Intel Corporation announced the appointment of Michelle Johnston Holthaus as Chief Executive Officer of the Intel Products business, effective December 1, 2024. In connection with this appointment, Intel entered into a letter agreement with Ms. Johnston Holthaus on February 28, 2025, detailing her compensation and employment terms.

Under the agreement, her annual base salary increased to $1,000,000, with an annual cash bonus target of 200% of her base salary, amounting to $2,000,000. Additionally, she received an annual long-term incentive equity award with a target value of approximately $16,000,000, as well as a one-time restricted stock unit grant valued at $5,000,000.

Ms. Johnston Holthaus is also eligible for severance benefits under Intel’s Executive Severance Plan. Furthermore, she will be entitled to such benefits if she resigns for good reason within two years following the appointment of a new Chief Executive Officer of Intel, subject to certain conditions.