It comes flat packed so needs to be built around the Raspberry Pi. Not too complicated but takes a little time to get all the parts the right way around. They come with a protective film which I would suggest is removed before construction otherwise it gets trapped when you try to remove it, leaving small pieces behind.
Product neatly packaged and included the AMD chip plus a heatsink/fan. Assembled quickly and the heatsink included pre applied thermal paste. Along side 4GB of RAM this is a great cpu for the money. Fully recommended.