DEF 14A of Advanced Micro Devices Inc
Filed Mar 27, 2026 · FY20250001193125-26-129057
Annual Report on Form 10-K for the fiscal year ended December 27, 2025 are available at
| | Page | | Outstanding Equity Awards at 2025 Fiscal Year-End | 68 | | Grants of Plan-Based Awards in 2025 | 71 | | Option Exercises and Stock Vested in 2025 | 72 | | 2025 Nonqualified Deferred Compensation | 73 | | Severance, Retirement and Change of Control Arrangements | 74 | | CHIEF EXECUTIVE OFFICER PAY RATIO | 83 | | PAY VERSUS PERFORMANCE TABLE | 84 | | EQUITY COMPENSATION PLAN INFORMATION | 89 | | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS | 90 | | AUDIT AND FINANCE COMMITTEE REPORT | 91 | | ITEM 2—RATIFICATION OF THE APPOINTMENT OF THE INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | 92 | | Required Vote | 92 | | Recommendation of the Board of Directors | 92 | | Independent Registered Public Accounting Firm’s Fees | 93 | | Pre-Approval Policies and Procedures | 93 | | ITEM 3—APPROVAL ON A NON-BINDING, ADVISORY BASIS OF THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS (“SAY-ON-PAY”) | 94 | | Required Vote | 95 | | Recommendation of the Board of Directors | 95 | | ITEM 4—APPROVAL OF THE AMENDMENT AND RESTATEMENT OF THE ADVANCED MICRO DEVICES, INC. 2023 EQUITY INCENTIVE PLAN | 96 | | Why the Board is Seeking Approval of the Amendment and Restatement of the 2023 Plan | 96 | | Provisions Designed to Protect Stockholders | 97 | | Key Equity Metrics | 98 | | Summary of the 2023 Plan | 99 | | Administration of the 2023 Plan | 100 | | Federal Tax Aspects | 102 | | Required Vote | 104 | | Recommendation of the Board of Directors | 105 | | ITEM 5—STOCKHOLDER PROPOSAL REQUESTING CHANGES TO THE STOCKHOLDER RIGHT TO CALL A SPECIAL MEETING | 106 | | Recommendation of the Board of Directors | 106 | | INCORPORATION BY REFERENCE | 109 | | AVAILABLE INFORMATION | 109 | | EXHIBIT A—AMENDED AND RESTATED ADVANCED MICRO DEVICES, INC. 2023 EQUITY INCENTIVE PLAN | A-1 |
ITEM 1—ELECTION OF DIRECTORS
ITEM 1—ELECTION OF DIRECTORS Our Board currently consists of nine members. On the recommendation of the Nominating and Corporate Governance Committee, the Board has nominated the following eight nominees: Ms. Nora M. Denzel, Mr. Michael P. Gregoire, Mr. Joseph A. Householder, Mr. John W. Marren, Ms. KC McClure, Dr. Lisa T. Su, Mr. Abhi Y. Talwalkar, and Ms. Elizabeth W. Vanderslice for election to the Board at the Annual Meeting. Mr. Jon A. Olson, currently a member of the Board, is not being nominated for re-election and after the Annual Meeting he will retire from our Board. The Board and the Company thank Mr. Olson for his valuable service and many contributions over his tenure. The Board has approved reducing the authorized number of directors to eight, effective as of the Annual Meeting. All directors are elected annually and serve a one-year term until our next annual meeting or until such director’s successor is appointed. Proxies cannot be voted for a greater number of persons than the number of nominees named in this proxy statement. The Board expects all nominees named below to be available for election. If a nominee declines or is unable to act as a director, your proxy may vote for any substitute nominee proposed by the Board. Your proxy will vote FOR the election of these nominees, unless you instruct otherwise. Directors are strongly encouraged to attend annual meetings of our stockholders. All of our directors attended the 2025 annual meeting of stockholders.
Director Experience, Skills and Qualifications
Director Experience, Skills and Qualifications Our goal is to assemble a Board that operates cohesively and works with management in a constructive way to deliver long-term value to our stockholders. We believe that the nominees set forth below, all of whom are currently directors of AMD, possess valuable experience necessary to guide us in the best interests of our stockholders. Our current Board consists of individuals with proven records of success in their chosen professions. They are collegial, yet independent in their thinking, and are committed to the hard work necessary to be informed about the semiconductor industry, us, and our key constituents, including our customers, stockholders and management. They possess keen intellect and the highest integrity. Most of our directors have broad technology sector experience, including expertise in semiconductor technology and innovation and strategy. Several members of our Board are current or former chief executive officers, thereby providing the Board with practical understanding of how large organizations operate, including the importance of employee development and retention. They also understand strategy and risk management and how these factors impact our operations.
Director Nominees
Director Nominees Certain information regarding each of the nominees is set forth below, including his or her experience, qualifications, attributes and skills that led the Nominating and Corporate Governance Committee and the Board to conclude that the individual should serve as a director on the Board, as well as his or her principal occupation. Each nominee’s former directorships on public company boards during the past five years are included in a table set forth below—“Former Directorships in Public Companies in the Last Five Years.” The age of each director is as of our Annual Meeting.
Director Nominees
| 8 | ADVANCED MICRO DEVICES, INC. | 2026 Proxy Statement |
Director Nominees
| Nora M. Denzel Director since March 2014 and Lead Independent Director since November 2022 Age: 63 Board Committees: Chair of Nominating and Corporate Governance Committee and Member of Innovation and Technology Committee |
Director Nominees
Ms. Denzel served as interim Chief Executive Officer of Outerwall Inc. (an automated retail solutions provider) from January to August 2015. Prior to Outerwall, Ms. Denzel held various executive management positions from February 2008 through August 2012 at Intuit Inc. (a cloud financial management software company), including Senior Vice President of Big Data, Social Design and Marketing and Senior Vice President and General Manager of the QuickBooks Employee Management business unit. From 2000 to 2006, Ms. Denzel held several executive level positions at HP Enterprise (HPE), (formerly, Hewlett-Packard Company) (a technology software, services and hardware provider), from May 2002 to February 2006, including Senior Vice President and General Manager, Software Global Business Unit and Senior Vice President, Enterprise Consulting Division and Vice President of Computer Storage and Networking. Prior to HPE, Ms. Denzel held executive positions at Legato Systems Inc. (a data storage management software company purchased by EMC Corporation) and International Business Machines Corporation (IBM) (an information technology company). Ms. Denzel has been a member of the board of directors of Gen Digital Inc. (formerly, NortonLifelock, Inc.) since December 2019. She has also been a member of the board of Sony Group Corporation since June 2025. Formerly, Ms. Denzel was a director of SUSE S.A. from May 2021 to September 2023, a director of Telefonaktiebolaget LM Ericsson from March 2013 to March 2023 and Talend SA from 2017 to 2021. Ms. Denzel currently serves on the non-profit board of the National Association of Corporate Directors (NACD). She is NACD Directorship Certified and holds a Master of Business Administration degree from Santa Clara University and a Bachelor of Science degree in computer science from the State University of New York. Director Qualifications: Ms. Denzel is a seasoned business executive with over 25 years of operational experience in key senior technology positions. She brings to the Board substantial experience in the areas of executive leadership, technology and software engineering. She also provides corporate governance insight from her past and present service on dozens of private, non-profit and public company boards.
Director Nominees
| ADVANCED MICRO DEVICES, INC. | 2026 Proxy Statement | 9 |
Director Nominees
| Michael P. Gregoire Director since November 2019 Age: 60 Board Committees: Chair of Compensation and Leadership Resources Committee and Member of Innovation and Technology Committee |
Director Nominees
Mr. Gregoire is a founding partner at Brighton Park Capital (a growth equity private equity firm). Prior to Brighton Park Capital, Mr. Gregoire served as Chairman & CEO of CA Technologies (an enterprise software company) from January 2013 to November 2018. Mr. Gregoire served as President and CEO of Taleo Corporation (Taleo) (a cloud-based talent management software company) from March 2005 to April 2012. He also served as a member of the board of directors of Taleo from April 2005 to April 2012 and as chairman of the board from May 2009 to April 2012. In addition, Mr. Gregoire served as Executive Vice President at PeopleSoft, Inc. and Executive Director at Electronic Data Systems (EDS) and has been chair of the World Economic Forum’s IT Governors Steering Committee as well as a member of the Business Roundtable’s Information and Technology Committee. Mr. Gregoire served on the Executive Council of TechNet (an organization of CEOs that represents the technology industry in policy issues critical to American innovation and economic competitiveness), a private company. Mr. Gregoire was Chairman of the board of directors of Smartsheet Inc. from December 2019 until its sale to Vista/Blackstone in January 2025. He was a member of the board of directors of Automatic Data Processing, Inc. (ADP) from 2014 to 2019. Mr. Gregoire holds a Bachelor of Science degree in physics and computing from Wilfrid Laurier University in Ontario, Canada, and a Master of Business Administration degree from California Coast University. Director Qualifications: Mr. Gregoire is a seasoned business executive with experience as a chief executive officer, with a strong financial management and fiscal background. Mr. Gregoire brings to the Board extensive experience in executive leadership and strategy in the technology industry.
Director Nominees
| 10 | ADVANCED MICRO DEVICES, INC. | 2026 Proxy Statement |
Director Nominees
| Joseph A. Householder Director since September 2014 Age: 70 Board Committees: Chair of Audit and Finance Committee and Member of Nominating and Corporate Governance Committee |
Director Nominees
Mr. Householder was the President and Chief Operating Officer of Sempra Energy (a worldwide provider of energy infrastructure and gas and electric utilities) where he oversaw Sempra Energy’s regulated U.S. utilities and the Sempra North American Infrastructure Group from May 2018 until his retirement in January 2020. Previously from 2017 to 2018, Mr. Householder served as Sempra Energy’s Corporate Group President, Infrastructure Businesses overseeing the company’s operations in midstream, liquefied natural gas and renewable energy and Mexico. From 2011 to 2016, Mr. Householder was the Executive Vice President and Chief Financial Officer of Sempra Energy. He also served as Chief Accounting Officer of Sempra Energy from 2007 to 2012. From 2006 to 2011, Mr. Householder was Senior Vice President and Controller of Sempra Energy responsible for financial reporting, accounting and controls and tax functions for all Sempra Energy companies. Prior to this role, he served as Vice President of Corporate Tax and Chief Tax Counsel for Sempra Energy. Prior to joining Sempra Energy in 2001, Mr. Householder was a partner at PricewaterhouseCoopers in the firm’s national tax office. From 1986 to 1999, he served in a number of legal and financial roles at Unocal Corporation, including ultimately as Vice President of Corporate Development and Assistant Chief Financial Officer, where he was responsible for worldwide tax planning, financial reporting, forecasting and mergers and acquisitions. Until October 2025, Mr. Householder was a member of the board of REV Renewables LLC, a private company, where he also served as the Chair of the Audit Committee and a member of the Compensation Committee. He is National Association of Corporate Directors Directorship (NACD) Certified and has completed a NACD (CERT) Certificate in Cyber-Risk Oversight. Mr. Householder holds a Bachelor of Science degree in business administration from the University of Southern California and a Juris Doctor degree from Loyola Law School. Director Qualifications: Mr. Householder brings to the Board significant financial and operational expertise as a result of his chief financial officer experience at Sempra Energy, his experience as a partner of PricewaterhouseCoopers and his experience at Unocal Corporation.
Director Nominees
| ADVANCED MICRO DEVICES, INC. | 2026 Proxy Statement | 11 |
Director Nominees
| John W. Marren Director since February 2017 Age: 63 Board Committees: Member of Audit and Finance Committee |
Director Nominees
Mr. Marren has served as Vice Chairman, North America of Temasek (a sovereign wealth fund of the government of Singapore) since November 2017. Prior to joining Temasek, Mr. Marren was a Senior Partner and the Head of Technology Investments of TPG Capital (a private equity investment company) from 2000 until his retirement in December 2015. From 1996 through 2000, Mr. Marren was a Managing Director at Morgan Stanley (a global financial services company), most recently as Co-Head of the Technology Investment Banking Group. From 1992 to 1996, he was a Managing Director and Senior Semiconductor Research Analyst at Alex. Brown & Sons (Alex. Brown) (an investment company). While at Morgan Stanley and Alex. Brown, Mr. Marren was a frequent member of the Institutional Investor All-American Research Team, which recognizes the top research analysts on Wall Street. Prior to Alex. Brown, Mr. Marren spent seven years in the semiconductor industry working for VLSI Technology and Vitesse Semiconductor. Mr. Marren also serves as a director of Eastdil Secured and Creative Artist Agencies, both private companies. He served as a Trustee of the University of California, Santa Barbara from 2010 to 2025 and on the board of Poshmark, Inc. from 2018 to 2022. Mr. Marren also served as a director of Impossible Foods, Inc., a private company, from 2019 until January 2026. Mr. Marren currently serves on the US Olympic and Paralympic Foundation Board. Mr. Marren holds a Bachelor of Science degree in electrical engineering from the University of California, Santa Barbara. Director Qualifications: Mr. Marren brings to the Board extensive experience with financial management and technology, as well as capital market expertise as a result of his prior work at TPG Capital and Morgan Stanley. Mr. Marren also provides the Board with valuable corporate governance insight from his past and present service on private and public company boards.
Director Nominees
| 12 | ADVANCED MICRO DEVICES, INC. | 2026 Proxy Statement |
Director Nominees
| KC McClure Director since January 2026 Age: 61 Board Committees: Member of Audit and Finance Committee |
Director Nominees
Ms. McClure was the Chief Financial Officer of Accenture (a global professional services company offering consulting and technology services) from January 2019 until November 2024 and served as Senior Finance Advisor from December 2024 until her retirement in March 2025. Throughout Ms. McClure’s more than 37-year tenure at Accenture, Ms. McClure held multiple finance and accounting leadership roles, including Managing Director, Finance Operation from June 2018 to January 2019, Finance Director—Communications, Media & Technology Group from December 2016 to May 2018, Head of Investor Relations from September 2010 to November 2016, and Finance Director—Health and Public Services from March 2002 to August 2010. Earlier in her career, Ms. McClure also served in a variety of finance roles with Accenture’s new business ventures, alliances and outsourcing teams. Ms. McClure serves on the board of The Goldman Sachs Group, Inc. and serves as a member of the Smeal College of Business Board of Visitors. She holds a Bachelor of Science degree in accounting and business administration from Pennsylvania State University’s Smeal College of Business. Director Qualifications: Ms. McClure brings deep finance and operations leadership experience, having overseen global financial functions across a large-scale enterprise as Chief Financial Officer at Accenture. Her strategic expertise is reflected in her proven track record of driving transformation and shaping long-term enterprise direction.
