MICRON TECHNOLOGY, INC. (NASDAQ:MU) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Mr. D. Mark Durcan resigned as the Chief Executive Officer and as a member of the Board of Directors of Micron Technology, Inc. (the “Company”) on May 8, 2017. Effective as of August 8, 2017, Mr. Durcan will retire from the Company, but will continue to provide advisory services to the Company through December 31, 2017.

On July 24, 2017, the Compensation Committee of the Company’s Board of Directors approved changes to Mr. Durcan’s Amended and Restated Severance Agreement (the “Amendment”) and approved Mr. Durcan’s Executive Covenant Agreement. The Executive Covenant Agreement replaces Mr. Durcan’s prior Agreement Not to Compete or Solicit.

The Amendment provides that Mr. Durcan will provide advisory services to the Company through December 31, 2017. The Executive Covenant Agreement extends the restrictions on Mr. Durcan’s ability to compete against the Company or solicit the Company’s employees and customers from a period of two years following his termination of employment to a period of two years following the last day of Mr. Durcan’s term for providing advisory services to the Company.

In connection with the additional services Mr. Durcan will provide under the Amendment and the additional restrictions and protections provided under the Executive Covenant Agreement, the performance unit awards granted to Mr. Durcan on October 14, 2015 and on October 19, 2016 under the Amended and Restated 2004 Equity Incentive Plan shall, subject to the Company achieving the applicable performance objectives, become payable to Mr. Durcan on a pro-rata basis measured by the number of days Mr. Durcan was employed by the Company during the applicable performance period.

The foregoing descriptions of the Amendment and Executive Covenant Agreement are qualified in their entirety by reference to the full text of the Amendment and Executive Covenant Agreement, which will be filed as exhibits to the Company’s Annual Report on Form 10-K for the fiscal year ending August 31, 2017.

About MICRON TECHNOLOGY, INC. (NASDAQ:MU)
Micron Technology, Inc. is engaged in semiconductor systems. The Company’s portfolio of memory technologies, including dynamic random-access memory (DRAM), negative-AND (NAND) Flash and NOR Flash are the basis for solid-state drives, modules, multi-chip packages and other system solutions. Its business segments include Compute and Networking Business Unit (CNBU), which includes memory products sold into compute, networking, graphics and cloud server markets; Mobile Business Unit (MBU), which includes memory products sold into smartphone, tablet and other mobile-device markets; Storage Business Unit (SBU), which includes memory products sold into enterprise, client, cloud and removable storage markets, and SBU also includes products sold to Intel through its Intel/Micron Flash Technology (IMFT) joint venture, and Embedded Business Unit (EBU), which includes memory products sold into automotive, industrial, connected home and consumer electronics markets.