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ADVANCED MICRO DEVICES INC 8-K Report, Executive Changes (Feb 21, 2017)

Reports
Leadership Changes
Filing Date
Filed February 21, 2017
Period End
February 16, 2017
Security
AMD
In the record · 2016–202610-K1210-Q328-K136

AMD filed 12 annual reports (10-K), 32 quarterly reports (10-Q) and 136 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Apr ’16Apr ’16
  2. Material agreement8-K · Oct ’20Oct ’20
  3. Leadership change8-K · Nov ’22Nov ’22
  4. Leadership change8-K · Aug ’26Aug ’26

01—Abstract

Summary

Summary of the 8-K filed February 21, 2017. Cited figures are marked; the original filing is the authoritative source.

Advanced Micro Devices Inc. (AMD) filed an 8-K on February 20, 2017, disclosing the approval of annual cash performance bonuses for its Named Executive Officers for fiscal year 2016.

These bonuses were determined based on the company's performance against pre-established financial metrics including adjusted non-GAAP net income, revenue, and adjusted non-GAAP free cash flow. The bonuses, paid under the Executive Incentive Plan (EIP), represent approximately 33%a of each executive's respective 2016 target cash bonus opportunity. Key executives, including CFO Devinder Kumar and CEO Lisa T.

Su, received bonuses, with Ms. Su receiving the largest award at $432,656b. The company plans to provide more detailed information about these bonus awards in its upcoming 2017 proxy statement. These awards reflect the company's performance-based compensation structure and are being paid out in April 2017.

02—Key points

Key Highlights

  1. AMD approved fiscal year 2016 annual cash performance bonuses for Named Executive Officers on February 16-17, 2017.
  2. Bonuses were based on company-wide performance against adjusted non-GAAP net income, revenue, and adjusted non-GAAP free cash flow targets.
  3. Each executive received approximately 33% of their 2016 target cash bonus opportunity.
  4. CEO Lisa T. Su received a bonus of $432,656.
  5. CFO Devinder Kumar received a bonus of $172,250.
  6. Other key executives receiving bonuses include Jim Anderson, Forrest E. Norrod, and Mark D. Papermaster.
  7. The bonuses are scheduled to be paid in April 2017.

03—Questions

Frequently Asked Questions

  1. What is the primary purpose of this 8-K filing?

    This 8-K filing announces the approval of annual cash performance bonuses for Advanced Micro Devices Inc.'s (AMD) Named Executive Officers for the fiscal year 2016. It details the performance metrics used and the amounts awarded.

  2. On what basis were the bonuses determined?

    The bonuses were determined based on AMD's performance in fiscal year 2016 against pre-established company-wide financial measures: adjusted non-GAAP net income, revenue, and adjusted non-GAAP free cash flow.

  3. How much of their target bonus did the executives receive?

    The approved bonuses represent approximately 33% of each executive's respective 2016 target cash bonus opportunity.

  4. When will these bonuses be paid out?

    The annual cash performance bonuses are expected to be paid in April 2017.

04—Continue

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