Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On
AMD is filing this Current Report on Form 8-K/A to report that AMD entered into
a Retirement Transition Agreement and General Release with
Pursuant to the Retirement Agreement, upon his termination of employment,
•Twelve (12) months of accelerated vesting with respect to his outstanding unvested time-based restricted stock units ("RSUs") and stock options;
•An extension of the period during which he may elect to exercise his vested and outstanding stock options (including any stock options that vest pursuant to the Retirement Agreement) until the earlier of the second anniversary of his termination date or the expiration date of stock option;
•Deemed satisfaction of the service vesting conditions applicable to his 2020
performance-based restricted stock unit ("PRSU") award, with the number of PRSUs
to be earned determined based on actual performance for the three-year
performance period ending
•Deemed satisfaction of the service and performance vesting conditions with respect to a number of PRSUs covered by each of his 2021 and 2022 PRSU awards equal to the target number of PRSUs covered by the awards, prorated based on his separation date relative to the three (3)-year performance periods applicable to the awards; and
•Payment for COBRA premiums for up to twelve (12) months following his separation, based on his coverage elections as of his separation date.
In consideration of the separation benefits payable under the Retirement
Agreement,
The above summary of the Retirement Agreement does not purport to be complete and is qualified in its entirety by reference to the Retirement Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
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