Document:

Exhibit
10.2

 

AMENDED
AND RESTATED ACTIVISION BLIZZARD, INC.

 

2008 INCENTIVE PLAN

 

NOTICE OF RESTRICTED SHARE UNIT
AWARD

 

You have been awarded Restricted Share Units of
Activision Blizzard, Inc. (the “Company”),
as follows:

 

·                  Your
name:  Thomas
Tippl

 

·                  Total
number of Restricted Share Units awarded: 
350,000

 

·                  Date
of Grant:  May 10, 2010

 

·                  Grant
ID:  08003662

 

·                  Your Award of Restricted Share Units is governed by the terms and
conditions set forth in:

 

·                  this Notice of Restricted Share Unit Award;

 

·                  the Restricted Share Unit Award Terms attached hereto as Exhibit A
(the “Award Terms”); and

 

·                  the Company’s Amended and Restated 2008 Incentive Plan, the receipt of a
copy of which you hereby acknowledge.

 

·                  Your Award of Restricted Share Units has been
made in connection with your employment agreement with the Company or one of
its subsidiaries or affiliates as a material inducement to your entering into
or renewing employment with such entity pursuant to such agreement, and is also
governed by any applicable terms and conditions set forth in such agreement.

 

·                  Schedule for Vesting:

 

Except as otherwise provided under the Award Terms,
the Restricted Share Units awarded to you will vest as follows, provided you
remain continuously employed by the Company or one of its subsidiaries or
affiliates through each such date:

 

Schedule for Vesting

 

	
  Date of Vesting

  	
   

  	
  No. of Restricted

  Share Units Vesting at

  Vesting Date

  	
   

  	
  Cumulative No. of

  Restricted Share Units

  Vested at Vesting Date

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  February 15, 2011

  	
   

  	
  87,500

  	
   

  	
  87,500

  	
   

  
	
  February 15, 2012

  	
   

  	
  87,500

  	
   

  	
  175,000

  	
   

  
	
  February 15, 2013

  	
   

  	
  87,500

  	
   

  	
  262,500

  	
   

  
	
  February 15, 2014

  	
   

  	
  87,500

  	
   

  	
  350,000

  	
   

  

 

 

·                  Please sign and return to the Company
this Notice of Restricted Share Unit Award, which bears an original signature
on behalf of the Company.  You are urged
to do so promptly.

 

·                  Please return the signed Notice of
Restricted Share Unit Award to the Company at:

 

Activision Blizzard, Inc.

3100 Ocean Park Boulevard

Santa Monica, CA  90405

Attn:  Stock Plan Administration

 

You should retain the enclosed duplicate copy of
this Notice of Restricted Share Unit Award for your records.

 

Any capitalized term used but not otherwise defined
herein shall have the meaning ascribed to such term in the Award Terms.

 

	
   

  	
   

  	
  ACTIVISION BLIZZARD, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Ann E Weiser

  
	
   

  	
   

  	
  Ann E. Weiser

  
	
   

  	
   

  	
  Chief Human Resources Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Date:

  	
  August 5, 2010

  
	
   

  	
   

  	
   

  
	
  ACCEPTED AND AGREED:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Thomas Tippl

  	
   

  	
   

  
	
  Thomas Tippl

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
  July 30, 2010

  	
   

  	
   

  

 

2

 

EXHIBIT A

 

AMENDED AND RESTATED ACTIVISION
BLIZZARD, INC.

 

2008 INCENTIVE PLAN

 

RESTRICTED SHARE UNIT AWARD TERMS

 

 

1.                                       Definitions.

 

(a)                                  For purposes of
these Award Terms, the following terms shall have the meanings set forth below:

 

“Award” means the award described on the Grant Notice.

 

“Cause” shall have the meaning given to such term in the Employment Agreement.

 

“Common Shares” means the shares of common stock, par value $0.000001 per share, of the
Company or any security into which such Common Shares may be changed by reason
of any transaction or event of the type referred to in Section 9 hereof.

 

“Company” means Activision Blizzard, Inc. and any successor thereto.

 

“Company Group” means the Company or any of its subsidiaries or other affiliates.

 

“Company-Sponsored Equity Account” means an account that is created with the Equity Account Administrator
in connection with the administration of the Company’s equity plans and
programs, including the Plan.

 

“Date of Grant” means the Date of Grant of the Award set forth on the Grant Notice.

 

“Disability” shall have the meaning given to such term in, or otherwise be
determined in accordance with, the Employment Agreement.

 

“Employment Agreement” means the employment agreement between Grantee and the Company Group,
dated as of September 9, 2005, as amended from time to time.

 

“Employment Violation” means any material breach by Grantee of the Employment Agreement for so
long as the terms of the Employment Agreement shall apply to Grantee (with any
breach of the post-termination obligations contained therein deemed to be
material for purposes of these Award Terms).

 

“Equity Account Administrator” means the brokerage firm utilized by the Company from time to time to
create and administer accounts for participants in the Company’s equity plans
and programs, including the Plan.

 

 

“Grantee” means the recipient of the Award named on the Grant Notice.

 

“Grant Notice” means the Notice of Restricted Share Unit Award to which these Award
Terms are attached as Exhibit A.

 

“Look-back Period” means, with respect to any Employment Violation by Grantee, the period
beginning on the date which is 12 months prior to the date of such Employment
Violation by Grantee and ending on the date of computation of the Recapture
Amount with respect to such Employment Violation.

 

“Plan” means the Amended and Restated Activision Blizzard, Inc. 2008
Incentive Plan, as amended from time to time.

 

“Recapture Amount” means, with respect to any
Employment Violation by Grantee, the gross gain realized or unrealized by
Grantee upon all vesting of Restricted Share Units or delivery or transfer of
Vested Shares during the Look-back Period with respect to such Employment
Violation, which gain shall be calculated as the sum of:

 

(i)                                     if Grantee has
received any Vested Shares during such Look-back Period and sold such Vested
Shares, an amount equal to the product of (A) the sales price per Vested
Share times (B) the number of such Vested Shares sold at such sales price;
plus

 

(ii)                                  if Grantee has
received any Vested Shares during such Look-back Period and not sold such
Vested Shares, an amount equal to the product of (A) the greatest of the
following: (1) the Market Value per Share of Common Shares on the date
such Vested Shares were issued or transferred to Grantee, (2) the
arithmetic average of the per share closing sales prices of Common Shares as
reported on NASDAQ for the 30 trading day period ending on the trading day
immediately preceding the date of the Company’s written notice of its exercise
of its rights under Section 12 hereof, or (3) the arithmetic average
of the per share closing sales prices of Common Shares as reported on NASDAQ
for the 30 trading day period ending on the trading day immediately preceding
the date of computation, times (B) the number of such Vested Shares which
were not sold.

