<PAGE>
As filed with the Securities and Exchange Commission on January 27, 1999
Registration no. 333-________________
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
Micron Technology, Inc.
(Exact name of registrant as specified in its charter)
Delaware 75-1618004
- ------------------------------- ----------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
8000 South Federal Way
Boise, Idaho 83716-9632
- ---------------------------------------- ----------
(Address of Principal Executive Offices) (Zip Code)
-------------------
Micron Technology, Inc. 1998 Non-Employee Director Stock Incentive Plan
Micron Technology, Inc. 1989 Employee Stock Purchase Plan
-------------------------
(Full title of the plans)
Steven R. Appleton
Chairman of the Board, Chief Executive Officer and President
Micron Technology, Inc.
8000 South Federal Way
Boise, Idaho 83706-9632
(Name and address of agent for service)
208-368-4000
(Telephone number, including area code, of agent for service)
CALCULATION OF REGISTRATION FEE
Proposed Proposed
Title of maximum maximum
securities Amount offering aggregate Amount of
to be to be price offering registration
registered registered per share(1) price(1) fee(2)
Common Stock
$.10 par value
per Share 2,750,000(3) $69.063 $189,923,250 $52,799
(1) Estimated in accordance with Rules 457(c) and 457(h) of Regulation C solely
for the purpose of calculating the registration fee on the basis of $69.063
per share, average of the high and low price of the Registrant's Common
Stock as reported on the New York Stock Exchange on January 25, 1999.
(2) The amount of the registration fee was calculated pursuant to Section
6(b) of the Securities Act of 1933, as amended, which provides that the
fee shall be .000278 multiplied by the maximum aggregate offering price.
(3) The number of shares to be registered consists of 250,000 shares under the
Micron Technology, Inc. 1998 Non-Employee Director Stock Incentive Plan and
2,500,000 shares under the Micron Technology, Inc. 1989 Employee Stock
Purchase Plan.
<PAGE>
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
---------------------------------------
There are hereby incorporated by reference in this Registration Statement
the following documents and information heretofore filed with the Securities and
Exchange Commission:
(a) The Company's latest Annual Report on Form 10-K for the year ended
September 3, 1998, filed pursuant to Section 13(a) of the Securities Exchange
Act of 1934, as amended (the "1934 Act") (File No. 1-10658).
(b) The Company's latest Quarterly Report on Form 10-Q for the quarter
ended December 3, 1998, filed pursuant to Section 13(a) of the 1934 Act (File
No. 1-10658).
(c) The description of the Company's Common Stock contained in the
Company's Registration Statement on Form 8-A, filed November 9, 1990 pursuant to
Section 12(b) of the 1934 Act (File No. 1-10658), including any amendment or
report filed with the Securities and Exchange Commission for the purpose of
updating such description.
All reports and other documents filed by the Company pursuant to Sections
13(a), 13(c), 14 and 15(d) of the 1934 Act after the date of this Registration
Statement and prior to the filing of a post-effective amendment which indicates
that all securities offered have been sold or which deregisters all securities
then remaining unsold, shall be deemed to be incorporated by reference in this
Registration Statement and to be part hereof from the date of filing such
documents.
Item 4. Description of Securities.
-------------------------
Not applicable.
Item 5. Interests of Named Experts and Counsel.
--------------------------------------
Not applicable.
Item 6. Indemnification of Directors and Officers.
-----------------------------------------
Section 145 of the Delaware General Corporation Law authorizes a court to
award, or a corporation's Board of Directors or stockholders to grant,
indemnification to directors and officers in terms sufficiently broad to permit
such indemnification under certain circumstances for liabilities (including
reimbursement for expenses incurred) arising under the Securities Act of 1933,
as amended (the "Securities Act") and for liabilities arising from other state
and federal causes of action. Section 11 of the Company's Certificate of
Incorporation and Article VII of the Company's Bylaws provide for the mandatory
indemnification of its officers, directors, employees and agents to the extent
permitted by Delaware General Corporation Law. The Company has entered into
agreements with its officers, directors and certain key employees implementing
such indemnification.
<PAGE>
Item 7. Exemption from Registration Claimed.
-----------------------------------
Not applicable.
Item 8. Exhibits.
--------
Exhibit
Number
------
4.6 Micron Technology, Inc. 1998 Non-Employee Director Stock Incentive
Plan.
4.7 Micron Technology, Inc. 1989 Employee Stock Purchase Plan.
5.1 Opinion of Counsel.
23.1 Consent of Independent Accountants.
23.2 Consent of Counsel (contained in Exhibit 5.1).
24.1 Power of Attorney (included on signature page).
Item 9. Undertakings.
------------
(a) The undersigned Registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement to include any
material information with respect to the plan of distribution not previously
disclosed in the Registration Statement or any material change to such
information in the Registration Statement.
(2) That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be a new
Registration Statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any
of the securities being registered which remain unsold at the termination of the
offering.
(b) The undersigned Registrant hereby undertakes that, for the purpose of
determining any liability under the Securities Act, each filing of the
Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the
1934 Act (and, where applicable, each filing of an employee benefit plan's
annual report pursuant to Section 15(d) of the 1934 Act) that is incorporated by
reference in the Registration Statement shall be deemed to be a new Registration
Statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering
thereof.
<PAGE>
(c) Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to directors, officers and controlling persons
of the Registrant pursuant to the foregoing provisions, or otherwise, the
Registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the
Securities Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in
the opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities
Act and will be governed by the final adjudication of such issue.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the
Registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form S-8 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Boise, State of Idaho, on this 26th day of January,
1999.
MICRON TECHNOLOGY, INC.
/s/ W. G. Stover, Jr.
---------------------------------
By: Wilbur G. Stover, Jr.
Vice President of Finance,
and Chief Financial Officer
<PAGE>
POWER OF ATTORNEY
-----------------
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature
appears below constitutes and appoints Steven R. Appleton and Wilbur G. Stover,
Jr., jointly and severally, his attorneys-in-fact, each with the power of
substitution, for him in any and all capacities, to sign any amendments to
this Registration Statement on Form S-8, and to file the same, with exhibits
thereto and other documents in connection therewith, with the Securities and
Exchange Commission, hereby ratifying and confirming all that each of said
attorneys-in-fact, or his substitute or substitutes, may do or cause to be
done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended,
this Registration Statement has been signed by the following persons in the
capacities and on the dates indicated.
