RAMBUS INC, DEF 14A filed on 3/6/2026
Proxy Statement (definitive)
v3.25.4
Cover
 12 Months Ended
Dec. 31, 2025
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name Rambus Inc.
Entity Central Index Key 0000917273
v3.25.4
Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table
PAY VERSUS PERFORMANCE INFORMATION
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.
To this end, a substantial portion of our executives’ total compensation is variable and dependent on performance. Variable compensation includes our annual and long-term incentives, with incentive plan payouts tied to the Company’s operating income, relative TSR, and individual performance criteria. The compensation program design combined with rigorous absolute and relative incentive goals helps align executive compensation and Company performance over the long-term.
As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(v) of Regulation
S-K,
the Pay vs. Performance disclosure provides an additional snapshot perspective on pay and performance alignment by evaluating the link between “Compensation Actually Paid,” defined by the SEC and referred to below as “CAP,” and various measures of market and financial performance. The following table shows the past five fiscal years’ total compensation for our NEOs (including our principal executive officer (“PEO”), also referred to herein as our “CEO”) as set forth in the Summary Compensation Table (“SCT”), the CAP paid to our NEOs, the Company’s cumulative total shareholder return (“TSR”), the combined TSR of our selected peer group, our net income, and our
pro-forma
operating income, which, in our assessment, represents our most important financial performance measure to link compensation actually paid to our NEOs for the most recently completed fiscal year.
Pay Versus Performance Table
 
                           
Value of initial fixed $100
Investment(2)
              
Year
  
Reported
Summary
Compensation
Table Total
for PEO($)
    
Compensation
Actually Paid to
PEO(5)($)
    
Average
Reported
Summary
Compensation
Table Total for
Non-PEO

NEOs(1)($)
    
Average
Compensation
Actually Paid
Non-PEO

NEOs(1)(5)($)
    
Company
Total
Shareholder
Return($)
    
Peer Group
Total
Shareholder
Return(3) ($)
    
Net Income
(in millions) ($)
    
PF Op Income
(in millions) (4)($)
  
2025
     9,507,546       35,684,996       3,620,142       12,953,859       526.29       477.05       230.5       319.3  
2024
     7,168,732       (5,130,731 )      2,617,983       (2,369,792 )      383.74       491.01       179.8       261.9  
2023
     8,423,593       30,372,331       3,036,107       11,493,108       495.46       277.14       333.9       251.9  
2022
     7,130,474       19,432,713       3,160,306       5,746,805       260.04       137.05       (14.3 )      256.2  
2021
     5,761,497       13,591,885       1,538,175       1,940,042       213.36       219.49       18.3       210.5  
 
(1)
The NEOs for each applicable year are:
 
  •  
2023-2025: PEO: Luc Seraphin. Other NEOs: Desmond Lynch, Sean Fan, and John Shinn.
 
  •  
2022: PEO: Luc Seraphin. Other NEOs: Desmond Lynch, Sean Fan, John Shinn, and Keith Jones. Mr. Jones resigned from his position as Vice President, Finance, and Interim Chief Financial Officer effective as of August 5, 2022.
 
  •  
2021: PEO: Luc Seraphin. Other NEOs: Sean Fan, John Shinn, Keith Jones, Jae Kim, and Rahul Mathur. Mr. Kim resigned from his position as Senior Vice President, General Counsel and Secretary effective as of February 19, 2021. Mr. Mathur resigned from his position of Senior Vice President, Finance and Chief Financial Officer effective as of November 15, 2021.
 
(2)
Cumulative TSR at each fiscal year end is measured as of a base period starting as of December 31, 2020.
(3)
The peer group used for relative TSR is the RDG Semiconductor Composite Index, comprising 72 constituent companies, which is the same peer group the Company uses for its Item 201(e) of Regulation
S-K
disclosure
(4)
The Company-selected measure is
pro-forma
operating income, as described in our CD&A section of the proxy.
Pro-forma
operating income is a
non-GAAP
measure that consists of GAAP operating income, adjusted for stock-based compensation expense, amortization expense, certain acquisition related expenses, retention bonuses, restructuring expenses, impairment charges,
non-cash
interest expense and certain other
one-time
or extraordinary expenses or credits and, as described in the CD&A section of the proxy, was also adjusted for Customer Licensing Income. Other
one-time
or extraordinary expense or income items may be excluded from
pro-forma
operating income as determined by the Compensation and Human Resources Committee.
 
