Document:

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                                                                    EXHIBIT 4.03

                          VERITAS SOFTWARE CORPORATION

                        2002 DIRECTORS STOCK OPTION PLAN

                      (AS ADOPTED EFFECTIVE MAY 14, 2002)

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                               TABLE OF CONTENTS

<Table>
<Caption>
                                                                                  PAGE
                                                                                  ----
<S>       <C>                                                                      <C>
ARTICLE 1.  INTRODUCTION........................................................    1
ARTICLE 2.  ADMINISTRATION......................................................    1
    2.1   Committee Composition.................................................    1
    2.2   Committee Responsibilities............................................    1
ARTICLE 3.  SHARES AVAILABLE FOR GRANTS.........................................    1
    3.1   Basic Limitation......................................................    1
    3.3   Additional Shares.....................................................    1
ARTICLE 4.  AUTOMATIC OPTION GRANTS TO NON-EMPLOYEE DIRECTORS...................    1
    4.1   Eligibility...........................................................    1
    4.2   Initial Grants........................................................    1
    4.3   Annual Grants.........................................................    2
    4.4   Committee Service.....................................................    2
    4.5   Exercisability and Vesting............................................    2
    4.6   Accelerated Vesting...................................................    2
    4.7   Exercise Price........................................................    2
    4.8   Term..................................................................    2
    4.9   Affiliates of Non-Employee Directors..................................    2
   4.10   Stock Option Agreement................................................    2
   4.11   Option Transferability................................................    3
ARTICLE 5.  PAYMENT FOR OPTION SHARES...........................................    3
    5.1   Cash..................................................................    3
    5.2   Surrender of Stock....................................................    3
    5.3   Exercise/Sale.........................................................    3
    5.4   Other Forms of Payment................................................    3
ARTICLE 6.  PROTECTION AGAINST DILUTION.........................................    3
    6.1   Adjustments...........................................................    3
    6.2   Dissolution or Liquidation............................................    3
    6.3   Reorganizations.......................................................    4
ARTICLE 7.  LIMITATION ON RIGHTS................................................    4
    7.1   Stockholders' Rights..................................................    4
    7.2   Regulatory Requirements...............................................    4
    7.3   Withholding Taxes.....................................................    4
ARTICLE 8.  FUTURE OF THE PLAN..................................................    4
    8.1   Term of the Plan......................................................    4
    8.2   Amendment or Termination..............................................    4
ARTICLE 9.  DEFINITIONS.........................................................    4
</Table>

                                       i

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                          VERITAS SOFTWARE CORPORATION

                        2002 DIRECTORS STOCK OPTION PLAN

ARTICLE 1.  INTRODUCTION.

     The Board adopted the Plan effective as of May 14, 2002. The purpose of the
Plan is to promote the long-term success of the Company and the creation of
stockholder value by (a) encouraging Non-Employee Directors to focus on critical
long-range objectives, (b) encouraging the attraction and retention of
Non-Employee Directors with exceptional qualifications and (c) linking
Non-Employee Directors directly to stockholder interests through increased stock
ownership. The Plan seeks to achieve this purpose by providing for automatic and
non-discretionary grants of Options to Non-Employee Directors.

     The Plan shall be governed by, and construed in accordance with, the laws
of the State of Delaware (except their choice-of-law provisions).

ARTICLE 2.  ADMINISTRATION.

     2.1  COMMITTEE COMPOSITION.  The Committee shall administer the Plan. The
Committee shall consist exclusively of two or more directors of the Company, who
shall be appointed by the Board. In addition, the composition of the Committee
shall satisfy such requirements as the Securities and Exchange Commission may
establish for administrators acting under plans intended to qualify for
exemption under Rule 16b-3 (or its successor) under the Exchange Act.

     2.2  COMMITTEE RESPONSIBILITIES.  The Committee shall interpret the Plan
and make all decisions relating to the operation of the Plan. The Committee may
adopt such rules or guidelines as it deems appropriate to implement the Plan.
The Committee's determinations under the Plan shall be final and binding on all
persons.

ARTICLE 3.  SHARES AVAILABLE FOR GRANTS.

