8-KLeadership ChangesExhibits & Filings

MICRON TECHNOLOGY INC 8-K Report, Executive Changes (May 31, 2012)

Filed May 31, 2012For Securities:MU

Summary

This Form 8-K filing from Micron Technology, Inc. (MU) on May 31, 2012, primarily discloses the retirement of Mario Licciardello, Vice President of Wireless Solutions, effective May 31, 2012. The report details a Private Agreement between the company's subsidiary, Micron Semiconductor Italia S.r.l., and Mr. Licciardello, outlining severance and other payments in exchange for waivers and releases. Investors should note the financial implications of this executive departure. The agreement includes a severance payment of approximately 889,083 Euro and an additional 150,000 Euro payment tied to Mr. Licciardello's cooperation and adherence to specific covenants. The filing also attaches the English translation of this Private Agreement as an exhibit, providing transparency on the terms of separation.

Key Highlights

  • 1Mario Licciardello, VP of Wireless Solutions, is retiring effective May 31, 2012.
  • 2A Private Agreement was executed between Micron Semiconductor Italia S.r.l. and Mr. Licciardello on May 24, 2012.
  • 3The agreement includes a severance payment of 889,083 Euro.
  • 4An additional payment of 150,000 Euro is provided in exchange for waivers, releases, and covenants.
  • 5The English translation of the Private Agreement is filed as Exhibit 99.1.
  • 6This filing pertains to an executive departure and associated financial arrangements.

Frequently Asked Questions

The primary purpose of this 8-K filing is to announce the retirement of Mario Licciardello, Vice President of Wireless Solutions, and to disclose the terms of the Private Agreement related to his departure, including severance payments.

The total financial commitment outlined in the agreement for Mr. Licciardello's retirement is the sum of the severance payment (889,083 Euro) and the additional payment (150,000 Euro), totaling 1,039,083 Euro. Note that these amounts are in Euro.

The additional 150,000 Euro payment is contingent upon Mr. Licciardello providing certain waivers and releases, and adhering to specific covenants as outlined in the Private Agreement.

A full English translation of the Private Agreement between Micron Semiconductor Italia S.r.l. and Mario Licciardello, dated May 24, 2012, is provided as Exhibit 99.1 to this Form 8-K filing.