Document:

exv10w04

 

Exhibit 10.04

FY08 Long Term Incentive Plan

(LTIP)

This Long Term Incentive Plan (“LTIP”) of Symantec Corporation (“Symantec” or the “Company”)
is effective as of April 1, 2007. The Board of Directors reserves the right to alter or cancel all
or any portion of the LTIP for any reason at any time

FY08 Long Term Incentive Plan

	 	 	 	 	 
	Symantec Corporation

	 	1

 

 

	 	 	 
	Purpose:

	 	Provide critical focus on specific, measurable corporate goals and provide
performance-based compensation based upon the level of attainment of
such goals and ensure
retention of key executives of the Company.
	 
	 	 
	Amount:

	 	LTIP target cash payments (“LTIP Payments”) will be determined and approved by the
Compensation Committee of the Company’s Board of Directors (the “Committee”), with input from
the CEO and Chairman of the Board. LTIP Payments will be determined and paid based on the
actual achievement of the performance metrics set forth below against the target performance
metrics under the LTIP through the Company’s fiscal year ending March 31, 2008 in which Target
LTIP Awards are granted under this LTIP (the “Performance Period”). LTIP Payments will be
subject to applicable payroll taxes and withholdings.
	 
	 	 
	Eligibility:

	 	Participants shall be at levels of senior vice president or above, and shall be
recommended for eligibility by the CEO and the Chairman of the Board and approved by the
Committee prior to the beginning of the Performance Period (individually, a “Participant”
and collectively, the “Participants”) employees will not be eligible to become
Participants if they are not eligible to become Participants on the first day of the
Performance Period.
	 
	 	 
	Payment timing:

	 	The long-term incentive will be measured at the end of the Performance Period and
paid following the last day of the second (2nd) fiscal year following the end of
the Performance Period (the “Payment Date”). Any payment due under this LTIP is at the sole
discretion of the Committee. A Participant must be a regular status employee of the Company
on the Payment Date. A Participant who terminates his or her employment with the Company
before the Payment Date will not be eligible to receive the LTIP Payment or any prorated
portion thereof except as set forth below.
	 
	 	 
	Performance metric:

	 	The Company’s Operating Cash Flow achievement for the Performance Period
against target Operating Cash Flow for the Performance Period will be used to determine the
eligibility for an LTIP Payment. “Operating Cash Flow” is determined based on the Company’s
budgeted cash flow and is equal to the operating cash flow that is communicated to public
investors via filings with the Securities and Exchange Commission.
	 
	 	 
	Achievement Schedule:

	 	A 100% LTIP Payment will be paid to the Participant if 100% of budgeted
Operating Cash Flow is attained with respect to the Performance Period (the “Target LTIP
Award”). The Target LTIP Awards shall be set forth on a schedule approved by the Committee
within 90 days of the beginning of the Performance Period. A Participant is eligible for 25%
of the Target LTIP Award if at least 85% of budgeted Operating Cash Flow is attained with
respect to the Performance Period and for 200% of the Target LTIP Award if at least 120% of
budgeted Operating Cash Flow is attained with respect to the Performance Period. Achievement
of budgeted Operating Cash Flow between 85% and 200% will be prorated. Achievement of
budgeted Operating Cash Flow shall be certified by the Committee (“Certification”) following
the end of the Performance Period and prior to the Payment Date.
	 
	 	 
	Death and Disability:

	 	If a Participant dies or terminates employment as a result of a permanent
and total disability after the last day of the Performance Period, the Participant shall be
entitled to payment of the LTIP Payment otherwise payable to the Participant on the Payment
Date, prorated based on the number of full calendar months that Participant has been employed
by the Company between the first (1st) day of the Performance Period and the
termination

	 	 	 	 	 
	Symantec Corporation

	 	2

 

 

	 	 	 
	 

	 	event as soon as practicable following the later of Certification or the Participant’s
death or permanent and total disability.
	 
	 	 
	Leave of Absence:

	 	In the event a Participant takes a leave of absence from the Company after the
end of the Performance Period and prior to the Payment Date, the type of leave and time away
from the Company may be taken into consideration for a prorated LTIP Payment at the discretion
of the Committee.
	 
	 	 
	Exchange Rates:

	 	Neither LTIP Payments nor Operating Cash Flow will be adjusted for any fluctuating
currency exchange rates.
	 
	 	 
	Adjustments;

	 	In the event of an accretive event, such as a stock buyback, or other events that
might have an effect on the Operating Cash Flow, such as acquisition or purchase of products or
technology, the Committee may at its discretion adjust the Operating Cash Flow to reflect the
potential impact upon the Company’s financial performance consistent with generally accepted
accounting principals and Accounting Principles Board Opinion No. 30.
	 
