Document:

exv10w2

Exhibit 10.2

SYMANTEC CORPORATION

2008 EMPLOYEE STOCK PURCHASE PLAN

Effective Date of Plan: September 22, 2008

1. ESTABLISHMENT AND PURPOSE OF PLAN

     (a) Symantec Corporation, a Delaware corporation (the “Company”) adopted this 2008 Employee
Stock Purchase Plan (the “Plan”) to grant options for the purchase of shares (“Shares”) of the
Company’s Common Stock (“Common Stock”) to eligible employees of the Company, its parent
corporation, and its Affiliates and Subsidiaries. For purposes of the Plan, “parent corporation”
and “Subsidiary” (collectively, “Subsidiaries”) shall have the same meanings as “parent
corporation” and “subsidiary corporation” in Sections 424(e) and (f), respectively, of the Internal
Revenue Code of 1986, as amended (the “Code”), and “Affiliate” shall mean any entity, other than a
Subsidiary, in which the Company has an equity or other ownership interest. Any term not expressly
defined in the Plan but defined for purposes of Section 423 of the Code shall have the same
definition in this Plan for purposes of the Statutory Plan (defined below).

     (b) The purpose of the Plan is to provide employees of the Company and certain Affiliates and
Subsidiaries designated (any such designated Affiliate or Subsidiary, a “Designated Corporation”)
by the Board of Directors of the Company (the “Board”) whose employees are eligible to participate
in the Plan with a convenient means to acquire at a discount to market value an equity interest in
the Company through payroll deductions, to enhance such employees’ sense of participation in the
affairs of the Company and its Affiliates and Subsidiaries, and to provide an incentive for
continued employment.

2. STRUCTURE OF THE PLAN AND SUB-PLANS

     (a) This Plan document is an omnibus document which includes a sub-plan (the “Statutory Plan”)
designed to permit offerings of grants to employees of the Company and certain Subsidiaries that
are Designated Corporations (defined below) where such offerings are intended to satisfy the
requirements of Section 423 of the Code (although the Company makes no undertaking nor
representation to obtain or maintain qualification under Section 423 for any Subsidiary,
individual, offering or grant) and also separate sub-plans (each a “Non-Statutory Plan”) which
permit offerings of grants to employees of certain Designated Corporations that are not intended to
satisfy the requirements of Section 423 of the Code.

     (b) A total of 20,000,000 Shares may be issued under the Plan. Such number shall be subject to
adjustments effected in accordance with Section 14 of the Plan.

     (c) The Statutory Plan shall be a separate and independent plan from the Non-Statutory Plans,
provided, however, that the total number of shares authorized to be issued under the Plan applies
in the aggregate to both the Statutory Plan and the Non-Statutory Plans. Offerings under the
Non-Statutory Plans may be made to achieve desired tax or other objectives in particular locations
outside the United States of America or to comply with local laws applicable to offerings in such
foreign jurisdictions.

 

 

     (d) The terms of the Statutory Plan shall be those set forth in this Plan document to the
extent such terms are consistent with the requirements for qualification under Code Section 423.
The Board may adopt Non-Statutory Plans applicable to particular Designated Corporations or
locations that are not participating in the Statutory Plan, which shall be designed to achieve tax,
securities law or other Company compliance objectives in particular locations outside the United
States. The terms of each Non-Statutory Plan may take precedence over other provisions in this
document, with the exception of Section 2(b) of the Plan with respect to the total number of shares
available to be offered under the Plan for all sub-plans. Unless otherwise superseded by the terms
of such Non-Statutory Plan, the provisions of this Plan document shall govern the operation of such
Non-Statutory Plan. Except to the extent expressly set forth herein or where the context suggests
otherwise, any reference herein to “Plan” shall be construed to include a reference to the
Statutory Plan and any Non-Statutory Plans.

3. ADMINISTRATION

     (a) The Plan is administered by the Board or by a committee designated by the Board (in which
event all references herein to the Board shall be to the committee). Members of the Board shall
receive no compensation for their services in connection with the administration of the Plan, other
than standard fees as established from time to time by the Board for services rendered by Board
members serving on Board committees. All expenses incurred in connection with the administration of
the Plan shall be paid by the Company.

