EXHIBIT 10.26
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FY05 EXECUTIVE ANNUAL INCENTIVE PLAN
CHAIRMAN AND CHIEF SALESMAN
This Annual Incentive Plan ("The Plan") issued by Symantec Corporation
("Symantec") is effective April 1, 2004, 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
FY05 EXECUTIVE ANNUAL INCENTIVE COMPENSATION PLAN
JOB CATEGORY: CHAIRMAN AND CHIEF SALESMAN
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, 2005.
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
- ------ ---------
Corporate Revenue 50%
Corporate Earnings per Share 50%
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.
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
FY05.
Participating in the plan for FY05 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