contract life of 5.5 years and weighted average exercise price of $9.78, and approximately 5,861,349 unvested restricted stock units and performance units with a weighted average grant date fair value of $12.68. Accordingly, the approximately 10,171,710 shares subject to outstanding awards (commonly referred to as the “overhang”) represent approximately 9.2% of our fully diluted outstanding shares and the dilutive impact of all 5,500,000 shares that would be available for issuance under the 2015 Plan if Proposal Three is approved would increase the overhang percentage by an additional 5% to approximately 14.2%, each based on our fully diluted outstanding shares as of December 31, 2017.

Modeling Analysis. We considered various stockholder models that considered what would be expected to be an allowable cap as compared to that we are seeking in Proposal Three, and we have concluded that our request is below such cap. While the modeling we used only represented

one analysis subject to a number of assumptions, we and our Board considered the model as a useful benchmark in how we approached the request for an additional 5,500,000 shares reserved for issuance under this Proposal Three. We only considered this modeling benchmarking information in relation to the other empirical data provided by at least two other third-party data providers.
Summary of the 2015 Equity Incentive Plan

The following is a summary of the principal features of the 2015 Plan, as amended, and its operation. The summary is qualified in its entirety by reference to the 2015 Plan, as amended, set forth in Appendix A.

The purposes of the 2015 Plan are to attract and retain the best available personnel for positions of substantial responsibility, to provide incentives to individuals who perform services to the Company, and to promote the success of the Company’s business.

The 2015 Plan provides for the grant of the following types of incentive awards:

•  stock options

•  stock appreciation rights

•  restricted stock

•  restricted stock units

•  performance shares and performance units

•  other stock or cash awards

Each of these is referred to individually as an “Award.”

Eligibility

Those who are eligible for Awards under the 2015 Plan include employees, directors and consultants who provide services to the Company and its affiliates. Incentive stock options may be granted only to employees, who, as of the time of grant, are employees of the Company and its affiliates. As of December 31, 2017, 791 employees, directors and consultants would be eligible to participate in the 2015 Plan.

Shares Available

As of December 31, 2017, the 2015 Plan had 35,400,000 shares reserved for issuance thereunder. As of that same date, 5,051,147 shares remained available for future issuance under the 2015 Plan. Upon stockholder approval of the amended 2015 Plan, the 2015 Plan reserve would stand at 40,900,000, with 10,551,147 shares available for future issuance under the 2015 Plan as of December 31, 2017. Under the 2015 Plan, no more than 10,000,000 shares may be granted pursuant to options intended to qualify as incentive stock options. The shares may be authorized, but unissued, or reacquired Common Stock. The Board expects that the number of shares reserved for issuance under the amended 2015 Plan will be sufficient to operate the plan for two to three years without having to request additional shares. The Board (or its designated committee) will periodically review actual share consumption under the 2015 Plan and may make a request for additional shares earlier or later than this period as needed.

Shares subject to Awards granted with an exercise price less than the fair market value of our Common Stock on the date of grant, including Awards of restricted stock, restricted stock units, performance shares and performance units (“full-value awards”) count against the share reserve as 1.5 shares for every one share subject to such an Award. To the extent that a share that was subject to an Award that counted as 1.5 shares against the 2015 Plan reserve pursuant to the preceding sentence is forfeited or repurchased by us and otherwise would return to the 2015 Plan, the 2015 Plan reserve will be credited with 1.5 shares that will thereafter be available for issuance under the 2015 Plan.
If an Award expires or becomes unexercisable without having been exercised in full, or, with respect to full-value awards, is forfeited to or repurchased by the Company, the unpurchased (or forfeited or repurchased, as applicable) shares that were subject to the Award will become available for future grant or sale under the 2015 Plan (unless the 2015 Plan has terminated). Upon exercise of a stock appreciation right, all of the shares covered by the Award (that is, shares actually issued pursuant to the stock appreciation right, as well as shares that represent the payment of the exercise price) will cease to be available under the 2015 Plan. Shares that have been issued under the 2015 Plan under any Award will not be returned to or become available for future distribution under the 2015 Plan; provided, however, that if unvested shares of any full-value awards are repurchased by the Company or are forfeited to the Company, those shares will become available for future grant under the 2015 Plan. Shares used to pay the exercise or purchase price of an Award and/or to satisfy the tax withholding obligations related to an Award will not become available for future grant or sale under the 2015 Plan. To the extent an Award is paid out in cash rather than shares, such cash payments will not reduce the number of shares available for issuance under the 2015 Plan.

In the event that any dividend or other distribution (whether in the form of cash, shares, other securities, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation,split-up,spin-off, combination, repurchase, or exchange of shares or other securities of the Company, or other change in the corporate structure affecting the Company’s Common Stock occurs, the administrator, in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made available under the 2015 Plan will adjust:

•  the number and class of shares that may be delivered under the 2015 Plan

•  the number, class and price of shares subject to outstanding Awards

•  the numerical share limits in the 2015 Plan

Administration

A committee or committees of independent,non-employee directors satisfying applicable laws and appointed by our Board of Directors administers the 2015 Plan (referred to herein as the “administrator”). To make grants to certain of our officers and key employees, the members of the committee(s) must qualify as“non-employee directors” under

Rule 16b-3 of the Securities Exchange Act. Subject to the terms of the 2015 Plan, the administrator has the sole discretion to select the employees, consultants, and directors who will receive Awards, to determine the terms and conditions of Awards, to modify or amend each Award (subject to the restrictions of the 2015 Plan), and to interpret the provisions of the 2015 Plan and outstanding Awards. The administrator may allow a participant to defer the receipt of payment of cash or delivery of shares that otherwise would be due to such participant. The administrator may make rules and regulations relating tosub-plans established for the purpose of satisfying applicable foreign laws and may make all other determinations deemed necessary or advisable for administering the 2015 Plan.

Limitations

Incentive Stock Options. The aggregate fair market value of the shares (determined on the grant date) covered by incentive stock options which first become exercisable by any participant during any calendar year may not exceed $100,000. The exercise price of an incentive stock option granted to any employee who owns stock representing more than 10% of the voting power of all classes of our stock or the stock of any affiliate must be at least 110% of the fair market value of our Common Stock on the grant date. Further, with respect to any employee who owns stock representing more than 10% of the voting power of all classes of our outstanding stock or the stock of any affiliate, the term of an incentive stock option may not exceed five years.

Share Limitations. Subject to the terms of the 2015 Plan, including any adjustment provisions, the following limitations apply to Awards granted under the 2015 Plan:

•  During any fiscal year, no participant will be granted options covering more than 1,000,000 shares; provided, however, that in connection with a participant’s initial service as an employee, an employee may be granted options covering up to an additional 1,000,000 shares

•  During any fiscal year, no participant will receive more than an aggregate of 300,000 shares of restricted stock; provided, however, that in connection with a participant’s initial service as an employee, an employee may be granted an aggregate of up to an additional 300,000 shares of restricted stock

•  During any fiscal year, no participant will receive more than an aggregate of 300,000 restricted stock units; provided, however, that in connection with a participant’s initial service as an employee, an employee may be granted an aggregate of up to an additional 300,000 restricted stock units

•  During any fiscal year, no participant will be granted stock appreciation rights covering more than 1,000,000 shares; provided, however, that in connection with a participant’s initial service as an employee, an employee may be granted stock appreciation rights covering up to an additional 1,000,000 shares

•  During any fiscal year, no participant will receive (1) performance units having an initial value greater than $3,000,000, and (2) more than 300,000 performance shares; provided, however, that in connection with a participant’s initial service as an employee, an employee may be granted up to an additional 300,000 performance shares

Exchange Program. The administrator may not institute a program under which (i) outstanding Awards are surrendered or cancelled in exchange for awards of the same type (which may have higher or lower exercise prices and different terms), awards of a different type, and/or cash, (ii) participants would have the opportunity to transfer any outstanding Awards to a financial institution or other person or entity selected by the administrator, and/or (iii) the exercise price of an outstanding Award is increased or reduced.

Grants toNon-Employee Directors. Nonon-employee member of the Board of Directors may be granted, in any fiscal year, Awards with a grant date fair value (determined in accordance with U.S. generally accepted accounting principles) of greater than $300,000, increased to $500,000 in the fiscal year of his or her initial service as anon-employee director. Any Awards granted to an individual while he or she was an employee, or while he or she was a consultant but not anon-employee director, will not count for purposes of these limits.

Vesting Limits. Awards granted under the 2015 Plan will vest no earlier than theone-year anniversary of the Award’s date of grant, provided that the administrator, in its sole discretion, may provide an Award may accelerate vesting by reason of the participant’s death, disability or retirement, or upon our major capital change (including, without limitation, a merger or change in control) and provided further, that, notwithstanding the foregoing, Awards that result in the issuance of an aggregate of up to 5% of the shares reserved for issuance under the 2015 Plan may be granted to service providers, or outstanding Awards modified, without regard to such minimum vesting, exercisability and distribution provisions.

Dividend Payments. Dividends and other distributions payable with respect to shares subject to Awards (including dividend equivalents) will not be paid before the underlying shares vest.

Options

Subject to the terms and conditions of the 2015 plan, options may be granted to service providers at any time and from time to time as will be determined by the administrator, in its sole discretion. The administrator is able to grant nonstatutory stock options and incentive stock options under the 2015 Plan. Subject to the limitations contained in the 2015 Plan, the administrator has complete discretion to determine the number of shares subject to options granted to any participant.
The administrator determines the exercise price of options granted under the 2015 Plan, provided the exercise price must be at least equal to the fair market value of our Common Stock on the date of grant, and subject

to the limitations contained in the 2015 Plan relating to incentive stock options.

The administrator will determine the term of each option in its sole discretion. Subject to the limitations contained in the 2015 Plan relating to incentive stock options, the term of an option may not exceed ten years from the date of grant.

The administrator will determine the acceptable form(s) of consideration for exercising an option, including the method of payment, to the extent permitted by applicable laws. After termination of service with us, a participant will be able to exercise the vested portion of his or her option for the period of time stated in the Award agreement. If no such period of time is stated in the participant’s Award agreement, the participant will generally be able to exercise his or her option for (i) three months following his or her termination for reasons other than death or disability, and (ii) twelve months following his or her termination due to death or disability. In no event may an option be exercised later than the expiration of its term.

Stock Appreciation Rights

The administrator is able to grant stock appreciation rights, which are the rights to receive the appreciation in the fair market value of Common Stock between the exercise date and the date of grant. We can pay the appreciation in either cash, shares of Common Stock, or in some combination thereof. Stock appreciation rights become exercisable at the times and on the terms established by the administrator, subject to the terms of the 2015 Plan. The administrator, subject to the terms of the 2015 Plan, has complete discretion to determine the terms and conditions of stock appreciation rights granted under the 2015 Plan, provided, however, that the exercise price may not be less than 100% of the fair market value of a share on the date of grant. The term of a stock appreciation right may not exceed ten years. Subject to the limitations contained in the 2015 Plan, the administrator will have complete discretion to determine the number of stock appreciation rights granted to any participant.
After termination of service with us, a participant will be able to exercise the vested portion of his or her stock appreciation right for the period of time stated in the Award agreement. If no such period of time is stated in a participant’s Award agreement, a participant will generally be able to exercise his or her stock appreciation right for (i) three months following his or her termination for reasons other than death or disability, and (ii) twelve months following his or her termination due to death or disability. In no event will a stock appreciation right be exercised later than the expiration of its term.

Restricted Stock

Awards of restricted stock are rights to acquire or purchase shares of our Common Stock, which vest in accordance with the terms and conditions established by the administrator in its sole discretion. Subject to the vesting limitations contained in the 2015 Plan, the administrator, in its sole discretion, may provide at the time of or following the date of grant for accelerated vesting for an Award of restricted stock.

The Award agreement generally will grant us a right to repurchase or reacquire the shares upon the termination of the participant’s service with us for any reason (including death or disability). Unless the administrator provides otherwise, participants holding shares of restricted stock will have the right to vote the shares and receive any dividends paid, except that dividends or other distributions paid in shares will be subject to the same restrictions on transferability and forfeitability as the original award. Subject to the limitations contained in the 2015 Plan, the administrator will determine the number of shares granted pursuant to an Award of restricted stock.

Restricted Stock Units

Awards of restricted stock units result in a payment to a participant only if the vesting criteria the administrator establishes is satisfied. The administrator may set vesting criteria based upon the achievement of Company-wide, divisional, business unit or individual goals (including, but not limited to, continued employment or service), applicable federal or state securities laws or any other basis determined by the administrator in its discretion. Upon satisfying the applicable vesting criteria, the participant will be entitled to the payout specified in the Award agreement. Subject to the vesting limitations contained in the 2015 Plan, at any time after the grant of restricted stock units, the administrator may reduce or waive any vesting criteria that must be met to receive a payout.

The administrator, in its sole discretion, may pay earned restricted stock units in cash, shares, or a combination thereof. Restricted stock units that are fully paid in cash will not reduce the number of shares available for grant under the 2015 Plan. On the date set forth in the Award agreement, all unearned restricted stock units will be forfeited to us. Subject to the limitations contained in the 2015 Plan, the administrator determines the number of restricted stock units granted to any participant.

Performance Units and Performance Shares

The administrator is able to grant performance units and performance shares, which are Awards that result in a payment to a participant only if the performance goals or other vesting criteria the administrator establishes are achieved or the Awards otherwise vest. The administrator may set performance objectives based upon the achievement of Company-wide, divisional, business unit or individual goals (including, but not limited to, continued employment or service), applicable federal or state securities laws, or any other basis determined by the administrator in its discretion.

The administrator establishes performance or other vesting criteria in its discretion, which, depending on the extent to which they are met, will determine the number and/or the value of performance units and performance shares to be paid out to participants. Notwithstanding the foregoing and subject to the vesting limitations contained in the 2015 Plan, after the grant of performance units or shares, the administrator, in its sole discretion, may reduce or waive any performance objectives or other vesting provisions for such performance units or shares. Subject to the limitations contained in the 2015 Plan, the administrator, in its sole discretion, will determine the number of performance units or

performance shares granted to a participant. Performance units will have an initial dollar value established by the administrator on or before the date of grant. Performance shares will have an initial value equal to the fair market value of a share of our Common Stock on the grant date.

Dividend Equivalents

The administrator, in its discretion, may provide in the Award agreement evidencing any Award that the participant will be entitled to receive dividend equivalents with respect to the payment of cash dividends on shares having a record date prior to the date on which the Awards are settled or forfeited. Subject to the limitations contained in the 2015 Plan, the dividend equivalents, if any, will be credited to an Award in such manner and subject to such terms and conditions as determined by the administrator in its sole discretion. Dividend equivalents will be subject to the fiscal year limits applicable to the underlying Award as set forth in the 2015 Plan.

Transferability of Awards

Unless determined otherwise by the administrator, Awards granted under the 2015 Plan are generally not transferable, and all rights with respect to an Award granted to a participant generally will be available during a participant’s lifetime only to the participant or such participant’s estate.

Change of Control

In the event of our change in control and subject to the terms of the 2015 Plan and any vesting acceleration provisions in any agreement, each outstanding Award will be treated in the manner provided in the agreement relating to the change in control, including, without limitation, that Awards may be assumed or an equivalent option or right substituted by the successor corporation or a parent or subsidiary of the successor corporation. In the event that the successor corporation, or the parent or subsidiary of the successor corporation, refuses to assume or substitute for the Award (and for the avoidance of doubt, notwithstanding the vesting limitations in the 2015 Plan), the participant will fully vest in and have the right to exercise all of his or her outstanding options or stock appreciation rights, including shares as to which such Awards would not otherwise be vested or exercisable, all restrictions on restricted stock and restricted stock units will lapse, and, with respect to Awards with performance-based vesting, all performance goals will be deemed achieved at target levels as to a prorated portion of such Award based on the portion of the applicable performance period that has lapsed through the date of the merger or change in control, and all other vesting criteria will be deemed achieved as to such prorated portion of such Award. In addition, if an option or stock appreciation right becomes fully vested and exercisable in lieu of assumption or substitution in the event of a change in control, the administrator will notify the participant in writing or electronically that the option or stock appreciation right will be fully vested and exercisable for a period of time determined by the administrator in its sole discretion, and the option or stock appreciation right will terminate upon the expiration of such period.

With respect to Awards granted tonon-employee directors that are assumed or substituted for, if on the date of or following such assumption or substitution, the participant’s status as a director (or a director of the successor corporation, as applicable) is terminated other than upon a

voluntary resignation by the participant, then the participant will fully vest in and have the right to exercise all of his or her outstanding options or stock appreciation rights, including shares as to which such Awards would not otherwise be vested or exercisable, all restrictions on restricted stock and restricted stock units will lapse, and, with respect to Awards with performance-based vesting, all performance goals will be deemed achieved at target levels as to a prorated portion of such Award based on the portion of the applicable performance period that has lapsed through the date of the merger or change in control, and all other vesting criteria will be deemed achieved as to such prorated portion of such Award.

Amendment and Termination

The Board of Directors or the administrator will have the authority to amend, alter, suspend or terminate the 2015 Plan at any time, except that stockholder approval will be required for any amendment to the 2015 Plan to the extent necessary and desirable to comply with applicable law. No amendment, alteration, suspension or termination of the 2015 Plan will impair the rights of any participant, unless mutually agreed otherwise between the participant and the administrator and which agreement must be in writing and signed by the participant and us. The 2015 Plan will terminate in 2025, unless terminated earlier.

Number of Awards Granted

The number of Awards that an employee, director or consultant may receive under the 2015 Plan is in the discretion of the administrator and therefore cannot be determined in advance.
The following table sets forth (i) the aggregate number of shares of our Common Stock subject to options granted under the 2015 Plan during the last fiscal year, (ii) the average per share exercise price of such options, (iii) the aggregate number of shares issued pursuant to awards of restricted stock units and performance units granted under the 2015 Plan during the last fiscal year, and (iv) the dollar value of such shares based on the closing price per share on the grant dates.

Name of Individual or Group

  Number of
Options
Granted		   Average Per
Share Exercise
Price		   Number of
Restricted
Stock Units /
Performance
Units		   Value of
Restricted
Stock Units and
Performance
Units (1)		 

Named Executive Officers:

        

Ronald Black, Chief Executive Officer and President

   197,753   $12.80    617,062   $7,992,844 

Rahul Mathur, Senior Vice President, Finance and Chief Financial Officer

   29,213   $12.80    37,296   $477,389 

Laura Stark, Senior Vice President, GM, Emerging Solutions Division

   38,202   $12.80    51,602   $659,121 

Jae Kim, Senior Vice President, General Counsel and Secretary

   29,213   $12.80    39,194   $500,753 

All executive officers, as a group

   294,381   $12.80    745,154   $9,630,107 

All directors who are not executive officers, as a group

   40,000   $12.04    82,544   $1,120,122 

All employees who are not executive officers, as a group

   224,045   $13.30    2,294,096   $29,850,148 

(1)The value of a restricted stock unit or performance unit award is based on the fair market value as of the grant date of such award determined pursuant to Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718.

Federal Tax Aspects

The following paragraphs are a summary of the general federal income tax consequences to U.S. taxpayers and Awards granted under the 2015 Plan by us. Tax consequences for any particular individual may be different. This summary does not purport to be complete, and does not discuss the tax consequences of a participant’s death or the income tax laws of any state or foreign country in which the participant may reside.

Nonstatutory Stock Options

No taxable income is reportable when a nonstatutory stock option with an exercise price equal to the fair market value of the underlying stock on the date of grant is granted to a participant. Upon exercise, the participant will recognize ordinary income in an amount equal to the excess of the fair market value (on the exercise date) of the shares purchased over the exercise price of the option. Any taxable income recognized in connection with an option exercise by an employee is subject to tax withholding by us. Any additional gain or loss recognized upon any later disposition of the shares would be capital gain or loss.

Incentive Stock Options

No taxable income is reportable when an incentive stock option is granted or exercised (except for purposes of the alternative minimum tax, in which case taxation is the same as for nonstatutory stock options). If the participant exercises the option and then later sells or otherwise disposes of the shares more than two years after the grant date and more than one year after the exercise date, the difference between the sale price and the exercise price will be taxed as capital gain or loss. If the participant exercises the option and then later sells or otherwise disposes of the shares before the end of thetwo- orone-year holding periods described above, he or she generally will have ordinary income at the time of the sale equal to the fair market value of the shares on the exercise date (or the sale price, if less) minus the exercise price of the option.

Stock Appreciation Rights

No taxable income is reportable when a stock appreciation right with an exercise price equal to the fair market value of the underlying stock on the date of grant is granted to a participant. Upon exercise, the participant will recognize ordinary income in an amount equal to the amount of cash received and the fair market value of any shares received. Any additional gain or loss recognized upon any later disposition of the shares would be capital gain or loss.
Restricted Stock, Restricted Stock Units, Performance Units and Performance Shares

A participant generally will not have taxable income at the time an Award of restricted stock, restricted stock units, performance shares or performance units are granted. Instead, he or she will recognize ordinary income in the first taxable year in which his or her interest in the shares underlying the Award becomes either (i) freely transferable or (ii) no longer subject to substantial risk of forfeiture. However, the recipient of a restricted stock Award may elect to recognize income at the time he or she receives the Award in an amount equal to the fair market value of the shares underlying the Award (less any cash paid for the shares) on the date the Award is granted.

Tax Effect for Rambus

We generally will be entitled to a tax deduction in connection with an Award under the 2015 Plan in an amount equal to the ordinary income realized by a participant and at the time the participant recognizes such income (for example, the exercise of a nonstatutory stock option). Special rules limit the deductibility of certain compensation paid to our Chief Executive Officer and other “covered employees”. As a result of the Tax Cuts and Jobs Act, and except for certain grandfathered arrangements, under Section 162(m) of the Code, any compensation over $1,000,000 paid to the covered employees is not deductible by the Company. In light of these changes, we have modified the 2015 Plan to remove certain provisions that related to the granting, administration and terms of awards intended to qualify as “performance-based compensation” under Section 162(m) as previously in effect, including regarding administration by a committee composed to meet prior requirements related to “performance-based compensation”, the detailing of specific performance goals that could be applied to awards intended to qualify as “performance-based compensation” and specific terms, conditions and requirements related to such awards.

Section 409A

Section 409A of the Code (“Section 409A”) provides certain new requirements onnon-qualified deferred compensation arrangements. These include new requirements with respect to an individual’s election to defer compensation and the individual’s selection of the timing and form of distribution of the deferred compensation. Section 409A also generally provides that distributions must be made on or following the occurrence of certain events (e.g., the individual’s separation from service, a predetermined date, or the individual’s death). Section 409A imposes restrictions on an individual’s ability to change his or her distribution timing or form after the compensation has been deferred. For certain individuals who are officers, Section 409A requires that such individual’s distribution commence no earlier than six months after such officer’s separation from service.
Awards granted under the 2015 Plan with a deferral feature will be subject to the requirements of Section 409A. If an Award is subject to and fails to satisfy the requirements of Section 409A, the recipient of that award may recognize ordinary income on the amounts deferred under the Award, to the extent vested, which may be prior to when the compensation is actually or constructively received. Also, if an Award that is subject to Section 409A fails to comply with Section 409A’s provisions, Section 409A imposes an additional 20% federal income tax on compensation recognized as ordinary income, as well as interest on such deferred compensation. In addition, certain states such as California have adopted similar provisions.

PROPOSAL FOUR:

APPROVAL OF AN AMENDMENT TO THE RAMBUS 2015 EMPLOYEE STOCK PURCHASE PLAN TO INCREASE THE NUMBER OF SHARES RESERVED FOR ISSUANCE THEREUNDER BY 2,000,000

Stockholders are being asked to approve an amendment to the 2015 Employee Stock Purchase Plan (the “Purchase Plan”) to increase the number of shares of our Common Stock reserved for issuance thereunder by 2,000,000. The Board expects that the additional number of shares reserved for issuance under the Purchase Plan will be sufficient to operate the Purchase Plan between three to four years without having to request additional shares. The Board will periodically review actual share consumption under the Purchase Plan and may make an additional request for shares under the Purchase Plan earlier or later than this period as needed.

Our named executive officers have an interest in this proposal as they are eligible to receive options to purchase shares under the Purchase Plan.

Our Board of Directors believes that approval of the amendment to the Purchase Plan to increase the number of shares reserved for issuance thereunder is essential to our continued success, as the Purchase Plan will continue to enable us to achieve employee performance, recruiting, retention and incentive goals. In particular, our Board of Directors believes that our employees are our most valuable assets and that the awards permitted under the Purchase Plan are vital to our ability to attract and retain outstanding and highly skilled individuals in the extremely competitive labor markets in which we compete. Such awards also are crucial to our ability to motivate employees to achieve our goals.

Vote Required; Board Recommendation

Approval of the amendment to the Purchase Plan to increase the number of shares reserved for issuance thereunder by 2,000,000 shares requires the affirmative vote of a majority of the shares of our Common Stock that are present in person or proxy and entitled to vote at the Annual Meeting.

Our Board of Directors recommends that you vote “FOR” the approval of the amendment to our 2015 Employee Stock Purchase Plan to increase the number of shares reserved for issuance thereunder by 2,000,000 shares.

Considerations of the Board in Making its Recommendation

Our Board approved the amendment to the Purchase Plan to increase the number of shares of our Common Stock reserved for issuance thereunder by 2,000,000 shares following substantial review of, and deliberation concerning, historical grant practices, forecasted grant practices, awards outstanding under existing grants, and the dilutive impact of the requested share reserve. Our Board subsequently approved the amendment to the Purchase Plan, subject to approval by our stockholders. In determining the additional number of shares reserved for issuance under the Purchase Plan, our Board considered a number of factors, including:

•  Historical Usage. In fiscal years 2015, 2016 and 2017, the number of shares purchased under the Purchase Plan (or its predecessor) was 544,391 shares, 548,357 shares and 615,370 shares, respectively.

•  Forecasted Usage and Dilutive Impact. We currently forecast that the additional 2,000,000 shares, if approved, to be reserved under the Purchase Plan will cover purchases over the next three to four years. The requested increase of 2,000,000 shares represents

approximately 1.8% of our 109,847,582 shares of common stock outstanding as of January 31, 2018 and the 4,000,000 total number of shares reserved for issuance under the Purchase Plan (assuming the amendment is approved) would be approximately 3.6% of our Common Stock outstanding as of January 31, 2018. As of January 31, 2018, we have 836,273 authorized shares remaining under the Purchase Plan. Assuming the amendment to the Purchase Plan is approved, our shares reserved for future issuance under the Purchase Plan would be 2,836,273 shares.

•  Shares Purchased Under the Purchase Plan. Our employees have purchased an aggregate of 1,708,118 shares under the Purchase Plan over the past three years, representing approximately 1.6% of our outstanding shares as of January 31, 2018.

•  Other Considerations. Without stockholder approval of the amendment to the Purchase Plan to increase the number of shares reserved thereunder, we believe our ability to attract and retain the individuals necessary to increase long-term stockholder value will be limited. We believe that the approval of the amendment to the Purchase Plan is important to our continued success. If stockholders do not approve the amendment to the Purchase Plan, our goals of recruiting, retaining and motivating talented employees will be more difficult to meet.

Summary of the 2015 Employee Stock Purchase Plan

The following is a summary of the principal features of the Purchase Plan and its operation. The summary is qualified in its entirety by reference to the Purchase Plan, set forth in Appendix B.

GeneralThe Purchase Plan was originally adopted by the Board of Directors in March 2015 and approved by our stockholders at the 2015 Annual Meeting. The purpose of the Purchase Plan is to provide employees with an opportunity to purchase shares of our Common Stock through payroll deductions.
Shares available for issuanceIf our stockholders approve this proposal, a total of 4,000,000 shares of our Common Stock will be reserved for issuance under the Purchase Plan.
AdministrationThe Board of Directors or a committee appointed by the Board of Directors administers the Purchase Plan. All questions of interpretation or application of the Purchase Plan are determined by the administrator and its decisions are final, conclusive and binding upon all participants.
EligibilityEach of our employees or the employees of our designated subsidiaries who is a common law employee and whose customary employment with us or one of our designated subsidiaries is at least twenty hours per week and more than five months in a calendar year is eligible to participate in the Purchase Plan subject to the laws in which our designated subsidiaries operate; except that no employee shall be granted an option under the Purchase Plan (i) to the extent that, immediately after the grant, such employee would own 5% or more of the total combined voting power of all classes of our capital stock or the capital stock of any parent or subsidiary, or (ii) to the extent that his or her rights to purchase stock under all of our

employee stock purchase plans or those of our parent corporation or any of our subsidiaries accrues at a rate which exceeds $25,000 worth of stock (determined at the fair market value of the shares at the time such option is granted) for each calendar year. As of December 31, 2017, 580 employees were eligible to participate in the Purchase Plan.
Offering PeriodUntil the administrator determines otherwise, offering periods under the Purchase Plan are approximately six months and commence on the first trading day on or after May 1 and November 1 of each year and end on the first trading day on or after the May 1 or November 1 offering period commencement date approximately six months later. To participate in the Purchase Plan, an eligible employee must authorize payroll deductions pursuant to the Purchase Plan. Such payroll deductions may not be less than 1% and may not exceed 15% of a participant’s compensation during the offering period. Once an employee becomes a participant in the Purchase Plan, the employee automatically will participate in each successive offering period until the employee withdraws from the Purchase Plan or the employee’s employment with us or the designated subsidiaries terminates. At the beginning of each offering period, each participant automatically is granted an option to purchase shares of our Common Stock. The option expires at the end of the offering period or upon termination of employment, whichever is earlier, but is exercised at the end of each offering period to the extent of the payroll deductions accumulated during such offering period unless the participant has withdrawn from the Purchase Plan.
Purchase PriceShares of our Common Stock may be purchased under the Purchase Plan at a purchase price not less than 85% of the lesser of the fair market value of the common stock on (i) the first day of the offering period, or (ii) the last day of the offering period. The fair market value of our Common Stock on any relevant date will be the closing price per share as reported on the Nasdaq Global Select Market (NASDAQ), or the mean of the closing bid and asked prices, if no sales were reported, as quoted on such exchange or reported inThe Wall Street Journal.
Payment of Purchase Price; Payroll Deductions

The purchase price of the shares is accumulated by payroll deductions throughout each offering period. The number of shares of our Common Stock that a participant may purchase in each offering period will be determined by dividing the total amount of payroll deductions withheld from the participant’s compensation during that offering period by the purchase price; provided, however, that a participant may not purchase more than 5,000 shares each offering period. During the offering period, a participant may discontinue his or her participation in the Purchase Plan, and may decrease or increase the rate of payroll deductions in an offering period within limits set by the administrator; provided, however, that unless the administrator determines otherwise, a participant may reduce, but not increase his or her contributions during an offering period.

All payroll deductions made for a participant are credited to the participant’s account under the Purchase Plan, are withheld in whole percentages only and are included with our general funds. Funds received by us pursuant to exercises under the Purchase Plan are also used for

general corporate purposes. A participant may not make any additional payments into his or her account.
WithdrawalGenerally, a participant may withdraw from an offering period at any time by written or electronic notice without affecting his or her eligibility to participate in future offering periods. However, once a participant withdraws from a particular offering period, that participant may not participate again in the same offering period. To participate in a subsequent offering period, the participant must deliver to us a new subscription agreement.
Termination of EmploymentUpon termination of a participant’s employment for any reason, including disability or death, he or she will be deemed to have elected to withdraw from the plan and the payroll deductions credited to the participant’s account (to the extent not used to make a purchase of our Common Stock) will be returned to him or her or, in the case of death, to the person or persons entitled thereto as provided in the Purchase Plan, and such participant’s option will automatically be terminated.
Adjustments upon Changes in Capitalization, Dissolution, Liquidation, or Change of Control
Changes in CapitalizationSubject to any required action by our stockholders, the number and class of shares reserved under the Purchase Plan, the maximum number of shares that may be purchased during any offering period, as well as the number and price per share of Common Stock covered by each option under the Purchase Plan which has not yet been exercised shall be proportionately adjusted for any increase or decrease in the number of issued shares of Common Stock resulting from any dividend or other distribution, recapitalization, stock split, reverse stock split, reorganization, merger, consolidation,split-up,spin-off, combination, repurchase or exchange.
Dissolution or LiquidationIn the event of our proposed dissolution or liquidation, the administrator shall shorten any offering periods then in progress by setting a new exercise date and any offering periods shall end on the new exercise date. The new exercise date shall be prior to the dissolution or liquidation. If the administrator shortens any offering periods then in progress, the administrator shall notify each participant in writing or electronically prior to the new exercise date, that the exercise date has been changed to the new exercise date and that the option will be exercised automatically on the new exercise date, unless the participant has already withdrawn from the offering period.
Change of ControlIn the event of any merger or “change of control,” as defined in the Purchase Plan, each outstanding option under the Purchase Plan shall be assumed or an equivalent option shall be substituted by such successor corporation or a parent or subsidiary of such successor corporation. In the event the successor corporation refuses to assume or substitute for the options, the administrator shall shorten any offering periods then in progress by setting a new exercise date and any offering periods shall end on the new exercise date. The new exercise date shall be prior to the merger

or change of control. If the administrator shortens any offering periods then in progress, the administrator shall notify each participant in writing or electronically prior to the new exercise date, that the exercise date has been changed to the new exercise date and that the option will be exercised automatically on the new exercise date, unless the participant has already withdrawn from the offering period.
Amendment or TerminationOur administrator may at any time terminate or amend the Purchase Plan including the term of any offering period then outstanding. Generally, no such termination can adversely affect options previously granted.
Number of Shares Purchased by Certain Individuals and Groups

Given that the number of shares that may be purchased under the Purchase Plan is determined, in part, based on the Common Stock’s market value at the beginning and end of each offering period and given that participation in the Purchase Plan is voluntary on the part of employees, the actual number of shares that may be purchased by any individual is not determinable.