     (b) The Board (or the committee) shall have the power, subject to, and within the limitations
of, the express provisions of the Plan:

          (i) To determine when and how options to purchase Shares shall be granted and the provisions
of each Offering Period (which need not be identical).

          (ii) To designate from time to time an Affiliate or Subsidiary as a Designated Corporation
whose employees shall be eligible to participate in the Statutory Plan or a Non-Statutory Plan.
For purposes of participation in the Statutory Plan, only Subsidiaries shall be considered
Designated Corporations, and the Board shall designate from time to time which Subsidiaries will be
Designated Corporations in the Statutory Plan. The Board shall designate from time to time which
Subsidiaries and Affiliates shall be Designated Corporations in particular Non-Statutory Plans,
provided, however, that at any given time, a Subsidiary that is a Designated Corporation in the
Statutory Plan shall not be a Designated Corporation in a Non-Statutory Plan. The foregoing
designations and changes in designations by the Board from time to time shall not require
stockholder approval.

          (iii) To determine from time to time the method for allocating the number of total shares to
be offered under each sub-plan, which determination shall not require stockholder approval.

          (iv) To construe and interpret the Plan and rights to purchase (options on) Shares, and to
establish, amend and revoke rules and procedures for its administration. The Board, in the exercise
of this power, may correct any defect, omission or inconsistency in the Plan, in a manner and to
the extent it shall deem necessary or expedient to make the Plan fully effective.

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          (v) To amend or terminate the Plan as provided in Section 24 below.

          (vi) To adopt rules and procedures and/or special provisions  relating to the operation and
administration of the Statutory Plan (subject to the limitations of Section 423 of the Code or any
successor provision in the Code) and any Non-Statutory Plan, as appropriate, to permit or
facilitate participation in the Statutory Plan or a particular Non-Statutory Plan by employees who
are foreign nationals or employed or resident outside the United States or as designed to achieve
tax, securities law or other Company compliance objectives in particular locations outside the
United States.

          (vii) Generally, to exercise such powers and to perform such acts it deems necessary,
desirable, convenient or expedient to promote the best interests of the Company and its
Subsidiaries and to carry out that intent that the Statutory Plan be treated as an “employee stock
purchase plan” under Section 423 of the Code.

     (c) Subject to the limitations of Section 423 of the Code or any successor provision in the
Code with respect to the Statutory Plan, all questions of interpretation or application of the Plan
shall be determined by the Board and its decisions shall be final and binding upon all persons.

4. ELIGIBILITY

     Any employee of the Company or any Designated Corporation is eligible to participate in an
Offering Period (as hereinafter defined) under the Plan except the following unless otherwise
required under applicable local law:

     (a) employees who are not employed by the Company or a Designated Corporation on the third
(3rd) business day before the beginning of such Offering Period;

     (b) employees who are customarily employed for less than 20 hours per week;

     (c) employees who are customarily employed for less than 5 months in a calendar year;

     (d) employees who, together with any other person whose stock would be attributed to such
employee pursuant to Section 425(d) of the Code, own stock or hold options to purchase stock or
who, as a result of being granted an option under the Plan with respect to such Offering Period,
would own stock or hold options to purchase stock possessing five percent (5%) or more of the total
combined voting power or value of all classes of stock of the Company or any of its Subsidiaries;
and

     (e) individuals who provide services to the Company or any Designated Corporation as
independent contractors who are reclassified as common law employees for any reason except for
federal income and employment tax purposes.

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5. OFFERING PERIODS; OFFERING DATES; AND PURCHASE DATES

     (a) Each Offering Period under the Plan (each an “Offering Period”) shall be of the duration
provided for or permitted herein. The first trading day (day on which the exchange or system on
which the Common Stock is trading is open) of each Offering Period is referred to as the “Offering
Date.” The Board may but need not provide for multiple purchases within a single Offering Period.
The Board shall have the power to change the duration of Offering Periods without stockholder
approval. The last trading day of each Offering Period (or in the case of an Offering Period
encompassing multiple purchases, each such purchase period) is hereinafter referred to as the
“Purchase Date.”

     (b) Subject to Section 5(c) below, each Offering Period shall be of six (6) months’ duration
commencing February 16 and August 16 of each year beginning February 16, 2009, and ending no later
than the next August 15 and February 15, respectively, thereafter, and shall have a single Purchase
Date (which shall occur on the last trading day of the Offering Period).

