Velarion · Company Intelligence
Compensation Brief
Fiscal year 2022 · Filings through 2026-04-30

Activision Blizzard (ATVI)

Fiscal year 2022 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$12,087,986
Armin Zerza total, FY2022
Chief Financial Officerhighest-paid officer; CEO Robert Kotick: $178,882
CEO (Robert Kotick) pay percentile vs peers
549:1
CEO-to-median pay ratio
94.52%
Say-on-pay support, latest vote
Companies that benchmark against ATVI
1 company names ATVI as a compensation peer

Each company listed discloses ATVI in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named ATVI in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2022

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Armin Zerza$800,000$0$5,598,818$0$1,128,480$4,560,688$12,087,986
Chief Financial Officer
Brian Bulatao1,000,000500,0004,028,83889,783940,4004,683,34111,242,362
Chief Administrative Officer
Daniel Alegre1,350,00003,847,195864,1641,161,54059,8877,282,786
President and Chief Operating Officer
Grant Dixton750,00003,509,7990528,975730,8295,519,603
Chief Legal Officer
Robert Kotick62,5000000116,382178,882
Chief Executive Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2022 totalFY2021 totalFY2020 totalΔ FY20212022
Armin Zerza$12,087,986
Brian Bulatao11,242,362
Daniel Alegre7,282,786
Grant Dixton5,519,603
Robert Kotick178,882

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2022

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Brian BulataoPSU2022-04-28135,000562,500$990,000
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Brian Bulatao$0$990,000$0100.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2022

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Daniel AlegreOption073.1
Armin ZerzaOption052.52
Armin ZerzaPSU42632,610
Armin ZerzaPSU25,7981,974,873
Armin ZerzaRSU3,583274,279
Armin ZerzaPSU2,748210,359
Armin ZerzaPSU10,992841,438
Armin ZerzaOption053.89
Robert KotickOption050.85
Brian BulataoPSU7,328560,958
Daniel AlegrePSU18,8161,440,365
Daniel AlegrePSU33,3772,555,009
Armin ZerzaPSU60546,313
Armin ZerzaPSU11,457877,033
Armin ZerzaRSU3,166242,357
Armin ZerzaRSU57343,863
Armin ZerzaPSU19,3491,481,166
Armin ZerzaRSU29,6182,267,258
Armin ZerzaOption32,76074.22
Armin ZerzaOption123,85393.03
Brian BulataoPSU7,206551,619
Brian BulataoPSU7,207551,696
Brian BulataoOption15,74692.5
Robert KotickOption047.08
Robert KotickOption062.51
Armin ZerzaPSU5,728438,478
Armin ZerzaPSU4,582350,752
Armin ZerzaOption1,19782.58
Brian BulataoPSU9,009689,639
Armin ZerzaRSU44734,218
Armin ZerzaRSU54942,026
Armin ZerzaRSU2,436186,476
Armin ZerzaPSU6,870525,899
Daniel AlegreRSU30,2562,316,097
Brian BulataoRSU43233,070
Armin ZerzaPSU11,126851,695
Brian BulataoPSU9,730744,832
Brian BulataoRSU3,718284,613
Brian BulataoRSU26,3192,014,719
05

Incentive-plan design — the Compensation Discussion & Analysis

We offer competitive total compensation to attract, retain, and motivate key executives who have the characteristics needed to operate in our industry most effectively. Annual and long-term incentive awards are linked to the Company's financial performance and stock price, incentivizing executives to drive corporate performance.