For illustrative purposes, the following table sets forth (a) the number of shares of Common Stock that were purchased under the Purchase Plan during 2017 by our named executive officers, our executive officers as a group, and by all employees, and (b) the weighted average per share purchase price paid for such shares by each such group.

Name of Individual Group

  Number of
Purchased
Shares		   Weighted
Average
Purchase
Price ($)		 

Named Executive Officers:

    

Ronald Black, Chief Executive Officer and President

   2,057    10.33 

Rahul Mathur, Senior Vice President, Finance and Chief Financial Officer

   4,060    10.47 

Laura Stark, Senior Vice President, GM, Emerging Solutions Division

   —      —   

Jae Kim, Senior Vice President, General Counsel and Secretary

   —      —   

All executive officers, as a group

   6,117    10.42 

All employees who are not executive officers, as a group

   609,253    10.47 

Federal Tax AspectsThe following summary of the effect of federal income taxation upon the participant and us with respect to the shares purchased under the Purchase Plan does not purport to be complete, and does not discuss the tax consequences of a participant’s death or the income tax laws of any state or foreign country in which the participant may reside. The Purchase Plan, and the right of participants to make purchases thereunder, is intended to qualify under the provisions of Sections 421 and 423 of the Code. Under these provisions, no income will be taxable to a participant until the shares purchased under the Purchase Plan are sold or otherwise disposed of. Upon sale or other disposition of the shares, the participant will generally be subject to tax in an amount that depends upon the holding period. If the shares are sold or otherwise disposed of more than two years from the first day of the applicable offering period and one year from the applicable date of purchase, the participant will recognize ordinary income measured as the lesser of (i) the excess of the fair market value of the shares at the time of

such sale or disposition over the purchase price, or (ii) an amount equal to 15% of the fair market value of the shares as of the first day of the applicable offering period. Any additional gain will be treated as long-term capital gain. If the shares are sold or otherwise disposed of before the expiration of these holding periods, the participant will recognize ordinary income generally measured as the excess of the fair market value of the shares on the date the shares are purchased over the purchase price. Any additional gain or loss on such sale or disposition will be long-term or short-term capital gain or loss, depending on how long the shares have been held from the date of purchase. We generally are not entitled to a deduction for amounts taxed as ordinary income or capital gain to a participant except to the extent of ordinary income recognized by participants upon a sale or disposition of shares prior to the expiration of the holding periods described above.

PROPOSAL FIVE:

RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

The Audit Committee has appointed PricewaterhouseCoopers LLP as the independent registered public accounting firm to Rambus to audit our consolidated financial statements for the fiscal year ending December 31, 2018.

Although ratification by stockholders is not required by law, the Audit Committee has conditioned its appointment of the independent registered public accounting firm upon the receipt of the affirmative vote of a majority of the votes duly cast at the Annual Meeting.

Notwithstanding its selection, the Audit Committee, in its discretion, may hire a new independent registered public accounting firm at any time during the year if the Audit Committee believes that such a change would be in the best interest of Rambus and its stockholders.

Our History with PricewaterhouseCoopers

PricewaterhouseCoopers LLP (or its predecessor, Coopers & Lybrand L.L.P.) has audited our financial statements since 1991. Representatives of PricewaterhouseCoopers LLP are expected to be present at the Annual Meeting to respond to appropriate questions and to make a statement if they so desire.

Principal Accountant Fees and Services

The aggregate fees billed for professional accounting services by PricewaterhouseCoopers LLP for the fiscal years ended December 31, 2017 and December 31, 2016 are as follows:

   Fiscal Year
Ended
December 31,
2017		   Fiscal Year
Ended
December 31,
2016		 

Audit Fees (1)

  $1,913,430   $1,930,325 

Audit-Related Fees (2)

  $436,300   $—   

Tax Fees (3)

  $52,339   $91,190 

All Other Fees (4)

  $3,300   $3,300 
  

 

 

   

 

 

 

Total Fees

  $2,405,369   $2,024,815 
  

 

 

   

 

 

 

(1)Audit Fees consist of fees for PricewaterhouseCoopers LLP’s professional services rendered for the audit of the Company’s consolidated annual financial statements and review of the interim consolidated financial statements included in quarterly reports. Fees relating to professional services rendered for the audits of the effectiveness of internal control over financial reporting and statutory audits in fiscal 2017 and 2016 are included under “Audit Fees.”
(2)Audit-Related Fees consist of fees related to work performed around the new revenue recognition standard and providing the comfort letter related to the issuance of the 1.375% senior convertible notes.
(3)Tax Fees primarily relate to tax compliance, tax study, and technical tax advice in both years presented.
(4)All Other Fees consist of fees for products and services other than the services described above. During fiscal 2017 and fiscal 2016, these fees related to license PricewaterhouseCoopers LLP’s online accounting and auditing research tool and disclosure checklist.

Policy on Audit CommitteePre-Approval of Audit and the PermissibleNon-Audit Services of Independent Registered Public Accounting Firm

The Audit Committee’s policy is topre-approve 100% of all audit and permissiblenon-audit services provided by the independent registered public accounting firm. These services may include audit services, audit-related services, tax services and other services.Pre-approval is generally provided for up to one year and anypre-approval is detailed as to the particular service or category of services and is generally subject to a specific budget. The independent registered public accounting firm and management are required to periodically report to the Audit Committee regarding the extent of services provided by the independent registered public accounting firm in accordance with thispre-approval, and the fees for the services performed to date. The Audit Committee may alsopre-approve particular services on acase-by-case basis.

Independence of PricewaterhouseCoopers LLP

The Audit Committee has determined that the accounting advice and tax services provided by PricewaterhouseCoopers LLP are compatible with maintaining PricewaterhouseCoopers LLP’s independence.

Vote Required

The affirmative vote of a majority of the shares present and entitled to vote at the Annual Meeting will be required to ratify the appointment of PricewaterhouseCoopers LLP as our independent registered public accounting firm.

The Board unanimously recommends that you vote “FOR” the ratification of PricewaterhouseCoopers LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2018.

EQUITY COMPENSATION PLAN INFORMATION

The following table provides information as of December 31, 2017 with respect to the shares of our common stock that may be issued under our existing equity compensation plans.

Plan Category

  (a)
Number of
Securities to be
Issued Upon
Exercise of
Outstanding
Awards,
Options,
Warrants and
Rights		   (b)
Weighted-
Average
Exercise Price
of Outstanding
Awards,
Options,
Warrants and
Rights		   (c)
Number of
Securities
Remaining
Available for
Future
Issuance under
Equity
Compensation
Plans
(Excluding
Securities
Reflected in
Column a)		 

Equity Compensation Plans Approved by Security Holders (1) (2)

   10,171,710   $9.78    5,887,450 
  

 

 

     

 

 

 

Total

   10,171,710   $9.78    5,887,450 

(1)Data reflects our 2006 Equity Incentive Plan (the “2006 Plan”), our 2015 Equity Incentive Plan (the “2015 Plan”) and our 2015 Employee Stock Purchase Plan (the “2015 ESPP”).
(2)Our 2006 Plan was replaced by our approved 2015 Plan, but will continue to govern awards previously granted under the 2006 Plan. Any shares forfeited, cancelled, exchanged, surrendered or terminated under the terms of the 2006 Plan will become available for grant under the 2015 Equity Incentive Plan.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

The following table sets forth certain information with respect to the beneficial ownership of our common stock as of February 28, 2018March 2, 2022 for:

 

each person or group of affiliated persons known by us to be the beneficial owner of more than 5% of our common stock;

 

each of our named executive officers;

 

each of our directors;directors and nominees for director; and

 

all of our executive officers and directors as a group.

We have determined beneficial ownership in accordance with the rules and regulations of the SEC, and the information is not necessarily indicative of beneficial ownership for any other purpose. Except as indicated by the footnotes below, we believe, based on information furnished to us, that the persons and entities named in the table below have sole voting and sole investment power with respect to all shares of our common stock that they beneficially own, subject to applicable community property laws.

Applicable percentage ownership is based on 110,533,605110,177,394 shares of our common stock outstanding as of February 28, 2018.March 2, 2022. In computing the number of shares of common stock beneficially owned by a person and the percentage ownership of such person, we deemed to be outstanding all shares of our common stock subject to options held by the person that are currently exercisable or exercisable within 60 days of February 28, 2018.March 2, 2022. However, we did not deem such shares of our common stock outstanding for the purpose of computing the percentage ownership of any other person.

Unless otherwise indicated, the address of each beneficial owner listed in the table below is c/o Rambus Inc., 1050 Enterprise Way,4453 North First Street, Suite 700, Sunnyvale,100, San Jose, California 94089.95134. The information provided in the table is based on our records, information filed with the SEC and information provided to us, except where otherwise noted.

 

Name or Group of Beneficial Owners

  Number of
Shares
Beneficially
Owned		   Options
Exercisable
in
60 days		   Percentage
of Shares
Beneficially
Owned %		 

BlackRock, Inc (1)

   13,678,773    —      12.4 

Waddell & Reed Financial (2)

   10,924,506    —      9.9 

The Vanguard Group (3)

   10,247,860    —      9.3 

Ronald Black

   976,371    1,279,245    2.0 

Rahul Mathur

   137,800    28,071    * 

Laura Stark

   235,590    193,447    * 

Jae Kim

   126,387    19,158    * 

J. Thomas Bentley (4)

   171,928    —      * 

E. Thomas Fisher

   26,740    31,666    * 

Penelope Herscher (5)

   50,811    —      * 

Emiko Higashi

   11,792    8,333    * 

Charles Kissner (6)

   59,411    40,000    * 

David Shrigley (7)

   52,345    —      * 

Eric Stang (8)

   74,227    40,000    * 

All current directors and executive officers as a group (11 persons)

   1,923,402    1,639,920    3.2 

Name of Group of Beneficial Owners

  Number of
Shares
Beneficially
Owned		   Equity
Awards
Exercisable/
Issuable in
60 days		   Percentage
of Shares
Beneficially
Owned		 

Greater than 5% Stockholders:

      

BlackRock, Inc. (1)

   17,152,046    —      15.6 

The Vanguard Group (2)

   11,861,940    —      10.8 

Directors, Nominees and Executive Officers

      

Emiko Higashi

   56,625    40,000    * 

Charles Kissner (3)

   90,886    40,000    * 

James Mitarotonda (4)

   538,638    —      * 

Meera Rao

   22,465    25,833    * 

Karen Rogge

   8,303    —      * 

Sanjay Saraf

   44,833    37,500    * 

Necip Sayiner

   22,465    25,000    * 

Eric Stang (5)

   63,145    —      * 

Sean Fan

   242,787    —      * 

Keith Jones

   54,719    —      * 

Jae Kim

   —      —      * 

Rahul Mathur

   165,043    —      * 

Luc Seraphin

   326,182    14,912    * 

John Shinn

   28,779    —      * 

All current directors, director nominees and executive officers as a group (12 persons)

   1,499,827    183,245    1.5 

 

*

(Less than 1%)

(1)

Based on information reported by BlackRock, Inc. (“BlackRock”) on Schedule 13G/A filed with the SEC on January 27, 2022. Of the shares of Common Stock beneficially owned, BlackRock reported that, in its capacity as a parent holding company, it has sole voting power over 16,905,736 shares, shared voting power over no shares, sole dispositive power over 17,152,046 shares and shared dispositive power over no shares. BlackRock listed its address as 55 East 52nd Street, New York, NY 10055.

(2)

Based on information reported by The Vanguard Group (“Vanguard”) on Schedule 13G/A filed with the SEC on February 8, 2018, BlackRock, Inc.,10, 2022. Of the shares of Common Stock beneficially owned, Vanguard reported that, in its capacity as a parent holding company,dispositive advisor, it has sole voting power with respect to 13,441,735over no shares, shared voting power over 89,146 shares, sole dispositive power over 11,672,927 shares and sole investmentshared dispositive power with respect to 13,678,773 shares reportedover 189,013 shares. Vanguard listed its address as beneficially owned. The address for BlackRock is 55 East 52nd Street, New York, New York 10055.

(2)Based on information reported by Waddell & Reed Financial, Inc. on Schedule 13G/A filed with the SEC on February 14, 2018, the shares are beneficially owned by one or moreopen-end investment companies or other managed accounts which are advised orsub-advised by Ivy Investment Management Company (“IICO”)100 Vanguard Blvd., an investment advisory subsidiary of Waddell & Reed Financial, Inc. (“WDR”) or Waddell & Reed Investment Management Company (“WRIMCO”), an investment advisory subsidiary of Waddell & Reed, Inc. (“WRI”). WRI is a broker-dealer and underwriting subsidiary of Waddell & Reed Financial Services, Inc., a parent holding company (“WRFSI”). In turn, WRFSI is a subsidiary of WDR, a publicly traded company. WDR has shared voting and investment power with respect to 10,924,506 shares reported as beneficially owned. The address for these entities is 6300 Lamar Avenue, Overland Park, Kansas 66202.Malvern, PA 19355.

(3)Based on information reported by The Vanguard Group on Schedule 13G/A filed with the SEC on February 12, 2018, The Vanguard Group, in its capacity as investment advisor, has sole voting power with respect to 143,800 shares, shared voting power with respect to 14,800 shares, sole investment power with respect to 10,097,960 shares and shared investment power with respect to 149,900 shares. The address for The Vanguard Group is 100 Vanguard Blvd., Malvern, Pennsylvania 19355.
(4)

Includes 140,136 shares held in trust for which Mr. Bentley serves as a trustee and 20,000 shares held in a partnership for which Mr. Bentley serves as a partner.

(5)Includes 39,019 shares held in trust for which Ms. Herscher serves as a trustee.
(6)Includes 47,61968,421 shares held under an LLCa limited liability company for which Mr. Kissner serves as owner.

(7)(4)Includes 4,300

Consists of 530,100 shares gifted to a foundation for whichheld by Barington Companies Equity Partners, L.P. and beneficially owned by Mr. Shrigley servesMitarotonda as principal.well as Barington Companies Investors, LLC, Barington Capital Group L.P. and LNA Capital Corp.

(8)(5)

Includes 62,43540,680 shares held in trust for which Mr. Stang serves as a trustee.

EXECUTIVE OFFICERS OF THE COMPANY

Information regarding our executive officers and their ages and positions as of February 28, 2018, is contained in the table below. Our executive officers are appointed by, and serve at the discretion of, our Board of Directors. There is no family relationship between any of our executive officers.

Ronald Black, Ph.D.

54Dr. Black has served as our chief executive officer and president since June 2012 and as a director since July 2012. Dr. Black was previously the Managing Director of R.D. Black & Company, a consulting firm, since August 2011. From September 2010 to August 2011, Dr. Black was the Chief Executive Officer of MobiWire, formerly Sagem Wireless, a privately-held mobile handset company headquartered near Paris, France that offers products and services to original equipment manufacturers and mobile network operators in the mobile phone marketplace. From June 2009 to October 2010, Dr. Black served as Chairman and CEO of UPEK, Inc. Dr. Black currently serves as a board member of Energy Focus, Inc, a publicly held LED lighting technology developer, VeriFone Systems, Inc., a publicly held provider of technology for electronic payment transactions, Microfabrica Inc., a privately held high precision metal parts fabricator, and FlexEnable Limited, a privately held producer of flexible electronics manufacturing platforms. From July 2016 until May 2017, Dr. Black served on the board of Ultratech, Inc., a publicly held company that designs, builds and markets manufacturing systems of the global technology industry. From 2012 to March 2015, Dr. Black served on the board of EnOcean GmbH, a German-based company that manufactures and markets energy harvesting technology, sensors, and radio frequency communication. From September 2010 to November 2012, he served as a board member of AuthenTec, Inc., which he joined following the AuthenTec-UPEK merger in September 2010 and from 2007 to 2013, he served as a board member of Inside Contactless, a France-based company engaged in the semiconductors and information technology industry. From September 2004 to June 2009, he was chief executive officer of Wavecom S.A., a publicly traded French wireless solutions company. Dr. Black holds a Bachelor of Science, a Master of Science, and a Ph.D. in materials science and engineering from Cornell University.

Rahul Mathur

44Senior Vice President, Finance and Chief Financial Officer. Mr. Mathur joined us in his current position in October 2016. Prior to joining us, Mr. Mathur served as senior vice president of finance at Cypress Semiconductor Corp., a provider of embedded memory, microcontroller, and analog semiconductor system solutions, from March 2015 to September 2016, where he was responsible for financial planning and investor relations. From August 2012 to March 2015, Mr. Mathur served as vice president of finance at Spansion, Inc. (later acquired by Cypress Semiconductor Corp.). Mr. Mathur served as vice president of finance at Picaboo Corporation from January 2012 to August 2012 and vice president of finance at CDNetworks Inc. from January 2011 to December 2011. Prior to January 2011, Mr. Mathur held senior finance positions at Telesis Technologies, Inc., NetSuite Inc. andKLA-Tencor Corporation. Mr. Mathur holds a Bachelor of Arts in applied mathematics from Dartmouth College and an M.B.A. from the Wharton School of Business at the University of Pennsylvania.

Laura Stark

49Senior Vice President, GM, Emerging Solutions Division. Ms. Stark has served in her current position since July 2014. In addition to leading the efforts of overall strategy, including M&A activities, Ms. Stark leads our platform development efforts and long-range research and development as well as oversees our information technology function. From August 2012 to July 2014, she served as our Senior Vice President, Corporate Strategy and M&A. From April 2008 to August 2012, Ms. Stark served as Senior Vice President, Corporate Development, from February 2005 to April 2008 as Senior Vice President, Platform Solutions and from October 2002 to February 2005 as vice president, Memory Interface Division. Ms. Stark held various business and management positions before becoming vice president, Memory Interface Division in October 2002. Prior to joining us, Ms. Stark held various positions in the semiconductor products division of Motorola, a communications equipment company, during asix-year tenure, including technical sales engineer for the Apple sales team and field application engineer for the Sun and SGI sales teams. Ms. Stark holds a B.S. in Electrical Engineering from the Massachusetts Institute of Technology.

Jae Kim

47Senior Vice President, General Counsel and Secretary. Mr. Kim has served as the senior vice president, general counsel and secretary since February 2013 and as our vice president, corporate legal since July 2010. In addition, in December 2016, Mr. Kim assumed responsibility for our human resources and facilities functions. Prior to his tenure at Rambus, Mr. Kim held senior legal positions at Aricent Inc., a privately-held communications technology company and Electronics for Imaging Inc., a digital printing technology company. Mr. Kim has also had significant experience in private practice with the law firm of Wilson Sonsini Goodrich & Rosati, P.C., where he advised high technology and emerging growth companies on mergers and acquisitions, private financings, public offerings, securities compliance, public company reporting and corporate governance. Mr. Kim began his legal career as an attorney with the United States Securities and Exchange Commission, Division of Corporation Finance, in Washington, D.C. Mr. Kim is a member of both the California State Bar and New York State Bar, and received a J.D. from the American University, Washington College of Law, and his bachelor’s degree from Boston University.

EXECUTIVE COMPENSATION

COMPENSATION DISCUSSION AND ANALYSIS

Our Compensation Discussion and Analysis (“CD&A”) is designed to provide our stockholders with an understanding of our compensation program in effect for our named executive officers (“NEOs”) who consistconsisted of the following continuing executive officers:officers in 2021:

 

Ronald Black,Luc Seraphin, Chief Executive Officer and President;

 

Keith Jones, Vice President, Finance, and Interim Chief Financial Officer;

Sean Fan, Senior Vice President, Chief Operating Officer; and

John Shinn, Senior Vice President, General Counsel, Secretary and Chief Compliance Officer.

Our CD&A will also include discussion and items related to two former executive officers, who are included as NEOs:

Rahul Mathur, Former Senior Vice President, Finance, and Chief Financial Officer;

Laura Stark, Senior Vice President, GM, Emerging Solutions Division; and

 

Jae Kim, Former Senior Vice President, General Counsel and Secretary.

Mr. Kim tendered his resignation effective February 19, 2021. In accordance with the Company’s established succession plan, the Company appointed John Shinn to the position of Senior Vice President, General Counsel, Secretary and Chief Compliance Officer, effective as of February 19, 2021.

Mr. Mathur tendered his resignation effective November 15, 2021. In accordance with the Company’s established succession plan, the Company appointed Keith Jones to the position of Vice President, Finance, and Interim Chief Financial Officer, effective as of November 15, 2021.

Our CD&A is organized as follows: (i) Executive Summary, (ii) 20172021 Advisory Vote on Executive Compensation and Other Stockholder Engagement, (iii) Our Compensation Philosophy — Pay for Performance, (iv) NEOExecutive Compensation Process, (v) Components of NEOExecutive Compensation, and (vi) Other Policies and Elements of NEOExecutive Compensation.

EXECUTIVE SUMMARYExecutive Summary

Business Performance

Over the past several years, Rambus has transitioned from a pure IP licensing model to one that delivers increasing value to the market through chips, customizable IP cores, and software and services. In line with our growth strategy, we acquired four businesses in 2016 in the fields of mobile payments, smart ticketing, memory buffer chips and SerDes IP cores, and continued to integrate those businesses in fiscal year 2017. We also continued to execute on our traditional patent licensing business by signing key license agreements with AMD, Xilinx, and others, demonstrating our ability to extend our partnerships beyond the DRAM industry.

The table below summarizes our financial progress from 2012 (when Dr. Black became our CEO) to 2017. Our revenue has grown at a compound annual growth rate of 11% over those five years, while EBITDA and pro forma operating income have grown at 19% and 23%, respectively.1

$ in millions

  2012  2013   2014   2015  2016  2017  CAGR 

Revenue

   234   272    297    296   337   393   11% 

Pro forma EBITDA

   57   107    133    128   122   137   19% 

Pro forma Oper. Inc.

   44   92    119    115   109   124   23% 

Cash 12/31

   203   388    300    288   172   329  

Share Repurchase

        (100)    (50)  

Acquisitions

   (48)        (226)   

Debt 12/31

   173   311    138    138   138   254  

Key 2017 financial results included:

$393 million in annual revenue;

$124 million inpro-forma operating income;

$117 million in net cash provided by operating activities;

31.5% operating margin; and

3% share price increase in 2017 and a 28% share price increase over the last three years.

1To supplement our Consolidated Financial Statements, which are prepared and presented in accordance with GAAP, we use certain non-GAAP financial measures, including pro forma EBITDA, pro forma operating income and operating margin. For a reconciliation of these non-GAPP measures used in this CD&A, please see our fourth quarter and fiscal year 2017 financial results release dated January 29, 2018.

Executive Compensation Highlights

Our compensation mix favors performance-based compensation. Approximately 90% of our CEO’s and on average approximately 75% of our NEOs’ total target compensation was subject to our financial and/or share price performance in 2017.

Our annual incentive compensation program is funded based on the achievement of an objective performance target ofpro-forma operating income. For 2017, annual incentive compensation under our Corporate Incentive Plan (“CIP”) was funded at 106% of target as the Company’s 2017 performance exceeded target.

To further align executive compensation with stockholder interests, approximately 60% of our CEO’s (not including the Strategic Growth Award granted to Dr. Black in 2017 and discussed below) and 40% of our NEO’s 2017 long-term equity incentive awards consisted of performance units, which become eligible for time-based vesting based on the achievement of an objective performance goal ofone-year operating margin. Based on our 2017 operating margin performance, which exceeded target, 112.5% of the target number of performance units granted in 2017 became eligible for time-based vesting.

We awarded Dr. Black a Strategic Growth Award on August 1, 2017 (the “Strategic Growth Award”). The Strategic Growth Award, which is 50% performance-based, has rigorous performance hurdles, focused on revenue growth and share price appreciation. The Strategic Growth Award further incentivizes the retention of a leader whom the Board believes is vital to the future of Rambus.

We made significant changes to our 2018 compensation programs to better align with best practices and respond to stockholder feedback, explained below.

We maintained high governance standards in our executive compensation practices, including best practices with respect to minimum equity ownership guidelines, perquisites, compensation recovery, independent compensation committee advisors and insider trading. See “Other Policies and Elements of NEO Compensation” below.

Compensation and Corporate Governance Practices

What We Do

What We Don’t Do

✓  Align pay and performance: Through the use of performance units andat-risk compensation elements

×   All employees and directors prohibited from engaging in hedging transactions in Rambus shares

✓  Actively engage with shareholders: During fiscal year 2017, we spoke to stockholders representing approximately 66% of our total shares outstanding

×   No excessive benefits or perquisites

✓  Maintain robust stock ownership guidelines, with 50%after-tax share retention until requirements met

×   We do not provide tax gross ups related to a change in control

✓  Right to reduce or withhold future compensation based on required restatement or adjustment, and to determine extent to which recovery of prior compensation may be pursued in event of fraud

×   No repricing of underwater stock options

✓  Outstanding equity awards may vest upon “double-trigger” termination in event of a change in control, designed to promote stability and retention of senior management

2017 ADVISORY VOTE ON EXECUTIVE COMPENSATION AND OTHER STOCKHOLDER ENGAGEMENT

The advisory vote on executive compensation at our 2017 annual meeting was approved by approximately 77% of the votes cast. This result was well below our desired level and sent a strong message to the Company. During the past 12 months, we have engaged in significant stockholder outreach and made meaningful changes to our executive compensation programs to better align our compensation practices with leading market practices. Since October 2017, we have held ongoing discussions with stockholders representing approximately 66% of our total shares outstanding. Following our discussions with stockholders, we were able to implement several compensation design changes. The majority of these changes took effect for fiscal year 2018. The table below shows the most important feedback that we heard from our stockholders and how we have responded. We will holdsay-on-pay votes annually, as approved by our stockholders in anon-binding advisory vote at our 2017 annual meeting. We will hold the nextsay-on-pay vote at the 2018 annual meeting.

We continue to take stockholder feedback seriously, and acknowledge our long-term commitment to continually improving our pay programs to align pay and performance, and support the Company’s strategic efforts.

Shareholder Feedback

What We have Done

Performance Units: Recommended a performance period longer than1-year, with multiple metrics, including TSR

Fiscal Year 2017

☑   Increased the performance unit weighting from 50% to 60% (of the total target LTI mix) for our CEO

In addition, the program should include a relative component and be made more distinct from the CIP annual plan

Fiscal Year 2018

☑   Introduced a3-year performance unit program, based on Customer Licensing Income Growth with a+/-25% relative TSR modifier. The first award with this structure was granted to our executive team in February 2018

Shareholders also recommended we increase the weighting of our performance units (as a percentage of the overall LTI program)

CEO Pay: Suggested additional disclosure around our CEO’s target compensation levels and better alignment of pay and performance

Fiscal Year 2018

☑   Committed to position the CEO’s target compensation at the 75th percentile of the competitive market. For fiscal year 2018 this meant reducing the CEO’s target annual incentive from 130% of salary to 120% and reducing the CEO’s target annual equity award from approximately $4.4M to approximately $4.2M

Goal Setting: Requested additional disclosure around how goals are set and the rigor of these goals

Fiscal Year 2017

☑   Added disclosure showing how the Company’spro-forma operating income performance led to the CIP payout level

☑   Added language comparing the 2017 CIP and PSU goals to 2016 target and actual performance levels

☑   Provided illustrative examples of how the fiscal year 2018 CIP and PSU designs will work and how actual performance will impact payouts

Shareholder Feedback

What We have Done

Fiscal Year 2018

☑   Have planned additional disclosure around how the CIP goal is set, and how the new metric compares to the fiscal year 2017 measure

☑   For fiscal year 2018 we will move to a3-year PSU program; we will enhance disclosure to include how the goals were set, and the rigor of these goals versus historical performance

In addition to the changes presented above, the Company continues to ensure that our executive compensation policies and practices align with leading corporate governance policies.

OUR COMPENSATION PHILOSOPHY — PAY FOR PERFORMANCE

Pay Mix

Our compensation programs are designed to align compensation with business objectives and Company financial performance. The objectives of our executive compensation program are to attract, retain, motivate, focus, and reward executives in order to enhance the long-term growth and profitability of the Company, foster stockholder value creation, and align executives’ interests with those of our stockholders. The Compensation Committee reviews executive compensation levels annually and seeks to reward executives for performance of achievement against corporate, business unit, department and individual goals. In its annual executive compensation review, the Compensation Committee also relies on compensation survey and peer company data and considers a balance between pay for performance and retention of executives in a competitive labor market, including a recent hyper-competitive compensation environment for semiconductor and other technology companies, especially in the San Francisco Bay Area. The items below highlight the key components of our executive compensation program and philosophy.

Performance-based equity compensation awards that vest based upon our total stockholder return (“TSR”) relative to the TSR of certain semiconductor index companies over a three-year period to closely align NEO’s interests with those of our stockholders.

Emphasis on performance-based compensation in our pay mix. Approximately 88% of our CEO’s total target compensation, and on average, approximately 78% of our other NEOs’ total target compensation was subject to our financial and/or share price performance in 2021.

Alignment between executive compensation and stockholder interests, achieved by emphasizing long-term compensation in our pay mix. In 2021, approximately 60% of our CEO’s target long-term equity incentive awards and 50% of other NEOs’ target long-term equity incentive awards consisted of performance units as described below.

Close alignment of our annual incentive compensation program (“Corporate Incentive Plan” or “CIP”) with Company performance. Our 2021 CIP program was funded based on the achievement of an objective performance target of pro-forma operating income. Pro-forma operating income performance for 2021 exceeded our target of $190.9 million by achieving pro-forma operating income of $210.5 million, which resulted in the 2021 CIP pool funding at 110.3% of target.

We maintained high governance standards in our executive compensation practices, including best practices with respect to equity ownership guidelines, perquisites, compensation recovery (e.g., clawbacks) and independent compensation committee advisors reviewing the entirety of our executive compensation programs. See “Other Policies and Elements of Executive Compensation” below.

Summary of Corporate Governance and Compensation Practices

The chart below summarizes our corporate governance and compensation practices:

Corporate GovernanceCompensation

✓  Currently, eight of our nine directors are independent, bringing diverse perspectives from various high performing technology companies. Six directors have been added over the past five years, bringing additional industry and financial expertise to our Board

✓  There is a strong link between pay and performance

✓  Our Board is led by an independent Non-Executive Chairperson

✓  A significant portion of our NEO’s target compensation is subject to Company financial and/or share price performance

✓  We have a thoughtful approach to balanced Board composition, diversity, and Board refreshment

✓  Generally, no perquisites are provided to our executives that are not available to our broader employee population

✓  We regularly review succession plans for our CEO and other senior executives

✓  We maintain robust stock ownership guidelines with required ownership levels of 4x base salary for the CEO, 2x base salary for other executive officers, and 3x annual cash compensation for directors

✓  We conduct a thorough annual review of our compensation programs and whether our programs encourage undue risk taking

✓  As stated in our Code of Business Conduct and Ethics, all employees and directors are prohibited from engaging in hedging transactions in Rambus shares, including short sales and purchases of put options

✓  We retain an independent compensation consultant

✓  We retain the right to reduce or withhold future compensation based on required restatement or adjustment, and to determine the extent to which recovery of prior compensation (clawback) may be pursued in event of fraud

Corporate GovernanceCompensation

✓  We adhere to robust risk management policies, including investment, legal, operational, financial, and strategic risks

✓  We do not provide tax gross-ups and vesting of outstanding equity awards may only accelerate upon a “double-trigger” following a change in control when applicable

✓  We regularly engage with stockholders

✓  Our executive compensation program is annually submitted to our stockholders for an advisory vote

✓  Our 2015 Plan prohibits the repricing of underwater stock options

Summary of Our Business Performance

Our strategic objectives are focusing our product portfolio and research around our core strength in semiconductors, optimizing our operational efficiency, and leveraging our strong cash generation to re-invest for growth. We continue to maximize synergies across our businesses and customer base, leveraging the significant overlap in our ecosystem of customers, partners and influencers. The Rambus product and technology roadmap, as well as our go-to-market strategy, is driven by the application-specific requirements of our focus markets.

