{"id":38271,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/1997-executive-compensation-plan-veritas-software-corp.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"1997-executive-compensation-plan-veritas-software-corp","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/1997-executive-compensation-plan-veritas-software-corp.html","title":{"rendered":"1997 Executive Compensation Plan &#8211; VERITAS Software Corp."},"content":{"rendered":"<pre>\nVERITAS 1997 EXECUTIVE COMPENSATION PLAN\n\nThe 1997 Executive Annual Compensation Plan shall consist of four components for\nsales executives, and three components for all other executives, as follows:\n\nCOMPONENT                           AMOUNT           PAID\nBase                                                 Regular payroll\nSales Commission                                     Monthly\nQualitative Bonus                                    Quarterly\nEPS Bonus                                            Annually\n\nBASE SALARY\n\nThe Base Salary will be earned on a weekly basis. Additionally, the base salary\nshall be the basis for calculating life and disability benefits (and any other\nsuch benefits which are base salary driven) which shall be provided consistent\nwith the standard company benefits policy.\n\nSALES COMMISSION\n\nSales Commission shall be paid according to attachment A.\n\nQUALITATIVE BONUS\n\nQualitative Bonus shall be earned by performance against measurable qualitative\ngoals, which will be proposed by the executive at the beginning of each quarter\nfor approval by the CEO. In any one quarter, the Qualitative Bonus can be paid\nas little as 0%, and a maximum of 150%, with the annual total not to exceed\n125%.\n\nEPS BONUS\n\nThe EPS Bonus shall be earned by achieving the earnings per share specified in\nthe approved operating plan. An earnings per share achievement below 70% of plan\nshall not earn any bonus, and at 70% shall earn 50% of bonus. Achievement of\n100% of the earnings per share shall earn 100% of the bonus, with any\nintermediate achievement between 70% and 100% earning a proportional amount of\nthe bonus. At an earnings per share of 130% of plan 150% of bonus will be\nearned, with any intermediate achievement between 100% and 130% earning a\nproportional amount. In the event that the board of directors approves a mid\nyear update, than the annual earnings per share objective shall be the sum of\nthe first two quarters as specified in the original plan, and the second two\nquarters as specified in the mid-year update.\n\nPAYMENTS\n\nThe CEO shall be responsible for assessing and awarding payment for the\nQualitative Bonus. Qualitative Bonus payments shall be paid no later than the\nlast day of the month following the end of the quarter.\n\nThe CEO shall be responsible for assessing and recommending to the compensation\ncommittee payment for the EPS Bonus. Payment for the EPS Bonus shall be made not\nlater than January 31, 1998.\n\nIn order to be eligible to receive a bonus, the individual must be employed by\nVeritas at the time of payment.\n\nDISCRETION OF THE CEO AND BOARD OF DIRECTORS\n\nNotwithstanding the above, the Company's CEO or board of directors, at its sole\ndiscretion, may, for reasonable cause, modify or change this Plan or its\nimplementation at any time.\n\n--------------------    ---------   ----------------------------    ----------\nfor Veritas               Date              Officer name               Date\n\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[9244],"corporate_contracts_industries":[9513],"corporate_contracts_types":[9539,9544],"class_list":["post-38271","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-veritas-software-corp","corporate_contracts_industries-technology__software","corporate_contracts_types-compensation","corporate_contracts_types-compensation__employment"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/38271","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=38271"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=38271"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=38271"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=38271"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}