Promotion Offer Letter between Electronic Arts Inc. and V. Paul Lee
Electronic Arts Inc. is offering V. Paul Lee a promotion to President, Worldwide Studios, effective September 5, 2005. His new annual salary will be CAD 662,730, with an increased annual bonus target of 80%. Any bonus for fiscal year 2006 will be prorated based on time in his previous and new roles. The company will also recommend that he receive a stock option grant for 150,000 shares, vesting fully after four years. The agreement outlines the terms of his new position and compensation.
Exhibit 10.1
September 2, 2005
Paul Lee
Dear Paul:
I am pleased to confirm your new leadership role at EA with a promotion to President, Worldwide Studios, effective September 5th, 2005, reporting to me.
Your new annual salary will be increased to CAD 662,730, and your annual bonus target will be increased to 80%. Any bonus earned in fiscal year 2006 will be prorated to reflect the appropriate portion of time spent in your former and new positions.
In addition, I will recommend to the Compensation Committee that you be granted a Non-Qualified Option to purchase 150,000 shares of Electronic Arts common stock in accordance with our 2000 Equity Incentive Plan. These options will be granted and priced on Friday, September 2nd, 2005, and will cliff vest 100% on the fourth anniversary of the date of grant.
Congratulations on this well deserved promotion!
Sincerely,
Lawrence F. Probst III
Chairman and Chief Executive Officer
Electronic Arts Inc.
| Accepted by candidate: | Date: | |
| /s/ Paul Lee | September 6, 2005 | |
| cc: | Rusty Rueff / EVP, HR |
| Personnel File |
