{"id":38446,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/2002-vp-performance-based-employee-incentive-bonus-plan-veritas.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"2002-vp-performance-based-employee-incentive-bonus-plan-veritas","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/2002-vp-performance-based-employee-incentive-bonus-plan-veritas.html","title":{"rendered":"2002 VP Performance-Based Employee Incentive Bonus Plan &#8211; VERITAS Software Corp."},"content":{"rendered":"<pre>                    FORM OF 2002 VERITAS VP PERFORMANCE-BASED\n                      EMPLOYEE INCENTIVE BONUS PLAN (EIBP)\n\nELIGIBILITY:\n\n- VP and above employees not on EPS or revenue-based plans are eligible to\n  participate in the EIBP Plan.\n\n- Actual receipt of performance-based bonus requires being employed by VERITAS\n  on date of payment.\n\nPLAN OVERVIEW:\n\n- Bonuses are performance-based and will be paid on a semi annual basis. The\n  pool will be determined based upon a target percentage of the semi annual base\n  salary for all participants in the plan. The target bonus has been established\n  at 25% of annual base salary.\n\n- The EIBP Plan pool is based upon VERITAS proforma operating profit performance\n  as follows:\n\n<\/pre>\n<table>\n<caption>\n                               Performance              % of EIBP pool<br \/>\n                               &#8212;&#8212;&#8212;&#8211;              &#8212;&#8212;&#8212;&#8212;&#8211;<br \/>\n<s>                                                     <c><br \/>\n                                   120%                    200%<br \/>\n<\/c><\/s><\/caption>\n<\/table>\n<p>        &#8211; Any intermediate achievement between levels will earn a proportional<br \/>\n          amount (for example, earnings of 105% would earn 112.5%).<\/p>\n<p>        &#8211; Employees who join VERITAS (or are promoted to a bonus eligible<br \/>\n          position) during the six month period will be eligible for a pro-rated<br \/>\n          bonus, provided their hire date or promotion date is no less than one<br \/>\n          month from the end of the semi annual period.<\/p>\n<p>                &#8211; Example: A Division Executive has four eligible employees. If<br \/>\n                  100% of the profit target were achieved, the pool funds at 25%<br \/>\n                  of the eligible salaries of the employees. The Executive has<br \/>\n                  the discretion to allocate to the eligible employees based<br \/>\n                  upon individual performance and contribution to the<br \/>\n                  organization. Where the Executive chooses to award above<br \/>\n                  target bonuses, the pool is reduced for the remaining eligible<br \/>\n                  employees. In this way, the bonus program closely resembles<br \/>\n                  the merit increase and annual stock programs. If operating<br \/>\n                  profit achievement exceeds 100%, the bonus pool will increase.<br \/>\n                  Conversely, if operating profit achievement is lower than<br \/>\n                  expected, the bonus pool will decrease.<\/p>\n<p>        &#8211; The Company&#8217;s CEO and\/or board of directors, at his\/its sole<br \/>\n          discretion, may, for reasonable cause, modify or change this Plan or<br \/>\n          its implementation at any time.<\/p>\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":[9539,9546],"class_list":["post-38446","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__incentive"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/38446","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=38446"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=38446"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=38446"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=38446"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}