01—Abstract
Summary
Summary of the 8-K filed February 28, 2022. Cited figures are marked; the original filing is the authoritative source.
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).
02—Key points
Key Highlights
- Fiscal 2021 annual cash performance bonuses were approved for named executive officers under the Executive Incentive Plan (EIP).
- CEO Lisa T. Su is set to receive a bonus of $3,190,000.
- Key executives like the CFO, Devinder Kumar, and CTO, Mark D. Papermaster, received bonuses of $1,300,000 and $1,400,000 respectively.
- Bonuses were also awarded to heads of business groups and sales, including Rick Bergman ($1,225,000) and Darren Grasby ($1,239,130).
- The bonus for Darren Grasby was converted from British pounds to U.S. dollars using a specified exchange rate.
- These bonuses are expected to be paid out in March 2022.
03—Questions
Frequently Asked Questions
What is the primary purpose of this 8-K filing?
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).
When will these bonuses be paid out?
The approved bonuses are expected to be paid out to the executive officers in March 2022.
How are these bonuses determined?
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.
Why was Darren Grasby's bonus amount shown in Pounds Sterling?
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.
04—Continue