 

“Restricted Share Units” means units subject to the Award, which represent the conditional right
to receive Common Shares in accordance with the Grant Notice and these Award
Terms, unless and until such units become vested or are forfeited to the
Company in accordance with the Grant Notice and these Award Terms.

 

“Section 409A” means Section 409A of the Code and the guidance and regulations
promulgated thereunder.

 

“Term Sheet” means the Corporate
Governance Term Sheet approved by the Delaware Court of Chancery in connection
with the settlement of In re Activision, Inc.
Shareholder Derivative Litigation, C.D. Cal. Case No. CV06-4771
MRP (JTLx); In re Activision Shareholder Derivative Litigation,
L.A.S.C. Case No. SC090343.

 

“Vested Shares” means Common Shares to which the holder of the Restricted Share Units
becomes entitled upon vesting thereof in accordance with Section 2 or 3
hereof.

 

A-2

 

“Withholding Taxes” means any taxes, including, but not limited to, social security and
Medicare taxes and federal, state and local income taxes, required to be
withheld under any applicable law.

 

(b)                                 Any capitalized
term used but not otherwise defined herein shall have the meaning ascribed to
such term in the Plan.

 

2.                                       Vesting.  Except as otherwise set forth in these Award
Terms, the Restricted Share Units shall vest in accordance with the “Schedule
for Vesting” set forth on the Grant Notice. 
Each Restricted Share Unit, upon vesting thereof, shall entitle the
holder thereof to receive one Common Share (subject to adjustment pursuant to
Section 9 hereof).

 

3.                                       Termination of
Employment.

 

(a)                                  Cause.  In the event that Grantee’s employment is
terminated by the Company or any of its subsidiaries or affiliates for Cause,
the provisions of Section 9(f)(i) of the Employment Agreement, the
terms of which are incorporated by reference, mutatis
mutandis, and shall apply to the Grant Notice and these Award Terms
with the same force and effect as if expressly set forth therein or herein,
shall govern the disposition of any outstanding Restricted Share Units and Vested
Shares that have yet to settle pursuant to Section 7 hereof.

 

(b)                                 Without Cause
or For Good Reason.  In the
event that Grantee’s employment is terminated by the Company or any of its
subsidiaries or affiliates without Cause or by Grantee pursuant to Section 9(b) of
the Employment Agreement, the provisions of Section 9(f)(ii) of the
Employment Agreement, the terms of which are incorporated by reference, mutatis mutandis, shall apply to the Grant Notice and these
Award Terms with the same force and effect as if expressly set forth therein or
herein, shall govern the disposition of any outstanding Restricted Share Units
and Vested Shares that have yet to settle pursuant to Section 7 hereof.

 

(c)                                  Death or
Disability. Unless the Committee determines otherwise, in the
event that Grantee dies while employed by the Company or any of its
subsidiaries or affiliates or Grantee’s employment with the Company or any of
its subsidiaries or affiliates is terminated due to the Holder’s Disability,
the provisions of Section 9(f)(iii) of the Employment Agreement, the
terms of which are incorporated by reference, mutatis
mutandis, shall apply to the Grant Notice and these Award Terms with
the same force and effect as if expressly set forth therein or herein, shall
govern the disposition of any outstanding Restricted Share Units and Vested
Shares that have yet to settle pursuant to Section 7 hereof.

 

(d)                                 Other.  Unless the Committee determines otherwise, in
the event that Grantee’s employment is terminated for any reason not addressed
by Section 4(a), 4(b) or 4(c) hereof, as of the date of such
termination of employment all Restricted Share Units shall cease to vest and,
with the exception of any Vested Shares that have yet to settle pursuant to Section 7
hereof, shall immediately be forfeited to the Company without payment of
consideration by the Company.

 

4.                                       Tax Withholding.  The Company shall have the right to require
Grantee to satisfy any Withholding Taxes resulting from the vesting of any
Restricted Share Units, the issuance or transfer of any Vested Shares or
otherwise in connection with the Award at the time such

 

A-3

 

Withholding Taxes become due.  The Company shall determine the method or
methods Grantee may use to satisfy any Withholding Taxes contemplated by this Section 4,
which may include any of the following:  (a) by
delivery to the Company of a bank check or certified check or wire transfer of
immediately available funds; (b) through the delivery of irrevocable
written instructions, in a form acceptable to the Company, that the Company
withhold Vested Shares otherwise then deliverable having a value equal to the
aggregate amount of the Withholding Taxes (valued in the same manner used in
computing the amount of such Withholding Taxes); or (c) by any combination
of (a) and (b) above. 
Notwithstanding anything to the contrary contained herein, (i) the
Company or any of its subsidiaries or affiliates shall have the right to
withhold from Grantee’s compensation any Withholding Taxes contemplated by this
Section 4 and (ii) the Company shall have no obligation to deliver
any Vested Shares unless and until all Withholding Taxes contemplated by this
Section 4 have been satisfied.

 

5.                                       Reservation of
Shares.  The Company shall at all times
reserve for issuance or delivery upon vesting of the Restricted Share Units
such number of Common Shares as shall be required for issuance or delivery upon
vesting thereof.

 

6.                                       Dividend
Equivalents.  In the
event that any cash dividends are declared and paid on Common Shares to which
the holder of the Restricted Share Units would be entitled upon vesting
thereof, such holder shall be paid, on the payment date for such dividend, the
amount that such holder would have received if the Restricted Share Units had
vested, and the Common Shares to which such holder was thereupon entitled had
been issued and outstanding and held of record by such holder, as of the record
date for such dividend; provided, however, that no such dividend
equivalents shall be paid if the Restricted Share Units have been forfeited to
the Company in accordance with Section 3 hereof prior to payment
thereof.  Notwithstanding the foregoing,
in no event shall any such dividend equivalents be paid later than the 45th day following the year in which the related
dividends are paid.  For purposes of the
time and form of payment requirements of Section 409A, such dividend
equivalents shall be treated separately from the Restricted Share Units.

