secwatch.observer — SEC 8-K summary
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Issuer:     CIRRUS LOGIC, INC. (CRUS)
CIK:        0000772406
Form:       8-K
Filed at:   2022-01-25T23:59:59+00:00
Accession:  0000772406-22-000003
Event type: leadership
Sentiment:  neutral
Materiality: 0.50
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Cirrus Logic amends exec severance plan; CEO gets 200% target bonus on change-of-control termination
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- Compensation Committee approved amendments on Jan 20, 2022 to Executive Severance and Change of Control Plan.
- CEO receives 200% of annual target bonus (other execs 100%) plus prorated bonus upon change-of-control termination.
- CEO's COBRA cash payment extended to 18 months; for non-change-of-control termination, CEO gets 12 months, others 6.
- Added recoupment provision allowing clawback of severance plus interest if subsequently discovered Cause.
- Definitions of Cause and Good Reason updated to specify additional circumstances triggering or excluding severance.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/772406/000077240622000003/0000772406-22-000003-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/772406/000077240622000003/crus-20220120.htm
  HTML page:      https://secwatch.observer/filing/0000772406-22-000003

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer