Promotion Offer Letter between Electronic Arts Inc. and David Gardner (Executive Vice President and COO Appointment)
Electronic Arts Inc. has promoted David Gardner to Executive Vice President and Chief Operating Officer, Worldwide Studios, effective September 5, 2005. Gardner will receive an increased annual salary of $450,000 and a higher annual bonus target of 60%, with any 2006 bonus prorated for time in both roles. He is also recommended for a stock option grant of 75,000 shares, vesting after four years. EA will reimburse certain business-related aircraft expenses. The agreement is signed by both parties and outlines the terms of Gardner's new role and compensation.
Exhibit 10.2
September 2, 2005
David Gardner
Dear David:
I am pleased to confirm your new leadership role at EA with a promotion to Executive Vice President and Chief Operating Officer, Worldwide Studios, effective September 5th, 2005, reporting to Paul Lee.
Your new annual salary will be increased to $450,000, and your annual bonus target will be increased to 60%. 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 75,000 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.
Finally, EA will reimburse you for reasonable, documented expenses for fuel and required co-pilot associated with the pre-approved business use of your personal aircraft.
Congratulations on this well deserved promotion!
Sincerely,
Lawrence F. Probst III
Chairman and Chief Executive Officer
Electronic Arts Inc.
| Accepted by candidate: | Date: | |
| /s/ David Gardner | September 6, 2005 | |
| cc: | Rusty Rueff / EVP, HR |
| Personnel File |