 

7.                                       Receipt and
Delivery.  As soon as
administratively practicable (and, in any event, within 30 days) after any
Restricted Share Units vest, the Company shall (i) effect the issuance or
transfer of the resulting Vested Shares, (ii) cause the issuance or
transfer of such Vested Shares to be evidenced on the books and records of the
Company, and (iii) cause such Vested Shares to be delivered to a
Company-Sponsored Equity Account in the name of the person entitled to such
Vested Shares (or, with the Company’s consent, such other brokerage account as
may be requested by such person); provided, however, that, in the
event such Vested Shares are subject to a legend as set forth in Section 15
hereof, the Company shall instead cause a certificate evidencing such Vested
Shares and bearing such legend to be delivered to the person entitled thereto.

 

8.                                       Committee
Discretion.  Except as
may otherwise be provided in the Plan, the Committee shall have sole discretion
to (a) interpret any provision of the Plan, the Grant Notice and these
Award Terms, (b) make any determinations necessary or advisable for the
administration of the Plan and the Award, and (c) waive any conditions or
rights of the Company under the Award, the Grant Notice or these Award
Terms.  Without intending to limit the
generality or effect of the foregoing, any decision or determination to be made
by the Committee

 

A-4

 

pursuant to these Award Terms, including whether to
grant or withhold any consent, shall be made by the Committee in its sole and
absolute discretion, subject only to the terms of the Plan.  Subject to the terms of the Plan, the
Committee may amend the terms of the Award prospectively or retroactively;
however, no such amendment may materially and adversely affect the rights of
Grantee taken as a whole without Grantee’s consent.  Without intending to limit the generality or
effect of the foregoing, the Committee may amend the terms of the Award (i) in
recognition of unusual or nonrecurring events (including, without limitation,
events described in Section 9 hereof) affecting the Company or any of its
subsidiaries or affiliates or the financial statements of the Company or any of
its subsidiaries or affiliates, (ii) in response to changes in applicable
laws, regulations or accounting principles and interpretations thereof, or (iii) to
prevent the Award from becoming subject to any adverse consequences under Section 409A.

 

9.                                       Adjustments.  Notwithstanding anything to the contrary
contained herein, pursuant to Section 12 of the Plan, the Committee will
make or provide for such adjustments to the Award as are equitably required to
prevent dilution or enlargement of the rights of Grantee that would otherwise
result from (a) any stock dividend, extraordinary dividend, stock split,
combination of shares, recapitalization or other change in the capital
structure of the Company, (b) any change of control, merger,
consolidation, spin-off, split-off, spin-out, split-up, reorganization, partial
or complete liquidation or other distribution of assets, or issuance of rights
or warrants to purchase securities, or (c) any other corporate transaction
or event having an effect similar to any of the foregoing.  Moreover, in the event of any such
transaction or event, the Committee, in its discretion, may provide in
substitution for the Award such alternative consideration (including, without
limitation, cash or other equity awards), if any, as it may determine to be
equitable in the circumstances and may require in connection therewith the
surrender of the Award.

 

10.                                 Registration
and Listing. 
Notwithstanding anything to the contrary contained herein, the Company
shall not be obligated to issue or transfer any Restricted Share Units or
Vested Shares, and no Restricted Share Units or Vested Shares may be sold, assigned,
transferred, pledged, hypothecated or otherwise disposed of or encumbered in
any way, unless such transaction is in compliance with (a) the Securities
Act of 1933, as amended, or any comparable federal securities law, and all
applicable state securities laws, (b) the requirements of any securities
exchange, securities association, market system or quotation system on which
securities of the Company of the same class as the securities subject to the
Award are then traded or quoted, (c) any restrictions on transfer imposed
by the Company’s certificate of incorporation or bylaws, and (d) any
policy or procedure the Company has adopted with respect to the trading of its
securities, in each case as in effect on the date of the intended
transaction.  The Company is under no
obligation to register, qualify or list, or maintain the registration,
qualification or listing of, Restricted Share Units or Vested Shares with the
SEC, any state securities commission or any securities exchange, securities
association, market system or quotation system to effect such compliance.  Grantee shall make such representations and
furnish such information as may be appropriate to permit the Company, in light
of the then existence or non-existence of an effective registration statement
under the Securities Act of 1933, as amended, relating to Restricted Share
Units or Vested Shares, to issue or transfer Restricted Share Units or Vested
Shares in compliance with the provisions of that or any comparable federal
securities law and all applicable state securities laws.  The Company shall have the right, but not the
obligation, to register the issuance or transfer of Restricted Share Units or
Vested Shares or resale of Restricted Share Units or Vested Shares under the
Securities Act of 1933, as amended, or any comparable federal securities law or
applicable state securities law.

 

A-5

 

11.                                 Transferability.  Except as otherwise permitted under the Plan
or this Section 11, the Restricted Share Units shall not be transferable
by Grantee other than by will or the laws of descent and distribution.  With the Company’s consent, Grantee may
transfer Restricted Share Units for estate planning purposes or pursuant to a
domestic relations order; provided, however, that any transferee
shall be bound by all of the terms and conditions of the Plan, the Grant Notice
and these Award Terms and shall execute an agreement in form and substance
satisfactory to the Company in connection with such transfer; and provided,
further that Grantee will remain bound by the terms and conditions of
the Plan, the Grant Notice and these Award Terms.

 

12.                                 Employment
Violation.  In the
event of an Employment Violation, the Company shall have the right to require (i) the
forfeiture by Grantee to the Company of any outstanding Restricted Share Units
or Vested Shares which have yet to settle pursuant to Section 7 hereof and
(ii) payment by Grantee to the Company of the Recapture Amount with
respect to such Employment Violation; provided, however, that, in
lieu of payment by Grantee to the Company of the Recapture Amount, Grantee, in
his or her discretion, may tender to the Company the Vested Shares acquired
during the Look-back Period with respect to such Employment Violation and Grantee
shall not be entitled to receive any consideration from the Company in exchange
therefor.  Any such forfeiture of
Restricted Share Units and payment of the Recapture Amount, as the case may be,
shall be in addition to, and not in lieu of, any other right or remedy
available to the Company arising out of or in connection with such Employment
Violation, including, without limitation, the right to terminate Grantee’s
employment if not already terminated and to seek injunctive relief and
additional monetary damages.