In 2021, due to the ongoing COVID-19 pandemic and the emergence of various variants, including the Delta and Omicron variants, the global marketplace remained unsettled. Despite such turbulence, Rambus demonstrated great execution and significant product revenue growth. We drove this success by remaining focused on and committed to our customers, careful supply management and the tremendous dedication and agility of the Rambus team worldwide.

Annual product revenue increased 26% year-over-year between 2020 and 2021. Driven by continued gains in market share from our memory interface chips, we recognized record product revenue of $143.9 million in 2021. In addition, our cash provided by operating activities for 2021 was $209.2 million, which was a record for the Company and up 13% as compared to 2020. Silicon IP achieved sustained revenue growth with design-win momentum at tier-1 system on chip (“SoC”) customers and we continued to experience strong execution from the businesses we have acquired over the last several years. We successfully closed key patent licensing agreements with DRAM and SoC manufacturers, solidifying our foundation of sustained cash generation.

2021 Advisory Vote on Executive Compensation and Other Stockholder Engagement

At our 2021 annual meeting of stockholders, held on April 29, 2021, our stockholders approved the advisory vote on named executive officer compensation (“Say on Pay”) by approximately 98% of the votes cast. The Compensation Committee believes that the result of this vote (along with the 2020 advisory vote on executive compensation that was also approved by approximately 98% of the votes cast) affirms our stockholders’ support for our approach to executive compensation. We continued our efforts in stockholder outreach and engagement during 2021 and received no materially significant feedback or recommendations regarding our executive compensation programs. Moreover, given the level of Say on Pay support in April 2021, we have maintained the general overall structure and principal elements of our executive compensation programs in 2021. We will continue to take stockholder feedback seriously and will continue to engage with our stockholders. We hold Say on Pay votes annually and intend to do so again at our 2023 annual meeting.

Our Compensation Philosophy — Pay for Performance

Our compensation programs are designed to align compensation with business objectives, and Company financial performance, and to attract, retain, motivate, focus, and reward executives in order to enhance the long-term growth and profitability of the Company, foster stockholder value creation, and align executives’ interests with those of our stockholders. The principal components of our annual executive compensation program in 20172021 were base salary, annual cash incentive awards, and long-term equity incentive awards.

A substantial portion of our executives’ total compensation is variable and dependent on Company and individual performance. In 2017,fiscal 2021, approximately 90%88% of our CEO’s, and on average approximately 75%78% of our NEOs’, total target compensation was subject to the Company’s financial and/or stock price performance.

FY2017 Target Pay Mix

(% ofThe charts below illustrate the pay mix at target total compensation)for our CEO and other continuing NEOs in 2021*:

 

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NEO COMPENSATION PROCESSLOGO

*

The chart above titled, “Other NEOs” was calculated based on an annualization of Rahul Mathur’s compensation and does not include compensation for Keith Jones or Jae Kim.

Executive Compensation Process

The Role of the Compensation Committee

The Compensation Committee is responsible for determining and approving CEO compensation,compensation; approving compensation recommendations for NEOs,the CEO’s direct reports, including all NEOs; recommending to the Board changes to thenon-employee director compensation program,program; approving the salaries, target bonus opportunities, and overall levels of equity to be granted each year,year; and determining the amount of funding that will be available for the CIP, among other duties expressed in its charter. The compensation decisions are based on numerous inputs and independent advice, as laid outset forth below.

 

 

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In performing these duties, the Compensation Committee evaluates the performance of the CEO, and reviews and evaluates the existing NEO compensation programs. The Compensation Committee has the authority to obtain advice and assistance from internal or external compensation consultants, attorneys, accountants and other advisers. The Board of Directors annually evaluates the independence of its members and has determined thateach non-executive member of the Board of Directors satisfies the relevant criteria for independence.

The Compensation Committee considers multiple factors to ensure that compensation packages are consistent with our pay for performance philosophy and that we remain competitive in the market for talent. Importanttalent, especially in light of a recent hyper-competitive compensation environment. The Compensation Committee considers the following important factors considered in theseas part of its decision-making processes includedprocess: Company performance, individual leadership and performance assessments, market compensation levels, job scope, individual skills and experience, the

relative importance of the individual’s role, internal pay equity, historical pay levels and equity holdings. The Compensation Committee reviewed and approved Mr. Seraphin’s compensation, and Mr. Seraphin was not present for any voting or deliberations regarding his compensation.

The Board of Directors completed an annual comprehensive performance assessment of the then-current NEOs and conducted a review of the CEO’s performance. This assessment included an evaluationof pre-established strategic objectives and review of direct feedback from managers, peers and subordinates.NEO performance against these targets. The Compensation Committee also held an annual joint meeting with the full Board of Directors to review and discuss Company leadership development, performance objectives, and emergency and long-term succession planning.

The Role of the Independent Compensation Consultant

In 2017,Farient Advisors LLC (“Farient”) served as the Compensation Committee continued to retain Semler Brossy Consulting Group, LLC (“SBCG”) to assistCommittee’s independent advisor for purposes of providing compensation consulting services in evaluating executive2021 and director compensation. In addition, SBCG prepared materials and analyses for the Compensation Committee on CEO compensation, including the terms of Dr. Black’s new employment agreement and Dr. Black’s Strategic Growth Award (discussed below). The Compensation Committee reviewed and approved CEO compensation, and the CEO was not present for any voting or deliberations regarding CEO compensation. SBCGhas so served since May 5, 2019. Farient reports directly to the Compensation Committee and works collaboratively with management and the Compensation Committee. Pursuant to applicable SEC rules, the Compensation Committee has assessed the independence of SBCG,Farient and concluded that no conflict of interest existed or exists that would prevent SBCGFarient from independently representingadvising the Compensation Committee. SBCGFarient does not perform othernon-compensation related services for the Company and will not do so without the prior consent of the Compensation Committee. SBCGFarient regularly meets with the Compensation Committee outside the presence of Company management.

The Role of Management

Each year, the CEO and the head of Human Resources present to the Compensation Committee compensation recommendations, based in part on annual performance reviews, and compensation recommendations for the then-current NEOs, excluding the CEO. Evaluation of CEO performance and compensation is determined by the Compensation Committee without the presence or consultation of the CEO. Specifically, the Compensation Committee reviewed and approved Mr. Seraphin’s compensation and Mr. Seraphin was not present for any voting or deliberations regarding his compensation. Management personnel workworks with SBCGFarient to prepare compensation information and assessments for the Compensation Committee’s consideration.

In addition, once the Compensation Committee determines the amount of funding available for our CIP thepool. Our CEO then allocates this funding to each operating or business unit of the Company based on a measurement of each unit’sNEO’s achievement levels against the unit’s specific performance milestones in relation to the Company’s overall performance targets and recommends a specific CIP award for each NEO other than himself. The Compensation Committee reviews and assesses the CEO’s proposed CIP award for each NEO.NEO and also determines the CEO CIP payout.

Peer Group Comparisons

Each year, SBCG,our compensation consultant, together with senior members of executive staff and our Human Resources department, defines and assesses the appropriateness of a group of similarly situated companies, referred to as the Compensation Peer Group. This Compensation Peer Group is used for a variety of purposes, ofincluding benchmarking pay levels, pay programs, relative performance, and pay for performance, and assisting the Compensation Committee to determinein determining whether the total compensation opportunity available to our NEOs is appropriatecompetitive and competitive.

As Rambus has refocusedappropriately geared to deliver value in high growth markets through innovative product portfolios and supporting IP development, it has become increasingly difficult to select suitable peer comparators. Rambus’ addition of data center and mobile edge business, and expansion into new areas, such as Internet of Things (IoT), device security and smart transport make it an increasingly unique company.performance.

The Compensation Committee reviews the Company’s peer group annually to ensure that the group remains appropriate by size, sector, and business fit. The Compensation Peer Group for fiscal year 2017 compensation was approved byfit, among other key competitive factors. During July 2020, the Compensation Committee made changes to the Company’s peer group aimed at finding more comparable companies in July 2016terms of industry, relative size by revenue, business models and consisted of 15product offerings, with such changes to be effective for fiscal 2021 compensation benchmarking. As a result, DSP Group, Inc. and NetScout Systems, Inc. were added for the fiscal year 2021 compensation review cycle and no companies selected based on a number of key attributes, including revenue, technological complexity, industry and business characteristics, market capitalization and number of employees. Appearingwere removed from the Company’s fiscal year 2020 peer group. Set forth below is the Company’s fiscal year 20172021 peer group

as determined by the Compensation Committee.

2017 Peers

Applied Micro Circuits CorporationIntegrated Device Technology, Inc.Monolithic Power Systems
Cavium, Inc.InterDigital, Inc.Power Integrations Inc.
DSP Group, Inc.Lattice Semiconductor CorporationSemtech Corporation
FormFactor Inc.M/A-Com Technology SolutionsSilicon Laboratories Inc.
Inphi CorporationMaxLinear, Inc.Tessera Technologies

For fiscal year 2018, the Compensation Committee made further changes to the peer group in an effort to cover more of the markets where Rambus’ evolving businesses compete, aiming to diversify away from more pure-play semiconductor peers. Dolby Laboratories, Bottomline Technologies, and Universal Display Corp. were added to the peer group. Applied Micro Circuits, Cavium, DSP Group, and FormFactor were removed for the fiscal year 2018 peer group.

The fiscal year 20182021 peer group spans system software, semiconductor products, technology licensing and patent licensing sectors, as shown below:

2021 Peers

 

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Ambarella, Inc.

DSP Group, Inc.

Inphi Corporation

InterDigital, Inc.

Lattice Semiconductor Corporation

MACOM Technology Solutions Holdings, Inc.

Power Integrations, Inc.

Semtech Corporation

Silicon Laboratories Inc.

Universal Display Corporation

Xperi Corporation

MaxLinear, Inc.
Monolithic Power Systems, Inc.
NeoPhotonics Corporation
NetScout Systems, Inc.

In addition, the Compensation Committee reviews Radford survey data, including a broad range of industry competitors to supplement the peer group information. The survey was selected to represent pay levels for positions of comparable responsibility within companies of comparable size to Rambus.

COMPONENTS OF NEO COMPENSATIONComponents of Executive Compensation

The Company’s fiscal year 20172021 executive compensation program consisted of the following components:

 

       

Element

Element

  

Weighting

(% of target pay)

Purpose

  

Purpose

Design

 

Design

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Fiscal Year 2018 Design

Fixed Pay

Annual

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  Salary  

CEO      10%

NEOs    25%

AttractMarket-based to recognize scope of responsibility and retain top talent, capable of delivering superiorindividual performance

 

  Fixed compensation, payable in cashNo design changes
Variable Pay

Annual IncentiveLOGO

(CIP)

  

CEO      12%

NEOs    21%

Annual Corporate Incentive Plan (“CIP”)		  MotivateFocus, motivate and reward NEOs for achieving annual financial and business objectives  

Short-term cash incentive compensationbased on pro-
forma operating income; payouts range from 0% to 200%

Metric changed to Operating Income adjusted by Licensing Billings (to account for recent changes to accounting rules for revenue recognition); payouts rangeBillings; Pool ranges from 0% to 200%

and is allocated based on individual contributions

 Long-TermStock OptionsLOGO

  

CEO      15%

NEOs    11%Restricted Stock Units

  

Encourage retention of top talent and ownership of Rambus equity over the long- term

Encourage achievement of superior results for stockholders over the long- termlong-term and align executives with stockholder interests

  

Six-month cliff vesting followed by ratable vesting over the remaining four years

No design changes
Restricted Stock Units

CEO      16%

NEOs    22%

Four-year ratable vesting with weighting at 40% of LTI award for CEO and 50% of LTI award for other NEOs

No design changes
  Performance Units  

CEO      47%

NEOs    21%

One-yearThree-year performanceperiod, with two-
year additionaltime-based vesting, based on operating margin;our TSR relative to the TSR of certain semiconductor index companies; payouts range from 0% to 150%200%. Weighting at 60% of LTI award for CEO and 50% of LTI award for other NEOs

Three-year performance period, based on Customer Licensing Income, with+/-25% relative TSR modifier; payouts range from 0% to 200%

Annual Base Salary

For 2017,2020, Mr. Seraphin received a base salary increase, primarily based on market compensation data and his individual performance. For 2021, and after reviewing market compensation data, the Compensation Committee approved increases indid not increase Mr. Seraphin’s base salary forDr. Blackfrom 2020 levels. During 2020, Messrs. Mathur, Kim and Fan

received increases to reflecttheir base salaries, reflecting individual performance and a review of market compensation levels. Ms. StarkFor 2021, and Mr. Kim also received increases to theirafter reviewing market compensation data, the Compensation Committee did not increase the base salaries for each of Messrs. Mathur, Kim and Fan from 2020 levels. The following shows the NEOs’ base salary amounts for 2021 and 2020, including the percentage change from the prior fiscal year. Mr. Jones was appointed as Vice President, Finance, and Interim Chief Financial Officer effective as of November 15, 2021 and continued to receive his then-current annual base salary in his new role. Additionally, during his service as Vice President, Finance, and Interim Chief Financial Officer (and for at least a three month period), Mr. Jones will receive a monthly stipend of $6,250 as additional compensation to reflect individual performance,his increased responsibilitiesduties to the Company. Mr. Shinn was appointed as Senior Vice President, General Counsel and Secretary effective as of February 19, 2021, and received an increase to his base salary in connection with his appointment based on a review of market compensation levels. Mr. Mathur did not receive an increasedata. The amount shown in the table below reflects his increased 2021 base salary level for 2017, given his hire in October 2016. The following shows the NEOs base salary amounts for 2017:salary.    

 

Executive

  2017 Base
Salary		   2016 Base
Salary		   % of Base
Salary
Increase
from 2016		 

Ronald Black

  $555,000   $515,000    7.8% 

Rahul Mathur

  $330,000   $330,000    0% 

Laura Stark

  $325,000   $300,000    8.3% 

Jae Kim

  $330,000   $300,000    10% 
   2021 Base
Salary		   2020 Base
Salary		   Percentage
Change		 

Executive Officers:

      

Luc Seraphin

  $575,000   $575,000    0% 

Keith Jones

  $324,571*   $293,000    10.8% 

Sean Fan

  $480,000   $480,000    0% 

John Shinn

  $325,000   $297,973    9.1% 

Former Executive Officers:

      

Rahul Mathur

  $365,000   $365,000    0% 

Jae Kim

  $365,000   $365,000    0% 

*

As noted above, during his service as Vice President, Finance, and Interim Chief Financial Officer (and for at least a three month period), Mr. Jones will receive a monthly stipend of $6,250.

Annual Cash Incentive Compensation — Corporate Incentive Plan (CIP)

2017 CIP

For 2017, the Compensation Committee approved an increase in CIP targets for Dr. Black, Ms. Stark and Mr. Kim based on the Compensation Committee’s assessment of individual performance, responsibilities and market compensation levels. Mr. Mathur did not receive an increase in his CIP target for 2017, given his hire in October 2016. The following shows the 2017 CIP targets relative to 2016 CIP targets:

   2017 CIP Target  2016 CIP Target 

Executive

  2017
CIP Target		   % of Base
Salary		  2016
CIP Target		   % of Base
Salary		 

Ronald Black

  $721,500    130%  $618,000    120% 

Rahul Mathur

  $270,000    82%  $270,000    82% 

Laura Stark

  $310,000    95%  $300,000    100% 

Jae Kim

  $270,000    82%  $230,000    77% 

Consistent with previous years, annual cash incentive bonuses with respect to 2017 performance werethe Company’s fiscal year 2021 CIP program was based on the achievement of an objective performance goal ofpro-forma operating income. ThisThe Company believes this measure provides a meaningful measure of core financial performance and supports our short-term business objectives, which complements the measure of operating margin that we use for our performance unit awards (discussed later under “Long Term Equity Incentive Compensation”) that promotes growth and cost discipline.

Pro-forma operating income is anon-GAAP measure that consists of GAAP operating income, excludingadjusted for stock-based compensation expense, amortization expense, certain acquisition related expenses, retention bonuses, restructuring expenses, impairment charges,non-cash interest expense and certain otherone-time or extraordinary expenses or credits.credits and, as described in the next paragraph, was also adjusted for Customer Licensing Income (“CLI”). Otherone-time or extraordinary expense or income items may be excluded frompro-forma operating income as determined by the Compensation Committee.

In addition, consistent with prior years, the fiscal year 2021 CIP achievement metric of pro-forma operating income was also adjusted for CLI. CLI represents the Company’s reported financial results adjusted for licensing billings. Licensing billings is an operational metric that reflects amounts invoiced to the Company’s patent and technology licensing customers during the period and was chosen because it provides a measure comparable to prior periods that more closely matches the Company’s cash from operations, and provides meaningful profitability metrics.

For 2021, each of Messrs. Seraphin’s and Fan’s CIP targets remained the same from the 2020 CIP targets at 100% and 80% of his base salary, respectively. Mr. Shinn’s 2021 CIP target increased from $145,750 in 2020 to $162,500 in 2021, and Mr. Jones’ 2021 CIP target decreased from $146,500 in 2020 to $129,828 in 2021. The following table shows the 2021 CIP targets for our NEOs with the 2021 CIP target for Mr. Shinn based on his 2021 CIP target after his appointment to his new position. Following his appointment to Vice President, Finance, and Interim Chief Financial Officer, Mr. Jones continued to be eligible to receive his then-current annual target

bonus. No additional annual incentive opportunity was provided to Mr. Jones for serving as Vice President, Finance, and Interim Chief Financial Officer.

   2021 CIP Target 
   2021
CIP Target		   % of Base
Salary		 

Executive Officers:

    

Luc Seraphin

  $575,000    100% 

Keith Jones

  $129,828    40% 

Sean Fan

  $384,000    80% 

John Shinn

  $162,500    50% 

Former Executive Officers:

    

Rahul Mathur

  $273,750    75% 

Jae Kim

  $273,750    75% 

To align payouts with Company performance, CIP funding can range from 0% to 200% of target.target with a threshold of $0 (paying at 0% of target) and a maximum pro-forma operating income target of $381.8 million (paying at 200% of target), with awards interpolated for performance between discrete points. In accordance with the plan, our 20172021 CIP funding was measured atmid-year based on estimated expectations of the full year’s achievement against the performance target. The measurement may resultresulted in a progress payment toward the full year target payment. Final payments for fiscal 20172021 reflected actual Company performance in 2017,2021, net of anythe mid-year progress performance payment. The 20172021 performance targets and results ofpro-forma operating income were as follows:

 

Target

  

Actual

Performance

  

CIP Funding

LOGO

$117M190.9 million

  $124M210.5 million  106%110.3%

Despite a moreThe 2021 target was challenging, CIP performance target of $117M, relativeespecially due to supply chain constraints that needed to be managed continually as well as the 2016 goal of $103M andstructural decline in our 100% margin patent licensing revenue. Our product revenue, driven by continued market momentum for our memory interface chips, increased as compared to 2020 allowing us to achieve our actual performance of $109M, the Company achieved pro forma operating income of $124M, resulting in a 106% CIP pool funding.performance.

Individual CIP payouts for then-current NEOs may vary basedvaried as identified below on an assessment of individual performance relative to corporate goals and metrics. Individual executive performance may be factored into the performance of his or her division, business unit or other area of responsibility. In 2017, our NEOs participated in the 2017 CIP for their annual cash incentive compensation on the same terms as other participants, and payouts to our NEOs were based on the same percentage of CIP pool funding (106%).

   2017 CIP Target  2017 CIP Payouts 

Executive

  2017
CIP Target		   % of
Base  Salary		  Total 2017
CIP Payout		   % of Total
Target  CIP		 

Ronald Black

  $721,500    130%  $764,790    106% 

Rahul Mathur

  $270,000    82%  $286,200    106% 

Laura Stark

  $310,000    95%  $328,600    106% 

Jae Kim

  $270,000    82%  $286,200    106% 

Additionally, the Compensation Committee gave Dr. Black discretion to increase CIP payouts to each of Messrs. Mathur and Kim and Ms. Stark by up to 2%; and in February 2018,payout amounts based on achievement of specific individual goals. Individual goals may be quantitative, milestone-based or project-based. Mr. Seraphin’s performance is discussed and determined by the Compensation Committee with active consultation with the Board. Individual performance of the other then-current NEOs is determined by the CEO, with active consultation and discussion with the Compensation Committee and its consultant, Farient. The Company retains the flexibility to exercise discretion in determining bonus amounts based on individual performance metrics, eachand exercised this discretion in 2021. Mr. Kim did not receive any CIP payouts

for 2021, as he was not employed by the Company on the dates of those NEOs were awardedpayment and therefore was not eligible. Mr. Mathur received a CIP payout of $109,500 for the first half of 2021.

   2021 CIP Payout 
   2021
CIP Payout		   2021
CIP Target		   2021
OP Funding		   2021 Individual
Performance		  % of Base
Salary		 

Executive Officers:

         

Luc Seraphin

  $663,000   $575,000   $634,225    105%   115% 

Keith Jones

  $132,931   $129,828   $143,200    93%   41% 

Sean Fan

  $423,600   $384,000   $423,552    100%   88% 

John Shinn

  $187,000   $162,500   $179,238    104%   58% 

Former Executive Officers:

         

Rahul Mathur

  $109,500   $273,750   $301,946    36%   30% 

Jae Kim

  $—     $273,750   $301,946    0%   0% 

Additional Bonus Payments

As an incentive for Mr. Jones to accept the position of Vice President, Finance, and Interim Chief Financial Officer, he will receive a $150,000 retention bonus on the date that is twelve months from November 15, 2021, which is the effective date of his employment agreement, subject to Mr. Jones’ continued service with the Company between such increase.effective date and such bonus payment date.

Long Term Equity Incentive Compensation

Our equity incentives encourage the achievement of superior results over time and align the interests of our executive officers and stockholders because the value of the equity incentives is based on the priceperformance of the Company’s stock. Our equity awards are subject to vesting provisions to encourage executive officers to remain employed with us. To determine annual equity awards with respect to a completed fiscal year, the Compensation Committee reviews each then-current NEO’s performance and contribution during such year, as well as current market information, external competitive circumstances, overall equity ownership and vesting schedules of existing equity held by theeach NEO.

20172021 Equity Awards

NEO annualBased on its review of current market practices and the intended balance between a focus on performance and executive retention in a competitive employment market, the Compensation Committee determined that a mix of RSUs and PSUs without options would provide more appropriate incentives for Company NEOs, including the Company’s CEO. Annual equity awards granted in February 20172021 to our then-current NEOs represented a mix of stock options, RSUs and performance units and RSUs as an incentive for share price growth and financial performance as shown below.

 

   Performance Units  Restricted Stock Units  Stock Options 

CEO

   60%   20%   20% 

NEOs

   40%   40%   20% 

The program was designed such that 80% of the value of the equity awards (options and performance units) granted to our Chief Executive Officer in 2017 (other than Dr. Black’s Strategic Growth Award) was subject to both the risk of the Company’s financial and stock performance and 60% of the value of the equity awards (options and performance units) granted to our other NEOs in 2017 was subject to both the risk of the Company’s financial and stock performance.

With respect to performance unit awards, a target number of shares of our common stock subject to such units was awarded to each of our NEOs and such units became eligible for time-based vesting based on the Company’s operating margin for the fiscal year period in which the performance unit was awarded. Operating margin is a key measure of both growth and cost discipline, which complements our annual CIP bonus plan’s measure ofpro-forma operating income.

The ultimate number of shares that become eligible for time-based vesting can range from 0% to 150% of target depending on performance relative to target over the applicable period. Time-based vesting takes place after the performance level is achieved and determined to provide additional retention value. All earned shares that become subject to time-based vesting, vest on the third anniversary of the date of grant, subject to continued service. The performance units are designed to reward performance by linking grants to an objective Company performance measure while promoting employee retention through subsequent time-based vesting.

In 2017, the Company granted the following performance units:

Executive

  Threshold
(50% of
Target)		   Target   Maximum
(150%
Target)		 

Ronald Black (1)

   94,692    189,384    284,076 

Rahul Mathur

   9,324    18,648    27,972 

Laura Stark

   12,194    24,388    36,582 

Jae Kim

   9,324    18,648    27,972 

(1)Such awards do not include the Strategic Growth Award (discussed below), which was granted outside of the Company’s usual executive compensation review cycle.
   Performance Units  Restricted Stock Units 

CEO

   60%   40% 

NEOs

   50%   50% 

The following table is a summary of equity awards (in number of shares) granted during February 2021 to our then-current NEOs. For the dollar values associated with such grants, please see the Summary Compensation Table.

   PSU Grant
at Target		   RSU
Grant		 

Executive Officers:

    

Luc Seraphin

   110,655    73,770 

Sean Fan

   38,422    38,422 

Former Executive Officers:

    

Rahul Mathur

   30,737    30,737 

Jae Kim

   25,614    25,614 

In 2016, we achievedFebruary 2021, prior to his appointment to his new role, Mr. Shinn received an operating marginequity award grant from the Company based on his then-current role with the Company. In connection with his appointment to Senior Vice President, General Counsel, Secretary and Chief Compliance Officer, Mr. Shinn entered into an equity award cancellation agreement whereby he agreed to cancel his February 2021 award. Based on its review of 32%, versus 30% target, resultingcurrent market practices and the intended balance between a focus on performance and executive retention in a 116.7% payout. The operating margin target for 2017 was again set at 30%, given the Company’s continuing transition from patent licensing to products and services. The 2017 performance unit targets and results of operating margin were as follows:

Target

  

Actual Performance

  

Achievement

30%

  31.5%  112.5%

As a result of these performance unit achievements, individual NEOs became eligible for time-based vesting in the following share amounts:

Executive

PSU Shares

Ronald Black

213,057

Rahul Mathur

20,979

Laura Stark

27,436

Jae Kim

20,979

CEO Special Equity Award

Dr. Black received aone-time special equity award of RSUs with an initial estimated value of $4,400,000competitive employment market, on August 1, 2017, in connection with the renewal of his employment agreement (the “Strategic Growth Award”). The Strategic Growth Award has both a performance-based component (the “Performance RSUs”) and a time-based component (the “Time-Based RSUs”) with 50% of the Performance RSUs (assuming target level of performance) eligible to vest only upon achievement of performance goals, and 50% of the Time-Based RSUs scheduled to vest subject to Dr. Black’s continuing service to the Company.

Under Dr. Black’s leadership, the Company continues to transition from a pure IP licensing model to one that delivers increasing value to the market through chips, customizable IP cores, software and services. The Company is now positioned to move toward a true growth strategy, actively pursuing profitable growth, organically and inorganically. In order to further support this transition and align with our current performance imperatives of long-term revenue growth and increased shareholder value,February 17, 2021, the Compensation Committee awarded Dr. BlackMr. Shinn the Strategic Growth Award.following equity awards (in number of shares). The RSUs will vest in four equal annual installments with a vesting commencement date on February 19, 2021, subject to continued service through the applicable vesting period. For the dollar values associated with such grants, please see the Summary Compensation Table.

The Strategic Growth Award, which is 50% performance-based, has rigorous performance hurdles, focused

   PSU Grant
at Target		   RSU
Grant		 

Executive Officers:

    

John Shinn

   11,332    11,332 

In February 2021, prior to his appointment to his new role, Mr. Jones received an equity award grant from the Company based on revenue growth and share price appreciation. The award further incentivizes the retention of a leader whom the Board believes is vital to the future of Rambus. Finally, the Board believes it is appropriate to provide Dr. Blackhis then-current role with the opportunity to participate inCompany. For the shareholder value created if Rambus is able to meet these aggressive revenue growth goals.dollar values associated with such award, please see the Summary Compensation Table. Mr. Jones did not receive any additional equity awards for his service as Vice President, Finance, and Interim Chief Financial Officer.

Element

Design

Award Form

50% Performance RSUs, measured over a three-year period ending December 31, 2019

50% Time-Based RSUs, vesting annually over three years

Award Size

$4.4M—equal to Dr. Black’s 2017 target annual long-term incentive award

Metric and Leverage

Compounded average annual revenue growth (“CAARG”) from 2017 through 2019. Every 1% of CAARG will result in 10% of the target number of Performance RSUs becoming eligible for vesting, up to a maximum of 150% at 15% CAARG. If the CAARG is zero or is negative, no Performance RSUs will vest.

2021 Performance Units

Element

Design

In addition, if the Company’s average stock price for the consecutive20-day trading period ending on December 31, 2019 exceeds 130% of the stock price on the award’s date, 50% of the target number of Performance RSUs will vest.

CAARG (range0%-150%) + Stock Price Goal (range 0% or 50%) = Performance RSUs eligible to vest (subject to maximum of 150% of target)

In no event will more than 150% of the target Performance RSUs be eligible to be earned. For instance, if CAARG is achieved at 15% and the Stock Price Goal is achieved, 150% of the target Performance RSUs will be eligible to be earned. On the other hand, if CAARG is achieved at 5% resulting in 50% of the target Performance RSUs being earned and the Stock Price Goal is achieved, then only 100% of the target Performance RSUs would be eligible to be earned. If the CAARG is zero or is negative, no Performance RSUs will vest and the Performance RSUs will be forfeited.

Grant Timing

Awarded in June 2017 to coincide with Dr. Black’s updated employment agreement.

Further, the Board opted to allow a sufficient period of time between the Company’s second quarter 2017 earnings release and the grant date of the award.

When considering the Strategic Growth Award, the Board and the Compensation Committee, with advice and input from SBCG, considered Dr. Black’s critical role in leading the Company through a large-scale transformation during his tenure as CEO. Since Dr. Black joined the Company in 2012, the Company has recognized significant increases in revenue, market value and total shareholder return. As Dr. Black is vital to the continued success of the Company, the Board and the Compensation Committee felt it appropriate to grant the Strategic Growth Award as an incentive to Dr. Black to remain with the Company and to provide Dr. Black an opportunity to participate in stockholder value creation if the Company is able to meet aggressive performance goals. The Strategic Growth Award was designed to motivate and incentivize Dr. Black to drive the long-term growth of the Company and to align his financial interests with those of our stockholders.

When determining the size of the Strategic Growth Award, the Board and the Compensation Committee considered a number of factors. In December 2015,fiscal 2021, the Company granted retention oriented equity awards to its executives, but did not award a retention award to Dr. Black. Dr. Black did not receive a retention award in December 2015 because the December 2015 awards vested solely based on continued service and the Board and the Compensation Committee wanted any potential award to Dr. Black to also include meaningful performance requirements. Additionally, at the time of the 2015 grants, Dr. Black had existing performance-based option awards and the Board and the Compensation Committee did not want overlap with the performance-based option awards. In July 2017, despite outstanding Company performance, Dr. Black forfeited 595,000 shares of performance-based option awards because the Company did not achieve the extremely aggressive stock price hurdles associated with such awards ranging from $15.00 to $20.00 per share. The Board and the Compensation Committee considered the fact that Dr. Black did not receive a retention grant in December 2015 and the expiration of the performance-based option awards when calculating the number of shares subject to the Strategic Growth Award.

The Performance RSUs that become eligible to vest following the satisfaction of the performance criteria (the “Eligible RSUs”) will vest on December 31, 2019 (or earlier upon a change of control of the Company or upon a

qualifying termination of Dr. Black’s employment). If the performance goals are not achieved, Dr. Black will not vest in any of the Performance RSUs. Dr. Black must remain employed through the end of the performance period in order to vest in the Eligible RSUs. If the Company undergoes a change of control or Dr. Black’s employment is terminated without cause, apro-rata portion of the Eligible RSUs will vest upon the closing of the change of control or qualifying termination, as applicable, based upon the number of completed months between January 1, 2017 and the closing of the change of control or termination date, as applicable. In the event of a change of control, any remaining Eligible RSUs will be scheduled to vest on each December 31 remaining in the performance period, subject to any accelerated vesting provisions set forth in the Agreement. In the event of a qualifying termination of employment outside of the context of a change of control, pursuant to the terms of the Agreement, Dr. Black will receive 12 months additional vesting of any Eligible RSUs.

2018 CEO Compensation

Based on stockholder feedback, the Company has committed to reducing the CEO’s ongoing annual target compensation levels to the 75th percentile of the compensation peer group, and maintaining this relative positioning in the future. For fiscal year 2018, the CEO’s target annual CIP opportunity was reduced from 130% of base salary to 120%. Further, the target annual equity award was reduced by approximately $224,000. We exclude the Strategic Growth Award, granted during fiscal year 2017 from the target compensation calculations below, as the award is not a component of the CEO’s ongoing target annual compensation.