     (c) Notwithstanding 5(b) above and the other provisions of the Plan, the Board of Directors
may, but need not, vary the terms and structure of the Offering Periods under this Plan, on such
basis as it shall determine in its sole discretion (including without limitation, the length of
each Offering Period, Offering Periods during which more than one Purchase Date shall occur, and
the formula(s) for calculating the price(s) at which Shares may be purchased during such Offering
Period including a formula under which such price is calculated with reference to the fair market
value (as provided for in Section 8 below) of the Common Stock as of the Offering Date for the
Offering Period); provided, however, that no Offering Period under the Plan shall have a duration
in excess of twenty-seven (27) months (or such period as may be permitted under Code Section 423).

6. PARTICIPATION IN THE PLAN

     An eligible employee may become a participant in an Offering Period under the Plan if (a) as
of the Offering Date with respect to the Offering Period he or she satisfies the eligibility
requirements set forth above, and (b) not later than the third (3rd) business day prior
to such Offering Date (at such time and in such manner as may be specified with respect to such
Offering Period) he or she delivers to the Company or its authorized representative a subscription
agreement indicating his or her desire to enroll in the Offering Period and authorizing payroll
deductions in a manner consistent with Section 9 below. An eligible employee who does not timely
deliver a subscription agreement by the date specified in advance of the applicable Offering Date
shall not participate in that Offering Period and shall not participate in any subsequent Offering
Period unless such employee enrolls in the Plan by timely delivering a subscription agreement to
the Company or its representative prior the Offering Date of the applicable, subsequent Offering
Period. Once an employee becomes a participant in an Offering Period, such employee will
automatically participate in the Offering Period commencing immediately following the last day of
that Offering Period unless the employee withdraws from the Plan or terminates further
participation in the Offering Period as set forth in Section 11 below. Such participant is not
required to file any additional subscription agreements in order to continue participation in the
Plan with respect to subsequent Offering Periods. Any participant

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who has not withdrawn from the Plan pursuant to Section 11 below will automatically be
re-enrolled in the Plan and granted a new option on the Offering Date of the next Offering Period.

7. GRANT OF OPTION

     (a) Each employee enrolled in an Offering Period will be granted on the Offering Date an
option to purchase on each Purchase Date for a particular Offering Period up to that number of
Shares determined by dividing the amount accumulated in such employee’s payroll deduction account
during such Offering Period by the Purchase Price applicable to that Offering Period (as defined in
Section 8 below).

     (b) In no event, however, shall the number of Shares subject to any option granted pursuant to
this Plan exceed the limitations set forth in Section 10 below. The purchase price and fair market
value of a Share shall be determined as provided in Section 8 below.

8. PURCHASE PRICE

     (a) Unless otherwise determined by the Board in its discretion, the purchase price per Share
at which a Share of Common Stock will be sold in any Offering Period (the “Purchase Price”) shall
be eighty-five percent (85%) of the fair market value on the applicable Purchase Date. The fair
market value of a Share shall be as determined in good faith by the Board. If the Common Stock is
listed on a national or regional securities exchange or market system, including without limitation
the Nasdaq Stock Market, the fair market value of a Share shall be the closing sales price for such
stock, as quoted on such exchange or market constituting the primary market for the Common Stock on
the date of determination, as reported in The Wall Street Journal or such other source as the Board
deems reliable. If the relevant date does not fall on a day on which the Common Stock has traded on
such securities exchange or market system, the date on which the fair market value shall be
established shall be the last day on which the Common Stock was so traded prior to the relevant
date, or such other appropriate day as shall be determined by the Board, in its discretion.

     (b) The Board may in its discretion, and without stockholder approval, change the Purchase
Price from the formula set forth above, provided that the Purchase Price may not be less than the
lesser of (a) eighty-five percent (85%) of the Offering Date fair market value of a Share and (b)
eighty-five percent (85%) of the Purchase Date fair market value of a Share.

