Document:

Exhibit

EXHIBIT 10.70

EXECUTIVE COVENANT AGREEMENT
This EXECUTIVE COVENANT AGREEMENT (“Agreement”) is made and entered into by and between Micron Technology, Inc., a Delaware corporation (“Micron”), and Sumit Sadana, an individual and Officer of the Company, (“Officer”).
RECITALS
A.    Officer has contemporaneously herewith executed an Executive Offer Letter pursuant to which Officer accepted the position of Executive Vice President and Chief Business Officer and certain levels of remuneration from Micron.
B.    Micron is currently engaged in a highly competitive world-wide business of designing, developing, manufacturing, and marketing discrete and embedded semiconductor products in die, wafer, and packaged form, and related products including without limitation: (i) DRAM, NAND, and NOR flash memory as well as other memory technologies, (ii) packaging solutions; (iii) a variety of semiconductor systems; (iv) storage devices (including without limitation solid state drives, USB storage and flash cards); (v) automata processors; (vi) hybrid memory cubes; (vii) software, hardware, testing tools and other items, devices and documentation related to any of the foregoing; and (viii) may enter into new lines of business during officer’s employment with Micron (collectively, the “Business”).
C.    Officer’s position with Micron is a position of trust and confidence which allows Officer access to the highest level of confidential, proprietary and other information provided to Officer solely for use in a manner consistent with the best interests of Micron and consistent with Officer’s duty of loyalty.  For example, and not by way of limitation, Officer has access to Micron’s confidential and proprietary information, including but not limited to manufacturing operations, assets, information systems, intellectual property, contracts, customers, personnel, compensation, business, marketing and strategic plans, prospects, research and development, know-how, trade secrets, technologies (both process and product), engineering, design and performance information, data and capabilities, and financial data (“Micron’s Proprietary Information”).
AGREEMENT
In consideration of the foregoing, the mutual promises herein contained, and for other good and valuable consideration, the receipt and sufficiency which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:
1.    Confidential Information and Intellectual Property.  
Concurrent with execution of this Agreement, Officer shall also execute a Confidentiality and Intellectual Property Agreement protecting Micron’s Proprietary Information from disclosure during and after Officer’s employment with Micron (the “Confidentiality Agreement”).
2.    Noncompetition and Non-Solicitation. 
2.1    Acknowledgments.  Officer understands that the nature of the Officer’s position gives Officer access to and knowledge of Micron’s Proprietary Information and places the Officer in a position of trust and confidence with Micron.  Officer understands and acknowledges that the services the Officer provides to Micron are unique.  Officer further understands and acknowledges that Micron’s ability to reserve Micron’s Proprietary Information for the exclusive knowledge and use of Micron is of great competitive importance and commercial value to Micron, and that improper use or disclosure by the Officer is likely to result in unfair or unlawful competitive activity.
2.2    Non-Competition/Duty of Loyalty.  Officer acknowledges that, during employment with Micron, by virtue of his position and his access to Micron’s Proprietary information including trade secret information belonging to Micron, he owes a duty of loyalty to Micron. Accordingly, during the Officer’s employment with Micron, the Officer shall not, acting in the Officer’s own capacity or as an owner, stockholder, member, partner, employee, consultant, or agent of any other person or entity, directly or indirectly: (a) own, manage, operate, acquire, invest in or otherwise engage in any business that is a Competitive Business (as defined below); or (b) provide Prohibited Services (as defined below) for a Competitive Business.  For purposes of this Section, (i) “Prohibited Services” are any activities in which the Officer contributes the Officer’s knowledge, directly or indirectly, in whole or in part, in any capacity whatsoever that is similar in any way to the manner in which the Officer provided services and contributed the Officer’s knowledge to Micron; (ii) “Competitive Business” includes or participation in the Business or other silicon- or 

