FY12 Long Term Incentive Plan – Symantec
FY12 Long Term Incentive Plan
(LTIP)
This Long Term Incentive Plan (“LTIP”) of Symantec Corporation (“Symantec” or
the “Company”) is effective as of April 2, 2011. The Board of Directors reserves
the right to alter or cancel all or any portion of the LTIP for any reason at
any time.
1
FY12 Long Term Incentive Plan
|
Purpose: |
Provide critical focus on specific, measurable corporate goals and provide |
|
|
Amount: |
LTIP target cash payments (“LTIP Payments”) will be determined and approved |
|
|
Eligibility: |
Participants shall be at levels of senior vice president or above, and shall |
|
|
Service Requirement: |
The long-term incentive will be measured at the end of the Performance |
|
|
Performance Metric: |
The Company153s Operating Cash Flow achievement for the Performance Period |
|
|
Achievement Schedule: |
A 100% LTIP Payment will be paid to the Participant who completes the |
2
|
Performance Period. A Participant who completes the Requisite Service Period |
||
|
Death Disability |
If a Participant153s employment with the Company (or any majority or greater |
|
|
For purposes of the foregoing, an individual will be deemed to have been |
||
|
(i) gross negligence or willful misconduct in the performance of duties to |
||
|
Leave of Absence: |
In the event a Participant takes a leave of absence from the Company after |
3
|
such leave of absence. Any such prorated amount shall be paid to the |
||
|
Exchange Rates: |
Neither LTIP Payments nor Operating Cash Flow will be adjusted for any |
|
|
Adjustments: |
In the event of an accretive event, such as a stock buyback, or other events |
|
|
Change of Control: |
In the event of a Change of Control of the Company (as defined in the |
|
|
LTIP Provisions: |
This LTIP is adopted under the Symantec Senior Executive Incentive Plan as |
|
|
Participation in the LTIP does not guarantee participation in other or future |
||
|
The Company153s Board of Directors reserves the right to alter or cancel all or |
||
|
The Company153s Board of Directors reserves the right to modify or amend this |
||
|
Section 409A: |
The payment provisions are designed to qualify for the short-term deferral |
|
|
Restatement of |
If the Company153s financial statements are the subject of a restatement due to |
4
|
Financial Results: |
misconduct, to the extent permitted by governing law, in all appropriate |
|
|
No Employment Rights: |
A Participant153s employment with the Company shall be as an “at will” |
|
|
Governing Law: |
This LTIP shall be governed by the laws of the State of California. |
5
Stay Up-to-Date With How the Law Affects Your Life
Enter your email address to subscribe:
Learn more about FindLaw’s newsletters, including our terms of use and privacy policy.