Intel Corp 8-K, filed Oct 30, 2023
Intel Corp (INTC)
8-K
2023-10-30
For: 2023-10-30
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Added on
April 07, 2026
About this 8-K
Intel Corp filed this 8-K on October 30, 2023.
Items reported
- Item 7.01: Regulation FD disclosure
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 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): October 30, 2023
(Exact name of registrant as specified in its charter)
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Item 7.01 Regulation FD Disclosure.
As Intel Corporation ("Intel") seeks to accelerate its transition to an internal foundry model and transform its manufacturing group – inclusive of manufacturing, technology development, and Intel Foundry Services – into a world-class systems foundry, the Board of Directors of Intel ("Board") determined that it would beneficial for Lip-Bu Tan, a Board member who joined in September 2022, to dedicate significant additional time to provide the Board additional visibility into and more frequent engagement with management with respect to such efforts. As requested by the Board, in addition to the duties expected of all Board members, Mr. Tan's responsibilities include engaging with management to provide oversight and guidance with respect to: (i) strategy and key focus areas within the manufacturing group; (ii) customer and service centricity and outside-in perspectives thereof; (iii) key customer and supplier engagements to establish a vibrant ecosystem in support of the foundry business; (iv) the foundry talent pipeline and development; (v) external financial perspectives of the manufacturing group’s income statement; and (vi) other matters relating to the business that may be requested from time to time by Chair of the Board. Mr. Tan will report regularly to the Board with respect to such engagements. The time commitment of these additional responsibilities is expected to entail a meaningful amount of work in addition to Mr. Tan's regular service as a Board member.
Mr. Tan has extensive experience in the semiconductor industry, including over a decade as chief executive officer and then as executive chairman of Cadence Design Systems, a leading software company providing solutions to design and develop complex semiconductor chips and electronic systems. He also has significant financial and investment, sales and marketing, and human capital expertise, including extensive venture capital experience evaluating and developing emerging technologies and business models.
In consideration for his additional director responsibilities anticipated for a one-year period and in addition to his annual director compensation, Mr. Tan will receive two awards of restricted stock units ("RSU"), each with a target value (calculated in the same manner as other RSU awards to directors) of $500,000 on the grant date. The two RSU awards are expected to be made on October 30, 2023 and January 30, 2024, respectively, and the RSU awards will vest 100% on the first anniversary of the applicable grant date.
The information in Item 7.01 of this report is furnished and shall not be treated as filed for purposes of the Securities Exchange Act of 1934, as amended.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
The following exhibits are provided as part of this report:
| Exhibit Number | Description | ||||
| 104 | Cover Page Interactive Data File, formatted in Inline XBRL and included as Exhibit 101. | ||||
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.
INTEL CORPORATION (Registrant) | |||||||||||||||||
| Date: | October 30, 2023 | By: | /s/ April Miller Boise | ||||||||||||||
| April Miller Boise | |||||||||||||||||
| Executive Vice President and Chief Legal Officer | |||||||||||||||||