 

13.                                 Compliance with
Applicable Laws and Regulations and Company Policies and Procedures.

 

(a)                                  Grantee is responsible for complying with (a) any federal, state
and local taxation laws applicable to Grantee in connection with the Award, (b) any
federal and state securities laws applicable to Grantee in connection with the
Award, (c) the requirements of any securities exchange, securities
association, market system or quotation system on which securities of the
Company of the same class as the Shares are then traded or quoted, (d) any
restrictions on transfer imposed by the Company’s certificate of incorporation
or bylaws, and (e) any policy or procedure the Company maintains or may
adopt with respect to the trading of its securities.

 

(b)                                 The Award is subject to the terms and conditions of the Term Sheet, and
any Company policies or procedures adopted in connection with the Company’s
implementation of the Term Sheet, including, without limitation, any policy
requiring or permitting the Company to recover any gains realized by Grantee in
connection with the Award.

 

14.                                 Section 409A.

 

(a)                                  Payments
contemplated with respect to the Award are intended to comply with Section 409A,
and all provisions of the Plan, the Grant Notice and these Award Terms shall

 

A-6

 

be construed and interpreted in a manner consistent
with the requirements for avoiding taxes or penalties under Section 409A.  Notwithstanding the foregoing, (i) nothing
in the Plan, the Grant Notice and these Award Terms shall guarantee that the
Award is not subject to taxes or penalties under Section 409A and (ii) if
any provision of the Plan, the Grant Notice or these Award Terms would, in the
reasonable, good faith judgment of the Company, result or likely result in the
imposition on Grantee or any other person of taxes, interest or penalties under
Section 409A, the Committee may, in its sole discretion, modify the terms
of the Plan, the Grant Notice or these Award Terms, without the consent of
Grantee, in the manner that the Committee may reasonably and in good faith
determine to be necessary or advisable to avoid the imposition of such taxes,
interest or penalties; provided, however, that this Section 14
does not create an obligation on the part of the Committee or the Company to
make any such modification.

 

(b)                                 Neither Grantee
nor any of Grantee’s creditors or beneficiaries shall have the right to subject
any deferred compensation (within the meaning of Section 409A) payable
with respect to the Award to any anticipation, alienation, sale, transfer,
assignment, pledge, encumbrance, attachment or garnishment.  Except as permitted under Section 409A,
any deferred compensation (within the meaning of Section 409A) payable to
Grantee or for Grantee’s benefit with respect to the Award may not be reduced
by, or offset against, any amount owing by Grantee to the Company.

 

(c)                                  Notwithstanding
anything to the contrary contained herein, if (i) the Committee determines
in good faith that the Restricted Share Units do not qualify for the “short-term
deferral exception” under Section 409A, (ii) Grantee is a “specified
employee” (as defined in Section 409A) and (iii) a delay in the
issuance or transfer of Vested Shares to Grantee or his or her estate or
beneficiaries hereunder by reason of Grantee’s “separation from service” (as
defined in Section 409A) with the Company or any of its subsidiaries or
affiliates is required to avoid tax penalties under Section 409A but is
not already provided for by this Award, the Company shall cause the issuance or
transfer of such Vested Shares to Grantee or Grantee’s estate or beneficiary
upon the earlier of (A) the date that is the first business day following
the date that is six months after the date of Grantee’s separation from service
or (B) Grantee’s death.

 

15.                                 Legend.  The Company may, if determined by it based on
the advice of counsel to be appropriate, cause any certificate evidencing
Vested Shares to bear a legend substantially as follows:

 

“THE SECURITIES REPRESENTED HEREBY MAY NOT BE
OFFERED FOR SALE, SOLD OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE ACT.”

 

16.                                 No Right to
Continued Employment.  Nothing
contained in the Grant Notice or these Award Terms shall be construed to confer
upon Grantee any right to be continued in the employ of the Company or any of
its subsidiaries or affiliates or derogate from any right of the Company or any
of its subsidiaries or affiliates to retire, request the resignation of, or
discharge Grantee at any time, with or without cause.

 

A-7

 

17.                                 No Rights as
Stockholder.  No holder
of Restricted Share Units shall, by virtue of the Grant Notice or these Award
Terms, be entitled to any right of a stockholder of the Company, either at law
or in equity, and the rights of any such holder are limited to those expressed,
and are not enforceable against the Company except to the extent set forth in
the Plan, the Grant Notice and these Award Terms.

 

18.                                 Severability.  In the event that one or more of the
provisions of these Award Terms shall be invalidated for any reason by a court
of competent jurisdiction, any provision so invalidated shall be deemed to be
separable from the other provisions hereof, and the remaining provisions hereof
shall continue to be valid and fully enforceable.

 

19.                                 Governing Law.  To the extent that federal law does not
otherwise control, the validity, interpretation, performance and enforcement of
the Grant Notice and these Award Terms shall be governed by the laws of the
State of Delaware, without giving effect to principles of conflicts of laws
thereof.

 

20.                                 Successors and
Assigns.  The provisions of the Grant
Notice and these Award Terms shall be binding upon and inure to the benefit of
the Company, its successors and assigns, and Grantee and, to the extent
applicable, Grantee’s permitted assigns under Section 11 hereof and
Grantee’s estate or beneficiary(ies) as determined by will or the laws of
descent and distribution.

 

21.                                 Notices.  Any notice or other document which Grantee or
the Company may be required or permitted to deliver to the other pursuant to or
in connection with the Grant Notice or these Award Terms shall be in writing,
and may be delivered personally or by mail, postage prepaid, or overnight
courier, addressed as follows:  (a) if
to the Company, at its office at 3100 Ocean Park Boulevard, Santa Monica,
California 90405, Attn: Stock Plan Administration, or such other address as the
Company by notice to Grantee may designate in writing from time to time; and (b) if
to Grantee, at the address shown in the Employment Agreement, or such other
address as Grantee by notice to the Company may designate in writing from time
to time.  Notices shall be effective upon
receipt.

 

22.                                 Conflict with
Employment Agreement or Plan.  In the event of any conflict between the
terms of the Employment Agreement and the terms of the Grant Notice or these
Award Terms, the terms of the Grant Notice or these Award Terms, as the case
may be, shall control.  In the event of
any conflict between the terms of the Employment Agreement, the Grant Notice or
these Award Terms and the terms of the Plan, the terms of the Plan shall
control.

