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Delayed Nasdaq  -  04:00 2022-09-30 pm EDT
25.77 USD   -2.31%
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INTEL CORP : Change in Directors or Principal Officers, Regulation FD Disclosure, Financial Statements and Exhibits (form 8-K)

08/11/2022 | 04:14pm EDT

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;

          Appointment of Certain Officers; Compensatory Arrangements of Certain

(d) Election of New Director.

On August 8, 2022, the Board of Directors ("Board") of Intel Corporation ("Intel") elected Lip-Bu Tan to the Board, effective September 1, 2022 (the "Effective Date"). Mr. Tan has been appointed to the Board's M&A committee.

Lip-Bu Tan, 62, has served as the Executive Chair of the Board of Cadence Design
Systems, Inc. ("Cadence"), a computational software company, since December 2021
and as a member of its board since 2004. Mr. Tan served as Chief Executive
Officer of Cadence from 2009 to December 2021, and as President from 2009 to
2017. He founded Walden International, an international venture capital firm, in
1987, and has served as its Chairman since its founding, and is the founding
managing partner of two other venture capital firms: Celesta Capital and Walden
Catalyst Ventures. Mr. Tan also serves as a director of Schneider Electric SE, a
digital automation and energy management company, and Credo Technology Group
Holding Ltd., a connectivity solutions provider. He previously served as a
director of a number of public companies, including most recently SoftBank Group
Corp., a holding company focused on investment management primarily in
technology, energy, and financial sector companies, from June 2020 to June 2022;
and Hewlett Packard Enterprise Company, an information technology company, from
2015 to April 2021. Mr. Tan received a B.S. in Physics from the Nanyang
Technological University in Singapore, an M.S. in Nuclear Engineering from the
Massachusetts Institute of Technology, and an M.B.A. from the University of San
Francisco. He also serves on Intel's Technology Advisory Committee, the Board of
Trustees and the School of Engineering Dean's Council at Carnegie Mellon
University, and on the University of California, Berkeley's College of
Engineering Advisory Board and their Division of Computing, Data Science, and
Society Advisory Board. In 2016, Mr. Tan was recently named the 2022 recipient
of the Semiconductor Industry Association's highest honor, the Robert N. Noyce

Mr. Tan will receive the standard compensation amounts payable to non-employee
directors of the Board ("Intel Board Compensation"). Pursuant to these
arrangements, commencing on the Effective Date, he will be paid an annual cash
retainer of $90,000 (in addition to any committee fees), which will be pro-rated
for his first year of service. In addition, in the fourth quarter of 2022,
Mr. Tan will be granted an award of non-employee director time-based restricted
stock units with a value on the grant date of approximately $146,667, which is
pro-rated from the value of the annual award granted to Intel's non-employee
directors in May 2022. The award will vest on the earlier of May 12, 2023 and
the date of Intel's 2023 Annual Stockholders' Meeting, the same schedule as the
annual award granted to Intel's other non-employee directors in May 2022,
subject to Mr. Tan's continued service on the Board.

Mr. Tan will also enter into Intel's standard form of directors' indemnification
agreement with Intel, pursuant to which Intel agrees to indemnify its directors
to the fullest extent permitted by applicable law and subject to certain
conditions to advance expenses in connection with proceedings as described in
the indemnification agreement.

Mr. Tan does not have any family relationship with any director or executive
officer of Intel, or person nominated or chosen by Intel to become a director or
executive officer, and he has no direct or indirect material interest in any
transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K,
except that Mr. Tan has served as a member of Intel's Technology Advisory
Committee since August 2021. For this advisory committee service, Mr. Tan
received a total of $125,000, but going forward he is only eligible to receive
Intel Board Compensation.

Item 7.01 Regulation FD Disclosure.

Intel's press release dated August 11, 2022 announcing the election of Lip-Bu
Tan to the Board as of the Effective Date is furnished as Exhibit 99.1 to this
Current Report on Form 8-K. The information in this 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.

The following exhibits are provided as part of this report:


Number Description

99.1 Press Release issued by Intel titled "Intel Elects Lip-Bu Tan to Board of Directors," dated August 11, 2022.

104 Cover Page Interactive Data File, formatted in Inline XBRL and included as Exhibit 101.


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