Atari 2009 Annual Report Download - page 114

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ANNUAL FINANCIAL REPORT – REGISTRATION DOCUMENT
114
27.2 COMPENSATION AN D BENEFITS PAID TO EXECUTIVES AND DIRECTORS
The Group's executives and/or directors received the following compensation and benefits for the years ended March 31,
2009 and 2008:
(€ million)
Year ended
March 31, 2009
Year ended
March 31, 2008
Cash compensation
Fixed compensation 2.0 1.6
Variable compensation 0.6 1.0
Special bonuses 0.1 1.0
Severance benefits 1.7 2.6
Directors‟ fees 0.5 0.2
Other compensation
Employee benefits - -
Share-based compensation (excl. employer social security contributions) 6.0 2.6
Total
10.9 9.0
Two Company officers are eligible for incentive bonuses as described in Note 19.6.
The Company's main officers are entitled to severance benefits if their employment contract and/or corporate office is
terminated for reasons other than (i) serious misconduct or gross negligence or (ii) resignation. The aggregate gross
maximum amount of these benefits is estimated at €2.5 million.
NOTE 28 – SUBSEQUENT EVENTS
28.1 LIQUIDITY AGREEMENT
In April 2009, the Company used the authorization given at the Shareholders' Meeting of September 25, 2008 to enter
into a liquidity agreement for an automatically renewable one-year term. The purpose of the agreement is to improve the
liquidity of the Company's shares and reduce long-term share price volatility. A cash amount of €200.000 has been
allocated to the liquidity account in connection with this agreement. At June 30, 2009, 25.000 shares and €84,808.28
were covered by the liquidity agreement.
28.2 CHANGE IN CORPORATE NAME
In May 2009 the Board of Directors decided to change the Company‟s corporate name from Infogrames Entertainment to
Atari, pursuant to the decision of the Shareholders' Meeting of September 25, 2008. This change of corporate name will
enable the Company to more effectively leverage the Atari brand by capitalizing on its worldwide reputation and its
consumer appeal – two factors that are key to implementing the Group's online, product and licensing strategies. The
Atari share is still listed on NYSE Euronext Paris under the same ISIN code (FR0010478248) but its ticker has been
changed to ATA.
28.3 NEW PUBLISHING STRATEGY
In May 2009, the Company announced a reorganization plan for its publishing operations with the aim of maximizing
revenue generated by non-online intellectual property through the monetization of licenses and by entering into
publishing partnership agreements.
The first stages of this plan have already been implemented. For example, in May 2009, Atari announced its new
worldwide launch program for Ghostbusters: The Video Game, which includes an exclusive agreement with Sony
Computer Entertainment Europe for the launch of the game on the PS3 and PS2 in Europe and the PAL regions.
28.4 COMPLETION OF T HE SALE OF AT ARI EUROPE’S 66% STAKE IN NAMCO B AND AI
PARTNERS
In early July 2009, Atari completed the sale of Atari Europe's remaining 66% stake in Namco Bandai Partners to Namco
Bandai Games Europe. As consideration for the assets sold, Atari received a cash payment from Namco Bandai Games
Europe totaling approximately €36.3 million, based on an enterprise value for Namco Bandai Partners of €60 million,
adjusted for cash, debt, price adjustments and repayments of intra-group loans.