Document:

seas-ex104_32.htm

Exhibit 10.4

 

AMENDED AND RESTATED UNDERTAKING AGREEMENT

May 27, 2019

SeaWorld Entertainment, Inc.
9205 South Park Center Loop, Suite 400
Orlando, FL 32819
Attn: Gus Antorcha

Ladies and Gentlemen:

This letter, which we, Scott I. Ross and, if I am appointed to the SeaWorld board of directors in accordance with the Stockholders Agreement (as defined below), James P. Chambers (collectively, “we”, “our” or “us”), have executed and which is agreed to by SeaWorld Entertainment, Inc. (“SeaWorld” or the “Company”) and our firm, Hill Path Capital LP (ourselves, our firm and the investment funds and accounts that Scott I. Ross controls, collectively, “Hill Path”), contains a series of undertakings by Hill Path, and other agreements among the parties hereto, pursuant to that certain stockholders agreement, by and between SeaWorld and Hill Path, dated as of the date hereof (the “Stockholders Agreement”). These undertakings will be effective for 12 months following the date on which there is no director serving on the SeaWorld board of directors that is designated by Hill Path (a “Hill Path Designee”), and this letter is intended to be legally binding on Hill Path (which Scott I. Ross is authorized to bind) and the Company. This letter amends and restates the previous undertaking agreement between Scott I. Ross, the Company and Hill Path Capital LP dated November 5, 2017. In the event there is a Hill Path Designee on the SeaWorld board of directors other than one of us, then we shall cause such Hill Path Designee to make this same set of undertakings if he or she has not already done so, unless we advise you that we no longer wish to receive Confidential Information (as defined below) from the Hill Path Designee and the Hill Path Designee is not a principal or employee of Hill Path or any of its affiliates.

Hill Path is sensitive to SeaWorld’s concerns regarding confidentiality and other regulatory issues, and feel that it would be appropriate to restrict Hill Path and ourselves as set forth in this letter in order to address those considerations. To that end, Scott I. Ross hereby confirms that he has signed, and James P. Chambers hereby confirms that, prior to his appointment to the SeaWorld board of directors, will sign, the Company’s standard Confidentiality Agreement for directors (the “Director Confidentiality Agreement”) and undertake to comply with our respective obligations therein. Notwithstanding anything to the contrary set forth in the Director Confidentiality Agreement, the Company agrees that we may communicate such information (including Confidential Information) to Hill Path and its partners, officers, directors and employees (“Hill Path Related Persons”), and to Hill Path’s outside legal, tax, insurance and accounting advisors (together with Hill Path Related Persons, each a “Hill Path Associate” and collectively, the “Hill Path Associates”). Hill Path and the Hill Path Associates shall only be provided Confidential Information by the Hill Path Designee to the extent that they are informed of the confidential nature of the Confidential Information and are directed to keep such information confidential in accordance with the terms of this letter. Hill Path shall be, and shall cause the Hill Path Associates to be, bound by these same restrictions as if they were each a Hill Path Designee, with respect to 

 

Hill Path Capital LP

May 27, 2019

Page 2

all Confidential Information conveyed by or on behalf of any Hill Path Designee, or by or on behalf of the Company or any of its representatives, to Hill Path or to any Hill Path Associates.

