Activision chairman and CEO Robert Kotick and co-chairman Brian Kelly will divide between them about $40 million in change-of-control payments through the
recently announced merger of the company with Vivendi, reports the Financial Times today.
According to a Financial Times report, regulatory filings
show the two executives will also receive $10 million each in cash bonuses, along with 363,637 restricted shares, pending the successful completion of the Activision Blizzard deal. Kotick's bonus shares become fully vested in 2010, and he also will receive performance-based shares and options as mid-term incentives.
Both Kelly and Kotick will retain their titles at the new Activision Blizzard, but as part of the takeover have reportedly waived certain benefits to which they would have been entitled.
Other details revealed in the regulatory filings show that Blizzard president and CEO Mike Morhaime, along with his colleagues, will continue to enjoy some independence within Activision Blizzard; notably, the new company's president and CEO will not have unilateral power to independently green-light or red-light Blizzard's products.
