This excerpt taken from the ATVI 8-K filed Jul 22, 2008.
On July 16, 2008, Activision Blizzard, Inc. (the Company) entered into an employment agreement with Jean-François Grollemund (the Grollemund Agreement) pursuant to which Mr. Grollemund serves as Chief Merger Officer of the Company. The Grollemund Agreement was effective as of July 9, 2008 and expires on July 9, 2010. Mr. Grollemunds annual base salary will initially be $348,300 and will be reviewed on each anniversary of the effective date of the Grollemund Agreement (or such other time at which salaries of other executives are reviewed) and may at those times be increased, but not decreased, by the Compensation Committee (the Compensation Committee) of the Companys Board of Directors (the Board). Additionally, Mr. Grollemund will be eligible to receive an annual bonus, with a target amount of 50% of his base salary, the actual amount of which, if any, will be based upon Mr. Grollemunds achievement of certain financial and business objectives determined by the Compensation Committee. Mr. Grollemund also received a transaction bonus of $169,000 and is eligible to receive a special performance bonus of $168,000, payable in a single lump sum on the first anniversary of the effective date of the Grollemund Agreement, subject to the terms of a prior bonus agreement between Mr. Grollemund and Vivendi Games, Inc., including Mr. Grollemunds continued employment with the Company through that date.
Pursuant to the Grollemund Agreement, on July 21, 2008 Mr. Grollemund received a grant of 6,000 restricted share units under the Activision, Inc. 2007 Incentive Plan (the 2007 Plan). The restricted share units will vest in equal monthly installments over the 24 month period from effective date of the contract, subject to Mr. Grollemunds continued employment. The restricted share units shall be subject to all terms of the 2007 Plan and the Companys standard form of employee award agreement.
The Grollemund Agreement contains other provisions and provides for other benefits that are customary in the employment agreements of similarly situated executives.