Linh Lam
About Linh Lam
Linh Lam, 42, is Jamf’s Chief Information Officer since September 2021, with a B.A. from Stanford University and prior senior IT leadership roles at ICE Mortgage Technology and Hitachi Data Systems . Under the executive incentive framework she operates in, Jamf emphasizes ARR and non-GAAP operating margin; ARR was $646.0M in 2024 (+10% YoY), total revenue $627.4M (+12% YoY), and non-GAAP operating income $103.1M, following 2023 ARR $588.6M (+15% YoY) and revenue $560.6M (+17% YoY) . Pay-versus-performance TSR index values reported were 35.84 in 2024 and 46.07 in 2023 (fixed $100 methodology), providing context for equity value realization across the team she is part of .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| ICE Mortgage Technology | SVP & CIO | Sep 2018 – Sep 2020 | Led enterprise IT; drove operating performance and systems supporting mortgage tech platform . |
| ICE Mortgage Technology | Senior Director — Head of Enterprise Applications | Jul 2017 – Sep 2020 | Led large-scale enterprise applications roadmap . |
| Hitachi Data Systems | IT Leader | Prior to 2017 | Led global CRM and digital experience transformations during shift from hardware to cloud software/solutions . |
| Jamf Holding Corp. | Chief Information Officer | Sep 2021 – Present | Oversees enterprise IT; operates within ARR and margin-focused performance regime . |
External Roles
No public company directorships or external board roles disclosed for Lam .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $304,847 | $306,000 | $320,000 (+4.6% YoY) |
| Target Bonus (% of Base) | 50% | 50% | 55% |
| Actual Bonus Paid ($) | $123,463 | $142,749 | $168,231 (98% of target) |
Notes:
- 2024 ACIP payouts were ~98% of target for executive officers .
- ACIP proration mechanics apply with salary adjustments across the fiscal year .
Performance Compensation
Annual Cash Incentive Plan (ACIP) Design — 2024
| Metric | Weighting | Threshold | Target | Actual | Payout Basis |
|---|---|---|---|---|---|
| ARR | 60% | $638.0M | $663.0M | $646.0M | Linear 50–200% scaling by attainment ; overall executive weighted payout ≈98% . |
| Non-GAAP Operating Income Margin | 40% | 14.4% | 15.4% | ~16.4% | Linear 50–200% scaling; combined with ARR for weighted outcome . |
| Individual Performance Component | 20% of Lam’s target | — | Target met | Target met | Included for functional area performance . |
| Culture & Leadership Modifier | ±10%; +5% stretch | — | Target met | Target met | ERG support/training goals; applied consistently . |
Vesting: ACIP is cash; no vesting. RSU vesting detailed below.
Equity Awards (RSUs)
| Grant Date | Number of RSUs | Grant Date Fair Value ($) | Vesting Schedule |
|---|---|---|---|
| Mar 15, 2022 | 68,348 | $2,142,026 | 25% annually over 4 years; time-based . |
| Mar 15, 2023 | 75,112 | $1,499,987 | 25% annually over 4 years; time-based . |
| Mar 15, 2024 | 84,507 | $1,499,999 | 25% annually over 4 years; time-based . |
Change-in-control treatment: Double-trigger acceleration (100% of unvested time-based RSUs vest upon qualifying termination during CIC period) for Lam .
Equity Ownership & Alignment
| Ownership Metric | Value |
|---|---|
| Beneficial Ownership (Common Shares) | 12,444 (<1% of outstanding) . |
| Jamf Policy on Hedging/Pledging | Hedging prohibited; pledging/margin accounts prohibited absent specific written approval . |
| Stock Ownership Guidelines | Not disclosed in proxies . |
| Options | None disclosed for Lam; outstanding awards comprise RSUs . |
Outstanding Unvested RSUs at FY-end and Market Value (using period-end price):
| Grant | Unvested RSUs | Market Value ($) |
|---|---|---|
| Nov 1, 2021 | 9,155 | $128,628 (at $14.05) . |
| Mar 15, 2022 | 34,174 | $480,145 (at $14.05) . |
| Mar 15, 2023 | 56,334 | $791,493 (at $14.05) . |
| Mar 15, 2024 | 84,507 | $1,187,323 (at $14.05) . |
Vesting/Realization Trends:
| Year | Shares Vested | Value Realized ($) |
|---|---|---|
| 2022 | 15,258 | $295,853 . |
| 2023 | 26,242 | $479,609 . |
| 2024 | 45,020 | $810,576 . |
Interpretation:
- A multi-year, time-based RSU stack suggests steady annual vesting, a predictable supply overhang rather than lumpy option exercises; policy restrictions on hedging/pledging reduce misalignment risks .