     3.1  BASIC LIMITATION.  Shares of Common Stock issued pursuant to the Plan
may be authorized but unissued shares or treasury shares. The aggregate number
of shares of Common Stock subject to Options granted under the Plan shall not
exceed (a) 1,900,258 plus (b) the additional shares of Common Stock described in
Section 3.2. The limitations of this Section 3.1 shall be subject to adjustment
pursuant to Article 6.

     3.2  ADDITIONAL SHARES.  If Options are forfeited or terminate for any
other reason before being exercised, then the shares of Common Stock subject to
such Options shall again become available for the grant of Options under the
Plan.

ARTICLE 4.  AUTOMATIC OPTION GRANTS TO NON-EMPLOYEE DIRECTORS.

     4.1  ELIGIBILITY.  Only Non-Employee Directors shall be eligible for the
grant of Options under the Plan.

     4.2  INITIAL GRANTS.  Each Non-Employee Director who first becomes a member
of the Board shall receive an automatic one-time grant of an Option covering
between 50,000 and 100,000 shares of Common Stock. The specific number of shares
covered by such Option shall be determined by the Board at its discretion on a
periodic basis, but in no event shall the number of shares granted exceed
100,000. Such Option shall be granted on the date when such Non-Employee
Director first joins the Board. A Non-Employee Director who previously was an
Employee shall not receive a grant under this Section 4.2.

                                       1

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     4.3  ANNUAL GRANTS.  Upon the conclusion of each regular annual meeting of
the Company's stockholders held in the year 2002 or thereafter, each
Non-Employee Director who will continue serving as a member of the Board
thereafter shall receive an Option covering 10,000 and 50,000 shares of Common
Stock, except that such Option shall not be granted in the calendar year in
which the same Non-Employee Director received the Option described in Section
4.2. The specific number of shares covered by such Option shall be determined by
the Board at its discretion on a periodic basis, but in no event shall the
number of shares granted exceed 50,000. A Non-Employee Director who previously
was an Employee shall be eligible to receive grants under this Section 4.3.

     4.4  COMMITTEE SERVICE.  Upon the conclusion of each regular annual meeting
of the Company's stockholders held in the year 2002 and thereafter, each
Non-Employee Director who serves on a committee of the Board shall receive once
per year, an automatic grant of an Option covering 10,000 shares of Common Stock
for the first committee on which such director serves and 5,000 shares of Common
Stock for each additional committee on which such director serves. A
Non-Employee Director who previously was an Employee shall be eligible to
receive grants under this Section 4.4.

     4.5  EXERCISABILITY AND VESTING.  Each automatic grant made pursuant to
Sections 4.2, 4.3, and 4.4 herein shall be immediately exercisable for any or
all of the Option shares. Any shares purchased under the Option shall be subject
to repurchase by the Company, at the exercise price paid per share, upon the
Optionee's cessation of Service prior to vesting in those shares. Subject to the
Non-Employee Director's continuing Service, each Option granted under Sections
4.2, 4.3, and 4.4 shall become vested in equal monthly installments over the
48-month period commencing on the date of grant.

     Vesting of the Option shares shall be subject to acceleration as provided
in Sections 4.6 and 6.3. In no event, however, shall any additional Option
shares vest after the Optionee's cessation of Service.

     4.6  ACCELERATED VESTING.  Options granted to a Non-Employee Director under
this Article 4 shall also become vested as follows:

          (a) In the event that such Non-Employee Director's Service terminates
     because of death, the shares of Common Stock at the time subject to each
     outstanding Option but not otherwise vested shall automatically vest and
     the Company's repurchase right shall lapse as to 50% of the then unvested
     shares; and

          (b) In the event that the Company is subject to a Change in Control
     before such Non-Employee Director's Service terminates, all of the shares
     purchasable under the Options, shall become vested and the Company's
     repurchase right shall lapse with respect thereto.

     4.7  EXERCISE PRICE.  The Exercise Price under all Options granted to a
Non-Employee Director under this Article 4 shall be equal to 100% of the Fair
Market Value of a share of Common Stock on the date of grant, payable in one of
the forms described in Article 5.

