secwatch.observer — SEC 8-K summary
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Issuer:     MICRON TECHNOLOGY INC (MU)
CIK:        0000723125
Form:       8-K
Filed at:   2023-02-09T23:59:59+00:00
Accession:  0000723125-23-000011
Event type: other_material
Sentiment:  negative
Materiality: 0.70
Item codes: 5.02
LLM model:  deepseek-v4-flash:cloud@v2

Micron reduces CEO salary 20%, NEO salaries 10-15%, suspends bonuses for fiscal 2023
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- CEO base salary reduced 20%; Executive VPs 15%; Senior VP 10% effective Feb 5, 2023 through fiscal 2023.
- All NEO bonuses suspended for fiscal 2023; target total cash compensation reduced by 53% to 75%.
- Non-employee board cash compensation reduced 20% for remainder of fiscal 2023.
- Severance agreements amended to use pre-reduction base salary for calculating benefits.
- Broad group of executive-level employees also receiving base salary reductions.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/723125/000072312523000011/0000723125-23-000011-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/723125/000072312523000011/mu-20230205.htm
  HTML page:      https://secwatch.observer/filing/0000723125-23-000011

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