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This excerpt taken from the ATVI 10-Q filed Nov 3, 2005. Termination of Obligations and Post Termination Payments. In the event of the termination of your
employment under this Agreement pursuant to Paragraphs 9(a), 9(b), 9(c) or
9(d) all obligations of Employer to you under this Agreement shall
immediately terminate except as follows:
(i) Compensation upon Death. In the event this Agreement is terminated as a result of your death, your heirs, successors or legal representatives shall receive: (i) the Base Salary through the date of termination of this Agreement; (ii) any unpaid Annual Bonus for any prior fiscal year; (iii) the pro rata portion of the Annual Bonus for the fiscal year in which your termination occurs to the extent such Annual Bonus is earned; (iv) an amount equal to 300% of the dollar amount of the Base Salary paid or payable to you for Employer’s most recent fiscal year immediately prior to your date of death; (v) reimbursement of approved expenses due to you pursuant to Paragraphs 2(h) and 5; (vi) immediate vesting of a pro rata (based upon the amount of time between the Effective Date and the date of your death) portion of the unvested portion of the second and third tranches of the Option issued to you pursuant to Paragraph 2(e); and (vii) your then current spouse and minor children, if any, shall receive the same level of health/medical insurance or coverage that was provided to you immediately prior to your death for a two (2) year period, with the cost of such continued insurance or coverage being borne by Employer. All such payments shall be in addition to any payments your widow, beneficiaries or estate may be entitled to receive pursuant to any pension or employee benefit plan or life insurance policy maintained by Employer.
(ii) Compensation upon Disability. In the event this Agreement is terminated as a result of your Disability, you shall receive: (i) the Base Salary through the date of your termination; (ii) any unpaid Annual Bonus for any prior fiscal year; (iii) the pro rata portion of the Annual Bonus for the fiscal year in which your termination occurs to the extent such Annual Bonus is earned; (iv) reimbursement of approved expenses due to you pursuant to Paragraphs 2(h) and 5; (v) an amount equal to three hundred (300%) percent of the dollar amount of the Base Salary paid or payable to you for Employer’s most recent fiscal year immediately prior to your Disability termination, (vi) the long-term monthly disability payments according to Employer’s benefit plan for Executives and (vii) you and your then current spouse and minor children, if any, shall receive the same level of health/medical insurance or coverage provided immediately prior to such Disability termination for a two year
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period, with the cost of such continued insurance or coverage being borne by Employer
(iii) Compensation upon Termination Without Cause. In the event your employment under this Agreement is terminated by Employer without Cause, or by you pursuant to Paragraph 9(b), then you shall receive: (i) the Base Salary through the date of your termination; (ii) any unpaid Annual Bonus for any prior fiscal year; (iii) the pro rata portion of the Annual Bonus for the fiscal year in which your termination occurs to the extent such Annual Bonus is earned; (iv) reimbursement of approved expenses due you pursuant to Paragraphs 2(h) and 5; (v) 100% of the Base Salary payable to you from the date of termination through the Expiration Date had your employment not been terminated, such Base Salary to be determined in accordance with the terms of Paragraph 2(a) of this Agreement and to be paid on a salary continuation basis as and when normally paid by Employer; and (vi) continued monthly payments of the remaining balance of Mortgage Assistance pursuant to Paragraph 2(h).
(iv) Compensation upon Termination For Cause. In the event your employment under this Agreement is terminated by Employer for Cause, then you shall receive: (i) the Base Salary through the date of your termination; and (ii) reimbursement of approved expenses due you pursuant to Paragraphs 2(h) and 5.
(v) Compensation upon Termination For Performance Deficiency. In the event your employment under this Agreement is terminated by Employer pursuant to Paragraph 9(d), then you shall receive: (i) Base Salary through date of termination; (ii) any unpaid Annual Bonus for any prior fiscal year; (iii) reimbursement of approved expenses due you pursuant to Paragraphs 2(h) and 5; and (iv) continued monthly payments of the remaining balance of Mortgage Assistance pursuant to Paragraph 2(h).
(vi) Payment Limitations. Notwithstanding the foregoing, to the extent any of the provisions of this Paragraph 9(e) allow for payments of Base Salary, Annual Bonus or Mortgage Assistance subsequent to your termination, such payments will occur and continue only for so long as you do not become employed at any time subsequent to your termination by a corporation or other entity engaged in a Competitive Business or otherwise become engaged in directly or indirectly in a Competitive Business.
(f) |
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