The fiscal year 2018 CEO target annual equity award mix is 60% performance shares, 20% restricted stock units and 20% stock options, consistent with the fiscal year 2017 award.

   

Fiscal Year 2017

  

Fiscal Year 2018

Base Salary

  $555,000  $555,000

Annual CIP Target

  $721,000 (130% of salary)  $666,000 (120% of salary)

Target Annual Equity Award

  $4,400,000  $4,176,000

Target Total Compensation

  $5,676,000  $5,397,000

2018 CIP and Long-Term Incentives

Due to stockholder feedback, the continued planned evolution of our compensation programs and changes in accounting rules, we have made material design changes to our fiscal year 2018 CIP and fiscal year 2018 performance unit program.

2018 CIP

Effective January 1, 2018, the Company adopted Accounting Standards UpdateNo. 2014-09, Revenue from Contracts with Customers in Accounting Standards Codification Topic 606 (“ASC 606”),which supersedes the revenue recognition requirements in ASC Topic 605, Revenue Recognition (“ASC 605”). While the Company expects the adoption of ASC 606 to materially impact the timing of revenue recognition for itsfixed-fee intellectual property licensing arrangements, the Company does not expect to have a material impact on its cashflow from operations or the underlying financial position of the Company. The Company is still assessing the impact that the adoption of ASC 606 will have on its other revenue streams. Under the new accounting rules, while it is likely that the Company’s reported revenue will become more volatile, the Company does not expect changes to the timing of billings or cash collection from its licensing arrangements.

To compensate for these changes in accounting rules, the fiscal year 2018 CIP achievement metric will be changed to Customer Licensing Income (“CLI”). CLI represents the Company’s reported financial results adjusted for licensing billings. Licensing billings is an operational metric that reflects amounts invoiced to the Company’s patent and technology licensing customers during the period. For example, for fiscal year 2017, licensing billings was consistent with the royalties revenue amount reported under ASC 605, though there were timing differences on a quarterly basis. As the adoption of ASC 606 will materially impact the timing of revenue

recognition for the Company’sfixed-fee intellectual property and minimum guarantee licensing arrangements, implementing the use of the licensing billings metric as a substitute for royalty revenue in the Company’s fiscal year 2018 CIP and performance unit programs,will provide a measure comparable to prior periods that more closely matches the Company’s cash from operations, and provides meaningful profitability metrics.

We are confident that CLI provides a measurement consistent with prior years that will allow Company executives to remain focused on company performance, without being impacted by accounting changes.

2018 Performance Units

In fiscal year 2018, the Company will grant to itsthen-current NEOs performance units with a three-year performance period that are eligible to vest upon the completion of the performance period or as otherwise provided in the award agreement. The fiscal 2021 performance units vest solely based upon the Company’s relative TSR to the TSR of the SOX semiconductor index companies, excluding certain companies from that index focused on equipment and systems used in the production of semiconductors (the “Equipment Companies”). The SOX semiconductor index companies minus the Equipment Companies was chosen as the benchmark because it best reflects the volatility and trading patterns of our common stock. The Compensation Committee decided to retain the plan design and structure of the 2020 performance units granted in February 2020. Accordingly, the plan design and structure of the 2021 performance units is the same as the 2020 performance units, including a three-year performance period.    

The performance units will vest based upon the achievement of relative TSR (with a 100% weighting) as set forth below, with a relatively wide point spread to ensure relevance throughout the performance period:

 

Performance Level

 

TSR Percentage Point Spread Above /
Below Median of SOX Semiconductor Index
Minus Equipment Companies (1)

 

Payout (Percentage       

of Target Shares) (2)       

Max

≥ +25%200%       

Target

0%100%       

Threshold

-15%25%       

< Threshold

< -15%0%       

(1)

A 60-day trailing average stock price will be used to calculate TSR

(2)

Will be interpolated for performance between discrete points

2019 Performance Units

In fiscal 2019, we granted our then-current NEOs performance units with a three-year performance period that would vest in full upon the completion of the performance period. The performance units will vest based upon the achievement of compound annual growth of Customer Licensing Income (“CLI”) annual growth over the performance period. The initial payout willwould then be modified+/-25% based on the Company’s TSR ranking relative to ourits compensation peer group.

 

3-Year Performance Period

CLI CAGR (%)

    x    +/- 25%  3-year Relative TSR Modifier    =    Total Payout (0%-
200% of Target)

LOGO

AnnualThe performance period for the performance units granted in fiscal 2019 ended as of December 31, 2021. The Compensation Committee certified performance and vesting for the NEOs based on the following pre-determined payout scale: compound annual CLI growth of 5% results in 50% of target payout. Each additional 1% compound annual growth results in 10% of the target number of performance units vesting, up to a maximum of 160% of target performance units at 16% compound annual growth. If compound annual CLI growth is below 5%, the performance units are forfeited.

At the end of the performance period, if Rambus’the Company’s TSR is in the top third of the peer group, the payout number of shares will be multiplied by 125%; middle third performance will have no additional impact on payout, and bottom third performance will have a negative 25% impact. Please see

In December 2019, the chart belowCompensation Committee in consultation with Farient and the Company’s outside legal counsel held meetings to determine how to treat the sale of the Payment and Ticketing business to Visa in connection with the performance metrics in the 2019 PSUs. After reviewing the historical context as a basis for an illustrative example.their determination, the Compensation Committee determined and clarified that the revenues as originally forecasted for such Payments and Ticketing businesses as part of the three-year performance measurement period will continue to be included for purposes of calculating achievement toward the compound annual CLI growth targets associated with the 2019 PSUs.

CLI Annual

Growth Rate

 

CLI Payout

Result

 

Range of Potential Payouts
after Relative TSR Modifier

<5% 0% 0%
5% 50% 38%-63%
10% 100% 75%-125%
16% 160% 120%-200%
>16% 160% 120%-200%

The performance outcome for the fiscal 2019 performance units will be weighted at 60%was CLI growth of our long-term incentives10.30% which resulted in 103% of target payout. The Company’s TSR during the performance period was in the middle tier of its compensation peer group resulting in the payout number of shares being multiplied by 100%. The Compensation Committee certified performance and vesting of the 2019 performance units for Dr. Black, (increased from 50% for fiscal year 2016),the NEOs who held 2019 performance units as follows:

NEO

  Target Number of
2019 Performance
Units (Shares)		   CLI Multiplier  TSR Modifier  Payout (Shares) 

Luc Seraphin

   172,500    103%   100%   177,675 

Sean Fan

   112,782    103%   100%   116,165 

Former Executive Officers:

      

Rahul Mathur

   62,500    103%   100%   —   

Jae Kim

   53,125    103%   100%   —   

Pursuant to Mr. Fan’s offer letter, dated as of August 9, 2019, he received an award of 112,782 performance units under the Company’s 2019 Inducement Plan.

Other Policies and 40%Elements of our long-term incentives for our NEOs.Executive Compensation

OTHER POLICIES AND ELEMENTS OF NEO COMPENSATION

Benefits and Perquisites

We do not provide any perquisites to NEOsour executives that are not generally available to the broadbroader employee population, with the exception of termination benefits for Mr. Seraphin and travel reimbursements to Dr. Black pursuant to his employment agreement and termination benefits to theour other NEOs based on change of control severance agreements. Our NEOs are eligible to participate in our 401(k) plan, our health and welfare benefits, our Employee Stock Purchase Plan and our User-Owned Personal Computing Devices reimbursement program on the same terms as other eligible employees.employees.

Stock Ownership Guidelines

OurThe Compensation Committee believes that executives are requiredand members of the Board should own a significant amount of our Company stock in order to holdalign the interests of such individuals with those of our stockholders. In 2020, the Compensation Committee undertook an extensive review of our guidelines relative to our objectives of ownership and competitive practice and further reviewed the guidelines in 2021. Given the review, the Compensation Committee established the following guidelines (that remain in effect) requiring executives and directors to own a multiple of their salaries and cash retainers, respectively, as follows:

Group

Stock Ownership Guidelines

Chief Executive Officer

Four times (4x) base salary

Other Executive Officers

Two times (2x) base salary

Directors

Three times (3x) annual cash compensation

For purposes of the ownership guidelines, ownership includes shares owned outright (including stock purchase plan holdings) and 50% ofafter-tax shares realized upon vesting or exercise outstanding RSUs. Vested and unvested stock options and unvested performance units are not qualified holdings for purposes of satisfying the stock ownership guidelines. Further, 50% of qualifying equity awards on anafter-tax basis until they reachholdings must be in the required levelsform of 5x base salary for the CEOissued and 3x base salary for the other executive officers.outstanding common stock. Our current executives and directors are required to achieve the required levels on or before July 30, 2025. New executives and directors must achieve the guidelines within five years offrom the date

such an officer or director assumes theirhis or her position. For purposes of these guidelines, ownership includes shares owned outright, unvested restricted stock and restricted stock units, and the value of vested and unexercised stock options. As of December 31, 2017, all2021, a majority of our NEOs wereand directors are in compliance with this policy.the updated policy; the others are within the five year phase in period.

Hedging and Pledging

As stated in our Code of Business Conduct and Ethics, all of our employees and directors are prohibited from engaging in hedging transactions in Rambus shares, including short sales and purchases of put options. In

addition, under our insider trading policy, our directors and executive officers are prohibited from pledging Rambus securities as collateral for loans.

Equity Grant Policy

Annual equity awards to then-current NEOs are granted on February 1st of each year or the first trading day thereafter. Currently,Under our current compensation program, awards granted consist of stock options, RSUs and performance units. Stock options are priced at the fair market value on the date that the grant becomes effective while RSUs and performance units are full value awards. The number of shares and key terms of the awards are approved by the Compensation Committee prior to the scheduled award date, February 1st or the first trading day thereafter.date. On occasion, the Compensation Committee approves other special or promotional equity awards during the year in addition to the annual equity awards, including, for example, Dr. Black’s Strategic Growth Award.but no such awards were made in 2021 other than to Mr. Shinn related to his appointment as Senior Vice President, General Counsel, Secretary and Chief Compliance Officer, as discussed above.

Compensation Recovery (Clawback)

The Compensation Committee reserves the right to reduce or withhold future compensation based on any required restatement or adjustment to the Company’s reported financial statements, and to determine the extent to which recovery of prior compensation may be pursued in the event of future adjustments caused by fraud on the part of an executive of Rambus. The Compensation Committee will adopt a policy that complies with the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act when such rules are promulgated.

CEO Employment Agreement

On July 17, 2017, in connection with the expiration of the five-year term of Dr. Black’s employment agreement, the Company entered into a new employment agreement with Dr. Black. The new employment agreement will remain in effect through June 26, 2022. We believe having an employment agreement with the CEO promotes transparency, stability and retention. Dr. Black’s original employment agreement expired in 2017, and Rambus has traditionally maintained employment agreements with our CEOs in the past. The employment agreement executed in July 2017 set the Company on the path for continued success by ensuring Dr. Black’s strategic focus and leadership of the Company’s growth. The Board of Directors is confident in Dr. Black’s leadership and recognizes the critical role he plays in the Company’s transition from heavily focusing on maintaining and growing licensing revenue in 2012 to its product growth imperative in 2017.

As part of Dr. Black’s employment agreement, the Compensation Committee agreed to reimburse Dr. Black for up to $200,000 in relocation related expenses as a result of Dr. Black relocating his European residence from Paris to Rotterdam. Having Dr. Black relocate to, and spend periods of time in Rotterdam will not only improve the Company’s operations in Rotterdam, but also strengthen the Company’s chances of receiving a favorable ‘Dutch Innovation Box’ tax ruling related to Dr. Black’s service as a Bell ID director. Bell ID was acquired by Rambus in 2016. The Dutch Innovation Box is a special corporation tax rate which allows for eligible income to be taxed atan effective rate of 5% rather than the top rate of 25%. This in turn enables profit exemption for up to 80% to be obtained. The Dutch Innovation Box has previously yielded substantial income tax benefits for the Company. The proposed Dutch tax structure aligns the use and future development of recently acquired IP within Rambus’ global operating model and business objectives.

Change of Control PaymentsSeverance Agreements

Outstanding equity awards for our NEOs, including our CEO, may vest upon a “double-trigger” termination in the event of a change of control pursuant toWe maintain change of control severance agreements with our executive officers

andNEOs (other than Mr. Jones), including our CEO’s employment agreementCEO, that governsgovern certain applicable change of control severance obligations applicable to him.obligations. These agreements are designed to promote stability and retention of senior management prior to and following a change of control and to align executive and stockholder interests by enabling executives to consider corporate transactions that are in the best interests of the stockholders and other constituents of the Companycompany without undue concern over whether the transactions may jeopardize the executives’ own employment. Each agreement has an initial term of three years and will renew automatically for additional one-year terms unless either party to the agreement provides the other with written notice of non-renewal at least 90 days prior to the date of automatic renewal.

As discussed above, the Company entered into a new employment agreement with Dr. Black which sets forthFor each of our NEOs, under the terms of their change of control severance agreement, if we terminate such executive’s employment without “Cause” or such executive terminates his employment for “Good Reason”, and provisions governing Dr. Black’s employment. Dr. Black’s employment agreement with the Company includes, among other terms, certain payments for Dr. Black in the event of hiseach case, such termination occurs during a period beginning three months before a change of control and ending 12 months (or 24 months in the case of Mr. Seraphin) following a change of control, then subject to the executive signing and not revoking a separation agreement and release of claims and the executive’s continued compliance with the terms of the Company, or both. The Compensation Committee believed that retaining these provisions in Dr. Black’s employment agreement was appropriate givenAt Will Employment, Confidential Information, Invention Assignment, and Arbitration Agreement entered into between the context of Dr. Black’s lengthy tenure withexecutive and the Company, the executive will receive: (i) a lump sum payment (less applicable withholding taxes) equal to 100% (or 200% in the case of Mr. Seraphin) of the executive’s annual base salary as in effect immediately prior to the executive’s termination date or, if greater, at the level in effect immediately prior to the change of control; (ii) a lump sum payment (less applicable withholding taxes) equal to 100% (or 200% in the case of Mr. Seraphin) of the executive’s target bonus and commission for the year of termination as in effect immediately prior to the executive’s termination date, or, if greater, at the level in effect immediately prior to the change of control; (iii) 100% of the executive’s then-outstanding and unvested equity awards will become vested in full (and if the amount of the award to vest is determined based on the achievement of performance criteria, then the equity awards will vest based on achievement at target levels for the relevant performance period(s)); and (iv) if the executive elects continuation coverage pursuant to COBRA for executive and his continued leadership ator her eligible dependents, the Company.

SeeCompany will reimburse the executive for the COBRA premiums for a maximum period of 12 months (or 18 months in the case of Mr. Seraphin). Refer to “Executive Compensation Tables — Potential Payments Upon Termination or Change of Control” below for a discussion of potential payments to our current NEOs, including our CEO.

Tax ConsiderationsEmployment Agreement with Keith Jones

PriorIn connection with his appointment to January 1, 2018,the role of Vice President, Finance, and Interim Chief Financial Officer, the Company entered into an employment agreement with Mr. Jones that governs his services in such role. Under the terms of the employment agreement, if we terminate Mr. Jones’ employment without “Cause” or if he terminates his employment for “Good Reason”, and in each case, such termination occurs during the period Mr. Jones is employed under Section 162(m),the terms of the employment agreement and ending 12 months following the completion of such term, then subject to Mr. Jones signing and not revoking a corporation cannot deduct compensation it paysseparation agreement and release of claims and Mr. Jones’ continued compliance with the terms of the At Will Employment, Confidential Information, Invention Assignment, and Arbitration Agreement entered into between Mr. Jones and the Company, Mr. Jones will receive: (i) a lump sum payment (less applicable withholding taxes) equal to its Chief Executive Officer100% of his annual base salary as in effect immediately prior to his termination date; (ii) a lump sum payment (less applicable withholding taxes) equal to 100% of his target bonus for the year of termination as in effect immediately prior to his termination date and certain other executive officers in excessthe monthly salary stipend of $1 million unless such compensation is considered “qualified performance-based compensation”$6,250 multiplied by 12; (iii) accelerated vesting as defined in Section 162(m). Compensationto any then-outstanding and unvested equity awards that qualifiesvest solely based on continued service as “performance-based” generally must meet the requirementto that it is payable only upon attainmentnumber ofpre-established, objective performance goals under a plan shares that has been approvedwould have otherwise vested had Mr. Jones remained employed by the corporation’s stockholders. In 2017,Company for 12 months following his termination date (other than equity awards where the performance metric has not been achieved by the termination date); and (iv) if Mr. Jones elects continuation coverage pursuant to COBRA for himself and his eligible dependents, the Company will reimburse Mr. Jones for the COBRA premiums for a maximum period of 12 months. Refer to “Executive Compensation Committee considered theTables — Potential Payments Upon Termination or Change of Control” below for a discussion of potential future effects of Section 162(m) when determining NEO compensation. As a result of the Tax Cuts and Jobs Act that became law in late 2017, the number of individuals covered by Section 162(m) has been expandedpayments to include the Company’s principle financial officer and the exception for performance-based compensation has been eliminated. For 2018 and beyond, the Compensation Committee is expected to consider the potential future effects of Section 162(m) when determining NEO compensation.our current NEOs.

Compensation Program Risk Evaluation

The Compensation Committee annually reviews the elements of NEO compensation to determine whether any portion of the overall program encourages excessive risk taking. The Compensation Committee’s current assessment is that although the majority of compensation provided to our NEOs is performance-based, our compensation programs do not encourage excessive or unnecessary risk taking. The Compensation Committee believes that the design of these compensation programs encourages our NEOs to remain focused on both short-termshort- term and long-term strategic goals.

COMPENSATION AND HUMAN RESOURCES COMMITTEE REPORT

Our Compensation and Human Resources Committee has reviewed and discussed the Compensation Discussion and Analysis with management and, based on such review and discussions, the Compensation and Human Resources Committee recommended to the Board of Directors that the Compensation Discussion and Analysis be included in this report.

 

  

THE COMPENSATION AND HUMAN
RESOURCES COMMITTEE

 

David ShrigleyEric Stang (Chair)

E. Thomas Fisher*Necip Sayiner

Emiko Higashi*Sanjay Saraf

Charles Kissner

*Mr. Fisher served on the Compensation Committee until March 8, 2018 and Ms. Higashi joined the Compensation Committee March 8, 2018.

EXECUTIVE COMPENSATION TABLES

Summary Compensation Table

The following table shows NEO compensation information for 2015, 2016the fiscal years ended December 31, 2021, 2020 and 2017.2019.

 

              Non-Equity       
        Stock  Option  Incentive Plan  All Other    
     Salary  Awards(1)  Awards(1)  Compensation  Compensation(4)  Total 

Name and Title

 Year  ($)  ($)  ($)  (2)(3)($)  ($)  ($) 

Ronald Black

  2017   551,667   7,992,844   819,488   764,790   215,367(5)   10,344,156 

President and Chief Executive

  2016   515,000   3,808,145   1,026,080   653,844   12,634   6,015,703 

Officer

  2015   515,000   2,456,752   550,656   610,000   63,325   4,195,733 

Rahul Mathur(6)

  2017   330,000   477,389   121,059   291,600   10,740   1,230,788 

Senior Vice President, Finance

  2016   81,442   972,000   242,142   71,415   50,480   1,417,479 

and Chief Financial Officer

       

Laura Stark

  2017   322,917   659,121   158,309   334,800   10,740   1,485,887 

Senior Vice President, GM,

Emerging Solutions Division

  2016   300,000   611,102   124,995   396,360   9,870   1,442,327 
  2015   299,167   1,021,254   80,304   322,838   47,350   1,770,913 

Jae Kim

  2017   327,500   500,753   121,059   291,600   10,740   1,251,652 

Senior Vice President,

  2016   300,000   412,025   83,952   379,546   9,870   1,185,393 

General Counsel and Secretary

  2015   299,167   828,262   64,243   217,140   35,589   1,444,401 

Name and Title

 Year  Salary
($)		  Stock
Awards(1)
($)		  Option
Awards(1)
($)		  Incentive Plan
Compensation(2)
($)		  All Other
Compensation(3)
($)		  Total
($)		 

Luc Seraphin

  2021   575,000   4,511,773   —     663,000   11,724   5,761,497 

Chief Executive

  2020   572,917   4,050,500   —     742,900   11,346   5,377,663 

Officer

  2019   550,000   2,888,225   —     592,900   11,436   4,042,561 

Keith Jones(4)

  2021   331,599(5)   229,692   —     132,931   11,941   706,163 

Vice President,

       

Finance, and Interim

       

Chief Financial Officer

       

Sean Fan

  2021   480,000   1,816,592   —     423,600   13,724   2,733,916 

Senior Vice President,

  2020   479,583   1,493,972   —     513,600   313,346(6)   2,800,501 

Chief Operating Officer

  2019   167,468   3,071,054   —     143,655   301,669(7)   3,683,846 

John Shinn(8)

  2021   322,697   564,560   —     187,000   9,804   1,084,061 

Senior Vice President,

       

Secretary and General

       

Counsel

       

Former Executive Officers:

       

Rahul Mathur(9)

  2021   319,375   1,453,245   —     109,500   13,142   1,895,262 

Senior Vice President,

  2020   364,099   1,493,972   —     353,685   13,346   2,225,102 

Finance and Chief

  2019   353,162   1,241,875   —     333,495   13,436   1,941,968 

Financial Officer

       

Jae Kim(10)

  2021   51,240   1,211,030   —     —     9,204   1,271,474 

Senior Vice President,

  2020   364,099   1,120,488   —     353,685   11,346   1,849,618 

General Counsel and

  2019   353,162   1,055,594   —     323,400   11,436   1,743,592 

Secretary

       

 

(1)

Amounts shown do not reflect compensation actually received by the NEO. Instead, the amounts shown are the aggregate grant date fair value computed in accordance with the provisions of FASB ASC Topic 718. The assumptions used to calculate the value of stock and stock option awards are set forth under Note 1214 of the Notes to Consolidated Financial Statements included in our Annual Report on Form10-K for the year ended December 31, 2017.2021. The restricted stock units that vest based on service were valued based on the fair market value of the Company’s common stock on the date of grant. The performance units were valued using a Monte Carlo simulation model. The assumptions used to calculate the fair value of the performance units granted in 2021 were as follows: expected volatility of 40.23%, risk-free interest rate of 0.29% and an expected term of 2.79 years. The assumptions used to calculate the fair value of the performance units granted in 2020 were as follows: expected volatility of 53.0%, risk-free interest rate of 0.51% and an expected term of 2.78 years. The assumptions used to calculate the fair value of the performance units granted in 2019 were as follows: expected volatility of 29.7%, risk-free interest rate of 1.66% and an expected term of 2.05 years.

(2)

Amounts for fiscal year 20172021 consist of compensation earned for services rendered in fiscal year 20172021 and are based upon the achievement of certain targets under the 20172021 Corporate Incentive Plan. The target and achievement results were reviewed and approved by the Compensation Committee. The plan is further described under “Compensation Discussion & Analysis — Components of NEOExecutive Compensation.”

(3)The Compensation Committee gave Dr. Black discretion to increase CIP payouts to each of Messrs. Mathur and Kim and Ms. Stark by up to 2%; and in February 2018, based on achievement of individual performance metrics, each of those NEOs were awarded such increase.
(4)The details of “All

“All Other Compensation” for NEOs for 2017 are described in this Proxy Statement under “Compensation Disclosure2021 include a 401K match, a health and Analysis” — “Other Policieswelfare premium payments and Elementsa bring your own device stipend.

(4)

Mr. Jones was appointed to the position of NEO Compensation.”Vice President, Finance, and Interim Chief Financial Officer, to be effective as of November 15, 2021.

(5)Dr. Black’s Other Compensation includes $192,277

As of November 15, 2021, Mr. Jones’ start date as the Vice President, Finance, and Interim Chief Financial Officer (“Interim CFO Start Date”), Mr. Jones received an additional monthly salary stipend of $6,250 (the “Salary Stipend”) for his services as Interim CFO. The Salary Stipend will be paid for a minimum of three (3) months after the Interim CFO Start Date even if Mr. Jones’ term of employment ends sooner, but subject to Mr. Jones remaining on employee of the Company during such period. Mr. Jones was paid a total of $9,659.09 for his Interim CFO services in expenses related to the relocation of Dr. Black’s European residence, $12,350 in reimbursement for attorney’s fees related to renegotiation of his employment agreement, $8,100 in 401K match, $1,920 for bring your own device stipend and $720 in Company paid premiums for health and welfare insurance.2021.

(6)

Mr. Fan was provided a sign-on bonus of $300,000 upon his one-year anniversary.

(7)

Mr. Fan was provided a sign-on bonus of $300,000 upon his appointment.

(8)

Mr. Shinn was appointed to the position of Senior Vice President, General Counsel and Secretary, to be effective as of February 19, 2021.

(9)

Mr. Mathur was appointedresigned from his position as Chief Financial Officer, effective November 15, 2021.

(10)

Mr. Kim resigned from his position as Senior Vice President, FinanceGeneral Counsel and Chief Financial Officer on October 3, 2016.Secretary effective as of February 19, 2021.

Executive Employment Arrangements

The material terms of our employment agreements, offer letters or arrangements with each of our Named Executive Officers are described below.

Each of our Named Executive Officers is eligible to receive certain severance payments and/or benefits in connection with his or her termination of employment under various circumstances, including following a change in control, pursuant to written severance and change in control arrangements. For a summary of the material terms and conditions of these arrangements, as well as an estimate of the potential payments and/or benefits payable to our Named Executive Officers under these arrangements, see the description below and the section titled “—Potential Payments Upon Termination or Change in Control” below.

Luc Seraphin. In 2018, we entered into an employment agreement with Mr. Seraphin, which has an initial three-year term that expired on October 25, 2021 and provides for automatic one-year extensions thereafter, unless we or Mr. Seraphin provide the other party written notice at least 90 calendar days before the extension date that the employment term under the agreement will not be extended (and no such notice was given in 2021). Mr. Seraphin’s employment agreement provides that he is an at-will employee. Mr. Seraphin is currently entitled to an annual salary of $575,000. Additionally, Mr. Seraphin is eligible for an annual target cash incentive payment equal to $575,000. Per his Employment Agreement, Mr. Seraphin may be eligible to receive additional equity awards as determined by the Board or the Compensation Committee in its discretion.

Keith Jones. In 2021, we entered into an employment agreement with Mr. Jones, which provided the terms of his at-will employment at the Company. Mr. Jones is currently entitled to an annual salary of $324,571. In addition, as of his appointment as the interim CFO on November 15, 2021, the Company will pay Mr. Jones a monthly salary stipend of $6,250 as additional compensation for at least three months, and until the end of Mr. Jones’ services to the Company as its interim CFO. Additionally, Mr. Jones is eligible for an annual target bonus payment equal to $129,828. The Company will pay Mr. Jones a retention bonus in the amount of $150,000 on November 15, 2022, subject to Mr. Jones’ continued service with the Company between November 15, 2021 and November 15, 2022. Per his employment agreement, Mr. Jones may be eligible to receive additional equity awards as determined by the Board or the Compensation Committee in its discretion.

Sean Fan. In 2019, we entered into an offer letter with Mr. Fan. Mr. Fan is currently entitled to an annual salary of $480,000 and an annual target cash incentive payment equal to $384,000. In connection with his hiring, Mr. Fan received an inducement RSU award of 112,782 RSUs and an inducement award of 112,782 performance

units. Fifty percent of the RSU award will vest 12 months from the date of grant, and the remaining fifty percent of the RSU award will vest 24 months from the date of grant, subject to continued service. The RSUs and performance units are subject to the terms and conditions of the Company’s 2019 Inducement Equity Incentive Plan and an award agreement. Per his offer letter, Mr. Fan may be eligible to receive additional equity awards as determined by the Board or the Compensation Committee in its discretion.

John Shinn. In 2021, in accordance with the Company’s established succession plan, we appointed Mr. Shinn as the Company’s Senior Vice President, General Counsel and Secretary. Mr. Shinn is currently entitled to receive an annual salary of $325,000. Additionally, Mr. Shinn is eligible to receive an annual target bonus payment equal to $162,500. In connection with his promotion, Mr. Shinn also received a grant of RSUs covering 11,332 shares of our common stock. The RSUs will vest in four equal annual installments with a vesting commencement date on February 1, 2021, and the first installment vesting on February 1, 2022, subject to continued service through the applicable vesting period. Mr. Shinn also received a grant of PSUs covering 11,332 shares of common stock, awarded in accordance with the Company’s standard form of 2015 Equity Incentive Plan Performance-Based Restricted Stock Unit Agreement. Mr. Shinn may be eligible to receive additional equity awards as determined by the Board or the Compensation Committee in its discretion.

Former Executive Officers

Rahul Mathur. In 2016, we entered into an offer letter with Mr. Mathur. Prior to Mr. Mathur’s resignation from the Company, effective November 15, 2021, he was entitled to an annual salary of $365,000 and an annual target bonus equal to $273,750. During the term of his employment, Mr. Mathur was eligible to receive additional equity awards as determined by the Board or the Compensation Committee in its discretion.

Jae Kim. In 2013, we appointed Mr. Kim as the Company’s Senior Vice President and General Counsel. Prior to his resignation from the Company, effective as of February 19, 2021, Mr. Kim was entitled to an annual salary of $365,000 and an annual target bonus equal to $273,750. During the term of his employment, Mr. Kim was eligible to receive additional equity awards as determined by the Board or the Compensation Committee in its discretion.

Grants of Plan Based Awards

The following table shows all plan-based awards granted to the NEOs during 2017.2021. The option awards and the unvested portion of the stock awards identified in the table below are also reported in the Outstanding Equity Awards at 20172021 Year End table that follows.

 

                   All Other     
                 All Other Option     
                 Stock Awards:   Grant Date 
                 Awards: Number of Exercise Fair Value 
                 Number of Securities or Base of 
                 Shares of Underlying Price of Stock and 
                 Stock or Options Option Option 
     Estimated Future Payouts Under Estimated Future Payments Under Units(2) (2) Awards Awards(3) 
     Non-Equity Incentive Plan Awards(1) Equity Incentive Plan Awards (#) (#) ($/Sh) ($)      

 

Estimated Future Payouts Under
Non-Equity Incentive Plan
Awards(1)

 Estimated Future Payouts Under
Equity Incentive Plan Awards		  All Other
Stock
Awards:
Number of
Shares of
Stock or
Units(2)
(#)		 Grant Date
Fair Value
of
Stock
Awards(3)
($)		 

Name

 Grant
Date		 Approval
Date		 Threshold
($)		 Target
($)		 Maximum
($)		 Threshold
(#)		 Target
(#)		 Maximum
(#)		 

 

 

 

 

 

 

 

  Grant
Date		 Approval
Date		 Threshold
($)		 Target
($)		 Maximum
($)		 Threshold
(#)		 Target
(#)		 Maximum
(#)		 
Ronald Black  2/1/2017   1/18/2017   N/A   721,500   1,443,000   —     —     —     —     197,753   12.80   819,488 

Luc Seraphin

 2/1/2021  1/21/2021  n/a  575,000  1,150,000     73,770  1,439,990 
  2/1/2017   1/18/2017         63,128    —     808,038  2/1/2021  1/21/2021     25%  100%  200%  110,655  3,071,783 

Keith Jones

 2/1/2021  1/21/2021  n/a  129,828  259,656     11,767  229,692 
  2/1/2017   1/18/2017      50%   100%   150%   189,384    —     2,424,115  2/1/2021  1/21/2021     25%  100%  200%   —     —   

Sean Fan

 2/1/2021  1/21/2021  n/a  384,000  768,000     38,422  749,997 
  8/1/2017   6/22/2017         170,675    —     2,200,001  2/1/2021  1/21/2021     25%  100%  200%  38,422  1,066,595 

John Shinn(4)

 2/19/2021  2/17/2021  n/a  162,500  325,000     11,332  249,984 
  8/1/2017   6/22/2017      50%   100%   150%   170,675    —     2,275,098  2/19/2021  2/17/2021     25%  100%  200%  11,332  314,576 

Former Executive Officers(5):

          
Rahul Mathur  2/1/2017   1/18/2017   N/A   270,000   540,000   —     —     —     —     29,213   12.80   121,059  2/1/2021  1/21/2021  n/a  273,750  547,500     30,737  599,986 
  2/1/2017   1/18/2017         18,648    —     238,694 
  2/1/2017   1/18/2017      50%   100%   150%   18,648    —     238,694 
Laura Stark  2/1/2017   1/18/2017   N/A   310,000   620,000   —     —     —     —     38,202   12.80   158,309 
  2/1/2017   1/18/2017         24,388    —     312,166 
  2/1/2017   1/18/2017      50%   100%   150%   24,388    —     312,166  2/1/2021  1/21/2021     25%  100%  200%  30,737  853,259 
Jae Kim  2/1/2017   1/18/2017   N/A   270,000   540,000   —     —     —     —     29,213   12.80   121,059  2/1/2021  1/21/2021  n/a  273,750  547,500     25,614  499,985 
  2/1/2017   1/18/2017         18,648    —     238,694  2/1/2021  1/21/2021     25%  100%  200%  25,614  711,045 
  2/1/2017   1/18/2017      50%   100%   150%   18,648    —     238,694 

 

(1)

Amounts shown are estimated payouts for fiscal year 20172021 to NEOs based on the 20172021 bonus targets under the plan discussed under “Compensation Discussion & Analysis — Components of NEOExecutive Compensation.” Actual bonuses received by these named executive officers for fiscal year 20172021 are reported in the Summary Compensation for Fiscal Year 20172021 table under the column entitled“Non-Equity Incentive Plan Compensation” and described under “Compensation Discussion & Analysis — Components of Executive Compensation Components.Compensation.”

