Austin (TX) - AMD's chief executive officer, Hector de Jesus Ruiz, received a pay raise of 7.4% as of a December 13, 2007 SEC filing of a December 12, 2007 decision.  The raise, approved by the board of directors, brings Ruiz's base pay up to $1,124,000 per year.

The entire SEC filing can be read here.


UPDATED December 17, 2007, 10:34am - TG Daily received this email from AMD's Michael Silverman, "The fact of the matter is that Hector Ruiz's compensation remained the same [in this filing].  Perhaps the confusion is caused by the fact that [Ruiz] received a raise earlier in the year and somewhat confusing wording in the 8-K filing, but I can assure you that [Ruiz's] compensation did not change and he is not receiving a raise."  A previous 8-K filing from May, 2006 shows that Ruiz's pay increased from $950K to $1.1 million at that time.  The stated raise by Silverman from earlier this year could account for the current wage of $1.124 million.


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Relevent portions are excerpted here:

The 2007 Agreement updates the Original Employment Agreement to reflect Dr. Ruiz's current annual base salary of $1,124,000 and to reflect that Dr. Ruiz's annual bonus opportunity and any awards made pursuant to the 2005 AMD Long Term Incentive Plan (the "LTIP") are limited to an aggregate maximum of $10 million per fiscal year, as provided under the terms of the LTIP.  Further, the 2007 Agreement clarifies that the acceleration of vesting provisions under the Original Employment Agreement will apply to all forms of equity compensation awards other than performance vesting awards.

Under the 2007 Agreement, Dr. Ruiz may elect to have his annual Retirement Benefit (as defined in the 2007 Agreement) be paid in a single lump sum payment, as long as Dr. Ruiz makes such election on or before December 31, 2007.

Under the 2007 Agreement, if Dr. Ruiz is deemed to be a "specified employee" for purposes of Section 409A at the date of termination of employment with the Company, termination benefits will not be made by the Company prior to the earlier of six months after the date of termination or the date of Dr. Ruiz's death.  The Company has also agreed to cooperate to ensure Dr. Ruiz's benefits under the 2007 Agreement will be exempt from or will comply with the requirements of Section 409A to the extent applicable.