8-KLeadership ChangesExhibits & Filings

ADVANCED MICRO DEVICES INC 8-K Report, Executive Changes (Feb 25, 2011)

Filed February 25, 2011For Securities:AMD

Summary

This Form 8-K filing from Advanced Micro Devices, Inc. (AMD) on February 25, 2011, primarily reports on the separation agreement with Mr. Robert J. Rivet, former Executive Vice President and Chief Operations and Administrative Officer. Mr. Rivet's departure as an employee is effective March 31, 2011, and he will continue to receive his base salary and benefits until that date. His stock options and RSUs will also continue to vest through this separation date. Key financial terms of the separation include a $500,000 cash bonus for fiscal year 2010, which will be paid out on March 24, 2011, under the Company's Executive Incentive Plan. This event signals a change in senior management and outlines the terms of departure for a key executive, which may be of interest to investors monitoring executive transitions and potential impacts on company operations.

Key Highlights

  • 1Robert J. Rivet, former EVP and Chief Operations and Administrative Officer, has a separation agreement with AMD.
  • 2Mr. Rivet's employment with AMD will officially end on March 31, 2011.
  • 3He will continue to receive his base salary and benefits until the separation date.
  • 4Mr. Rivet's unvested stock options and RSUs will continue to vest through March 31, 2011.
  • 5A fiscal 2010 cash bonus of $500,000 will be paid to Mr. Rivet on March 24, 2011.
  • 6The filing details the terms of this executive departure and associated compensation.
  • 7The separation agreement includes a general release from Mr. Rivet.

Frequently Asked Questions

This filing is significant as it formally announces the separation agreement with a key executive, Robert J. Rivet. Investors are provided with clarity on the timeline of his departure, continued compensation and benefits until that date, and specific bonus payouts. This information is important for understanding executive transitions and their potential implications for the company's operations and strategy.

Mr. Rivet will continue to receive his base salary and health/other benefits through March 31, 2011. Additionally, he is set to receive a $500,000 cash bonus for fiscal year 2010, payable on March 24, 2011. His stock options and RSUs will also continue to vest until his separation date.

The filing states that Mr. Rivet no longer served as an executive officer effective February 8, 2011. The current filing reports that he will cease to be an employee of the Company, its subsidiaries, joint ventures or other affiliates effective March 31, 2011, indicating a full separation from employment.

The 'General Release' section typically means that Mr. Rivet, in exchange for the terms of the separation agreement (including salary continuation, benefits, bonus, and vesting of equity), agrees not to pursue any legal claims against AMD related to his employment or its termination. This is a standard clause designed to protect the company from future litigation.