semiconductor-based integrated circuit products, the design, development, manufacture and marketing of which could reasonably be expected to utilize Micron’s Proprietary Information or any other silicon- or semiconductor-based integrated circuit business.  Notwithstanding any other language in this Agreement to the contrary, nothing in this Agreement shall be interpreted or construed to prevent Officer from purchasing, selling or holding for investment less than 3% of outstanding capital stock of any Competitive Business with a class of equity securities which are regularly traded either on a national securities exchange or in the over-the-counter market. 
2.3    Non-Solicitation of Customers. 
(a)    During Employment. Officer agrees that, while Officer remains employed with Micron, he shall not solicit any customer of Micron or its Affiliates to stop, reduce, change, or negatively alter their existing relationship with Micron or the Affiliates. The Officer further acknowledges that such solicitation during employment would violate the Officer’s duty of loyalty to Micron. 
(b)    Post-Employment. Officer agrees that, after his employment with Micron terminates, he will not use trade secrets belonging to Micron to solicit any customer of Micron or its Affiliates to stop, reduce, change, or negatively alter their existing relationship with Micron or the Affiliates. 
For purposes of this Agreement, “Affiliate” means with respect to any person or entity, a person or entity that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the person or entity specified.
2.4    Non-Solicitation of Employees.  The Officer agrees that, while the Officer remains employed with Micron and for 12 months after Officer’s employment terminates (for any reason), Officer shall not solicit any employees of Micron or a Micron Affiliate to leave Micron or the Affiliate. 
2.5    Reasonableness of the Restrictive Covenants.
Officer agrees that the restrictions in this Agreement are reasonable, necessary, and supported by valuable consideration.  In the event that any restriction or covenant in this Agreement is held to be unreasonable and that such provision is to that extent unenforceable under applicable law, the parties agree that such provision shall remain in full force and effect having the maximum enforceable scope under applicable law. 
3.    Conflicting Obligations.  
Officer agrees that, during the Officer’s employment with Micron, Officer will not engage in any other employment, occupation, consulting or other business activity directly related to the business in which Micron is now engaged or becomes involved during the term of Officer’s employment, nor will Officer engage in any other activities that conflict with Officer’s obligations and duties to Micron.  
4.    Accounting for Profits.  
Officer covenants and agrees that in the event Officer violates any of Officer’s restrictions or obligations under this Agreement Micron shall be entitled to an accounting and payment of all profits, compensation, commissions, remunerations or other benefits which Officer directly or indirectly has received and/or may receive as a result of, growing out of or in connection with the violation of any such restrictions or obligations.  Officer and Micron acknowledge and agree that such remedy shall be in addition to and not in limitation of any injunctive relief or other rights or remedies to which Micron is or may be entitled at law, in equity or under this Agreement.
5.    Entitlement to Equitable Relief.  
Micron and Officer acknowledge and agree that the breach by Officer of any restriction or obligation under this Agreement will cause Micron substantial, immediate and irreparable harm, that the extent of damages will be difficult to measure, and, consequently, there is no adequate remedy at law in the event of such breach.  Accordingly, Micron and Officer agree that Micron shall be entitled to obtain immediate injunctive relief (without necessity of posting a bond), without prejudice to any other right Micron may have in law or in equity under this Agreement, by bringing an appropriate action for such remedy in any court of competent jurisdiction which Micron, in its sole discretion, deems appropriate.
6.    General Provisions.  

6.1    Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of Idaho applicable to contracts entered into and to be performed entirely within such State.
6.2    Jurisdiction and Venue.  Micron and Officer acknowledge the personal jurisdiction of, and consent to venue in, the state courts of Ada County, State of Idaho or the United States District Court for the District of Idaho, for any action arising out of or in any way related to the interpretation and enforcement of this Agreement.  Officer waives the defense of inconvenient forum to the maintenance of any such action or proceeding in such venue.
6.3    Representation by Counsel. Officer acknowledges that he has been represented by independent counsel in the negotiation and execution of this Agreement, specifically including but not limited to its choice of law, jurisdiction, and venue provisions.
6.4    Entire Agreement.  Except as otherwise specifically provided herein, this Agreement sets forth the entire agreement and understanding between Micron and Officer relating to the subject matter hereof and supersedes all prior understandings and agreements with respect thereto.  No modification of or amendment to this Agreement, or any waiver of any rights under this Agreement, will be effective unless contained in a writing signed by both of the parties hereto.  Any subsequent change or changes in Officer’s duties, salary or compensation will not affect the validity or scope of this Agreement.  This Agreement is in addition to, and does not supersede or modify in any fashion, the provisions of the Executive Offer Letter or Confidentiality Agreement (collectively, “Additional Agreements”) (and all documents and forms referenced therein), all of which are being executed at or about the same time.  The obligations contained in the Additional Agreements shall continue independent of the obligations of one another and of this Agreement.
6.5    Severability.  If one or more of the provisions of this Agreement are deemed void by law, these provisions shall be severed from the Agreement, and the remaining provisions shall continue in full force and effect. 
6.6    Termination of Employment.  Nothing in this Agreement shall be construed to give to Officer any right to employment for any specific period of time, or to affect in any manner whatsoever the right or power of Micron to terminate Officer’s employment, for any reason or no reason, with or without cause.
6.7    Legal Fees.  In any action to interpret or enforce the terms of this Agreement, whether in law or in equity, the prevailing party shall be entitled to recover its reasonable attorneys’ fees, expert witness fees, and out-of-pocket costs incurred in connection with such action in addition to any other relief it may be awarded.
6.8    Successors and Assigns.  This Agreement shall be binding upon Officer’s heirs, executors, administrators and other legal representatives and shall inure to the benefit of Micron, its successors and assigns.
6.9    Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall constitute an original, but all of which shall be deemed one and the same instrument.
6.10    Notification.  Officer agrees to notify and Officer also authorizes Micron to notify any subsequent employers about Officer’s rights and obligations under this Agreement.
IN WITNESS WHEREOF, the parties have executed this Agreement, effective as of the later signature below.
	