Signature Title Date
- --------- ----- ----
/s/ Steven R. Appleton Chairman of the Board, Chief
- ------------------------- Executive Officer and President
Steven R. Appleton (Principal Executive Officer) January 26, 1999
/s/ W. G. Stover, Jr. Vice President of Finance and
- ------------------------- Chief Financial Officer (Principal
Wilbur G. Stover, Jr. Financial and Accounting Officer) January 26, 1999
/s/ James W. Bagley Director January 26, 1999
- -------------------------
James W. Bagley
/s/ Robert A. Lothrop Director January 26, 1999
- -------------------------
Robert A. Lothrop
/s/ Thomas T. Nicholson Director January 26, 1999
- -------------------------
Thomas T. Nicholson
/s/ Don J. Simplot Director January 26, 1999
- -------------------------
Don J. Simplot
/s/ John R. Simplot Director January 26, 1999
- -------------------------
John R. Simplot
/s/ Gordon C. Smith Director January 26, 1999
- -------------------------
Gordon C. Smith
/s/ William P. Weber Director January 26, 1999
- -------------------------
William P. Weber
<PAGE>
EXHIBIT INDEX
Exhibit
Number Description
- ------ --------------------------------
4.6 Micron Technology, Inc. 1998 Non-Employee Director Stock Incentive
Plan.
4.7 Micron Technology, Inc. 1989 Employee Stock Purchase Plan.
5.1 Opinion of Counsel.
23.1 Consent of Independent Accountants.
23.2 Consent of Counsel (contained in Exhibit 5.1).
24.1 Power of Attorney (included on signature page).
<PAGE>
Exhibit 4.6
MICRON TECHNOLOGY, INC.
1998 NON-EMPLOYEE DIRECTOR STOCK INCENTIVE PLAN
1. Purpose. The purpose of the Micron Technology, Inc. 1998 Non-Employee
Director Stock Incentive Plan is to attract, retain and compensate highly-
qualified individuals who are not employees of Micron Technology, Inc. or any of
its subsidiaries or affiliates for service as members of the Board by providing
them with an ownership interest in the Common Stock of the Company. The Company
intends that the Plan will benefit the Company and its stockholders by allowing
Non-Employee Directors to have a personal financial stake in the Company through
an ownership interest in the Common Stock and will closely associate the
interests of Non-Employee Directors with that of the Company's stockholders.
2. Defined Terms. Unless the context clearly indicates otherwise, the
following terms shall have the following meanings:
"Board" means the Board of Directors of the Company.
"Company" means Micron Technology, Inc.
"Committee" has the meaning assigned such term in Section 3.
"Common Stock" means the common stock, par value $0.10 per share, of the
Company.
"Deferral Period" has the meaning set forth in Section 6(e) of the Plan.
"Deferred Stock Rights" means the right to receive shares of Common Stock
upon termination as a director of the Company, as described in Section 6(e) of
the Plan.
"Distributions" has the meaning set forth in Section 6(e) of the Plan.
"Election Form" means a form approved by the Committee pursuant to which a
Non-Employee Director elects a form of payment of his or her Retainer, as
provided in Section 6(a).
"Exchange Act" means the Securities Exchange Act of 1934, as amended.
"Fair Market Value," on any date, means (i) if the Common Stock is listed
on any established stock exchange, including without limitation the New York
Stock Exchange ("NYSE") or a national market system, the Fair Market Value of a
Share of Common Stock shall be the average closing price for such stock (or the
closing bid, if no sales were reported) as quoted on such exchange or system (or
the exchange with the greatest volume of trading in Common Stock) for the five
business days preceding the day of determination, as reported in The Wall Street
Journal or such other source as the Committee deems reliable; or (ii) in the
absence
<PAGE>
of an established market for the Common Stock, the Fair Market Value shall be
determined in good faith by the Committee.
"Hardship" has the meaning set forth in Section 6(f) of the Plan.
"Non-Employee Director" means a director of the Company who is not an
employee of the Company or of any of its subsidiaries or affiliates.
"Participant" means any Non-Employee Director who is participating in the
Plan.
"Plan" means the Micron Technology, Inc. 1998 Non-Employee Director Stock
Incentive Plan, as amended from time to time.
"Plan Administrator" means the person or persons designated by the
Committee to administer the Plan in accordance with Section 3 of the Plan. If
no such administrator is designated, the Plan Administrator shall be the
Committee or the Board, as the case may be, administering the Plan pursuant to
Section 3.
"Plan Year" means the twelve-month period ending on December 31 of each
year which, for purposes of the Plan, is the period for which Retainer is
earned.
"Quarterly Grant Date" has the meaning set forth in Section 6(c) of the
Plan.
"Quarterly Service Period" has the meaning set forth in Section 6(c) of the
Plan.
"Retainer" means the compensation payable by the Company to a Non-Employee
Director for service as a director (and, if applicable, as the member of a
committee of the Board) of the Company, as such amount may be changed from time
to time.
"Rule 16b-3" means Rule 16b-3, as amended from time to time, of the
Securities and Exchange Commission as promulgated under the Exchange Act.
"Securities Act" means the Securities Act of 1933, as amended.
"Shares" means shares of Common Stock.
"Stock Equivalent Amount" means the portion (in 25% increments) of a Non-
Employee Director's Retainer for a Plan Year that he or she has elected to
receive in the form of Common Stock or Deferred Stock Rights.
