EXHIBIT 10.26
[SYMANTEC LOGO]
FY2002 EXECUTIVE ANNUAL INCENTIVE PLAN
VICE PRESIDENT PLAN -- GRADES 15, 16, & 20
(NO DIVISION/BUSINESS UNIT OBJECTIVES)
This Annual Incentive Plan ("The Plan") issued by Symantec Corporation
("Symantec") is effective April 1, 2001, until otherwise stated. The Board of
Directors reserves the right to alter or cancel any or all such Plans for any
reason at any time.
Symantec Corporation Proprietary and Confidential
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FY2002 EXECUTIVE ANNUAL INCENTIVE COMPENSATION PLAN
JOB CATEGORY: VICE PRESIDENTS, NO DIVISION/BUSINESS UNIT OBJECTIVES
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 based
on grade level and is as follows:
Grade 15: 30% of the annual base salary.
Grade 16: 40% of the annual base salary.
Grade 20: 60% of the annual base salary.
Annual base salary will be reviewed and established at the
beginning of each fiscal year. Bonuses will be paid based
on actual annual base salary earnings from time of
eligibility in the Executive Incentive Plan through March
31, 2002.
Bonus Payments: The incentive will be paid once annually. 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: Three metrics will be used to determine the annual 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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Individual Objectives 25%
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Achievement Schedule: A threshold of 50% must be exceeded for each respective
metric before that portion of the metric will be paid.
Payment for corporate results is uncapped. The individual
objectives portion is capped at 150%.
Pro-ration: The Annual Incentive Plan calculation will be based on all
eligible base salary earnings for the year, 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 supersedes any previous incentive or bonus plan
that may have been in existence. Those plans are null and
void with the issuance of this plan for FY 2002.
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 Proprietary and Confidential
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The Board of Directors reserves the right to alter or
cancel any or all such Plans for any reason at any time.
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.
Symantec Corporation Proprietary and Confidential
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