In connection with serving as a director of the Company, the Company may provide us with information and data, including, but not limited to, information regarding the Company’s or its subsidiaries’ respective governance, board of directors, management, employees, agents, affiliates or other representatives, plans, strategies, business, finances or operations, including information relating to financial statements, evaluations, plans, programs, customers, vendors, plants, equipment and other assets, products, processes, manufacturing, marketing, research and development, know-how and technology, intellectual property and trade secrets and information which the Company or any subsidiaries has obtained from third parties and with respect to which the Company or any subsidiaries are obligated to maintain confidentiality (collectively, “Confidential Information”). The term “Confidential Information” shall not include information which (a) is at the time of disclosure or thereafter becomes generally available to the public other than as a result of a disclosure by the Hill Path Designee, Hill Path or a Hill Path Associate; (b) was, prior to receipt of such information from the Company, already in the possession of the Hill Path Designee, Hill Path or a Hill Path Associate, provided that the source of such information was, to such person’s knowledge after reasonable inquiry, not bound by a confidentiality agreement with or other contractual, legal or fiduciary obligation of confidentiality to the Company; (c) becomes available to the Hill Path Designee, Hill Path or a Hill Path Associate on a non-confidential basis from a source (other than the Company or any of its affiliates) that is, to such person’s knowledge after reasonable inquiry, not bound by a confidentiality agreement with or other contractual, legal or fiduciary obligation of confidentiality to the Company, and is not, to such person’s knowledge after reasonable inquiry, under an obligation to the Company not to transmit the information to such person; or (d) was independently developed by the Hill Path Designee, Hill Path or a Hill Path Associate without reference to or use of the Confidential Information. In the event of any dispute as to the availability of such exceptions set forth in clauses (b), (c) and (d) of this paragraph, the burden of proof shall be on Hill Path to establish such availability.

In the event that the Hill Path Designee, Hill Path or any Hill Path Associate is required by applicable law in any proceeding or governmental inquiry to disclose any Confidential Information, they will give the Company prompt notice, to the extent permissible, after compliance with the procedures set forth in paragraph 2 of the Director Confidentiality Agreement.

In addition, this letter memorializes that, subject to applicable law, Hill Path Related Persons have agreed to maintain the confidentiality, in accordance with the terms of the Director Confidentiality Agreement, of the Company’s Confidential Information they obtain through our service on the SeaWorld board of directors. Without limiting the foregoing, Hill Path Related Persons have agreed not to trade in, or cause Hill Path or any other person to trade in, SeaWorld securities or the securities of any other public company in violation of law while in possession of any material non-public information about SeaWorld or its strategies, conveyed by or on behalf of any Hill Path Designee, or by or on behalf of the Company or any of its representatives, to Hill Path or to any Hill Path Associates.

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Hill Path Capital LP

May 27, 2019

Page 3

Notwithstanding the foregoing:

	
 
	
•
	
No Hill Path Designee will disclose to Hill Path or to any Hill Path Associate (a) any Legal Advice where such disclosure would constitute waiver of the Company’s attorney client privilege or (b) Director Only Information. “Legal Advice” means advice (written or oral) provided by the Company’s legal counsel stating legal rights, duties, liabilities and defenses and which, if provided in writing, is labeled as “subject to the attorney client privilege” and excludes factual information or the formulation or analysis of non-legal, business strategy. “Director Only Information” means Confidential Information that is designated by the Company’s board of directors as such. The Company acknowledges that such designation will be used only to the extent reasonably required to protect particularly sensitive information that the Company has reasonably determined not to be appropriate for sharing with Hill Path Associates (e.g., (for illustrative purposes only and without limitation) information as to senior management succession planning or possible changes to the Company’s board of directors) and will not be used with respect to financial or operating information of the Company. Notwithstanding the restrictions set forth in this paragraph, the Designee may share the Director Only Information with the other partners or principals of Hill Path.

	
 
	
•
	
Hill Path agrees, and shall cause the Hill Path Associates to agree, that any proprietary information of the Company received from or on behalf of the Company shall remain the property of the Company. Hill Path and the Hill Path Associates shall not, by virtue of the Company’s disclosure of, or Hill Path’s or any Hill Path Associates’ use of, any such proprietary information, acquire any rights with respect thereto, all of which rights (including all intellectual property rights) shall remain exclusively with the Company. Further and without limiting the confidentiality obligations under this agreement, Hill Path agrees, and shall cause the Hill Path Associates to agree, that, if there is no longer any Hill Path Designee serving on the SeaWorld board of directors and the Company and Hill Path are not in the process of selecting a new Hill Path Designee pursuant to section 1(f) of the Stockholders Agreement, then all Confidential Information received by Hill Path or any Hill Path Associates from or on behalf of the Company shall be returned to the Company or securely destroyed, at the option of Hill Path or the Hill Path Associate. Notwithstanding the foregoing and without limiting the non-disclosure and use restrictions set forth herein, Hill Path and its outside legal, tax, insurance and accounting advisors may retain copies of all Confidential Information received by Hill Path or any Hill Path Associates from or on behalf of the Company to the extent required for legal and compliance purposes by its record retention policies or by applicable law, rule or regulation or, in the case of Hill Path’s accountants, to the extent required by reasonable business practice or professional standards and (ii) that such Confidential Information is maintained on routine computer system backup tapes, disks or other backup storage devices as long as such backed-up information is not used, disclosed, or otherwise recovered from such backup devices.

