This excerpt taken from the ATVI DEF 14A filed Jul 30, 2007.
Charles J. Huebner
Charles Huebner formerly served as the Head of Worldwide Studios of Activision Publishing pursuant to an employment agreement with Activision Publishing that became effective May 16, 2005 and expired on May 31, 2007. As a result of the expiration of the agreement, Mr. Huebner is no longer employed by Activision Publishing. The agreement provided for an initial annual base salary of $425,000. Although the agreement also provided that Mr. Huebner could be eligible for an annual bonus with a target amount of 60% of his base salary, because Mr. Huebner and Activision Publishing had mutually agreed that he would not be providing services full-time for Activision Publishing and would be transitioning his duties to others in fiscal 2007, the Compensation Committee determined not to implement an annual bonus program for Mr. Huebner in fiscal 2007. As an inducement to enter into the employment agreement, in connection with the commencement of his employment Mr. Huebner was paid a signing bonus of $100,000 and granted an option to purchase an aggregate of 250,000 shares of Common Stock (subsequently adjusted to 333,333 shares of Common Stock as a result of a split of the Common Stock). Mr. Huebner's agreement provided for mortgage assistance in the aggregate amount of $180,000, payable $5,000 each month for 36 months provided he remained an employee for that period. Because his employment terminated on May 31, 2007, Mr. Huebner received only $120,000 of mortgage assistance. Mr. Huebner's agreement also provided for reimbursement of certain relocation costs. In connection with the expiration of the term of his employment agreement, Mr. Huebner and Activision Publishing entered into an amendment to the employment agreement in March 2007, pursuant to which Mr. Huebner was paid $240,000 in fulfillment of Activision Publishing's reimbursement obligations, and $97,962 was paid on his behalf in respect of estimated incremental
income taxes related to such payment. Mr. Huebner was also entitled to participate in benefit plans that are standard for Activision Publishing's senior executive officers, including life insurance plans.