     4.8  TERM.  All Options granted to a Non-Employee Director under this
Article 4 shall terminate on the earliest of (a) the 10th anniversary of the
date of grant, (b) the date 6 months after the termination of such Non-Employee
Director's Service for any reason other than death or Disability, or (c) the
date 12 months after the termination of such Non-Employee Director's Service
because of death or Disability.

     4.9  AFFILIATES OF NON-EMPLOYEE DIRECTORS.  The Committee may provide that
the Options that otherwise would be granted to a Non-Employee Director under
this Article 4 shall instead be granted to an affiliate of such Non-Employee
Director. Such affiliate shall then be deemed to be a Non-Employee Director for
purposes of the Plan, provided that the Service-related vesting and termination
provisions pertaining to the Options shall be applied with regard to the Service
of the Non-Employee Director.

     4.10  STOCK OPTION AGREEMENT.  Each grant of an Option under the Plan shall
be evidenced by a Stock Option Agreement between the Optionee and the Company.
Such Option shall be subject to all applicable terms of the Plan and may be
subject to any other terms that are not inconsistent with the Plan.

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     4.11  OPTION TRANSFERABILITY.  Prior to death, only an Optionee may
exercise an Option. If an Optionee attempts to transfer (other than through a
will or beneficiary designation), assign, sell or use an Option as security for
a loan the Option will immediately become invalid. However, the Committee may,
in its sole discretion, allow an Optionee to transfer an Option as a gift to
members of the Optionee's Immediate Family or to trusts or partnerships for the
exclusive benefit of members of Optionee's Immediate Family. Such transfer will
only be allowed if both the Optionee and the transferee(s) execute the forms
prescribed by the Committee, which shall include the consent of the
transferee(s) to be bound by the terms of the Optionee's Stock Option Agreement.

ARTICLE 5.  PAYMENT FOR OPTION SHARES.

     5.1  CASH.  All or any part of the Exercise Price may be paid in cash or
cash equivalents.

     5.2  SURRENDER OF STOCK.  All or any part of the Exercise Price may be paid
by surrendering, or attesting to the ownership of, shares of Common Stock that
are already owned by the Optionee. Such shares of Common Stock shall be valued
at their Fair Market Value on the date when the new shares of Common Stock are
purchased under the Plan. The Optionee shall not surrender, or attest to the
ownership of, shares of Common Stock in payment of the Exercise Price if such
action would cause the Company to recognize compensation expense (or additional
compensation expense) with respect to the Option for financial reporting
purposes.

     5.3  EXERCISE/SALE.  All or any part of the Exercise Price and any
withholding taxes may be paid by delivering (on a form prescribed by the
Company) an irrevocable direction to a securities broker approved by the Company
to sell all or part of the shares of Common Stock being purchased under the Plan
and to deliver all or part of the sales proceeds to the Company.

     5.4  OTHER FORMS OF PAYMENT.  At the sole discretion of the Committee, all
or any part of the Exercise Price and any withholding taxes may be paid in any
other form that is consistent with applicable laws, regulations and rules.

ARTICLE 6.  PROTECTION AGAINST DILUTION.

     6.1  ADJUSTMENTS.  In the event of a subdivision of the outstanding shares
of Common Stock, a declaration of a dividend payable in shares of Common Stock
or a combination or consolidation of the outstanding shares of Common Stock (by
reclassification or otherwise) into a lesser number of shares of Common Stock,
corresponding adjustments shall automatically be made in each of the following:

          (a) The number of Options available for future grants under Article 3;

          (b) The number of Options automatically granted under Article 4;

          (c) The number of shares of Common Stock covered by each outstanding
              Option; and

          (d) The Exercise Price under each outstanding Option.

In the event of a declaration of an extraordinary dividend payable in a form
other than shares of Common Stock in an amount that has a material effect on the
price of shares of Common Stock, a recapitalization, a spin-off or a similar
occurrence, the Committee shall make such adjustments as it, in its sole
discretion, deems appropriate in one or more of the foregoing. Except as
provided in this Article 6, an Optionee shall have no rights by reason of any
issuance by the Company of stock of any class or securities convertible into
stock of any class, any subdivision or consolidation of shares of stock of any
class, the payment of any stock dividend or any other increase or decrease in
the number of shares of stock of any class.