3. Administration. The Plan shall be administered by the Compensation
Committee of the Board of Directors (the "Committee"). Subject to the
provisions of the Plan, the Committee shall be authorized to interpret the Plan,
to establish, amend and rescind any rules and regulations relating to the Plan,
and to make all other determinations necessary or advisable for the
administration of the Plan; provided, however, that the Committee shall have no
discretion with respect to the eligibility or selection of Non-Employee
Directors to receive awards under the Plan, the number of Shares subject to any
such awards or the time at which any such awards are
<PAGE>
to be granted. The Committee's interpretation of the Plan, and all actions
taken and determinations made by the Committee pursuant to the powers vested
in it hereunder, shall be conclusive and binding upon all parties concerned
including the Company, its stockholders and persons granted awards under the
Plan. The Committee may appoint a plan administrator to carry out the
ministerial functions of the Plan, but the administrator shall have no other
authority or powers of the Committee. Notwithstanding the foregoing, the Board
shall exercise any and all rights, duties and powers of the Committee under
the Plan to the extent required by the applicable exemptive conditions of Rule
16b-3, as determined by the Board its sole discretion.
4. Shares Subject to Plan. The Shares issued under the Plan shall not
exceed in the aggregate 250,000 shares of Common Stock. Such Shares may be
authorized and unissued shares or treasury shares.
5. Participants. All active Non-Employee Directors shall be eligible to
participate in the Plan.
6. Form of Payment of Retainer.
(a) Annual Elections. On or before November 30 of each year
(December 31, 1998 in the case of the first Plan Year), each Non-Employee
Director shall file with the Plan Administrator an election form in
substantially the form attached hereto as Exhibit A, or such other form
as the Plan Administrator shall prescribe (the "Election Form"), in which
such Non-Employee Director shall indicate his or her preference to
receive some or all of his or her Retainer for the following Plan Year in
the form of (i) cash, (ii) Common Stock, or (iii) Deferred Stock Rights.
Such elections shall be made in increments of 25% of the Retainer.
Individuals who are nominated to become Non-Employee Directors may make
such election after such nomination but prior to the time they are
elected to the Board. If a Non-Employee Director fails to timely file an
Election Form for a Plan Year, then 100% of his or her Retainer for such
Plan Year will be paid in cash.
(b) Cash Payments. That portion of the Retainer to be paid in cash
will be paid whenever such fees are payable, in accordance with the
policies established by the Committee from time to time.
(c) Grant Dates and Formula for Stock Grants. To the extent that a
Non-Employee Director has elected to receive some or all of his or her
Retainer in the form of Common Stock and has not elected to defer receipt
of such shares pursuant to Section 6(e), shares of Common Stock shall be
automatically granted to such Non-Employee Director on March 31, June 30,
September 30 and December 31 of each Plan Year (each such date is
hereinafter referred to as a "Quarterly Grant Date"). The total number of
Shares included in each grant under this Section 6(c) shall be determined
by (i) dividing the Stock Equivalent Amount earned by the Non-Employee
Director during the three-month period immediately preceding the Quarterly
Grant Date (the "Quarterly Service Period") by the Fair Market Value per
Share on the Quarterly Grant Date, and (ii) and subtracting any Shares to
be deferred pursuant to Section 6(e). Fractions will be rounded to the
next highest Share.
<PAGE>
(d) Termination of Service During Quarterly Service Period. In the
event of termination of service on the Board by any Participant during a
Quarterly Service Period, such Participant's award for the Quarterly
Service Period shall be determined in accordance with Sections 6(b) based
upon the Stock Equivalent Amount earned during such Quarterly Service
Period through the date of termination of service, provided, that the grant
date shall be the date of termination of service unless the grant has been
deferred pursuant to Section 6(e).
(e) Deferred Stock Rights.
(i) Election to Defer. Each Participant will have the right to
elect, in his or her Election Form delivered to the Plan Administrator
prior to the commencement of each Plan Year, to defer until after the
Participant's termination of service the grant of the Shares that would
otherwise be granted to the Participant during the next ensuing Plan Year
("Deferred Stock Rights"). Pursuant to this Election Form, the Participant
will elect whether all of the deferred grant will be (a) granted within 30
days after termination of service or (b) granted in approximately equal
annual installments of Shares over a period of two to five years (as the
Participant may elect) after the termination of service, each such annual
grant to be made within 30 days after the anniversary of the termination of
service. The deferral Election Form signed by the Participant prior to the
Plan Year will be irrevocable except in case of Hardship (as defined in
Section 6(f)) as determined in good faith by the Board pursuant to Section
6(f). No Shares will be issued until the grant date(s) so deferred (the
"Deferred Grant Date") at which time the Company agrees to issue the Shares
to the Participant. The Participant will have no rights as a stockholder
with respect to the Deferred Stock Rights, and the Deferred Stock Rights
will be unsecured.
(ii) Deferred Dividend Account. If any dividends or other
rights or distributions of any kind ("Distributions") are distributed to
holders of Common Stock during the period from the applicable Quarterly
Grant Date until the Deferred Grant Date (the "Deferral Period") but prior
to the Participant's termination of service, an amount equal to the cash
value of such Distributions on their distribution date, as such value is
determined by the Committee, will be credited to a deferred dividend
account for the Participant as follows: the account will be credited with
the right to receive Shares having a Fair Market Value as of the date of
the Distribution equal to the cash value of the Distribution. The Company
will issue Shares equal to the cumulative total of rights to Shares in such
account within 30 days after the Participant's termination of service.
If a Distribution is distributed to holders of Common Stock after the
Participant's termination of service but prior to the issuance in full of
the deferred Shares, an amount equal to the cash value of such
Distributions pertaining to any Shares still deferred shall be converted
into Shares equivalent in value to the Distribution (based on the Fair
Market Value as of the date of Distribution) and such Shares will be issued
to the Participant as soon as practical after the date of the Distribution.
<PAGE>
No right or interest in the Deferred Stock Rights or in the deferred
dividend account shall be subject to liability for the debts, contracts or
engagements of the Participant or shall be subject to disposition by
transfer, alienation, anticipation, pledge, encumbrance, assignment or any
other means whether such disposition be voluntary or involuntary or by
operation of law by judgment, levy, attachment, garnishment or any other
legal or equitable proceedings (including bankruptcy), and any attempted
disposition thereof shall be null and void and of no effect; provided,
however, that nothing in this Section 6(e) shall prevent transfers by will
or by the applicable laws of descent and distribution. The Committee will
have the right to adopt other regulations and procedures to govern deferral
of grants of Shares.
