8-KLeadership ChangesExhibits & Filings

ADVANCED MICRO DEVICES INC 8-K Report, Executive Changes (Oct 8, 2009)

Filed October 8, 2009For Securities:AMD

Summary

This 8-K filing by Advanced Micro Devices, Inc. (AMD) primarily reports on the appointment of Thomas Seifert as Senior Vice President and Chief Financial Officer, effective October 12, 2009. Mr. Seifert's compensation package includes a base salary of $525,000, eligibility for a performance bonus targeted at 150% of his base salary, an option to purchase 250,000 shares of common stock with a 36-month vesting schedule, and 125,000 restricted stock units (RSUs) also subject to a multi-year vesting schedule. The company will also cover certain relocation expenses and provide a $150,000 sign-on bonus. Specific repayment conditions are outlined if Mr. Seifert's employment is terminated within 24 months of his start date. Investors should note that this appointment signals a change in financial leadership for AMD. The details of the compensation and equity awards suggest a significant investment in attracting and retaining key executive talent, particularly given Mr. Seifert's prior experience as COO and CFO at Qimonda AG. The inclusion of performance-based incentives and stock options aligns executive compensation with shareholder interests, aiming to drive future performance and value creation.

Key Highlights

  • 1Appointment of Thomas Seifert as Senior Vice President and Chief Financial Officer, effective October 12, 2009.
  • 2Mr. Seifert's annual base salary is set at $525,000.
  • 3He is eligible for an annual performance bonus with a target of 150% of his base salary.
  • 4Mr. Seifert will receive an option to purchase 250,000 shares of common stock, vesting over 36 months.
  • 5125,000 restricted stock units (RSUs) will be granted, vesting over three years.
  • 6The company will reimburse relocation expenses and provide a $150,000 sign-on bonus.
  • 7Repayment obligations for relocation expenses and the sign-on bonus are detailed for early termination of employment.

Frequently Asked Questions

Thomas Seifert has been appointed as the new Senior Vice President and Chief Financial Officer, with his appointment effective October 12, 2009.

Mr. Seifert's compensation includes a $525,000 annual base salary, a target performance bonus of 150% of his base salary, an option for 250,000 shares of common stock vesting over 36 months, and 125,000 restricted stock units vesting over three years. Additionally, AMD will cover relocation expenses and provide a $150,000 sign-on bonus.

Yes, Mr. Seifert must repay the sign-on bonus and relocation expenses if his employment is terminated within 13 months of his start date. Partial repayment of the sign-on bonus and full repayment of relocation expenses are required if termination occurs between 13 and 24 months of employment.

This appointment signifies a key executive change in financial leadership. The compensation structure, including equity awards and performance bonuses, suggests AMD's strategy to incentivize and retain executive talent, aligning their interests with company performance and shareholder value.