EXHIBIT 10.29
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FY2002 EXECUTIVE 6-MONTH INCENTIVE PLAN
CHIEF OPERATING OFFICER
Symantec Corporation reserves the right to alter or cancel any or all such Plans
for any reason at any time.
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FY2002 EXECUTIVE 6-MONTH INCENTIVE COMPENSATION PLAN
JOB CATEGORY: CHIEF OPERATING OFFICER
Purpose: Provide critical focus on specific, measurable goals and
to provide incentive compensation upon their attainment.
Bonus Target: The target incentive for this executive position is 75% of
eligible earnings within the time period from October 1,
2001 through March 31, 2002. Bonuses will be paid based on
actual base salary earnings from time of eligibility in
the Executive 6-month Incentive Plan through March 31,
2002.
Bonus Payments: Payment will be made within six weeks of the financial
close of the fiscal year. Any payments made under this
plan are at the sole discretion of the Board of Directors.
Components: Two metrics will be used to determine the 6-month bonus
payment:
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METRIC WEIGHTING
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Corporate Revenue 37.5%
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Corporate Earnings per Share 37.5%
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* Please note: the remaining 25% of the 6-month bonus will
be based on individual objectives as outlined in the
Executive Annual Incentive Plan, and will be paid out
based on annual earnings from time of eligibility into the
Exec AIP.
Achievement Schedule: An established threshold must be exceeded for each
respective metric before that portion of the metric will
be paid. Payments for corporate results and divisional
results are capped.
Pro-ration: The 6-month Incentive Plan calculation will be based on
all eligible base salary earnings for the six month
period, and will be pro-rated based on the number of weeks
of participation.
Eligibility: The Plan participant must be a regular, full-time employee
at the end of the fiscal year in order to participate. If
the company grants an interim payment for any reason, the
participant must be a regular, full-time employee at the
end of that performance period in order to receive such
payment. A plan participant who leaves before the end of
the fiscal year will not receive the end of the fiscal
year payment under the Plan or any pro-ration thereof.
Exchange Rates: The Corporate Performance metrics will not be adjusted for
any fluctuating currency exchange rates. Actual growth
numbers will be used.
Acquisition: In the event of an acquisition or purchase of products or
technology, the Revenue Growth and Earnings per Share
numbers will be adjusted to reflect the change and are to
be approved by the Compensation Committee of the Board of
Directors
Plan Provisions: This plan is in addition to the FY02 Executive Annual
Incentive Plan.
Participating in the plan for FY 2002 does not guarantee
participation in future incentive plans. Plan structures
and participation will be determined on a year to year
basis and are guidelines only.
Symantec Corporation reserves the right to alter or cancel
any or all such Plans for any reason at any time.
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The Board of Directors, acting on behalf of the
shareholders in their best interests, reserves the right
to exercise their own judgment with regard to company
performance in light of uncontrollable events including,
but not limited to, currency fluctuations, business goal
modification, and management changes.
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