Director Nominees
| Dr. Lisa T. Su Director since October 2014 and Chair of the Board since February 2022 Age: 56 |
Director Nominees
Dr. Lisa T. Su has served as AMD’s President and Chief Executive Officer and a member of the Board since October 2014. She has served as Chair of the Board since February 2022. As Chair and CEO, Dr. Su has led AMD’s transformation into a leader in high-performance and adaptive computing. Under her leadership, AMD has achieved sustained growth across data center and artificial intelligence, client computing, gaming, and embedded solutions. Today, AMD is positioned at the center of the global AI ecosystem. Dr. Su joined AMD in January 2012 as Senior Vice President and General Manager of Global Business Units and served as Chief Operating Officer before being named President and Chief Executive Officer in 2014. Prior to AMD, Dr. Su served as Senior Vice President and General Manager of Networking and Multimedia at Freescale Semiconductor, Inc. (a semiconductor manufacturing company) and previously held senior technical and business leadership roles at IBM, including Vice President of Semiconductor Research and Development. Earlier in her career, she was a member of the technical staff at Texas Instruments Incorporated. Dr. Su holds Bachelor of Science, Master of Science and Ph.D. degrees in Electrical Engineering from the Massachusetts Institute of Technology. She is a Fellow of the Institute of Electrical and Electronics Engineers (IEEE) and a member of the National Academy of Engineering and the American Academy of Arts and Sciences. She has received numerous industry honors, including the Semiconductor Industry Association’s Robert N. Noyce Award, the IEEE Robert N. Noyce Medal and the Global Semiconductor Alliance’s Dr. Morris Chang Exemplary Leadership Award. She was also named TIME Magazine’s CEO of the Year and recognized among Fortune’s Businesspersons of the Year. Dr. Su serves as Chair of the Board of Directors of the Semiconductor Industry Association and as a Board Trustee of the Mohamed bin Zayed University of Artificial Intelligence. Director Qualifications: As AMD’s Chair, President and Chief Executive Officer, Dr. Su brings deep semiconductor and technology expertise, a demonstrated record of strategic transformation and innovation, and comprehensive knowledge of AMD’s strategy, technology roadmap and global operations.
Director Nominees
| 14 | ADVANCED MICRO DEVICES, INC. | 2026 Proxy Statement |
Director Nominees
| Abhi Y. Talwalkar Director since June 2017 Age: 62 Board Committees: Chair of Innovation and Technology Committee and Member of Compensation and Leadership Resources Committee |
Director Nominees
Mr. Talwalkar was President and Chief Executive Officer of LSI Corporation (LSI) (a semiconductor and software company) from May 2005 until the completion of LSI’s merger with Avago Technologies Limited in May 2014. From 1993 to 2005, Mr. Talwalkar held a number of senior management positions at Intel Corporation (Intel) (a semiconductor company), including Corporate Vice President and Co-General Manager of the Digital Enterprise Group, which was comprised of Intel’s corporate client, server, storage, and communications businesses, and Vice President and General Manager for the Intel Enterprise Platform Group, where he focused on developing, marketing, and driving Intel business strategies for server computing. Prior to Intel, Mr. Talwalkar held senior engineering and marketing positions at Sequent Computer Systems (a multiprocessing computer systems design and manufacturer that later became a part of IBM). He also held positions at Bipolar Integrated Technology, Inc. (a VLSI bipolar semiconductor company) and Lattice Semiconductor Inc. (a service-driven developer of programmable design solutions). Mr. Talwalkar has been Chair of the board of directors of Lam Research Corporation since 2019 and a board member since 2011. He has served as a board member of Rhythm Technologies since 2016, and a board member of TE Connectivity since 2017. Mr. Talwalkar was a member of the board of directors of LSI from 2005 to 2014 and the Semiconductor Industry Association. Additionally, he was a member of the U.S. delegation for World Semiconductor Council proceedings. Mr. Talwalkar holds a Bachelor of Science degree in electrical engineering from Oregon State University. Director Qualifications: Mr. Talwalkar brings to the Board extensive CEO experience and significant public company technology industry experience. He also provides the Board with valuable public board governance insight from his past and present board service.
Director Nominees
| ADVANCED MICRO DEVICES, INC. | 2026 Proxy Statement | 15 |
Director Nominees
| Elizabeth W. Vanderslice Director since February 2022 Age: 62 Board Committees: Member of Compensation and Leadership Resources Committee and Nominating and Corporate Governance Committee |
Director Nominees
Ms. Vanderslice has served as a partner at Trewstar Corporate Board Services, a firm specializing in corporate board placements and governance advisory services, since February 2019. She served on the board of Xilinx, Inc. from December 2000 through its acquisition by AMD in February 2022. Ms. Vanderslice also serves on the boards of AESC Group Ltd. and Univers Holdings, both private companies. From 1999 to 2001, Ms. Vanderslice served as a general manager of Lycos, Inc. (Lycos) through its acquisition. From 1996 to 1999, Ms. Vanderslice was CEO of Wired Digital, Inc. (Wired Digital), a spin-off of Wired Ventures, Inc. (Wired Ventures), and a member of the boards of both Wired Digital and Wired Ventures before leading the company’s acquisition by Lycos. Prior to joining Wired Digital in early 1995, Ms. Vanderslice served as a principal in the investment banking firm Sterling Payot Company, which raised the capital to launch Wired Magazine. She was also a Vice President at H.W. Jesse & Co. (a San Francisco investment banking firm). In addition, she worked for the IBM Corporation from 1986-1990. Ms. Vanderslice holds a Master of Business Administration from the Harvard Business School and a Bachelor of Science degree in computer science from Boston College. She is an Aspen Institute Henry Crown Fellow and was a member of the Young Presidents’ Organization and the World Presidents’ Organization. Ms. Vanderslice has also served as a Trustee of Boston College since 2010. Director Qualifications: Ms. Vanderslice brings over 25 years of board and general management experience in the technology industry, including 21 years as a member of the Xilinx board, CEO of an internet company, and a background in computer science and systems engineering.
Director Nominees
| 16 | ADVANCED MICRO DEVICES, INC. | 2026 Proxy Statement |
Board Demographics
Board Demographics In addition to bringing a diversity of highly relevant experiences, educations and skills, our Board also brings their diverse backgrounds. We believe these diverse perspectives provide strong oversight and valuable insight as AMD scales key growth businesses. The demographic information provided below is based on voluntary self-identification by each director nominee.
Former Directorships in Public Companies in the Last Five Years
Former Directorships in Public Companies in the Last Five Years The table below sets forth the list of public companies on which our director nominees formerly served over the last five years including the name of the company and duration of service. Our director nominees do not currently serve on the boards of the companies listed below.
Former Directorships in Public Companies in the Last Five Years
| Director | Name of the Company | Term of Past Directorship | | Nora M. Denzel | Telefonaktiebolaget LM Ericsson | 2013—2023 | | | Talend SA | 2017—2021 | | | SUSE S.A. | 2021—2023 | | Michael P. Gregoire | Smartsheet, Inc. | 2019—2025 | | Joseph A. Householder | Infraestructura Energetica Nova, S.A.B. de C.V. | 2013—2020 | | John W. Marren | Poshmark, Inc. | 2018—2022 | | Lisa T. Su | Analog Devices, Inc. | 2012—2020 | | | Cisco Systems, Inc. | 2020—2023 | | Elizabeth W. Vanderslice | Xilinx, Inc. | 2000—2022 |
Consideration of Stockholder Nominees for Director
Consideration of Stockholder Nominees for Director The policy of the Nominating and Corporate Governance Committee is to consider properly submitted stockholder nominations for candidates to serve on the Board. Pursuant to our bylaws, stockholders who wish to nominate persons for election to the Board at our 2027 annual meeting of stockholders must (i) be a stockholder of record, both when they give us notice and at our 2027 annual meeting, (ii) be entitled to vote at our 2027 annual meeting and (iii) comply with the notice provisions in our bylaws. A stockholder’s notice must be delivered to our Corporate Secretary not less than 90 days nor more than 120 days before the anniversary date of the immediately preceding annual meeting. For our 2027 annual meeting of stockholders, the notice must be delivered between January 13, 2027 and February 12, 2027. However, if our 2027 annual meeting of stockholders is not held within
Consideration of Stockholder Nominees for Director
| ADVANCED MICRO DEVICES, INC. | 2026 Proxy Statement | 17 |
Consideration of Stockholder Nominees for Director
30 days of May 13, 2027, the stockholder’s notice must be delivered no later than the close of business on the tenth day following the earlier of the day on which the first public announcement of the date of our 2027 annual meeting was made or the day the notice of our 2027 annual meeting is mailed. The public announcement of an adjournment or postponement of our 2027 annual meeting of stockholders will not trigger a new time period (or extend any time period) for the giving of a stockholder notice as described in this proxy statement. Notwithstanding the foregoing, if the number of directors to be elected to the Board at an annual meeting is increased and we do not make a public announcement naming all of the nominees for director or specifying the size of the increased Board at least 100 days prior to the first anniversary of the preceding year’s annual meeting, the stockholder’s notice will be considered timely, but only with respect to nominees for any new positions created by the increase, if it is delivered to our Corporate Secretary not later than the close of business on the tenth day following the day on which we first make such public announcement. The Chair of our Annual Meeting will determine if the procedures in the bylaws have been followed, and if not, declare that the nomination be disregarded. If the nomination was made in accordance with the procedures in our bylaws, the Nominating and Corporate Governance Committee will apply the same criteria in evaluating the nominee as it would any other Board nominee candidate and will recommend to the Board whether or not the stockholder nominee should be nominated by the Board and included in our proxy statement. These criteria are described below in the description of the Nominating and Corporate Governance Committee in the section entitled “Meetings and Committees of the Board of Directors—Board Committees.” The nominee must be willing to provide a written questionnaire, representation and agreement, if requested by us, and any other information reasonably requested by us in connection with our evaluation of the nominee’s independence. In addition, our bylaws permit certain of our stockholders who have beneficially owned 3% or more of our outstanding common stock continuously for at least three years to submit nominations to be included in our proxy materials for up to 20% of the total number of directors then serving, provided that the stockholder(s) and the nominee(s) satisfy the requirements specified in the bylaws. Notice of proxy access director nominations must be delivered to our principal executive offices at Advanced Micro Devices, Inc., 2485 Augustine Drive, Santa Clara, California 95054, Attention: Corporate Secretary, no earlier than 150 days or no later than 120 days prior to the first anniversary of the date the proxy materials were released in connection with the preceding year’s annual meeting. For our 2027 annual meeting of stockholders, the notice must be delivered between October 28, 2026, and no later than the close of business on November 27, 2026. In addition to satisfying the foregoing requirements under our bylaws, to comply with the universal proxy rules, stockholders who intend to solicit proxies in support of director nominees other than the Company’s nominees must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act.