CEO STI target (% of salary)200%
CEO LTI target (% of salary)
Independent consultantExequity
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20232023-06-21565,157,04432,763,1372,509,53094.52%Passed
20222022-06-21524,115,17669,072,1285,275,65388.36%Passed
20212021-06-14343,457,244274,588,22317,854,76655.57%Passed
20202020-06-11359,591,521273,966,8951,549,84556.76%Passed
20192019-06-20493,686,686108,250,4664,795,81282.02%Passed
20182018-06-26562,358,53048,065,2593,069,00992.13%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20232023-06-2194.52%a
20222022-06-2188.36%b
20212021-06-1455.57%c

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

c. Voting standard not stated in the filing.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)549 : 1
CEO total compensation
Median employee compensation
08

Director compensation — fiscal year 2022

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Lulu MeserveyNot independent · Departed during FY$234,010$2,295,278$0$202,603$1,072,592$3,804,483
Brian KellyNot independent · Board Chair240,000250,0320490,032
Robert MorgadoIndependent · Lead Independent Director · Compensation (Chair) · Nominating and Corporate Governance (Chair)210,000250,0320460,032
Dawn OstroffIndependent · Compensation · Workplace Responsibility (Chair)135,500250,0320385,532
Robert CortiIndependent · Audit (Chair) · Nominating and Corporate Governance132,903250,0320-1382,934
Reveta BowersIndependent · Compensation · Workplace Responsibility106,500250,0320356,532
Peter NolanIndependent · Audit101,000250,0320351,032
Barry MeyerIndependent · Nominating and Corporate Governance95,500250,0320345,532
Kerry CarrIndependent · Audit53,306250,0320-1303,337
Hendrik Hartong IIIIndependent · Departed during FY47,694047,694
Casey WassermanIndependent · Departed during FY45,097045,097
Robert KotickEmployee director000000
09

Board fee structure and ownership guideline

Annual cash retainer$90,000
Annual equity retainer$250,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)40,000 / 40,000 / 30,000
Stock ownership guideline$450,000
09b

Total cost of the board

ComponentFY2022
Cash retainers and fees$1,401,510
Equity awards (grant-date value)$4,295,534
All other compensation$1,072,590
Total cost of the board$6,769,634

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2022

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Activision Blizzard names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Activision Blizzard.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Warner Bros. Discovery Inc.2025David Zaslav$3,000,000$22,597,744$109,593,181$25,726,018$165,009,366
2Netflix, Inc.2025Ted Sarandos3,000,00041,398,42407,053,95853,905,972
3ServiceNow, Inc.2025William McDermott1,516,66743,481,65103,522,37551,550,957
4Adobe Inc.2025Shantanu Narayen1,500,00045,376,11003,120,00051,173,935
5salesforce.com, inc.2026Marc Benioff1,550,00027,265,36010,743,0973,602,58849,379,252
6The Walt Disney Company2025Robert Iger1,000,00021,000,05714,000,0067,250,00045,842,574
7Intuit Inc.2025Sasan Goodarzi1,300,00024,285,3848,650,1682,600,00036,845,552
8Fox Corporation2025Lachlan Murdoch3,000,00010,594,8602,750,00010,680,00032,980,954
9Live Nation Entertainment, Inc.2025Michael Rapino3,000,00010,000,368017,372,52232,552,324
10Electronic Arts Inc.2025Andrew Wilson1,300,00025,710,91002,840,06730,529,835
11eBay Inc.2025Jamie Iannone1,000,00023,518,31003,570,00028,463,890
12PayPal Holdings, Inc.2025Alex Chriss1,325,34223,365,2940025,243,486
13Sirius XM Holdings Inc.2025Jennifer Witz2,000,000006,000,0008,012,795
14Activision Blizzard2022Robert Kotick62,500000178,882
Paramount Globalnot in coverage universe
Liberty Media Corporationnot in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Activision Blizzard87.5%not disclosedNoExequity
Adobe Inc.104%PSU 70 · RSU 30YesCompensia, Inc.
eBay Inc.179%PSU 60 · RSU 40Yes — Relative total shareholder return (rTSR)Pay Governance
Electronic Arts Inc.87.4%PSU 60 · RSU 40Yes — Absolute TSRSemler Brossy
Fox Corporation178%RSU 50 · Options 25 · PSU 25YesFW Cook
Intuit Inc.not disclosedPSU 50 · RSU 25 · Options 25Yes — Relative TSR (60th percentile target)Frederic W. Cook & Co. (FW Cook)
Liberty Media Corporationnot disclosednot disclosednot disclosednot disclosed
Live Nation Entertainment, Inc.102%not disclosedNoThe Croner Company
Netflix, Inc.117.57%PSU 50 · RSU 50Yes — Company TSR relative to the TSR of the companies in the S&P 500Compensia
Paramount Global164.2%PSU 50 · RSU 50NoClearBridge
PayPal Holdings, Inc.98%PSU 50 · RSU 50Yes — rTSR vs S&P 500Compensia
salesforce.com, inc.103.3%PSU 67 · Options 33Yes — Relative TSRSemler Brossy
ServiceNow, Inc.not disclosedPSU 60 · RSU 40Yes — rTSR vs. S&P 500Pay Governance, LLC
Sirius XM Holdings Inc.102%not disclosedNoMeridian Compensation Partners, LLC
The Walt Disney Company144.4%PSU 60 · Options 40Yes — TSR performance relative to the S&P 500 Media & Entertainment IndexPay Governance LLC
Warner Bros. Discovery Inc.116.9%PSU 100NoPay Governance

