Summary
This 8-K filing from Advanced Micro Devices, Inc. (AMD) details the executive incentive plan bonuses approved for fiscal year 2021. The Compensation and Leadership Resources Committee (CLRC) and the Board of Directors have awarded significant cash performance bonuses to key named executive officers, including the CEO, CFO, and heads of major business units. These bonuses are a reflection of the company's performance and are tied to the Executive Incentive Plan (EIP).
Key Highlights
- 1Fiscal 2021 annual cash performance bonuses were approved for named executive officers under the Executive Incentive Plan (EIP).
- 2CEO Lisa T. Su is set to receive a bonus of $3,190,000.
- 3Key executives like the CFO, Devinder Kumar, and CTO, Mark D. Papermaster, received bonuses of $1,300,000 and $1,400,000 respectively.
- 4Bonuses were also awarded to heads of business groups and sales, including Rick Bergman ($1,225,000) and Darren Grasby ($1,239,130).
- 5The bonus for Darren Grasby was converted from British pounds to U.S. dollars using a specified exchange rate.
- 6These bonuses are expected to be paid out in March 2022.
Frequently Asked Questions
The primary purpose of this 8-K filing is to disclose the approval of fiscal year 2021 annual cash performance bonuses for Advanced Micro Devices, Inc.'s named executive officers under the company's Executive Incentive Plan (EIP).
The approved bonuses are expected to be paid out to the executive officers in March 2022.
The bonuses are determined under the company's Executive Incentive Plan (EIP), which suggests they are performance-based, although the specific performance metrics are not detailed in this particular filing.
Darren Grasby's bonus was denominated in British Pounds (£925,000) and was converted to U.S. Dollars using the Bloomberg Financial reported exchange rate as of December 25, 2021, reflecting his role or the currency relevant to his compensation structure.