DIRECTORS’ COMPENSATION AND BENEFITS
| Name | Fees Earned or Paid in Cash(1) ($) | Stock Awards(2)(3) ($) | Total ($) | | Nora M. Denzel | 206,071 | 307,602 | 513,673 | | Mark Durcan(4) | 70,000 | — | 70,000 | | Michael P. Gregoire | 153,049 | 307,602 | 460,651 | | Joseph A. Householder | 158,571 | 307,602 | 466,173 | | John W. Marren | 121,786 | 307,602 | 429,388 | | Jon A. Olson | 121,786 | 307,602 | 429,388 | | Abhi Y. Talwalkar | 156,786 | 307,602 | 464,388 | | Elizabeth W. Vanderslice | 131,786 | 307,602 | 439,388 |
DELINQUENT SECTION 16(a) REPORTS
usiness Unit | | (1) Mr. Grasby was appointed Executive Vice President, Chief Sales Officer and President EMEA on January 13, 2025. Prior to that, Mr. Grasby served as our Executive Vice President, Strategic Partnerships & Presi
2025 Executive Compensation Program – Highlights
2025 Executive Compensation Program – Highlights Overview We operate in a challenging, highly competitive and rapidly evolving global business environment. It is critical that we retain and motivate a talented and experienced executive team. Accordingly, our Compensation Committee has implemented and oversees an executive compensation program that emphasizes pay for performance, advances our business strategies and objectives, drives the creation of long-term sustainable stockholder value, and attracts, retains and motivates a high-caliber executive team. For fiscal 2025, the vast majority of our Named Executive Officers’ compensation continued to be delivered through long-term equity awards. The performance-based restricted stock unit (“PRSU”) awards that vested in 2025 reflected our stock price performance for the three-year period from August 9, 2022 through August 9, 2025, relative to the total shareholder return of the S&P 500. Our total shareholder return of 53.55% for this three-year performance period was generally in line with the 55.13% total shareholder return of the S&P 500 during the same period. As a result, each of our Named Executive Officers vested in 96.84% of the target number of PRSUs covered by their fiscal 2022 annual PRSU awards. Each of our Named Executive Officers also received a cash incentive award under our Executive Incentive Plan (“EIP”) for fiscal 2025 based on the achievement of revenue, adjusted non-GAAP net income and adjusted free cash flow performance goals and the achievement of key strategic milestones as approved by our Compensation Committee and, in the case of our Chief Executive Officer, as approved by our Board of Directors (our “Board”). We set goals aggressively relative to our internal financial targets to ensure they are challenging to meet. Consistent with our pay for performance philosophy, we must outperform relative to our expectations for the year to achieve target performance under the EIP. Based on this performance, our Named Executive Officers received a payout under the EIP for fiscal 2025 of 121% of target. 2025 Executive Compensation Program – Emphasis on “Pay for Performance” As illustrated below, the target total direct compensation (defined below) of our Named Executive Officers in 2025 was weighted heavily towards performance-based compensation:
2025 Executive Compensation Program – Highlights
| • | Long-term equity awards (the ultimate value of which depends on our stock price) continued to be the largest element of compensation, representing approximately 89% of our Chief Executive Officer’s target total direct compensation and approximately 83% of the average target total direct compensation of our other Named Executive Officers; and |
2025 Executive Compensation Program – Highlights
| • | 100% of the target annual incentive bonuses payable to our Named Executive Officers was tied to the achievement of pre-established financial and strategic milestone goals for the 2025 fiscal year that aligned with our annual operating plan and long-term business strategy. |
2025 Executive Compensation Program – Highlights
| • | We revised the vesting schedule for time-based restricted stock units and stock options from four-year annual vesting to 25% vesting after the first year, with the remaining awards vesting quarterly thereafter, to smooth vesting over the service period and reduce the impact of market volatility at a single annual vesting date. |
Response to 2025 “Say On Pay” Vote and Stockholder Engagement Process
| • | Stockholders engaged on AMD’s long-term strategy and resilience, including talent acquisition and retention, supply chain diversification, capital allocation, and the Company’s positioning amid geopolitical, tariff, and infrastructure considerations. Feedback reinforced confidence in AMD’s strategic agility, durable business model, and the Board’s ongoing oversight of these evolving risks and opportunities. |
Executive Compensation Policies and Practices
| Policy/Practice | Summary | | Clawback/Recovery Rights | We have a compensation recovery (“clawback”) policy designed to comply with the listing standards of Nasdaq pursuant to which we are required to recover certain incentive-based compensation received by our executive officers as a result of achieving financial performance goals that are not met under any restated financial results. In addition, we have the right to recoup incentive-based and other compensation (including both time and performance-based equity awards) paid or granted to an employee (including any Named Executive Officer) in the event of certain misconduct by the employee (see our “Compensation Recovery (“Clawback”) Rights” section below). | | One-year minimum vesting period for equity awards | Our equity plans (i.e., our 2023 Equity Incentive Plan and 2004 Equity Incentive Plan) require a minimum one-year vesting period with respect to at least 95% of awards issued thereunder, subject to limited exceptions such as death, disability, termination of employment or a change of control of AMD. | | Change of control payments are “double-trigger” and capped | Our change of control arrangements are designed to align with governance best practices. These arrangements include a “double-trigger” requirement, pursuant to which severance benefits are payable only upon an involuntary termination of employment without cause or a constructive discharge that occurs following a change of control. In addition, we have not and will not enter into a change of control arrangement that provides for cash severance payments in excess of (i) two times the executive’s base salary and target annual incentive bonus, plus (ii) a prorated target annual incentive bonus for the year in which the termination of employment occurs. | | No new excise tax gross-ups | We will not enter into any change of control agreement or arrangement with a Named Executive Officer that provides for an excise tax gross-up payment. | | Limited perquisites | We provide limited perquisites or other personal benefits to our Named Executive Officers as described in the “Health, Welfare, Security and Other Personal Benefits (Perquisites)” section below. | | Anti-hedging and pledging policy | We prohibit our employees (including our Named Executive Officers) and Directors from hedging AMD securities. Pledging of AMD securities is not permitted without the preapproval of the Nominating and Governance Committee of our Board which is only granted in very limited circumstances and has not been granted to date. None of our Named Executive Officers or Directors have pledged any shares. | | Incentive compensation amounts are subject to payment thresholds and maximums | Our annual cash performance bonuses and 2025 annual PRSU awards have aggressive and challenging performance requirements that must be achieved to receive target payment and are subject to maximum potential payment in relation to the target award. | | Stock ownership requirements | We have robust stock ownership requirements for our Chief Executive Officer, our other Named Executive Officers and our Directors. | | Compensation risk assessment | The Compensation Committee conducts an annual risk assessment of our compensation policies and practices to ensure that our programs are not reasonably likely to have a material adverse effect on us. |
Competitive Compensation
Competitive Compensation We operate in a highly competitive business environment. We must offer market competitive compensation to recruit and retain top leadership and industry experts to guide and execute our business strategy. Accordingly, the Compensation Committee seeks to compensate our Named Executive Officers at competitive levels with compensation for executives in similar positions at identified peer companies (set forth below), which the Compensation Committee believes reflects the current competitive market for executive talent. In making its compensation decisions, the
Competitive Compensation
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Competitive Compensation
Compensation Committee also considers a number of other factors, including the scope of responsibility of each Named Executive Officer, internal pay comparisons and the retention value of each Named Executive Officer’s unvested long-term equity award holdings, as well as its assessment of each Named Executive Officer’s performance and expected future contributions and impact on the organization.
Align Pay Practices with Sound Risk Management
| Sound Risk Management | | | ✓ | Compensation is an appropriate balance of fixed pay versus variable pay, as well as short-term versus long-term incentives | | ✓ | Performance-based compensation opportunities are capped | | ✓ | Our annual incentive plans include multiple company-wide financial and strategic goals that are quantitative and measurable | | ✓ | Long-term equity awards are a balanced mix of time-based and performance-based vesting, both spanning multiple years | | ✓ | Equity awards have a minimum one-year vesting requirement, subject to limited exceptions | | ✓ | The incentive compensation and equity awards granted to our Named Executive Officers is subject to recoupment (i.e., clawback) policies and provisions | | ✓ | Our Named Executive Officers are subject to rigorous stock ownership requirements |
How We Make Compensation Decisions
| • | reviewing and approving the performance goals and objectives that relate to performance-based compensation awarded under the EIP and our equity plans; |
How We Make Compensation Decisions
| • | reviewing and approving any changes to a Named Executive Officer’s total compensation package, such as base salary, annual incentive bonus opportunities, annual long-term incentive award opportunities, and payouts and retention programs. |
How We Make Compensation Decisions
| • | the competitiveness of our executive compensation program by providing a market review of executive compensation and relevant trends, evaluating our compensation peer group composition and analyzing the compensation at our compensation peer group companies; |
How We Make Compensation Decisions
| • | our executive compensation program design, including short-term and long-term incentive plan design and pay mix, the framework for our long-term equity awards and our retention strategies, evaluation of our stock ownership guidelines, and assessment of severance and change of control arrangements; |
How We Make Compensation Decisions
| • | the effectiveness of our Employee Stock Purchase Plan and the severance and change of control protections available to our executives by benchmarking the salient provisions of similar plans within our compensation peer group; and |
How We Make Compensation Decisions
Methodology Used to Perform the Competitive Pay Analysis To assist the Compensation Committee in its review of the 2025 compensation for our Named Executive Officers, Compensia provided a competitive pay analysis in February 2025 that set forth compensation data developed from publicly available information, as of December 2024, of the companies included in a custom peer group (the “2025 Executive Compensation Peer Group”). In May 2025, Compensia provided the Compensation Committee an updated competitive pay analysis that reflected AMD’s and peer group financial data as of March 28, 2025, updated AMD’s 30-day average stock price as of that date, and updated the projected payouts under the then-outstanding annual PRSU awards granted to our Named Executive Officers during each of 2022, 2023 and 2024. To develop the 2025 Executive Compensation Peer Group, the Compensation Committee reviewed the group of companies comprising the then-existing compensation peer group in November 2024, with particular reference to their industry (i.e., business segment and key competitors), revenues (generally 50% to 200% of our revenues for the trailing four fiscal quarters) and market capitalization (generally 30% to 300% of our market capitalization), in each case based on then publicly available information. The Compensation Committee selected these latter two metrics because, based on Compensia’s analysis and holding all other factors constant, revenue has the greatest correlation to cash compensation levels and market capitalization has the greatest influence on equity compensation levels. Based on this review, the Compensation Committee made no changes to the peer group other than to remove VMWare, Inc., which ceased to be a public company following its acquisition by Broadcom Inc. The Compensation Committee believes that the composition of the 2025 Executive Compensation Peer Group reflects an appropriate set of comparator companies for purposes of assessing our executive compensation program. The companies comprising the 2025 Executive Compensation Peer Group are as follows:
How We Make Compensation Decisions
| Peer Companies | | | Adobe Inc. | Marvell Technology Group Ltd. | | Analog Devices, Inc. | Micron Technology, Inc. | | Applied Materials, Inc. | NXP Semiconductors N.V. | | Broadcom Inc. | NVIDIA Corporation | | Cisco Systems, Inc. | Oracle Corporation | | Intel Corporation | Qualcomm Inc. | | International Business Machines Corporation | Salesforce, Inc. | | Intuit Inc. | SAP SE | | Lam Research Corporation | Texas Instruments Incorporated |
How We Make Compensation Decisions
The following illustrates how our revenue and market capitalization compared to the median of the 2025 Executive Compensation Peer Group as of November 2024, when the Compensation Committee approved the companies included in the peer group:
How We Make Compensation Decisions
| | Revenue(1) | Market Capitalization(2) | | Peer Group Median | $30.861 billion | $186.766 billion | | AMD | $23.276 billion | $241.706 billion |
How We Make Compensation Decisions
The Compensation Committee believes that the composition of the 2025 Executive Compensation Peer Group reflects an appropriate set of comparator companies for purposes of assessing our executive compensation program. The Compensation Committee used the 2025 Executive Compensation Peer Group competitive pay analysis developed by Compensia as its reference source in analyzing the competitiveness of our Named Executive Officers’ compensation.
Fiscal 2025 Compensation Elements
| Element | | Description | Objective | Factors Influencing Amount | | Base Salary | | Fixed compensation delivered in cash; reviewed annually and adjusted if appropriate | Provides base amount of market competitive pay | Experience, market data, individual role and responsibilities, and individual performance | | Annual Cash Performance Bonus (EIP Awards) | | Variable cash compensation based on performance against annual financial goals (weighted 70%) and strategic milestones (weighted 30%), subject to Compensation Committee discretion to increase or decrease the amount of the bonus | Motivates and rewards achievement of key financial results tied to our annual operating plan | Annual target cash performance bonus opportunity determined annually as a percentage of base salary based on the executive’s experience, individual role and responsibilities, and individual performance, and market data | | Long-Term Incentive Plan Awards (LTI Awards) | Performance- Based Restricted Stock Units (PRSUs) | Variable compensation payable in shares, with payout based on (i) TSR, measured on an absolute basis and based on AMD’s percentile ranking relative to the other constituents of the S&P 500 Index over a three-year performance period and (ii) AMD’s non-GAAP EPS growth | Directly aligns interests of executives with long-term stockholder value creation by linking potential payouts to stock price performance (absolute and relative) and EPS; promotes retention | Intended target value of all LTI Awards is based on market data and individual role and responsibilities | | | Stock Options | Variable compensation based on increase in stock price from date of grant (subject to exercise of the stock option) and time-based vesting over four years with 25% at the 1-year anniversary and then quarterly thereafter; have a seven-year term | Directly aligns interests of executives with long-term stockholder value creation, provides upside potential over a seven-year option term and promotes retention | | | | Restricted Stock Units (RSUs) | Variable compensation with payout in shares subject to time-based vesting; awards generally vest over four years with 25% at the 1-year anniversary and then quarterly thereafter | Directly aligns interests of executives with long-term stockholder value creation, provides a measure of stability across market cycles and promotes retention | |
Annual Cash Performance Bonuses
Annual Cash Performance Bonuses Generally, short-term incentives in the form of an annual cash performance bonus are provided to our Named Executive Officers under the EIP. These bonuses are designed to reward short-term performance and the achievement of the principal goals of our annual operating plan. Each Named Executive Officer’s target bonus opportunity is a percentage of their fiscal 2025 base salary and is determined based on the competitive pay analysis conducted by the Compensation Committee as described above. For fiscal 2025, the target bonus opportunities for all Named Executive Officers were unchanged from fiscal 2024, at 200% of base salary for our CEO and 125% of base salary for the other Named Executive Officers. Under the fiscal 2025 EIP, the amount of the annual cash performance bonus for each Named Executive Officer was calculated based on (i) his or her target bonus opportunity, (ii) our corporate financial performance (weighted 70%) for fiscal 2025, as measured against pre-established performance levels (the “Financial Performance Targets”) for the first half of fiscal 2025 (weighted 40%) and the second half of fiscal 2025 (weighted 60%), and (iii) achievement of strategic milestones (weighted 30%) established with respect to key engineering, business, commercial/operational, and sales and culture metrics (the “Strategic Milestones”). Financial Performance Targets for the first half of fiscal 2025 and the Strategic Milestones were approved by the Compensation Committee in February 2025. The Financial Performance Targets for the second half of fiscal 2025 were approved by the Compensation Committee in August 2025. In addition to assessing achievement of the fiscal 2025 performance goals, the Compensation Committee also performs an annual qualitative assessment of each Named Executive Officer’s individual performance. This assessment results in determination of an individual performance factor for each Named Executive Officer that can increase or decrease his or her final EIP payout.