(f) Hardship. The Board may accelerate the distribution of all or a
portion of a Participant's deferred grants of Shares on account of his or
her Hardship, subject to the following requirements: (i) the value of such
accelerated distribution shall not exceed the amount necessary to satisfy
the Hardship, less the amount which can be satisfied from other resources
which are reasonably available to the Participant, (ii) the denial of the
Participant's request for a Hardship acceleration would result in severe
financial hardship to the Participant, and (iii) the Participant has not
received an accelerated distribution on account of Hardship within the 12-
month period preceding the acceleration.
For purposes of this Plan, "Hardship" of a Participant, as determined
by the Board in its discretion on the basis of all relevant facts and
circumstances and in accordance with the following nondiscriminatory and
objective standards uniformly interpreted and consistently applied, shall
mean a severe financial hardship to the Participant resulting from a sudden
and unexpected illness or accident of the Participant or of his or her
dependent, loss of the Participant's property due to casualty, or other
extraordinary and unforeseeable circumstances arising as a result of events
beyond the control of the Participant. A financial need shall not
constitute a Hardship unless it is for at least $1,000,000 or the entire
value of the principal amount of the Participant's deferred grants.
7. Prorated Grants. If on any Quarterly Grant Date, shares of Common Stock
are not available under the Plan to grant to Non-Employee Directors the full
amount of a grant contemplated by the Plan, then each such director shall
receive an award equal to the number of shares of Common Stock then available
under the Plan divided by the number of Non-Employee Directors entitled to a
grant of shares on such date. Fractional shares shall be ignored and not
granted. Any shortfall resulting from such proration shall be paid in the form
of cash.
8. Withholding. Whenever the Company issues Shares under the Plan, the
Company shall have the right to withhold from sums due the recipient, or to
require the recipient to remit to the Company, any amount sufficient to satisfy
any federal, state and/or local withholding tax requirements prior to the
delivery of any certificate for such Shares.
9. Adjustments.
(a) In the event that the Committee determines that any Distribution
(whether in the form of cash, Common Stock, other securities, or other
property), recapitalization,
<PAGE>
reclassification, stock split, reverse stock split, reorganization,
merger, consolidation, split-up, spin-off, combination, repurchase, or
exchange of Common Stock or other securities of the Company, issuance of
warrants or other rights to purchase Common Stock or other securities of
the Company, or other similar corporate transaction or event, in the
Committee's sole discretion, affects the Common Stock such that an
adjustment is determined by the Committee to be appropriate in order to
prevent dilution or enlargement of the benefits or potential benefits
intended to be made available under the Plan or with respect to an award
or awards hereunder, then the Committee shall, in such manner as it may
deem equitable, adjust the number and type of Shares (or other securities
or property) which may be granted under the Plan (including, but not
limited to, adjustments of the maximum number and kind of securities
which may be issued); provided, however, that to the extent required by
the applicable exemptive conditions of Rule 16b-3, any such adjustment
shall be subject to approval by the Board.
(b) In the event of any corporate transaction or event described in
paragraph (a) which results in Shares being exchanged for or converted into
cash, securities or other property (including securities of another
corporation), the Committee will have the right to terminate this Plan as
of the date of the transaction or event, in which case all stock grants
deferred under Section 6(e) shall become the right to receive such cash,
securities or other property.
(c) The number of Shares finally granted under this Plan shall always
be rounded to the next highest whole Share.
(d) Any decision of the Committee pursuant to the terms of this
Section 9 shall be final, binding and conclusive upon the Participants, the
Company and all other interested parties; provided, however, that to the
extent required by the applicable exemptive conditions of Rule 16b-3, any
such decision shall be subject to approval by the Board.
10. Amendment. The Committee may terminate or suspend the Plan at any
time, without stockholder approval. The Committee may amend the Plan at any
time and for any reason without stockholder approval; provided, however, that
the Committee may condition any amendment on the approval of stockholders of the
Company if such approval is necessary or deemed advisable with respect to tax,
securities or other applicable laws, policies or regulations. No termination,
modification or amendment of the Plan may, without the consent of a Participant,
adversely affect a Participant's rights under an award granted prior thereto.
11. Indemnification. Each person who is or has been a member of the
Committee or who otherwise participates in the administration or operation of
this Plan shall be indemnified by the Company against, and held harmless from,
any loss, cost, liability or expense that may be imposed upon or incurred by him
or her in connection with or resulting from any claim, action, suit or
proceeding in which such person may be involved by reason of any action taken or
failure to act under the Plan and shall be fully reimbursed by the Company for
any and all amounts paid by such person in satisfaction of judgment against him
or her in any such action, suit or proceeding, provided he or she will give the
Company an opportunity, by written notice to the Committee, to defend the same
at the Company's own expense before he or she undertakes to
<PAGE>
defend it on his or her own behalf. This right of indemnification shall not be
exclusive of any other rights of indemnification.
The Committee and the Board may rely upon any information furnished by the
Company, its public accountants and other experts. No individual will have
personal liability by reason of anything done or omitted to be done by the
Company, the Committee or the Board in connection with the Plan.
12. Duration of the Plan. The Plan shall remain in effect until ten years
from the Effective Date, unless terminated earlier by the Committee.
13. Expenses of the Plan. The expenses of administering the Plan shall be
borne by the Company.
14. Effective Date. The Plan was originally adopted by the Board on
November 23, 1998, and became effective upon the approval thereof by the
stockholders of the Company on January 14, 1999 (the "Effective Date").
<PAGE>
Exhibit 4.7
MICRON TECHNOLOGY, INC.
1989 EMPLOYEE STOCK
-------------------
PURCHASE PLAN
-------------
The following constitute the provisions of the 1989 Employee Stock Purchase
Plan of Micron Technology, Inc.:
1. Purpose. The purpose of the Plan is to provide employees of the
-------
Company and its Designated Subsidiaries with an opportunity to purchase Common
Stock of the Company through accumulated payroll deductions. It is the
intention of the Company to have the Plan qualify as an "Employee Stock Purchase
Plan" under Section 423 of the Internal Revenue Code of 1986, as amended. The
provisions of the Plan shall, accordingly, be construed so as to extend and
limit participation in a manner consistent with the requirements of that section
of the Code.