(5)
The SEC rules require that certain adjustments be made to the Summary Compensation Table totals to determine CAP, as reported in the Pay versus Performance table above. The following table details the applicable adjustments that were made to determine CAP (a
djustments for pension or dividend payments are not covered, as Rambus does not have supplemental executive retirement plans and does not pay dividends on equity award
s,
and due to rounding, the calculated final value of the numbers shown in the following table may not be the precise values reported above
):
 
             
Equity Awards
        
Year
  
Executives
  
SCT Total($)
    
Deduct SCT
Stock & Option
Awards($)
    
Add Year-End

Value of
Unvested Equity
Granted in Year($)
    
Add Change in
Value of
Unvested
Awards Granted
in Prior Years($)
    
Add Change
in Value of
Vested Equity
Granted in
Year($)
    
Add Change in
Value of Vested
Equity Granted
in Prior Years($)
    
Compensation
Actually Paid

Totals($)
  
2025
   PEO     9,507,546       7,898,072       18,082,959       7,820,964       0       8,171,598       35,684,996  
  Other NEO*     3,620,142       2,810,001       6,202,985       2,521,333       0       3,419,401       12,953,859  
2024
   PEO     7,168,732       5,737,849       4,948,403       (3,587,625 )      0       (7,922,391 )      (5,130,731 ) 
  Other NEO*     2,617,983       1,846,842       1,588,595       (2,333,628 )      0       (2,395,901 )      (2,369,792 ) 
2023
   PEO     8,423,593       7,190,089       11,012,250       10,245,511       0       7,881,066       30,372,331  
  Other NEOs*     3,036,107       2,308,102       3,526,754       5,965,043       0       1,273,305       11,493,108  
2022
   PEO     7,130,474       5,857,203       8,872,767       3,476,967       0       5,809,709       19,432,713  
  Other NEOs*     3,160,306       2,492,078       4,235,555       430,855       0       412,167       5,746,805  
2021
   PEO     5,761,497       4,511,773       6,755,857       3,551,346       0       2,034,959       13,591,885  
  Other NEOs*     1,538,175       1,055,024       774,181       324,841       0       357,869       1,940,042  
 
*
Presented on an averaged basis.
       
Company Selected Measure Name pro-forma operating income        
Named Executive Officers, Footnote
(1)
The NEOs for each applicable year are:
 
  •  
2023-2025: PEO: Luc Seraphin. Other NEOs: Desmond Lynch, Sean Fan, and John Shinn.
 
  •  
2022: PEO: Luc Seraphin. Other NEOs: Desmond Lynch, Sean Fan, John Shinn, and Keith Jones. Mr. Jones resigned from his position as Vice President, Finance, and Interim Chief Financial Officer effective as of August 5, 2022.
 
  •  
2021: PEO: Luc Seraphin. Other NEOs: Sean Fan, John Shinn, Keith Jones, Jae Kim, and Rahul Mathur. Mr. Kim resigned from his position as Senior Vice President, General Counsel and Secretary effective as of February 19, 2021. Mr. Mathur resigned from his position of Senior Vice President, Finance and Chief Financial Officer effective as of November 15, 2021.
       
Peer Group Issuers, Footnote The peer group used for relative TSR is the RDG Semiconductor Composite Index, comprising 72 constituent companies, which is the same peer group the Company uses for its Item 201(e) of Regulation
S-K
disclosure 		       
PEO Total Compensation Amount $ 9,507,546 $ 7,168,732 $ 8,423,593 $ 7,130,474 $ 5,761,497
PEO Actually Paid Compensation Amount $ 35,684,996 (5,130,731) 30,372,331 19,432,713 13,591,885
Adjustment To PEO Compensation, Footnote
(5)
The SEC rules require that certain adjustments be made to the Summary Compensation Table totals to determine CAP, as reported in the Pay versus Performance table above. The following table details the applicable adjustments that were made to determine CAP (a
djustments for pension or dividend payments are not covered, as Rambus does not have supplemental executive retirement plans and does not pay dividends on equity award
s,
and due to rounding, the calculated final value of the numbers shown in the following table may not be the precise values reported above
):
 
             
Equity Awards
        
Year
  
Executives
  
SCT Total($)
    
Deduct SCT
Stock & Option
Awards($)
    