Annual Cash Performance Bonuses
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Annual Cash Performance Bonuses
Financial Performance Targets The Compensation Committee used the following financial performance measures and weightings as the Financial Performance Targets for the fiscal 2025 EIP:
Annual Cash Performance Bonuses
| Financial Measure | Weighting | Compensation Committee Rationale | | Adjusted Non-GAAP Net Income(1)(2) | 50% | • Key short-term measure of our ability to operate the business profitably and a valid metric for comparison • Measure of significant importance to stockholders; ties directly to enhanced stock price performance | | Net Revenue | 40% | • Reflects top-line growth, a strong indicator of our long-term ability to increase profitability, cash flow and improve stock price performance | | Adjusted Free Cash Flow(2)(3) | 10% | • Effective cash management and cash generation are key components of our strategy and our annual operating plan, which if successfully executed should lower indebtedness, increase financial flexibility and ultimately drive improved company valuation and stock price performance |
Annual Cash Performance Bonuses
| (1) For purposes of the fiscal 2025 EIP, our “adjusted non-GAAP net income” was calculated by adjusting our fiscal 2025 GAAP net income for (i) non-GAAP financial adjustments such as amortization of acquisition-related intangibles, stock-based compensation, release of reserves for uncertain tax positions, gains on long-term investments, net and provision for income taxes associated with these adjustments and (ii) amounts accrued for fiscal 2024 annual cash performance bonuses. The aggregate amount of these adjustments is $3.3 billion. |
Annual Cash Performance Bonuses
| (2) Adjusted non-GAAP net income and adjusted free cash flow differ from the non-GAAP financial results we report in our quarterly earnings release materials and should be viewed in addition to and not as a substitute for, or superior to, reported results prepared in accordance with GAAP. |
Annual Cash Performance Bonuses
| (3) For purposes of our fiscal 2025 EIP, our “adjusted free cash flow” was calculated by adjusting our GAAP net cash provided by operating activities for (i) purchases of property and equipment and (ii) cash payments for fiscal 2024 bonuses which were paid in March and April 2025. The aggregate amount of these adjustments is $0.5 billion. |
Annual Cash Performance Bonuses
The following illustrates how the 2025 annual cash performance bonuses under the EIP were calculated:
Annual Cash Performance Bonuses
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Annual Cash Performance Bonuses
The performance levels (threshold, target and maximum) for the first half and second half of fiscal 2025 financial performance measures were established by the Compensation Committee in February 2025 and August 2025, respectively, in each case in consultation with senior management. The performance levels were structured using our 2025 operating plan as a benchmark to align with our financial objectives for the fiscal periods, taking into account overall affordability of the bonus opportunities provided under the EIP for fiscal 2025. These targets were determined by the Compensation Committee to be appropriately aggressive relative to our internal financial targets to ensure they are challenging to meet. The threshold and maximum levels for each financial measure was determined by the Compensation Committee to provide for appropriate payout above or below target. We must outperform relative to our expectations for the year to achieve target performance under the EIP. For each performance measure, the level of performance required increases at a fixed rate between each performance level. Strategic Milestones For the Strategic Milestones, which account for 30% of the EIP Performance Factor (subject to possible adjustment as described above), the Compensation Committee selected (a) new product tape outs and launches tied to specified internal targeted delivery dates, (b) achievement of various commercial/operations milestones, and (c) sales and culture metrics. Each of the specific Strategic Milestones is highly confidential information so we try to balance that with giving our stockholders transparency. Providing our specific milestones would give competitors a greater sense of our internal goals, milestones, strategy, and timelines. Disclosure would allow our competitors to adjust their own strategy in a way that would cause us irreparable competitive harm in the highly competitive semiconductor industry. When approved, the Compensation Committee believed that each Strategic Milestone was challenging, yet reasonably achievable. Based on our performance relative to the Financial Performance Targets and Strategic Milestones, the fiscal 2025 EIP reached 121% achievement.
Annual Cash Performance Bonuses
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Annual Cash Performance Bonuses
Individual Performance Factor For fiscal 2025, the Compensation Committee reviewed individual performance based on achievement of objective measures and goals in the areas of execution, leadership, and innovation/strategic planning (the “Individual Performance Factor”). At the end of fiscal 2025, our Chief Executive Officer assessed each participating Named Executive Officer’s performance, except her own, and made bonus recommendations to the Compensation Committee for each of them. The Compensation Committee then considered the Chief Executive Officer’s individual performance reviews and bonus recommendations, and independently assessed the Company’s performance and the individual performance of the Chief Executive Officer and each of the other participating Named Executive Officers to determine the Individual Performance Factor. After consideration of the factors above, the Compensation Committee determined to award each participating Named Executive Officer an Individual Performance Factor of 1.0 to reflect the leadership and continued execution that contributed to the Company delivering strong performance across all businesses, including record annual revenue in 2025. Based on its assessment of each of these factors and considering the Company’s strong performance relative to our aggressive Financial Performance Targets and Strategic Milestones, the Compensation Committee approved fiscal 2025 annual cash performance bonuses under the EIP for the Named Executive Officers as set forth below:
Annual Cash Performance Bonuses
| | 2025 EIP Bonus Calculation | | | | | | Named Executive Officer | Eligible Base Salary | Target Bonus Opportunity (% of Eligible Base Salary) | EIP Performance Factor | Individual Performance Factor | EIP Bonus(1) | | Lisa Su | $1,291,500 | 200% | | 1.0 | $3,125,430 | | Jean Hu | $780,000 | 125% | | 1.0 | $1,179,750 | | Mark Papermaster | $855,000 | 125% | 121.0% | 1.0 | $1,293,187 | | Darren Grasby(2) | $817,736 | 125% | | 1.0 | $1,236,826 | | Forrest Norrod | $765,000 | 125% | | 1.0 | $1,157,062 |
Annual Cash Performance Bonuses
| (1) The amounts reported in this column reflect the bonus amounts approved by the Compensation Committee and paid to the Named Executive Officers. |
Annual Cash Performance Bonuses
| (2) Amount shown for Mr. Grasby is total eligible base salary of £606,000 converted into U.S. dollars using the exchange rate of £1 = $1.3494 as of December 27, 2025. |
Annual Cash Performance Bonuses
The Compensation Committee reviews and certifies the level of achievement for each performance measure before any payments are made. This review and certification are generally performed at the first regularly scheduled Compensation Committee meeting following the end of the year with any payout of the annual cash performance bonus occurring in March of such year.
Long-Term Equity Awards
Long-Term Equity Awards We believe that long-term incentive compensation in the form of equity awards provides a strong alignment between the interests of our Named Executive Officers and our stockholders. The Compensation Committee generally seeks to provide equity award opportunities that are consistent with our compensation philosophy (with the potential for larger PRSU payments and stock price appreciation for exceptional performance). The Compensation Committee also believes that utilizing time-based equity incentives for a portion of our long-term equity awards is essential in promoting executive retention.
Long-Term Equity Awards
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Long-Term Equity Awards
(continued) 2025 Annual Equity Awards On June 27, 2025, the Compensation Committee and, in Dr. Su’s case, the non-management members of our Board, approved the following aggregate intended target values and annual equity awards under our 2023 Plan, each of which was granted to the listed Named Executive Officer on August 15, 2025:
Long-Term Equity Awards
| Named Executive Officer | PRSUs (Target # of Shares) | Time-Based RSUs | Time-Based Stock Options | Aggregate Intended Target Value (1) | | Lisa Su | 151,283 | — | 102,516 | $33,000,000 | | Jean Hu | 31,173 | 10,391 | 21,124 | $8,500,000 | | Mark Papermaster | 36,674 | 12,224 | 24,852 | $10,000,000 | | Darren Grasby | 25,672 | 8,557 | 17,396 | $7,000,000 | | Forrest Norrod | 29,339 | 9,779 | 19,881 | $8,000,000 |
Long-Term Equity Awards
| (1) Amounts reflect intended target value as approved in June 2025. The amounts reported in the 2025 Summary Compensation Table represent the grant date fair values (i.e., accounting values) of these awards computed in accordance with Accounting Standards Codification (ASC) Topic 718. |
Long-Term Equity Awards
| (2) Amounts shown for Mr. Grasby do not include his one-time promotion and retention equity award of 21,253 PRSUs and 21,253 time-based RSUs that were granted to him on February 15, 2025. For a discussion of this award, see “—Grasby Promotion and Retention Award” below. |
Long-Term Equity Awards
As reflected in the table above, the aggregate intended target value of Dr. Su’s 2025 annual long-term equity award was converted into a mix of 75% PRSUs and 25% stock options using a conversion price of $163.60 (i.e., the average closing price of our common stock over the 30 trading-day period ending on August 15, 2025, the 2025 annual program’s grant date) (the “Conversion Price”), and, for the stock options, also using an additional factor of 49.19% that correlates to the Black-Scholes value we use for accounting purposes. For the other Named Executive Officers, their respective aggregate intended target values were converted into a mix of 60% PRSUs, 20% time-based RSUs and 20% stock options using the same Conversion Price and Black-Scholes correlation value as for our CEO. The accounting values of these awards differ from the aggregate intended target values reported in the table above for various reasons, including: (a) the grant date closing price of our common stock (which is used in determining the accounting values) was higher than the Conversion Price, and (b) each target PRSU has an accounting value that is approximately 155% of the fair market value of the underlying share of our common stock. In approving the aggregate intended target value of each Named Executive Officer’s 2025 annual long-term equity award, the Compensation Committee (the non-management members of our Board for Dr. Su) considered our executive retention objectives and continuity within senior management and the following high-level corporate goals: achieve fiscal 2025 financial results, execute industry-leading roadmap and meet customer commitments. The achievement of these high-level goals drive our overall company business strategy and, correspondingly, the attainment of the performance objectives in our long-term incentive compensation program. It also reviewed data showing the market-competitive award levels based on the 2025 Executive Compensation Peer Group, the potential realizable value of each Named Executive Officer’s then-outstanding equity holdings, and the projected accounting cost of the awards based on information available as of May 13, 2025. Additionally, the Compensation Committee (the non-management members of our Board for Dr. Su) considered the potential realizable value of each Named Executive Officer’s then-outstanding equity holdings. 2025 Annual PRSU Awards. The 2025 annual PRSU awards (the “2025 Annual PRSUs”) provide for a payout that will range from 0% to 250% of the target number of shares of our common stock subject to the award. The actual number of shares earned by each Named Executive Officer will be calculated as follows:
Long-Term Equity Awards
| • | Each Named Executive Officer will earn between 0% and 200% of his or her target number of shares (the “Initial Earned Shares”) depending on the TSR of our stock compared to other constituents of the S&P 500 Index over the period (the “Performance Period”) beginning August 15, 2025 and ending August 15, 2028 (or, if earlier, the date of a change of control), measured on a percentile rank basis. If |
Long-Term Equity Awards
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Long-Term Equity Awards
(continued)
Long-Term Equity Awards
| the return on our stock price during the Performance Period is negative, the Initial Earned Shares are capped at 100% of the target number of shares even if we exceed our relative TSR performance goal. Upon completion of its annual review of our program design, the Compensation Committee determined to change the measurement methodology for 2025 – from a comparison of our TSR performance relative to the performance of the S&P 500 index to a percentile rank approach. It did so because a percentile rank approach avoids oversensitivity to the performance of a small number of heavily weighted components of the index, particularly in the scenario where those index components significantly over- or under-perform other components of the Index. |
Long-Term Equity Awards
| • | For this purpose, the TSR is measured based on the average closing sales price of our Company’s stock for the 60-trading day period ending on (and including) each of (a) August 15, 2025, and (y) the last day of the Performance Period, accounting for reinvestment of dividends. PRSUs may be earned as follows: |
Long-Term Equity Awards
| AMD’s TSR Percentile Rank Compared to the S&P 500 Index | PRSUs Earned (% of Target # of Shares) (1) | | 75 th percentile or higher | 200% | | 50 th percentile | 100% | | 25 th percentile | 25% | | Below 25 th percentile | 0% |
Long-Term Equity Awards
| (1) Results between the performance levels will be linearly interpolated. |
Long-Term Equity Awards
| • | In alignment with our long-term growth strategy, we used EPS growth as an upside modifier to the award. If we meet or exceed challenging pre-established non-GAAP EPS growth targets from our 2025 fiscal year to our 2027 fiscal year, award payouts will be increased to 125% or 150% of each Named Executive Officer’s Initial Earned Shares (if applicable, the “Adjusted Earned Shares”). In no event, however, will the Named Executive Officer’s Adjusted Earned Shares exceed 250% of his or her target number of shares. |
Long-Term Equity Awards
Any PRSUs that are earned will generally be settled on the later of August 22, 2028, or the date following the Compensation Committee’s certification of our performance achievement. Each Named Executive Officer must be continuously employed through the last day of the Performance Period to receive his or her earned shares, except to the extent an event triggers accelerated vesting of the 2025 Annual PRSUs under the terms of his or her employment or other agreement, as applicable. Stock Options . Stock options are intended to align the interests of our Named Executive Officers with the interests of our stockholders because they will not realize any financial benefit from these awards unless our stock price increases above the exercise price over the seven-year option term. The stock options have an exercise price equal to 100% of the fair market value of our common stock on the grant date, which was $177.51 per share. The stock options vest (and become exercisable) as to one-fourth of the underlying shares on each of August 15, 2026, and then quarterly thereafter until August 15, 2029, subject to the Named Executive Officer’s continued employment with us through each vesting date (unless his or her employment agreement or other agreement with us provides otherwise). The service-based vesting requirements are intended to further our retention objectives. The stock options expire seven years after the grant date, subject to earlier expiration if the Named Executive Officer’s employment with us terminates. RSUs . RSUs are intended to encourage executive retention, manage share dilution, recognize individual performance and align the interests of our Named Executive Officers with our stockholders because the value of the awards is tied to the market value of our common stock at the time of vesting. All of the RSUs granted to our Named Executive Officers in 2025 vest as to one-fourth of the underlying shares on each of August 15, 2026, and thereafter quarterly until August 15, 2029, subject to the Named Executive Officer’s continued employment with us through each vesting date (unless his or her employment agreement or other agreement with us provides otherwise).