 

23.                                 Deemed
Agreement.  By
accepting the Award, Grantee is deemed to be bound by the terms and conditions
set forth in the Plan, the Grant Notice and these Award Terms.

 

A-8Exhibit
10.3

 

AMENDED
AND RESTATED ACTIVISION BLIZZARD, INC.

 

2008 INCENTIVE PLAN

 

NOTICE OF PERFORMANCE SHARE AWARD

 

You have been awarded Performance Shares of
Activision Blizzard, Inc. (the “Company”),
as follows:

 

·                  Your name:  Thomas Tippl

 

·                  Total number of Performance Shares awarded:  225,000

 

·                  Date of Grant:  May 10, 2010

 

·                  Grant ID:  08003664

 

·                  Your Award of Performance Shares is governed by the terms and conditions
set forth in:

 

·                  this Notice of Performance Share Award;

 

·                  the Performance Share Award Terms attached hereto as Exhibit A
(the “Award Terms”); and

 

·                  the Company’s Amended and Restated 2008 Incentive Plan, the receipt of a
copy of which you hereby acknowledge.

 

·                  Your Award of Performance Shares has been made
in connection with your employment agreement with the Company or one of its
subsidiaries or affiliates as a material inducement to your entering into or
renewing employment with such entity pursuant to such agreement, and is also
governed by any applicable terms and conditions set forth in such agreement.

 

·                  Schedule for Lapse of Restrictions:  Except as otherwise provided
under the Award Terms, the Restrictions on the Performance Shares awarded to
you will lapse in the manner described below:

 

 

	
  Restrictions Lapse with

  Respect to the

  Following Number of

  Performance Shares

  	
   

  	
  If, and Only, if the
  Compensation

  Committee Determines that the

  Following Has Occurred

  	
   

  	
  On the Following Date,

  Provided You Remain

  Continuously Employed

  by the Company or One

  its Subsidiaries or

  Affiliates

  Through Such Date

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  56,250

  	
   

  	
  Non-GAAP earnings per share of the Company
  for the year ending December 31, 2010, as reported as such in the press
  release issued by the Company for that period, are greater than or equal to
  the non-GAAP earnings per share annual operating plan objectives established
  by the Board of Directors and approved by the Compensation Committee for 2010

  	
   

  	
  February 15, 2011

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  56,250

  	
   

  	
  Non-GAAP earnings per share of the Company
  for the year ending December 31, 2011, as reported as such in the press
  release issued by the Company for that period, are greater than or equal to
  the non-GAAP earnings per share annual operating plan objectives established
  by the Board of Directors and approved by the Compensation Committee for 2011

  	
   

  	
  February 15, 2012

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  56,250

  	
   

  	
  Non-GAAP earnings per share of the Company
  for the year ending December 31, 2012, as reported as such in the press
  release issued by the Company for that period, are greater than or equal to
  the non-GAAP earnings per share annual operating plan objectives established
  by the Board of Directors and approved by the Compensation Committee for 2012

  	
   

  	
  February 15, 2013

  

 

2

 

	
  Restrictions Lapse with

  Respect to the

  Following Number of

  Performance Shares

  	
   

  	
  If, and Only, if the
  Compensation

  Committee Determines that the

  Following Has Occurred

  	
   

  	
  On the Following Date,

  Provided You Remain

  Continuously Employed

  by the Company or One

  its Subsidiaries or

  Affiliates

  Through Such Date

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  56,250

  	
   

  	
  Non-GAAP earnings per share of the Company
  for the year ending December 31, 2013, as reported as such in the press
  release issued by the Company for that period, are greater than or equal to
  the non-GAAP earnings per share annual operating plan objectives established
  by the Board of Directors and approved by the Compensation Committee for 2013

  	
   

  	
  February 15, 2014

  

 

Notwithstanding the foregoing, if the Company fails
to meet an objective for a year, but the Compensation Committee determines in
any subsequent year that the Company has “over-delivered” for that subsequent
year or years by an amount which is equal to or greater than the amount by
which the Company failed to achieve that or any other prior year’s objective,
such that the cumulative non-GAAP earnings per share for all years prior to such
determination, in each case as reported in the press release issued by the
Company for the relevant year, has met or exceeded the cumulative non-GAAP
earnings per share annual operating plan objectives for that or those years, as
the case may be, then on February 15th of the year of such determination, if you
remain continuously employed by the Company or one of its Subsidiaries or
Affiliates through such date, all Restrictions which were previously eligible
to lapse in that or those years, as the case may be, will lapse (along with the
Restrictions that otherwise lapse in accordance with the schedule set forth
above).

 

·                  Please sign and return to the Company
this Notice of Performance Share Award, which bears an original signature on
behalf of the Company.  You are urged to
do so promptly.

 

·                  Please return the signed Notice of
Performance Share Award to the Company at:

 

Activision Blizzard, Inc.

3100 Ocean Park Boulevard

Santa Monica, CA  90405

Attn:  Stock Plan Administration

 

You should retain the enclosed duplicate copy of
this Notice of Performance Share Award for your records.

 

Any capitalized term used but not otherwise defined
herein shall have the meaning ascribed to such term in the Award Terms.

 

3

 

	
   

  	
   

  	
  ACTIVISION BLIZZARD, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Ann E Weiser

  
	
   

  	
   

  	
  Ann E. Weiser

  
	
   

  	
   

  	
  Chief Human Resources Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Date:

  	
  August 5, 2010

  
	
   

  	
   

  	
   

  
	
  ACCEPTED AND AGREED:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Thomas Tippl

  	
   

  	
   

  
	
  Thomas Tippl

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
  July 30, 2010

  	
   

  	
   

  

 

4

 

EXHIBIT A

 

AMENDED AND RESTATED ACTIVISION
BLIZZARD, INC.

 

2008 INCENTIVE PLAN

 

RESTRICTED SHARE AWARD TERMS

 

1.             Definitions.

 

(a)           For purposes of these Award
Terms, the following terms shall have the meanings set forth below:

 

“Additional Shares” means any additional Common Shares issued in respect of Performance
Shares in connection with any adjustment pursuant to Section 10 hereof.

 

“Award” means the award described on the Grant Notice.