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Hill Path Capital LP

May 27, 2019

Page 4

The provisions of section 14 of the Stockholders Agreement shall apply to, and are hereby incorporated into, this agreement.

This letter shall be governed by the laws of the state of Delaware, without giving effect to any conflicts of laws principles thereof, and shall be binding on each party's successors and assigns.

We look forward to continuing to work together with you and the SeaWorld board of directors.

 

 

[Signature Page Follows]

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Very truly yours,

/s/ Scott I. Ross
Scott I. Ross

/s/  James. P Chambers
James P. Chambers

Agreed:

SeaWorld Entertainment, Inc.

By:/s/  Gus Antorcha
Name:  Gus Antorcha
Title:  Chief Executive Officer and President

Agreed:

Hill Path Capital LP

By:/s/ Scott I. Ross
Name:  Scott I. Ross
Title:  Managing Partner

 

[Signature Page to Amended and Restated Undertaking Agreement]EX-10.01

 Exhibit 10.01 

EXECUTION COPY 
 May 24, 2019 

Richard S. Hill 
 Dear Rick: 

On behalf of Symantec Corporation (the “Company”), this letter agreement (the “Agreement”) sets forth the
terms and conditions of your appointment as Interim Chief Executive Officer of the Company. 
  

	 	1.	 Position. Effective as of May 9, 2019 (the “Start Date”), you will be appointed as
the Company’s Interim Chief Executive Officer (“CEO”) reporting to the Company’s Board of Directors (the “Board”). You will have all of the duties, responsibilities and authority commensurate
with the position of Interim Chief Executive Officer. 

 You will be expected to devote your full working time and attention to the
business of the Company, and you will not render services to any other business without the prior approval of the Board. Notwithstanding the foregoing, you may manage personal investments, participate in civic, charitable, professional and academic
activities (including serving on boards and committees), and, subject to prior approval by the Board, serve on the board of directors (and any committees) and/or as an advisor of other for-profit companies,
provided that such activities do not at the time the activity or activities commence or thereafter (i) create an actual or potential business or fiduciary conflict of interest or (ii) individually or in the aggregate, interfere materially
with the performance of your duties to the Company. 
 During the Employment Term (as defined below), you will continue as a member of the Board and we
anticipate you will continue as a member of the Board following the Employment Term (will be nominated by the Board for re-election to the Board at the Company’s 2019 Annual Meeting) subject to your
election by stockholders at such Annual Meeting. 
  

	 	2.	 Term. Subject to the terms of this Agreement, this Agreement will remain in effect for a period commencing on the
Start Date and ending on the first (1st) anniversary thereof or until the earlier appointment of a permanent Chief Executive Officer unless earlier terminated by a vote of the majority of independent directors (the “Employment
Term”). 

  

	 	3.	 Cash Compensation. 

  

	 	a.	 Base Salary. Your annualized base salary (the “Base Salary”) during the Employment Term
will be one million dollars ($1,000,000), payable in arrears from April 14, 2019 through May 8, 2019 (the “Interim Period”) and in accordance with the Company’s normal payroll practices. Your Base Salary from
the Start Date will be pro-rated for service during the Employment Term and reduced by the allocable portion of any director fees (including the pro rata monthly value of equity awarded to you on May 15,
2019) payable to you as a non-employee director during the Interim Period; provided that if the Employment Term is terminated by the Company other than for Cause prior to your completion of three (3)

	 	
months of employment as Interim Chief Executive Officer (an “Early Termination”) and you sign a general release of claims, in the form provided by the Company, and take
all steps necessary to make such general release of claims effective within 60 days of such termination (the “Release Requirement”), you will be entitled to receive a lump sum payment equal to three (3) months Base
Salary less any Base Salary previously paid to you. 