     6.2  DISSOLUTION OR LIQUIDATION.  To the extent not previously exercised,
Options shall terminate immediately prior to the dissolution or liquidation of
the Company.

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     6.3  REORGANIZATIONS.  In the event that the Company is a party to a merger
or other reorganization, outstanding Options shall be subject to the agreement
of merger or reorganization. Such agreement shall provide for (a) the
continuation of the outstanding Options by the Company, if the Company is a
surviving corporation, (b) the assumption of the outstanding Options by the
surviving corporation or its parent or subsidiary, (c) the substitution by the
surviving corporation or its parent or subsidiary of its own options for the
outstanding Options, (d) full exercisability and accelerated expiration of the
outstanding Options or (e) settlement of the full value of the outstanding
Options in cash or cash equivalents followed by cancellation of such Options.

ARTICLE 7.  LIMITATION ON RIGHTS.

     7.1  STOCKHOLDERS' RIGHTS.  An Optionee shall have no dividend rights,
voting rights or other rights as a stockholder with respect to any shares of
Common Stock covered by his or her Option prior to the time when he or she
becomes entitled to receive such shares of Common Stock by filing a notice of
exercise and paying the Exercise Price. No adjustment shall be made for cash
dividends or other rights for which the record date is prior to such time,
except as expressly provided in the Plan.

     7.2  REGULATORY REQUIREMENTS.  Any other provision of the Plan
notwithstanding, the obligation of the Company to issue shares of Common Stock
under the Plan shall be subject to all applicable laws, rules and regulations
and such approval by any regulatory body as may be required. The Company
reserves the right to restrict, in whole or in part, the delivery of shares of
Common Stock pursuant to any Option prior to the satisfaction of all legal
requirements relating to the issuance of such shares of Common Stock, to their
registration, qualification or listing or to an exemption from registration,
qualification or listing.

     7.3  WITHHOLDING TAXES.  To the extent required by applicable federal,
state, local or foreign law, an Optionee or his or her successor shall make
arrangements satisfactory to the Company for the satisfaction of any withholding
tax obligations that arise in connection with the Plan. The Company shall not be
required to issue any shares of Common Stock or make any cash payment under the
Plan until such obligations are satisfied.

ARTICLE 8.  FUTURE OF THE PLAN.

     8.1  TERM OF THE PLAN.  The Plan, as set forth herein, shall become
effective on the date of the Company's 2002 Annual Meeting of Stockholders. The
Plan shall remain in effect until it is terminated under Section 8.2.

     8.2  AMENDMENT OR TERMINATION.  The Board may, at any time and for any
reason, amend or terminate the Plan. An amendment of the Plan shall be subject
to the approval of the Company's stockholders only to the extent required by
applicable laws, regulations or rules. No Options shall be granted under the
Plan after the termination thereof. The termination of the Plan, or any
amendment thereof, shall not affect any Option previously granted under the
Plan.

ARTICLE 9.  DEFINITIONS.

     9.1  "BOARD" means the Company's Board of Directors, as constituted from
time to time.

     9.2  "CHANGE IN CONTROL" means:

          (a) The consummation of a merger or consolidation of the Company with
     or into another entity or any other corporate reorganization, if persons
     who were not stockholders of the Company immediately prior to such merger,
     consolidation or other reorganization own immediately after such merger,
     consolidation or other reorganization 50% or more of the voting power of
     the outstanding securities of each of (i) the continuing or surviving
     entity and (ii) any direct or indirect parent corporation of such
     continuing or surviving entity;

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          (b) The sale, transfer or other disposition of all or substantially
     all of the Company's assets;

