secwatch.observer — SEC 8-K summary
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Issuer:     CIRRUS LOGIC, INC. (CRUS)
CIK:        0000772406
Form:       8-K
Filed at:   2022-03-25T23:59:59+00:00
Accession:  0000772406-22-000008
Event type: other_material
Sentiment:  neutral
Materiality: 0.30
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/772406/000077240622000008/0000772406-22-000008-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/772406/000077240622000008/crus-20220322.htm
  HTML page:      https://secwatch.observer/filing/0000772406-22-000008

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