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ATVI

Activision Blizzard

$37.22

-0.04 (-0.11%)

08:00
11/28/16
11/28
08:00
11/28/16
08:00

Activision Blizzard reduces annual base salary of CEO Robert Kotick to $1.8M

Activision Blizzard said in a regulatory filing that on November 22, the company entered into an employment agreement with CEO Robert A. Kotick, who has served in this position for over 25 years. The Employment Agreement is effective as of October 1, 2016 and will expire on December 31, 2021, unless terminated earlier pursuant to the terms and conditions of the Employment Agreement. Kotick will continue to receive his current base salary for the remainder of 2016 at the annual rate of $2,366,757. Beginning January 1, 2017 Kotick's base salary will be reduced to the annual rate of $1,750,000. The Employment Agreement also provides for an annual bonus based upon achievement of certain financial and business objectives determined by the Compensation Committee. For the remainder of 2016, Kotick will continue to have a target annual bonus equal to 200% of his 2016 base salary specified above. Beginning with the 2017 fiscal year, the target annual bonus for each fiscal year shall be equal to 200% of Kotick's reduced base salary. The bonus will be paid in the form determined by the Compensation Committee of the company's Board of Directors in its discretion, including cash, shares of Company common stock, stock options or equity-based awards. The Employment Agreement includes significant changes from Kotick's prior employment agreement that expired on June 30, 2016. Among other changes, the Employment Agreement eliminates any "gross up" payments for Internal Revenue Code Section 280G "golden parachute" excise taxes and all change in control payments to which Kotick may be entitled under the Employment Agreement are "double-trigger." The Employment Agreement does not provide for any guaranteed annual base salary increases. In addition, the Employment Agreement provides for annual equity grants, instead of an up-front grant structure, and includes additional performance conditions and Compensation Committee discretion as to the form and total value of the annual awards, as described below. The Employment Agreement also provides for additional awards and payments in the event of a "Transformative Transaction" and in the event that certain "Shareholder Value Creation" metrics are satisfied prior to December 31, 2021.

ATVI Activision Blizzard
$37.22

-0.04 (-0.11%)

10/14/16
10/14/16
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Activision Blizzard (ATVI) initiated with an Outperform at Oppenheimer. 2. Aqua America (WTR) initiated with a Neutral at Baird. 3. HP Enterprise (HPE) initiated with an Underperform at CLSA. 4. TASER (TASR) initiated with an Outperform at Imperial Capital. 5. Noble Energy (NBL) initiated with a Buy at Mizuho. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
11/02/16
PIPR
11/02/16
NO CHANGE
Target $91
PIPR
Overweight
Electronic Arts guidance likely conservative, says Piper Jaffray
Piper Jaffray analyst Michael Olson believes Electronic Arts (EA) is taking a conservative approach to its below consensus December quarter guidance given the recent late October launches of Battlefield 1 and Titanfall 2. The stock trades at a "fairly material discount" to closest comp Activision Blizzard (ATVI), which is unwarranted, Olson tells investors in a post-earnings research note. He raised his price target for EA shares to $91 from $89 and reiterates an Overweight rating on the shares.
11/04/16
BARD
11/04/16
NO CHANGE
Target $50
BARD
Outperform
Activision Blizzard price target raised to $50 from $46 at Baird
Baird analyst Colin Sebastian raised his price target on Activision Blizzard to $50 from $46 following the company's Q3 report. The analyst said its results were driven by solid performance from new titles and continued strength from established franchises. Sebastian expects another growth year in 2017 and reiterated his Outperform rating on Activision Blizzard shares.
11/11/16
PIPR
11/11/16
NO CHANGE
PIPR
Oct. NPD video game software sales rose 11%, says Piper Jaffray
Piper Jaffray analyst Michael Olson says October NPD video game software sales were up 11% year-over-year due to strong results from incremental launch titles, including Electronic Arts' (EA) Battlefield 1 as well as Take Two's (TTWO) Mafia III, among others. The analyst, however, views the October NPD results as "largely irrelevant" since Activision Blizzard (ATVI), EA and Take-Two already announced December quarter guidance and GameStop (GME) recently announced preliminary October quarter results. He keeps Overweight ratings on all four names.

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