  

	 	b.	 Target Bonus. You will be eligible to participate in our Executive Annual Incentive Plan. Your initial annual
bonus target will be 150% of your Base Salary for the applicable fiscal year (your “Target Bonus”), and the actual bonus amount awarded (your “Actual Bonus”) will be determined based in all cases upon
the achievement of Company performance objectives determined by the Compensation and Leadership Development Committee of the Board (the “Compensation Committee”). To receive payment of any Actual Bonus, you must be employed
by, or a director of, the Company on the last day of the fiscal year to which such bonus relates and at the time bonuses are paid and will be subject to all the terms, conditions and restrictions of the applicable Executive Annual Incentive Plan,
except as otherwise provided in this Section 3.b. Your Actual Bonus for each fiscal year will be pro-rated based upon the number of days you are actively employed during each fiscal year (and for fiscal
year 2020 during the Interim Period). Notwithstanding the foregoing, upon an Early Termination you will be entitled to no less than three months of your Target Bonus for fiscal year 2020 provided you satisfy the Release Requirement.

  

	 	c.	 Special Monthly Stipend. Each month, during the Employment Term, the Company will pay you a monthly stipend of
$40,000 to be used for your travel and housing accommodations that are not otherwise reimbursed pursuant to Section 3.d. 

  

	 	d.	 Expenses and Reimbursement under Symantec Policies. The Company shall pay or reimburse you for all reasonable
business expenses incurred by you while employed under this Agreement that are submitted in accordance with the Company’s expense reimbursement policies and procedures but will exclude reimbursement for any travel or housing costs associated
with travel to Mountain View, CA. 

  

	 	4.	 Benefits & Vacation. You will be entitled to participate in all employee retirement,
welfare, insurance, benefit and vacation programs of the Company as are in effect from time to time and in which other senior executives of the Company are eligible to participate, on the same terms as such other senior executives. Notwithstanding
the foregoing, you will not participate in the Company’s Executive Retention Plan or the Company’s Executive Severance Plan. 

  

	 	5.	 Equity Awards. Subject to this Section 5, you will be granted a Time-Based RSU and a Performance Option as
follows: 

  

	 	a.	 Time-Based RSU. On May 24, 2019 (the “Grant Date”), the Company will grant you a
restricted stock unit to acquire such number of shares of the Company’s common stock equal to One Million Two Hundred Thousand Dollars ($1,200,000) divided by the average daily closing price of the Company’s common stock on the Nasdaq
Stock Exchange for the twenty business days ending on the last day of the month which precedes the month in which the grant is made, rounded up to the nearest whole share (the “Time-Based RSU”) under the Company’s 2013
Equity Incentive Plan (the “Equity Plan”). The Time-Based RSU will vest monthly on June 1, 2019 with respect to the portion of your service from April 14, 2019 through May 31, 2019 and on
the first day of each of the eleven months thereafter with respect to the portion of your monthly service after May 31, 2019 (the “Monthly Vesting Dates”) provided that, vesting will depend on your continued

  
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employment as Interim Chief Executive Officer of the Company or service as a non-employee director of the Company on each of the respective Monthly Vesting
Dates, and will be subject to the terms and conditions of the written agreement governing the grant, the Equity Plan and this Agreement. Notwithstanding the foregoing, if (I)(A) the Employment Term terminates for any reason other than termination by
the Company for Cause prior to the one-year anniversary of the Start Date and (B) either (i) you remain a director upon the one-year anniversary of the Start Date
or (ii) you are not re-elected as a director at the Company’s 2019 Annual Meeting, then the Time-Based RSU will vest on a prorated basis based upon the number of full or partial months between the
first day of the Interim Period and the last day of the Employment Term (with no less than three months vesting), less any vesting that occurs on each of the preceding Monthly Vesting Dates; provided you satisfy the Release Requirement or
(II) if the Employment Term is terminated for Cause, the Time-Based RSU will not vest and will be forfeited immediately. 