2. Definitions.
-----------
(a) "Board" shall mean the Board of Directors of the Company.
-------
(b) "Code" shall mean the Internal Revenue Code of 1986, as amended.
------
(c) "Common Stock" shall mean the Common Stock, $.10 no par value, of
--------------
the Company.
(d) "Company" shall mean Micron Technology, Inc., a Delaware
---------
corporation.
(e) "Compensation" with respect to any Employee means such
--------------
Employee's wages, salaries, fees for professional services and other amounts
received for personal services actually rendered in the course of employment
with the Company or its designated subsidiaries to the extent that the amounts
are includible in gross income (including, but not limited to, commissions
paid to salesmen, compensation for services on the basis of a percentage of
profits, tips, and bonuses).
Compensation shall exclude (a)(1) contributions made by the employer to a
plan of deferred compensation to the extent that, the contributions are not
includible in the gross income of the Employee for the taxable year in which
contributed, (2) employer contributions made on behalf of an Employee to a
simplified employee pension plan described in Code Section 408(k) to the extent
such contributions are excludable from the Employee's gross income, (3) any
distributions from a plan of deferred compensation; (b) amounts realized from
the exercise of a non-qualified stock option, or when restricted stock (or
property) held by an Employee either becomes freely transferable or is no longer
subject to substantial risk of forfeiture; (c) amounts realized from the sale,
exchange or other disposition of stock acquired under a qualified stock option;
(d) other amounts which receive special tax benefits, such as premiums for
group-term life insurance (but only to the extent that the premiums are not
includible in the gross income of the employee), or contributions made by the
employer (whether or not under a salary reduction
<PAGE>
agreement) towards the purchase of any annuity contract described in Code
Section 403(b) (whether or not the contributions are actually excludable from
the Employee's gross income); (e) reimbursements or other expense allowances;
(f) fringe benefits (cash and noncash); (g) moving expenses; and (h) welfare
benefits.
(f) "Continuous Status as an Employee" shall mean the absence of any
----------------------------------
interruption or termination of service as an Employee. Continuous Status as an
Employee shall not be considered interrupted in the case of a leave of absence
agreed to in writing by the Company, provided that such leave is for a period of
not more than 90 days or reemployment upon the expiration of such leave is
guaranteed by contract or statute.
(g) "Designated Subsidiaries" shall mean the Subsidiaries which have
-------------------------
been designated by the Board from time to time in its sole discretion as
eligible to participate in the Plan.
(h) "Employee" shall mean any person, including an officer, who is
----------
continuously employed for at least twenty (20) hours per week and more than five
(5) months in a calendar year by the Company or one of its Designated
Subsidiaries; provided, however, that all employees of an Italian Designated
Subsidiary of the Company shall be considered "Employees" under the Plan,
without regard as to whether they are continuously employed for at least twenty
(20) hours per week or more than five (5) months in a calendar year by an
Italian Designated Subsidiary of the Company.
(i) "Enrollment Date" shall mean the first day of each Offering
-----------------
Period.
(j) "Exercise Date" shall mean the last day of each Offering Period
---------------
of the Plan.
(k) "Offering Period" shall mean a period of three (3) months during
-----------------
which an option granted pursuant to the Plan may be exercised.
(l) "Plan" shall mean this Employee Stock Purchase Plan.
------
(m) "Subsidiary" shall mean a corporation, domestic or foreign, of
------------
which not less than 50% of the voting shares are held by the Company or a
Subsidiary, whether or not such corporation now exists or is hereafter organized
or acquired by the Company or a Subsidiary.
3. Eligibility.
-----------
(a) Any Employee as defined in paragraph 2 who has been continuously
employed by the Company or any subsidiary of the Company for at least one (1)
consecutive month and who shall be employed by the Company on a given Enrollment
Date shall be eligible to participate in the Plan.
(b) Any provisions of the Plan to the contrary notwithstanding, no
Employee shall be granted an option under the Plan (i) if, immediately after the
grant, such Employee (or any other person whose stock would be attributed to
such Employee pursuant to Section 424(d)
<PAGE>
of the Code) would own stock and/or hold outstanding options to purchase stock
possessing five percent (5%) or more of the total combined voting power or
value of all classes of stock of the Company or of any subsidiary of the
Company, or (ii) which permits his rights to purchase stock under all employee
stock purchase plans (described in Section 423 of the Code) of the Company and
its subsidiaries to accrue at a rate which exceeds Twenty-Five Thousand
Dollars ($25,000) of fair market value of such stock (determined at the time
such option is granted) for each calendar year in which such option is
outstanding at any time.
4. Offering Periods. The Plan shall be implemented by consecutive
----------------
Offering Periods with a new Offering Period commencing on or about January 1,
April 1, July 1, and October 1 of each year commencing on or about January 1,
1989 or, in the discretion of the committee, April 1, 1989, and continuing
thereafter until terminated in accordance with paragraph 20 hereof. Subject to
the shareholder approval requirements of paragraph 20, the Board of Directors of
the Company shall have the power to change the duration of offering periods with
respect to future offerings if such change is announced at least fifteen (15)
days prior to the scheduled beginning of the first offering period to be
affected.
5. Participation.
-------------
(a) An eligible Employee may become a participant in the Plan by
completing a subscription agreement authorizing payroll deductions in the form
of Exhibit A to this Plan and filing it with the Company's payroll or
administrative office at least ten (10) business days prior to the applicable
Enrollment Date, unless a different time for filing the subscription agreement
is set by the Board for all eligible Employees with respect to a given Offering
Period.
(b) Payroll deductions for a participant shall commence on the first
payroll following the Enrollment Date and shall end on the last payroll in the
Offering Period to which such authorization is applicable, unless sooner
terminated by the participant as provided in paragraph 11.
6. Payroll Deductions.
------------------
(a) At the time a participant files his subscription agreement, he or
she shall elect to have payroll deductions made on each payday during the
Offering Period in an amount not less than one percent (1%) and not greater than
twenty percent (20%) of the Compensation which he or she received on the payday
immediately preceding the Enrollment Date, and the aggregate of such payroll
deductions during the Offering Period shall not exceed twenty percent (20%) of
his or her aggregate Compensation during said Offering Period.
