Summary
This 8-K filing from Advanced Micro Devices, Inc. (AMD) reports on the approval of annual cash performance bonuses for its executive officers for the fiscal year 2013. The bonuses were based on pre-established company-wide financial measures, including revenue, adjusted non-GAAP free cash flow, and adjusted non-GAAP net income. A key condition for bonus payout was maintaining a cash balance of at least $700 million throughout fiscal year 2013, a threshold the company successfully met. The bonuses are scheduled to be paid in March 2014, with further details to be provided in the company's 2014 proxy statement.
Key Highlights
- 1AMD approved annual cash performance bonuses for its Named Executive Officers for fiscal year 2013, excluding the CEO initially, with the CEO's bonus approved separately.
- 2Bonuses were contingent on meeting specific company-wide financial performance metrics: revenue, adjusted non-GAAP free cash flow, and adjusted non-GAAP net income.
- 3A crucial condition for bonus payout was maintaining a minimum cash balance of $700 million at the end of each quarter in fiscal year 2013.
- 4The company confirmed it met the minimum cash balance requirement throughout fiscal year 2013.
- 5The CEO, Rory P. Read, received a bonus of $705,000.
- 6Other named executive officers, including the CFO, Chief Sales Officer, CTO, and SVP of Global Business Units, received bonuses ranging from $213,850 to $270,250.
- 7These bonuses are to be paid in March 2014, and more detailed information will be disclosed in the company's 2014 proxy statement.