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Armin ZerzaDEF 14A2023-05-010001308179-23-000834Section “SUMMARY COMPENSATION TABLE”. As printed: 12,087,986. Filing ↗machine: span 1172901–1172911
2Section 01, Brian BulataoDEF 14A2023-05-010001308179-23-000834Section “SUMMARY COMPENSATION TABLE”. As printed: 11,242,362. Filing ↗machine: span 1194460–1194470
3Section 01, Daniel AlegreDEF 14A2023-05-010001308179-23-000834Section “SUMMARY COMPENSATION TABLE”. As printed: 7,282,786. Filing ↗machine: span 1181574–1181583
4Section 01, Grant DixtonDEF 14A2023-05-010001308179-23-000834Section “SUMMARY COMPENSATION TABLE”. As printed: 5,519,603. Filing ↗machine: span 1203163–1203172
5Section 01, Robert KotickDEF 14A2023-05-010001308179-23-000834Section “SUMMARY COMPENSATION TABLE”. As printed: 178,882. Filing ↗machine: span 1159949–1159956
6Section 03, Brian Bulatao PSUDEF 14A2023-05-010001308179-23-000834Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
7Section 07, pay ratioDEF 14A0001308179-21-000286Section “CEO Pay Ratio”. As printed: 549 : 1. Filing ↗machine: span 2059373–2059376
8Section 08, Lulu MeserveyDEF 14A2023-05-010001308179-23-000834Section “Director Compensation”. As printed: 3,804,483. Filing ↗machine: t125 · r6 · c6 · span 596300–596309
9Section 08, Brian KellyDEF 14A2023-05-010001308179-23-000834Section “Director Compensation”. As printed: 490,032. Filing ↗machine: t125 · r5 · c6 · span 593976–593983
10Section 08, Robert MorgadoDEF 14A2023-05-010001308179-23-000834Section “Director Compensation”. As printed: 460,032. Filing ↗machine: t125 · r8 · c6 · span 600868–600875
11Section 08, Dawn OstroffDEF 14A2023-05-010001308179-23-000834Section “Director Compensation”. As printed: 385,532. Filing ↗machine: t125 · r10 · c6 · span 605433–605440
12Section 08, Robert CortiDEF 14A2023-05-010001308179-23-000834Section “Director Compensation”. As printed: 382,934. Filing ↗machine: t125 · r3 · c6 · span 589406–589413
13Section 08, Reveta BowersDEF 14A2023-05-010001308179-23-000834Section “Director Compensation”. As printed: 356,532. Filing ↗machine: t125 · r1 · c6 · span 584843–584850
14Section 08, Peter NolanDEF 14A2023-05-010001308179-23-000834Section “Director Compensation”. As printed: 351,032. Filing ↗machine: t125 · r9 · c6 · span 603150–603157
15Section 08, Barry MeyerDEF 14A2023-05-010001308179-23-000834Section “Director Compensation”. As printed: 345,532. Filing ↗machine: t125 · r7 · c6 · span 598583–598590
16Section 08, Kerry CarrDEF 14A2023-05-010001308179-23-000834Section “Director Compensation”. As printed: 303,337. Filing ↗machine: t125 · r2 · c6 · span 587123–587130
17Section 08, Hendrik Hartong IIIDEF 14A2023-05-010001308179-23-000834Section “Director Compensation”. As printed: 47,694. Filing ↗machine: t125 · r4 · c1 · span 590041–590047
18Section 08, Casey WassermanDEF 14A2023-05-010001308179-23-000834Section “Director Compensation”. As printed: 45,097. Filing ↗machine: t125 · r11 · c1 · span 606050–606056