  

	 	b.	 Performance Option. On the Grant Date, the Company will grant you a performance stock option to purchase such
number of shares of the Company’s common stock equal to Eighteen Million Dollars ($18,000,000) for the maximum performance level, but with a target performance level equal to Nine Million Dollars ($9,000,000) under the Equity Plan (the
“Performance Option”). The number of shares of the Company’s common stock subject to the Performance Option will be determined by dividing Eighteen Million Dollars ($18,000,000) by: (i) the average
daily closing price of the Company’s common stock on the Nasdaq Stock Exchange for the twenty business days ending on the last day of the month which precedes the month in which the grant is made, multiplied by (ii) the applicable
Black-Scholes ratio as determined by the Company’s finance department, rounded up to the nearest whole share. The Performance Option shall be granted with an exercise price equal to the closing price of the Company’s common stock on the
Nasdaq Stock Exchange on the Grant Date (the “Exercise Price”). The Performance Option will vest and become exercisable only if you satisfy both time-based and performance-based vesting requirements as described in this
Section 5(b). The Performance Option will be exercisable (to the extent vested) until the earlier of (i) three years from the Grant Date or (ii) three months following the date on which you cease providing services to the Company as
an employee or director (but not beyond the three-year anniversary of the Grant Date). 

 The time-based vesting requirements of the
Performance Option will be satisfied on the first anniversary of the Start Date; provided that, vesting will depend on your continued employment as Interim Chief Executive Officer of the Company or service as a director of the Company on the one-year anniversary of the Start Date, and will be subject to the terms and conditions of the written agreement governing the grant, the Equity Plan and this Agreement. Notwithstanding the foregoing, if (I)(A) the
Employment Term terminates for any reason other than termination by the Company for Cause prior to the one-year anniversary of the Start Date and (B) either (i) you remain a director immediately prior to
the one-year anniversary of the Start Date or (ii) you are not re-elected as a director at the Company’s 2019 Annual Meeting, then the time-based vesting
requirement of the Performance Option will be accelerated on a prorated basis based upon the number of full or partial months between the first day of the Interim Period and the last day of the Employment Term (with no less than three months
vesting); provided you satisfy the Release Requirement or (II) if the Employment Term is terminated for Cause, the time-based vesting requirements of the Performance Option will not vest and will be forfeited immediately. 

  
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 The performance-based vesting requirements will be consistent with the Company’s FY20 Executive
Annual Incentive Plan and set forth in a written agreement governing the Performance Option. 
  

	 	c.	 Treatment of Time-Based RSU upon Change in Control. Immediately prior to a Change in Control (as defined below),
the vesting of the Time-Based RSU will accelerate immediately prior to the Change in Control on a prorated basis based on the number of full or partial months between the first day of the Interim Period and the last day of the Employment Term (with
no less than three months vesting). 

  

	 	d.	 Treatment of Performance Option upon Change in Control. 

 

	 	i.	 If immediately before a Change in Control you are Interim Chief Executive Officer of the Company and you are subsequently
terminated by the Company other than for Cause or you resign because you are not Chief Executive Officer of the acquiring company following the Change in Control, the vesting of the Performance Option will accelerate in full with respect to both the
time-based vesting requirements of the Performance Option and the performance-based vesting (at the target level) requirements regardless of actual performance; provided you satisfy the Release Requirement. 

 

	 	ii.	 If immediately before a Change in Control you are not Interim Chief Executive Officer, the vesting of the Performance
Option will accelerate on the Change in Control as to the time-based vesting requirement on a prorated basis based on the number of full or partial months between the first day of the Interim Period and the last day of the Employment Term (with no
less than three months vesting) and as to the performance-based vesting (at the target level) requirements regardless of actual performance; provided you satisfy the Release Requirement. 