 

“Common Shares” means the shares of common stock, par value $0.000001 per share, of the
Company or any security into which such Common Shares may be changed by reason
of any transaction or event of the type referred to in Section 10 hereof.

 

“Company” means Activision Blizzard, Inc. and any successor thereto.

 

“Company Group” means the Company or any of its subsidiaries or other affiliates.

 

“Company-Sponsored Equity Account” means an account that is created with the Equity Account Administrator
in connection with the administration of the Company’s equity plans and programs,
including the Plan.

 

“Date of Grant” means the Date of Grant of the Award set forth on the Grant Notice.

 

“Employment Agreement” means the employment agreement between the Holder and the Company
Group, dated as of September 9, 2005, as amended from time to time.

 

“Employment Violation” means any material breach by Grantee of his or her employment agreement
with the Company or one of its subsidiaries or affiliates for so long as the
terms of such employment agreement shall apply to Grantee (with any breach of
the post-termination obligations contained therein deemed to be material for
purposes of these Award Terms).

 

“Equity Account Administrator” means the brokerage firm utilized by the Company from time to time to
create and administer accounts for participants in the Company’s equity plans
and programs, including the Plan.

 

“Grantee” means the recipient of the Award named on the Grant Notice.

 

 

“Grant Notice” means the Notice of Performance Share Award to which these Award Terms
are attached as Exhibit A.

 

“Look-back Period” means, with respect to any Employment Violation by Grantee, the period
beginning on the date which is 12 months prior to the date of such Employment
Violation by Grantee and ending on the date of computation of the Recapture
Amount with respect to such Employment Violation.

 

“Performance Shares” means Common Shares subject to the Award (including any Additional
Shares) as to which the Restrictions have not lapsed and which have not been
forfeited to the Company in accordance with the Grant Notice and these Award
Terms.

 

“Plan” means the Amended and Restated Activision Blizzard, Inc. 2008
Incentive Plan, as amended from time to time.

 

“Recapture Amount” means, with respect to any
Employment Violation by Grantee, the gross gain realized or unrealized by
Grantee upon all lapses of the Restrictions during the Look-back Period with
respect to such Employment Violation, which gain shall be calculated as the sum
of:

 

(i)            if Grantee has
received any Vested Shares during such Look-back Period and sold such Vested
Shares, an amount equal to the product of (A) the sales price per Vested
Share times (B) the number of such Vested Shares sold at such sales price;
plus

 

(ii)           if Grantee has
received any Vested Shares during such Look-back Period and not sold such
Vested Shares, an amount equal to the product of (A) the greatest of the
following: (1) the Market Value per Share of Common Shares on the date the
Restrictions lapsed with respect to such Vested Shares, (2) the arithmetic
average of the per share closing sales prices of Common Shares as reported on
NASDAQ for the 30 trading day period ending on the trading day immediately
preceding the date of the Company’s written notice of its exercise of its
rights under Section 14 hereof, or (3) the arithmetic average of the
per share closing sales prices of Common Shares as reported on NASDAQ for the
30 trading day period ending on the trading day immediately preceding the date
of computation, times (B) the number of such Vested Shares which were not
sold.

 

“Restricted Book Entry” means a book entry on the Company’s stock register maintained by its
transfer agent and registrar, which book entry shall bear a notation regarding
the Restrictions as set forth in Section 15(a) hereof and, if
appropriate, a notation regarding securities law restrictions as set forth in Section 15(b) hereof.

 

“Restrictions” means the restrictions set forth in Section 2 hereof.

 

“Section 409A” means Section 409A of the Code and the guidance and regulations
promulgated thereunder.

 

“Term Sheet” means the Corporate
Governance Term Sheet approved by the Delaware Court of Chancery in connection
with the settlement of In re Activision, Inc.
Shareholder Derivative Litigation, C.D. Cal. Case No. CV06-4771
MRP (JTLx); In re Activision Shareholder Derivative Litigation,
L.A.S.C. Case No. SC090343.

 

B-2

 

“Vested Shares” means Common Shares subject to the Award (including any Additional
Shares) as to which the Restrictions have lapsed in accordance with Section 3
or 4 hereof.

 

“Withholding Taxes” means any taxes, including, but not limited to, social security and
Medicare taxes and federal, state and local income taxes, required to be
withheld under any applicable law.

 

(b)           Any capitalized term used
but not otherwise defined herein shall have the meaning ascribed to such term
in the Plan.

 

2.             Restrictions.  None of the Common Shares subject to the
Award (including any Additional Shares), or any right or privilege pertaining
thereto, may be sold, assigned, transferred, pledged, hypothecated or otherwise
disposed of or encumbered in any way not expressly permitted by these Award
Terms, or subjected to execution, attachment or similar process, unless and
until such restrictions thereon lapse pursuant to Section 3 or 4
hereof.  Any attempt to sell, assign,
transfer, pledge, hypothecate or otherwise dispose of or encumber any such
Common Shares, or any right or privilege pertaining thereto, in any way not
expressly permitted by these Award Terms before such restrictions thereon lapse
pursuant to Section 3 or 4 hereof shall be null and void and of no force
and effect.

 

3.             Lapse of Restrictions.  Except as otherwise set forth in these Award
Terms, the Restrictions shall lapse in accordance with the “Schedule for Lapse
of Restrictions” set forth on the Grant Notice.

 

4.             Termination of Employment.  In the event that Grantee’s employment is
terminated for any reason prior to the lapse of all of the Restrictions, as of
the date of such termination of employment the remaining Restrictions shall
cease to lapse and all Performance Shares shall immediately be forfeited to the
Company without payment of consideration by the Company.

 

5.             Tax Withholding.  The Company shall have the right to require
Grantee to satisfy any Withholding Taxes resulting from the lapse of the
Restrictions or otherwise in connection with the Award at the time such
Withholding Taxes become due.  The
Company shall determine the method or methods Grantee may use to satisfy any
Withholding Taxes contemplated by this Section 5, which may include any of
the following:  (a) by delivery to
the Company of a bank check or certified check or wire transfer of immediately
available funds; (b) through the delivery of irrevocable written
instructions, in a form acceptable to the Company, that the Company withhold
Vested Shares otherwise then deliverable having a value equal to the aggregate
amount of the Withholding Taxes (valued in the same manner used in computing
the amount of such Withholding Taxes); or (c) by any combination of (a) and
(b) above.  Notwithstanding anything
to the contrary contained herein, (i) the Company or any of its
subsidiaries or affiliates shall have the right to withhold from Grantee’s
compensation any Withholding Taxes contemplated by this Section 5 and (ii) the
Company shall have no obligation to deliver any Vested Shares unless and until
all Withholding Taxes contemplated by this Section 5 have been satisfied.

