Promotion Offer Letter between Electronic Arts Inc. and Frank Gibeau
Electronic Arts Inc. offers Frank Gibeau a promotion to Executive Vice President and General Manager, North America Publishing, effective September 5, 2005. His new annual salary is $350,000 with a 60% annual bonus target, and any bonus for fiscal year 2006 will be prorated. The company will also recommend granting him a non-qualified option to purchase 100,000 shares of EA common stock, vesting fully after four years. The letter is signed by EA's CEO and accepted by Frank Gibeau.
Exhibit 10.3
September 2, 2005
Frank Gibeau
Dear Frank:
I am pleased to confirm your new leadership role at EA with a promotion to Executive Vice President and General Manager, North America Publishing, effective September 5th, 2005, reporting to me.
Your new annual salary will be increased to $350,000, 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 100,000 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/ Frank Gibeau | September 6, 2005 | |
| cc: | Rusty Rueff / EVP, HR |
| Personnel File |