Add Year-End

Value of
Unvested Equity
Granted in Year($)
    
Add Change in
Value of
Unvested
Awards Granted
in Prior Years($)
    
Add Change
in Value of
Vested Equity
Granted in
Year($)
    
Add Change in
Value of Vested
Equity Granted
in Prior Years($)
    
Compensation
Actually Paid

Totals($)
  
2025
   PEO     9,507,546       7,898,072       18,082,959       7,820,964       0       8,171,598       35,684,996  
  Other NEO*     3,620,142       2,810,001       6,202,985       2,521,333       0       3,419,401       12,953,859  
2024
   PEO     7,168,732       5,737,849       4,948,403       (3,587,625 )      0       (7,922,391 )      (5,130,731 ) 
  Other NEO*     2,617,983       1,846,842       1,588,595       (2,333,628 )      0       (2,395,901 )      (2,369,792 ) 
2023
   PEO     8,423,593       7,190,089       11,012,250       10,245,511       0       7,881,066       30,372,331  
  Other NEOs*     3,036,107       2,308,102       3,526,754       5,965,043       0       1,273,305       11,493,108  
2022
   PEO     7,130,474       5,857,203       8,872,767       3,476,967       0       5,809,709       19,432,713  
  Other NEOs*     3,160,306       2,492,078       4,235,555       430,855       0       412,167       5,746,805  
2021
   PEO     5,761,497       4,511,773       6,755,857       3,551,346       0       2,034,959       13,591,885  
  Other NEOs*     1,538,175       1,055,024       774,181       324,841       0       357,869       1,940,042  
 
*
Presented on an averaged basis.
       
Non-PEO NEO Average Total Compensation Amount $ 3,620,142 2,617,983 3,036,107 3,160,306 1,538,175
Non-PEO NEO Average Compensation Actually Paid Amount $ 12,953,859 (2,369,792) 11,493,108 5,746,805 1,940,042
Adjustment to Non-PEO NEO Compensation Footnote
(5)
The SEC rules require that certain adjustments be made to the Summary Compensation Table totals to determine CAP, as reported in the Pay versus Performance table above. The following table details the applicable adjustments that were made to determine CAP (a
djustments for pension or dividend payments are not covered, as Rambus does not have supplemental executive retirement plans and does not pay dividends on equity award
s,
and due to rounding, the calculated final value of the numbers shown in the following table may not be the precise values reported above
):
 
             
Equity Awards
        
Year
  
Executives
  
SCT Total($)
    
Deduct SCT
Stock & Option
Awards($)
    
Add Year-End

Value of
Unvested Equity
Granted in Year($)
    
Add Change in
Value of
Unvested
Awards Granted
in Prior Years($)
    
Add Change
in Value of
Vested Equity
Granted in
Year($)
    
Add Change in
Value of Vested
Equity Granted
in Prior Years($)
    
Compensation
Actually Paid

Totals($)
  
2025
   PEO     9,507,546       7,898,072       18,082,959       7,820,964       0       8,171,598       35,684,996  
  Other NEO*     3,620,142       2,810,001       6,202,985       2,521,333       0       3,419,401       12,953,859  
2024
   PEO     7,168,732       5,737,849       4,948,403       (3,587,625 )      0       (7,922,391 )      (5,130,731 ) 
  Other NEO*     2,617,983       1,846,842       1,588,595       (2,333,628 )      0       (2,395,901 )      (2,369,792 ) 
2023
   PEO     8,423,593       7,190,089       11,012,250       10,245,511       0       7,881,066       30,372,331  
  Other NEOs*     3,036,107       2,308,102       3,526,754       5,965,043       0       1,273,305       11,493,108  
2022
   PEO     7,130,474       5,857,203       8,872,767       3,476,967       0       5,809,709       19,432,713  
  Other NEOs*     3,160,306       2,492,078       4,235,555       430,855       0       412,167       5,746,805  
2021
   PEO     5,761,497       4,511,773       6,755,857       3,551,346       0       2,034,959       13,591,885  
  Other NEOs*     1,538,175       1,055,024       774,181       324,841       0       357,869       1,940,042  
 
*
Presented on an averaged basis.
       
