This excerpt taken from the ATVI 8-K filed Oct 23, 2006.
Employment Agreement with Robin Kaminsky
On October 19, 2006, Activision Publishing, Inc. (Activision Publishing), the holding company for the active subsidiaries of Activision, Inc. (the Company), entered into an employment agreement (the Agreement) with Activision Publishings Executive Vice President of Publishing, Robin Kaminsky.
The Agreement is effective as of October 1, 2006 and has an initial term which expires on October 31, 2008. Ms. Kaminskys annual base salary will initially be $468,000 and will be reviewed on June 1st of each year during the term, at which time it will be increased by at least 4%. Ms. Kaminsky may also be entitled to an annual bonus of up to 75% of the amount of her base salary. Ms. Kaminsky will also receive a signing bonus of $35,000.
Pursuant to the Agreement, on October 19, 2006, Ms. Kaminsky received options to purchase an aggregate of 300,000 shares of the Companys common stock. The first tranche of 200,000 options will vest in three equal installments on the first, second and third anniversary of the date of grant. The second tranche of 100,000 options will vest in their entirety on the third anniversary of the date of grant (subject to accelerated vesting if Ms. Kaminsky achieves certain performance objectives). All of the options have an exercise price equal to the market low of the Companys stock on the date of the grant, and will be governed by Activisions standard form of award agreement for similar grants.
Ms. Kaminsky was also granted 35,000 shares of restricted stock on October 19, 2006. The first tranche of 23,333 shares will vest in three equal installments on the first, second and third anniversary of the date of grant. The second tranche of 11,667 shares will vest in their entirety on the third anniversary of the date of grant (subject to accelerated vesting if Ms. Kaminsky achieves certain performance objectives).
The Agreement contains other provisions and provides for other benefits that are customary in the employment agreements of similarly situated executives.