Long-Term Equity Awards
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Long-Term Equity Awards
(continued) 2022 PRSUs – Performance Results The annual PRSUs that were granted to each of our Named Executive Officers on August 9, 2022 (the “2022 PRSUs”) became earned and settled in August 2025 at 96.84% of target. The Compensation Committee certified achievement at 96.84% of target as a result of our (a) TSR underperforming the total shareholder return of the S&P 500 Index by 1.58% over the three-year performance period that began August 9, 2022 and ended August 9, 2025, and (b) achievement of fiscal 2024 non-GAAP earnings per share (“Non-GAAP EPS”) of $3.31, which represented less than 20% compound annual growth rate in our non-GAAP earnings per share from our target fiscal 2022 Non-GAAP EPS of $4.21. Grasby Promotion and Retention Equity Award In February 2025, Mr. Grasby was granted a promotion and retention equity award having a target value of $5 million. The award was in recognition of his promotion as our Chief Sales Officer, his unique and significant contributions to driving our strong growth and momentum in key markets, and to encourage his long-term retention. The target value of the retention equity award was converted into a mix of 50% PRSUs (or a target number of 21,253 PRSUs) and 50% time-based RSUs (or 21,253 time-based RSUs), which were granted on February 15, 2025 under the terms of the 2023 Plan. Mr. Grasby may earn between 0% and 200% of the target number PRSUs covered by this award based achievement of stock price milestones during the three-year performance period that began on February 15, 2025, and ends on February 15, 2028 (or, if earlier, the date on which a change of control occurs), subject to his continuing employment through the end of such performance period. The time-based RSUs vest in three equal annual installments on each of the first, second and third anniversaries of the grant date, subject to his continuing employment through each applicable vesting date. Equity Award Grant Timing Practices We have no practice or policy of coordinating or timing the release of the Company information around the grant date of our annual long-term equity awards, and we have not timed the disclosure of material non-public information for the purposes of affecting the value of executive compensation. Our annual long-term equity awards are typically granted in July or August. On occasion, we grant equity awards outside of our annual grant cycle for new hires, promotions, recognition, retention or other purposes. These “off cycle” awards are granted only on a limited basis. During fiscal 2025, we did not grant any stock options (or similar awards) to any of our Named Executive Officers during any period beginning four business days before and ending one business day after the filing of any periodic report on Form 10-Q or Form 10-K, or the filing or furnishing of any Form 8-K that disclosed any material non-public information.
Change of Control Arrangements and Post-Employment Compensation
Change of Control Arrangements and Post-Employment Compensation Change of Control Arrangements Our Chief Executive Officer has an employment agreement that establishes her base salary and provides for annual incentive and long-term incentive awards under our approved plans ( i.e. , the EIP and 2023 Plan). The agreement also provides for specified payments and benefits in connection with certain termination of employment events, including a qualifying termination following a change of control of AMD. Messrs. Papermaster and Norrod are each party to a change of control agreement with us. Ms. Hu and Mr. Grasby participate in the Amended and Restated Advanced Micro Devices, Inc. Executive Severance and Change of Control Plan for Executive and Senior Vice Presidents (the “Executive Severance Plan”). These three individual agreements, together with the Executive Severance Plan, set forth the payments and benefits that may become payable to the applicable Named Executive Officers upon specified termination events in connection with a change of control. The Compensation Committee believes that these arrangements support continuity of leadership in the event of a potential change of control and are intended to facilitate an orderly leadership transition following such a transaction. The Compensation Committee also believes that these arrangements allow Named Executive Officers to carry out the directives of our Board of Directors without undue concern regarding the potential impact of a change of control on their employment. We do not provide tax gross ups in connection with terminations, including terminations in the event of a change of control. Double-Trigger Requirement for Change of Control Benefits Under the terms and conditions of the above-described change of control arrangements, the applicable Named Executive Officer is eligible to receive certain specified payments and benefits only if (a) a “change of control”
Change of Control Arrangements and Post-Employment Compensation
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Change of Control Arrangements and Post-Employment Compensation
(continued) of AMD occurs and (b) the Named Executive Officer experiences an involuntary termination of employment or a constructive discharge within two years following the change of control (a “double-trigger” arrangement). The Compensation Committee believes this structure appropriately balances our executive retention and incentive objectives while avoiding windfall payments to executives who continue employment with the acquiring entity following a change of control. For a detailed description of these arrangements with our Named Executive Officers, including a description of the triggering events, the form of benefits provided, and an estimate of the amounts payable under such arrangements as of the last day of fiscal 2025, see the “Severance, Retirement, and Change of Control Arrangements” section. Severance and Separation Benefits Outside of a Change of Control Dr. Su’s employment agreement provides for certain specified payments and benefits in the event that her employment is involuntarily terminated outside of a change of control. The Compensation Committee believes that the severance payable to Dr. Su in these circumstances is reasonable and competitive and provides transition assistance in the event of her involuntary termination of employment, with the goal of keeping her focused on our business. Our other Named Executive Officers are eligible to receive severance payments and benefits outside of a change of control context under our Executive Severance Plan. The severance payments and benefits available under our Executive Severance Plan are designed to provide consistent treatment for our senior executives (other than the Chief Executive Officer) upon an involuntary termination of employment and to offer transition assistance under such circumstances. The Compensation Committee believes that the Executive Severance Plan provides meaningful protections that support our objectives of attracting and retaining senior executive talent. For a detailed description of these post-employment compensation arrangements, including eligibility conditions and an estimate of the amounts payable as of the last day of fiscal 2025, see the “Severance, Retirement, and Change of Control Arrangements” section. Executive Retirement Plan Each of our Named Executive Officers participates in our Executive Retirement Plan. The Executive Retirement Plan is designed to formally document and standardize our approach to honoring retiring key employees who have had an exceptional impact over the course of their tenure. A Named Executive Officer is eligible to retire under the Executive Retirement Plan upon attainment of (a) age 65 with at least 5 years of service or (b) age 60 with at least 10 years of service. To receive benefits under the Executive Retirement Plan, the eligible executive must provide advanced notice of retirement and agree to continue employment for up to 12 months following such notice and execute and not revoke a waiver and release of claims. For further information regarding the Executive Retirement Plan, including a description of the benefits provided, see the “Severance, Retirement, and Change of Control Arrangements” section beginning on page 74.
Other Compensation Policies
(continued) in the event of such individual’s direct involvement with fraud, misconduct or gross negligence which contributes to an accounting restatement as a result of our material noncompliance with any financial reporting laws. Finally, the award agreement for each stock option, RSU, and PRSU granted to an employee at or above the level of senior vice president (which includes our Named Executive Officers) includes a clawback provision. The clawback provides the Compensation Committee with the right to recover all or a portion of the compensation attributable to the award if the employee’s direct involvement with fraud, misconduct or his or her gross negligence contributes to or results in us being required to prepare an accounting restatement as a result of our material noncompliance with any financial reporting requirement under the federal securities laws. The clawback does not apply to any award granted more than 18 months before the date of the first public issuance or SEC filing of the financial document embodying the reporting requirement. In addition, (a) with respect to awards granted in and after August 2015, we may recoup the award if the recipient violates the non-competition, non-solicitation or confidentiality terms of the award agreement as permitted under applicable law, or fails to comply with any agreement with us regarding inventions, intellectual property rights, or proprietary information or material, and (b) with respect to awards granted after May 2019, we may recoup the award if the recipient engages in certain workplace misconduct (including sexual harassment or age, sex or other prohibited discrimination) or a criminal act involving moral turpitude. The Compensation Committee may exercise these clawback rights by cancellation, forfeiture, repayment or disgorgement of any profits realized by the employee from the sale of our securities. Stock Ownership Requirements Our stock ownership requirements are designed to increase our Named Executive Officers’ stakes in us and to align their interests more closely with those of our stockholders. These requirements provide that on or before the Ownership Achievement Date (as defined below), our Chief Executive Officer should attain an investment position in our common stock equal to six times her then-current annual base salary, and our other Named Executive Officers should attain an investment position in our common stock equal to three times their then-current annual base salaries. Shares of our common stock counted toward the minimum stock ownership requirements include any shares held directly or indirectly by a Named Executive Officer. The “Ownership Achievement Date” is the later of August 7, 2025, or five years from first appointment as an executive officer. Until the guideline is achieved, each Named Executive Officer is encouraged to retain at least 10% of the net shares obtained through our stock incentive plans. For this purpose, the “net shares” are the number of shares received from the exercise of stock options or the vesting of restricted stock or RSU awards, less the number of shares the Named Executive Officer sells to cover the exercise price of stock options or sells or has withheld to pay taxes. As of December 27, 2025, each of our Named Executive Officers had satisfied his or her applicable stock ownership requirement or has time remaining to do so.
RISK ANALYSIS OF OUR COMPENSATION POLICIES AND PRACTICES
RISK ANALYSIS OF OUR COMPENSATION POLICIES AND PRACTICES In March 2026, the Compensation Committee reviewed our compensation policies and practices for employees generally and concluded that these policies and practices do not create risks that are reasonably likely to have a material adverse effect on us. In reaching this conclusion, the Compensation Committee, with the assistance of management, assessed our executive and broad-based compensation and benefits programs to determine if any of them created undesired or excessive risks of a material nature. The assessment included (i) a review of our compensation policies and practices for employees generally, (ii) identification of the risks that could result from such policies and practices, (iii) identification of the risk mitigators and controls, and (iv) analysis of the potential risks against the risk mitigators and controls and our business strategy and objectives. Although the Compensation Committee reviewed our compensation programs, the Compensation Committee focused on the programs that have variability of payout and in which employees could directly affect the payout of incentives. These programs included the EIP, 2023 Annual Incentive Plan (“Annual Incentive Plan”), Long-Term Incentive Program (“LTI”), Sales Incentive Plan and 2023 Plan. In performing the assessment and reaching its conclusion, the Compensation Committee noted the following factors that the Compensation Committee believes may reduce the likelihood of undesired or excessive risk-taking:
RISK ANALYSIS OF OUR COMPENSATION POLICIES AND PRACTICES
| • | Our compensation practices and policies appropriately balance base pay versus variable pay and short-term versus long-term incentives; |
RISK ANALYSIS OF OUR COMPENSATION POLICIES AND PRACTICES
| • | Although the EIP, Annual Incentive Plan, LTI and Sales Incentive Program have variability of payout, the Compensation Committee believes that any potential risks associated with such plans are controlled or mitigated by one or more of the following: (i) the performance goals being multi-dimensional (i.e., adjusted non-GAAP net income, adjusted non-GAAP free cash flow, revenue), thereby increasing the range of performance over which incentives are paid; (ii) the performance goals being aligned with our business objectives and being quantitative financial measures; (iii) the use of sliding payout scales, with the payouts in certain instances being linearly interpolated for performance falling between the performance levels set by the Compensation Committee; (iv) the ability of the Compensation Committee and/or management to exercise discretion to reduce payouts; (v) the existence of multiple internal controls and approval processes that are intended to prevent manipulation of outcomes by any employee, including the Named Executive Officers; and (vi) the incentive opportunities being capped; |
RISK ANALYSIS OF OUR COMPENSATION POLICIES AND PRACTICES
| • | Although the grant of equity awards under the 2023 Plan could motivate our employees to, among other things, focus on increasing our short-term stock price rather than the creation of long-term stockholder value, the Compensation Committee believes that potential risks are controlled or mitigated by one or more of the following: (i) awarding a combination of PRSUs, RSUs and stock options; (ii) three-year vesting and performance period for PRSUs; (iii) the vesting provisions of stock options and RSUs occurring over multi-year periods, (iv) caps on performance-based compensation opportunities; and (v) our stock ownership guidelines for our executive officers. In addition, we prohibit our employees, including Named Executive Officers, from engaging in hedging transactions in our securities; and |
2025 SUMMARY COMPENSATION TABLE
2025 SUMMARY COMPENSATION TABLE
2025 SUMMARY COMPENSATION TABLE
| Name and Principal Position | Year | Salary ($) | Bonus ($) | Stock Awards ($)(1) | Option Awards ($)(2) | Non-Equity Incentive Plan Compensation ($)(3) | All Other Compensation ($)(4) | Total ($) | | Lisa T. Su | | | | | | | | | | Chair, President and Chief Executive Officer | 2025 | 1,291,258 | — | 41,669,390 | 8,951,513 | 3,125,430 | 124,188 | 55,161,779 | | | 2024 | 1,230,000 | — | 21,699,384 | 6,234,410 | 1,776,120 | 56,478 | 30,996,392 | | | 2023 | 1,200,000 | — | 21,848,258 | 5,838,512 | 1,432,800 | 28,711 | 30,348,281 | | Jean Hu | | | | | | | | | | Executive Vice President, Chief Financial Officer and Treasurer | 2025 | 779,846 | — | 10,430,798 | 1,844,510 | 1,179,750 | 17,046 | 14,251,950 | | | 2024 | 742,500 | — | 6,233,572 | 1,391,191 | 670,106 | 16,821 | 9,054,190 | | | 2023 | 683,173 | 2,000,000 | 28,146,669 | 1,459,601 | 507,968 | 16,458 | 32,813,869 | | Darren Grasby(6) | | | | | | | | | | Executive Vice President, Chief Sales Officer and President EMEA | 2025 | 828,148 | — | 14,481,805 | 1,518,987 | 1,236,826 | 115,928 | 18,181,694 | | Forrest Norrod | | | | | | | | | | Executive Vice President and General Manager, Data Center Solutions Business | 2025 | 764,885 | — | 9,817,004 | 1,735,973 | 1,157,062 | 17,130 | 13,492,054 | | | 2024 | 730,000 | — | 5,454,236 | 1,217,301 | 658,825 | 39,408 | 8,099,770 | | | 2023 | 693,462 | — | 13,258,106 | 1,264,991 | 518,644 | 15,438 | 15,750,641 | | Mark Papermaster | | | | | | | | | | Executive Vice President and Chief Technology Officer, Technology and Engineering | 2025 | 854,885 | — | 12,271,369 | 2,170,032 | 1,293,187 | 17,383 | 16,606,856 | | | 2024 | 820,000 | — | 7,791,820 | 1,739,040 | 740,050 | 134,312 | 11,225,222 | | | 2023 | 787,500 | — | 8,306,007 | 1,751,543 | 587,672 | 16,780 | 11,449,502 |
