EXHIBIT 10.28
[SYMANTEC LOGO]
FY04 EXECUTIVE ANNUAL INCENTIVE PLAN
VICE PRESIDENT PLAN - GRADES 15, 16, 18, & 20 (NON
MANAGEMENT COMMITTEE MEMBERS)
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: VICE PRESIDENTS, GRADES 15, 16, 18
VICE PRESIDENTS, NON MANAGEMENT COMMITTEE MEMBERS,
GRADE 20
Purpose: Provide critical focus on specific, measurable goals
and to provide incentive compensation upon their
attainment.
Bonus Target: The target incentive for these executive positions are
as follows:
Grade 15: 30% of annual base salary
Grade 16: 40% of annual base salary
Grade 18: 60% of annual base salary
Grade 20: 60% of 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: Three metrics will be used to determine the annual
bonus payment:
METRIC WEIGHTING
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Corporate Revenue 35%
Corporate Earnings per Share 35%
Individual Objectives 30%
Achievement Schedule: Each metric has a minimum performance threshold that
must be exceeded 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 FY04.
Symantec Corporation Proprietary and Confidential 2
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.
INDIVIDUAL OBJECTIVES WORKSHEET
PLEASE FILL OUT THE FOLLOWING WORKSHEET TO RECORD THE EXECUTIVE'S OBJECTIVES BY
WHICH S/HE WILL BE MEASURED AT THE END OF THE FISCAL YEAR. PLEASE ALSO WEIGHT
EACH OBJECTIVE. AT THE END OF THE FISCAL YEAR, THE EXECUTIVE'S PERFORMANCE
AGAINST THEIR OBJECTIVES IS TO BE RATED ON A SCALE OF 0 - 150.
OBJECTIVE DESCRIPTION / SUCCESS MEASURES WEIGHTING
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BUSINESS UNIT REVENUE TARGET
(IF APPLICABLE) $ ____________ %
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OBJECTIVE #1 %
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OBJECTIVE #2 %
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OBJECTIVE #3 %
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ADD AS MANY OBJECTIVES AS
NECESSARY)
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100%
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Symantec Corporation Proprietary and Confidential 3