 

	 	iii.	 If after a Change in Control, the Performance Option is not assumed or substituted for in the Change in Control, the
vesting of the Performance Option will accelerate in full with respect to both the time based-vesting requirement and the performance-based vesting requirement (at the target level.) 

 

	 	6.	 Definitions. As used in this Agreement, the following terms have the following meanings: 

 

	 	a.	 Cause. “Cause” means any or all of the following: (i) failure to perform, to the reasonable
satisfaction of the Company, the employee’s duties and/or responsibilities, as assigned or delegated by the Company (ii) commission of a felony or crime of moral turpitude, including but not limited to embezzlement or fraud
(iii) material breach of the terms of the employee’s employment agreement, confidentiality and intellectual property agreement or any other agreement by and between employee and the Company (iv) commission of any act of dishonesty,
misconduct or fraud in any way impacting the Company, its clients, or its affiliates; (v) any misconduct which brings the Company into disrepute, including conduct that injures or impairs the Company’s business prospects, reputation or
standing in the community; (vi) violation of Company policies, including, without limitation, any violation of the Company’s Code of Conduct and Global Workforce Inclusion Policies; provided, however, that the Company shall allow employee
a reasonable opportunity (but not in excess of 10 calendar days) to cure, to the reasonable satisfaction of the Company, any act or omission applicable to part (i), (iii), or (vi) above, if curable in the Company’s determination; provided,
further, that it is understood that willful or grossly negligent acts or omissions will not be curable. 

  
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	 	b.	 Change in Control. means (i) any person or entity becoming the beneficial owner, directly or indirectly, of
securities of the Company representing forty (40%) percent of the total voting power of all its then outstanding voting securities, (ii) a merger or consolidation of the Company in which its voting securities immediately prior to the merger or
consolidation do not represent, or are not converted into securities that represent, a majority of the voting power of all voting securities of the surviving entity immediately after the merger or consolidation, (iii) a sale of substantially
all of the assets of the Company or a liquidation or dissolution of the Company, or (iv) individuals who, as of the date of adoption of this Plan, constitute the Board of Directors (this body, the “Board,” and these members
constituting, the “Incumbent Board”) cease for any reason to constitute at least a majority of such Board; provided that any individual who becomes a director of the Company subsequent to the date of adoption of this Plan, whose election,
or nomination for election by the Company stockholders, was approved by the vote of at least a majority of the directors then in office shall be deemed a member of the Incumbent Board; provided that, in each cases (i)-(iv) of this definition, a
transaction or series of transactions shall only constitute a Change in Control if it also satisfies the requirements of a change in control under U.S. Treasury Regulation 1.409A-3(i)(5)(v), 1.409A-3(i)(5)(vi), or 1.409A-3(i)(5)(vii) under Section 409A of the Internal Revenue Code of 1954, as amended (the “Code”).

  

	 	7.	 Parachute Payments. In the event that the severance and other benefits provided for in this Agreement or otherwise
payable to you (i) constitute “parachute payments” within the meaning of Section 280G of the Code and (ii) but for this Section 7, would be subject to the excise tax imposed by Section 4999 of the Code, then, at
your discretion, your severance and other benefits under this Agreement shall be payable either (i) in full, or (ii) as to such lesser amount which would result in no portion of such severance and other benefits being subject to the excise
tax under Section 4999 of the Code, whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the excise tax imposed by Section 4999, results in the receipt by you on an after-tax basis, of the greatest amount of severance benefits under this Agreement, notwithstanding that all or some portion of such severance benefits may be taxable under Section 4999 of the Code.

