EXHIBIT 10.26
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FY04 EXECUTIVE ANNUAL INCENTIVE PLAN
CHAIRMAN AND CHIEF EXECUTIVE OFFICER
This Annual Incentive Plan ("The Plan") issued by Symantec Corporation
("Symantec") is effective April 1, 2003, 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 1
FY04 EXECUTIVE ANNUAL INCENTIVE COMPENSATION PLAN
JOB CATEGORY: CHAIRMAN AND CEO, GRADE 25
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
100% 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, 2004.
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: Two metrics will be used to determine the annual bonus
payment:
METRIC WEIGHTING
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Corporate Revenue 50%
Corporate Earnings per Share 50%
Achievement Schedule: An established threshold must be exceeded for each
respective metric before that portion of the metric
will be paid. The plan is uncapped.
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 FY04.
Participating in the plan for FY04 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.
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 2