Cirrus Logic amends incentive plan to use non-GAAP operating profit metric; removes 162(m) provisions

CIRRUS LOGIC, INC.

Operating Profit Margin redefined as GAAP operating income excluding stock compensation and Non-Recurring Items, plus bonus accruals.
Section 162(m) performance-based compensation exception removed due to repeal of the provision.
Schedule A (Target Incentive Factors) eliminated; Committee now sets participants and factors directly.
Amendments effective for plan cycles starting fiscal year 2023; plan cap remains $5M per participant per year.

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