secwatch.observer — SEC 8-K summary
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Issuer:     MILLER INDUSTRIES INC /TN/ (MLR)
CIK:        0000924822
Form:       8-K
Filed at:   2023-04-17T23:59:59+00:00
Accession:  0001104659-23-046228
Event type: other_material
Sentiment:  neutral
Materiality: 0.55
Item codes: 5.02
LLM model:  deepseek-v4-flash:cloud@v2

Miller Industries revamps executive comp: new bonus program, salary hikes, severance plan
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- Annual bonus pool formula: 5% of Adjusted Pretax Income if >$10M and ≤$25M, 8% if >$25M and ≤$50M, 11.25% if >$50M; part payable in RSUs at higher tiers.
- Executive Chairman William G. Miller gets bonus of $225k/$675k/$1.013M at $25M/$50M/$75M Adjusted Pretax Income, all cash.
- Base salary increases effective Jan 1, 2023: CEO from $700k to $765k; CFO from $390k to $450k; others from $330k to $350k.
- New Change in Control Severance Plan: double-trigger, severance = 2x (CEO) or 1.5x (other officers) of base + target bonus; plus pro-rated bonus and COBRA.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/924822/000110465923046228/0001104659-23-046228-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/924822/000110465923046228/tm2313041d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-046228

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