          (c) A change in the composition of the Board, as a result of which
     fewer than 50% of the incumbent directors are directors who either (i) had
     been directors of the Company on the date 24 months prior to the date of
     the event that may constitute a Change in Control (the "original
     directors") or (ii) were elected, or nominated for election, to the Board
     with the affirmative votes of at least a majority of the aggregate of the
     original directors who were still in office at the time of the election or
     nomination and the directors whose election or nomination was previously so
     approved; or

          (d) Any transaction as a result of which any person is the "beneficial
     owner" (as defined in Rule 13d-3 under the Exchange Act), directly or
     indirectly, of securities of the Company representing at least 50% of the
     total voting power represented by the Company's then outstanding voting
     securities. For purposes of this Subsection (d), the term "person" shall
     have the same meaning as when used in sections 13(d) and 14(d) of the
     Exchange Act but shall exclude (i) a trustee or other fiduciary holding
     securities under an employee benefit plan of the Company or of a Parent or
     Subsidiary and (ii) a corporation owned directly or indirectly by the
     stockholders of the Company in substantially the same proportions as their
     ownership of the common stock of the Company.

A transaction shall not constitute a Change in Control if its sole purpose is to
change the state of the Company's incorporation or to create a holding company
that will be owned in substantially the same proportions by the persons who held
the Company's securities immediately before such transaction.

     9.3  "CODE" means the Internal Revenue Code of 1986, as amended.

     9.4  "COMMITTEE" means a committee of the Board, as described in Article 2.

     9.5  "COMMON STOCK" means the common stock of the Company.

     9.6  "COMPANY" means VERITAS Software Corporation, a Delaware corporation.

     9.7  "DISABILITY" shall mean permanent and total disability (as defined in
Section 22(e)(3) of the Code).

     9.8  "EMPLOYEE" means a common-law employee of the Company, a Parent or a
Subsidiary.

     9.9  "EXCHANGE ACT" means the Securities Exchange Act of 1934, as amended.

     9.10  "EXERCISE PRICE" means the amount for which one share of Common Stock
may be purchased upon exercise of such Option, as specified in the applicable
Stock Option Agreement.

     9.11  "FAIR MARKET VALUE" means the market price of shares of Common Stock,
determined by the Committee in good faith on such basis as it deems appropriate.
Whenever possible, the determination of Fair Market Value by the Committee shall
be based on the prices reported in The Wall Street Journal. Such determination
shall be conclusive and binding on all persons.

     9.12  "IMMEDIATE FAMILY" means any child, stepchild, grandchild, parent,
stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law,
son-in-law, daughter-in-law, brother-in-law or sister-in-law and shall include
adoptive relationships.

     9.13  "NON-EMPLOYEE DIRECTOR" means a member of the Board who is not an
Employee.

     9.14  "OPTION" means an option granted under the Plan and entitling the
holder to purchase shares of Common Stock. Options do not qualify as incentive
stock options described in section 422(b) of the Code.

     9.15  "OPTIONEE" means an individual, estate, or affiliate of a
Non-Employee Director that holds an Option.

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     9.16  "PARENT" means any corporation (other than the Company) in an
unbroken chain of corporations ending with the Company, if each of the
corporations other than the Company owns stock possessing 50% or more of the
total combined voting power of all classes of stock in one of the other
corporations in such chain. A corporation that attains the status of a Parent on
a date after the adoption of the Plan shall be considered a Parent commencing as
of such date.

     9.17  "PLAN" means this VERITAS Software Corporation 2002 Directors Stock
Option Plan, as amended from time to time.

     9.18  "SERVICE" means service as a member of the Board.

     9.19  "STOCK OPTION AGREEMENT" means the agreement between the Company and
an Optionee that contains the terms, conditions and restrictions pertaining to
his or her Option.

     9.20  "SUBSIDIARY" means any corporation (other than the Company) in an
unbroken chain of corporations beginning with the Company, if each of the
corporations other than the last corporation in the unbroken chain owns stock
possessing 50% or more of the total combined voting power of all classes of
stock in one of the other corporations in such chain. A corporation that attains
the status of a Subsidiary on a date after the adoption of the Plan shall be
considered a Subsidiary commencing as of such date.