9. PAYMENT OF PURCHASE PRICE; PAYROLL DEDUCTIONS; ISSUANCE OF SHARES

     (a) The aggregate purchase price of the Shares is accumulated by regular payroll deductions
made during each Offering Period, unless payroll deductions are not permitted under a statute,
regulation, rule of a jurisdiction, in which case such other payments as may be approved by the
Board (or committee) subject to this Section 9. The deductions are made as a percentage of the
employee’s compensation in one percent (1%) increments not less than two percent (2%) nor greater
than ten percent (10%). For purposes of the Statutory Plan, “compensation” shall mean all
compensation, including, but not limited to base salary, wages, commissions, overtime, shift
premiums and bonuses, plus draws against commissions, but excluding amounts related to Company
equity compensation; provided, however, that for

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purposes of determining a participant’s compensation, any election by such participant to
reduce his or her regular cash remuneration under Sections 125 or 401(k) of the Code shall be
treated as if the participant did not make such election. For purposes of any Non-Statutory Plan,
“compensation” shall mean base salary. Payroll deductions shall commence on the first payroll date
following the Offering Date and shall continue until the payroll date immediately preceding the
Purchase Date unless sooner altered or terminated as provided in the Plan.

     (b) A participant may lower (but not increase) the rate of payroll deductions during an
Offering Period by filing with the Company’s designated stock plan administrator (the
“Administrator”) (which may also be the ESPP Broker, as defined below) a new authorization for
payroll deductions, in which case the new rate shall become effective for the next payroll period
commencing more than thirty (30) days after the Administrator’s receipt of the authorization and
shall continue for the remainder of the Offering Period unless changed as described below. Such
change in the rate of payroll deductions may be made at any time during an Offering Period, but not
more than one (1) change may be made effective during any Offering Period. A participant may
increase or lower the rate of payroll deductions for any subsequent Offering Period by filing with
the Administrator a new authorization for payroll deductions during the open enrollment period
beginning on the first (1st) day of the month and ending three business days before the
Offering Date.

     (c) All payroll deductions made for a participant are credited to his or her account under the
Plan and are deposited with the general funds of the Company. No interest accrues on the payroll
deductions (unless required by applicable local law). All payroll deductions received or held by
the Company may be used by the Company for any corporate purpose, and the Company shall not be
obligated to segregate such payroll deductions (unless required by applicable local law).

     (d) On each Purchase Date, so long as the Plan remains in effect and provided that the
participant has not withdrawn from the Plan in accordance with the provisions of Section 11 of the
Plan before that date, the Company shall apply the funds then in the participant’s account to the
purchase of whole Shares reserved under the option granted to such participant with respect to the
Offering Period to the extent that such option is exercisable on the Purchase Date. The Purchase
Price per Share shall be as specified in Section 8 of the Plan. Any cash remaining in a
participant’s account after such purchase of Shares shall be refunded to such participant in cash
(without interest); provided, however, that any amount remaining in such participant’s account on a
Purchase Date which is less than the amount necessary to purchase a full Share of the Company shall
be carried forward, without interest, into the next Offering Period (or in the event of an Offering
Period during which multiple purchase will occur, into the next applicable purchase period within
the Offering Period). In the event that the Plan has been oversubscribed as provided in Section
10(c), all funds not used to purchase Shares on the Purchase Date shall be returned to the
participant (without interest, unless otherwise required by applicable local law). No Shares shall
be purchased on a Purchase Date on behalf of any employee whose participation in the Plan has
terminated prior to such Purchase Date.

     (e) As promptly as practicable after the Purchase Date, the number of Shares purchased by each
participant upon exercise of each participant’s option shall be deposited into an account
established in the participant’s name at the stock brokerage or other third party

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service provider designated by the Company (the “ESPP Broker”), as nominee holding the Shares
for the benefit of the participant. In the event participant requests the receipt of certificated
shares, the Company shall arrange the delivery to such participant of a certificate representing
the Shares purchased on the Purchase Date; provided that the Board may deliver certificates to a
broker or brokers that hold such certificate in street name for the benefit of each such
participant.

     (f) During a participant’s lifetime, such participant’s option to purchase Shares hereunder is
exercisable only by him or her. The participant will have no interest or voting right in Shares
covered by his or her option until such option has been exercised. Shares to be delivered to a
participant under the Plan will be registered in the name of the participant or in the name of the
participant and his or her spouse or in the name of the ESPP Broker, as nominee holding the Shares
for the benefit of the participant.

