8-K/AShareholder Matters

ADVANCED MICRO DEVICES INC 8-K/A Report, Shareholder Vote Results (Jul 12, 2013)

Filed July 12, 2013For Securities:AMD

Summary

This 8-K/A filing from Advanced Micro Devices (AMD) on July 12, 2013, serves as an amendment to a previous filing, primarily to report the final voting results of Proposal No. 3 from their 2013 Annual Meeting of Stockholders. This proposal concerned the approval of an amendment and restatement of the Company's 2004 Equity Incentive Plan. The filing clarifies that the annual meeting was adjourned specifically for this proposal to allow additional time for stockholder voting. Key to this amendment is the reporting of the final vote on the 2004 Plan, which was approved by the stockholders. This approval is crucial as it relates to the company's ability to grant equity-based compensation to its employees and executives, a common component of executive compensation packages and employee retention strategies. The filing also notes a significant change in the voting requirements for this proposal due to an amendment to NYSE Listed Company Manual rules, which eliminated a prior quorum requirement, thereby lowering the threshold for approval.

Key Highlights

  • 1Filing reports final voting results for Proposal No. 3 at the 2013 Annual Meeting of Stockholders.
  • 2Proposal No. 3 involved the approval of an amendment and restatement of the Company's 2004 Equity Incentive Plan.
  • 3The 2004 Equity Incentive Plan was approved by the stockholders.
  • 4The annual meeting was adjourned to allow additional time for stockholder voting on Proposal No. 3.
  • 5An amendment to NYSE Listed Company Manual Section 312.07 eliminated the quorum requirement for Proposal 3, changing the approval threshold.
  • 6The required vote for approval is now a majority of the votes cast, rather than a majority of outstanding shares.
  • 7The filing indicates significant broker non-votes, suggesting potential institutional investor participation or lack thereof on this specific proposal.

Frequently Asked Questions

This filing amends a previous report to provide the final voting results for Proposal No. 3 from AMD's 2013 Annual Meeting of Stockholders. This proposal was for the approval of an amendment and restatement of the Company's 2004 Equity Incentive Plan.

Yes, the filing clearly states that the stockholders of Advanced Micro Devices, Inc. approved the amendment and restatement of the 2004 Equity Incentive Plan based on the final voting results.

The New York Stock Exchange (NYSE) amended its rules, eliminating the requirement for the total votes cast on Proposal 3 to represent over 50% of the outstanding common stock for it to pass. The new requirement is simply an affirmative vote of the majority of the votes cast by stockholders present or represented by proxy at the meeting.

The large number of broker non-votes (197,556,137) indicates that a substantial portion of shares held by brokers for beneficial owners did not have voting instructions. While these shares are not counted towards votes cast for or against the proposal, their presence means that a higher absolute number of votes were needed for passage under the old quorum rule. Under the new rule, they still represent shares that were not actively voted 'for' or 'against' the proposal but are present at the meeting.