(2)

The stock options, restricted stock units and performance units granted on February 1, 20172021, were granted as part of the Company’s regular performance review process. The stock options and restricted stock units willvest based on the executive’s continued service to the Company through the applicable vesting dates. The performance unit grantsunits will become earnedvest based upon the performance level achieved tied toachievement of the Company’s operating margin forTSR relative to TSR of the fiscal year in which the performance unit was awardedSOX semiconductor companies and the executive’s continued service to the Company through the applicable vesting date on the third anniversary of the date of grant.

(3)

The value of a stock option, restricted stock unit or performance unit grant is based on the fair market value as of the grant date of such award determined pursuant to FASB ASC Topic 718. The exercise price for all options granted to the named executive officer is 100% of the fair market value of the shares on the grant date. The restricted stock unit and performance unit grants are full value awards and do not have an exercise price.

(4)

Mr. Shinn was appointed to the position of Senior Vice President, General Counsel and Secretary, to be effective as of February 19, 2021. Upon his appointment, Mr. Shinn’s salary was increased to $325,000 per annum; and his bonus eligibility was increased to $162,500 per annum. In addition, on February 17, 2021, Mr. Shinn was awarded 11,332 RSUs and 11,332 PSUs to be granted on February 19, 2021.

(5)

Mr. Kim did not receive a CIP payout for fiscal 2021, because he was not employed by the Company on the dates of payment and therefore was not eligible. Mr. Mathur received a CIP payout of $109,500 for the first half of 2021. Equity grants to Messrs. Mathur and Kim expired upon their termination from the Company, except that vested options expire one year after termination.

Outstanding Equity Awards at FiscalYear-End

The following table shows all outstanding equity awards held by the NEOs as of December 31, 2017.2021. Unvested stock awards reported in the Grants of Plan Based Awards table above are also included in the table below.

 

  Option Awards  Stock Awards  Equity Incentive Plan Awards 
   Number of Securities
Underlying Unexercised
Options		  Option
Exercise
Price
($)		  Option
Expiration
Date		  Number of
Shares of
Stock That
Have Not
Vested (#)		  Market Value
of Shares of
Stock That
Have Not
Vested ($)(1)		  Number of
Unearned
Shares, Units
or Other
Rights That
Have Not
Vested(#)		  Market or
Payout Value
of Unearned
Shares, Units
or Other
Rights That
Have Not
Vested ($)(1)		 

Name

 Exercisable
(#)		  Unexercisable
(#)		       

Ronald Black

  36,725   161,028(2)   12.80   2/1/2027   —     —     —     —   
  —     —     —     —     170,675(3)   2,426,999   —     —   
  —     —     —     —     —     —     170,675(4)   2,426,999 
  —     —     —     —     63,128(5)   897,680   —     —   
  —     —     —     —     —     —     189,384(6)   2,693,040 
  97,428   122,572(7)   12.31   2/1/2026   —     —     —     —   
  —     —     —     —     75,000(8)   1,066,500   —     —   
  —     —     —     —     233,400(9)   3,318,948   —     —   
  84,000   36,000(10)   11.26   2/2/2025   —     —     —     —   
  —     —     —     —     27,272(11)   387,808   —     —   
  —     —     —     ��     173,866(12)   2,472,375   —     —   
  220,142   9,858(13)   8.76   2/3/2024   —     —     —     —   
  190,000   —(14)   5.46   2/1/2023   —     —     —     —   
  595,000   —(14)   5.76   7/2/2022   —     —     —     —   

Rahul Mathur

  5,425   23,788(2)   12.80   2/1/2027   —     —     —     —   
  —     —     —     —     18,648(5)   265,175   —     —   
  —     —     —     —     —     —     18,648(6)   265,175 
  15,000   45,000(15)   12.15   11/1/2026   —     —     —     —   
  —     —     —     —     60,000(16)   853,200   —     —   

Laura Stark

  7,094   31,108(2)   12.80   2/1/2027   —     —     —     —   
  —     —     —     —     24,388(5)   346,797   —     —   
  —     —     —     —     —     —     24,388(6)   346,797 
  11,868   14,932(7)   12.31   2/1/2026   —     —     —     —   
  —     —     —     —     18,273(8)   259,842   —     —   
  —     —     —     —     28,432(9)   404,303   —     —   
  —     —     —     —     27,516(17)   391,278   —     —   
  12,250   5,250(10)   11.26   2/2/2025   —     —     —     —   
  —     —     —     —     8,000(11)   113,760   —     —   
  —     —     —     —     17,000(12)   241,740   —     —   
  34,820   2,143(13)   8.76   2/3/2024   —     —     —     —   
  29,142   —(14)   5.46   2/1/2023   —     —     —     —   
  21,000   —(14)   7.31   2/1/2022   —     —     —     —   
  30,000   —(14)   20.93   2/1/2021   —     —     —     —   
  30,000   —(14)   22.72   2/1/2020   —     —     —     —   
  13,935   —(14)   8.55   2/2/2019   —     —     —     —   

Jae Kim

  5,425   23,788(2)   12.80   2/1/2027   —     —     —     —   
  —     —     —     —     18,648(5)   265,175   —     —   
  —     —     —     —     —     —     18,648(6)   265,175 
  1,543   10,029(7)   12.31   2/1/2026   —     —     —     —   
  —     —     —     —     12,273(8)   174,522   —     —   
  —     —     —     —     19,096(9)   271,545   —     —   
  —     —     —     —     22,294(17)   317,021   —     —   
  1,200   4,200(10)   11.26   2/2/2025   —     —     —     —   
  —     —     —     —     6,500(11)   92,430   —     —   
  —     —     —     —     13,812(12)   196,407   —     —   
  3,814   1,929(13)   8.76   2/3/2024   —     —     —     —   

Name

 # of Securities
Underlying
Unexercised
Options (#)
Exercisable		  # of Securities
Underlying
Unexercised
Options (#)
Unexercisable		  Option
Exercise
Price
($)		  Option
Expiration
Date		  # of
Shares or
Units of
Stock That
Have Not
Vested (#)		  Market Value
of Shares or
Units of
Stock That
Have Not
Vested (1)($)		  Equity
Incentive Plan
Awards: #of
Unearned
Shares, Units
or Other
Rights That
Have Not
Vested (#)		  Equity
Incentive Plan
Awards:
Market or
Payout Value
of Unearned
Shares, Units
or Other
Rights That
Have Not
Vested ($)		 

Luc Seraphin

  11,783   2,123(2)   12.8400   2/1/2028   —     —     —     —   
  1,006   —  (3)   12.8000   2/1/2027   —     —     —     —   
  —     —     —     —     73,770(4)   2,162,199   —     —   
  —     —     —     —     75,000(5)   2,198,250   —     —   
  —     —     —     —     57,500(6)   1,685,325   —     —   
  —     —     —     —     6,576(7)   192,743   —     —   
  —     —     —     —     —     —     177,675(10)   5,207,654 
  —     —     —     —     —     —     110,655(8)   3,243,298 
  —     —     —     —     —     —     150,000(9)   4,396,500 

Keith Jones

  —     —     —     —     11,767(4)   344,891   —     —   
  —     —     —     —     11,250(5)   329,738   —     —   
  —     —     —     —     11,500(6)   337,065   —     —   
  —     —     —     —     7,000(11)   205,170   —     —   

Sean Fan

  —     —     —     —     34,614(5)   1,014,536   —     —   
  —     —     —     —     38,422(4)   1,126,149   —     —   
  —     —     —     —     —     —     116,165(10)   3,404,796 
  —     —     —     —     —     —     38,422(8)   1,126,149 
  —     —     —     —     —     —     46,153(9)   1,352,744 

John Shinn

  —     —     —     —     11,332(4)   332,141   —     —   
  —     —     —     —     7,500(5)   219,825   —     —   
  —     —     —     —     11,000(6)   322,410   —     —   
  —     —     —     —     5,000(7)   146,550   —     —   
  —     —     —     —     —     —     11,332(8)   332,141 

 

(1)

The market value is calculated using the closing price of our common stockCommon Stock of $14.22$29.31 on December 29, 201731, 2021 (the last trading day of 2017)2021), as reported on The Nasdaq Global Select Market (NASDAQ), multiplied by the unvested stock amount.

(2)

The option was granted on February 1, 2017.2018. Options representing 1/10th of the total shares granted vested six months from the grant date and the remaining shares vest in equal monthly installments until fully vested on February 1, 2021.

(3)The restricted stock units were granted on August 1, 2017 and vest in three equal annual installments beginning on August 1, 2018.
(4)The performance stock units were granted on August 1, 2017. The number of shares earned will range between 0% to 150% of target shares granted. Vesting occurs after the performance level is achieved and determined, measured relative to compounded average annual revenue growth and average stock price appreciation ending December 31, 2019, and service is completed through that period.
(5)The restricted stock units were granted on February 1, 2017 and vest in four equal annual installments beginning on February 1, 2018.
(6)The performance stock units were granted on February 1, 2017. The number of shares earned will range between 0% to 150% of target shares granted. Vesting occurs after the performance level is achieved and determined relative to pro forma operating margin for fiscal year 2017 and service is completed through the third anniversary of the date of grant.
(7)The option was granted on February 1, 2016. Options representing 1/10th of the total shares granted vested six months from the grant date and the remaining shares vest in equal monthly installments until fully vested on February 1, 2020.
(8)The restricted stock units, which represent the remaining portion of restricted stock units granted on February 1, 2016, vest in three equal annual installments beginning on February 1, 2018.
(9)The performance stock units were granted on February 1, 2016. The number of shares earned was 116.7% of the target shares granted. Vesting occurs on the third anniversary of the date of grant upon continued service through the applicable vest date.
(10)The option was granted on February 2, 2015. Options representing 1/10th of the total shares granted vested six months from the grant date and the remaining shares vest in equal monthly installments until fully vested on February 2, 2019.
(11)The restricted stock units, which represent the remaining portion of restricted stock units granted on February 2, 2015, vest in two equal annual installments beginning on February 2, 2018.
(12)The performance restricted stock units were granted on February 2, 2015. The number of shares earned was 106.25% of the target shares granted. Vesting occurs on the third anniversary of the grant date upon continued service through the applicable vest date.
(13)The option was granted on February 3, 2014. Options representing 1/10th of the total shares granted vested six months from the grant date and the remaining shares vest in equal monthly installments until fully vested on February 3, 2018.
(14)Shares subject to the option are fully vested and immediately exercisable.
(15)The option was granted on November 1, 2016. Options representing 1/10th10th of the total shares granted vested six months from the grant date and the remaining shares vest in equal monthly installments until they are fully vested on NovemberFebruary 1, 2020.2022.

(16)(3)

The option was granted on February 1, 2017. Options representing 1/10th of the total shares granted vested six months from the grant date and the remaining shares vest in equal monthly installments until they are fully vested on February 1, 2021.

(4)

The restricted stock units which represent the remaining portion of restricted stock unitswere granted on NovemberFebruary 1, 2016,2021 and vest in threefour equal annual installments beginning on NovemberFebruary 1, 2018.2022.

(17)(5)

The restricted stock units which represent the remaining portion of restricted stock unitswere granted on December 1, 2015,February 3, 2020 and vest in twofour equal annual installments beginning on February 3, 2021.

(6)

The restricted stock units were granted on February 1, 2019 and vest in four equal annual installments beginning on February 1, 2020.

(7)

The restricted stock units were granted on February 1, 2018 and vest in four equal annual installments beginning on February 1, 2019.

(8)

The performance stock units were granted on February 1, 2021. The number of shares earned will range between 25% to 200% of target shares granted. The performance units will vest based upon the achievement of +/-25% based on the Company’s relative TSR to the TSR of the SOX semiconductor index companies and the executive’s continued service to the Company through the applicable vesting date on the third anniversary of the date of grant.

(9)

The performance stock units were granted on February 3, 2020. The number of shares earned will range between 25% to 200% of target shares granted. The performance units will vest based upon the achievement of +/-25% based on the Company’s relative TSR to the TSR of the SOX semiconductor index companies and the executive’s continued service to the Company through the applicable vesting date on the third anniversary of the date of grant.

(10)

The performance stock units were granted on February 1, 2019. These shares represent the shares earned as of December 31, 2021, and amount to approximately 103% of the targeted shares granted. Refer to “2019 Performance Units” above for more information.

(11)

The restricted stock units were granted on March 1, 2018.2018 and vest in four equal annual installments beginning on March 1, 2019.

EachExcept as otherwise noted, each of the options and other equity awards reflected on the table above were issued under the 2006 Plan or the 2015 Plan, which are plans that were or are available to all of our employees.

Certain equity awards reflected on the table above were issued under the 2019 Inducement Plan, which is not available to all of our employees.

Option Exercises and Stock Vested

The following table shows all stock options exercised and value realized upon exercise, and all stock awards vested and value realized upon vesting, by the NEOs during 2017.2021.

 

  Option Awards   Stock Awards   Option Awards   Stock Awards 

Name

  Number of
Shares
Acquired on
Exercise (#)		   Value Realized
on Exercise ($)		   Number of
Shares
Acquired on
Vesting (#)		   Value Realized
on Vesting (1)($)		   Number of
Shares
Acquired on
Exercise (#)		   Value Realized
on Exercise ($)		   Number of
Shares
Acquired on
Vesting (#)		   Value Realized
on Vesting (1)($)		 

Ronald Black

   —      —      38,636    492,768 

Luc Seraphin

   1,779    8,394    82,528    1,603,322 

Keith Jones

   —      —      16,500    335,286 

Sean Fan

   —      —      67,930    1,598,790 

John Shinn

   —      —      13,000    252,998 

Former Executive Officers:

        

Rahul Mathur

   —      —      20,000    293,200    130,686    1,546,515    51,477    1,001,312(2) 

Laura Stark

   33,408    194,814    23,849    332,951 

Jae Kim

   35,704    133,976    19,738    275,075    39,728    323,323    45,091    877,537(3) 

 

(1)

The value realized equals the market value of our common stock on the vesting date multiplied by the number of shares that vested.

(2)

Mr. Mathur left the Company on November 15, 2021 and ceased to be an executive officer. Information in the above table reflects transactions through November 15, 2021.

(3)

Mr. Kim left the Company on February 19, 2021 and ceased to be an executive officer. Information in the above table reflects transactions through February 19, 2021.

CEO Pay Ratio

As required by Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(u) of RegulationS-K, we are providing the following information about the relationship of the annual total compensation of our employees and the annual total compensation of Dr. Ronald Black,Luc Seraphin, our CEO:

For fiscal year 2017,2021, our last completed fiscal year:

 

the median of the annual total compensation of all employees of our company (other than our CEO), was $135,117;$154,965; and

 

the annual total compensation of our CEO, as reported in the Summary Compensation Table presented elsewhere in this proxy statement, was $10,344,156.$5,761,497.

Based on this information, for fiscal year 2017,2021, the ratio of the annual total compensation of Dr. Black,Mr. Seraphin, our CEO, to the median of the annual total compensation of employees was approximately 7737 to 1. This pay ratio is a reasonable estimate calculated in a manner consistent with Item 402(u) of RegulationS-K.

To identify the median of the annual total compensation of all our employees, as well as to determine the annual total compensation of the “median employee,” the methodology and the material assumptions, adjustments, and estimates that we used were as follows:

 

We selected December 31, 2017,2021, which is the last day of our fiscal year, as the date upon which we would identify the median employee.

 

As of December 31, 2017,During fiscal 2021, our employee population had consisted of approximately 819693 individuals, including employees in the United States, Australia, Canada, China, Finland, France, India, Japan, the Netherlands, Singapore,Bulgaria, South Korea, Taiwan and the United Kingdom. Of these employees, 402273 were located in the United States and 417420 were located outside of the United States.

 

When determining our median employee, we excluded all employees from ChinaAustralia (2), Japan (3) and Taiwan. The numberUnited Kingdom (4), which is less than 5% of employees excluded from China was 2 andour total employee population (based on an employee count of 693) under the number of employees excluded from Taiwan was 2.de minimis exception provided for in Item 402(u).

 

To identify the “median employee” from our employee population we used payroll and equity plan records for January 1, 20172021 through December 31, 20172021 (the “compensation measure”).

The compensation measure included the following: base salary, employer cost of benefits, employer retirement plan contributions, including 401(k) matching, bonus payments, grant date fair value of stock options and restricted stock units,equity awards, employee stock purchase plan discounts and sales commissions.

 

For countries other than the United States, Canada, India, China and Canada,South Korea, the employer cost of benefits was calculated based on the average employer cost per country.

Forcountry and for countries in the European Union, Australia and Singapore, the employer cost of benefits includes the cost of holidays.

We annualized the base salary and employer cost of benefits of all permanent employees who were hired in fiscal year 2017 but did not work for us or our subsidiaries for the entire fiscal year.

 

Amounts paid in foreign currency were converted into United States dollars using exchange rates in effect as of December 31, 2017.2021.

 

With respect to the annual total compensation of the “median employee,” we identified and calculated the elements of such employee’s compensation for fiscal year 20172021 in accordance with the requirements of Item 402(c)(2)(x) ofRegulation S-K, resulting in annual total compensation of $135,117.$154,965.

 

With respect to the annual total compensation for the CEO, we used the amount reported in the “Total” column of our 20172021 Summary Compensation Table.Table for Mr. Seraphin.

Potential Payments Upon Termination or Change of Control

Equity Acceleration

In the event of a “change in control” or “merger” of the Company, as defined in the plans, each outstanding option or equity award will be assumed or an equivalent option or right substituted by the successor company. In the event that the successor company refuses to assume or substitute for the option or equity award, the participant will fully vest in and have the right to exercise all of his or her options or stock appreciation rights, including shares as to which such awards would not otherwise be vested or exercisable, all restrictions on restricted stock will lapse, and, with respect to restricted stock units, performance shares and performance units, all performance goals or other vesting criteria will be deemed achieved at target levels and all other terms and conditions met. In addition, if an option or stock appreciation right becomes fully vested and exercisable in lieu of assumption or substitution in the event of a change of control, the administrator of the plan will notify the participant that the option or stock appreciation right will be fully vested and exercisable for a period of time determined by the administrator, and the option or stock appreciation right will terminate upon the expiration of such period.

The form of option agreement for the 2015 Plan and the 2006 Plan, provideprovides that if a successor company assumes outstanding options or awards or substitutes for options or awards with an equivalent award, then if following such assumption or substitution the participant’s status as an employee or employee of the successor company, as applicable, is terminated by the successor company as a result of an “Involuntary Termination” other than for “Cause” within 12 months following the change in control, the option or award will immediately vest and become exercisable as to 100% of the shares subject to the option or award.

Change of Control Severance Agreements

We have entered into change of control severance agreements with our executive officers except(other than Mr. Jones), including our CEO, who has an employment agreement that governsgovern certain applicable change of control severance obligations applicable to him.obligations. These agreements are designed to promote stability and retention of senior management prior to and following a change of control and to align executive and stockholder interests by enabling executives to consider corporate transactions that are in the best interests of the stockholders and other constituents of the company without undue concern over whether the transactions may jeopardize the executives’ own employment.

Each agreement has an initial term of three years and will renew automatically for additionalone-year terms unless either party to the agreement provides the other with written notice ofnon-renewal at least 90 days prior to the date of automatic renewal. If

For each of our NEOs other than our CEO and Interim CFO, if we terminate thesuch executive’s employment without “Cause” or thesuch executive terminates his employment for “Good Reason”, and in each case, such termination occurs during a period beginning three months before a change of control and ending 12 months following a change of control, then subject to the executive signing and not revoking a separation agreement and release of claims and the executive’s continued compliance with the terms of the At Will Employment, Confidential Information, Invention Assignment, and Arbitration Agreement entered into between the executive and the Company, the executive will receive: (i) a lump sum payment (less applicable withholding taxes) equal to 100% of the executive’s annual base salary as in effect immediately prior to the executive’s termination date or, if greater, at the level in effect immediately prior to the change of control; (ii) a lump sum payment (less applicable withholding taxes) equal to 100% of the executive’s full bonus and commission for the year of termination at target level as in effect immediately prior to the executive’s termination date, or, if greater, at the level in effect immediately prior to the change of control; (iii) 100% of the executive’s then-outstanding and unvested equity awards will become vested in full (and if the amount of the award to vest is determined based on the achievement of performance criteria, then the equity awards will vest based on achievement at target levels for the relevant performance period(s)); and (iv) if the executive elects continuation coverage pursuant to COBRA for executive and his or her eligible dependents, the Company will reimburse the executive for the COBRA premiums for a maximum period of 12 months.

CEO Employment Agreement

Dr. Black’sMr. Seraphin’s employment agreement with the Company provides that in the event the Company terminates Dr. Black’shis employment with the Company without “Cause” and such termination does not occur within the three months prior to or 1224 months following a change of control of the Company, Dr. BlackMr. Seraphin will receive: (i) continueda lump sum payment (over 12 months) of one year100% of his base salary and 100% of his target bonus, (ii) a monthly $3,000Company payment of his COBRA premiums (in lieu of continued employee benefits) for a period of 12 months, and (iii) 12 months additional vesting of all equity awards with a service based component including all equity(excluding awards with a mixture of performance-based vesting provisions as to which the performance metric has been achieved by the termination date, but not as to any such awards as to whichcomponent if the performance metric has not been achieved.achieved by the termination date). In the event the Company terminates Dr. Black’sMr. Seraphin’s employment with the Company without “Cause” or Dr. BlackMr. Seraphin voluntarily terminates his employment for “Good Reason”, and in either event, such termination occurs within three months prior to or 1224 months following a change of control of the Company, Dr. BlackMr. Seraphin will receive: (i) continueda lump sum payment (over 12 months) of 18 months200% of his base salary and 150% of his target bonus, (ii) a monthly $3,000Company payment of his COBRA premiums (in lieu of continued employee benefits) for a period of 18 months, and (iii) 100% vesting of all equity awards with a service based component including all equity(excluding awards with a mixture of performance-based vesting provisions as to which the performance metric has been achieved by the termination date, but not as to any such awards as to whichcomponent if the performance metric has not been achieved. Ifachieved by the termination date).

The severance payments and other benefits will be subject to Mr. Seraphin entering into (and not revoking) a release of claims agreement against the Company and Mr. Seraphin’s continued compliance with certain non-compete, non-solicit, and non-disparagement provisions contained in the Agreements. In the event that the severance payments and other benefits payable to Mr. Seraphin constitute “parachute payments” under Section 280G of the U.S. tax code and would be subject to the applicable excise tax, then Mr. Seraphin’s severance and other benefits will be either: (i) delivered in full, or (ii) delivered to such lesser extent which would result in no portion of such benefits being subject to the excise tax, whichever results in the receipt by Mr. Seraphin on an after-tax basis of the greatest amount of benefits.

Employment Agreement with Keith Jones

In connection with his appointment to the role of Vice President, Finance, and Interim Chief Financial Officer, the Company entered into an employment agreement with Mr. Jones that governs his services in such role. Under the terms of the employment agreement, if we terminate Mr. Jones’ employment without “Cause” or if he terminates his employment for “Good Reason”, and in each case, such termination occurs during the period Mr. Jones is employed under the terms of the employment agreement and ending 12 months following the completion of such term, then subject to Mr. Jones signing and not revoking a separation agreement and release of claims and Mr. Jones’ continued compliance with the terms of the At Will Employment, Confidential Information, Invention Assignment, and Arbitration Agreement entered into between Mr. Jones and the Company, Mr. Jones will receive: (i) a lump sum payment (less applicable withholding taxes) equal to 100% of his annual base salary as in effect immediately prior to his termination date and the monthly salary stipend of $6,250 multiplied by 12; (ii) a lump sum payment (less applicable withholding taxes) equal to 100% of his target bonus for the year of termination as in effect immediately prior to his termination date; (iii) accelerated vesting as to any then-outstanding and unvested equity awards are not assumedthat vest solely based on continued service as to that number of shares that would have otherwise vested had Mr. Jones remained employed by the successor company inCompany for 12 months following his termination date (other than equity awards where the performance metric has not been achieved by the termination date); and (iv) if Mr. Jones elects continuation coverage pursuant to COBRA for himself and his eligible dependents, the Company will reimburse Mr. Jones for the COBRA premiums for a changemaximum period of control transaction, the awards12 months.

The severance payments and other benefits will be treatedsubject to Mr. Jones entering into (and not revoking) a release of claims agreement against the Company and Mr. Jones’ continued compliance with the Company’s At Will Employment, Confidential Information, Invention Assignment, and Arbitration Agreement, as describedsuch agreement may be amended from time to time. In the event that the severance payments and other benefits payable to Mr. Jones constitute “parachute payments” under “Equity Acceleration” above.Section 280G of the U.S. tax code and would be subject to the

applicable excise tax, then Mr. Jones’ severance and other benefits will be either: (i) delivered in full, or (ii) delivered to such lesser extent which would result in no portion of such benefits being subject to the excise tax, whichever results in the receipt by Mr. Jones on an after-tax basis of the greatest amount of benefits.

Potential Payments Upon Termination or Change ofin Control Payments

The value of the benefits that would be payable to Dr. BlackMr. Seraphin assuming a qualifying termination of employment on December 31, 20172021, is included in the chart below.

 

   Salary   Bonus   Equity   Benefits   Total 

No Change of Control

  $555,000   $721,500   $7,699,573   $36,000   $9,012,073 

Change of Control

  $832,500   $1,082,250   $16,168,091   $54,000   $18,136,841 

   Salary   Bonus   Equity   Benefits   Total 

Luc Seraphin (No Change In Control)

  $575,000   $575,000   $14,137,297   $33,014   $15,320,311 

(Change In Control)

  $1,150,000   $1,150,000   $15,493,236   $49,521   $17,842,756 

The value of the benefits that would be payable to Messrs. Jones, Fan and Shinn our other current NEOs, except for our CEO, assuming a qualifying termination of employment on December 31, 20172021, is included in the chart below.

 

   Salary   Bonus   Equity   Benefits   Total 

Rahul Mathur

  $330,000   $270,000   $1,510,478   $25,122   $2,135,600 

Laura Stark

  $325,000   $310,000   $2,132,385   $21,224   $2,788,609 

Jae Kim

  $330,000   $270,000   $1,607,777   $33,254   $2,241,031 
   Salary   Bonus   Equity   Benefits   Total 

Keith Jones

  $399,571   $129,828   $1,216,863   $33,014   $1,779,276 

Sean Fan

  $480,000   $384,000   $6,822,694   $24,516   $7,711,210 

John Shinn

  $325,000   $162,500   $1,131,640   $33,014   $1,652,154 

(1)

Neither Mr. Mathur, nor Mr. Kim were eligible to receive potential change of control payments assuming a qualifying termination of employment on December 31, 2021 because neither were employed on such date.

Compensation of Directors

The following table shows compensation information for ournon-employee directors for 2017.2021.

 

Name

  Fees Earned
or Paid in
Cash ($)		   Stock
Awards
(1)($)		 Total ($)   Fees Earned
or Paid in
Cash($)		   Stock
Awards
(1) ($)		   Option
Awards
(1) ($)		   Total($)   Equity
Footnotes		 

J. Thomas Bentley

   65,000    160,017(2)   225,017 

E. Thomas Fisher

   40,000    160,017(3)   200,017 

Penelope Herscher

   55,625    160,017(4)   215,642 

Charles Kissner

   91,042    173,492    —      264,534    (2) 

Meera Rao

   68,542    173,492    —      242,034    (2) 

Emiko Higashi

   23,516    313,705(5)   337,221    67,458    173,492    —      240,951    (2) 

Charles Kissner

   59,375    160,017(6)   219,392 

David Shrigley

   40,000    160,017(7)   200,017 

Sanjay Saraf

   61,250    173,492    —      234,742    (2) 

Necip Sayiner

   65,125    173,492    —      238,617    (2) 

Eric Stang

   75,000    160,017(8)   235,017    72,417    173,492    —      245,909    (2) 

Karen Rogge(3)

   40,333    155,847    —      196,181    (4) 

James Mitarotonda(5)

   48,226    173,492    —      221,718    (2) 

Former Directors:

          

Gregory Lang(6)

   11,833    —      —      11,833   

 

(1)

Amounts shown do not reflect compensation actually received by thenon-employee directors. Instead, the amounts shown are the aggregate grant date fair value computed in accordance with the provisions of FASB ASC Topic 718. The assumptions used to calculate the value of stock and stock option awards are set forth under Note 1214 of the Notes to Consolidated Financial Statements included in our Annual Report on Form10-K for the year ended December 31, 2017.2021, as amended.

(2)Reflects the compensation costs to be recognized associated with a restricted stock unit award of 11,792 shares of common stock made

8,538 RSUs granted on October 2, 20174/1/2021 with a fair value as of the grant date of $13.57 per share disregarding forfeiture assumptions. Mr. Bentley holds no options to purchase common stock as of December 31, 2017.$20.32

(3)Reflects

Ms. Rogge joined the compensation costs to be recognized associated with a restricted stock unit award of 11,792 shares of common stock madeBoard on October 2, 2017April 29, 2021.

(4)

8,303 RSUs granted on 5/3/2021 with a fair value as of the grant date of $13.57 per share disregarding forfeiture assumptions. Mr. Fisher holds options to purchase an aggregate of 40,000 shares of common stock as of December 31, 2017.

(4)Reflects the compensation costs to be recognized associated with a restricted stock unit award of 11,792 shares of common stock made on October 2, 2017 with a fair value as of the grant date of $13.57 per share disregarding forfeiture assumptions. Ms. Herscher holds no options to purchase common stock as of December 31, 2017.$18.77

(5)Reflects

Mr. Mitarotonda joined the compensation costs to be recognized associated with an option grant to purchase 40,000 shares at an exercise price of $12.04 per share, the fair market valueBoard on March 12, 2021, and will serve on the dateboard of grant, disregarding forfeiture assumptions and a restricted stock unit award of 11,792 shares of common stock made on October 2, 2017 with a fair value asdirectors until the completion of the grant date of $13.57 per share disregarding forfeiture assumptions. Ms. Higashi holds no additional securities as of December 31, 2017.Annual Meeting.

(6)Reflects

Mr. Lang served on the compensation costs to be recognized associated with a restricted stock unit award of 11,792 shares of common stock made on October 2, 2017 with a fair value as of the grant date of $13.57 per share disregarding forfeiture assumptions. Mr. Kissner holds options to purchase an aggregate of 40,000 shares of common stock as of December 31, 2017.

(7)Reflects the compensation costs to be recognized associated with a restricted stock unit award of 11,792 shares of common stock made on October 2, 2017 with a fair value as of the grant date of $13.57 per share disregarding forfeiture assumptions. Mr. Shrigley holds no options to purchase common stock as of December 31, 2017.Board until March 12, 2021.

(8)Reflects the compensation costs to be recognized associated with a restricted stock unit award of 11,792 shares of common stock made on October 2, 2017 with a fair value as of the grant date of $13.57 per share disregarding forfeiture assumptions. Mr. Stang holds options to purchase an aggregate of 40,000 shares of common stock as of December 31, 2017.

Summary of Director Compensation Plan

Annual RetainerRetainer. . Each independent director receives an annual retainer of $40,000$60,000 in cash. The ChairpersonsChairperson of the Board and Audit Committee each receivereceives an additional annual retainer of $25,000. The Chairperson of the Audit Committee receives an additional annual retainer of $12,500. The Chairperson of the Compensation Committee receives an additional annual retainer of $20,000.$10,000. The Chairperson of the Corporate Development Committee, which oversees the Company’s acquisition and divestiture activity, receives an additional annual retainer of $15,000.$7,500. The Chairperson of the Corporate Governance and Governance/Nominating Committee receives an additional annual retainer of $10,000.$7,500. The Chairperson of the Cyber Risk Committee receives an additional annual retainer of $7,500. Each annual retainer is paid in quarterly installments. The annual retainers were not increased for 2017.