10. LIMITATIONS ON SHARES TO BE PURCHASED

     (a) No employee shall be entitled to purchase Shares under the Plan at a rate which, when
aggregated with his or her rights to purchase Shares of Common Stock under all other employee stock
purchase plans of the Company or any Subsidiary, exceeds $25,000 in fair market value, determined
as of the date such right is granted (or such other limit as may be imposed by the Code) for each
calendar year in which the employee participates in the Plan.

     (b) Subject to Sections 9(a), 10(a) and 14(a) of the Plan, the maximum number of Shares that a
participant may purchase on any single Purchase Date shall not exceed 10,000 Shares (the “Maximum
Share Amount”); provided that prior to the commencement of any Offering Period, the Board may, in
its sole discretion and without stockholder approval, change the Maximum Share Amount with respect
to that Offering Period. If a new Maximum Share Amount is set, then all participants must be
notified of such Maximum Share Amount prior to the commencement of the next Offering Period. Once
a Maximum Share Amount is set, it shall continue to apply in respect of all succeeding Purchase
Dates and Offering Periods unless revised by the Board as set forth above.

     (c) If a participant is precluded by the limitations of Sections 10(a) or 10(b) from
purchasing additional Shares under the Plan, then his or her payroll deductions shall automatically
be discontinued and shall resume at the beginning of the next Offering Period (or in the event of
an Offering Period during which multiple purchase will occur, into the next applicable purchase
period within the Offering Period) in which such participant is eligible to participate.

     (d) If the number of Shares to be purchased on a Purchase Date by all employees participating
in the Plan exceeds the number of Shares then available for issuance under the Plan, the Company
will make a pro rata allocation of the remaining Shares in as uniform a manner as shall be
practicable and as the Board shall determine to be equitable. In such event, the Company shall give
written notice of such reduction of the number of Shares to be purchased under a participant’s
option to each employee affected thereby. Any payroll deductions accumulated in such participant’s
account which are not used to purchase Shares due to the limitations in this

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Section 10(d) shall be returned to the participant (without interest, unless required by
applicable local law) as soon as practicable after the end of the Offering Period.

11. WITHDRAWAL

     (a) Each participant may withdraw from an Offering Period under the Plan by signing and
delivering to the Administrator notice on a form provided for such purpose. Such withdrawal may be
elected at any time at least fifteen (15) days prior to the end of an Offering Period, or such
shorter period of time as may be required in certain jurisdictions outside the United States as
determined by the Board.

     (b) Upon withdrawal from the Plan, the accumulated payroll deductions shall be returned to the
withdrawn employee (without interest, unless required by applicable local law) and his or her
interest in the Plan shall terminate. In the event an employee voluntarily elects to withdraw from
the Plan, he or she may not resume his or her participation in the Plan during the same Offering
Period, but he or she may participate in any Offering Period under the Plan which commences on a
date subsequent to such withdrawal by filing a new authorization for payroll deductions in the same
manner as set forth in Section 6 above for initial participation in the Plan.

12. TERMINATION OF EMPLOYMENT

     Termination of a participant’s employment for any reason, including retirement or death or the
failure of a participant to remain an eligible employee as set forth in Section 4, terminates his
or her participation in the Plan immediately. In such event, the payroll deductions credited to
the participant’s account will be returned to him or her or, in the case of his or her death, to
his or her legal representative. For this purpose, an employee will not be deemed to have
terminated employment or failed to remain in the continuous employ of the Company in the case of
sick leave, military leave, or any other leave of absence approved by the Board of Directors of the
Company; provided that such leave is for a period of not more than ninety (90) days or, if such
leave is longer than ninety (90) days, reemployment upon the expiration of such leave is guaranteed
by contract or statute.

13. RETURN OF PAYROLL DEDUCTIONS

     In the event an employee’s interest in the Plan is terminated by withdrawal, termination of
employment or otherwise, or in the event the Plan is terminated by the Board, the Company shall
promptly deliver to the employee all payroll deductions credited to his or her account. Unless
otherwise required by applicable local law, no interest shall accrue on the payroll deductions of a
participant in the Plan.

