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.