Company: CRUS
Filing Date: 2025-06-04
Form Type: DEF 14A
Source: 0000772406-25-000019
Chunk: 22

Company: CIRRUS LOGIC, INC.
Filing Date: 2025-06-04
Form: DEF 14A
Chunk 22
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 Committee Member Quarterly Retainer                     |     |  $3,000 |
| Compensation Committee Chair Quarterly Retainer               |     |  $6,250 |
| Compensation Committee Member Quarterly Retainer              |     |  $2,500 |
| Governance and Nominating Committee Chair Quarterly Retainer  |     |  $3,750 |
| Governance and Nominating Committee Member Quarterly Retainer |     |  $1,500 |
| Lead Independent Director Quarterly Retainer                  |     |  $2,500 |

Directors receive cash payments for each retainer category applying to them. The Company also reimburses non-employee directors for all reasonable out-of-pocket expenses incurred for attending Board and Committee meetings.

In addition to the cash compensation described above, each non-employee director receives equity-based compensation, as follows:

Options

In fiscal year 2025 and up until the present Annual Meeting, new non-employee directors would receive, upon first joining the Board through appointment or election, options having a fair market value of $225,000 as estimated at or around the time of grant with 25% vesting after one year and the remainder vesting ratably each month over the following 36 months.

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On May 16, 2025, the independent members of the Board, based on a recommendation from the Compensation Committee and the Governance and Nominating Committee, approved a modification to the Company’s non-employee director compensation program. This recommendation followed a review of peer company practices provided by Compensia. Specifically, the Board approved the elimination of this initial stock option award provided to new non-employee directors upon joining the Board, with the change to take effect as of the current Annual Meeting.

Full-Value Stock Awards

New non-employee directors who first join the Board by appointment prior to an annual meeting receive upon appointment a full-value stock award having a fair market value up to $210,000 prorated to reflect the period from the time of appointment up until the annual meeting, with such award vesting at the annual meeting. Additionally, each non-employee director, upon first election and each subsequent re-election at an annual meeting, receives a full-value stock award having a fair market value up to $210,000, with such award vesting at the earlier of the next annual meeting or one year from the date of grant.

Our Amended and Restated 2018 Long Term Incentive Plan provides that, in a calendar year, the aggregate value of all compensation paid to or