MICRON
TECHNOLOGY, INC.
|
(Exact
name of registrant as specified in its
charter)
|
Delaware
|
1-10658
|
75-1618004
|
|||
(State
or other jurisdiction of incorporation)
|
(Commission
File Number)
|
(I.R.S.
Employer Identification No.)
|
8000
South Federal Way
|
||
Boise,
Idaho 83716-9632
|
||
(Address
of principal executive offices)
|
(208)
368-4000
|
||
(Registrant’s
telephone number, including area code)
|
Item
5.02.
|
Departure
of Directors or Certain Officers; Election of Directors; Appointment
of
Certain Officers; Compensatory Arrangements of Certain
Officers
|
Item
9.01.
|
Financial
Statements and Exhibits.
|
(d) Exhibits.
|
|
The
following exhibits are filed
herewith:
|
Exhibit
No.
|
Description
|
|
99.1
|
Press
Release dated October 29, 2007
|
|
99.2
|
Form
of Severance Agreement
|
|
MICRON
TECHNOLOGY, INC.
|
||||||
Date:
|
November
1, 2007
|
By:
|
/s/
Roderic W. Lewis
|
|||
Name:
|
Roderic
W. Lewis
|
|||||
Title:
|
Vice
President of Legal Affairs,
|
|||||
General
Counsel & Corporate Secretary
|
Exhibit
|
Description
|
|
99.1
|
Press
Release dated October 29, 2007
|
|
99.2
|
Form
of Severance Agreement
|
|
Contacts:
|
Kipp
A. Bedard
|
Daniel
Francisco
|
Investor
Relations
|
Media
Relations
|
|
kbedard@micron.com
|
dfrancisco@micron.com
|
|
(208)
368-4400
|
(208)
368-5584
|
MICRON
TECHNOLOGY, INC.
|
OFFICER
|
__________________________________
|
_______________________________
|
By:
Steven R. Appleton
|
Name:
|
Chairman
and Chief Executive
Officer
|
Title:
|
__________________________________
|
_______________________________
|
Date
|
Date
|
(i)
|
Base
salary as of the date of the Officer’s Separation from Service paid
bi-weekly on the Company’s normal payroll cycle as if the Officer had
worked during the Transition Period, provided, however, if the
Officer or
the Company terminated the Officer’s status as an officer of the Company
but not as an employee prior to the date of the Officer’s Separation from
Service, then the base salary payable pursuant to this subsection
during
the Transition Period shall be the greater of (A) the Officer’s base
salary in effect immediately prior to the Officer’s loss of officer status
or (B) the Officer’s base salary as of the date of the Officer’s
Separation from Service;
|
(ii)
|
an
executive bonus, subject to the following terms and
conditions:
|
|
If
as of the date of the Officer’s Separation from Service the Officer was a
designated participant for an executive bonus plan performance
period but
the board of directors or a committee thereof has not yet taken
action on
any required goal achievement certification for such performance
period,
the Officer will be entitled to receive his or her executive bonus
in the
amount so certified, at the same time and in the same manner as
the
continuing officers of the Company receive payment of their executive
bonuses for such performance period, if and only if (A) any required
certification thereof by the board of directors or a committee
thereof
occurs during the Transition Period, (B) the specified goals are
achieved,
as certified by the Company's board of directors or a committee
thereof,
and (C) payment is made for such achievement pursuant to the terms
and
conditions of the bonus program to the other participating officers
during
the Transition Period.
|
|
An
Officer that receives a bonus pursuant to the terms of Section
5(b) shall
not be entitled to receive an additional bonus pursuant to this
Section
during his or her Transition
Period.
|
(iii)
|
With
respect to "time-based" and/or "performance-based" unvested stock
options,
the continued vesting of any granted stock options in accordance
with the
terms of the applicable stock plan as if the Officer’s employment as an
officer had continued during the Transition Period, provided, however,
and
for purposes of clarification, the parties agree that the Officer
shall be
entitled to vesting for the completion of “performance-based” goals
hereunder if and only if the specified performance goal was achieved
prior
to or during the Transition Period and any required goal achievement
certification for such performance goal has been made by the board
of
directors or a committee thereof;
|
(iv)
|
with
respect to restricted stock awards, the lapse of any "time-based"
and/or
"performance-based" restrictions at the same time and in the same
amounts
such restrictions would have lapsed, if at all, in accordance with
the
terms of the applicable stock plan if the Officer’s employment as an
officer had continued during the Transition Period, provided, however,
and
for purposes of clarification, the parties agree that the Officer
shall be
entitled to the lapse of “performance-based” restrictions hereunder if and
only if the specified performance goal was achieved prior to or
during the
Transition Period and any required goal achievement certification
for such
performance goal has been made by the board of directors or a committee
thereof;
|
(v)
|
Participation
and vesting in the Company’s RAM 401(k) Plan (or a successor or
replacement plan) (the “401(k) Plan”) will cease pursuant to the terms of
the 401(k) Plan (generally, the date of the Officer’s termination of
employment) and standard termination options under the 401(k) Plan
will
apply.
|
|
If
the Officer is contributing to the 401(k) Plan at the date of the
Officer’s Separation from Service and has not reached the maximum matching
contribution for the 401(k) Plan year(s) covered by the Transition
Period,
then an amount equal to the difference between the Officer’s actual
matching contribution and the amount of matching that the Officer
would
have received if the Officer had continued to defer his or her
income into
the 401(k) Plan at the same rate as was in effect on the date of
the
Officer’s Separation from Service will be paid to the
Officer. The payment, if any, will be calculated as though the
Officer were 100% vested in such contribution, will be grossed-up
for
taxes and will be paid 30 days after the date of the Officer’s Separation
from Service; and
|
(vi)
|
The
Officer’s participation, if applicable, will cease in the Company’s
non-cash benefit plans (medical, dental, life, etc.) pursuant to
the terms
of the applicable plan (generally, the end of the calendar month
which
includes the date of the Officer’s termination of employment) unless the
Officer properly elects to continue participation pursuant to any
applicable COBRA continuation or conversion rights. The Officer
may also be able to secure individual coverage with similar terms
and
conditions. It is the Officer’s responsibility to make any
timely elections required and for the payment of
premiums.
|
|
Regardless
of the Officer’s election, to the extent the Officer was participating in
the Company’s non-cash benefit plans on the date of the Officer’s
Separation from Service, the Company will pay the Officer an amount
equal
to the difference in premiums between what the Officer would have
paid as
an employee during the Transition Period and what the Officer would
have
to pay during the Transition Period to continue
coverage,
based on rates in effect at the time of calculation for the region
listed
by the Company as the Officer’s work address. If COBRA rates
are available, those rates will be used in the calculation, followed
by
any applicable conversion rate, and finally, in the absence of
COBRA or
conversion rates, by the cost of individual coverage with similar
terms
and conditions. The payment, if any, will be grossed-up for
taxes and will be paid 30 days after the date of the Officer’s Separation
from Service.
|
|
Notwithstanding
anything herein to the contrary, no compensation will be paid for
the loss
of any applicable short-term disability
coverage.
|