2025 SUMMARY COMPENSATION TABLE
| (1) Amounts shown in the column do not reflect dollar amounts actually received by the Named Executive Officers. Instead, these amounts represent the aggregate grant date fair value of the RSUs and PRSUs granted in the year indicated computed in accordance with ASC Topic 718. The grant date fair value (which is sometimes referred to herein as the “accounting value”) is used to recognize the accounting expense for long-term equity awards. For fiscal 2025, the amounts shown include the grant date fair value of the PRSUs awarded in fiscal 2025 to each Named Executive Officer as set forth in the table below. The grant date fair value of the PRSUs is calculated by an outside professional valuation consultant using a Monte-Carlo simulation model and based upon a discounted cash flow analysis of the probability-weighted payoffs of a share-based payment assuming a variety of possible stock price paths and represents the estimate of the most probable aggregate compensation cost to be recognized over the requisite service period determined as of the grant date under ASC Topic 718. |
2025 SUMMARY COMPENSATION TABLE
| The aggregate accounting values of the PRSUs granted to our Named Executive Officers in fiscal 2025 are as follows: |
2025 SUMMARY COMPENSATION TABLE
| Named Executive Officer | Grant Date | Shares Underlying PRSUs at Target (100%) (#) | Shares Underlying PRSUs at Maximum (200%/250%) (#) | Grant Date Fair Value ($) | | Lisa T. Su | 8/15/2025 | 151,283 | 378,207 | 41,669,390 | | Jean Hu | 8/15/2025 | 31,173 | 77,932 | 8,586,291 | | Darren Grasby | 8/15/2025 | 25,672 | 64,180 | 7,071,096 | | | 2/15/2025 | 21,253 | 42,506 | 3,488,042 | | Forrest Norrod | 8/15/2025 | 29,339 | 73,347 | 8,081,134 | | Mark Papermaster | 8/15/2025 | 36,674 | 91,685 | 10,101,487 |
2025 SUMMARY COMPENSATION TABLE
| In accordance with Instruction 3 to Item 402(c)(2)(v), assuming that the highest level of performance conditions of the PRSUs granted to our Named Executive Officers in fiscal 2025 will be achieved, the maximum possible value of the PRSUs, using our stock price on the grant date of the PRSUs, is: $67,135,525 for Dr. Su; $13,833,709 for Ms. Hu; $16,200,021 for Mr. Grasby; $13,019,826 for Mr. Norrod; and $16,275,004 for Mr. Papermaster. |
2025 SUMMARY COMPENSATION TABLE
| (2) Amounts shown in this column do not reflect dollar amounts actually received by the Named Executive Officers. Instead, the amounts represent the aggregate grant date fair value of option awards granted in the year indicated computed in accordance with ASC Topic 718. For a |
2025 SUMMARY COMPENSATION TABLE
| 66 | ADVANCED MICRO DEVICES, INC. | 2026 Proxy Statement |
2025 SUMMARY COMPENSATION TABLE
2025 Summary Compensation Table (continued)
2025 SUMMARY COMPENSATION TABLE
| discussion of the assumptions made in the valuations reflected in this column, see Note 14 of the Notes to Consolidated Financial Statements in our Annual Report. |
2025 SUMMARY COMPENSATION TABLE
| (3) Amounts represent cash performance bonuses paid under the EIP for fiscal 2025. See “Compensation Discussion and Analysis—Fiscal 2025 Compensation Elements—Annual Cash Performance Bonuses” above for more information about these payments, including the pre-established financial measures under the EIP. |
2025 SUMMARY COMPENSATION TABLE
| (4) The following table sets forth the components of the amounts presented in the All Other Compensation column for fiscal 2025: |
2025 SUMMARY COMPENSATION TABLE
| Named Executive Officer | Matching Contributions to 401(k) ($)* | Life Insurance Premiums Paid By Company ($) | Other ($)(5) | Total ($) | | Lisa T. Su | 15,750 | 1,944 | 106,494 | 124,188 | | Jean Hu | 15,750 | 1,296 | — | 17,046 | | Darren Grasby | 81,048 | 2,342 | 32,538 | 115,928 | | Forrest Norrod | 15,750 | 1,380 | — | 17,130 | | Mark Papermaster | 15,750 | 1,633 | — | 17,383 |
2025 SUMMARY COMPENSATION TABLE
| * For Mr. Grasby, represents Company contributions into the Company’s defined contribution pension plan in the United Kingdom. |
2025 SUMMARY COMPENSATION TABLE
| (5) For Dr. Su, the amount reflects (a) aggregate incremental costs for personal security services in the total amount of $39,788, (b) aggregate incremental cost of personal guests travelling on Company aircraft for business trips in the total amount of $1,614 and (c) direct cost of other personal expenses for guests in connection with business-related travel to sales events where the presence of spouses/partners was requested by us in the total amount of $65,092. We do not consider security expenses for Dr. Su to be personal benefits, rather an appropriate expense for our benefit. For more information, see “Compensation Discussion and Analysis—Fiscal 2025 Compensation Elements—Health, Welfare, Security and Other Personal Benefits (Perquisites)” above. For Mr. Grasby, the amount reflects (a) direct cost of a car allowance in the United Kingdom in the total amount of $15,383 and (b) direct cost of other personal expenses for a guest in connection with business-related travel to a sales event where the presence of spouses/partners was requested by us in the total amount of $17,155. |
2025 SUMMARY COMPENSATION TABLE
| (6) Mr. Grasby was not a named executive officer in fiscal 2024 and 2023. Cash amounts received by Mr. Grasby are paid in British pounds. Amounts represented for Mr. Grasby are based on an exchange rate of $1.3494 U.S. dollars per British pound, which was the exchange rate as of December 27, 2025. |
2025 SUMMARY COMPENSATION TABLE
| ADVANCED MICRO DEVICES, INC. | 2026 Proxy Statement | 67 |
OUTSTANDING EQUITY AWARDS AT 2025 FISCAL YEAR-END
OUTSTANDING EQUITY AWARDS AT 2025 FISCAL YEAR-END The following table shows all outstanding equity awards held by the Named Executive Officers as of December 27, 2025. The equity awards reported in the Option Awards column consist of non-qualified stock options. The equity awards in the Stock Awards column consist of RSUs and PRSUs.
OUTSTANDING EQUITY AWARDS AT 2025 FISCAL YEAR-END
| | Option Awards | | | | | Stock Awards | | | | | Name | Number of Securities Underlying Unexercised Options Exercisable (#) | Number of Securities Underlying Unexercised Options Unexercisable (#) | Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) | Option Exercise Price ($) | Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested (#) | Market Value of Shares or Units of Stock That Have Not Vested ($)(1) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(1) | | Lisa T. Su | | | | | | | | | | | | | | | | | 16,221(2) | 3,487,353 | | | | | | | | | | | | 396,405(3) | 85,223,111 | | | | | | | | | | 236,816(4) | 50,913,072 | | | | | | | | | | 302,566(5) | 65,048,664 | | | 120,642(6) | — | | 84.85 | 8/9/2027 | | | | | | | 112,029(7) | — | | 107.58 | 8/9/2028 | | | | | | | 104,829(8) | 34,943 | | 95.54 | 8/9/2029 | | | | | | | 53,236(9) | 53,238 | | 110.47 | 8/9/2030 | | | | | | | 22,793(10) | 68,380 | | 134.27 | 8/9/2031 | | | | | | | —(11) | 102,516 | | 177.51 | 8/15/2032 | | | | | | Jean Hu | | | | | | | | | | | | | | | | | 30,788(12) | 6,619,112 | | | | | | | | | | 6,607(13) | 1,420,439 | | | | | | | | | | 7,772(14) | 1,670,902 | | | | | | | | | | 10,391(15) | 2,233,961 | | | | | | | | | | | | 131,942(16) | 28,366,211 | | | | | | | | | | 99,100(3) | 21,305,509 | | | | | | | | | | 52,846(4) | 11,361,362 | | | | | | | | | | 62,346(5) | 13,403,767 | | | 13,308(9) | 13,310 | | 110.47 | 8/9/2030 | | | | | | | 5,086(10) | 15,259 | | 134.27 | 8/9/2031 | | | | | | | —(11) | 21,124 | | 177.51 | 8/15/2032 | | | | | | Darren Grasby | | | | | | | | | | | | | | | | | 4,345(2) | 934,131 | | | | | | | | | | 3,886(14) | 835,451 | | | | | | | | | | 21,253(19) | 4,569,182 | | | | | | | | | | 8,557(15) | 1,839,669 | 44,045(3) | 9,469,235 | | | | | | | | | | 26,423(4) | 5,680,681 | | | | | | | | | | 42,506(20) | 9,138,365 | | | | | | | | | | 51,344(5) | 11,038,447 | | | 24,376(7) | — | | 107.58 | 8/9/2028 | | | | | | | 28,079(8) | 9,360 | | 95.54 | 8/9/2029 | | | | | | | 2,543(10) | 7,629 | | 134.27 | 8/9/2031 | | | | | | | —(11) | 17,396 | | 177.51 | 8/15/2032 | | | | |
OUTSTANDING EQUITY AWARDS AT 2025 FISCAL YEAR-END
| 68 | ADVANCED MICRO DEVICES, INC. | 2026 Proxy Statement |
OUTSTANDING EQUITY AWARDS AT 2025 FISCAL YEAR-END
Outstanding Equity Awards at 2025 Fiscal Year-End (continued)
OUTSTANDING EQUITY AWARDS AT 2025 FISCAL YEAR-END
| | Option Awards | | | | | Stock Awards | | | | | Name | Number of Securities Underlying Unexercised Options Exercisable (#) | Number of Securities Underlying Unexercised Options Unexercisable (#) | Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) | Option Exercise Price ($) | Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested (#) | Market Value of Shares or Units of Stock That Have Not Vested ($)(1) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(1) | | Forrest Norrod | | | | | | | | | | | | | | | | | 3,476(2) | 747,305 | | | | | | | | | | 10,996(17) | 2,364,030 | | | | | | | | | | 5,726(13) | 1,231,033 | | | | | | | | | | 6,800(14) | 1,461,932 | | | | | | | | | | 9,779(15) | 2,102,387 | 65,970(16) | 14,182,890 | | | | | | | | | | 85,887(3) | 18,464,846 | | | | | | | | | | 46,240(4) | 9,941,138 | | | | | | | | | | 58,678(5) | 12,615,183 | | | 16,437(18) | — | | 34.19 | 8/9/2026 | | | | | | | 21,784(6) | — | | 84.85 | 8/9/2027 | | | | | | | 20,720(7) | — | | 107.58 | 8/9/2028 | | | | | | | 22,463(8) | 7,488 | | 95.54 | 8/9/2029 | | | | | | | 11,534(9) | 11,535 | | 110.47 | 8/9/2030 | | | | | | | 4,450(10) | 13,352 | | 134.27 | 8/9/2031 | | | | | | | —(11) | 19,881 | | 177.51 | 8/15/2032 | | | | | | Mark D. Papermaster | | | | | | | | | | | | | | | | | 5,431(2) | 1,167,611 | | | | | | | | | | 7,928(13) | 1,704,441 | | | | | | | | | | 9,714(14) | 2,088,413 | | | | | | | | | | 12,224(15) | 2,628,038 | | | | | | | | | | | | 118,920(3) | 25,566,611 | | | | | | | | | | 66,056(4) | 14,201,379 | | | | | | | | | | 73,348(5) | 15,769,087 | | | 31,369(6) | — | | 84.85 | 8/9/2027 | | | | | | | 35,041(7) | — | | 107.58 | 8/9/2028 | | | | | | | 35,098(8) | 11,700 | | 95.54 | 8/9/2029 | | | | | | | 15,970(9) | 15,972 | | 110.47 | 8/9/2030 | | | | | | | 6,358(10) | 19,074 | | 134.27 | 8/9/2031 | | | | | | | —(11) | 24,852 | | 177.51 | 8/15/2032 | | | | |
OUTSTANDING EQUITY AWARDS AT 2025 FISCAL YEAR-END
| (1) The dollar value of these awards is calculated by multiplying the number of units by $214.99 per share, the last reported sales price of our common stock on December 26, 2025, the last trading day of fiscal 2025. |
OUTSTANDING EQUITY AWARDS AT 2025 FISCAL YEAR-END
| (2) This RSU award vested 25% on each of August 9, 2023, 2024 and 2025 and 25% will vest on August 9, 2026, subject to continued service. |
OUTSTANDING EQUITY AWARDS AT 2025 FISCAL YEAR-END
| (3) Amount reflects estimated PRSU achievement based on performance status as of December 27, 2025 (250% of Target), adjusted for the value cap described below. The actual number of shares that may be earned, if at all, is contingent upon the achievement of pre-established performance metrics over the three-year period ending August 9, 2026. Vested PRSUs will generally be settled on the later of August 15, 2026, or the date following the Compensation Committee’s certification of performance. |
OUTSTANDING EQUITY AWARDS AT 2025 FISCAL YEAR-END
| (4) Amount reflects estimated PRSU achievement based on performance status as of December 27, 2025 (170% of Target), adjusted for the value cap described below. The actual number of shares that may be earned, if at all, is contingent upon the achievement of pre-established performance metrics over the three-year period ending August 9, 2027. Vested PRSUs will generally be settled on the later of August 15, 2027, or the date following the Compensation Committee’s certification of performance. |
OUTSTANDING EQUITY AWARDS AT 2025 FISCAL YEAR-END
| (5) Amount reflects estimated PRSU achievement based on performance status as of December 27, 2025 (200% of Target), adjusted for the value cap described below. The actual number of shares that may be earned, if at all, is contingent upon the achievement of pre-established performance metrics over the three-year period ending August 15, 2028. Vested PRSUs will generally be settled on the later of August 22, 2028, or the date following the Compensation Committee’s certification of performance. |
OUTSTANDING EQUITY AWARDS AT 2025 FISCAL YEAR-END
| (6) This option vested 33 1/3% on each of August 9, 2021, 2022, and 2023. |
OUTSTANDING EQUITY AWARDS AT 2025 FISCAL YEAR-END
| (7) This option vested 33 1/3% on each of August 9, 2022, 2023, and 2024. |
OUTSTANDING EQUITY AWARDS AT 2025 FISCAL YEAR-END
| (8) This option vested 25% on each of August 9, 2023, 2024, and 2025 and will vest 25% on August 9, 2026, subject to continued service. |
OUTSTANDING EQUITY AWARDS AT 2025 FISCAL YEAR-END
| (9) This option vested 25% on each of August 9, 2024, and 2025 and will vest 25% on August 9, 2026 and 2027, subject to continued service. |
OUTSTANDING EQUITY AWARDS AT 2025 FISCAL YEAR-END
| (10) This option vested 25% on August 9, 2025 and will vest 25% on each of August 9, 2026, 2027 and 2028, subject to continued service. |
OUTSTANDING EQUITY AWARDS AT 2025 FISCAL YEAR-END
| ADVANCED MICRO DEVICES, INC. | 2026 Proxy Statement | 69 |
OUTSTANDING EQUITY AWARDS AT 2025 FISCAL YEAR-END
Outstanding Equity Awards at 2025 Fiscal Year-End (continued)
OUTSTANDING EQUITY AWARDS AT 2025 FISCAL YEAR-END
| (11) This option will vest 25% on the first anniversary of the grant date, August 15, 2026, with an additional 6.25% vesting quarterly thereafter, subject to continued service. |
OUTSTANDING EQUITY AWARDS AT 2025 FISCAL YEAR-END
| (12) This RSU award vested 33 1/3% on each of February 15, 2024 and 2025 and 33 1/3% will vest on February 15, 2026, subject to continued service. |
OUTSTANDING EQUITY AWARDS AT 2025 FISCAL YEAR-END
| (13) This RSU award vested 25% on each of August 9, 2024 and 2025 and will vest 25% on each of August 9, 2026 and 2027, subject to continued service. |
OUTSTANDING EQUITY AWARDS AT 2025 FISCAL YEAR-END
| (14) This RSU award vested 25% on August 9, 2025 and will vest 25% on each of August 9, 2026, 2027 and 2028, subject to continued service. |
OUTSTANDING EQUITY AWARDS AT 2025 FISCAL YEAR-END
| (15) This RSU award will vest 25% on August 15, 2026, with 6.25% vesting quarterly thereafter, subject to continued service. |
OUTSTANDING EQUITY AWARDS AT 2025 FISCAL YEAR-END
| (16) Amount reflects estimated PRSU achievement based on performance status as of December 27, 2025 (200% of Target), adjusted for the value cap described below. The actual number of shares that may be earned, if at all, is contingent upon the achievement of pre-established performance metrics over the three year period ending February 15, 2026. Vested PRSUs will generally be settled on the later of February 15, 2026 or the date following the Compensation Committee’s certification of performance. |
OUTSTANDING EQUITY AWARDS AT 2025 FISCAL YEAR-END
| (17) This RSU award vested 33 1/3% on each of February 15, 2024 and 2025 and 33 1/3% will vest on February 15, 2026, subject to continued service. |
OUTSTANDING EQUITY AWARDS AT 2025 FISCAL YEAR-END
| (18) This option vested 33 1/3% on each of August 9, 2020, 2021, and 2022. |
OUTSTANDING EQUITY AWARDS AT 2025 FISCAL YEAR-END
| (19) This RSU award will vest 33 1/3% on each of February 15, 2026, 2027, and 2028, subject to continued service. |
OUTSTANDING EQUITY AWARDS AT 2025 FISCAL YEAR-END
| (20) Amount reflects estimated PRSU achievement based on performance status as of December 27, 2025 (200% of Target), adjusted for the value cap described below. The actual number of shares that may be earned, if at all, is contingent upon the achievement of pre-established performance metrics over the three year period ending February 15, 2028. Vested PRSUs will generally be settled on the later of February 15, 2028 or the date following the Compensation Committee’s certification of performance. |
OUTSTANDING EQUITY AWARDS AT 2025 FISCAL YEAR-END
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GRANTS OF PLAN-BASED AWARDS IN 2025
GRANTS OF PLAN-BASED AWARDS IN 2025 The following table sets forth all plan-based awards granted to the Named Executive Officers in fiscal 2025.