(b) All payroll deductions made by a participant shall be credited to
his or her account under the Plan. A participant may not make any additional
payments into such account.
(c) A participant may discontinue his or her participation in the
Plan as provided in paragraph 11, but may not otherwise change, their rate of
payroll deductions during the Offering Period. A participant's subscription
agreement shall remain in effect for successive Offering Periods unless
revised as provided herein or terminated as provided in paragraph 11.
<PAGE>
(d) Notwithstanding the foregoing, to the extent necessary to comply
with Section 423(b)(8) of the Code and paragraph 3(b) herein, a participant's
payroll deductions may be decreased to 0% at such time during any Offering
Period which is scheduled to end during the current calendar year that the
aggregate of all payroll deductions accumulated with respect to such Offering
Period and any other Offering Period ending within the same calendar year equal
$21,250. Payroll deductions shall recommence at the rate provided in such
participant's subscription agreement at the beginning of the first Offering
Period which is scheduled to end in the following calendar year, unless
terminated by the participant as provided in paragraph 11.
7. Grant of Option.
---------------
(a) On the Enrollment Date of each Offering Period, each eligible
Employee participating in such Offering Period shall be granted an option to
purchase on each Exercise Date during such Offering Period up to a number of
shares of the Company's Common Stock determined by dividing such Employee's
payroll deductions accumulated prior to such Exercise Date and retained in the
Participant's account as of the Exercise Date by the lower of (i) eighty-five
percent (85%) of the fair market value of a share of the Company's Common Stock
on the Enrollment Date or (ii) eighty-five percent (85%) of the fair market
value of a share of the Company's Common Stock on the Exercise Date; provided
that in no event shall an Employee be permitted to purchase during each Offering
Period more than a number of shares determined by dividing $6,250 by the fair
market value of a share of the Company's Common Stock on the Enrollment Date,
and provided further that such purchase shall be subject to the limitations set
forth in Section 3(b) and 13 hereof. Exercise of the option shall occur as
provided in Section 8, unless the participant has withdrawn pursuant to Section
11, and shall expire on the last day of the Offering Period. Fair market value
or a share of the Company's Common Stock shall be determined as provided in
Section 7(b) herein.
(b) The option price per share of the shares offered in a given
Offering Period shall be the lower of: (i) 85% of the fair market value of a
share of the Common Stock of the Company on the Enrollment Date; or (ii) 85% of
the fair market value of a share of the Common Stock of the Company on the
Exercise Date. The fair market value of the Company's Common Stock on a given
date shall be determined by the Board in its discretion; provided, however, that
where there is a public market for the Common Stock the fair market value per
share shall be the average closing price for the preceding five (5) business
days on the New York Stock Exchange (NYSE) on such date, as reported in The
---
Wall Street Journal.
- -------------------
8. Exercise of Option. Unless a participant withdraws from the Plan as
------------------
provided in paragraph 11, his or her option for the purchase of shares will be
exercised automatically on the Exercise Date of the Offering Period, and the
maximum number of full shares subject to option will be purchased for him or her
at the applicable option price with the accumulated payroll deductions in his
account. The shares purchased upon exercise of an option hereunder shall be
deemed to be transferred to the participant on the Exercise Date. During his or
her lifetime, a participant's option to purchase shares hereunder is exercisable
only by such participant.
9. Restriction on Transfer of Shares. Effective April 1, 1993, shares
----------------------------------
purchased upon exercise of a participant's option may not be transferred by the
participant for a period of one (1) year from the Exercise Date. This transfer
restriction shall be earlier terminated in the event of a
<PAGE>
participant's permanent disability or death, or upon the involuntary transfer
of the shares due to divorce, judicial declaration of insolvency or bankruptcy
or other form of involuntary transfer.
10. Delivery. Prior to April 1, 1993, as promptly as practicable after
--------
the Exercise Date of each Offering Period, the Company shall arrange the
delivery to each participant of a certificate representing the full shares
purchased upon exercise of the participant's option. Subsequent to April 1,
1993, immediately following the Exercise Date of each Offering Period, unless a
participant requests the issuance of a certificate representing the
participant's shares, the Company shall promptly record the participant's full
shares in book entry form. Upon request from a participant, or upon the
involuntary transfer of a participant's shares, the Company shall arrange for
the delivery to the participant of a certificate representing the full shares
purchased. Certificates issued upon a participant's request which are subject
to the transfer restriction referred to in paragraph 9 shall bear a legend in a
conspicuous place referencing the restriction. Any cash remaining to the credit
of a participant's account under the Plan after a purchase by the participant of
shares at the termination of each Offering Period, which is insufficient to
purchase a full share of Common Stock of the Company, shall be returned to said
participant or retained in the participant's account for the subsequent Offering
Period, as determined by the Company as to all participants for a given Offering
Period.
11. Withdrawal; Termination of Employment.
-------------------------------------
(a) A participant may withdraw all but not less than all the payroll
deductions credited to such participant's account under the Plan at any time
prior to the Exercise Date of the Offering Period by giving written notice to
the Company in the form of Exhibit B to this Plan. All of the participant's
payroll deductions credited to his or her account will be paid to him or her
promptly after receipt of the notice of withdrawal and the participant's option
for the current Offering Period will be automatically terminated, and no further
payroll deductions for the purchase of shares will be made during the Offering
Period. If a participant withdraws from an Offering Period, payroll deductions
will not resume at the beginning of the succeeding Offering Period unless the
participant delivers to the Company a new subscription agreement as described in
Section 5(a).
(b) Upon termination of the participant's Continuous Status as an
Employee prior to the Exercise Date of the Offering Period for any reason,
including retirement or death, the payroll deductions credited to such
participant's account will be returned to him or her or, in the case of his or
her death, to the person or persons entitled thereto under paragraph 15, and
such participant's option will be automatically terminated.
(c) In the event an Employee fails to remain in Continuous Status as
an Employee of the Company for at least twenty (20) hours per week during the
Offering Period in which the Employee is a participant, he or she will be deemed
to have elected to withdraw from the Plan and the payroll deductions credited to
his or her account will be returned to him or her and the option terminated.
