Mike Griffith Steps Down as Activision Publishing President & CEO

Activision/Blizzard has released a statement to the SEC in the USA today regarding a change in role for current president of Activision Publishing, Mike Griffith.

The situation is that,"Mr. Griffith’s employment with Activision Blizzard was to end on June 30, 2010". This how now been amended so that the term of employment will "now end on June 30, 2011."

The amended employment details state that, "The term will automatically renew for one additional one-year term, unless either party provides the other with written notice of any intent not to renew at least 30 days prior to the scheduled expiration date of the term."

However, as of April 23, 2010, "Mr. Griffith resigned from his role as President and Chief Executive Officer of Activision Publishing.

He will, however, "remain Vice-Chairman of Activision Blizzard and will continue to report directly to the Chief Executive Officer of Activision Blizzard..."

There are some more interesting aspects though:

* Mr. Griffith’s annual base salary will be $250,000.

* For 2010 only, Mr. Griffith will be eligible to receive an annual discretionary bonus pro-rated by 50% in respect of his service in 2010 as President and Chief Executive Officer of Activision Publishing.

* With respect to any future service after the Effective Date (July 1, 2010), Mr. Griffith may be eligible to receive an annual discretionary bonus only upon the determination of the Compensation Committee of the Board of Directors of Activision Blizzard (“Compensation Committee”).

* Subject to the approval of the Compensation Committee, Mr. Griffith will also receive (i) a non-qualified stock option to purchase 30,000 shares of Activision Blizzard’s common stock and (ii) 20,000 restricted share units (each representing the right to receive one share of Activision Blizzard’s common stock), both of which will vest on June 30, 2011, subject to Mr. Griffith’s continued employment. As of the Effective Date, Mr. Griffith will no longer be eligible for any additional compensation contemplated by his Prior Agreement.

* Mr. Griffith’s duties as Vice-Chairman of Activision Blizzard include participating in Board of Directors and Chairman of the Board meetings and other internal strategy sessions; providing counsel to Activision Blizzard’s executive team; and providing services on key initiatives and projects, as requested by the CEO.

* Mr. Griffith may not resign his employment with Activision Blizzard prior to the expiration date of the employment term.

* If Mr. Griffith nevertheless does resign, Activision Blizzard may accept his resignation effective as of any date it determines

* The Amendment no longer provides for certain specified payments in the event that Activision Blizzard terminates Mr. Griffith’s employment due to performance deficiencies.

* Mr. Griffith and Activision Blizzard will no longer be required to enter into a consulting agreement upon termination of his employment and that Mr. Griffith is no longer required to hold a minimum number of shares of Activision Blizzard’s.

As we say, facts are over here.