Summary
This 8-K/A filing from Advanced Micro Devices, Inc. (AMD) provides an update regarding the retirement transition of its Chief Financial Officer, Devinder Kumar. Following the initial disclosure of his retirement effective January 23, 2023, AMD has entered into a Retirement Transition Agreement and General Release with Mr. Kumar. This agreement aims to facilitate a smooth handover and acknowledge his contributions. Mr. Kumar will continue with AMD in an advisory role as Executive Vice President until April 14, 2023, maintaining his current salary and benefits during this period.
Key Highlights
- 1Devinder Kumar, former CFO, will remain with AMD as an Executive Vice President until April 14, 2023, to ensure a smooth transition.
- 2Mr. Kumar will continue to receive his current base salary and employee benefits through his April 14, 2023, employment end date.
- 3The Retirement Transition Agreement includes accelerated vesting for Mr. Kumar's outstanding unvested time-based RSUs and stock options, covering 12 months.
- 4His stock options will have an extended exercise period until the earlier of the second anniversary of termination or their original expiration date.
- 5Performance-based restricted stock units (PRSUs) from 2020 will have service vesting conditions deemed satisfied, with earned amounts based on actual performance through August 2023.
- 6Target PRSUs for 2021 and 2022 awards will be satisfied based on prorated service conditions and actual performance.
- 7AMD will cover COBRA premiums for Mr. Kumar for up to 12 months post-separation.