Annual Equity GrantGrant. . Each independent director receives an annual equity grant of such number of RSUs with an approximate fair market value equal to $160,000$170,000 at the time of grant.grant (“Annual Equity Grant”). Annual Equity Grants for non-employee directors are granted on April 1st of each year or the first trading day thereafter. The RSU grants vestAnnual Equity Grant vests in full at the end of aone-year period, subject to the independent director continuing to serve through each applicable vesting date. If the director discontinues service prior to the vesting of any RSU grant,Annual Equity Grant, the Compensation Committee may, in its discretion, permit such grant to vestpartial unvested pro rata forAnnual Equity Grant will become vested and exercisable when the portion ofnon-employee director leaves the year during which such director served.Board.

InitialNew Outside Director Annual Equity Grant. AnyIn addition to the Annual Equity Grant noted above, each non-employee director will receive a pro rata Annual Equity Grant based on when such new non-employee director begins her or his service at the Company (the “New Service Grant”). The New Service Grant will equal the value-based amount of the Annual Equity Grant multiplied by a fraction with (i) the numerator equal to the number of months from the first trading day of the month following their service date through April 1 and (ii) the denominator equal to 12. If the director discontinues service prior to the vesting of any New Service Grant, the partial unvested pro rata New Service Grants will become vested and exercisable when the new non-employee director leaves the Board.

Initial Equity Grant. Prior to July 30, 2020, any newly elected independent director joining our Board of Directors will receivereceived an initial option to purchase 40,000 shares of common stock when he or she iswas first elected as a member of the Board. The term of such options willdid not exceed ten years. TheSubject to the terms and conditions of the applicable equity incentive plan, the option grants vest over a four-year period, withone-eighth of shares subject to the option vesting six months after the date of grant and the remaining shares vesting ratably each month thereafter, subject to the independent director continuing to serve through each applicable vesting date. Outside directors appointed or elected after July 30, 2020 will no longer receive an initial option grant upon joining the Board of Directors.

Each of the options granted to our independent directors was issued under the 2006 Plan or the 2015 Plan, which are plans that are available to all of our employees. As described under “Outstanding Equity Awards at Fiscal Year End — Potential Payments Upon Termination or Change in Control,” the 2006 Plan and the 2015 Plan provide for certain acceleration upon a “change in control” of the Company, as defined under such plans. In addition, with respect to options and any other equity awards granted tonon-employee directors that are assumed or substituted for upon a change of control under the 2006 Plan or the 2015 Plan, if thenon-employee director is terminated other than upon a voluntary resignation, the options and other equity awards granted to suchnon-employee director will fully vest and be exercisable with respect to 100% of the shares subject to such options and other equity awards.

Pursuant to the Board’s stock ownership guidelines, adopted by the Board in October 2006 and most recently updated in January 2015, each independent director is expected to accumulate and hold an equivalent value of our common stock of three times their annual total cash compensation and to achieve this by five years from the date that the director joined the Board. Directors are expected to maintain this minimum amount of stock ownership throughout their tenure on the Board. As of December 31, 2017,2021, all of our directors met their ownership requirements.were in compliance with this policy.

EQUITY COMPENSATION PLAN INFORMATION

The following table provides information as of December 31, 2021, with respect to shares of our common stock that may be issued under our existing equity compensation plans.

   (a)   (b)   (c) 

Plan Category

  Number of Securities
to be Issued Upon
Exercise of
Outstanding Options,
Warrants and Rights		   Weighted Average
Exercise Price of
Outstanding Options,
Warrants and Rights
(1)($)		   Number of Securities
Remaining Available
for Future Issuance
Under Equity
Compensation Plans
(Excluding Securities
Reflected in
Column (a))		 

Equity compensation plans:

      

Approved by stockholders (2)

   5,136,684    10.71    13,281,967 

Not approved by stockholders (3)

   131,282    —      24,654 

(1)

The weighted average exercise price is calculated based solely on outstanding stock options.

(2)

Includes the following plans: the 2006 Equity Incentive Plan (the “2006 Plan”), the 2015 Equity Incentive Plan (the “2015 Plan”) and the 2015 Employee Stock Purchase Plan (the “2015 ESPP”).

(3)

Includes the 2019 Inducement Plan. In the third quarter of 2019, the Company adopted the 2019 Inducement Plan and, subject to the adjustment provisions of the 2019 Inducement Plan, reserved 400,000 shares of the Company’s common stock for issuance pursuant to equity awards granted under the 2019 Inducement Plan.

AUDIT COMMITTEE REPORT

This section shall not be deemed to be “soliciting material,” or to be “filed” with the SEC, is not subject to the liabilities of Section 18 of the Securities Exchange Act and is not to be incorporated by reference into any filing of Rambus under the Securities Act of 1933, as amended, or the Securities Exchange Act, regardless of date or any other general incorporation language in such filing.

Report of the Audit Committee

The following is the report of the Audit Committee of our Board of Directors with respect to our audited financial statements for the fiscal year ended December 31, 2017,2021, which include our consolidated balance sheets as of December 31, 20172021 and 20162020, and the related consolidated statements of operations, comprehensive income (loss), stockholders’ equity and cash flows for each of the fiscal years ended December 31, 2017, 20162021, 2020 and 2015,2019, and the notes thereto.

 

Review with Management

  The Audit Committee has reviewed and discussed our audited financial statements and management’s report on internal control over financial reporting with management.
Review and Discussions with the Independent Registered Public Accounting Firm  





The Audit Committee has discussed with PricewaterhouseCoopers LLP, our independent registered public accounting firm, the matters required to be discussed by Auditing Standards No. 1301, “Communications with Audit Committees” issued by the Public Accounting Oversight Board (“PCAOB”). The Audit Committee has also received written disclosures and the letter from PricewaterhouseCoopers LLP required by applicable requirements of PCAOB regarding the independent auditor’s communications with us concerning independence, as may be modified or supplemented, and has discussed with PricewaterhouseCoopers LLP its independence from us.

Conclusion

  Based on the review and discussions referred to above, the Audit Committee recommended to the Board of Directors that our audited financial statements be included in our Annual Report on Form10-K for the fiscal year ended December 31, 20172021, for filing with the SEC.

Respectfully submitted by:by

  

THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS

Charles Kissner (Chair)

J. Thomas Bentley*James Mitarotonda*

Emiko HigashiMeera Rao

David ShrigleyKaren Rogge

 

*

Mr. BentleyMitarotonda will serve on the Audit Committee until the completion of the 2018 Annual Meeting.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE ISSUES AND CORPORATE SOCIAL RESPONSIBILITY

Rambus recognizes that environmental, social and governance (“ESG”) issues are of increasing importance to many investors. At Rambus, we are committed to ethical, responsible and sustainable business practices. ESG and corporate social responsibility (“CSR”) is an enterprise-wide commitment and our Board of Directors monitors and supports our CSR efforts.

Rambus has published a CSR Report since 2020, and in 2022 published its first ESG Impact Report in accordance with Global Reporting Initiative (“GRI”) and Sustainability Accounting Standards Board (“SASB”) standards (available at www.rambus.com/corporate-social-responsibility/). This report outlines Rambus’ work related to ESG issues and outlines the company’s goals and processes related to ESG. In addition, we have put in place numerous processes and policies related to CSR and ESG including:

Rambus Vendor Code of Conduct and RBA Code of Conduct:

In 2021, Rambus became a member of the Responsible Business Alliance (“RBA”) and, as such, follows the RBA Code of Conduct in our worldwide operations. Rambus also has adopted a Vendor Code of Conduct (“Rambus Vendor Code”) based upon the RBA Code of Conduct that applies to all key suppliers. Rambus’s top suppliers have all certified to Rambus that they comply with the Rambus Vendor Code or the RBA Code of Conduct and Rambus audits/confirms such compliance annually. Rambus’s top manufacturing supplier TSMC, which makes up a majority of Rambus’s chip production spend is ISO 14001, ISO 45001 and ISO 50001 certified and in 2020 was the first semiconductor company to join the RE100 renewable energy initiative.

Human Rights, Diversity and Employee Well-Being

Rambus believes in the values and fundamental rights of humans and has adopted a Human Rights Statement that sets forth our Human Rights Principles, Approach and Implementation as they relate to the Rambus stakeholder community.

We also invest in the long-term development of and engagement with our employees by aspiring to have an increasingly diverse workforce and inclusive environment. We believe diverse teams expand creativity, lead to better decision-making, and enhance team member engagement and retention. Our Board of Directors periodically reviews our diversity and inclusion programs and processes to ensure continual improvement. We are committed to providing and supporting a work environment that promotes equality of opportunity among our employees and in 2021 we rolled out a company-wide employee diversity and inclusion training that will be conducted regularly moving forward. We strive for our workforce to be truly representative of all sections of society and for each employee to feel respected and able to perform at his or her best. In the U.S., 55.3% of our employee population is considered diverse and 20.9% is female.

Finally, Rambus prides itself on having an injury-free workplace and safety-based culture. We promote a healthy lifestyle and encourage employee health and wellness and work-life balance.

Sustainability

Our commitment to innovation and invention in our business extends directly to the way we view environmental excellence at Rambus. We are actively seeking out technology innovation opportunities to ensure our manufacturing processes, materials sourcing and technological advances are environmentally friendly. The Rambus Environmental, Health and Safety Policy is aligned with ISO 50001 standards for energy management and ensures local champions for EHS actively work towards environmental excellence globally at Rambus.

Our annual ESG Impact Report details specific data and metrics regarding Rambus’ commitments to environmental excellence including Greenhouse Gas Inventories and related emissions and energy usage, available at www.rambus.com/corporate-social-responsibility.

Community Building

We believe in making a positive impact in the communities where we live and work. From organizations dedicated to health, housing and development, animal welfare and children and families in need — we strive to empower the local community through philanthropic efforts. We also encourage our employees to donate to charitable organizations of their choice and the Company matches gifts to charities up to $1,000 per year per employee. Further, we encourage our employees to volunteer time each year to charitable causes. During fiscal 2021, we donated over $171,000 to charitable organizations in the U.S. and around the world.

Education

We seekto broaden the educational opportunities of students in our communities who demonstrate a passion for science and technology that extends beyond the classroom. Through STEM education and our “Innovator of the Future” scholarship, we are working to empower the next generation of inventors and are active in our communities when it comes to educational engagement.

OTHER MATTERS

The Board does not know of any other matters to be presented atduring the Annual Meeting. If any additional matters are properly presented or otherwise allowed to be considered atduring the Annual Meeting, the persons named in the enclosed proxy will have discretion to vote shares they represent in accordance with their own judgment on such matters.

It is important that your shares be represented at the meeting (virtually or by proxy), regardless of the number of shares which you hold. You are, therefore, urged to execute and return, at your earliest convenience, the accompanying proxy card in the envelope which has been enclosed.

BY ORDER OF THE BOARD OF DIRECTORS,

/s/ Jae KimJohn Shinn                                                                 

Jae KimJohn Shinn

Senior Vice President, General Counsel and Secretary

Sunnyvale,San Jose, California

March 9, 201811, 2022

Appendix ALOGO

RAMBUS INC.

2015 EQUITY INCENTIVE PLAN

(as amended March 8, 2018)

1.Purposes of the Plan. The purposes of this Plan are:

to attract and retain the best available personnel for positions of substantial responsibility,

to provide incentives to individuals who perform services to the Company, and

to promote the success of the Company’s business.

The Plan permits the grant of Incentive Stock Options, Nonstatutory Stock Options, Restricted Stock, Restricted Stock Units, Stock Appreciation Rights, Performance Units, Performance Shares and other stock or cash awards as the Administrator may determine.

2.Definitions. As used herein, the following definitions will apply:

(a) “Administrator” means the Board or any of its Committees that will be administering the Plan in accordance with Section 4 of the Plan.

(b) “Applicable Laws” means the requirements relating to the administration of equity-based awards under U.S. state corporate laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Common Stock is listed or quoted and the applicable laws of any foreign country or jurisdiction where Awards are, or will be, granted under the Plan.

(c) “Award” means, individually or collectively, a grant under the Plan of Options, Restricted Stock, Restricted Stock Units, Stock Appreciation Rights, Performance Units, Performance Shares and other stock or cash awards as the Administrator may determine.

(d) “Award Agreement” means the written or electronic agreement setting forth the terms and provisions applicable to each Award granted under the Plan. The Award Agreement is subject to the terms and conditions of the Plan.

(e) “Board” means the Board of Directors of the Company.

(f) “Change in Control” means the occurrence of any of the following events:

(i) A change in the ownership of the Companywhich occurs on the date that any one person, or more than one person acting as a group (“Person”), acquires ownership of the stock of the Company that, together with the stock held by such Person, constitutes more than 50% of the total voting power of the stock of the Company; provided, however, that for purposes of this subsection, the acquisition of additional stock by any one Person, who is considered to own more than 50% of the total voting power of the stock of the Company will not be considered a Change in Control; provided, however, that for purposes of this clause (i), (1) the acquisition of beneficial ownership of additional stock by any one Person who is considered to beneficially own more than 50% of the total voting power of the stock of the Company will not be considered a Change in Control; and (2) if the stockholders of the Company immediately before such change in ownership continue to retain immediately after the change in ownership, in substantially the same proportions as their ownership of shares of the Company’s voting stock immediately prior to the change in ownership, direct or indirect beneficial ownership of

50% or more of the total voting power of the stock of the Company or of the ultimate parent entity of the Company, such event shall not be considered a Change in Control under this clause (i). For this purpose, indirect beneficial ownership shall include, without limitation, an interest resulting from ownership of the voting securities of one or more corporations or other business entities which own the Company, as the case may be, either directly or through one or more subsidiary corporations or other business entities; or

(ii) A change in the effective control of the Company which occurs on the date that a majority of members of the Board is replaced during any twelve (12) month period by Directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment or election. For purposes of this clause (ii), if any Person is considered to be in effective control of the Company, the acquisition of additional control of the Company by the same Person will not be considered a Change in Control; or

(iii) A change in the ownership of a substantial portion of the Company’s assets which occurs on the date that any Person acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more than 50% of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions; provided, however, that for purposes of this subsection (iii), the following will not constitute a change in the ownership of a substantial portion of the Company’s assets: (A) a transfer to an entity that is controlled by the Company’s stockholders immediately after the transfer, or (B) a transfer of assets by the Company to: (1) a stockholder of the Company (immediately before the asset transfer) in exchange for or with respect to the Company’s stock, (2) an entity, 50% or more of the total value or voting power of which is owned, directly or indirectly, by the Company, (3) a Person, that owns, directly or indirectly, 50% or more of the total value or voting power of all the outstanding stock of the Company, or (4) an entity, at least 50% of the total value or voting power of which is owned, directly or indirectly, by a Person described in this subsection (iii)(B)(3). For purposes of this subsection (iii), gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets.

For purposes of this definition, persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company.

Notwithstanding the foregoing, a transaction will not be deemed a Change in Control unless the transaction qualifies as a change in control event within the meaning of Code Section 409A, as it has been and may be amended from time to time, and any proposed or final Treasury Regulations and Internal Revenue Service guidance that has been promulgated or may be promulgated thereunder from time to time.

Further and for the avoidance of doubt, a transaction will not constitute a Change in Control if: (i) its sole purpose is to change the state of the Company’s incorporation, or (ii) its sole purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction.

(g) “Code” means the Internal Revenue Code of 1986, as amended. Any reference to a section of the Code herein will be a reference to any successor or amended section of the Code.

(h) “Committee” means a committee of independent, Outside Directors appointed by the Board in accordance with Section 4 hereof.

(i) “Common Stock” means the common stock of the Company.

(j) “Company” means Rambus Inc., a Delaware corporation, or any successor thereto.

(k) “Consultant” means any natural person, including an advisor, engaged by the Company or a Parent or Subsidiary to render bona fide services to such entity, provided the services: (i) are not in connection with the offer or sale of securities in a capital-raising transaction, and (ii) do not directly promote or maintain a market for the Company’s securities, in each case, within the meaning of FormS-8 promulgated under the Securities Act, and provided, further, that a Consultant will include only those persons to whom the issuance of Shares may be registered under FormS-8 promulgated under the Securities Act.

(l) “Director” means a member of the Board.

(m) “Disability” means total and permanent disability as defined in Section 22(e) (3) of the Code, provided that in the case of Awards other than Incentive Stock Options, the Administrator in its discretion may determine whether a permanent and total disability exists in accordance with uniform andnon-discriminatory standards adopted by the Administrator from time to time.

(n) “Dividend Equivalent” means a credit, payable in cash or Shares, made at the discretion of the Administrator or as otherwise provided by the Plan, to the account of a Participant in an amount equal to the cash dividends paid on one Share for each Share represented by an Award held by such Participant. Subject to the provisions of Section 6, Dividend Equivalents may be subject to the same vesting restrictions as the related Shares subject to an Award, at the discretion of the Administrator.

(o) “Employee” means any person, including Officers and Directors, employed by the Company or any Parent or Subsidiary of the Company. Neither service as a Director nor payment of a director’s fee by the Company will be sufficient to constitute “employment” by the Company.

(p) “Exchange Act” means the Securities Exchange Act of 1934, as amended.

(q) “Exchange Program” means a program under which (i) outstanding Awards are surrendered or cancelled in exchange for awards of the same type (which may have higher or lower exercise prices and different terms), awards of a different type, and/or cash, (ii) Participants would have the opportunity to transfer any outstanding Awards to a financial institution or other person or entity selected by the Administrator, and/or (iii) the exercise price of an outstanding Award is increased or reduced. The Administrator may not implement an Exchange Program.

(r) “Fair Market Value” means, as of any date, the value of Common Stock as the Administrator may determine in good faith by reference to the price of such stock on any established stock exchange or a national market system on the day of determination if the Common Stock is so listed on any established stock exchange or a national market system. If the Common Stock is not listed on any established stock exchange or a national market system, the value of the Common Stock as the Administrator may determine in good faith.

(s) “Fiscal Year” means the fiscal year of the Company.

(t) “Incentive Stock Option” means an Option that by its terms qualifies and is otherwise intended to qualify as an incentive stock option within the meaning of Section 422 of the Code and the regulations promulgated thereunder.

(u) “Inside Director” means a Director who is an Employee.

(v) “Nonstatutory Stock Option” means an Option that by its terms does not qualify or is not intended to qualify as an Incentive Stock Option.

(w) “Officer” means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated thereunder.

(x) “Option” means a stock option granted pursuant to the Plan.

(y) “Outside Director” means a Director who is not an Employee.

(z) “Parent” means a “parent corporation,” whether now or hereafter existing, as defined in Section 424(e) of the Code.

(aa) “Participant” means the holder of an outstanding Award.

(bb) “Performance Period” means any Fiscal Year of the Company or such other period as determined by the Administrator in its sole discretion.

(cc) “Performance Share” means an Award denominated in Shares which may be earned in whole or in part upon attainment of performance objectives or other vesting criteria as the Administrator may determine pursuant to Section 11.

(dd) “Performance Unit” means an Award which may be earned in whole or in part upon attainment of performance objectives or other vesting criteria as the Administrator may determine and which may be settled for cash, Shares or other securities or a combination of the foregoing pursuant to Section 11.

(ee) “Period of Restriction” means the period during which the transfer of Shares of Restricted Stock are subject to restrictions and therefore, the Shares are subject to a substantial risk of forfeiture. Such restrictions may be based on the passage of time, the achievement of target levels of performance, or the occurrence of other events as determined by the Administrator.

(ff) “Plan” means this 2015 Equity Incentive Plan.

(gg) “Restricted Stock” means Shares issued pursuant to a Restricted Stock award under Section 8 of the Plan, or issued pursuant to the early exercise of an Option.

(hh) “Restricted Stock Unit” means a bookkeeping entry representing an amount equal to the Fair Market Value of one Share, granted pursuant to Section 9. Each Restricted Stock Unit represents an unfunded and unsecured obligation of the Company.

(ii) “Rule16b-3” means Rule16b-3 of the Exchange Act or any successor to Rule16b-3, as in effect when discretion is being exercised with respect to the Plan.

(jj) “Section 16(b)” means Section 16(b) of the Exchange Act.

(kk) “Service Provider” means an Employee, Director or Consultant.

(ll) “Share” means a share of the Common Stock, as adjusted in accordance with Section 16 of the Plan.

(mm) “Stock Appreciation Right” means an Award, granted alone or in connection with an Option, that pursuant to Section 10 is designated as a Stock Appreciation Right.

(nn) “Subsidiary” means a “subsidiary corporation,” whether now or hereafter existing, as defined in Section 424(f) of the Code.

(oo) “Successor Corporation” has the meaning given to such term in Section 16(c) of the Plan.

3.Stock Subject to the Plan.

(a)Stock Subject to the Plan. Subject to the provisions of Section 16 of the Plan, the maximum aggregate number of Shares that may be awarded and sold under the Plan is 9,500,000 Shares, plus (i) 8,158,396, which represents the number of Shares that remained available for grant under the Company’s 2006 Equity Incentive Plan (the “Existing Plan”) on the date this Plan became effective, plus (ii) the number of Shares that are subject to awards under the Existing Plan that, on or after the date this Plan became effective, are forfeited, cancelled, exchanged or surrendered or terminate under the Existing Plan. The Shares may be authorized, but unissued, or reacquired Common Stock. In addition, no more than 10,000,000 Shares may be granted pursuant to Options intended to qualify as Incentive Stock Options.

(b)Full Value Awards. Any Shares subject to Awards granted with an exercise price less than the Fair Market Value on the date of grant of such Awards will be counted against the numerical limits of this Section 3 as 1.5 Shares for every one Share subject thereto. Further, if Shares acquired pursuant to any such Award are forfeited or repurchased by the Company and would otherwise return to the Plan pursuant to Section 3(c), 1.5 times the number of Shares so forfeited or repurchased will return to the Plan and will again become available for issuance.

(c)Lapsed Awards. If an Award expires or becomes unexercisable without having been exercised in full, or, with respect to Restricted Stock, Restricted Stock Units, Performance Shares or Performance Units, is forfeited to or repurchased by the Company, the unpurchased Shares (or for Awards other than Options and Stock Appreciation Rights, the forfeited or repurchased Shares) which were subject thereto will become available for future grant or sale under the Plan (unless the Plan has terminated). With respect to Stock Appreciation Rights, all of the Shares covered by the Award (that is, Shares actually issued pursuant to a Stock Appreciation Right, as well as the Shares that represent payment of the exercise price) shall cease to be available under the Plan. However, Shares that have actually been issued under the Plan under any Award will not be returned to the Plan and will not become available for future distribution under the Plan; provided, however, that if unvested Shares of Restricted Stock, Restricted Stock Units, Performance Shares or Performance Units are repurchased by the Company or are forfeited to the Company, such Shares will become available for future grant under the Plan. Shares used to pay the tax and exercise price of an Award will not become available for future grant or sale under the Plan. To the extent an Award under the Plan is paid out in cash rather than Shares, such cash payment will not result in reducing the number of Shares available for issuance under the Plan. Notwithstanding the foregoing and, subject to adjustment provided in Section 16, the maximum number of Shares that may be issued upon the exercise of Incentive Stock Options shall equal the aggregate Share number stated in Section 3(a), plus, to the extent allowable under Section 422 of the Code, any Shares that become available for issuance under the Plan under this Section 3(c).

(d)Share Reserve. The Company, during the term of this Plan, will at all times reserve and keep available such number of Shares as will be sufficient to satisfy the requirements of the Plan.

4.Administration of the Plan.

(a)Procedure.

(i)General Administration; Multiple Administrative Bodies. The Plan will be administered by a Committee or Committees as determined by the Board, which will be constituted to satisfy Applicable Laws. Different Committees with respect to different groups of Service Providers may administer the Plan.

(ii)Rule16b-3. To the extent desirable to qualify transactions hereunder as exempt underRule 16b-3, the transactions contemplated hereunder will be structured to satisfy the requirements for exemption under Rule16b-3.

(iii)Delegation of Authority forDay-to-Day Administration. Except to the extent prohibited by Applicable Law, the Administrator may delegate to one or more individuals theday-to-day administration of the Plan and any of the functions assigned to it in this Plan. Such delegation may be revoked at any time.

(b)Powers of the Administrator. Subject to the provisions of the Plan, and in the case of a Committee, subject to the specific duties delegated by the Board to such Committee, the Administrator will have the authority, in its discretion:

(i) to determine the Fair Market Value;

(ii) to select the Service Providers to whom Awards may be granted hereunder;

(iii) to determine the number of Shares to be covered by each Award granted hereunder;

(iv) to approve forms of Award Agreements for use under the Plan;

(v) to determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder. Such terms and conditions include, but are not limited to, the exercise price, the time or times when Awards may be exercised (which may be based on performance criteria), any vesting acceleration or waiver of forfeiture restrictions, and any restriction or limitation regarding any Award or the Shares relating thereto, based in each case on such factors as the Administrator will determine;

(vi) to construe and interpret the terms of the Plan and Awards granted pursuant to the Plan;

(vii) to prescribe, amend and rescind rules and regulations relating to the Plan, including rules and regulations relating tosub-plans established for the purpose of satisfying applicable foreign laws or for qualifying for favorable tax treatment under applicable foreign laws;

(viii) to modify or amend each Award (subject to Section 6 and Section 21(c) of the Plan), including but not limited to the discretionary authority to extend the post-termination exercisability period of Awards and to extend the maximum term of an Option (subject to Section 6(a)(ii) of the Plan regarding Incentive Stock Options);

(ix) to allow Participants to satisfy tax withholding obligations in such manner as prescribed in Section 17 of the Plan;

(x) to authorize any person to execute on behalf of the Company any instrument required to effect the grant of an Award previously granted by the Administrator;

(xi) to determine whether Awards (other than Options or SARs) will be adjusted for Dividend Equivalents;

(xii) to allow a Participant to defer the receipt of the payment of cash or the delivery of Shares that would otherwise be due to such Participant under an Award pursuant to such procedures as the Administrator may determine;

(xiii) to impose such restrictions, conditions or limitations as it determines appropriate as to the timing and manner of any resales by a Participant or other subsequent transfers by the Participant of any Shares issued as a result of or under an Award, including without limitation, (A) restrictions under an insider trading policy, and (B) restrictions as to the use of a specified brokerage firm for such resales or other transfers;

(xiv) to require that the Participant’s rights, payments and benefits with respect to an Award (including amounts received upon the settlement or exercise of an Award) will be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain specified events, in addition to any otherwise applicable vesting or performance conditions of an Award, as may be specified in an Award Agreement at the time of the Award, or later if (A) Applicable Laws require the Company to adopt a policy requiring such reduction, cancellation, forfeiture or recoupment, or (B) pursuant to an amendment of an outstanding Award; and

(xv) to make all other determinations deemed necessary or advisable for administering the Plan.

(c)Effect of Administrator’s Decision. The Administrator’s decisions, determinations and interpretations will be final and binding on all Participants and any other holders of Awards.

5.Eligibility. Nonstatutory Stock Options, Restricted Stock, Restricted Stock Units, Stock Appreciation Rights, Performance Units, Performance Shares and such other cash or stock awards as the Administrator determines may be granted to Service Providers. Incentive Stock Options may be granted only to Employees.

6.Limitations.

(a)Incentive Stock Options.

(i)$100,000 Limitation. Notwithstanding any designation of an Option as an Incentive Stock Option, to the extent that the aggregate Fair Market Value of the Shares with respect to which Incentive Stock Options are exercisable for the first time by the Participant during any calendar year (under all plans of the Company and any Parent or Subsidiary) exceeds $100,000, such Options will be treated as Nonstatutory Stock Options. For purposes of this Section 6(a)(i), Incentive Stock Options will be taken into account in the order in which they were granted. The Fair Market Value of the Shares will be determined as of the time the Option with respect to such Shares is granted.

(ii)Maximum Option Term. In the case of an Incentive Stock Option granted to a Participant who, at the time the Incentive Stock Option is granted, owns stock representing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or any Parent or Subsidiary, the term of the Incentive Stock Option will be five (5) years from the date of grant or such shorter term as may be provided in the Award Agreement.

(iii)Option Exercise Price. In the case of an Incentive Stock Option granted to an Employee who, at the time the Incentive Stock Option is granted, owns stock representing more than ten percent (10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary, the per Share exercise price will be no less than 110% of the Fair Market Value per Share on the date of grant.

(b)Share Limitations. Subject to Section 16, the following limitations shall apply to Awards under the Plan:

(i)Options. During any Fiscal Year, no Participant will be granted Options covering more than 1,000,000 Shares; provided, however, that in connection with a Participant’s initial service as an Employee, an Employee may be granted Options covering up to an additional 1,000,000 Shares;

(ii)Restricted Stock. During any Fiscal Year, no Participant will receive more than an aggregate of 300,000 Shares of Restricted Stock; provided, however, that in connection with a Participant’s initial service as an Employee, an Employee may be granted an aggregate of up to an additional 300,000 Shares of Restricted Stock;

(iii)Restricted Stock Units. During any Fiscal Year, no Participant will receive more than an aggregate of 300,000 Restricted Stock Units; provided, however, that in connection with a Participant’s initial service as an Employee, an Employee may be granted an aggregate of up to an additional 300,000 Restricted Stock Units;

(iv)Stock Appreciation Rights. During any Fiscal Year, no Participant will be granted Stock Appreciation Rights covering more than 1,000,000 Shares; provided, however, that in connection with a Participant’s initial service as an Employee, an Employee may be granted Stock Appreciation Rights covering up to an additional 1,000,000 Shares; and

(v)Performance Units / PerformanceShares. During any Fiscal Year, no Participant will receive (1) Performance Units having an initial value greater than $3,000,000, and (2) more than 300,000 Performance Shares; provided, however, that in connection with a Participant’s initial service as an Employee, an Employee may be granted up to an additional 300,000 Performance Shares.

(c)Exchange Program. The Administrator may not institute an Exchange Program.

(d)Outside Director Limitations. No Outside Director may be granted, in any Fiscal Year, Awards with a grant date fair value (determined in accordance with U.S. generally accepted accounting principles) of greater than $300,000, increased to $500,000 in the Fiscal Year of his or her initial service as an Outside Director. Any Awards granted to an individual while he or she was an Employee, or while he or she was a Consultant but not an Outside Director, will not count for purposes of the limitations under this Section 6.

(e)Vesting Limits. Awards granted under the Plan shall vest no earlier than the one (1) year anniversary of the Award’s date of grant, provided that the Administrator, in its sole discretion, may provide an Award may accelerate vesting by reason of the Participant’s death, Disability or retirement, or upon a major capital change of the Company (including without limitation upon the occurrence of a Change in Control, merger of the Company with or into another corporation or entity, or similar transaction), and provided further, that, notwithstanding the foregoing in this sentence, Awards that result in the issuance ofan aggregate of up to 5% of the Shares reserved for issuance under Section 3(a) may be granted to Service Providers, or outstanding Awards modified, without regard to such minimum vesting, exercisability and distribution provisions.

(f)Dividend Payments. Dividends and other distributions payable with respect to Shares subject to Awards (including Dividend Equivalents) will not be paid before the underlying Shares vest.

7.Stock Options.

(a)Grant of Options. Subject to the terms and conditions of the Plan, Options may be granted to Service Providers at any time and from time to time as will be determined by the Administrator, in its sole discretion. Each Option will be designated in the Award Agreement as either an Incentive Stock Option or a Nonstatutory Stock Option.

(b)Number of Shares. Subject to the limitations contained in Section 6, the Administrator will have complete discretion to determine the number of Shares subject to Options granted to any Participant.

(c)Term of Option. The Administrator will determine the term of each Option in its sole discretion; provided, however, that the term will be no more than ten (10) years from the date of grant thereof, subject to the provisions of Section 6.

(d)Option Exercise Price and Consideration.

(i)Exercise Price. The per share exercise price for the Shares to be issued pursuant to exercise of an Option will be determined by the Administrator, but will be no less than 100% of the Fair Market Value per Share on the date of grant, subject to the provisions of Section 6.

(ii)Waiting Period and Exercise Dates. At the time an Option is granted, the Administrator will fix the period within which the Option may be exercised and will determine any conditions that must be satisfied before the Option may be exercised.

(iii)Form of Consideration. The Administrator will determine the acceptable form(s) of consideration for exercising an Option, including the method of payment, to the extent permitted by Applicable Laws.

(e)Exercise of Option.

(i)Procedure for Exercise; Rights as a Stockholder. Any Option granted hereunder will be exercisable according to the terms of the Plan and at such times and under such conditions as determined by the Administrator and set forth in the Award Agreement. An Option may not be exercised for a fraction of a Share.

