{"id":40564,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/special-bonus-program-letter-advanced-micro-devices-inc-and.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"special-bonus-program-letter-advanced-micro-devices-inc-and","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/special-bonus-program-letter-advanced-micro-devices-inc-and.html","title":{"rendered":"Special Bonus Program Letter &#8211; Advanced Micro Devices Inc. and Richard Previte"},"content":{"rendered":"<pre>\nMr. Richard Previte\nPresident &amp; Chief Operating Officer\nAdvanced Micro Devices, Inc.\n\nDear Rich:\n\nI am pleased to confirm your participation in a special bonus program to reflect\nyour contributions as President &amp; Chief Operating Officer of Advanced Micro\nDevices, Inc. (the 'Company'), effective March 11, 1997.  The substantive terms\nof your bonus are described below.  If you agree to the terms outlined in this\nletter, please countersign the enclosed copy of this letter and return it to the\nCorporate Secretary.\n\n1.  The amount of your bonus under the Company's 1996 Executive Incentive Plan\nwill be equal to three-tenths of one percent (.3%) of 'Adjusted Operating\nProfits' of the Company for each respective fiscal year of the Company in excess\nof twenty percent (20%) of the Adjusted Operating Profits for the Company's\nimmediately preceding fiscal year.  'Adjusted Operating Profits' of the Company\nare defined as operating income, as reported on the Company's financial\nstatements, increased for any pre-tax operating income and decreased for any\npre-tax operating loss from the Fujitsu Joint Venture (and by subsequent joint\nventures approved by the Board of Directors of the Company for these purposes)\nand increased by any expenses accrued for profit sharing plan contributions and\nbonuses under the Company's Executive Bonus Plan, including the bonus calculated\nhereunder.\n\n2.  You will earn a bonus for 1997 and future years, so long as you remain\nPresident &amp; Chief Operating Officer, except as otherwise set forth in this\nletter.  The provisions of this letter supersede any other bonus arrangements\nthat may be applicable to you.\n\n3.  The maximum amount payable with respect to any one fiscal year shall be\nlimited to 300% of your base salary payable during that year.  Any amount earned\nin excess of the maximum amount shall be carried over for up to three years.\nNotwithstanding the foregoing, the total amount payable with respect to each\nsuch fiscal year may not exceed the maximum amount payable pursuant to the\nCompany's 1996 Executive Incentive Plan for any fiscal year.\n\n4.  In case of retirement, death or disability, or a change in title or current\nresponsibilities, your bonus will be prorated for the fiscal year only if you\nserved as President &amp; Chief Operating Officer for less than six months.  If you\nserved as President &amp; Chief Operating Officer for six months or more, you will\nearn an amount based on operating results for the full fiscal year.  For these\npurposes, 'disability' has the same meaning as under the Executive Disability\nPlan at the time your disability commences.\n\n \nMr. Richard Previte\nPage 2\n\n\n\n\n5.  The bonus will be paid following release of the Company's financial results\nfor the last quarter of each fiscal year referred to above.  You must be\nemployed on the distribution date in order to receive your bonus or any\ncarryover amount then payable.  The bonus will be paid provided you are still an\nemployee on the distribution date, even if you are no longer President &amp; Chief\nOperating Officer.\n\n6.  The Company reserves the right to modify or terminate this arrangement at\nits sole discretion with respect to future services.\n\nI look forward to continuing to work closely with you as we achieve our shared\nvision of an AMD that is truly world class in every respect.\n\nSincerely,\n\n\n\n_________________________________ \nW. J. Sanders III\nChairman and Chief Executive Officer\n\n\n\nAGREED:\n\n\n\n_________________________________ \nRichard Previte\nPresident &amp; Chief Operating Officer\n\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[6576],"corporate_contracts_industries":[9512],"corporate_contracts_types":[9539,9544],"class_list":["post-40564","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-advanced-micro-devices-inc","corporate_contracts_industries-technology__semiconductors","corporate_contracts_types-compensation","corporate_contracts_types-compensation__employment"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/40564","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=40564"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=40564"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=40564"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=40564"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}