GRANTS OF PLAN-BASED AWARDS IN 2025
| | | | Estimated Future Payouts Under Non-Equity Incentive Plan Awards(1) | | | Estimated Future Payouts Under Equity Incentive Plan Awards(2) | | | | | | | | Plan Name | Grant Date | Compensation Committee Action Date | Threshold (#) | Target (#) | Maximum (#) | Threshold (#) | Target (#) | Maximum (#) | All Other Stock Awards: Number of Shares of Stock or Units (#)(3) | All Other Option Awards: Number of Securities Underlying Options (#)(4) | Exercise or Base Price of Option Awards ($/ Share) | Grant Date Fair Value of Stock and Option Awards ($)(5) | | Lisa T. Su | | | | | | | | | | | | | | EIP | | | — | 2,583,000 | 5,166,000 | | | | | | | | | 2023 Plan | 8/15/2025 | 6/27/2025 | | | | | 151,283 | 378,207 | | | | 41,669,390 | | 2023 Plan | 8/15/2025 | 6/27/2025 | | | | | | | | 102,516 | 177.51 | 8,951,513 | | Jean Hu | | | | | | | | | | | | | | EIP | | | — | 975,000 | 1,950,000 | | | | | | | | | 2023 Plan | 8/15/2025 | 6/27/2025 | | | | | 31,173 | 77,932 | | | | 8,586,291 | | 2023 Plan | 8/15/2025 | 6/27/2025 | | | | | | | 10,391 | | | 1,844,506 | | 2023 Plan | 8/15/2025 | 6/27/2025 | | | | | | | | 21,124 | 177.51 | 1,844,510 | | Darren Grasby | | | | | | | | | | | | | | EIP | | | — | 1,022,170 | 2,044,340 | | | | | | | | | 2023 Plan | 8/15/2025 | 6/27/2025 | | | | | 25,672 | 64,180 | | | | 7,071,096 | | 2023 Plan | 8/15/2025 | 6/27/2025 | | | | | | | 8,557 | | | 1,518,953 | | 2023 Plan | 8/15/2025 | 6/27/2025 | | | | | | | | 17,396 | 177.51 | 1,518,987 | | 2023 Plan | 2/15/2025 | 1/23/2025 | | | | | 21,253 | 42,506 | | | | 3,488,042 | | 2023 Plan | 2/15/2025 | 1/23/2025 | | | | | | | 21,253 | | | 2,403,714 | | Forrest Norrod | | | | | | | | | | | | | | EIP | | | — | 956,250 | 1,912,500 | | | | | | | | | 2023 Plan | 8/15/2025 | 6/27/2025 | | | | | 29,339 | 73,347 | | | | 8,081,134 | | 2023 Plan | 8/15/2025 | 6/27/2025 | | | | | | | 9,779 | | | 1,735,870 | | 2023 Plan | 8/15/2025 | 6/27/2025 | | | | | | | | 19,881 | 177.51 | 1,735,973 | | Mark Papermaster | | | | | | | | | | | | | | EIP | | | — | 1,068,750 | 2,137,500 | | | | | | | | | 2023 Plan | 8/15/2025 | 6/27/2025 | | | | — | 36,674 | 91,685 | | | | 10,101,487 | | 2023 Plan | 8/15/2025 | 6/27/2025 | | | | | | | 12,224 | | | 2,169,882 | | 2023 Plan | 8/15/2025 | 6/27/2025 | | | | | | | | 24,852 | 177.51 | 2,170,032 |
GRANTS OF PLAN-BASED AWARDS IN 2025
| (1) Amounts represent the estimated cash performance bonuses payable under the EIP for fiscal 2025. For the Named Executive Officers, the actual amounts paid under the EIP for fiscal 2025 are set forth in the “Non-Equity Incentive Plan Compensation” column of the “2025 Summary Compensation Table” above. |
GRANTS OF PLAN-BASED AWARDS IN 2025
| (2) Amounts represent PRSUs. See “Compensation Discussion and Analysis—Fiscal 2025 Compensation Elements—Long-Term Equity Awards” above for more information about the PRSUs, including the pre-established performance periods and performance measures, and see footnotes to the “Outstanding Equity Awards at 2025 Fiscal Year-End” table above for a description of the PRSU vesting schedules. |
GRANTS OF PLAN-BASED AWARDS IN 2025
| (3) Amounts represent time-based RSUs. See footnotes to the “Outstanding Equity Awards at 2025 Fiscal Year-End” table above for a description of the RSU vesting schedules. |
GRANTS OF PLAN-BASED AWARDS IN 2025
| (4) Amounts represent stock options. See footnotes to the “Outstanding Equity Awards at 2025 Fiscal Year-End” table above for a description of the stock option vesting schedules. The stock options expire seven years after the grant date. |
GRANTS OF PLAN-BASED AWARDS IN 2025
| (5) Amounts reflect the grant date fair value of the respective award computed in accordance with ASC Topic 718. Regardless of the value on the grant date, the actual value that may be realized from an award is contingent upon the satisfaction of the applicable conditions to vesting of that award, and for stock options, also upon the excess of AMD’s stock price over the exercise price. With respect to the PRSUs, in accordance with SEC rules, amounts reflect the fair value at the grant date determined using a Monte-Carlo simulation model and based upon a discounted cash flow analysis of the probability-weighted payoffs of a share-based payment assuming a variety of possible stock price paths and represents the estimate of aggregate compensation cost to be recognized over the requisite service period determined as of the grant date under ASC Topic 718. For a discussion of the assumptions made in the valuations reflected in this column, see Note 14 of the Notes to Consolidated Financial Statements in our Annual Report. |
GRANTS OF PLAN-BASED AWARDS IN 2025
| ADVANCED MICRO DEVICES, INC. | 2026 Proxy Statement | 71 |
OPTION EXERCISES AND STOCK VESTED IN 2025
OPTION EXERCISES AND STOCK VESTED IN 2025 The following table shows the value realized by the Named Executive Officers as a result of the exercise of stock options and stock awards that vested during 2025.
OPTION EXERCISES AND STOCK VESTED IN 2025
| | Option Awards | | Stock Awards | | | Name | Number of Shares Acquired on Exercise (#) | Value Realized on Exercise ($) | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting ($)(1) | | Lisa T. Su | 224,727 | 29,165,564 | 141,884 | 25,108,779 | | Jean Hu | — | — | 36,679 | 4,499,971 | | Darren Grasby | — | — | 56,917 | 9,992,861 | | Forrest Norrod | 16,400 | 2,639,673 | 46,527 | 7,509,946 | | Mark Papermaster | 173,006 | 21,492,850 | 54,708 | 9,651,210 |
OPTION EXERCISES AND STOCK VESTED IN 2025
| (1) Value is the closing trading price of our common stock on the date of vesting multiplied by the number of vested shares. |
OPTION EXERCISES AND STOCK VESTED IN 2025
| 72 | ADVANCED MICRO DEVICES, INC. | 2026 Proxy Statement |
2025 NONQUALIFIED DEFERRED COMPENSATION
2025 NONQUALIFIED DEFERRED COMPENSATION The following table shows information for the Named Executive Officers who had accounts in the Deferred Income Account Plan (the “DIA”), a non-qualified deferred compensation plan, in 2025. Except for amounts deferred and vested prior to January 1, 2005, the DIA is subject to Section 409A of the Code.
2025 NONQUALIFIED DEFERRED COMPENSATION
| Name | Executive Contributions in Last FY(1) ($) | Registrant Contributions in Last FY ($) | Aggregate Earnings (Losses) in Last FY(2) ($) | Aggregate Withdrawals/ Distributions ($) | Aggregate Balance at Last FYE ($)(3) | | Lisa T. Su | — | — | 201,228 | — | 1,440,520 | | Jean Hu | — | — | 12,273 | — | 75,814 | | Mark Papermaster | — | — | 6,066 | — | 47,747 |
2025 NONQUALIFIED DEFERRED COMPENSATION
| (1) Amount is included in the “Salary” column for fiscal 2025 of the “2025 Summary Compensation Table” above. |
2025 NONQUALIFIED DEFERRED COMPENSATION
| (2) Represents the net amounts debited from the DIA accounts of Dr. Su, Ms. Hu and Mr. Papermaster as a result of the performance of the investment vehicles in which their accounts were deemed invested, as more fully described in the narrative disclosure below. These amounts do not represent above-market or preferential earnings (within the meaning of 17 CFR Section 229.402(c)(2)(viii)), and as a result are not reported in the “2025 Summary Compensation Table” above. |
2025 NONQUALIFIED DEFERRED COMPENSATION
| (3) Other than executive contributions in the fiscal year, no other aggregate amounts were reported as compensation for the Named Executive Officers in 2025, 2024 and 2023. |
2025 NONQUALIFIED DEFERRED COMPENSATION
We maintain the DIA, which allows eligible employees, including the Named Executive Officers, to voluntarily defer receipt of a portion of their salary, bonus and any commission payments until the date or dates selected by the participant. Participants may defer up to 50% of annual base salary and/or 100% of commissions and bonuses. Earnings on the deferred accounts are based on the performance of the investment funds selected by the participants. Participants make a deferral election, prior to the year in which the compensation is earned, that may not be terminated or changed during the year for which it was made. Generally, we make a discretionary contribution to the participant’s account if his or her annual base salary, minus his or her Section 401(k) contribution before the deferral, is greater than the annual compensation limit for Section 401(k) plans. The contribution, if any, is equal to the lesser of (i) 50% of the deferred compensation credited to the participant’s account for the year or (ii) a discretionary percentage of the participant’s base salary in excess of the eligible Section 401(k) compensation limit for the year minus the participant’s Section 401(k) contributions. For 2025, our discretionary contribution percentage under option (ii) above was 4.5%. Participants are 100% vested in the value of their accounts. Participants may select their desired benchmark investment fund(s) in which their accounts are deemed to be invested and may change their investment elections at any time, with such change effective as of the next business day. The amount of investment gain or loss that is credited to the participant’s account depends on the participant’s investment election. For 2025, we utilized investment funds in an array of asset classes, substantially aligned to those offered under our Section 401(k) plan. We have placed assets in mutual funds held in a Rabbi trust established for the DIA. For 2025, the investment return credited to Dr. Su’s, Ms. Hu’s, and Mr. Papermaster’s DIA accounts was 16.2%, 19.3% and 14.4%, respectively, based on their investment elections for their respective DIA accounts. This investment return was calculated by taking the aggregate gain or loss in fiscal 2025 and dividing it by the aggregate balance as of the beginning of fiscal 2025. The DIA accounts are distributed following a participant’s termination of employment with us unless the participant has elected an in-service withdrawal (scheduled or hardship withdrawal). At the time a participant makes his or her deferral election, he or she may elect a different form of distribution for such year’s deferred compensation. The participant may elect a single lump sum distribution or annual installment distributions over three to ten years. The default form of distribution is a single lump sum. A participant may change the form of distribution election, subject to the terms of the DIA. A participant may elect to withdraw all or part of his or her account while employed by us, subject to the terms of the DIA. The in-service withdrawal date must be at least two years after the plan year in which the election was made. An in-service withdrawal date may be changed, subject to the terms of the DIA. An unscheduled payment may also be made, subject to the terms of the DIA.