An Option will be deemed exercised when the Company receives: (i) notice of exercise (in such form as the Administrator may specify from time to time) from the person entitled to exercise the Option, and (ii) full payment for the Shares with respect to which the Option is exercised (together with an applicable withholding taxes). No adjustment will be made for a dividend or other right for which the record date is prior to the date the Shares are issued, except as provided in Section 16 of the Plan.

(ii)Termination of Relationship as a Service Provider. If a Participant ceases to be a Service Provider, other than upon the Participant’s death or Disability, the Participant may exercise his or her Option within such period of time as is specified in the Award Agreement to the extent that the Option is vested on the date of termination (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement). In the absence of a specified time in the Award Agreement, the Option will remain exercisable for three (3) months following the Participant’s termination. Unless otherwise provided by the Administrator, if on the date of termination the Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will revert to the Plan. If after termination the Participant does not exercise his or her Option within the time specified by the Administrator, the Option will terminate, and the Shares covered by such Option will revert to the Plan.

(iii)Disability of Participant. If a Participant ceases to be a Service Provider as a result of the Participant’s Disability, the Participant may exercise his or her Option within such period of time as is specified in the Award Agreement to the extent the Option is vested on the date of termination (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement). In the absence of a specified time in the Award Agreement, the Option will remain exercisable for twelve (12) months following the Participant’s termination. Unless otherwise provided by the Administrator, if on the date of termination the Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will revert to the Plan. If after termination the Participant does not exercise his or her Option within the time specified herein, the Option will terminate, and the Shares covered by such Option will revert to the Plan.

(iv)Death of Participant. If a Participant dies while a Service Provider, the Option may be exercised following the Participant’s death within such period of time as is specified in the Award Agreement to the extent that the Option is vested on the date of death (but in no event may the option be exercised later than the expiration of the term of such Option as set forth in the Award Agreement), by the Participant’s designated beneficiary, provided such beneficiary has been designated prior to Participant’s death in a form acceptable to the Administrator. If no such beneficiary has been designated by the Participant, then such Option may be exercised by the personal representative of the Participant’s estate or by the person(s) to whom the Option is transferred pursuant to the Participant’s will or in accordance with the laws of descent and distribution. In the absence of a specified time in the Award Agreement, the Option will remain exercisable for twelve (12) months following Participant’s death. Unless otherwise provided by the Administrator, if at the time of death Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will immediately revert to the Plan. If the Option is not so exercised within the time specified herein, the Option will terminate, and the Shares covered by such Option will revert to the Plan.

8.Restricted Stock.

(a)Grant of Restricted Stock. Subject to the terms and provisions of the Plan, the Administrator, at any time and from time to time, may grant Shares of Restricted Stock to Service Providers in such amounts as the Administrator, in its sole discretion, will determine.

(b)Restricted Stock Agreement. Subject to the limitations contained in Section 6, each Award of Restricted Stock will be evidenced by an Award Agreement that will specify the Period of Restriction (if any), the number of Shares granted, and such other terms and conditions as the Administrator, in its sole discretion, will determine. Unless the Administrator determines otherwise, Shares of Restricted Stock will be held by the Company as escrow agent until the restrictions on such Shares have lapsed.

(c)Transferability. Except as provided in this Section 8, Shares of Restricted Stock may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated until the end of the applicable Period of Restriction.

(d)Other Restrictions. The Administrator, in its sole discretion, may impose such other restrictions on Shares of Restricted Stock as it may deem advisable or appropriate.

(e)Removal of Restrictions. Except as otherwise provided in this Section 8, Shares of Restricted Stock covered by each Restricted Stock grant made under the Plan will be released from escrow as soon as practicable after the last day of the Period of Restriction. Subject to the vesting limitations contained in Section 6, the Administrator, in its discretion, may accelerate the time at which any restrictions will lapse or be removed.

(f)Voting Rights. During the Period of Restriction, Service Providers holding Shares of Restricted Stock granted hereunder may exercise full voting rights with respect to those Shares, unless the Administrator determines otherwise.

(g)Dividends and Other Distributions. During the Period of Restriction, Service Providers holding Shares of Restricted Stock will be entitled to receive all dividends and other distributions paid with respect to such Shares unless otherwise provided in the Award Agreement. If any such dividends or distributions are paid in Shares, the Shares will be subject to the same restrictions on transferability and forfeitability as the Shares of Restricted Stock with respect to which they were paid.

(h)Return of Restricted Stock to Company. On the date set forth in the Award Agreement, the Restricted Stock for which restrictions have not lapsed will revert to the Company and again will become available for grant under the Plan.

9.Restricted Stock Units.

(a)Grant. Restricted Stock Units may be granted at any time and from time to time as determined by the Administrator. Subject to the limitations contained in Section 6, each Restricted Stock Unit grant will be evidenced by an Award Agreement that will specify such other terms and conditions as the Administrator, in its sole discretion, will determine, including all terms, conditions, and restrictions related to the grant, the number of Restricted Stock Units and the form of payout, which, subject to Section 9(d), may be left to the discretion of the Administrator.

(b)Vesting Criteria and Other Terms. The Administrator will set vesting criteria in its discretion, which, depending on the extent to which the criteria are met, will determine the number of Restricted Stock Units that will be paid out to the Participant. Each Award of Restricted Stock Units will be evidenced by an Award Agreement that will specify the vesting criteria, and such other terms and conditions as the Administrator, in its sole discretion, will determine.

(c)Earning Restricted Stock Units. Upon meeting the applicable vesting criteria, the Participant will be entitled to receive a payout as specified in the Award Agreement. The Administrator may set vesting criteria based upon the achievement of Company-wide, divisional, business unit, or individual goals (including, but not limited to, continued employment or service), applicable federal or state securities laws or any other basis determined by the Administrator in its discretion. Subject to the vesting limitations contained in Section 6, after the grant of Restricted Stock Units, the Administrator, in its sole discretion, may reduce or waive any vesting criteria that must be met to receive a payout.

(d)Form and Timing of Payment. Payment of earned Restricted Stock Units will be made as soon as practicable after the date(s) set forth in the Award Agreement. The Administrator, in its sole discretion, may pay earned Restricted Stock Units in cash, Shares, or a combination thereof. Shares represented by Restricted Stock Units that are fully paid in cash again will be available for grant under the Plan.

(e)Cancellation. On the date set forth in the Award Agreement, all unearned Restricted Stock Units will be forfeited to the Company.

10.Stock Appreciation Rights.

(a)Grant of Stock Appreciation Rights. Subject to the terms and conditions of the Plan, a Stock Appreciation Right may be granted to Service Providers at any time and from time to time as will be determined by the Administrator, in its sole discretion.

(b)Number of Shares. Subject to the limitations contained in Section 6, the Administrator will have complete discretion to determine the number of Stock Appreciation Rights granted to any Participant.

(c)Exercise Price and Other Terms. The Administrator, subject to the provisions of the Plan, will have complete discretion to determine the terms and conditions of Stock Appreciation Rights granted under the Plan, provided, however, that the exercise price will be not less than one hundred percent (100%) of the Fair Market Value of a Share on the date of grant.

(d)Stock Appreciation Right Agreement. Each Stock Appreciation Right grant will be evidenced by an Award Agreement that will specify the exercise price, the term of the Stock Appreciation Right, the conditions of exercise, and such other terms and conditions as the Administrator, in its sole discretion, will determine.

(e)Expiration of Stock Appreciation Rights. A Stock Appreciation Right granted under the Plan will expire upon the date determined by the Administrator, in its sole discretion, and set forth in the Award Agreement; provided, however, that the term will be no more than ten (10) years from the date of grant thereof. Notwithstanding the foregoing, the rules of Section 7(e) also will apply to Stock Appreciation Rights.

(f)Payment of Stock Appreciation Right Amount. Upon exercise of a Stock Appreciation Right, a Participant will be entitled to receive payment from the Company in an amount determined by multiplying:

(i) The difference between the Fair Market Value of a Share on the date of exercise over the exercise price; times

(ii) The number of Shares with respect to which the Stock Appreciation Right is exercised.

At the discretion of the Administrator, the payment upon Stock Appreciation Right exercise may be in cash, in Shares of equivalent value, or in some combination thereof.

11.Performance Units and Performance Shares.

(a)Grant of Performance Units/Shares. Performance Units and Performance Shares may be granted to Service Providers at any time and from time to time, as will be determined by the Administrator, in its sole discretion. Subject to the limitations contained in Section 6, the Administrator will have complete discretion in determining the number of Performance Units/Shares granted to each Participant.

(b)Value of Performance Units/Shares. Each Performance Unit will have an initial value that is established by the Administrator on or before the date of grant. Each Performance Share will have an initial value equal to the Fair Market Value of a Share on the date of grant.

(c)Performance Objectives and Other Terms. The Administrator will set performance objectives or other vesting provisions (including, without limitation, continued status as a Service Provider) in its discretion which, depending on the extent to which they are met, will determine the number or value of Performance Units/Shares that will be paid out to the Participant. Each Award of Performance Units/Shares will be evidenced by an Award Agreement that will specify the Performance Period, and such other terms and conditions as the Administrator, in its sole discretion, will determine. The Administrator may set performance objectives based upon the achievement of Company-wide, divisional, business unit or individual goals (including, but not limited to, continued employment or service), applicable federal or state securities laws, or any other basis determined by the Administrator in its discretion.

(d)Earning of Performance Units/Shares. After the applicable Performance Period has ended, the holder of Performance Units/Shares will be entitled to receive a payout of the number of Performance Units/Shares earned by the Participant over the Performance Period, to be determined as a function of the extent to which the corresponding performance objectives or other vesting provisions have been achieved. Subject to the vesting limitations contained in Section 6, after the grant of a Performance Unit/Share, the Administrator, in its sole discretion, may reduce or waive any performance objectives or other vesting provisions for such Performance Unit/Share.

(e)Form and Timing of Payment of Performance Units/Shares. Payment of earned Performance Units/Shares will be made as soon as practicable after the expiration of the applicable Performance Period. The Administrator, in its sole discretion, may pay earned Performance Units/Shares in the form of cash, in Shares (which have an aggregate Fair Market Value equal to the value of the earned Performance Units/Shares at the close of the applicable Performance Period) or in a combination thereof.

(f)Cancellation of Performance Units/Shares. On the date set forth in the Award Agreement, all unearned or unvested Performance Units/Shares will be forfeited to the Company, and again will be available for grant under the Plan.

12.Dividend Equivalents. The Administrator, in its discretion, may provide in the Award Agreement evidencing any Award that the Participant will be entitled to receive Dividend Equivalents with respect to the payment of cash dividends on Shares having a record date prior to the date on which the Awards are settled or forfeited. Subject to the limitations contained in Section 6, the Dividend Equivalents, if any, will be credited to an Award in such manner and subject to such terms and conditions as determined by the Administrator in its sole discretion. In the event of a dividend or distribution paid in Shares or any other adjustment made upon a change in the capital structure of the Company as described in Section 16, appropriate adjustments will be made to the Participant’s Award of Performance Units so that it represents the right to receive upon settlement any and all new, substituted or additional securities or other property (other than normal cash dividends) to which the Participant would be entitled by reason of the consideration issuable upon settlement of the Award, and all such new, substituted or additional securities or other property will be immediately subject to the same vesting and settlement conditions as are applicable to the Award. Dividend Equivalents will be subject to the Fiscal Year limits applicable to the underlying Restricted Stock Unit, Performance Share or Performance Unit Award as set forth in Section 6, as applicable, hereof.

13. [RESERVED]

14.Leaves of Absence. Unless the Administrator provides otherwise, or except as otherwise required by Applicable Laws, vesting of Awards granted hereunder will be suspended starting on the 30th consecutive day of any unpaid leave of absence approved by the Company, with such suspension of vesting terminating upon the

Participant’s resumption of service with the Company. A Service Provider will not cease to be an Employee in the case of (i) any leave of absence approved by the Company or (ii) transfers between locations of the Company or between the Company, its Parent, or any Subsidiary. For purposes of Incentive Stock Options, no such leave may exceed three (3) months, unless reemployment upon expiration of such leave is guaranteed by statute or contract. If reemployment upon expiration of a leave of absence approved by the Company is not so guaranteed, then six (6) months following the first (1st) day of such leave any Incentive Stock Option held by the Participant will cease to be treated as an Incentive Stock Option and will be treated for tax purposes as a Nonstatutory Stock Option.

15.Transferability of Awards. Unless determined otherwise by the Administrator, an Award may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised, during the lifetime of the Participant, only by the Participant. If the Administrator makes an Award transferable, such Award will contain such additional terms and conditions as the Administrator deems appropriate.

16.Adjustments; Dissolution or Liquidation; Merger or Change in Control.

(a)Adjustments. In the event that any dividend or other distribution (whether in the form of cash, Shares, other securities, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation,split-up,spin-off, combination, repurchase, or exchange of Shares or other securities of the Company, or other change in the corporate structure of the Company affecting the Shares occurs, the Administrator, in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made available under the Plan, will adjust the number and class of Shares that may be delivered under the Plan and/or the number, class, and price of Shares covered by each outstanding Award, and the numerical Share limits set forth in Sections 3 and 6.

(b)Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of the Company, the Administrator will notify each Participant as soon as practicable prior to the effective date of such proposed transaction. To the extent it has not been previously exercised, an Award will terminate immediately prior to the consummation of such proposed action.

(c)Change in Control.

(i) In the event of a Change in Control, subject to Section 16(c)(ii) and any vesting acceleration provisions in an Award or other agreement, outstanding Awards shall be treated in the manner provided in the agreement relating to the Change in Control (including as the same may be amended), including, without limitation:

(1) the continuation of the outstanding Award by the Company, if the Company is a surviving corporation;

(2) the assumption of the outstanding Awards, or substitution of equivalent Awards, by the acquiring or succeeding corporation (or an affiliate thereof) (the “Successor Corporation”) with appropriate adjustments as to the number and kind of shares and prices;

(3) that outstanding Awards will vest and become exercisable (and for the avoidance of doubt, notwithstanding the vesting limitations in Section 6), realizable, or payable, or restrictions applicable to an Award will lapse, in whole or in part prior to or upon consummation of such Change in Control, and, to the extent the Administrator determines, terminate upon or immediately prior to the effectiveness of such merger or Change in Control;

(4) (A) the termination of an Award in exchange for an amount of cash and/or property, if any, equal to the amount that would have been attained upon the exercise of such Award or realization of the Participant’s rights as of the date of the occurrence of the transaction (and, for the avoidance of doubt, if as of the date of the occurrence of the transaction the Administrator determines in good faith that no amount would have

been attained upon the exercise of such Award or realization of the Participant’s rights, then such Award may be terminated by the Company without payment), or (B) the replacement of such Award with other rights or property selected by the Administrator in its sole discretion; or

(5) any combination of the foregoing.

Such agreement shall not be required to treat all Awards or individual types of Awards similarly in the Change in Control.

(ii) In the event that the Successor Corporation refuses to assume, continue or substitute for the Award (and for the avoidance of doubt, notwithstanding the vesting limitations in Section 6), the Participant will fully vest in and have the right to exercise all of his or her outstanding Options and Stock Appreciation Rights, including Shares as to which such Awards would not otherwise be vested or exercisable, all restrictions on Restricted Stock and Restricted Stock Units will lapse, and, with respect to Awards with performance-based vesting, all performance goals will be deemed achieved at target levels as to a prorated portion of such Award based on the portion of the applicable performance period that has lapsed through the date of the merger or Change in Control, and all other vesting criteria will be deemed achieved as to such prorated portion of such Award. In addition, if an Option or Stock Appreciation Right is not assumed or substituted for in the event of a Change in Control, the Administrator will notify the Participant in writing or electronically that the Option or Stock Appreciation Right will be fully vested and exercisable for a period of time determined by the Administrator in its sole discretion, and the Option or Stock Appreciation Right will terminate upon the expiration of such period.

With respect to Awards granted to Outside Directors that are assumed or substituted for, if on the date of or following such assumption or substitution the Participant’s status as a Director or a director of the Successor Corporation, as applicable, is terminated other than upon a voluntary resignation by the Participant, then the Participant will fully vest in and have the right to exercise Options and/or Stock Appreciation Rights as to all of the Shares subject thereto, including Shares as to which such Awards would not otherwise be vested or exercisable, all restrictions on Restricted Stock and Restricted Stock Units will lapse, and, with respect to Awards with performance-based vesting, all performance goals will be deemed achieved at target levels as to a prorated portion of such Award based on the portion of the applicable performance period that has lapsed through the date of the merger or Change in Control, and all other vesting criteria will be deemed achieved as to such prorated portion of such Award.

For the purposes of this subsection (c), an Award will be considered assumed if, following the Change in Control, the Award confers the right to purchase or receive, for each Share subject to the Award immediately prior to the Change in Control, the consideration (whether stock, cash, or other securities or property) or, in the case of a Stock Appreciation Right upon the exercise of which the Administrator determines to pay cash or a Performance Share or Performance Unit which the Administrator can determine to pay in cash, the fair market value of the consideration received in the merger or Change in Control by holders of Common Stock for each Share held on the effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares); provided, however, that if such consideration received in the Change in Control is not solely common stock of the Successor Corporation, the Administrator may, with the consent of the Successor Corporation, provide for the consideration to be received upon the exercise of an Option or Stock Appreciation Right or upon the payout of a Restricted Stock Unit, Performance Share or Performance Unit, for each Share subject to such Award (or in the case of Performance Units denominated in dollars, the number of implied shares determined by dividing the value of the Performance Units by the per share consideration received by holders of Common Stock in the Change in Control), to be solely common stock of the Successor Corporation equal in fair market value to the per share consideration received by holders of Common Stock in the Change in Control.

Notwithstanding anything in this Section 16(c) to the contrary, an Award that vests, is earned orpaid-out upon the satisfaction of one or more performance goals will not be considered assumed if the Company or its successor modifies any of such performance goals without the Participant’s consent; provided, however, a modification to such performance goals only to reflect the Successor Corporation’s post-Change in Control corporate structure will not be deemed to invalidate an otherwise valid Award assumption.

Notwithstanding anything in this Section 16(c) to the contrary, if a payment under an Award Agreement is subject to Code Section 409A and if the change in control definition contained in the Award Agreement does not comply with the definition of “change of control” for purposes of a distribution under Code Section 409A, then any payment of an amount that is otherwise accelerated under this Section will be delayed until the earliest time that such payment would be permissible under Code Section 409A without triggering any penalties applicable under Code Section 409A.

17.Tax Withholding

(a)Withholding Requirements. Prior to the delivery of any Shares or cash pursuant to an Award (or exercise thereof), the Company will have the power and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy federal, state, local, foreign or other taxes (including the Participant’s FICA obligation) required to be withheld with respect to such Award (or exercise thereof).

(b)Withholding Arrangements. The Administrator, in its sole discretion and pursuant to such procedures as it may specify from time to time, may permit a Participant to satisfy such tax withholding obligation, in whole or in part by (without limitation) (a) paying cash (or cash equivalent), (b) electing to have the Company withhold otherwise deliverable cash or Shares having a fair market value equal to the minimum statutory amount required to be withheld or such greater amount as the Administrator may determine if such amount would not have adverse accounting consequences, as the Administrator determines in its sole discretion, (c) delivering to the Company already-owned Shares having a fair market value equal to the minimum statutory amount required to be withheld, or such greater amount as the Administrator may determine if such amount would not have adverse accounting consequences, as the Administrator determines in its sole discretion, or (d) selling a sufficient number of Shares otherwise deliverable to the Participant through such means as the Administrator may determine in its sole discretion (whether through a broker or otherwise) equal to the amount required to be withheld. The fair market value of the Shares to be withheld or delivered will be determined as of the date that the taxes are required to be withheld.

(c)Compliance With Code Section 409A. Awards will be designed and operated in such a manner that they are either exempt from the application of, or comply with, the requirements of Code Section 409A such that the grant, payment, settlement or deferral will not be subject to the additional tax or interest applicable under Code Section 409A, except as otherwise determined in the sole discretion of the Administrator. The Plan and each Award Agreement under the Plan is intended to meet the requirements of Code Section 409A and will be construed and interpreted in accordance with such intent, except as otherwise determined in the sole discretion of the Administrator. To the extent that an Award or payment, or the settlement or deferral thereof, is subject to Code Section 409A, the Award will be granted, paid, settled or deferred in a manner that will meet the requirements of Code Section 409A, such that the grant, payment, settlement or deferral will not be subject to the additional tax or interest applicable under Code Section 409A.

18.No Effect on Employment or Service. Neither the Plan nor any Award will confer upon a Participant any right with respect to continuing the Participant’s relationship as a Service Provider with the Company, nor will they interfere in any way with the Participant’s right or the Company’s right to terminate such relationship at any time, with or without cause, to the extent permitted by Applicable Laws.

19.Date of Grant. The date of grant of an Award will be, for all purposes, the date on which the Administrator makes the determination granting such Award, or such other later date as is determined by the Administrator. Notice of the determination will be provided to each Participant within a reasonable time after the date of such grant.

20.Term of Plan. Subject to Section 25of the Plan, the Plan will become effective upon its adoption by the Board. It will continue in effect for a term of ten (10) years unless terminated earlier under Section 21of the Plan.

21.Amendment and Termination of the Plan.

(a)Amendment and Termination. The Board or the Administrator may at any time amend, alter, suspend or terminate the Plan.

(b)Stockholder Approval. The Company will obtain stockholder approval of any Plan amendment to the extent necessary and desirable to comply with Applicable Laws.

(c)Effect of Amendment or Termination. No amendment, alteration, suspension or termination of the Plan will impair the rights of any Participant, unless mutually agreed otherwise between the Participant and the Administrator, which agreement must be in writing and signed by the Participant and the Company. Termination of the Plan will not affect the Administrator’s ability to exercise the powers granted to it hereunder with respect to Awards granted under the Plan prior to the date of such termination.

22.Conditions Upon Issuance of Shares.

(a)Legal Compliance. Shares will not be issued pursuant to the exercise of an Award unless the exercise of such Award and the issuance and delivery of such Shares will comply with Applicable Laws and will be further subject to the approval of counsel for the Company with respect to such compliance.

(b)Investment Representations. As a condition to the exercise of an Award, the Company may require the person exercising such Award to represent and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation is required.

23.Inability to Obtain Authority. The inability of the Company to obtain authority from any regulatory body having jurisdiction or to complete or comply with the requirements of any registration or other qualification of the Shares under any state, federal or foreign law or under the rules and regulations of the Securities and Exchange Commission, the stock exchange on which Shares of the same class are then listed, or any other governmental or regulatory body, which authority, registration, qualification or rule compliance is deemed by the Company’s counsel to be necessary or advisable for the issuance and sale of any Shares hereunder, will relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority, registration, qualification or rule compliance will not have been obtained.

24.Forfeiture Events. The Administrator may specify in an Award Agreement that the Participant’s rights, payments, and benefits with respect to an Award will be subject to reduction, cancellation, forfeiture, or recoupment upon the occurrence of certain specified events, in addition to any otherwise applicable vesting or performance conditions of an Award. Such events may include, but will not be limited to, fraud, breach of a fiduciary duty, restatement of financial statements as a result of fraud or willful errors or omissions, termination of employment for cause, violation of material Company and/or Subsidiary policies, breach ofnon-competition, confidentiality, or other restrictive covenants that may apply to the Participant, or other conduct by the Participant that is detrimental to the business or reputation of the Company and/or its Subsidiaries. The Administrator may also require the application of this Section with respect to any Award previously granted to a Participant even without any specified terms being included in any applicable Award Agreement to the extent required under Applicable Laws.

25.Stockholder Approval. The Plan will be subject to approval by the stockholders of the Company within twelve (12) months after the date the Plan is adopted. Such stockholder approval will be obtained in the manner and to the degree required under Applicable Laws.

Appendix B

RAMBUS INC.

2015 EMPLOYEE STOCK PURCHASE PLAN

(as amended March 8, 2018)

The following constitutes the provisions of the 2015 Employee Stock Purchase Plan of Rambus Inc.

1.Purpose. The purpose of the Plan is to provide Employees with an opportunity to purchase Common Stock through accumulated Contributions (as defined in Section 2(i) below). It is the intention of the Company to have the Plan qualify as an “employee stock purchase plan” under Section 423 of the Code. The provisions of the Plan, accordingly, will be construed so as to extend and limit Plan participation in a uniform and nondiscriminatory basis consistent with the requirements of Section 423 of the Code.

2. Definitions.

(a) “Administrator” means the Board or any committee designated by the Board to administer the Plan pursuant to Section 14.

(b) “Applicable Laws” means the requirements relating to the administration of equity-based awards under U.S. state corporate laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Common Stock is listed or quoted and the applicable laws of any foreign country or jurisdiction where options are, or will be, granted under the Plan.

(c) “Board” means the Board of Directors of the Company.

(d) “Change of Control” means the occurrence of any of the following events:

(i) Any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial owner” (as defined in Rule13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the total voting power represented by the Company’s then outstanding voting securities; or

(ii) The consummation of the sale or disposition by the Company of all or substantially all of the Company’s assets; or

(iii) The consummation of a merger or consolidation of the Company, with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or its parent) at least fifty percent (50%) of the total voting power represented by the voting securities of the Company, or such surviving entity or its parent outstanding immediately after such merger or consolidation; or

(iv) A change in the composition of the Board occurring within a two (2)-year period, as a result of which fewer than a majority of the Directors are Incumbent Directors. “Incumbent Directors” means Directors who either (A) are Directors as of the effective date of the Plan (pursuant to Section 23 hereof), or (B) are elected, or nominated for election, to the Board with the affirmative votes of at least a majority of those Incumbent Directors at the time of such election or nomination (but will not include an individual whose election or nomination is in connection with an actual or threatened proxy contest relating to the election of Directors of the Company).

For the avoidance of doubt, a transaction will not constitute a Change of Control if: (i) its sole purpose is to change the state of the Company’s incorporation, or (ii) its sole purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction.

(e) “Code” means the Internal Revenue Code of 1986, as amended. Any reference to a section of the Code herein will be a reference to any successor or amended section of the Code.

(f) “Common Stock” means the common stock of the Company.

(g) “Company” means Rambus Inc., a Delawarecorporation.

(h) “Compensation” means an Employee’s base straight time gross earnings, but exclusive of payments for overtime, shift premium, incentive compensation, incentive payments, bonuses and other compensation. The Administrator, in its discretion, may on a uniform and nondiscriminatory basis, establish a different definition of Compensation for a subsequent Offering Period.

(i) “Contributions” means the payroll deductions and other additional payments to the Company that the Company may permit to be made by a participant to fund the exercise of options granted pursuant to the Plan.

(j) “Designated Subsidiary” means any Subsidiary that has been designated by the Administrator from time to time in its sole discretion as eligible to participate in the Plan.

(k) “Director” means a member of the Board.

(l) “Employee” means any individual who is a common law employee of an Employer and is customarily employed for at least twenty (20) hours per week and more than five (5) months in any calendar year by the Employer, or any lesser number of hours per week and/or number of months in any calendar year established by the Administrator (if required under Applicable Law) for purposes of any separate Offering. For purposes of the Plan, the employment relationship will be treated as continuing intact while the individual is on sick leave or other leave of absence that the Employer approves or is legally protected under Applicable Laws. Where the period of leave exceeds three (3) months and the individual’s right to reemployment is not guaranteed either by statute or by contract, the employment relationship will be deemed to have terminated three (3) months and one (1) day following the start of such leave. The Administrator, in its discretion, from time to time may, prior to an Enrollment Date for all options to be granted on such Enrollment Date, determine (on a uniform and nondiscriminatory basis or as otherwise permitted by Treasury RegulationSection 1.423-2) that the definition of Employee will or will not include an individual if he or she: (1) has not completed at least two years of service since his or her last hire date (or such lesser period of time as may be determined by the Administrator in its discretion), (2) customarily works not more than twenty (20) hours per week (or such lesser period of time as may be determined by the Administrator in its discretion), (3) customarily works not more than five (5) months per calendar year (or such lesser period of time as may be determined by the Administrator in its discretion), or (4) is a highly compensated employee under Section 414(q) of the Code with compensation above a certain level or who is an officer or subject to the disclosure requirements of Section 16(a) of the Exchange Act, provided the exclusion is applied with respect to each Offering in an identical manner to all highly compensated individuals of the Employer whose Employees are participating in that Offering. Each exclusion shall be applied with respect to an Offering in a manner complying with U.S. Treasury RegulationSection 1.423-2(e)(2). Except as required by Applicable Law, any time-based eligibility requirements will be determined as of the Enrollment Date of the applicable Offering Period.

(m) “Employer” means any one or all of the Company and its Designated Subsidiaries.

(n) “Enrollment Date” means the first Trading Day of each Offering Period.

(o) “Exchange Act” means the Securities Exchange Act of 1934, as amended, including the rules and regulations promulgated thereunder.

(p) “Exercise Date” means the first Trading Day on or after May 1 and November 1 of each year. The first Exercise Date under the Plan will be November 2, 2015.

(q) “Fair Market Value” means, as of any date and unless the Administrator determines otherwise, the value of Common Stock determined as follows:

(i) If the Common Stock is listed on any established stock exchange or a national market system, including without limitation the Nasdaq Global Select Market, the Nasdaq Global Market or the Nasdaq Capital Market of The Nasdaq Stock Market, its Fair Market Value will be the closing sales price for the Common Stock (or the closing bid, if no sales were reported) as quoted on such exchange or system on the date of determination, as reported inThe Wall Street Journal or such other source as the Administrator deems reliable, or;

(ii) If the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, its Fair Market Value will be the mean of the closing bid and asked prices for the Common Stock on the date of determination, as reported inThe Wall Street Journal or such other source as the Administrator deems reliable, or;

(iii) In the absence of an established market for the Common Stock, its Fair Market Value will be determined in good faith by the Administrator.

(r) “New Exercise Date” means a new Exercise Date if the Administrator shortens any Offering Period then in progress.

(s) “Offering” means an offer under the Plan of an option that may be exercised during an Offering Period as further described in Section 4. For purposes of this Plan, the Administrator may designate separate Offerings under the Plan (the terms of which need not be identical) in which Employees of one or more Employers will participate, even if the dates of the applicable Offering Periods of each such Offering are identical and the provisions of the Plan will separately apply to each Offering. To the extent permitted by U.S. Treasury RegulationSection 1.423-2(a)(1), the terms of each Offering need not be identical provided that the terms of the Plan and an Offering together satisfy U.S. Treasury RegulationSection 1.423-2(a)(2) and (a)(3).

(t) “Offering Periods” means the periods of approximately six (6) months during which an option granted pursuant to the Plan may be exercised, commencing on the first Trading Day on or after May 1 and November 1 of each year and terminating on the first Trading Day on or after the May 1 andNovember 1Offering Period commencement date approximately six (6) months later. The first Offering Period under the Plan will commence on November 2, 2015, subject to the approval of the Plan by the stockholders of the Company at the 2015 Annual Meeting of Stockholders, and the first Exercise Date under the Plan will be May 2, 2016. The second Offering Period under the Plan will commence on May 2, 2016. The duration and timing of Offering Periods may be changed pursuant to Sections 4 and 20 of this Plan.

(u) “Parent” means a “parent corporation,” whether now or hereafter existing, as defined in Section 424(e) of the Code.

(v) “Plan” means this 2015 Employee Stock Purchase Plan.

(w) “Purchase Price” means an amount equal to eighty-five percent (85%) of the Fair Market Value of a share of Common Stock on the Enrollment Date or on the Exercise Date, whichever is lower; provided however, that the Purchase Price may be determined for subsequent Offering Periods by the Administrator subject to compliance with Section 423 of the Code (or any successor rule or provision or any other Applicable Law or regulation) or pursuant to Section 20.

(x) “Subsidiary” means a “subsidiary corporation,” whether now or hereafter existing, as defined in Section 424(f) of the Code.

(y) “Trading Day” means a day on which the U.S. national stock exchanges and the Nasdaq System are open for trading.

(z) “U.S. Treasury Regulations” means the Treasury Regulations of the Code. Reference to a specific Treasury Regulation or Section of the Code will include such Treasury Regulation or Section, any valid regulation promulgated under such Section, and any comparable provision of any future legislation or regulation amending, supplementing or superseding such Section or regulation.

3.Eligibility.

(a)Offering Periods. Any individual who is an Employee as of the Enrollment Date of any Offering Period will be eligible to participate in such Offering Period, subject to the requirements of Section 5.

