One reason that the embattled Kotick may still be on board may be found in the company’s 2021 proxy filing, which shows that Kotick could be due a golden parachute worth almost $293 million if terminated due to a “change in control.”
If Kotick were terminated “for cause,” he’d be entitled to continuing benefits worth just $264,524, according to the document, which is filed annually with the SEC. Had he been terminated “without cause,” or had Kotick ended his own employment “for good reason,” the CEO would be due a whopping $265.2 million.
If Kotick were terminated without cause (or he chose to left for good reason) “following a change of control,” he’d be due $270.9 million in equity plus $4.4 million in salary-based severance plus $17.4 million in bonus-based severance and the $264,000 (and change) in continuing benefits.