Effective January 1, 2011, upon the recommendation of the GNC, the Board increased to $ 25,000 the annual fee paid to the chair of each standing Board committee other than the AEC, which remained at $ 30,000; set at $ 25,000 the annual fee paid to the chairs of the CRC and Risk Committee, which were formed effective January 1, 2011; eliminated
the annual stock option grant; and increased the value of the annual stock award to $ 140,000.
Not exact matches
Beginning in 2009, it was determined that the regular
annual equity award
grants to the executive officers would primarily be in the form of a new type of equity award entitled «outperformance
stock units» (OSUs), rather than
stock options and time - vested restricted
stock units (RSUs).
Each automatic triennial
stock option grant and each
stock option grant for service as lead independent director, member of a Board committee or chair of a Board committee, in each case as described above, will vest 1/36 per month for three years starting on the one month anniversary of the vesting commencement date, subject to continued service in the capacity for which such
grant was made (except that if a director who was
granted such an
option ceases to be a director on the day before an
annual meeting that is held earlier than the anniversary date of the vesting commencement date for that calendar year, vesting will accelerate with respect to the shares that would have vested if such director continued service through such anniversary date).
As discussed in the CD&A under «Compensation Components» and «Achieving Compensation Objectives — Pay for Performance,» we have provided incentive compensation in the form of an
annual cash incentive award based on Company, business line and individual qualitative performance results for each fiscal year, and long - term incentive compensation generally in the form of
stock option grants and, in certain circumstances, RSRs to reward our SEOs for contribution to growth in long - term stockholder value.
If we terminate Mr. Drexler's employment without cause or he terminates his employment with good reason, Mr. Drexler will be entitled to receive (i) a payment of his earned but unpaid
annual base salary through the termination date, any accrued vacation pay and any un-reimbursed expenses, and (ii) subject to Mr. Drexler's execution of a valid general release and waiver of claims against us, as well as his compliance with the non-competition, non-solicitation and confidential information restrictions described below, (a) a payment equal to his
annual base salary and target cash incentive award, one - half of such payment to be paid on the first business day that is six (6) months and one (1) day following the termination date and the remaining one - half of such payment to be paid in six equal monthly installments commencing on the first business day of the seventh calendar month following the termination date, (b) a payment equal to the product of (x) the last
annual cash incentive award Mr. Drexler received prior to the termination date and (y) a fraction, the numerator of which is the number of days of service completed by Mr. Drexler in the year of termination and the denominator of which is 365, such amount to be paid on the first business day that is six (6) months and one (1) day following the termination date, and (c) the immediate vesting of such portion of unvested restricted shares and
stock options as provided and pursuant to the terms of the relevant
grant agreements under our 2003 Equity Incentive Plan.
Under our
stock ownership guidelines, each non-employee director was required to acquire and hold, within five years of the establishment of the
stock ownership guidelines in 2004, or being elected to the Board, 50 % of the number of shares that constituted their
annual grant of
stock options following re-election, or 12,500 shares.
Stock options and restricted stock are generally granted to executive officers on an annual b
Stock options and restricted
stock are generally granted to executive officers on an annual b
stock are generally
granted to executive officers on an
annual basis.
As discussed above, an officer's position and level of responsibility are the primary factors that determine the number of
options and shares of restricted
stock awarded to the officer in the
annual grant.
Again, in October 2009, when Activision planned to include Infinity Ward in its
annual equity
grants, West and Zampella refused to provide Activision with a list of the names it needed of the Infinity Ward employees that deserved awards of valuable
stock and
options.
Krause was very highly compensated at FF, receiving a $ 1,000,000
annual salary, a $ 300,000 signing bonus, and a generous
grant of
stock options that were to vest over time.