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Microchip Technology Inc – ‘8-K’ for 4/9/20

On:  Wednesday, 4/8/20, at 8:44pm ET   ·   As of:  4/9/20   ·   For:  4/9/20   ·   Accession #:  827054-20-83   ·   File #:  0-21184

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  As Of               Filer                 Filing    For·On·As Docs:Size

 4/09/20  Microchip Technology Inc          8-K:2,5,9   4/09/20   13:297K

Current Report   —   Form 8-K   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                      HTML     36K 
 2: EX-99.1     Miscellaneous Exhibit                               HTML     22K 
 9: R1          Cover Page                                          HTML     47K 
 8: XML         IDEA XML File -- Filing Summary                      XML     12K 
12: XML         XBRL Instance -- a8-kitem202and502_htm               XML     15K 
10: EXCEL       IDEA Workbook of Financial Reports                  XLSX      6K 
 4: EX-101.CAL  XBRL Calculations -- mchp-20200408_cal               XML      7K 
 5: EX-101.DEF  XBRL Definitions -- mchp-20200408_def                XML      9K 
 6: EX-101.LAB  XBRL Labels -- mchp-20200408_lab                     XML     66K 
 7: EX-101.PRE  XBRL Presentations -- mchp-20200408_pre              XML     36K 
 3: EX-101.SCH  XBRL Schema -- mchp-20200408                         XSD     16K 
13: JSON        XBRL Instance as JSON Data -- MetaLinks               12±    18K 
11: ZIP         XBRL Zipped Folder -- 0000827054-20-000083-xbrl      Zip     40K

‘8-K’   —   Current Report

This is an HTML Document rendered as filed.  [ Alternative Formats ]

 iX:   C:   C:   C: 
  Document  
 i false i 0000827054 0000827054 2020-04-09 2020-04-09

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM  i 8-K

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported)

 i April 9, 2020
a8k_image1a02.jpg
 i MICROCHIP TECHNOLOGY INCORPORATED
(Exact Name Of Registrant As Specified In Its Charter)

 i Delaware
 i 0-21184
 i 86-0629024
(State or other Jurisdiction of Incorporation)

(Commission File No.)
(IRS Employer Identification No.)
 
 i 2355 West Chandler Boulevard,  i Chandler,  i Arizona  i 85224-6199
(Address of Principal Executive Offices, Including Zip Code)

( i 480)  i 792-7200
(Registrant’s Telephone Number, Including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 i ☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 i ☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 i ☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 i ☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12b of the Act:
Title of Each Class
 
 Trading Symbol
 
Name of Each Exchange on Which Registered
 i Common Stock, $0.001 par value per share
 
 i MCHP
 
 i NASDAQ
Stock Market LLC
 
 
 
 
    (Nasdaq Global Select Market)
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2)
Emerging growth company  i ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐


Item 2.02.    Results of Operations and Financial Condition.

The information pursuant to Item 2.02 in this report on Form 8-K is being furnished as contemplated by General Instruction B(2) to Form 8-K and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section.

On April 8, 2020, we provided an update on our March 2020 quarter net sales and the business environment. The complete release is attached to this report as Exhibit 99.1.

Item 5.02.    Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

In response to uncertainties related to the impact of the COVID-19 virus and in connection with other expense reduction actions being taken by our management team, on April 8, 2020, the Compensation Committee of our Board of Directors approved a 20% salary cut for Microchip’s Chief Executive Officer (Steve Sanghi), President (Ganesh Moorthy) and other executive staff members (including our other named executive officers, Eric Bjornholt, Steve Drehobl and Mitch Little) effective April 20, 2020. In addition, the Microchip board of directors approved a 20% cut in their cash compensation effective April 20, 2020.

Item 9.01.    Financial Statements and Exhibits.

(d)
 
Exhibits
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Incorporated by Reference
 
 
Exhibit Number
 
Exhibit Description
 
Form
 
File Number
 
Exhibit
 
Filing Date
 
Included Herewith
99.1
 
Microchip Technology Provides Update on March 2020 Quarter Net Sales and the Business Environment
 
 
 
 
 
 
 
 
 
X
104
 
Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
 
 
 
 
 
 
 
 
 


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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: April 9, 2020
    

Microchip Technology Incorporated
(Registrant)
 
 
By:
  /s/ J. Eric Bjornholt
 
J. Eric Bjornholt
 
Senior Vice President and Chief Financial Officer
 
(Principal Accounting and Financial Officer)
 
 
 
 
 
 


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Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘8-K’ Filing    Date    Other Filings
4/20/20
Filed as of / For Period end:4/9/204
Filed on:4/8/20
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