Extracted from this filing and checked against the source text.
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.9
MICROCHIP TECHNOLOGY INC: Amended and restated bylaws to add Section 3.17 requiring at least three-fourths of board members (rounded down) to be independent, with a 180-day cure period for non-compliance due to vacancies or circumstances beyond control (effective 2023-06-23).
- Change
- bylaw amendment
- Effective
- 2023-06-23
Exact text from the filing
On June 23, 2023, the Board of Directors (the “Board”) of Microchip Technology Incorporated (the “Company”) approved an amendment and restatement of the Company’s bylaws to add Section 3.17 which provides that at least three-fourths of the members (rounded down) of the Board shall be independent as defined by the Nasdaq Stock Market, Inc. (e.g., for a seven person board, five directors must be independent) and that if the Company fails to comply with such independence requirements due to one or more vacancies on the Board, or if one or more directors cease to be independent due to circumstances beyond their reasonable control, the Company shall within 180 days regain compliance with such requirement.
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