	 	 
	Change of Control:

	 	In the event of a Change of Control of the Company (as defined in the Company’s
2004 Equity Incentive Plan) (i) all unpaid LTIP Payments for the Performance Period (where the
Performance Period has been completed and Certification has occurred prior to the Change of
Control) and (ii) all Target LTIP Awards for the Performance Period (where the Performance
Period has not been completed and Certification has not occurred prior to the Change of
Control) whether or not 100% budgeted Operating Cash Flow has been attained for such
Performance Period, shall be paid in full on the Change of Control.
	 
	 	 
	LTIP Provisions:

	 	This LTIP is adopted under the Company’s Long Term Incentive Plan effective as of April 1, 2007.
	 
	 	 
	 

	 	Participation in the LTIP does not guarantee participation in other or future
incentive plans. LTIP structures and participation will be determined on a
year-to-year basis.
	 
	 	 
	 

	 	The Company’s Board of Directors reserves the right to alter or cancel all or any
portion of the LTIP for any reason at any time. The LTIP shall be administered by
the Committee and the Committee shall have all powers and discretion necessary or
appropriate to administer and interpret the LTIP.
	 
	 	 
	 

	 	The Company’s Board of Directors reserves the right to modify or amend this LTIP or
a Target LTIP Award under this LTIP with regard to Company performance in light of
events outside the control of management and/or Participant.
	 
	 	 
	Section 409A:

	 	LTIP Payments shall be payable solely from the general assets of the Company. All
LTIP Payments shall be paid to a Participant within two and one-half (2 1/2) months following
the end of the Company’s fiscal year in which the Payment Date occurs.
	 
	 	 
	Restatement of
Financial Results:

	 	If the Company’s financial statements are the subject of a restatement due to error or
misconduct, to the extent permitted by governing law, in all appropriate cases,
the Company will seek reimbursement of excess incentive cash compensation paid under the LTIP
to Participant for the Performance Period. For purposes of this LTIP, excess incentive cash
compensation means the positive difference, if any, between (i) the LTIP Payment paid to the
Participant and (ii) the LTIP Payment that would have been made to the Participant had the
Operating Cash Flow been calculated based on the Company’s financial statements as restated.
The Company will not be required to award Participant an additional LTIP Payment should the restated financial statements result in a
higher LTIP Payment.
	 
	 	 
	No Employment Rights:

	 	A Participant’s employment with the Company shall be as an “at will”
employee. Nothing in the LTIP shall either confer upon any Participant the right to continue in the

	 	 	 	 	 
	Symantec Corporation

	 	3

 

 

	 	 	 
	 

	 	employ of the Company or interfere with or restrict in any way the rights of the Company to
discharge or change the terms of employment (or of any employment agreement) of any
Participant at any time for any reason whatsoever, with or without cause.
	 
	 	 
	Governing Law:

	 	This LTIP shall be governed by the laws of the State of California.

	 	 	 	 	 
	Symantec Corporation

	 	4exv10w05

 

Exhibit 10.05

SYMANTEC EXECUTIVE RETENTION PLAN

This Executive Retention Plan (the “Plan”) applies to two groups of beneficiaries: (i) the Chief
Executive Officer (“CEO”), President, and other executive officers of Symantec Corporation (the
“Company”) who are designated as Section 16(b) officers or are otherwise designated as “Group 1”
beneficiaries by the Company’s Compensation Committee; and (ii) any other employees who are
designated as “Group 2” beneficiaries by the Company’s Compensation Committee, based on
recommendations made by the CEO (the Group 1 and Group 2 beneficiaries are collectively defined as
the “Designated Beneficiaries”).

1. Acceleration of Equity Compensation Awards.

If the employment of a Group 1 beneficiary is terminated other than for Cause, or if the Group 1
beneficiary resigns following a Constructive Termination, in either case within 12 months after a
Change in Control, all Equity Compensation Awards granted by the Company to such Group 1
beneficiary shall become fully vested and, if applicable, exercisable. Acceleration of vesting will
not occur if there is no Change in Control within 12 months prior to such termination or
Constructive Termination.

If the employment of a Group 2 beneficiary is terminated other than for Cause within 12 months
after a Change in Control, all Equity Compensation Awards granted by the Company to such Group 2
beneficiary shall become fully vested and, if applicable, exercisable. Acceleration of vesting will
not occur if there is no Change in Control within 12 months prior to such termination.