			
	 
	 
	 

	MICRON TECHNOLOGY, INC.
  a Delaware corporation
	 
	OFFICER

	 
	 
	 

	/s/ April Arnzen
	 
	/s/ Sumit Sadana

	By: April Arnzen
	 
	Name:  Sumit Sadana

	Title: SVP, Human Resources
	 
	Title:  EVP and Cheif Business Officer

	 
	 
	 

	June 22, 2017
	 
	June 23, 2017

	Date
	 
	DateExhibit

EXHIBIT 10.71

AMENDMENT #2 TO AMENDED AND RESTATED SEVERANCE AGREEMENT

This Amendment #2 to the Amended and Restated Severance Agreement is entered into by and between Micron Technology, Inc., a Delaware corporation (the “Company”), and D. Mark Durcan, an individual and Employee of the Company, (the “Employee”), and is effective as of July 24, 2017.
WHEREAS, the Employee and the Company entered into a Severance Agreement effective July 8, 1996, which was restated on November 25, 1996, November 15, 2002 and November 15, 2007, as further amended from time-to-time (the “Amended and Restated Severance Agreement”);
WHEREAS, the Employee and the Company further entered into a Non-Competition Agreement dated November 25, 1996 (“Noncompete Agreement”); and
WHEREAS, the parties now wish to amend the Amended and Restated Severance Agreement as provided herein to: (i) incorporate and consolidate changes made to the Amended and Restated Severance Agreement from time-to-time, (ii) address certain additional advisory services to be provided to the Company, (iii) incorporate the updated Noncompete Agreement that will be executed contemporaneously with this amendment to the Amended and Restated Severance Agreement, (iv) fully address the scope of the Employees’ release of the Company; and (v) provide the Employee with additional benefits as consideration for his advisory services, entering into the updated Noncompete Agreement, and executing a release. 
NOW THEREFORE, in consideration of the foregoing and other good and valuable consideration, the parties agree as follows:
1.    To incorporate the changes set forth in Amendment #1 to the Amended and Restated Severance Agreement, Exhibit 5(a)(i) of the Amended and Restated Severance Agreement is hereby amended in its entirety and restated as follows:

“(i) Base salary as of the date of the Officer’s Separation from Service paid biweekly on the Company’s normal payroll cycle as if the Officer had worked during the Transition Period, provided, however:

(A) if the Officer or the Company terminated the Officer’s status as an officer of
the Company but not as an employee prior to the date of the Officer’s Separation from Service, then the base salary payable pursuant to this subsection during the Transition Period shall be the greater of (1) the Officer’s base salary in effect immediately prior to the Officer’s loss of officer status or (2) the Officer’s base salary as of the date of the Officer’s Separation from Service; and

(B) if as of the date of the Separation from Service the Officer’s base salary is subject to a temporary reduction in an effort to save costs, then the base salary payable pursuant to this subsection during the Transition Period shall be the Officer’s base salary immediately prior to such reduction.”

