Summary
Micron Technology, Inc. (MU) filed an 8-K report detailing key corporate governance and shareholder decisions made at its Fiscal 2020 Annual Meeting of Shareholders on January 14, 2021. The primary focus of this filing is the shareholder approval of the amendment and restatement of the 2007 Equity Incentive Plan. This action increases the number of shares available for issuance under the plan by 35 million, a significant move for executive and employee compensation and retention strategies. Additionally, the company's Board of Directors amended and restated its bylaws to decrease the size of the Board from eight to seven members. Shareholders also overwhelmingly approved the compensation of named executive officers in a non-binding vote and ratified the appointment of PricewaterhouseCoopers LLP as its independent registered public accounting firm for the upcoming fiscal year. These developments signal continued operational and compensation framework adjustments at Micron.
Key Highlights
- 1Shareholder approval of the amended and restated 2007 Equity Incentive Plan, increasing share reserve by 35 million.
- 2Board of Directors reduced in size from eight to seven members through bylaw amendments.
- 3Re-election of all seven director nominees with substantial support.
- 4Non-binding shareholder approval of executive compensation (Say-on-Pay).
- 5Ratification of PricewaterhouseCoopers LLP as the independent auditor for fiscal year 2021.
- 6The amendment to the 2007 Equity Incentive Plan removed certain provisions related to Section 162(m) of the Internal Revenue Code.
- 7The 2007 Equity Incentive Plan amendment and restatement became effective upon shareholder approval on January 14, 2021.