{"id":40742,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/veritas-1996-chief-executive-officer-compensation-plan-veritas.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"veritas-1996-chief-executive-officer-compensation-plan-veritas","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/veritas-1996-chief-executive-officer-compensation-plan-veritas.html","title":{"rendered":"VERITAS 1996 Chief Executive Officer Compensation Plan &#8211; VERITAS Software Corp."},"content":{"rendered":"<pre>\n             VERITAS 1996 CHIEF EXECUTIVE OFFICER COMPENSATION PLAN\n\nThe 1996 CEO Annual Compensation Plan shall consist of three components, as\nfollows:\n\n\n\nCOMPONENT                   AMOUNT       VESTED        PAID\n\n                                              \nBase Salary                              Weekly        Regular payroll\nQualitative Bonus                        Quarterly     Annually\nEPS Bonus                                Quarterly     Annually\n\n\n\nBASE SALARY\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\nQUALITATIVE BONUS\nQualitative Bonus shall be earned by performance against measurable qualitative\ngoals, which will be proposed by the CEO at the beginning of the year for\napproval by the compensation committee of the board. If appropriate, the CEO\nwill submit a revision to the goals contemporaneously with the submission of the\nmid-year operating plan update.\n\nEPS BONUS\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\/VESTING\nThe compensation committee of the board of directors shall be responsible for\nassessing and awarding payment for the Qualitative and EPS Bonuses. In the event\nof termination, voluntary or involuntary, with or without cause, the bonuses\nabove shall be vested 25% for each quarter of employment completed prior to the\ntermination, and payable to the extent the specified goals were achieved by the\ncompany by the end of the year.\n\nBonus payments shall be made not later than January 31, 1997.\n\nDISCRETION OF THE BOARD OF DIRECTORS\nNotwithstanding the above, the Company's board of directors, at its sole\ndiscretion, may, for reasonable cause, modify or change this Plan or its\nimplementation at any time.\n\n\n\n\n\n___________________     _________   _____________________   _________\nfor Veritas             Date        Mark Leslie             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-40742","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\/40742","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=40742"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=40742"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=40742"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=40742"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}