(b)Non-U.S. Employees. Employees who are citizens or residents of anon-U.S. jurisdiction (without regard to whether they are also citizens of the United States or resident aliens (within the meaning of Section 7701(b)(1)(A) of the Code)) may be excluded from participation in the Plan or an Offering if the participation of such Employees is prohibited under the laws of the applicable jurisdiction or if complying with the laws of the applicable jurisdiction would cause the Plan or an Offering to violate Section 423 of the Code.

(c)Limitations. Any provisions of the Plan to the contrary notwithstanding, no Employee will be granted an option under the Plan (i) to the extent that, immediately after the grant, such Employee (or any other person whose stock would be attributed to such Employee pursuant to Section 424(d) of the Code) would own capital stock of the Company or any Parent or Subsidiary of the Company and/or hold outstanding options to purchase such stock possessing five percent (5%) or more of the total combined voting power or value of all classes of the capital stock of the Company or of any Parent or Subsidiary of the Company, or (ii) to the extent that his or her rights to purchase stock under all employee stock purchase plans (as defined in Section 423 of the Code) of the Company or any Parent or Subsidiary of the Company accrues at a rate which exceeds twenty-five thousand dollars ($25,000) worth of stock (determined at the Fair Market Value of the stock at the time such option is granted) for each calendar year in which such option is outstanding at any time, as determined in accordance with Section 423 of the Code and the regulations thereunder.

4.Offering Periods. The Plan will be implemented by consecutive Offering Periods with a new Offering Period commencing on the first Trading Day on or after May 1 and November 1 of each year. The first Offering Period under the Plan will commence on November 2, 2015, subject to the approval of the Plan by the stockholders of the Company at the 2015 Annual Meeting of Stockholders, and the first Exercise Date under the Plan will be May 2, 2016. The Second Offering Period under the Plan will commence on May 2, 2016, or on such other date as the Administrator will determine, and continuing thereafter until terminated in accordance with Section 20. The Administrator will have the power to change the duration of Offering Periods (including the commencement dates thereof) with respect to future Offerings without stockholder approval if such change is announced prior to the scheduled beginning of the first Offering Period to be affected thereafter.

5.Participation. An Employee who is eligible to participate in the Plan pursuant to Section 3(a) may become a participant by (i) submitting to the Company’s payroll office (or its designee), on or before a date prescribed by the Administrator prior to an applicable Enrollment Date, a properly completed subscription agreement authorizing Contributions in the form provided by the Administrator for such purpose, or (ii) following an electronic or other enrollment procedure prescribed by the Administrator.

6.Contributions.

(a) At the time a participant enrolls in the Plan pursuant to Section 5, he or she will elect to have payroll deductions made on each payday or other Contributions (to the extent permitted by the Administrator) made during the Offering Period in an amount not exceeding fifteen percent (15%) of the Compensation which he or she receives on each such payday. The Administrator, in its sole discretion, may permit all participants in a specified Offering to contribute amounts to the Plan through payment by cash, check or other means set forth in the subscription agreement prior to each Exercise Date of each Offering Period, provided that payment through means other than payroll deductions shall be permitted only if the participant has not already had the maximum permitted amount withheld through payroll deductions during the Offering Period. A participant’s subscription agreement shall remain in effect for successive Offering Periods unless terminated as provided in Section 10 hereof.

(b) Payroll deductions authorized by a participant will commence on the first payday following the Enrollment Date and will end on the last payday in the Offering Period to which such authorization is applicable, unless sooner terminated by the participant as provided in Section 10.

(c) All Contributions made for a participant will be credited to his or her account under the Plan and will be made in whole percentages only. A participant may not make any additional payments into such account.

(d) A participant may discontinue his or her participation in the Plan as provided in Section 10, or may increase or decrease the rate of his or her Contributions during the Offering Period by (i) properly completing and submitting to the Company’s payroll office (or its designee), on or before a date prescribed by the Administrator prior to an applicable Exercise Date, a new subscription agreement authorizing the change in Contribution rate in the form provided by the Administrator for such purpose, or (ii) following an electronic or other procedure prescribed by the Administrator; provided, however, that unless the Administrator provides otherwise, a participant may reduce, but not increase, his or her Contribution rate during an Offering Period for that Offering Period (it being understood that a participant may increase the Contribution rate for future Offering Periods prior to the commencement of any such Offering Period). If a participant has not followed such procedures to change the rate of Contributions, the rate of his or her Contributions will continue at the originally elected rate throughout the Offering Period and future Offering Periods (unless terminated as provided in Section 10). The Administrator may, in its sole discretion, limit the nature and/or number of Contribution rate changes that may be made by participants during any Offering Period and may establish such other conditions or limitations as it deems appropriate for Plan administration. Any change in payroll deduction rate made pursuant to this Section 6(d) will be effective as of the first full payroll period following five (5) business days after the date on which the change is made by the participant (unless the Administrator, in its sole discretion, elects to process a given change in payroll deduction rate more quickly).

(e) Notwithstanding the foregoing, to the extent necessary to comply with Section 423(b)(8) of the Code and Section 3(b), a participant’s Contributions may be decreased to zero percent (0%) at any time during an Offering Period. Subject to Section 423(b)(8) of the Code and Section 3(c) hereof, Contributions will recommence at the rate originally elected by the participant effective as of the beginning of the first Offering Period which is scheduled to end in the following calendar year, unless terminated by the participant as provided in Section 10.

(f) Notwithstanding any provisions to the contrary in the Plan, the Administrator may allow Employees to participate in the Plan via cash contributions instead of payroll deductions if (i) payroll deductions are not permitted under applicable local law, and (ii) the Administrator determines that cash contributions are permissible under Section 423 of the Code.

(g) At the time the option is exercised, in whole or in part, or at the time some or all of the Company’s Common Stock issued under the Plan is disposed of (or any other time that a taxable event related to the Plan occurs), the participant must make adequate provision for the Company’s or the Employer’s federal, state, local or any other tax liability payable to any authority including taxes imposed by jurisdictions outside of the U.S., national insurance, social security or other tax withholding obligations, if any, which arise upon the exercise of

the option or the disposition of the Common Stock (or any other time that a taxable event related to the Plan occurs). At any time, the Company or the Employer may, but will not be obligated to, withhold from the participant’s compensation the amount necessary for the Company or the Employer to meet applicable withholding obligations, including any withholding required to make available to the Company or the Employer any tax deductions or benefits attributable to the sale or early disposition of Common Stock by the Employee. In addition, the Company or the Employer, may, but will not be obligated to, withhold from the proceeds of the sale of Common Stock or any other method of withholding the Company or the Employer deems appropriate to the extent permitted by U.S. Treasury RegulationSection 1.423-2(f).

7.Grant of Option. On the Enrollment Date of each Offering Period, each Employee participating in such Offering Period will be granted an option to purchase on the Exercise Date(s) of such Offering Period (at the applicable Purchase Price) up to a number of shares of Common Stock determined by dividing such participant’s Contributions accumulated prior to such Exercise Date and retained in the participant’s account as of the Exercise Date by the applicable Purchase Price; provided that in no event will a participant be permitted to purchase during each Offering Period more than five thousand (5,000) shares of Common Stock (subject to any adjustment pursuant to Section 19), and provided further that such purchase will be subject to the limitations set forth in Sections 3(c) and 13. The Employee may accept the grant of such option with respect to any Offering Period under the Plan, by electing to participate in the Plan in accordance with the requirements of Section 5. The Administrator may, for future Offering Periods, increase or decrease, in its absolute discretion, the maximum number of shares of Common Stock that a participant may purchase during each Offering Period. Exercise of the option will occur as provided in Section 8, unless the participant has withdrawn pursuant to Section 10. The option will expire on the last day of the Offering Period.

8.Exercise of Option.

(a) Unless a participant withdraws from the Plan as provided in Section 10, his or her option for the purchase of shares of Common Stock will be exercised automatically on the Exercise Date, and the maximum number of full shares subject to the option will be purchased for such participant at the applicable Purchase Price with the accumulated Contributions in his or her account. No fractional shares of Common Stock will be purchased; any Contributions accumulated in a participant’s account which are not sufficient to purchase a full share will be returned to the participant. Any other funds left over in a participant’s account after the Exercise Date will be returned to the participant. During a participant’s lifetime, a participant’s option to purchase shares hereunder is exercisable only by him or her.

(b) Notwithstanding any contrary Plan provision, if the Administrator determines that, on a given Exercise Date, the number of shares of Common Stock with respect to which options are to be exercised may exceed (i) the number of shares of Common Stock that were available for sale under the Plan on the Enrollment Date of the applicable Offering Period, or (ii) the number of shares of Common Stock available for sale under the Plan on such Exercise Date, the Administrator may in its sole discretion (x) provide that the Company will make a pro rata allocation of the shares of Common Stock available for purchase on such Enrollment Date or Exercise Date, as applicable, in as uniform a manner as will be practicable and as it will determine in its sole discretion to be equitable among all participants exercising options to purchase Common Stock on such Exercise Date, and either (x) continue any Offering Period then in effect, or (y) terminate any Offering Period then in effect pursuant to Section 20. The Company may make pro rata allocation of the shares of Common Stock available on the Enrollment Date of any applicable Offering Period pursuant to the preceding sentence, notwithstanding any authorization of additional shares of Common Stock for issuance under the Plan by the Company’s stockholders subsequent to such Enrollment Date.

9.Delivery. As soon as administratively practicable after each Exercise Date on which a purchase of shares of Common Stock occurs, the Company will arrange the delivery to each participant, as appropriate, the shares purchased upon exercise of his or her option in a form determined by the Administrator (in its sole discretion) and pursuant to rules established by the Administrator. The Company may permit or require that shares be

deposited directly with a broker designated by the Company or to a designated agent of the Company, and the Company may utilize electronic or automated methods of share transfer. The Company may require that shares be retained with such broker or agent for a designated period of time and/or may establish other procedures to permit tracking of disqualifying dispositions of such shares. No participant will have any voting, dividend, or other stockholder rights with respect to shares of Common Stock subject to any option granted under the Plan until such shares have been purchased and delivered to the participant as provided in this Section 9.

10.Withdrawal.

(a) Under procedures established by the Administrator, a participant may withdraw all but not less than all the Contributions credited to his or her account and not yet used to exercise his or her option under the Plan at any time by (i) submitting to the Company’s payroll office (or its designee) a written notice of withdrawal in the form prescribed by the Administrator for such purpose, or (ii) following an electronic or other withdrawal procedure prescribed by the Administrator. All of the participant’s Contributions credited to his or her account will be paid to such participant as promptly as practicable after the effective date of his or her withdrawal and such participant’s option for the Offering Period will be automatically terminated, and no further Contributions for the purchase of shares will be made for such Offering Period. If a participant withdraws from an Offering Period, Contributions will not resume at the beginning of the succeeding Offering Period unless the participantre-enrolls in the Plan in accordance with the provisions of Section 5.

(b) A participant’s withdrawal from an Offering Period will not have any effect upon his or her eligibility to participate in any similar plan which may hereafter be adopted by the Company or in succeeding Offering Periods which commence after the termination of the Offering Period from which the participant withdraws.

11.Termination of Employment. Upon a participant’s ceasing to be an Employee, for any reason, he or she will be deemed to have elected to withdraw from the Plan and the Contributions credited to such participant’s account during the Offering Period but not yet used to purchase shares of Common Stock under the Plan will be returned to such participant or, in the case of his or her death, to the person or persons entitled thereto under Section 15, and such participant’s option will be automatically terminated. The preceding sentence notwithstanding, a participant who receives payment in lieu of notice of termination of employment will be treated as continuing to be an Employee for the participant’s customary number of hours per week of employment during the period in which the participant is subject to such payment in lieu of notice.

12.Interest. No interest will accrue on the Contributions of a participant in the Plan, except as may be required by Applicable Law, as determined by the Company, and if so required by the laws of a particular jurisdiction, shall apply to all participants in the relevant Offering except to the extent otherwise permitted by U.S. Treasury RegulationSection 1.423-2(f).

13.Stock.

(a) Subject to adjustment upon changes in capitalization of the Company as provided in Section 19, the maximum number of shares of Common Stock which will be made available for sale under the Plan will be 4,000,000 shares of Common Stock.

(b) Shares of Common Stock to be delivered to a participant under the Plan will be registered in the name of the participant or in the name of the participant and his or her spouse.

14.Administration. The Board or a committee of members of the Board who will be appointed from time to time by, and will serve at the pleasure of, the Board, will administer the Plan. The Administrator will have full and exclusive discretionary authority to construe, interpret and apply the terms of the Plan, to designate separate Offerings under the Plan, to determine eligibility, to adjudicate all disputed claims filed under the Plan and to

establish such procedures that it deems necessary for administration of the Plan (including, without limitation, to adopt such procedures andsub-plans as are necessary or appropriate to permit the participation in the Plan by employees who are foreign nationals or employed outside the United States, the terms of whichsub-plans may take precedence over other provisions of this Plan, with the exception of Section 13(a) hereof, but unless otherwise superseded by the terms of suchsub-plan, the provisions of this Plan will govern the operation of suchsub-plan). Unless otherwise determined by the Administrator, the Employees eligible to participate in each suchsub-plan will participate in a separate Offering. The Administrator, in its sole discretion and on such terms and conditions as it may provide, may delegate to one or more individuals all or any part of its authority and powers under the Plan. Without limiting the generality of this Section 14, the Administrator is specifically authorized to adopt rules and procedures regarding eligibility to participate, the definition of Compensation, handling of Contributions, making of Contributions to the Plan (including, without limitation, in forms other than payroll deductions), establishment of bank or trust accounts to hold Contributions, payment of interest, conversion of local currency, obligations to pay payroll tax, determination of beneficiary designation requirements, withholding procedures and handling of stock certificates that vary with applicable local requirements. The Administrator also is authorized to determine that, to the extent permitted by U.S. Treasury RegulationSection 1.423-2(f), the terms of an option granted under the Plan or an Offering to citizens or residents of anon-U.S. jurisdiction will be less favorable than the terms of options granted under the Plan or the same Offering to employees resident solely in the U.S. Every finding, decision and determination made by the Administrator (or its designee) will, to the full extent permitted by law, be final and binding upon all parties.

15.Designation of Beneficiary.

(a) A participant may designate a beneficiary who is to receive any shares of Common Stock and cash, if any, from the participant’s account under the Plan in the event of such participant’s death subsequent to an Exercise Date on which the option is exercised but prior to delivery to such participant of such shares and cash. In addition, a participant may designate a beneficiary who is to receive any cash from the participant’s account under the Plan in the event of such participant’s death prior to exercise of the option. If a participant is married and the designated beneficiary is not the spouse, spousal consent will be required for such designation to be effective.

(b) The participant may change such designation of beneficiary at any time by written notice. In the event of the death of a participant and in the absence of a beneficiary validly designated under the Plan who is living at the time of such participant’s death, the Company will deliver such shares and/or cash to the executor or administrator of the estate of the participant, or if no such executor or administrator has been appointed (to the knowledge of the Company), the Company, in its discretion, may deliver such shares and/or cash to the spouse or to any one or more dependents or relatives of the participant, or if no spouse, dependent or relative is known to the Company, then to such other person as the Company may designate.

(c) All beneficiary designations under this Section 15 will be made in such form and manner as the Administrator may prescribe from time to time. Notwithstanding Sections 15(a) and (b) above, the Company and/or the Administrator may decide not to permit such designations by participants innon-U.S. jurisdictions to the extent permitted by U.S. Treasury RegulationSection 1.423-2(f).

16.Transferability. Neither Contributions credited to a participant’s account nor any rights with regard to the exercise of an option or to receive shares of Common Stock under the Plan may be assigned, transferred, pledged or otherwise disposed of in any way (other than by will, the laws of descent and distribution or as provided in Section 15) by the participant. Any such attempt at assignment, transfer, pledge or other disposition will be without effect, except that the Company may treat such act as an election to withdraw from an Offering Period in accordance with Section 10.

17.Use of Funds. The Company may use all Contributions received or held by the Company under the Plan for any corporate purpose, and the Company will not be obligated to segregate such Contributions, except under Offerings in which applicable local law requires that Contributions to the Plan by participants be segregated from

the Company’s general corporate funds and/or deposited with an independent third party for participants innon-U.S. jurisdictions. Until shares of Common Stock are issued under the Plan (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), a participant will only have the rights of an unsecured creditor with respect to such shares.

18.Reports. Individual accounts will be maintained for each participant in the Plan. Statements of account will be given to participating Employees at least annually, which statements will set forth the amounts of Contributions, the Purchase Price, the number of shares of Common Stock purchased and the remaining cash balance, if any.

19.Adjustments, Dissolution, Liquidation, Merger or Change of Control.

(a)Adjustments. In the event that any dividend or other distribution (whether in the form of cash, Common Stock, other securities, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation,split-up,spin-off, combination, repurchase, or exchange of Common Stock or other securities of the Company, or other change in the corporate structure of the Company affecting the Common Stock such that an adjustment is appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan, the Administrator will adjust the number and class of Common Stock which may be delivered under the Plan, the Purchase Price per share and the number of shares of Common Stock covered by each option under the Plan which has not yet been exercised, and the numerical limits of Sections 7 and 13.

(b)Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of the Company, any Offering Period then in progress will be shortened by setting a New Exercise Date, and will terminate immediately prior to the consummation of such proposed dissolution or liquidation, unless provided otherwise by the Administrator. The New Exercise Date will be before the date of the Company’s proposed dissolution or liquidation. The Administrator will notify each participant in writing or electronically prior to the New Exercise Date, that the Exercise Date for the participant’s option has been changed to the New Exercise Date and that the participant’s option will be exercised automatically on the New Exercise Date, unless prior to such date the participant has withdrawn from the Offering Period as provided in Section 10.

(c)Merger or Change of Control. In the event of a merger or Change of Control, each outstanding option will be assumed or an equivalent option substituted by the successor corporation or a Parent or Subsidiary of the successor corporation. In the event that the successor corporation refuses to assume or substitute for the option, any Offering Period then in progress will be shortened by setting a New Exercise Date and any Offering Period then in progress will end on the New Exercise Date. The New Exercise Date will be before the date of the Company’s proposed merger or Change of Control. The Administrator will notify each participant in writing or electronically prior to the New Exercise Date, that the Exercise Date for the participant’s option has been changed to the New Exercise Date and that the participant’s option will be exercised automatically on the New Exercise Date, unless prior to such date the participant has withdrawn from the Offering Period as provided in Section 10.

20.Amendment or Termination.

(a) The Administrator may at any time and for any reason terminate or amend the Plan. Except as provided in Section 19, no such termination can affect options previously granted under the Plan, provided that an Offering Period may be terminated by the Administrator on any Exercise Date if the Administrator determines that the termination or suspension of the Plan is in the best interests of the Company and its stockholders. Except as provided in Section 19 and this Section 20, no amendment may make any change in any option theretofore granted which adversely affects the rights of any participant. To the extent necessary to comply with Section 423 of the Code (or any successor rule or provision or any other applicable law, regulation or stock exchange rule), the Company will obtain stockholder approval in such a manner and to such a degree as required.

(b) Without stockholder consent and without regard to whether any participant rights may be considered to have been “adversely affected,” the Administrator will be entitled to change the Offering Periods, designate separate Offerings, limit the frequency and/or number of changes in the amount withheld during an Offering Period, establish the exchange ratio applicable to amounts withheld in a currency other than U.S. dollars, permit Contributions in excess of the amount designated by a participant in order to adjust for delays or mistakes in the Company’s processing of properly completed withholding elections, establish reasonable waiting and adjustment periods and/or accounting and crediting procedures to ensure that amounts applied toward the purchase of Common Stock for each participant properly correspond with Contribution amounts, and establish such other limitations or procedures as the Administrator determines in its sole discretion advisable which are consistent with the Plan.

(c) In the event the Administrator determines that the ongoing operation of the Plan may result in unfavorable financial accounting consequences, the Administrator may, in its discretion and, to the extent necessary or desirable, modify, amend or terminate the Plan to reduce or eliminate such accounting consequence including, but not limited to:

(i) amending the Plan to conform with the safe harbor definition under the Financial Accounting Standards Board Accounting Standards Codification Topic 718 (or any successor thereto), including with respect to an Offering Period underway at the time;

(ii) altering the Purchase Price for any Offering Period including an Offering Period underway at the time of the change in Purchase Price;

(iii) shortening any Offering Period by setting a New Exercise Date, including an Offering Period underway at the time of the Administrator action;

(iv) reducing the maximum percentage of Compensation a participant may elect to set aside as Contributions; and

(v) reducing the maximum number of Shares a participant may purchase during any Offering Period.

Such modifications or amendments will not require stockholder approval or the consent of any Plan participants.

21.Notices. All notices or other communications by a participant to the Company under or in connection with the Plan will be deemed to have been duly given when received in the form and manner specified by the Company at the location, or by the person, designated by the Company for the receipt thereof.

22.Conditions Upon Issuance of Shares. Shares of Common Stock will not be issued with respect to an option under the Plan unless the exercise of such option and the issuance and delivery of such shares pursuant thereto will comply with all applicable provisions of law, domestic or foreign, including, without limitation, the Securities Act of 1933, as amended, including the rules and regulations promulgated thereunder, the Exchange Act, and the requirements of any stock exchange upon which the shares may then be listed, and will be further subject to the approval of counsel for the Company with respect to such compliance.

As a condition to the exercise of an option, the Company may require the person exercising such option to represent and warrant at the time of any such exercise that the shares are being purchased only for investment and without any present intention to sell or distribute such shares if, in the opinion of counsel for the Company, such a representation is required by any of the aforementioned applicable provisions of law.

23.Term of Plan. The Plan will become effective upon the earlier to occur of its adoption by the Board or its approval by the stockholders of the Company. It will continue in effect until terminated under Section 20.

24.Code Section 409A. The Plan is exempt from the application of Code Section 409A and any ambiguities herein will be interpreted to so be exempt from Code Section 409A. In furtherance of the foregoing and notwithstanding any provision in the Plan to the contrary, if the Administrator determines that an option granted under the Plan may be subject to Code Section 409A or that any provision in the Plan would cause an option under the Plan to be subject to Code Section 409A, the Administrator may amend the terms of the Plan and/or of an outstanding option granted under the Plan, or take such other action the Administrator determines is necessary or appropriate, in each case, without the participant’s consent, to exempt any outstanding option or future option that may be granted under the Plan from or to allow any such options to comply with Code Section 409A, but only to the extent any such amendments or action by the Administrator would not violate Code Section 409A. Notwithstanding the foregoing, the Company will have no liability to a participant or any other party if the option to purchase Common Stock under the Plan that is intended to be exempt from or compliant with Code Section 409A is not so exempt or compliant or for any action taken by the Administrator with respect thereto. The Company makes no representation that the option to purchase Common Stock under the Plan is compliant with Code Section 409A.

25.Stockholder Approval. The Plan will be subject to approval by the stockholders of the Company within twelve (12) months after the date the Plan is adopted by the Board. Such stockholder approval will be obtained in the manner and to the degree required under Applicable Laws.

26.Governing Law. The Plan shall be governed by, and construed in accordance with, the laws of the State of California (except itschoice-of-law provisions).

27.Severability. If any provision of the Plan is or becomes or is deemed to be invalid, illegal, or unenforceable for any reason in any jurisdiction or as to any participant, such invalidity, illegality or unenforceability shall not affect the remaining parts of the Plan, and the Plan will be construed and enforced as to such jurisdiction or participant as if the invalid, illegal or unenforceable provision had not been included.

SAMPLE SUBSCRIPTION AGREEMENT

RAMBUS INC.

2015 EMPLOYEE STOCK PURCHASE PLAN

SUBSCRIPTION AGREEMENT

Original ApplicationOffering Date:

Change in Payroll Deduction Rate

Change of Beneficiary(ies)

1.                                         hereby elects to participate in the Rambus Inc. 2015 Employee Stock Purchase Plan (the “Plan”) and subscribes to purchase shares of the Company’s Common Stock in accordance with this Subscription Agreement and the Plan.

2.I hereby authorize payroll deductions from each paycheck in the amount of     % of my Compensation on each payday (from 1 to 15%) during the Offering Period in accordance with the Plan. (Please note that no fractional percentages are permitted.)

3.I understand that said payroll deductions will be accumulated for the purchase of shares of Common Stock at the applicable Purchase Price determined in accordance with the Plan. I understand that if I do not withdraw from an Offering Period, any accumulated payroll deductions will be used to automatically exercise my option.

4.I have received a copy of the complete Plan and its accompanying prospectus. I understand that my participation in the Plan is in all respects subject to the terms of the Plan. I understand that my ability to exercise the option under this Subscription Agreement is subject to stockholder approval of the Plan.

5.Shares of Common Stock purchased for me under the Plan should be issued in the name(s) of Employee or Employee and Spouse only.

6.I understand that if I dispose of any shares received by me pursuant to the Plan within 2 years after the Enrollment Date (the first day of the Offering Period during which I purchased such shares) or one year after the Exercise Date, I will be treated for federal income tax purposes as having received ordinary income at the time of such disposition in an amount equal to the excess of the fair market value of the shares at the time such shares were purchased by me over the price which I paid for the shares.I hereby agree to notify the Company in writing within 30 days after the date of any disposition of my shares and I will make adequate provision for Federal, state or other tax withholding obligations, if any, which arise upon the disposition of the Common Stock. The Company may, but will not be obligated to, withhold from my compensation the amount necessary to meet any applicable withholding obligation including any withholding necessary to make available to the Company any tax deductions or benefits attributable to sale or early disposition of Common Stock by me. If I dispose of such shares at any time after the expiration of the2-year and1-year holding periods, I understand that I will be treated for federal income tax purposes as having received income only at the time of such disposition, and that such income will be taxed as ordinary income only to the extent of an amount equal to the lesser of (1) the excess of the fair market value of the shares at the time of such disposition over the purchase price which I paid for the shares, or (2) 15% of the fair market value of the shares on the first day of the Offering Period. The remainder of the gain, if any, recognized on such disposition will be taxed as capital gain.

7.I hereby agree to be bound by the terms of the Plan. The effectiveness of this Subscription Agreement is dependent upon my eligibility to participate in the Plan.

8.In the event of my death, I hereby designate the following as my beneficiary(ies) to receive all payments and/or shares due me under the Plan:

NAME: (Please print) 

(First)(Middle)(Last)

Relationship

Percentage Benefit

(Address)

NAME: (Please print) 

(First)(Middle)(Last)

Relationship

Percentage of Benefit

(Address)

Employee’s Social Security Number:
Employee’s Address:

I UNDERSTAND THAT THIS SUBSCRIPTION AGREEMENT WILL REMAIN IN EFFECT THROUGHOUT SUCCESSIVE OFFERING PERIODS UNLESS TERMINATED BY ME.

Dated: 
Signature of Employee
Spouse’s Signature (If beneficiary other than spouse)

SAMPLE WITHDRAWAL NOTICE

RAMBUS INC.

2015 EMPLOYEE STOCK PURCHASE PLAN

NOTICE OF WITHDRAWAL

The undersigned participant in the Offering Period of the Rambus Inc. 2015 Employee Stock Purchase Plan which began on                     ,                      (the “Enrollment Date”) hereby notifies the Company that he or she hereby withdraws from the Offering Period. He or she hereby directs the Company to pay to the undersigned as promptly as practicable all the payroll deductions credited to his or her account with respect to such Offering Period. The undersigned understands and agrees that his or her option for such Offering Period will be automatically terminated. The undersigned understands further that no further payroll deductions will be made for the purchase of shares in the current Offering Period and the undersigned will be eligible to participate in succeeding Offering Periods only by delivering to the Company a new Subscription Agreement.

Name and Address of Participant:

Signature:

Date:

LOGO

Rambus®ATTN: SECRETARY
1050 ENTERPRISE WAY, 4453 NORTH FIRST STREET, SUITE 700 SUNNYVALE,100 SAN JOSE, CALIFORNIA 94089
95134 SCAN TO VIEW MATERIALS & VOTE VOTE BY INTERNET
Before The Meeting - Go to www.proxyvote.com
or scan the QR Barcode above Use the Internet to transmit your voting instructions and for electronic delivery of information up until 11:59 P.M. Eastern Time the day before thecut-off date or meeting date.on April 27, 2022. Have your proxy card in hand when you access the web site and follow the instructions to obtain your records and to create an electronic voting instruction form.
During The Meeting—Meeting - Go to www.virtualshareholdermeeting.com/RMBS2018
RMBS2022 You may attend the Meeting via the Internet and vote during the Meeting. Have the information that is printed in the box marked by the arrow available and follow the instructions.
VOTE BYPHONE— PHONE - 1-800-690-6903
Use any touch-tone telephone to transmit your voting instructions up until 11:59 P.M. Eastern Time the day before thecut-off date or meeting date.on April 27, 2022. Have your proxy card in hand when you call and then follow the instructions.
VOTE BY MAIL
Mark, sign and date your proxy card and return it in the postage-paid envelope we have provided or return it to Vote Processing, c/o Broadridge,
51 Mercedes Way, Edgewood, NY 11717.
TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:
E39791-P02308D72008-P67770 KEEP THIS PORTION FOR YOUR RECORDS
THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED. DETACH AND RETURN THIS PORTION ONLY
RAMBUS INC.
The Board of Directors unanimously recommends you
vote “For” the following Class I nominees:
1. Election of Directors
Nominees: 1a. Charles Kissner 1b. Necip Sayiner 1c. Luc Seraphin For Against Abstain The Board of Directors recommends you vote “For” the
Nominees:     For Against Abstain following proposals: For Against Abstain
1a. E. Thomas Fisher     ! ! ! 2. Ratification of PricewaterhouseCoopers LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2022. 3. Advisory vote to approve named executive officer ! ! !
compensation.
1b. Charles Kissner     ! ! ! 3. Approval of an amendment to the Rambus 2015 Equity ! ! !
Incentive Plan to increase the number of shares reserved
for issuance thereunder by 5,500,000 shares.
1c. David Shrigley     ! ! !
4. Approval of an amendment to the Rambus 2015 Employee
Stock Purchase Plan to increase the number of shares ! ! !
reserved for issuance thereunder by 2,000,000 shares.
5. Ratification of PricewaterhouseCoopers LLP as our ! ! !
independent registered public accounting firm for the
fiscal year ending December 31, 2018.
NOTE: Such other business as may properly come before the
meeting or any adjournment ofor postponement thereof.
Please sign exactly as your name appears above.
When shares are registered in the names of two or more persons, whether as joint
tenants, as community property or otherwise, both or all of such persons should sign.
When signing as attorney, executor, administrator, trustee, guardian or in another
fiduciary capacity, please give full title as such. If a corporation, please sign in full
corporate name by President or other authorized person. If a partnership, please sign
in partnership’s name by authorized person.
Signature [PLEASE SIGN WITHIN BOX] Date Signature (Joint Owners) Date

LOGOLOGO

Rambus® ANNUAL MEETING OF STOCKHOLDERS APRIL 26, 201828, 2022 9:00 a.m. Pacific Time www.virtualshareholdermeeting.com/RMBS2018
RMBS2022 Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting:
The Notice and Proxy Statement and Annual Report areCombined Document is available at www.proxyvote.com.
E39792-P02308
Rambus Inc.
PROXYwww.proxyvote.com D72009-P67770 RAMBUS INC.PROXY FOR THE ANNUAL MEETING OF STOCKHOLDERS TO BE HELD APRIL 26, 2018.28, 2022. THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS OF RAMBUS INC.
The undersigned stockholder of Rambus Inc., a Delaware corporation (the “Company”), hereby acknowledges receipt of the Notice of Annual Meeting of Stockholders and accompanying Proxy Statement, each dated March 9, 2018,11, 2022, and hereby appoints Ronald BlackLuc Seraphin and Jae Kim,John Shinn, and each of them as proxies andattorneys-in-fact, each with full power of substitution to represent the undersigned at the Annual Meeting of Stockholders of Rambus Inc. to be held on April 26, 201828, 2022 at 9:00 a.m. Pacific Time, at www.virtualshareholdermeeting.com/RMBS2018RMBS2022 and at any adjournment or postponement thereof, and to vote all shares of common stock of the Company held of record by the undersigned as hereinafter specified upon the proposals listed on the reverse side.
THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN. IF NO SPECIFICATION IS MADE, THIS PROXY WILL BE VOTED IN ACCORDANCE WITH THE BOARD OF DIRECTORS’ RECOMMENDATIONS.
IN ORDER TO ASSURE YOUR REPRESENTATION AT THE ANNUAL MEETING OF STOCKHOLDERS, PLEASE MARK, SIGN, DATE AND RETURN THIS PROXY CARD PROMPTLY IN THE ENCLOSED ENVELOPE.
SEE REVERSE SEE REVERSE SIDE CONTINUED AND TO BE SIGNED ONContinued and to be signed on reverse side SEE REVERSE SIDE SIDE