Summary
This 8-K filing from Electronic Arts Inc. (EA) details the compensation for Lawrence F. Probst III following his appointment as Executive Chairman on March 18, 2013. Effective immediately upon his appointment, Mr. Probst will receive an annualized salary of $1,030,000, paid bi-weekly, in his new executive role. This salary replaces any cash retainer fees he previously received for his board service. The Board of Directors also retains the discretion to award a one-time bonus to Mr. Probst at the conclusion of his term as Executive Chairman, with the specific amount to be determined at that time.
Key Highlights
- 1Lawrence F. Probst III appointed Executive Chairman on March 18, 2013.
- 2Executive Chairman compensation set at $1,030,000 annualized salary.
- 3Salary effective March 18, 2013, paid bi-weekly.
- 4Cash retainer fees for board service are discontinued for Mr. Probst in his new role.
- 5Board reserves the option for a discretionary one-time bonus for Mr. Probst at the end of his term.
- 6Compensation decisions made upon recommendation of the Compensation Committee.
- 7Mr. Probst abstained from voting on his own compensation.
Frequently Asked Questions
The primary purpose of this 8-K filing is to disclose the compensation package for Lawrence F. Probst III following his appointment as Executive Chairman of Electronic Arts Inc.
Mr. Probst will be paid an annualized salary of $1,030,000, effective March 18, 2013. This salary will be paid bi-weekly.
The Board of Directors has the option to award Mr. Probst a one-time discretionary bonus at the end of his term as Executive Chairman. The amount of this bonus, if any, will be determined at that time.
No, Mr. Probst will not receive further cash retainer fees for his service as a member of the Board of Directors while serving as Executive Chairman.