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ATVI » Topics » II. DIRECTOR STOCK OWNERSHIP/COMPENSATION

These excerpts taken from the ATVI 10-K filed Feb 27, 2009.

II.            DIRECTOR STOCK OWNERSHIP/COMPENSATION

 

A.            Each Director shall, within eighteen (18) months of becoming a member of the Board, or (as to current Board members) within six (6) months of dismissal with prejudice of the Actions, acquire no less than 3500 shares of Activision common stock.  The stock may be provided as director compensation, or be purchased through open market purchases.  This requirement shall be subject to any exclusions under which any director may otherwise be bound (e.g., whether by its employer, or affiliate).  Directors shall retain the Activision shares received as a part of their annual directors’ fees for a period of eighteen (18) months after the date of grant or receipt.  Such shares shall not be sold, pledged or otherwise alienated by the directors.

 

B.            The Board of Directors shall take all necessary steps to approve an increase in the annual compensation to the independent directors of the Board of Directors, such that each such independent director shall receive no less than $50,000 per year as an annual retainer (whether in cash, stock, restricted stock, other marketable securities in the Company, or options to purchase such marketable securities).

 

C.            All options granted to non-employee directors shall be granted no later than three business days after the date of the annual shareholder meeting and carry an exercise price equal to the closing price of Activision common stock on that date, provided, however, that the action can be taken on the date of the meeting but deemed effective up to three (3) business days later.

 

D.            Aside from meeting-related expenses such as airfare, hotel accommodations and modest travel/accident insurance, directors shall receive no other perquisites.  Health, life, dental, and disability insurance, matching grants to charities, financial planning, automobile allowances and other similar perquisites shall not be provided as benefits to directors.

 

E.             Non-employee directors shall not be eligible to receive from the Company any change-in-control payments or severance arrangements of any kind.  The acceleration of stock options and restricted grants shall not be deemed a prohibited payment or severance arrangement under this paragraph.

 

II.            DIRECTOR STOCK
OWNERSHIP/COMPENSATION



 



A.            Each Director shall,
within eighteen (18) months of becoming a member of the Board, or (as to
current Board members) within six (6) months of dismissal with prejudice
of the Actions, acquire no less than 3500 shares of Activision common
stock.  The stock may be provided as
director compensation, or be purchased through open market purchases.  This requirement shall be subject to any
exclusions under which any director may otherwise be bound (e.g., whether by
its employer, or affiliate).  Directors
shall retain the Activision shares received as a part of their annual directors’
fees for a period of eighteen (18) months after the date of grant or
receipt.  Such shares shall not be sold,
pledged or otherwise alienated by the directors.



 



B.            The Board of Directors shall take all
necessary steps to approve an increase in the annual compensation to the
independent directors of the Board of Directors, such that each such
independent director shall receive no less than $50,000 per year as an annual
retainer (whether in cash, stock, restricted stock, other marketable securities
in the Company, or options to purchase such marketable securities).



 



C.            All options granted to non-employee directors
shall be granted no later than three business days after the date of the annual
shareholder meeting and carry an exercise price equal to the closing price of
Activision common stock on that date, provided,
however, that the action can be taken on the date of the meeting but
deemed effective up to three (3) business days later.



 



D.            Aside from meeting-related expenses such as
airfare, hotel accommodations and modest travel/accident insurance, directors
shall receive no other perquisites. 
Health, life, dental, and disability insurance, matching grants to
charities, financial planning, automobile allowances and other similar
perquisites shall not be provided as benefits to directors.



 



E.             Non-employee directors shall not be eligible
to receive from the Company any change-in-control payments or severance
arrangements of any kind.  The
acceleration of stock options and restricted grants shall not be deemed a
prohibited payment or severance arrangement under this paragraph.



 



EXCERPTS ON THIS PAGE:

10-K (2 sections)
Feb 27, 2009

RELATED TOPICS for ATVI:

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