8-K/ALeadership ChangesExhibits & Filings

ADVANCED MICRO DEVICES INC 8-K/A Report, Executive Changes (May 3, 2012)

Filed May 3, 2012For Securities:AMD

Summary

This 8-K/A filing from Advanced Micro Devices, Inc. (AMD) serves as an amendment to a previous report concerning the departure of Mr. Emilio Ghilardi, former Senior Vice President and Chief Sales Officer, who left the company on February 7, 2012. The amendment details the terms of a newly executed Executive Resignation Agreement and General Release. Under this agreement, Mr. Ghilardi will receive a lump sum separation payment of $800,000, contingent upon his adherence to the agreement's provisions. The filing also includes a customary release from Mr. Ghilardi and attaches the Separation Agreement as an exhibit. For investors, this filing primarily clarifies the financial terms of a key executive's departure, providing a specific figure for the separation package. While the departure itself was previously disclosed, the financial settlement is now explicitly detailed. This information is relevant for understanding executive compensation practices and potential one-time charges impacting financial statements.

Key Highlights

  • 1Amendment to a previous Form 8-K filing regarding executive departure.
  • 2Mr. Emilio Ghilardi, former SVP and Chief Sales Officer, has a formal separation agreement.
  • 3The separation agreement was entered into on April 30, 2012.
  • 4Mr. Ghilardi will receive a lump sum separation payment of $800,000.
  • 5The payment is conditional on Mr. Ghilardi's compliance with the agreement's terms.
  • 6The agreement includes a customary general release from Mr. Ghilardi.
  • 7The full separation agreement is filed as Exhibit 10.1 to this report.

Frequently Asked Questions

The primary purpose of this 8-K/A filing is to amend a previous report and provide details about the financial terms of the separation agreement between AMD and its former Senior Vice President and Chief Sales Officer, Mr. Emilio Ghilardi.

AMD has agreed to pay Mr. Emilio Ghilardi a lump sum separation payment of $800,000.

Yes, the $800,000 payment is subject to Mr. Ghilardi's compliance with the terms and conditions outlined in the Executive Resignation Agreement and General Release.

A General Release, in this context, means Mr. Ghilardi is agreeing not to pursue any legal claims or lawsuits against AMD, its subsidiaries, joint ventures, or affiliates, related to his employment or departure from the company. This is a standard component of executive separation agreements.