19Section 08, Robert KotickDEF 14A2023-05-010001308179-23-000834Section “Director Compensation”. As printed: 0. Filing ↗
20Section 06, 2023 voteForm 8-K2023-06-210001628280-23-022915Item 5.07 · say-on-pay result. As reported: 94.52% (votes for as printed: 565,157,044). Filing ↗
21Section 06, 2022 voteForm 8-K2022-06-210000718877-22-000008Item 5.07 · say-on-pay result. As reported: 88.36%. Filing ↗
22Section 06, 2021 voteForm 8-K2021-06-210001104659-21-083428Item 5.07 · say-on-pay result. As reported: 55.57%. Filing ↗
23Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
24Section 09b board cost (computed)ComputedcomputedCash 1,401,510 + equity 4,295,534 + all other 1,072,590 = 6,769,634, summed across the director compensation table rows.machine: formula: Σ = 6,769,634
25Warner Bros. Discovery Inc., Section 10b CEO totalDEF 14A2026-04-300001437107-26-000046CEO total compensation as printed in Warner Bros. Discovery Inc.'s own proxy. As printed: 165,009,366. Filing ↗machine: span 1634526–1634537
26Netflix, Inc., Section 10b CEO totalDEF 14A2026-04-160001193125-26-159286CEO total compensation as printed in Netflix, Inc.'s own proxy. As printed: 53,905,972. Filing ↗machine: r3 · c30 · span 622677–622687
27ServiceNow, Inc., Section 10b CEO totalDEF 14A2026-04-060001373715-26-000039CEO total compensation as printed in ServiceNow, Inc.'s own proxy. As printed: 51,550,957. Filing ↗machine: r2 · c8 · span 2636904–2636914
28Adobe Inc., Section 10b CEO totalDEF 14A2026-02-270000796343-26-000043CEO total compensation as printed in Adobe Inc.'s own proxy. As printed: 51,173,935. Filing ↗machine: r3 · c51 · span 923759–923769
29salesforce.com, inc., Section 10b CEO totalDEF 14A2026-04-160001108524-26-000085CEO total compensation as printed in salesforce.com, inc.'s own proxy. As printed: 49,379,252. Filing ↗machine: r4 · c24 · span 1710833–1710843
30The Walt Disney Company, Section 10b CEO totalDEF 14A2026-01-220001744489-26-000013CEO total compensation as printed in The Walt Disney Company's own proxy. As printed: 45,842,574. Filing ↗machine: r3 · c27 · span 1324221–1324231
31Intuit Inc., Section 10b CEO totalDEF 14A2025-11-260000896878-25-000057CEO total compensation as printed in Intuit Inc.'s own proxy. As printed: 36,845,552. Filing ↗machine: span 1544523–1544533
32Fox Corporation, Section 10b CEO totalDEF 14A2025-09-250001628280-25-042772CEO total compensation as printed in Fox Corporation's own proxy. As printed: 32,980,954. Filing ↗machine: span 656057–656067
33Live Nation Entertainment, Inc., Section 10b CEO totalDEF 14A2026-04-240001193125-26-174146CEO total compensation as printed in Live Nation Entertainment, Inc.'s own proxy. As printed: 32,552,324. Filing ↗machine: r2 · c31 · span 714411–714421
34Electronic Arts Inc., Section 10b CEO totalDEF 14A2025-06-240001308179-25-000556CEO total compensation as printed in Electronic Arts Inc.'s own proxy. As printed: 30,529,835. Filing ↗machine: t128 · r2 · c14 · span 604029–604039
