8-KLeadership ChangesExhibits & Filings

ELECTRONIC ARTS INC. 8-K Report, Executive Changes (Nov 6, 2008)

Filed November 6, 2008For Securities:EA

Summary

Electronic Arts Inc. (EA) filed an 8-K on November 6, 2008, to report a change in its Board of Directors. The company announced the appointment of Geraldine B. Laybourne, founder of Oxygen Media, as an independent director, expanding the Board size from eight to nine members. Ms. Laybourne's appointment is effective November 5, 2008. In addition to joining the Board, Ms. Laybourne has been appointed to the Compensation Committee, replacing Richard A. Simonson, who will remain on the Audit Committee. Her compensation as a director includes an annual retainer, committee fees, a stock option grant, and restricted stock units, reflecting the company's standard director compensation practices. This strategic addition to the board aims to leverage Ms. Laybourne's experience as the company navigates its business environment.

Key Highlights

  • 1Geraldine B. Laybourne appointed as an independent director to EA's Board of Directors.
  • 2Board size increased from eight to nine directors.
  • 3Ms. Laybourne appointed to the Compensation Committee, replacing Richard A. Simonson.
  • 4Richard A. Simonson remains a member of the Audit Committee.
  • 5Ms. Laybourne's compensation includes an annual retainer, committee fees, stock options, and restricted stock units.
  • 6Stock options vest gradually, with 2% exercisable on the grant date and remaining vesting monthly over time.
  • 7Restricted Stock Units vest in 25% increments annually over four years.

Frequently Asked Questions

Geraldine B. Laybourne is the founder and former Chairman and CEO of Oxygen Media. She has been appointed as an independent director to Electronic Arts Inc.'s Board of Directors, effective November 5, 2008. She will also serve on the Compensation Committee.

Ms. Laybourne's appointment increases the authorized size of the Board from eight to nine directors. She joins as an independent director.

Ms. Laybourne will receive an annual retainer of $50,000 as a non-employee director, plus an additional $7,500 per year for her service on the Compensation Committee. She also received a stock option grant and restricted stock units, with specific vesting schedules detailed in the filing.

Geraldine B. Laybourne was appointed to the Compensation Committee, replacing Richard A. Simonson. Mr. Simonson will continue to serve on the Audit Committee of the Board.