  

	 	8.	 Section 409A. To the extent (i) any payments to which you become entitled under this
Agreement, or any agreement or plan referenced herein, in connection with your termination of employment with the Company constitute deferred compensation subject to Section 409A of the Code and (ii) you are deemed at the time of such
termination of employment to be a “specified” employee under Section 409A of the Code, then such payment or payments shall not be made or commence until the earlier of (i) the expiration of the six (6)-month period measured from
the date of your “separation from service” (as such term is at the time defined in regulations under Section 409A of the Code) with the Company; or (ii) the date of your death following such separation from service; provided,
however, that such deferral shall only be effected to the extent required to avoid adverse tax treatment to you, including (without limitation) the additional twenty percent (20%) tax for which you would otherwise be liable under
Section 409A(a)(1)(B) of the Code in the absence of such deferral. Upon the expiration of the applicable deferral period, any payments which would have otherwise been made during that period (whether in a single sum or in installments) in the
absence of this paragraph shall be paid to you or your beneficiary in one lump sum (without interest). 

  
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 Except as otherwise expressly provided herein, to the extent any expense reimbursement or the
provision of any in-kind benefit under this Agreement (or otherwise referenced herein) is determined to be subject to (and not exempt from) Section 409A of the Code, the amount of any such expenses
eligible for reimbursement, or the provision of any in-kind benefit, in one calendar year shall not affect the expenses eligible for reimbursement or in kind benefits to be provided in any other calendar year,
in no event shall any expenses be reimbursed after the last day of the calendar year following the calendar year in which you incurred such expenses, and in no event shall any right to reimbursement or the provision of any in-kind benefit be subject to liquidation or exchange for another benefit. 
 Payments pursuant to this Agreement (or
referenced in this Agreement), and each installment thereof, are intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the regulations under Section 409A of the Code.

  

	 	9.	 At Will Employment. Employment with the Company is for no specific period of time. Your employment with the
Company will be “at will,” meaning that either you or the Company may terminate your employment at any time and for any reason, with or without cause. Any contrary representations that may have been made to you are superseded by this
Agreement. This is the full and complete agreement between you and the Company on this term. Although your compensation and benefits, as well as the Company’s personnel policies and procedures, may change from time to time, the “at
will” nature of your employment may only be changed in an express written agreement signed by you and a duly authorized officer of the Company (other than you). 

 

	 	10.	 Confidential Information and Other Company Policies. You will be bound by and comply fully with the Company’s
standard confidentiality agreement (a form of which was been provided to you), insider trading policy, code of conduct, and any other policies and programs adopted by the Company regulating the behavior of its employees, as such policies and
programs may be amended from time to time to the extent the same are not inconsistent with this Agreement, unless you consent to the same at the time of such amendment. 

 

	 	11.	 Company Records and Confidential Information. 

 

	 	a.	 Records. All records, files, documents and the like, or abstracts, summaries or copies thereof, relating to the
business of the Company or the business of any subsidiary or affiliated companies, which the Company or you prepare or use or come into contact with, will remain the sole property of the Company or the affiliated or subsidiary company, as the case
may be, and will be promptly returned upon termination of employment. 

  

	 	b.	 Confidentiality. You acknowledge that you have acquired and will acquire knowledge regarding confidential,
proprietary and/or trade secret information in the course of performing your responsibilities for the Company, and you further acknowledge that such knowledge and information is the sole and exclusive property of the Company. You recognize that
disclosure of such knowledge and information, or use of such knowledge and information, to or by a competitor could cause serious and irreparable harm to the Company. 

 

	 	12.	 Indemnification. You will continue to be named as an insured on the director and officer liability insurance
policy currently maintained by the Company, or as may be maintained by the Company from time to time. 