14. ADJUSTMENTS UPON CAPITAL CHANGES; CORPORATE TRANSACTIONS

     (a) Subject to any required action by the stockholders of the Company, the number of Shares
covered by each option under the Plan which has not yet been exercised, the Maximum Share Amount
set forth in Section 10(b) above, and the number of Shares which have been authorized for issuance
under the Plan but have not yet been placed under option (collectively, the “Reserves”), as well as
the price per Share covered by each option under the Plan which has not yet been exercised, shall
be proportionately adjusted for any increase or decrease in the

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number of issued Shares resulting from a stock dividend, recapitalization, stock split,
reverse stock split, subdivision, combination, reclassification or similar change in the capital
structure of the Company without consideration or there is a change in the corporate structure
(including, without limitation, a spin-off) or any other increase or decrease in the number of
Shares effected without receipt of consideration by the Company provided, however, that conversion
of any convertible securities of the Company shall not be deemed to have been “effected without
receipt of consideration.” Such adjustment shall be made by the Board, whose determination in that
respect shall be final, binding and conclusive. Except as expressly provided herein, no issue by
the Company of shares of stock of any class, or securities convertible into shares of stock of any
class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number
or price of Shares subject to an option.

     (b) In the event of the proposed dissolution or liquidation of the Company, each Offering
Period will terminate immediately prior to the consummation of such proposed action, unless
otherwise provided by the Board. In such event, the Board may, in the exercise of its sole
discretion in such instances, declare that the options under the Plan shall terminate as of a date
fixed by the Board and give each participant the right to exercise his or her option as to all of
the optioned Shares.

     (c) In the event of a Corporate Transaction (defined below), each option under the Plan shall
be assumed or an equivalent option shall be substituted by such successor corporation or a parent
or subsidiary of such successor corporation, unless the Board determines, in the exercise of its
sole discretion and in lieu of such assumption or substitution, that the participant shall have the
right to exercise the option as to all of the optioned Shares. If the Board makes an option
exercisable in lieu of assumption or substitution in the event of a Corporate Transaction, the
Board shall notify the participant that the option shall be fully exercisable on a date specified
in such notice, and the option will terminate upon the expiration of such period. For purposes of
the Plan, a “Corporate Transaction” means (i) a merger or consolidation in which the Company is not
the surviving corporation (other than a merger or consolidation with a wholly-owned subsidiary, a
reincorporation of the Company in a different jurisdiction, or other transaction in which there is
no substantial change in the stockholders of the Company or their relative stock holdings and the
options granted under this Plan are assumed, converted or replaced by the successor corporation,
which assumption will be binding on all participants), (ii) a merger in which the Company is the
surviving corporation but after which the stockholders of the Company (other than any stockholder
which merges (or which owns or controls another corporation which merges) with the Company in such
merger) cease to own their shares or other equity interests in the Company, (iii) the sale of
substantially all of the assets of the Company, or (iv) any other transaction which qualifies as a
“corporate transaction” under Section 424(a) of the Code wherein the stockholders of the Company
give up all of their equity interest in the Company (except for the acquisition, sale or transfer
of all or substantially all of the outstanding shares of the Company from or by the stockholders of
the Company).

     (d) The Board may, if it so determines in the exercise of its sole discretion, also make
provision for adjusting the Reserves, as well as the price per Share covered by each outstanding
option, in the event that the Company effects one or more reorganizations, recapitalizations,
rights offerings or other increases or reductions of shares of its outstanding Common Stock, and in
the event of a Corporate Transaction.

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15. NONASSIGNABILITY

     Neither payroll deductions credited to a participant’s account nor any rights with regard to
the exercise of an option or to receive Shares under the Plan may be assigned, transferred, pledged
or otherwise disposed of in any way (other than by will, the laws of descent and distribution or as
provided in Section 22 hereof) by the participant. Any such attempt at assignment, transfer, pledge
or other disposition shall be without effect.

16. REPORTS

     Individual accounts will be maintained for each participant in the Plan. Each participant
shall receive promptly after the end of each Offering Period a report of his account setting forth
the total payroll deductions accumulated, the number of Shares purchased, the per Share price
thereof and the remaining cash balance, if any, carried forward to the next Offering Period, and
any other reports required by applicable law.