                                       6<PAGE>
                                                                    Exhibit 10.1

                   SECOND AMENDMENT TO BUSINESS LOAN AGREEMENT

               This Second Amendment to Business Loan Agreement (the
"Amendment") is made as of August 1, 2001, between Bank of America, N.A.
("Bank"), and Pacific Sunwear of California, Inc., a California corporation (the
"Borrower").

                                    RECITALS

        A. Borrower and Bank entered into that certain Business Loan Agreement
dated as of April 3, 2001, as previously amended (the "Agreement").

        B. Borrower and Bank desire to further amend certain terms and
provisions of the Agreement.

                                    AGREEMENT

        1. Definitions. Capitalized terms used but not defined in this Amendment
shall have the meaning given to them in the Agreement.

        2. Amendments. The Agreement is hereby amended as follows:

           2.1    The table appearing in Section 9.5 of the Agreement is amended
                  in its entirety to read as follows:

<TABLE>
<CAPTION>
           PERIOD                                                AMOUNT
           <S>                                                 <C>
           At the second fiscal quarter ending on or about     $70,000,000
           July 31, 2001 through the third fiscal quarter
           ending on or about October 31, 2002.

           At the fourth fiscal quarter ending on or about     $85,000,000
           January 31, 2003 and thereafter.
</TABLE>

           2.2    Section 9.9 of the Agreement is amended in its entirety to
                  read as follows:

           "Capital Expenditures. Not to spend more than the amounts specified
           below during any fiscal year to acquire fixed assets, as determined
           by the amount of EBITDA maintained on a rolling four quarters basis.

<TABLE>
<CAPTION>
           -----------------------------------------------------------------
                             MAXIMUM CAPITAL
                             EXPENDITURES IF       MAXIMUM CAPITAL
                             ROLLING 4Q EBITDA     EXPENDITURES IF ROLLING
              Fiscal Year    <$100,000,000         4Q EBITDA >$100,000,000
           -----------------------------------------------------------------
           <S>               <C>                   <C>
           2001              $90,000,000           $90,000,000
           -----------------------------------------------------------------
           2002              $40,000,000           $62,500,000
           -----------------------------------------------------------------
           2003              $45,000,000           $72,500,000
           -----------------------------------------------------------------
</TABLE>

           2.3    Exhibit B to the Agreement is deleted and replaced by a new
                  Exhibit B in the form attached hereto.

<PAGE>

        3. Representations and Warranties. Each Borrower hereby represents and
warrants to Bank that: (i) no default specified in the Agreement and no event
which with notice or lapse of time or both would become such a default has
occurred and is continuing and has not been previously waived (ii) the
representations and warranties of Borrower pursuant to the Agreement are true on
and as of the date hereof as if made on and as of said date, (iii) the making
and performance by Borrower of this Amendment have been duly authorized by all
necessary action, and (iv) no consent, approval, authorization, permit or
license is required in connection with the making or performance of the
Agreement as amended hereby.

        4. Conditions. This Amendment will be effective when the Bank receives
the following items, in form and content acceptable to the Bank:

           4.1    This Amendment duly executed by all parties hereto.

           4.2    Payment of all out-of-pocket expenses, including attorneys'
                  fees, incurred by the Bank in connection with the preparation
                  of this Amendment.

           4.3    Payment of an amendment fee in the amount of Ten Thousand
                  Dollars ($10,000.00).

        5. Effect of Amendment. Except as provided in this Amendment, the
Agreement shall remain in full force and effect and shall be performed by the
parties hereto according to its terms and provisions.

        IN WITNESS WHEREOF, this Amendment has been executed by the parties
hereto as of the date first above written.

                                             BANK OF AMERICA, N.A.

                                             By:
                                                  ------------------------------
                                             Name:
                                                  ------------------------------
                                             Title:
                                                   -----------------------------

                                             PACIFIC SUNWEAR OF CALIFORNIA, INC.

                                             By:
                                                  ------------------------------
                                             Name:
                                                  ------------------------------
                                             Title:
                                                   -----------------------------

                                             By:
                                                  ------------------------------
                                             Name:
                                                  ------------------------------
                                             Title:
                                                   -----------------------------

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