{"id":39984,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/fy12-executive-annual-incentive-plan-symantec.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"fy12-executive-annual-incentive-plan-symantec","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/fy12-executive-annual-incentive-plan-symantec.html","title":{"rendered":"FY12 Executive Annual Incentive Plan – Symantec"},"content":{"rendered":"

FY12 Executive Annual Incentive Plan<\/strong>Chief Executive
\nOfficer<\/strong><\/p>\n

This Annual Incentive Plan (“Plan”) of Symantec Corporation (“Symantec”) is
\neffective as of April 2, 2011. The Board of Directors reserves the right to
\nalter or cancel all or any portion of the Plan for any reason at any time.<\/p>\n

1<\/p>\n

\n

FY12 Executive Annual Incentive Compensation Plan<\/strong><\/p>\n\n\n\n\n<\/tr>\n\n\n\n\n\n\n\n\n\n
<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Job Category:<\/strong><\/td>\n<\/td>\nChief Executive Officer<\/strong><\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Purpose:<\/p>\n<\/td>\n

<\/td>\n\n

Provide critical focus on specific, measurable corporate goals and provide
\nperformance-based compensation based upon the level of attainment of such goals.\n<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Bonus Target:<\/p>\n<\/td>\n

<\/td>\n\n

The target incentive bonus for this job category is 150% of the annual base
\nsalary. Annual base salary has been established at the beginning of the fiscal
\nyear. Bonuses will be calculated based on actual base salary earnings from time
\nof eligibility under the Plan through March 30, 2012. (Base salary earnings for
\nthe purpose of this Plan do not include any PTO accrual payments.) Payments will
\nbe subject to applicable payroll taxes and withholdings.<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Bonus Payments:<\/p>\n<\/td>\n

<\/td>\n\n

The annual incentive bonus will be paid once annually. Payment will be made
\nwithin six weeks after the end of the fiscal year but in the event the amount
\ncannot be calculated within such six weeks in no event may payments be made
\nlater than 2-1\/2 (two and a half) months after the end of the fiscal year.
\nPayments made pursuant to this Plan are at the sole discretion of the
\nAdministrator of the Plan.<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Components:<\/p>\n<\/td>\n

<\/td>\n\n

Two performance metrics will be used in the determination of the annual
\nincentive bonus payment as determined by the Administrator. The Company153s
\nreported numbers are based on GAAP Corporate Revenue and non-GAAP EPS results.\n<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Metric<\/em><\/strong><\/td>\n<\/td>\nWeighting<\/em><\/strong><\/td>\n<\/tr>\n
<\/td>\n<\/tr>\n
\n

Corporate Revenue<\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

50<\/p>\n<\/td>\n

\n

%<\/p>\n<\/td>\n<\/tr>\n

\n

Corporate Earnings per Share<\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

50<\/p>\n<\/td>\n

\n

%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n<\/tr>\n\n\n\n\n\n
<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Achievement Schedule:<\/p>\n<\/td>\n

<\/td>\n\n

An established threshold must be exceeded for each of the applicable
\nperformance metrics before the portion of the bonus applicable to such
\nperformance metric will be paid. All three metrics are capped.<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Pro-ration:<\/p>\n<\/td>\n

<\/td>\n\n

The calculation of the annual incentive bonus will be determined, in part,
\nbased on eligible base salary earnings for the fiscal year and, subject to the
\neligibility requirements below, will be pro-rated based on the number of days
\nthe participant is actively employed as a regular status employee of Symantec
\nduring the fiscal year. If a participant takes a leave of absence from the
\nCompany during the fiscal year, any payments received by the participant as an
\nincome protection benefit will not be counted toward base salary earnings for
\nthe purpose of bonus calculations.<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Eligibility:<\/p>\n<\/td>\n

<\/td>\n\n

Participants must be regular status employees on the day bonus checks are
\ndistributed To earn the bonus. If the Company grants an interim payment for any
\nreason, the Participant must be a regular status employee at the end of the
\nfiscal year in order to receive such payment. Ongoing contributions toward the
\nCompany153s overall success, particularly toward year end is of particular
\nbusiness importance. As such, a participant who leaves before the end of the
\nfiscal year will not be eligible to earn the annual incentive bonus or any
\npro-rated portion thereof. The Plan participant must be a regular status
\nemployee of Symantec at the end of the fiscal year in order to be eligible to
\nreceive the annual incentive bonus and<\/u> at the time the bonus checks are
\ndistributed, unless otherwise determined by the Administrator.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

2<\/p>\n

\n\n\n\n\n<\/tr>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n\n

To be eligible to participate in the Plan in the given fiscal year,
\nparticipants must be in an eligible position for at least 60 days before the end
\nof the Plan year. Employees hired or promoted into an eligible position with
\nless than 60 days in the Plan year will not be eligible to participate in the
\nannual bonus plan until the next fiscal year.<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Exchange Rates:<\/p>\n<\/td>\n

<\/td>\n\n

The performance metrics targets will not be adjusted for any fluctuating
\ncurrency exchange rates.<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Target Changes:<\/p>\n<\/td>\n

<\/td>\n\n

In the event of an accretive event, such as a stock buyback, or other events
\nthat might have an effect on the revenue or EPS targets of the Company, such as
\nacquisition or purchase of products or technology, the Administrator may at its
\ndiscretion adjust the revenue and earnings per share metrics to reflect the
\npotential impact upon Symantec153s financial performance.<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Restatement of Financial Results:<\/p>\n<\/td>\n

<\/td>\n\n

If the Company153s financial statements are the subject of a restatement due to
\nerror or misconduct, to the extent permitted by governing law, in all
\nappropriate cases, the Company will seek reimbursement of excess incentive cash
\ncompensation paid under the Plan. For purposes of this Plan, excess incentive
\ncash compensation means the positive difference, if any, between (i) the
\nincentive bonus paid and (ii) the incentive bonus that would have been made had
\nthe performance metrics been calculated based on the Company153s financial
\nstatements as restated. The Company will not be required to award Participant an
\nadditional Payment should the restated financial statements result in a higher
\nbonus calculation.<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Plan Provisions:<\/p>\n<\/td>\n

<\/td>\n\n

This Plan is adopted under the Symantec Senior Executive Incentive Plan as
\namended and restated as of September 22, 2008 and approved by Symantec153s
\nstockholders on September 22, 2008.<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n\n

This Plan supersedes the FY11 Executive Annual Incentive Plan dated April 3,
\n2010, which is null and void as of the adoption of this Plan.<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n\n

Participation in the Plan does not guarantee participation in other or future
\nincentive plans, nor does it guarantee continued employment for a specified
\nterm. Plan structures and participation will be determined on a year-to-year
\nbasis.<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n\n

The Board of Directors reserves the right to alter or cancel all or any
\nportion of the Plan for any reason at any time. The Plan shall be administered
\nby the Compensation Committee of the Board of Directors (the “Administrator”),
\nand the Administrator shall have all powers and discretion necessary or
\nappropriate to administer and interpret the Plan.<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n\n

The Board of Directors reserves the right to exercise its own judgment with
\nregard to company performance in light of events outside the control of
\nmanagement and\/or participant.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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