8-KLeadership ChangesMaterial AgreementsCorporate Changes+1

MICRON TECHNOLOGY INC 8-K Report, Material Agreement (Jul 1, 2005)

Filed July 1, 2005For Securities:MU

Summary

This Form 8-K filing for Micron Technology, Inc. (MU) on July 1, 2005, primarily announces the appointment of Ms. Mercedes Johnson to the Board of Directors. This appointment necessitated an amendment to the company's bylaws to increase the authorized number of directors from seven to eight. Investors should note that Ms. Johnson previously held a senior finance role at Lam Research Corporation, a significant supplier of semiconductor manufacturing equipment to Micron, with whom the company spent substantial amounts in fiscal years 2004 and 2005. Her background may offer valuable insights into operational efficiency and supplier relationships. The filing also details a standard director compensation practice, specifically the grant of stock options to non-employee directors. In Ms. Johnson's case, she received a fully vested option for 10,000 shares at an exercise price of $10.58, aligning with the company's established program. This information is relevant for understanding executive compensation and potential future share dilution.

Key Highlights

  • 1Appointment of Mercedes Johnson to the Board of Directors, effective June 27, 2005.
  • 2Amendment to company Bylaws to increase the authorized number of directors from seven to eight.
  • 3Ms. Johnson's prior executive role at Lam Research Corporation, a key equipment supplier.
  • 4Micron's significant spending on semiconductor manufacturing equipment and services from Lam Research in FY2004 and FY2005.
  • 5Grant of a 10,000 share stock option to Ms. Johnson with an exercise price of $10.58, a standard practice for non-employee directors.
  • 6Ms. Johnson is expected to join the Audit Committee of the Board of Directors.
  • 7The report includes amendments to bylaws and a press release as exhibits.

Frequently Asked Questions

The primary purpose of this 8-K filing is to report the appointment of Ms. Mercedes Johnson to Micron Technology's Board of Directors and the subsequent amendment to the company's bylaws to accommodate this appointment.

Ms. Johnson is the former Sr. Vice President, Finance and Chief Financial Officer of Lam Research Corporation. Given that Lam Research is a significant supplier of semiconductor manufacturing equipment to Micron, her expertise and previous relationship with a key vendor could be valuable for strategic discussions and operational insights.

Ms. Johnson received a fully vested option for 10,000 shares at an exercise price of $10.58. This is part of Micron's standard program for non-employee directors. Investors should note this as part of executive compensation and understand it represents a potential future increase in outstanding shares if exercised.

The company's bylaws were amended to increase the authorized number of directors from seven to eight. This change was necessary to allow for the appointment of Ms. Mercedes Johnson to the Board of Directors.