Employment Terms
| Provision | Detail |
|---|---|
| Employment Agreement | At-will; standard confidentiality, invention assignment, non-solicit, non-compete, and arbitration agreements apply . |
| Severance (No CIC) | 6 months of base salary + COBRA coverage for severance period, upon Qualifying Termination with release . |
| Severance (CIC Double-Trigger) | 12 months of base salary + COBRA; prorated bonus at target; 100% acceleration of outstanding unvested time-based RSUs upon Qualifying Termination during CIC period . |
| CIC Period | Three months pre-CIC and one year post-CIC . |
| Clawback | Nasdaq Rule 10D-compliant clawback for excess incentive-based comp over three completed fiscal years in restatement scenarios (effective for comp “received” on/after Oct 2, 2023) . |
| Pension/Deferred Comp | None; 401(k) with 3% employer contribution; perquisites limited (including targeted tax gross-ups) . |
Performance & Track Record Context
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| ARR ($M) | $512.5 | $588.6 (+15% YoY) | $646.0 (+10% YoY) . |
| Total Revenue ($M) | $478.8 | $560.6 (+17% YoY) | $627.4 (+12% YoY) . |
| Non-GAAP Operating Income ($M) | $25.9 | $45.4 | $103.1 . |
| TSR index (fixed $100) | 54.34 | 46.07 | 35.84 . |
Highlights cited by management include expanding devices under management and customers served (32.3M devices, 75.3K customers in 2023; 33.2M devices, >76,500 customers in 2024) . ACIP design places Lam’s incentives directly on ARR and non-GAAP operating margin attainment, with functional and culture/leadership modifiers .
Compensation Structure Analysis
- Mix: Lam’s compensation is predominantly RSU-based, with consistent annual grants and time-based vesting (no options), aligning realized value with share performance and retention .
- Year-over-year changes: Base salary increased to $320,000 for 2024 (+4.6%); target bonus raised to 55% (from 50%); equity grant fair value held at $1.5M in 2023–2024 after a higher 2022 award .
- Pay-for-performance alignment: Cash incentives tied to ARR and non-GAAP operating margin; overall 2024 payout ≈98% of target reflects over-target margin and ARR near targets .
Compensation Peer Group & Governance Signals
- Peer Group: A consistent 22-company application/software and SaaS peer set used for benchmarking in 2023–2024–2024 cycle (e.g., Dynatrace, Paylocity, Workiva, Rapid7, Smartsheet, etc.) .
- Say-on-Pay: 2025 shareholder vote favored executive compensation (FOR 109,822,950; AGAINST 6,548,555; ABSTAIN 166,703) .
- Insider Trading Controls: Strict hedging/pledging prohibitions; 10b5-1 structure and blackout pre-clearance processes in place .
Investment Implications
- Alignment: Lam’s incentives are tightly linked to ARR and non-GAAP operating margin in Jamf’s ACIP, with time-based RSUs shaping a steady vesting cadence; no options reduce potential for large, opportunistic exercises, moderating near-term insider selling pressure .
- Retention/CIC risk: Double-trigger acceleration and 12-month CIC severance provide retention but also create potential value crystallization in transaction scenarios; steady RSU vesting suggests predictable supply effects around quarterly/annual vest dates .
- Governance comfort: Clawback adoption, hedging/pledging prohibitions, and favorable say-on-pay outcomes support pay quality and shareholder alignment, lowering governance-driven trading risk .
- Performance lens: Company-level ARR and margin trends are improving (notably non-GAAP operating income) amid a declining TSR index; investors should monitor continued ARR growth and margin expansion versus ACIP targets as leading indicators for Lam’s cash incentive outcomes and RSU value realization .