  
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	 	13.	 Arbitration. You and the Company agree to submit to mandatory binding arbitration, in Santa Clara County,
California, before a single neutral arbitrator, any and all claims arising out of or related to this Agreement and your employment with the Company and the termination thereof, except that each party may, at its or his option, seek injunctive relief
in court related to the improper use, disclosure or misappropriation of a party’s proprietary, confidential or trade secret information. YOU AND THE COMPANY HEREBY WAIVE ANY RIGHTS TO TRIAL BY JURY IN REGARD TO SUCH CLAIMS. This agreement to
arbitrate does not restrict your right to file administrative claims you may bring before any government agency where, as a matter of law, the parties may not restrict your ability to file such claims (including, but not limited to, the National
Labor Relations Board, the Equal Employment Opportunity Commission and the Department of Labor). However, you and the Company agree that, to the fullest extent permitted by law, arbitration shall be the exclusive remedy for the subject matter of
such administrative claims. The arbitration shall be conducted through the American Arbitration Association (the “AAA”), provided that, the arbitrator shall have no authority to make any ruling or judgment that would
confer any rights with respect to the trade secrets, confidential and proprietary information or other intellectual property of the Company upon you or any third party. The arbitrator shall issue a written decision that contains the essential
findings and conclusions on which the decision is based. The arbitration will be conducted in accordance with the AAA employment arbitration rules then in effect. The AAA rules may be found and reviewed at http://www.adr.org. If you are
unable to access these rules, please let me know and I will provide you with a hardcopy. The parties acknowledge that they are hereby waiving any rights to trial by jury in any action, proceeding or counterclaim brought by either of the parties
against the other in connection with any matter whatsoever arising out of or in any way connected with this Agreement. 

  

	 	14.	 Compensation Recoupment. All amounts payable to you hereunder shall be subject to recoupment pursuant to the
Company’s current compensation recoupment policy, and any additional compensation recoupment policy or amendments to the current policy adopted by the Board as required by law during the term of your employment with the Company that is
applicable generally to executive officers of the Company. 

  

	 	15.	 Miscellaneous. 

  

	 	a.	 Successors. This Agreement is binding on and may be enforced by the Company and its successors and permitted
assigns and is binding on and may be enforced by you and your heirs and legal representatives. Any successor to the Company or substantially all of its business (whether by purchase, merger, consolidation or otherwise) will in advance assume in
writing and be bound by all of the Company’s obligations under this Agreement and shall be the only permitted assignee. 

  

	 	b.	 Notices. Notices under this Agreement must be in writing and will be deemed to have been given when personally
delivered or two days after mailed by U.S. registered or certified mail, return receipt requested and postage prepaid. Mailed notices to you will be addressed to you at the home address which you have most recently communicated to the Company in
writing. Notices to the Company will be addressed to the Chairman of the Board at the Company’s corporate headquarters. 

  

	 	c.	 Waiver. No provision of this Agreement will be modified or waived except in writing signed by you and an officer
of the Company duly authorized by its Board. No waiver by either party of any breach of this Agreement by the other party will be considered a waiver of any other breach of this Agreement. 

  
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	 	d.	 Severability. In the event that any provision hereof becomes or is declared by a court of competent jurisdiction
to be illegal, unenforceable or void, this Agreement shall continue in full force and effect without said provision. 

  

	 	e.	 Withholding. All sums payable to you hereunder shall be reduced by all federal, state, local and other withholding
and similar taxes and payments required by applicable law. 

  

	 	f.	 Entire Agreement. This Agreement represents the entire agreement between the parties concerning the subject matter
herein. It may be amended, or any of its provisions waived, only by a written document executed by both parties in the case of an amendment, or by the party against whom the waiver is asserted. 

 

	 	g.	 Governing Law. This Agreement will be governed by the laws of the State of California without reference to
conflict of laws provisions. 

  

	 	h.	 Survival. The provisions of this Agreement shall survive the termination of your employment for any reason to the
extent necessary to enable the parties to enforce their respective rights under this Agreement. 

 [SIGNATURE
PAGE TO AGREEMENT FOLLOWS] 

  
 8 

 Please sign and date this Agreement, and return it to me if you wish to accept employment at the Company under the
terms described above. 
  

	
	Best regards,
	
	/s/ Daniel Schulman
	Chairman of the Board of Directors
	Symantec Corporation

 I, the undersigned, hereby accept and agree to the terms and conditions of my employment with the Company as set
forth in this Agreement. 
  

			
	By:	 	/s/ Richard S. Hill
		 	Richard S. Hill
	
	Date: May 24, 2019

 [SIGNATURE PAGE TO AGREEMENT]

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