(d) A participant's withdrawal from an Offering Period will not have
any effect upon his or her eligibility to participate in a succeeding Offering
Period or in any similar plan which may hereafter be adopted by the Company.
<PAGE>
12. Interest. No interest shall accrue on the payroll deductions of a
--------
participant in the Plan.
13. Stock.
-----
(a) The maximum number of shares of the Company's Common Stock which
shall be made available for sale under the Plan shall be 9,250,000 shares,
subject to adjustment upon changes in capitalization of the Company as provided
in paragraph 19. If the total number of shares which would otherwise be subject
to options granted pursuant to Section 7(a) hereof on the Enrollment Date of an
Offering Period exceeds the number of shares then available under the Plan
(after deduction of all shares for which options have been exercised or are then
outstanding), the Company shall make a pro rata allocation of the shares
remaining available for option grant in as uniform a manner as shall be
practicable and as it shall determine to be equitable. In such event, the
Company shall give written notice of such reduction of the number of shares
subject to the option to each participant affected thereby and shall similarly
reduce the rate of payroll deductions, if necessary.
(b) The participant will have no interest or voting right in shares
covered by his or her option until such option has been exercised.
(c) Shares to be delivered to a participant under the Plan will be
registered in the name of the participant or in the name of the participant and
his or her spouse.
14. Administration. The Plan shall be administered by the Board of the
--------------
Company or a committee of members of the Board appointed by the Board. The
administration, interpretation or application of the Plan by the Board or its
committee shall be final, conclusive and binding upon all participants. Members
of the Board who are eligible Employees are permitted to participate in the
Plan, provided that:
(a) Members of the Board who are eligible to participate in the Plan
may not vote on any matter affecting the administration of the Plan or the grant
of any option pursuant to the Plan.
(b) If a Committee is established to administer the Plan, no member of
the Board who is eligible to participate in the Plan may be a member of the
Committee.
15. Designation of Beneficiary.
--------------------------
(a) A participant may file a written designation of a beneficiary who
is to receive any shares and cash, if any, from the participant's account under
the Plan in the event of such participant's death subsequent to the end of the
Offering Period but prior to delivery to him of such shares and cash. In
addition, a participant may file a written designation of a beneficiary who is
to receive any cash from the participant's account under the Plan in the event
of such participant's death prior to the Exercise Date of the Offering Period.
<PAGE>
(b) Such designation of beneficiary may be changed by the participant
at any time by written notice. In the event of the death of a participant and
in the absence of a beneficiary validly designated under the Plan who is living
at the time of such participant's death, the Company shall deliver such shares
and/or cash to the executor or administrator of the estate of the participant,
or if no such executor or administrator has been appointed (to the knowledge of
the Company), the Company, in its discretion, may deliver such shares and/or
cash to the spouse or to any one or more dependents or relatives of the
participant, or if no spouse, dependent or relative is known to the Company,
then to such other person as the Company may designate.
16. Transferability of Rights. Neither payroll deductions credited to a
-------------------------
participant's account nor any rights with regard to the exercise of an option or
to receive shares under the Plan may be assigned, transferred, pledged or
otherwise disposed of in any way (other than by will, the laws of descent and
distribution or as provided in paragraph 15 hereof) by the participant. Any
such attempt at assignment, transfer, pledge or other disposition shall be
without effect, except that the Company may treat such act as an election to
withdraw funds in accordance with paragraph 11.
17. Use of Funds. All payroll deductions received or held by the Company
------------
under the Plan may be used by the Company for any corporate purpose, and the
Company shall not be obligated to segregate such payroll deductions.
18. Reports. Individual accounts will be maintained for each participant
-------
in the Plan. Statements of account will be given to participating Employees; on
no less than an annual basis, promptly following the Exercise Date, which
statements will set forth the amounts of payroll deductions, the per share
purchase price, the number of shares purchased and the remaining cash balance,
if any.
19. Adjustments Upon Changes in Capitalization. Subject to any required
------------------------------------------
action by the shareholders of the Company, the number of shares of Common Stock
covered by each option under the Plan which has not yet been exercised and the
number of shares of Common Stock which have been authorized for issuance under
the Plan but have not yet been placed under option (collectively, the
"Reserves"), as well as the price per share of Common Stock covered by each
option under the Plan which has not yet been exercised, shall be proportionately
adjusted for any increase or decrease in the number of issued shares of Common
Stock resulting from a stock split, reverse stock split, stock dividend,
combination or reclassification of the Common Stock, or any other increase or
decrease in the number of shares of Common Stock effected without receipt of
consideration by the Company; provided, however, that conversion of any
convertible securities of the Company shall not be deemed to have been "effected
without receipt of consideration." Such adjustment shall be made by the Board,
whose determination in that respect shall be final, binding and conclusive.
Except as expressly provided herein, no issue by the Company of shares of stock
of any class, or securities convertible into shares of stock of any class, shall
affect, and no adjustment by reason thereof shall be made with respect to, the
number or price of shares of Common Stock subject to an option.
In the event of the proposed dissolution or liquidation of the Company, the
Offering Period will terminate immediately prior to the consummation of such
proposed action, unless
<PAGE>
otherwise provided by the Board. In the event of a proposed sale of all or
substantially all of the assets of the Company, or the merger of the Company
with or into another corporation, each option under the Plan shall be assumed
or an equivalent option shall be substituted by such successor corporation or
a parent or subsidiary of such successor corporation, unless the Board
determines, in the exercise of its sole discretion and in lieu of such
assumption or substitution, that the participant shall have the right to
exercise the option as to all of the optioned stock, including shares as to
which the option would not otherwise be exercisable. If the Board makes an
option fully exercisable in lieu of assumption or substitution in the event of
a merger or sale of assets, the Board shall notify the participant that the
option shall be fully exercisable for a period of thirty (30) days from the
date of such notice, and the option will terminate upon the expiration of such
period.
The Board may, if it so determines in the exercise of its sole discretion,
also make provision for adjusting the Reserves, as well as the price per share
of Common Stock covered by each outstanding option, in the event that the
Company effects one or more reorganizations, recapitalizations, rights offerings
or other increases or reductions of shares of its outstanding Common Stock, and
in the event of the Company being consolidated with or merged into any other
corporation.