35eBay Inc., Section 10b CEO totalDEF 14A2026-04-300001552781-26-000285CEO total compensation as printed in eBay Inc.'s own proxy. As printed: 28,463,890. Filing ↗machine: t357 · r8 · c9 · span 939586–939596
36PayPal Holdings, Inc., Section 10b CEO totalDEF 14A2026-04-070001193125-26-145721CEO total compensation as printed in PayPal Holdings, Inc.'s own proxy. As printed: 25,243,486. Filing ↗machine: t411 · r4 · c27 · span 1387299–1387309
37Sirius XM Holdings Inc., Section 10b CEO totalDEF 14A2026-04-100001104659-26-041777CEO total compensation as printed in Sirius XM Holdings Inc.'s own proxy. As printed: 8,012,795. Filing ↗machine: r2 · c53 · span 986498–986507
38Activision Blizzard (subject), Section 10b CEO totalDEF 14A2023-05-010001308179-23-000834CEO total compensation as printed in Activision Blizzard's own proxy. As printed: 178,882. Filing ↗machine: span 1159949–1159956
39Section 10a, Netflix, Inc. reciprocityDEF 14A0001193125-26-159286Netflix, Inc.'s most recent proxy was read; its disclosed peer group does not include Activision Blizzard. Filing ↗
40Section 10a, Intuit Inc. reciprocityDEF 14A0000896878-25-000057Intuit Inc.'s most recent proxy was read; its disclosed peer group does not include Activision Blizzard. Filing ↗
41Section 10a, Sirius XM Holdings Inc. reciprocityDEF 14A0001104659-26-041777Sirius XM Holdings Inc.'s most recent proxy was read; its disclosed peer group does not include Activision Blizzard. Filing ↗
42Section 10a, salesforce.com, inc. reciprocityDEF 14A0001108524-26-000085salesforce.com, inc.'s most recent proxy was read; its disclosed peer group does not include Activision Blizzard. Filing ↗
43Section 10a, PayPal Holdings, Inc. reciprocityDEF 14A0001193125-26-145721PayPal Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include Activision Blizzard. Filing ↗
44Section 10a, Warner Bros. Discovery Inc. reciprocityDEF 14A0001437107-26-000046Warner Bros. Discovery Inc.'s most recent proxy was read; its disclosed peer group does not include Activision Blizzard. Filing ↗
45Section 10a, Paramount Global reciprocityDEF 14A0001140361-25-021135Paramount Global's most recent proxy was read; its disclosed peer group does not include Activision Blizzard. Filing ↗
46Section 10a, Electronic Arts Inc. reciprocityDEF 14A0001308179-25-000556Electronic Arts Inc.'s most recent proxy was read; its disclosed peer group does not include Activision Blizzard. Filing ↗
47Section 10a, Live Nation Entertainment, Inc. reciprocityDEF 14A0001193125-26-174146Live Nation Entertainment, Inc.'s most recent proxy was read; its disclosed peer group does not include Activision Blizzard. Filing ↗
48Section 10a, Fox Corporation reciprocityDEF 14A0001628280-25-042772Fox Corporation's most recent proxy was read; its disclosed peer group does not include Activision Blizzard. Filing ↗
49Section 10a, The Walt Disney Company reciprocityDEF 14A0001744489-26-000013The Walt Disney Company's most recent proxy was read; its disclosed peer group does not include Activision Blizzard. Filing ↗