17. NOTICE OF DISPOSITION

     Each participant under a Statutory Plan shall notify the Company if the participant disposes
of any of the Shares purchased in any Offering Period pursuant to this Plan if such disposition
occurs within two (2) years from the Offering Date or within one (1) year from the Purchase Date on
which such Shares were purchased (the “Notice Period”). Unless such participant is disposing of any
of such Shares during the Notice Period, such participant shall keep the certificates representing
such Shares in his or her name (and not in the name of a nominee) during the Notice Period. The
Company may, at any time during the Notice Period, place a legend or legends on any certificate
representing Shares acquired pursuant to the Plan requesting the Company’s transfer agent to notify
the Company of any transfer of the Shares. The obligation of the participant to provide such notice
shall continue notwithstanding the placement of any such legend on certificates.

18. NO RIGHTS TO CONTINUED EMPLOYMENT

     Neither this Plan nor the grant of any option hereunder shall confer any right on any employee
to remain in the employ of the Company or any Subsidiary or restrict the right of the Company or
any Subsidiary to terminate such employee’s employment.

19. EQUAL RIGHTS AND PRIVILEGES

     All participants in an Offering Period under the Statutory Plan shall have the same rights and
privileges with respect to their participation in the Statutory Plan for that Offering Period, in
accordance with Section 423 of the Code and the related regulations (and any successor provisions)
except for differences that may be mandated by local law and are consistent with the requirements
of Code Section 423(b)(5). Any provision of the Statutory Plan, a specific Offering Period or an
option granted under the Statutory Plan which is inconsistent with this Section 19 shall without
further act or amendment by the Company or the Board be reformed, if possible, to the extent
necessary to render such provision in compliance with the requirements of Section 423 of the Code,
or shall otherwise be deleted, and the remainder of the terms of the Statutory Plan, an Offering
Period and/or an option shall not be affected.

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20. NOTICES; ELECTRONIC DELIVERY

     (a) All notices or other communications by a participant to the Company under or in connection
with the Plan shall be deemed to have been duly given when received in the form specified by the
Company at the location, or by the person, designated by the Company for the receipt thereof.

     (b) Any reference in the Plan to subscription agreements, enrollment forms, authorizations or
any other document in writing shall include any agreement or document delivered electronically,
including through the Company’s intranet.

21. CONDITIONS UPON ISSUANCE OF SHARES

     Shares shall not be issued with respect to an option unless the exercise of such option and
the issuance and delivery of such Shares pursuant thereto shall comply with all applicable
provisions of law, domestic or foreign, including, without limitation, the Securities Act of 1933,
as amended, the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the rules and
regulations promulgated thereunder, and the requirements of any stock exchange upon which the
Shares may then be listed, and shall be further subject to the approval of counsel for the Company
with respect to such compliance. The Company shall have no liability for failure to issue any
Shares under this Plan in the event that such issuance cannot be accomplished in compliance with
all applicable laws.

22. APPLICABLE LAW

     The Plan shall be governed by the substantive laws (excluding the conflict of laws rules) of
the State of Delaware.

23. EFFECTIVE DATE; TERM OF THE PLAN

     The Plan shall become effective upon approval of the Plan by the stockholders of the Company,
and shall continue until the earliest to occur of (i) termination of the Plan by the Board,
(ii) issuance of all of the Shares reserved for issuance under the Plan, or (iii) ten (10) years
from the date the Plan was originally approved by the stockholders (subject to the ability of the
stockholders to approve later extensions of this term).

24. AMENDMENT OR TERMINATION OF THE PLAN

     The Board of Directors of the Company may at any time amend or terminate the Plan. Termination
of the Plan shall not affect options previously granted under the Plan, nor shall any amendment
make any change in an option previously granted which would adversely affect the right of any
participant (unless mutually agreed otherwise between the participant and the Company, which
agreement must be in writing and signed by the participant and the Company); provided that if the
Board determines that a change in applicable accounting rules or a change in applicable laws
renders an amendment or termination desirable, then the Board may approve such an amendment or
termination. Any amendment of the Plan shall be subject to approval of the stockholders of the
Company in the manner and to the extent required by applicable law. In addition, without limiting
the foregoing, the Board may not amend the Plan without approval of the stockholders of the Company
if such amendment would: (i) increase the number of Shares

11

 

that may be issued under the Plan; or (ii) expand the designation of the employees (or class
of employees) eligible for participation in the Plan.