20. Amendment or Termination. The Board of Directors of the Company may
------------------------
at any time terminate or amend the Plan. Except as provided in paragraph 19, no
such termination can affect options previously granted, nor may an amendment
make any change in any option theretofore granted which adversely affects the
rights of any participant, nor may an amendment be made without prior approval
of the shareholders of the Company (obtained in the manner described in
paragraph 22) if such amendment would:
(a) Increase the number of shares that may be issued under the Plan;
(b) Change the designation of the employees (or class of employees)
eligible for participation in the Plan; or
(c) Materially increase the benefits which may accrue to participants
under the Plan.
(d) In the event that the Board determines that the ongoing operation
of the Plan may result in unfavorable financial accounting consequences, the
Board may, in its discretion and, to the extent necessary or desirable, modify
or amend the Plan by means of the following to reduce or eliminate such
unfavorable accounting consequence including, but not limited to:
(i) altering the option price per share for any Offering
Period, including an Offering Period underway at the time of the change in
Purchase Price including an alteration of the option price under paragraph
7(b) to 85% of the fair market value of a share of the Common Stock of the
Company on the Exercise Date (without a lookback to the fair market value on
the Enrollment Date); and
(ii) shortening any Offering Period so that Offering Period
ends on a
<PAGE>
new Exercise Date, including an Offering Period underway at the time of the
Board action.
Such modifications or amendments shall not require stockholder approval or
the consent of any Plan participants.
21. Notices. All notices or other communications by a participant to the
-------
Company under or in connection with the Plan shall be deemed to have been duly
given when received in the form specified by the Company at the location, or by
the person, designated by the Company for the receipt thereof.
22. Shareholder Approval. Continuance of the Plan shall be subject to
--------------------
approval by the shareholders of the Company within twelve months before or after
the date the Plan is adopted. If such shareholder approval is obtained at a
duly held shareholders' meeting, it may be obtained by the affirmative vote of
the holders of a majority of the shares of the Company present or represented
and entitled to vote thereon, which approval shall be:
(a) (1) solicited substantially in accordance with Section 14(a) of
the Securities Act of 1934, as amended (the "Act") and the rules and regulations
promulgated thereunder, or (2) solicited after the Company has furnished in
writing to the holders entitled to vote substantially the same information
concerning the Plan as that which would be required by the rules and regulations
in effect under Section 14(a) of the Act at the time such information is
furnished; and
(b) obtained at or prior to the first annual meeting of shareholders
held subsequent to the first registration of Common Stock under Section 12 of
the Act.
In the case of approval by written consent, it must be obtained by the
unanimous written consent of all shareholders of the Company, or by written
consent of a smaller percentage of shareholders but only if the Board
determines, on the basis of advice of the Company's legal counsel, that the
written consent of such a smaller percentage of shareholders will comply with
all applicable laws and will not adversely affect the qualifications of the Plan
under Section 423 of the Code.
23. Conditions Upon Issuance of Shares. Shares shall not be issued with
----------------------------------
respect to an option unless the exercise of such option and the issuance and
delivery of such shares pursuant thereto shall comply with all applicable
provisions of law, domestic or foreign, including, without limitation, the
Securities Act of 1933, as amended, the Act, the rules and regulations
promulgated thereunder, and the requirements of any stock exchange upon which
the shares may then be listed, and shall be further subject to the approval of
counsel for the Company with respect to such compliance.
As a condition to the exercise of an option, the Company may require
the person exercising such option to represent and warrant at the time of any
such exercise that the shares are being purchased only for investment and
without any present intention to sell or distribute such shares if, in the
opinion of counsel for the Company, such a representation is required by any of
the aforementioned applicable provisions of law.
<PAGE>
24. Term of Plan. The Plan shall become effective upon the earlier to
------------
occur of its adoption by the Board of Directors or its approval by the
shareholders of the Company as described in paragraph 22. It shall continue in
effect for a term of twenty (20) years unless sooner terminated under paragraph
20.
<PAGE>
Exhibit 5.1
January 26, 1999
Micron Technology, Inc.
8000 South Federal Way
Boise, ID 83707-0006
Ladies and Gentlemen:
We have examined the Registration Statement on Form S-8 to be filed by you
with the Securities and Exchange Commission on or about January 26, 1999, in
connection with the registration under the Securities Act of 1933, as amended,
of shares of your Common Stock reserved for issuance under the Micron
Technology, Inc. 1998 Non-Employee Director Stock Incentive Plan and the Micron
Technology, Inc. 1989 Employee Stock Purchase Plan (collectively, the "Plans").
As your legal counsel, we have examined the proceedings taken and are familiar
with the proceedings proposed to be taken by you in connection with the sale and
issuance of said shares.
It is our opinion that, upon completion of the proceedings to be taken
prior to issuance of the shares pursuant to the Prospectus constituting part of
and incorporated by reference into the Registration Statement on Form S-8 and
upon completion of the proceedings being taken in order to permit such
transactions to be carried out in accordance with the securities laws of the
various states where required, the shares, when issued and sold in the manner
referred to in the Plans and the agreements which accompany the Plans, and in
accordance with the Company's Certificate of Incorporation, will be legally and
validly issued, fully paid and nonassessable.
We consent to the use of this opinion as an exhibit to said Registration
Statement and further consent to the use of our name wherever appearing in said
Registration Statement, including the Prospectus constituting a part thereof,
and amendments thereto.
Very truly yours,
WILSON SONSINI GOODRICH & ROSATI,
Professional Corporation
<PAGE>
Exhibit 23.1
CONSENT OF INDEPENDENT ACCOUNTANTS
----------------------------------
We consent to the incorporation by reference in this Registration Statement of
Micron Technology, Inc. on Form S-8 of our report dated September 28, 1998,
except the Subsequent Event Note which is as of October 19, 1998, on our audits
of the consolidated financial statements of Micron Technology, Inc. as of
September 3, 1998 and August 28, 1997 and for each of the three years in the
period ended September 3, 1998, which report is included in the Annual Report on
Form 10-K (File No. 1-10658).
PricewaterhouseCoopers LLP
Boise, Idaho
January 26, 1999
