Atari 2009 Annual Report Download - page 138

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ANNUAL FINANCIAL REPORT – REGISTRATION DOCUMENT
138
Period
Amount in USD
Amount in EUR
Less than 1
year
1.5 million
1.1 million
1 to 5 years
6 million
4.5 million
More than 5
years
4.87 million
3.7 million
Total
12.37 million
9.3 million
23.1.4. Commitments to corporate officers and directors
Undertaking to pay additional bonuses
In the last quarter of fiscal year 2008-2009, the Company set up an additional incentive bonus scheme for two of its
executives, based on the Company‟s market capitalization. The maximum amount payable under this scheme has been
capped at €35 million. In the event that the Company‟s average market capitalization, on a fully-diluted basis, exceeds
€500 million over three successive months before March 31, 2013, each of the two officers would be entitled to an
additional bonus representing 3.75% and 5.0% respectively of the excess between €500 million and €900 million. This
variable compensation may be settled either in cash or in shares at the Company‟s discretion. At this point in time,
management anticipates paying the bonuses in the form of newly-issued shares. This variable compensation is
accounted for as a contingent liability.
Severance benefits
Certain Company officers are entitled to severance benefits if their corporate office is terminated for reasons other than
(i) serious misconduct or gross negligence or (ii) resignation. The aggregate gross amount of these benefits is estimated
at €2.5 million.
23.2. Operating lease commitments
The Company is a party to a lease for the premises where it has its registered office. The lease is for nine years and
began in June 2001.
The schedule of future rent payments under this non-cancelable lease is as follows:
Year
March 31, 2009
(€ thousands)
March 31, 2008
(€ thousands)
Y+1
1 983
1 934
Y+2
496
1 934
Y+3
-
483
Y+4
-
-
Y+5
-
-
Beyond
-
-
Total future rental payments
2 479
4 351
Furthermore, the Company is a party to a lease for offices in Paris. The lease is for 23 months and began on
September 1, 2008.
The schedule of future rent payments under this non-cancelable lease is as follows:
Year
March 31, 2009
(€ thousands)
Y+1
125
Y+2
42
Y+3
-
Y+4
-
Y+5
-
Beyond
-
Total future rental payments
167