2. Definitions.

Unless defined elsewhere herein, for purposes of the Plan, the following shall have the meaning as
set forth below:

“Cause” means (i) gross negligence or willful misconduct in the performance of duties to the
Company (other than as a result of a disability) that has resulted or is likely to result in
substantial and material damage to the Company, after a demand for substantial performance is
delivered by the Company which specifically identifies the manner in which it believes the
Designated Beneficiary has not substantially performed his/her duties and provides the Designated
Beneficiary with a reasonable opportunity to cure any alleged gross negligence or willful
misconduct; (ii) commission of any act of fraud with respect to the Company or its affiliates; or
(iii) conviction of a felony or a crime involving moral turpitude causing material harm to the
business and affairs of the Company. No act or failure to act by the Designated Beneficiary shall
be considered “willful” if done or omitted by the Designated Beneficiary in good faith with
reasonable belief that such action or omission was in the best interest of the Company.

“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 (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.

“Constructive Termination” means the occurrence of any of the following conditions without a Group
1 beneficiary’s written consent, which condition remains in effect for ten (10) days after written
notice to the Company from such Group 1 beneficiary of such condition:

(a) a decrease in the Group 1 beneficiary’s base salary or target bonus, or a substantial reduction
of other compensation and benefits, from that in effect immediately prior to the Change in Control;

(b) the relocation of a Group 1 beneficiary’s work place for the Company to a location more than 25
miles from the location of such Group 1 beneficiary’s work place prior to the Change in Control;

(c) the assignment of responsibilities and duties that are not the Substantive Functional
Equivalent of the position which the Group 1 beneficiary occupied immediately preceding the Change
in Control; or

(d) any material breach by the Company of the terms of this Plan which is not cured within 10
days of written notice.

“Equity Compensation Award” shall mean any award of stock options, restricted stock, restricted
stock units, stock appreciation rights or such other equity compensation award held by a Designated
Beneficiary granted under an equity compensation plan of the Company, including, without
limitation, the Company’s 1996 Equity Incentive Plan, its 2004 Equity Incentive Plan and any equity
compensation award assumed by the Company in prior acquisitions.

“Substantive Functional Equivalent” means an employment position occupied by a Group 1 beneficiary
after the Change in Control that:

(a) is in a substantive area of competence (such as, accounting; engineering management; executive
management; finance; human resources; marketing, sales and service; operations and manufacturing;
etc.) that is consistent with such Group 1 beneficiary’s experience;

(b) requires a Group 1 beneficiary to serve in a role and perform duties that are functionally
equivalent to those performed by the Group 1 beneficiary prior to the Change in Control,

(c) does not otherwise constitute a material, adverse change in the Group 1 beneficiary’s
responsibilities or duties, as measured against the Group 1 beneficiary’s responsibilities or
duties prior to the Change in Control, in each case, causing it to be of materially lesser rank or
responsibility.

Notwithstanding the foregoing, any change in role, responsibilities or duties that is solely
attributable to the change in the Company’s status from that of an independent company to that of a
subsidiary of the newly controlling entity shall not constitute a change in role, responsibilities
or duties for purposes of claims (b) or (c) above.

3. Adjustment of Excess Parachute Payments to a Designated Beneficiary.

If (1) benefits that accrue to a Designated Beneficiary under this Plan are characterized as excess
parachute payments pursuant to Section 4999 of the Internal Revenue Code of 1986, as amended (the
“Code”), and (2) the Designated Beneficiary thereby would be subject to any United States federal
excise tax due to that characterization, then (3) the Designated Beneficiary may elect, in the

2

 

Designated Beneficiary’s sole discretion, to reduce the benefits that accrue under this Agreement
or to have any portion of an applicable Equity Compensation Award not vest in order to avoid any
“excess parachute payment” under Section 28OG(b)(1) of the Code.

4. No Employment Agreement.

This Plan does not obligate the Company to continue to employ a Designated Beneficiary for any
specific period of time, or in any specific role or geographic location. Subject to the terms of
any applicable written employment agreement between Company and a Designated Beneficiary, the
Company may assign a Designated Beneficiary to other duties, and either the Company or Designated
Beneficiary may terminate Designated Beneficiary’s employment at any time for any reason.

5. Release of Claims.

The Company may condition the benefits described provided under this Plan upon the delivery by the
Designated Beneficiary of a signed release of claims in a form reasonably satisfactory to the
Company.

6. Deductions and Withholding.

The Company may withhold or require payment of all federal, state, and/or local taxes which the
Company determines are required to be withheld in accordance with applicable statutes and/or
regulations from time to time in effect.

7. Governing Law.

This Plan shall be subject to, and governed by, the laws of the State of California applicable to
agreements made and to be performed entirely therein.

8. Amendment or Termination.

This Plan may be amended or terminated by the Board of Directors prior to a Change in Control.
Notwithstanding the foregoing, no amendment or termination of this Plan shall reduce any Designated
Beneficiary’s rights or benefits that have accrued and become payable under this Plan before such
amendment or termination.

3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00127-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00127-of-00352.parquet"}]]