 

B-3

 

6.             Voting Rights.  The holder of the Performance Shares shall be
entitled to the voting privileges associated therewith.

 

7.             Dividends.  Any cash dividends declared and paid on the
Performance Shares shall be paid to the holder thereof concurrently with the
payment of such dividends to all other record holders of Common Shares.

 

8.             Receipt and Delivery;
Removal of Restrictions. 
Performance Shares shall be evidenced by a Restricted Book Entry in the
name of the holder of the Performance Shares. 
Performance Shares shall become Vested Shares at such time as the
Restrictions thereon lapse in accordance with the Grant Notice and these Award
Terms.  As soon as practicable after the
Restrictions on any Performance Shares lapse, the Company shall cause the
legend regarding the Restrictions set forth in Section 16(a) hereof
to be removed from the resulting Vested Shares and cause the resulting Vested
Shares to be delivered to a Company-Sponsored Equity Account in the name of the
person entitled to such Vested Shares (or, with the Company’s consent, such
other brokerage account as may be requested by such person); provided, however,
that, in the event such Vested Shares are subject to a legend regarding
securities law restrictions as set forth in Section 15(b) hereof, the
Company shall instead cause a certificate evidencing such Vested Shares and
bearing such legend to be delivered to the person entitled thereto.

 

9.             Committee Discretion.  Except as may otherwise be provided in the
Plan, the Committee shall have sole discretion to (a) interpret any
provision of the Plan, the Grant Notice and these Award Terms, (b) make
any determinations necessary or advisable for the administration of the Plan
and the Award, and (c) waive any conditions or rights of the Company under
the Award, the Grant Notice or these Award Terms.  Without intending to limit the generality or
effect of the foregoing, any decision or determination to be made by the
Committee pursuant to these Award Terms, including whether to grant or withhold
any consent, shall be made by the Committee in its sole and absolute
discretion, subject only to the terms of the Plan.  Subject to the terms of the Plan, the
Committee may amend the terms of the Award prospectively or retroactively;
however, no such amendment may materially and adversely affect the rights of
Grantee taken as a whole without Grantee’s consent.  Without intending to limit the generality or
effect of the foregoing, the Committee may amend the terms of the Award (i) in
recognition of unusual or nonrecurring events (including, without limitation,
events described in Section 10 hereof) affecting the Company or any of its
subsidiaries or affiliates or the financial statements of the Company or any of
its subsidiaries or affiliates, (ii) in response to changes in applicable
laws, regulations or accounting principles and interpretations thereof, or (iii) to
prevent the Award from becoming subject to Section 409A.

 

10.           Adjustments.  Notwithstanding anything to the contrary
contained herein, pursuant to Section 13 of the Plan, the Committee will
make or provide for such adjustments to the Award as are equitably required to
prevent dilution or enlargement of the rights of Grantee that would otherwise
result from (a) any stock dividend, extraordinary dividend, stock split,
combination of shares, recapitalization or other change in the capital
structure of the Company, (b) any change of control, merger,
consolidation, spin-off, split-off, spin-out, split-up,

 

B-4

 

reorganization, partial or complete liquidation or
other distribution of assets, or issuance of rights or warrants to purchase
securities, or (c) any other corporate transaction or event having an
effect similar to any of the foregoing. 
Moreover, in the event of any such transaction or event, the Committee,
in its discretion, may provide in substitution for the Award such alternative
consideration (including, without limitation, cash or other equity awards), if
any, as it may determine to be equitable in the circumstances and may require
in connection therewith the surrender of the Award.

 

11.           Compliance with Applicable
Laws and Regulations and Company Policies and Procedures.

 

(a)           Grantee is responsible for complying with (a) any federal, state
and local taxation laws applicable to Grantee in connection with the Award, (b) any
federal and state securities laws applicable to Grantee in connection with the
Award, (c) the requirements of any securities exchange, securities
association, market system or quotation system on which securities of the
Company of the same class as the Shares are then traded or quoted, (d) any
restrictions on transfer imposed by the Company’s certificate of incorporation
or bylaws, and (e) any policy or procedure the Company maintains or may
adopt with respect to the trading of its securities.

 

(b)           The
Award is subject to the terms and conditions of the Term Sheet, and any Company
policies or procedures adopted in connection with the Company’s implementation
of the Term Sheet, including, without limitation, any policy requiring or
permitting the Company to recover any gains realized by Grantee in connection
with the Award.

 

12.           Section 409A.  Payments contemplated with respect to the
Award are intended to be exempt from Section 409A, and all provisions of the
Plan, the Grant Notice and these Award Terms shall be construed and interpreted
in a manner consistent with the requirements for avoiding taxes or penalties
under Section 409A.  Notwithstanding
the foregoing, (i) nothing in the Plan, the Grant Notice and these Award
Terms shall guarantee that the Award is not subject to taxes or penalties under
Section 409A and (ii) if any provision of the Plan, the Grant Notice
or these Award Terms would, in the reasonable, good faith judgment of the
Company, result or likely result in the imposition on Grantee or any other
person of taxes, interest or penalties under Section 409A, the Committee
may, in its sole discretion, modify the terms of the Plan, the Grant Notice or
these Award Terms, without the consent of Grantee, in the manner that the
Committee may reasonably and in good faith determine to be necessary or
advisable to avoid the imposition of such taxes, interest or penalties; provided,
however, that this Section 12 does not create an obligation on the
part of the Committee or the Company to make any such modification.