2.    Exhibit 5(a)(iv) of the Amended and Restated Severance Agreement is hereby amended in its entirety and restated as follows:

“(iv) With respect to restricted stock awards, the lapse of any “time-based” and/or “performance-based” restrictions at the same time and in the same amounts such restrictions would have lapsed, if at all, in accordance with the terms of the  applicable stock plan if the Officer’s employment as an officer had continued during the Transition Period, provided, however, and for purposes of clarification, the parties agree that the Officer shall be entitled to the lapse of “performance based” restrictions hereunder if and only if the specified performance goal was achieved prior to or during the Transition Period and any required goal achievement certification for such performance goal has been made by the board of directors or a committee thereof.
Notwithstanding the foregoing, with respect to the “performance-based” requirements of the Officers’ performance unit awards issued for fiscal years 2016 and 2017, the number of performance units that shall become vested and converted to shares shall be determined by multiplying: (i) the number of units that would have been converted to shares based on the actual level of achievement of the specified performance goals for the performance period (as certified by the Company in accordance with the terms of the applicable award); by (ii) a fraction, the numerator of which is the number of days in the performance period preceding the date 

of the Officer’s Separation from Service and the denominator of which is the total number of days in the performance period; provided that if a Change in Control (as defined in the applicable award) occurs prior to the last day of a performance period and as result of the Change in Control the performance unit awards are paid out at target in connection with such Change in Control, the pro ration described herein will be multiplied by the Target Award (as defined in the applicable award).  For purposes of clarity, in the event of the Officer’s death or Disability (as defined in the applicable award) after his Separation from Service, the pro ration provisions of this Agreement shall control the amount payable to the Officer with respect to the performance unit awards issued to the Officer for the 2016 and 2017 fiscal years.”
3.    Section 7 of the Amended and Restated Severance Agreement is hereby amended in its entirety and restated as follows:

“7.    RELEASE.  No amount shall be payable to the Officer under Section 5(a) of this Agreement until the Officer signs, and does not revoke, a release of claims in favor of the Company, its affiliates and their respective officers and directors in the form attached hereto as Appendix A (the “Release”) during the Release Execution Period.  For purposes of this Severance Agreement, the “Release Execution Period” shall be the 28-day period commencing on the date of the Officer’s Separation from Service.  Further, upon the conclusion of the services contemplated under Section 10 of this Agreement, the Officer shall be required to reaffirm his release of the Company in order to receive the amounts contemplated under Section 5(a) of this Agreement payable after December 31, 2017.  In the event that the Release Execution Period begins in one tax year and ends in the next tax year, any amount payable under this Agreement that constitutes non-qualified deferred compensation (within the meaning of Section 409A) will be paid on the later of (i) the last day of the Release Execution Period, (ii) if applicable, the delayed payment date described in Section 9, or (iii) the payment date otherwise set forth under this Agreement.”     
4.    Section 10 is hereby added to the Amended and Restated Severance Agreement as follows:

“10.    CONTINUING SERVICES.  In consideration of the benefits provided herein, the Officer agrees to continue to provide services to Micron from the date of the Officer’s Separation of Service through December 31, 2017.  These services include but are not limited to acting as an advisor to the Company at industry association meetings, acting as a special advisor to the Company Board and current CEO, and further assisting the Company as deemed appropriate by the current CEO to facilitate organizational and strategic transitions as needed.  Officer agrees during this advisory period to make himself available for up to 50 hours of services upon reasonable notice provided by the Company.
These services will be performed in the capacity of an independent contractor (and not as an employee).  The Officer shall cease to be eligible to participate in the Company’s benefit programs as of the date of his Separation from Service in accordance with the terms of these benefit programs, notwithstanding the Officers continued services provided under this Section 10.”  
5.    All references to Noncompete Agreement made in the Amended and Restated Severance Agreement shall mean that Executive Covenant Agreement that Employee will execute contemporaneously with this Amendment #2 to the Amended and Restated Severance Agreement, which form is attached hereto as Appendix B. 

6.    In all other respects, the parties hereby ratify and reaffirm all other provisions of the Amended and Restated Severance Agreement.
Executed this 29 day of September, 2017.
	
	
	/s/ D. Mark Durcan

	Employee

Executed this 29 day of September, 2017.
    
	
	
	/s/ April Arnzen

	Micron Technology, Inc.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00275-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00275-of-00352.parquet"}]]