Compensation Actually Paid vs. Total Shareholder Return LOGO        
Compensation Actually Paid vs. Net Income LOGO        
Compensation Actually Paid vs. Company Selected Measure LOGO        
Total Shareholder Return Vs Peer Group LOGO        
Tabular List, Table
Tabular List of Performance Measures
 
 
Pro-forma
Operating Income
 
Relative TSR
 
Product Revenue
        
Total Shareholder Return Amount $ 526.29 383.74 495.46 260.04 213.36
Peer Group Total Shareholder Return Amount 477.05 491.01 277.14 137.05 219.49
Net Income (Loss) $ 230,500,000 $ 179,800,000 $ 333,900,000 $ (14,300,000) $ 18,300,000
Company Selected Measure Amount 319,300,000 261,900,000 251,900,000 256,200,000 210,500,000
PEO Name Luc Seraphin        
Measure:: 1          
Pay vs Performance Disclosure          
Name Pro-forma Operating Income        
Non-GAAP Measure Description
(4)
The Company-selected measure is
pro-forma
operating income, as described in our CD&A section of the proxy.
Pro-forma
operating income is a
non-GAAP
measure that consists of GAAP operating income, adjusted for stock-based compensation expense, amortization expense, certain acquisition related expenses, retention bonuses, restructuring expenses, impairment charges,
non-cash
interest expense and certain other
one-time
or extraordinary expenses or credits and, as described in the CD&A section of the proxy, was also adjusted for Customer Licensing Income. Other
one-time
or extraordinary expense or income items may be excluded from
pro-forma
operating income as determined by the Compensation and Human Resources Committee.
       
Measure:: 2          
Pay vs Performance Disclosure          
Name Relative TSR        
Measure:: 3          
Pay vs Performance Disclosure          
Name Product Revenue        
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (7,898,072) $ (5,737,849) $ (7,190,089) $ (5,857,203) $ (4,511,773)
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 18,082,959 4,948,403 11,012,250 8,872,767 6,755,857
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 7,820,964 (3,587,625) 10,245,511 3,476,967 3,551,346
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 0 0 0 0
PEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 8,171,598 (7,922,391) 7,881,066 5,809,709 2,034,959
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (2,810,001) (1,846,842) (2,308,102) (2,492,078) (1,055,024)
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 6,202,985 1,588,595 3,526,754 4,235,555 774,181
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 2,521,333 (2,333,628) 5,965,043 430,855 324,841
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 0 0 0 0
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 3,419,401 $ (2,395,901) $ 1,273,305 $ 412,167 $ 357,869
v3.25.4
Recovery of Erroneously Awarded Compensation - Restatement Determination Date:: 2023-07-31
 12 Months Ended
Dec. 31, 2025
Erroneously Awarded Compensation Recovery  
Restatement Determination Date Jul. 31, 2023
Aggregate Erroneous Compensation Not Yet Determined Additionally, as specified in our Code of Business Conduct and Ethics, which was revised in October 2023, the Compensation and Human Resources Committee reserves the right to (i) reduce or withhold future compensation of any executive officers based on any restatement or adjustment to the Company’s reported financial statements, and (ii) determine the extent to which recovery of prior compensation may be pursued in the event of adjustments to our reported financial statements, in each case caused by fraud on the part of an executive of Rambus. This provision is in addition to any other clawback policy we have adopted or may adopt in the future, including as set forth above.
v3.25.4
Award Timing Disclosure
 12 Months Ended
Dec. 31, 2025
Award Timing Disclosures [Line Items]  
Award Timing MNPI Disclosure
Our equity grant policy was revised in April 2024. Annual equity awards to NEOs are granted on the first trading day of April of each year. Under our current compensation program, awards granted consist of RSUs and PSUs. The number of shares and key terms of the awards are approved by the Compensation and Human Resources Committee prior to the scheduled award date. On occasion, the Compensation and Human Resources Committee approves other special or promotional equity awards during the year in addition to the annual equity awards, but no such awards were made to NEOs in 2025.
As noted above, awards under our current compensation programs consist of RSUs and PSUs. We do not take material nonpublic information into account when determining the timing or terms of executive awards, and we have not timed the disclosure of material nonpublic information for the purpose of affecting the value of executive compensation. We did not grant stock options to any employees (including the NEOs) in 2025 and have never granted stock appreciation rights.
Award Timing Method Our equity grant policy was revised in April 2024. Annual equity awards to NEOs are granted on the first trading day of April of each year.
Award Timing MNPI Considered true
MNPI Disclosure Timed for Compensation Value false
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true