12exv10w1

EXHIBIT 10.1

AMENDMENT TO EMPLOYMENT AGREEMENT

     The AMENDMENT TO THE EMPLOYMENT AGREEMENT dated as of September 24, 2008 (the “Amendment”), by
and between Fremont General Corporation (the “Parent”), Fremont Reorganizing Corporation (formerly
known as Fremont Investment & Loan) (for purposes of the Amendment, the “Bank”), an indirect
wholly-owned subsidiary of the Parent (the Parent and the Bank will be referred to collectively
herein as the “Company”), and Richard A. Sanchez (“Executive”).

     WHEREAS, the parties entered into an Employment Agreement, dated as of November 9, 2007 (the
“Employment Agreement”);

     WHEREAS, the parties hereto wish to modify and amend the Employment Agreement as set forth
herein;

     NOW, THEREFORE, in consideration of the premises, covenants and agreements hereinafter set
forth, the parties hereto agree as follows:

     1. Amendments to the Employment Agreement. Sections 2, 3, and 4(a) of the Employment
Agreement are hereby amended and restated in their entirety to read as follows:

     2. The Position. The Executive agrees to be employed as Interim
President and Interim Chief Executive Officer, to serve until a suitable replacement
is duly appointed, of Parent and Bank, commencing as of October 1, 2008. The
Executive shall be based at the Company’s headquarters in Brea, California or as
otherwise determined by the parties. Notwithstanding the foregoing the Company
understands and agrees that Executive may from time to time physically render
services from an alternative location; provided, however, that the
Executive will generally work out of the Company’s offices.

     3. Duties. During his employment with the Company, Executive will
serve the Company and its affiliates faithfully, diligently and to the best of his
ability and will devote as much of his business time, energy, experience and talents
as is necessary to perform his duties hereunder. During his employment with the
Company, Executive shall perform all duties and accept all responsibilities incident
to his position as Interim President and Interim Chief Executive Officer of the
Company as may be reasonably assigned to him from time to time by the Parent’s Board
of Directors (the “Board”). Executive shall also be subject to and shall abide by
all policies and procedures of the Company, except to the extent that such policies
and procedures conflict with the other provisions of this Agreement, in which case
this Agreement shall control.

     4. Compensation.

     (a) Base Salary. During the Term (as defined in Section 5 hereof), the
Company shall pay Executive a base salary (the “Base Salary”), payable in equal
biweekly installments, according to the Bank’s normal payroll practices, at an
annual rate of Six Hundred Thousand dollars ($600,000), less all applicable federal,
state and/or local taxes and all other authorized payroll deductions. Thereafter,
Executive’s Base Salary will be subject to an approximately annual review, and
increases (but not reductions, except for reductions made to the Company’s
executives generally) may be made to Executive’s Base Salary at any time based upon
the review by Parent’s Board of Directors (“Board”) of Executive’s performance and
the performance of the Company.

 

 

     2. Restricted Shares. The parties acknowledge that as of the date
hereof, the restricted share award granted to Executive pursuant to Section 4(c) of the
Employment Agreement has fully vested and the shares are owned by the Executive.

     3. Miscellaneous.

          (a) The Employment Agreement is incorporated herein by reference.

          (b) Except as otherwise set forth herein, the Employment Agreement, as amended hereby, shall
remain in full force and effect and the parties shall have all the rights and remedies provided
thereunder with the same force and effect as if the Employment Agreement were restated herein in
its entirety.

          (c) The provisions hereof shall be binding upon and inure to the benefit of the parties and
their respective executors, heirs, personal representatives, successors and assigns.

          (d) This Amendment may be executed and delivered in several counterparts with the intention
that all such counterparts, when taken together, constitute one and the same instrument.

2

 

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

	 	 	 	 	 
	 	FREMONT GENERAL CORPORATION

 	 
	 	By:  	/s/ David S. DePillo
 	 
	 	 	Name:  	David S. DePillo 	 
	 	 	Title:  	Vice Chairman & President 	 
	 
 
	 	FREMONT REORGANIZING CORPORATION

(formerly, Fremont Investment & Loan)

 	 
	 	By:  	/s/ David S. DePillo
 	 
	 	 	Name:  	David S. DePillo 	 
	 	 	Title:  	Vice Chairman & President 	 
	 
 
	 	EXECUTIVE

 	 
	 	/s/ Richard A. Sanchez
 	 
	 	Richard A. Sanchez 	 
	 	 	 
	 

3

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