Termination of Obligations and Severance Payments. Paragraph 11, specifically including Paragraphs 11(b)(iv), 11(c)(iv)b, 11(d)(ii), and 11(e)(iii), shall be modified as follows:
Termination of Obligations and Severance Payments. In the event of the termination of your employment and this Agreement pursuant to Sections 9(a), (b), (c), (d), (e), or (f) all obligations of Employer to you under this Agreement shall immediately terminate except as provided in this Section 9(g) and Section 10(u) and, in addition to payment of (1) any earned but unpaid Base Salary through the date of your termination; (2) reimbursement of approved expenses due to you pursuant to Section 5, you (or in the event of a termination under Section 9(e), your heirs or estate) shall be entitled to receive the amounts or benefits set forth below.
Termination of Obligations and Severance Payments. In Section 10, all references to “Equity Awards” shall change to “Equity Awards and 2013 Equity Awards”. Similarly, all references to “RSUs” shall change to “RSUs, 2013 RSUs, and 2013 Performance Share Units”. AGREED AND ACCEPTED: Employer Employee ACTIVISION BLIZZARD, INC. By: /s/ Xxxxx Xxxxxxxx /s/ Xxxxxxxxxxx X. Xxxxxxx Xxxxx Xxxxxxxx Xxxxxxxxxxx X. Xxxxxxx Chief Strategy and Talent Officer Date: 7/15/2013 Date: 7/15/2013
Termination of Obligations and Severance Payments. In the event of termination of Executive’s employment and this Agreement, all obligations of Employer to Executive under this Agreement shall immediately terminate except as provided in this Section 9 and Sections 2(e), 10(k), and 10(t).
Termination of Obligations and Severance Payments. (a) The definition of “Bonus Severance” set forth in Section 11(a) of the Employment Agreement is hereby amended in its entirety to read as follows:
Termination of Obligations and Severance Payments. Section 10(d)(ii) is replaced and shall read now as follows: “Salary Continuation. You or your legal representative, as the case may be, shall receive the payment of an amount equal to the Base Salary (at the rate in effect on the Termination Date) that you would have received had you remained employed through the Expiration Date, which amount shall be paid in equal installments commencing on the first payroll date following the 60th day following the Termination Date in accordance with the Employer’s payroll practices as in effect from time to time, provided that the first such payment shall include any installments relating to the 60 day period following the Termination Date, provided, however, that, to the extent doing so will not result in the imposition of additional taxes under Section 409A, this amount shall be reduced by any payments which you have received or to which you become entitled under any Employer-sponsored long-term disability plan;”.
Termination of Obligations and Severance Payments. Section 10(f)(ii) is replaced and shall read now as follows: “Bonus Severance. You or your legal representative, as the case may be, shall receive payment of the Bonus Severance in a lump sum no later than the 15th day of the third month of the year following the year to which the underlying amount relates;”.
Termination of Obligations and Severance Payments. In Sections 10(b), 10(c), 10(e), and 10(f), all references to “Equity Awards” shall change to “Equity Awards and 2015 Equity Awards”. Similarly, all references in Section 10 to “RSUs” shall change to “RSUs and 2015 Performance Share Units”. Wherever the sentence “The Option shall be treated as set forth in Section 2 above.” appears in Section 10, is shall be modified to read as follows: “The Option shall be treated as set forth in Section 2 above; with respect to the 2015 Options, any vested portion of the 2015 Options shall remain exercisable until the earlier of (x) thirty (30) days after the Termination Date and (y) the original expiration date of the 2015 Options.”
Termination of Obligations and Severance Payments. Section 10(d)(iv) is replaced by Sections 10(d)(iv)(a) and 10(d)(iv)(b), which shall read as follows:
Termination of Obligations and Severance Payments. Section 10(d)(v) is re-labeled as Section 10(d)(vi) and amended so that the words “Section 10(d)(ii) and Section 10(d)(iii)” in the first sentence are replaced with “Sections 10(d)(ii)-(v)”.
