8-KLeadership ChangesExhibits & Filings

ELECTRONIC ARTS INC. 8-K Report, Executive Changes (Mar 17, 2008)

Filed March 17, 2008For Securities:EA

Summary

Electronic Arts Inc. (EA) has filed an 8-K report detailing the appointment of John Pleasants as President, Global Publishing and Chief Operating Officer, effective March 16, 2008. Mr. Pleasants brings a wealth of experience from leadership roles at Revolution Health Group and IAC/InterActiveCorp, including his tenure as CEO of Ticketmaster. This appointment signals a strategic move by EA to bolster its executive team with seasoned leadership in key operational and publishing areas. The report also outlines the compensatory package offered to Mr. Pleasants, which includes a base salary of $600,000, a target bonus of 75%, a $500,000 one-time bonus, stock options for 500,000 shares, and 75,000 restricted stock units. Additionally, EA will cover an estimated $513,685 in relocation expenses, with provisions for repayment if Mr. Pleasants departs within the first year. Investors should note these compensation details as indicators of EA's investment in new executive talent.

Key Highlights

  • 1Appointment of John Pleasants as President, Global Publishing and Chief Operating Officer, effective March 16, 2008.
  • 2Mr. Pleasants' prior executive experience includes CEO roles at Revolution Health Group and Ticketmaster (IAC/InterActiveCorp).
  • 3Annual base salary for Mr. Pleasants set at $600,000.
  • 4Discretionary target bonus of 75% of base salary for Mr. Pleasants.
  • 5One-time bonus payment of $500,000 to Mr. Pleasants.
  • 6Grant of 500,000 stock options and 75,000 restricted stock units to Mr. Pleasants.
  • 7EA to cover approximately $513,685 in relocation expenses for Mr. Pleasants.

Frequently Asked Questions

John Pleasants has been appointed as President, Global Publishing and Chief Operating Officer of Electronic Arts Inc. He brings significant executive experience, having previously served as President and CEO of Revolution Health Group and President and CEO of Ticketmaster, a division of IAC/InterActiveCorp.

Mr. Pleasants' compensation package includes a base salary of $600,000, a target bonus of 75% of his base salary, a $500,000 one-time bonus, stock options for 500,000 shares, and 75,000 restricted stock units. EA will also cover an estimated $513,685 in relocation expenses.

The stock option for 500,000 shares will vest as to 24% after twelve months and then in 2% increments monthly for the following 38 months. The 75,000 restricted stock units will vest 25% on each of the first four anniversaries of the grant date.

Yes, Mr. Pleasants has agreed to repay EA all relocation and gross-up expenses incurred by EA if he voluntarily leaves EA or is terminated for cause before the one-year anniversary of his hire date.