2025 NONQUALIFIED DEFERRED COMPENSATION
| ADVANCED MICRO DEVICES, INC. | 2026 Proxy Statement | 73 |
CHIEF EXECUTIVE OFFICER PAY RATIO
CHIEF EXECUTIVE OFFICER PAY RATIO For 2025:
CHIEF EXECUTIVE OFFICER PAY RATIO
| • | the annual total compensation for the median employee of the Company (other than our Chief Executive Officer) was $161,780; and |
CHIEF EXECUTIVE OFFICER PAY RATIO
| • | the annual total compensation of our Chief Executive Officer was $55,161,779(1). |
CHIEF EXECUTIVE OFFICER PAY RATIO
Based on this information, for 2025 the ratio of the annual total compensation of our Chief Executive Officer to the annual total compensation of the median employee was 341 to 1. This ratio is a reasonable estimate calculated in a manner consistent with Item 402(u) of Regulation S-K under the Securities Exchange Act of 1934. As permitted by SEC rules, to identify our median employee, we selected total estimated compensation which we calculated as annual base pay plus the target bonus plus the target value of stock awards granted to each employee during the year, as the compensation measure to be used to compare the total estimated compensation of our employees as of December 1, 2025. We annualized base pay and estimated bonus for any regular employees who commenced work during 2025 and did not annualize these amounts for temporary and seasonal employees. The annual total compensation of the median employee and the annual total compensation of the CEO were calculated in accordance with the requirements of Item 402(c)(2)(x) of Regulation S-K.
CHIEF EXECUTIVE OFFICER PAY RATIO
| (1) For additional details on the compensation of our Chief Executive Officer, see the “Compensation Discussion and Analysis” section. |
CHIEF EXECUTIVE OFFICER PAY RATIO
| ADVANCED MICRO DEVICES, INC. | 2026 Proxy Statement | 83 |
CHIEF EXECUTIVE OFFICER PAY RATIO
We are providing the following information pursuant to the SEC pay versus performance disclosure requirements set forth in Item 402(v) of SEC Regulation S-K (the “Pay Versus Performance Rule”), which requires disclosure of certain information about the relationships between our performance and the compensation of our named executive officers. The following table reports, for the five most-recent fiscal years, the compensation of our Chief Executive Officer and the average compensation of our other non-CEO named executive officers (“Non-CEO Named Executive Officers”), as well as the “Compensation Actually Paid” as calculated in accordance with the Pay Versus Performance Rule and certain performance measures required by the rule. The amounts reported as “Compensation Actually Paid” do not reflect the actual amount of compensation earned by or paid to our Chief Executive Officer or our Non-CEO Named Executive Officers and differ from the compensation amounts disclosed elsewhere in this proxy statement. For a discussion of our executive compensation program and philosophy, please refer to our “Compensation Discussion and Analysis” section.
CHIEF EXECUTIVE OFFICER PAY RATIO
| | Summary Compensation Table Total for CEO (1) | Compensation Actually Paid to CEO (1),(3) | Average Summary Compensation Table for Non- CEO Named Executive Officers (2) | Average Compensation Actually Paid to Non-CEO Named Executive Officers (2),(3) | Value of Initial Fixed $100 Investment Based On: | | Net Income ($ Millions) | Non-GAAP Net Income ($ Millions) (6) | | Year | | | | | Total Shareholder Return (4) | Peer Group Total Shareholder Return (5) | | | | 2025 | $55,161,779 | $146,727,337 | $15,633,139 | $44,925,524 | $234 | $547 | $4,335 | $6,831 | | 2024 | $30,996,392 | $(18,654,655) | $11,034,051 | $(2,056,835) | $271 | $537 | $1,641 | $5,420 | | 2023 | $30,348,281 | $189,834,854 | $18,168,335 | $33,308,296 | $319 | $282 | $854 | $4,302 | | 2022 | $30,219,921 | $(160,142,075) | $13,263,125 | $(13,362,342) | $140 | $134 | $1,320 | $5,504 | | 2021 | $29,498,107 | $188,407,046 | $7,679,357 | $33,054,719 | $317 | $214 | $3,162 | $3,435 |
CHIEF EXECUTIVE OFFICER PAY RATIO
| (1) Amounts reported are for Lisa Su, who served as our Chief Executive Officer during each of the applicable fiscal years. |
CHIEF EXECUTIVE OFFICER PAY RATIO
| (2) Our Non-CEO Named Executive Officers were: |
CHIEF EXECUTIVE OFFICER PAY RATIO
| 2025 | 2024 | 2023 | 2022 | 2021 | | Jean Hu | Jean Hu | Jean Hu | Devinder Kumar | Devinder Kumar | | Darren Grasby | Ava Hahn | Devinder Kumar (retired in April 2023) | Darren Grasby | Rick Bergman | | Forrest Norrod | Forrest Norrod | Philip Guido | Mark Papermaster | Darren Grasby | | Mark Papermaster | Mark Papermaster | Forrest Norrod | Victor Peng | Mark Papermaster | | | Victor Peng (retired in August 2024) | Victor Peng | | |
CHIEF EXECUTIVE OFFICER PAY RATIO
| (3) Amounts in these columns show the “Compensation Actually Paid”, as calculated in accordance with the methodology prescribed by the SEC under the Pay Versus Performance Rule. The table below provides the adjustments to the Summary Compensation Table total compensation to arrive at the Compensation Actually Paid to our CEO and the average Compensation Actually Paid to our Non-CEO Named Executive Officers for fiscal year 2025. |
CHIEF EXECUTIVE OFFICER PAY RATIO
| Adjustments to Reported Summary Compensation Table Total for CEO and Non-CEO Named Executive Officers | 2025 | | | | CEO | Non-CEO Named Executive Officers (Average) | | Summary Compensation Table Total | $55,161,779 | $15,633,139 | | Subtract the amounts reported for fiscal 2025 under the Stock Awards and Option Awards columns in the Summary Compensation Table | $(50,620,902) | $(13,567,620) | | Add year-end fair value of equity awards granted during fiscal year 2025 | $66,603,972 | $19,150,261 |
CHIEF EXECUTIVE OFFICER PAY RATIO
| 84 | ADVANCED MICRO DEVICES, INC. | 2026 Proxy Statement |
CHIEF EXECUTIVE OFFICER PAY RATIO
(continued)
CHIEF EXECUTIVE OFFICER PAY RATIO
| Add (subtract) year-over-year change in fair value of equity awards granted prior to fiscal 2025 that are unvested as of year-end | $64,410,939 | $21,127,335 | | Add (subtract) year-over-year change in fair value of equity awards granted prior to fiscal 2025 that vested during fiscal 2025 (from prior year-end to vesting date) | $11,650,833 | $2,680,317 | | Subtract fair value of any awards outstanding as of end of fiscal 2024 that were forfeited during fiscal 2025 | $(479,284) | $(97,908) | | Total Adjustments | $91,565,558 | $29,292,385 | | Compensation Actually Paid | $146,727,337 | $44,925,524 |
CHIEF EXECUTIVE OFFICER PAY RATIO
| For purposes of the foregoing adjustments, the value of equity awards was determined as follows: (i) for RSUs, the closing price of our common stock on the fiscal year-end date, or, in the case of vesting RSUs, the closing price of our common stock on the applicable vesting date; (ii) for stock options, a Black Scholes value as of year-end or the vesting date(s), as applicable, determined based on the same methodology as used to determine grant date fair value but using the closing share price on the applicable revaluation date, and the market price volatility, expected remaining life and risk free rates, each as re-measured as of the applicable revaluation date, and where applicable, taking into account the incremental fair value, calculated in accordance with ASC Topic 718, of any material modifications that occurred during the fiscal year, and (iii) for unvested PRSUs as of fiscal year-end, the estimate of the most probable aggregate compensation cost to be recognized over the requisite service period determined as of fiscal year-end under ASC Topic 718, calculated using a Monte-Carlo simulation model and based upon a discounted cash flow analysis of the probability-weighted payoffs of a share-based payment assuming a variety of possible stock price paths and for the annual 2023 and 2024 PRSUs, an estimate of the probability for achievement of the applicable non-GAAP EPS growth rate milestones (see footnotes to Outstanding Equity Awards at 2025 Fiscal Year-End table for more information). |
CHIEF EXECUTIVE OFFICER PAY RATIO
| (4) The total shareholder return for each of fiscal 2025, 2024, 2023, 2022, and 2021 is cumulative, reflecting the value of a fixed $100 investment beginning with the market close on December 24, 2020 (i.e., the last trading day before the start of our 2021 fiscal year), through the last day of the applicable fiscal year, through and including the end of the respective listed fiscal years. |
CHIEF EXECUTIVE OFFICER PAY RATIO
| (5) Our peer group is comprised of the component companies of the S&P 500 Index Semiconductor & Semiconductor Equipment Index (the “Peer Index”) for each applicable fiscal year. The total shareholder return for the Peer Index for each of fiscal 2025, 2024, 2023, 2022, and 2021 is cumulative, reflecting the value of a fixed $100 investment beginning with the market close on December 24, 2020 (i.e., the last trading day before the start of our 2021 fiscal year), through the last day of the applicable fiscal year, through and including the end of the respective listed fiscal years. |
CHIEF EXECUTIVE OFFICER PAY RATIO
ADVANCED MICRO DEVICES, INC. (continued)
CHIEF EXECUTIVE OFFICER PAY RATIO
| (6) Reconciliation of GAAP net income to non-GAAP net income (in millions): |
CHIEF EXECUTIVE OFFICER PAY RATIO
| | Year Ended | | | | | | | December 27, 2025 | December 28, 2024 | December 30, 2023 | December 31, 2022 | December 25, 2021 | | GAAP net income | $4,335 | $1,641 | $854 | $1,320 | $3,162 | | Stock-based compensation | 1,638 | 1,407 | 1,380 | 1,012 | 379 | | Amortization of acquisition-related intangibles | 2,254 | 2,394 | 2,811 | 3,548 | — | | Acquisition-related and other costs (1) | 231 | 187 | 262 | 521 | 42 | | Inventory loss at (recovery from) contract manufacturer (2) | (67) | 65 | — | — | — | | Loss contingency on legal matter | 21 | — | — | — | — | | (Gains) losses on long-term investments, net | (365) | 2 | (1) | 62 | (56) | | Equity income in investee | (26) | (33) | (16) | (14) | (6) | | Restructuring charges (3) | — | 186 | — | — | — | | Release of reserves for uncertain tax positions (4) | (853) | — | — | — | — | | Income tax provision | (271) | (429) | (988) | (945) | (93) | | Loss (Income) from discontinued operations, net of tax (5) | (66) | — | — | — | — | | Loss on debt redemption/conversion | — | — | — | — | 7 | | Non-GAAP net income | $6,831 | $5,420 | $4,302 | $5,504 | $3,435 |
CHIEF EXECUTIVE OFFICER PAY RATIO
| (1) Acquisition-related and other costs primarily include transaction costs, purchase price fair value adjustments for inventory, certain compensation charges, and workforce rebalancing charges. |
CHIEF EXECUTIVE OFFICER PAY RATIO
| (2) Inventory loss at (recovery from) contract manufacturer is related to losses due to an incident at a third-party contract manufacturing facility and the corresponding recovery. |
CHIEF EXECUTIVE OFFICER PAY RATIO
| (3) Restructuring charges are related to the 2024 Restructuring Plan, which were comprised of employee severance charges and non-cash asset impairments. |
CHIEF EXECUTIVE OFFICER PAY RATIO
| (4) Release of reserves for uncertain tax positions pertains to the reasonable cause relief related to dual consolidated losses approved by the IRS in the second quarter of 2025. |
CHIEF EXECUTIVE OFFICER PAY RATIO
| (5) Loss (Income) from discontinued operations relates to ZT Systems’ manufacturing business which was divested in the fourth quarter of 2025. |
CHIEF EXECUTIVE OFFICER PAY RATIO
| 86 | ADVANCED MICRO DEVICES, INC. | 2026 Proxy Statement |
CHIEF EXECUTIVE OFFICER PAY RATIO
(continued)
Relationship Between Compensation Actually Paid and our Total Shareholder Return
Relationship Between Compensation Actually Paid and our Total Shareholder Return Our stock price performance is the predominant factor that determines whether the Compensation Actually Paid to our named executive officers is at, above, or below the amounts reported in our summary compensation tables. The Compensation Actually Paid directly correlates with our total shareholder return (“TSR”) since most of our executive compensation is delivered through long-term equity awards in the form of PRSUs, RSUs, and stock options which vary in value with changes to our stock price. Our year-end stock price was $214.99 in fiscal 2025, $125.19 in fiscal 2024, $147.41 in fiscal 2023, $64.77 in fiscal 2022, and $146.14 in fiscal 2021, resulting in significant year-over-year change in the Compensation Actually Paid to our CEO and our Non-CEO Named Executive Officers. The chart below compares the Compensation Actually Paid during the 2025, 2024, 2023, 2022 and 2021 fiscal years to our cumulative TSR since December 26, 2020 (the last day of our 2020 fiscal year), measured as of the last day of each of those fiscal years. ADVANCED MICRO DEVICES, INC. (continued)
Relationship Between Compensation Actually Paid and our Net Income (GAAP and
Relationship Between Compensation Actually Paid and our Net Income (GAAP and
ITEM 3—APPROVAL ON A NON-BINDING, ADVISORY BASIS OF THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS (“SAY-ON-PAY”)
| • | Pay-for-Performance is Important. The Compensation Committee places a strong emphasis on performance-based compensation. To this end, approximately 96% of Dr. Su’s and 91% of the other Named Executive Officer’s aggregate total direct compensation opportunity (i.e., base salary, annual target cash performance bonus opportunity and target value of annual long-term equity awards for 2025) was in the form of a cash performance bonus and long-term equity awards. |