 

13.           Registration and Listing.  Notwithstanding anything to the contrary
contained herein, the Company shall not be obligated to issue or transfer any
Performance Shares or Vested Shares, and no Performance Shares or Vested Shares
may be sold, assigned, transferred, pledged, hypothecated or otherwise disposed
of or encumbered in any way, unless such transaction is in compliance with (a) the
Securities Act of 1933, as amended, or any comparable federal securities law,
and all applicable state securities laws, (b) the requirements of any
securities exchange, securities association, market system or quotation system
on which securities of the Company of the same class as the securities subject
to the Award are then traded or quoted, (c) any

 

B-5

 

restrictions on transfer imposed by the Company’s
certificate of incorporation or bylaws, and (d) any policy or procedure
the Company has adopted with respect to the trading of its securities, in each
case as in effect on the date of the intended transaction.  The Company is under no obligation to
register, qualify or list, or maintain the registration, qualification or
listing of, Performance Shares or Vested Shares with the SEC, any state
securities commission or any securities exchange, securities association,
market system or quotation system to effect such compliance.  Grantee shall make such representations and
furnish such information as may be appropriate to permit the Company, in light
of the then existence or non-existence of an effective registration statement
under the Securities Act of 1933, as amended, relating to Performance Shares or
Vested Shares, to issue or transfer Performance Shares or Vested Shares in
compliance with the provisions of that or any comparable federal securities law
and all applicable state securities laws. 
The Company shall have the right, but not the obligation, to register
the issuance or transfer of Performance Shares or Vested Shares or resale of
Performance Shares or Vested Shares under the Securities Act of 1933, as
amended, or any comparable federal securities law or applicable state
securities law.

 

14.           Transferability.  Notwithstanding the Restrictions, with the
Company’s consent, Grantee may transfer Performance Shares for estate planning
purposes or pursuant to a domestic relations order; provided, however,
that any transferee shall be bound by all of the terms and conditions of the
Plan, the Grant Notice and these Award Terms and shall execute an agreement in
form and substance satisfactory to the Company in connection with such
transfer; and provided, further that Grantee will remain bound by
the terms and conditions of the Plan, the Grant Notice and these Award Terms.

 

15.           Employment Violation.  In the event of an Employment Violation, the
Company shall have the right to require (a) the forfeiture by Grantee to
the Company of any Performance Shares and (b) payment by Grantee to the
Company of the Recapture Amount with respect to such Employment Violation; provided,
however, that, in lieu of payment by Grantee to the Company of the
Recapture Amount, Grantee, in his or her discretion, may tender to the Company
the Vested Shares acquired during the Look-back Period with respect to such
Employment Violation and Grantee shall not be entitled to receive any
consideration from the Company in exchange therefor.  Any such forfeiture of Performance Shares and
payment of the Recapture Amount, as the case may be, shall be in addition to,
and not in lieu of, any other right or remedy available to the Company arising
out of or in connection with such Employment Violation, including, without
limitation, the right to terminate Grantee’s employment if not already
terminated and to seek injunctive relief and additional monetary damages.

 

16.           Legends.

 

(a)           Restrictions.  The Company shall cause any Restricted Book
Entry evidencing the Performance Shares to bear a notation substantially as
follows:

 

“THE SALE OR TRANSFER OF THE SECURITIES REPRESENTED
HEREBY, WHETHER VOLUNTARY, INVOLUNTARY OR BY OPERATION OF LAW, IS
SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AS SET FORTH IN THE AMENDED AND
RESTATED ACTIVISION

 

B-6

 

BLIZZARD, INC. 2008 INCENTIVE PLAN (THE “PLAN”),
AND IN THE ASSOCIATED NOTICE OF RESTRICTED SHARE AWARD, INCLUDING THE
RESTRICTED SHARE AWARD TERMS ATTACHED THERETO (THE “AWARD NOTICE”).  A COPY OF THE PLAN AND AWARD NOTICE MAY BE
OBTAINED FROM ACTIVISION BLIZZARD, INC.”

 

(b)           Securities Laws.  The Company may, if determined by it based on
the advice of counsel to be appropriate, cause any Restricted Book Entry
evidencing Performance Shares or any certificate evidencing Vested Shares to
bear a notation or legend, as the case may be, substantially as follows:

 

“THE SECURITIES REPRESENTED HEREBY MAY NOT BE
OFFERED FOR SALE, SOLD OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE ACT.”

 

17.           No Right to Continued
Employment.  Nothing
contained in the Grant Notice or these Award Terms shall be construed to confer
upon Grantee any right to be continued in the employ of the Company or any of
its subsidiaries or affiliates or derogate from any right of the Company or any
of its subsidiaries or affiliates to retire, request the resignation of, or
discharge Grantee at any time, with or without cause.

 

18.           Severability.  In the event that one or more of the provisions
of these Award Terms shall be invalidated for any reason by a court of
competent jurisdiction, any provision so invalidated shall be deemed to be
separable from the other provisions hereof, and the remaining provisions hereof
shall continue to be valid and fully enforceable.

 

19.           Governing Law.  To the extent that federal law does not
otherwise control, the validity, interpretation, performance and enforcement of
the Grant Notice and these Award Terms shall be governed by the laws of the
State of Delaware, without giving effect to principles of conflicts of laws
thereof.

 

20.           Successors and Assigns.  The provisions of the Grant Notice and these
Award Terms shall be binding upon and inure to the benefit of the Company, its
successors and assigns, and Grantee and, to the extent applicable, Grantee’s
permitted assigns under Section 14 hereof and  Grantee’s estate or beneficiary(ies) as determined by will or
the laws of descent and distribution.

 

21.           Notices.  Any notice or other document which Grantee or
the Company may be required or permitted to deliver to the other pursuant to or
in connection with the Grant Notice or these Award Terms shall be in writing,
and may be delivered personally or by mail, postage prepaid, or overnight
courier, addressed as follows:  (a) if
to the Company, at its office at 3100 Ocean Park Boulevard, Santa Monica,
California 90405, Attn: Stock Plan Administration, or

 

B-7

 

such other address as the Company by notice to
Grantee may designate in writing from time to time; and (b) if to Grantee,
at the address shown on the Employment Agreement, or such other address as
Grantee by notice to the Company may designate in writing from time to
time.  Notices shall be effective upon
receipt.

 

22.           Conflict with Employment
Agreement or Plan.  In the
event of any conflict between the terms of the Employment Agreement and the
terms of the Grant Notice or these Award Terms, the terms of the Grant Notice
or these Award Terms, as the case may be, shall control.  In the event of any conflict between the
terms of the Employment Agreement, the Grant Notice or these Award Terms and
the terms of the Plan, the terms of the Plan shall control.

 

23.           Deemed Agreement.  By accepting the Award, Grantee is deemed to
be bound by the terms and conditions set forth in the Plan, the Grant Notice
and these Award Terms.

 

B-8

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