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EXHIBIT 10.16
December 14, 2000
Ron Moritz
3757 Starr King Circle
Palo Alto, CA 94306
Dear Ron:
This letter confirms the terms of your departure from Symantec Corporation
("Symantec").
1. Termination Date. Your employment will end on January 2, 2001 (the
"Termination Date").
2. Vesting of Shares. You currently hold option(s) to purchase certain shares
of Symantec's Common Stock. You have until ninety days after the Termination
Date in which to exercise your vested options.
3. Acknowledgment of Payment of Wages. We shall provide to you on the
Termination Date a final paycheck, which shall include all accrued wages,
salary, bonuses, reimbursable expenses, accrued but unused vacation pay and any
similar payments due and owing to you from Symantec as of the Termination Date.
You acknowledge that Symantec does not owe you any other amounts.
4. COBRA Coverage. Symantec will pay for continuation of your health insurance
coverage pursuant to the terms and conditions of COBRA through March 28, 2001.
You have the option, at your own expense, to extend the health insurance
coverage currently provided by Symantec for a period of 18 months from the
Termination Date. You have 60 days from the Termination Date to notify Symantec
in writing of your election to so continue your continuation coverage.
5. Payment. It has been agreed that you will receive a final severance
payment. Your severance payment is determined by your position, salary, and your
length of service calculated through January 2, 2001. Based on your hire date
February 23, 2000, your severance payment will be $55,385, less taxes withheld.
This represents 12 weeks of pay. This additional pay, and the payment for
benefits under paragraph 4 above, are in addition to any amounts due you from
Symantec and are given as consideration for the release set forth below. All
normal withholding and deductions will be applied.
6. Return of Company Property. You may retain the laptop computer now in your
possession, including accessories, as well as the HP printer and fax machine as
part of this agreement. In addition, you may continue use of the company car
through January 31, 2001, at which time it must be returned. You hereby
represent and warrant to Symantec that on or before January 2, 2001 you will
return to Symantec any and all other property or data of Symantec of any type
whatsoever that may have been in your possession or control, provided that to
the extent you have been permitted to purchase any Symantec equipment, you need
not return that if it has been paid for in full on or before the Termination
Date.
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7. Confidential Information. You hereby acknowledge that you are bound by the
attached employee agreement, that as a result of your employment with Symantec
you have had access to the Confidential Information (as defined in such
agreement) of the Company, that you will hold all such Confidential Information
in strictest confidence and that you may not make any use of such Confidential
Information on behalf of any third party. You further confirm that on or before
January 2, 2001 you will deliver to Symantec all documents and data of any
nature containing or pertaining to such Confidential Information and that you
will not take with you any such documents or data or any reproduction thereof.
8. Waiver of Claims. The payments and agreements set forth in this Agreement
are in full satisfaction of any and all accrued salary, vacation pay, bonus pay,
profit-sharing, termination benefits or other compensation to which you may be
entitled by virtue of your employment with Symantec or your termination of
employment. You hereby release and waive any and all claims, that you may have
against the Company, including without limitation claims for any additional
compensation or benefits arising out of the termination of your employment and
any claims for any additional stock or stock options. It is understood that this
release is not intended to extend to claims, such as workers compensation, that
by law may not be waived.
You hereby expressly waive any benefits of Section 1542 of the Civil Code of the
State of California, which provides as follows:
"A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR
SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF
KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR."
9. Non disparagement. You agree that you will not disparage Symantec or its
products, services, agents, representatives, directors, officers, shareholders,
attorneys, employees, vendors, affiliates, successors or assigns, or any person
acting by, through, under or in concert with any of them, with any written or
oral statement.
10. Legal and Equitable Remedies. You agree that Symantec shall have the right
to enforce this Agreement and any of its provisions by injunction, specific
performance or other equitable relief without prejudice to any other rights or
remedies Symantec may have at law or in equity for breach of this Agreement.
11. Attorney's Fees. If any action at law or in equity is brought to enforce
the terms of this Agreement, the prevailing party shall be entitled to recover
its reasonable attorneys' fees, costs and expenses from the other party, in
addition to any other relief to which such prevailing party may be entitled.
12. Confidentiality: The contents, terms and conditions of this Agreement shall
be kept confidential by you and shall not be disclosed except to your attorneys
or pursuant to subpoena or court order. Any breach of this confidentiality
provision shall be deemed a material breach of this Agreement.
13. No Admission of Liability: This Agreement is not and shall not be construed
or contended by you to be an admission or evidence of any wrongdoing or
liability on the part of the Company, its representatives, heirs, executors,
attorneys, agents, partners, officers, shareholders, directors, employees,
subsidiaries, affiliates, divisions, successors or assigns. This Agreement shall
be afforded the maximum protection allowable under California Evidence Code
Section 1152 and/or any other state or Federal provisions of similar effect.
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14. Entire Agreement: This Agreement constitutes the entire agreement between
you and Symantec with respect to the subject matter hereof and supersedes all
prior negotiations and agreements, whether written or oral, relating to such
subject matter. You acknowledge that neither Symantec nor its agents or
attorneys, have made any promise, representation or warranty whatsoever, either
express or implied, written or oral, which is not contained in this Agreement
for the purpose of inducing you to execute the Agreement, and you acknowledge
that you have executed this Agreement in reliance only upon such promises,
representations and warranties as are contained herein.
15. Modification: It is expressly agreed that this Agreement may not be
altered, amended, modified, or otherwise changed in any respect except by
another written agreement that specifically refers to this Agreement, duly
executed by authorized representatives of each of the Parties hereto.
This release will be effective on the eighth (8th) day after you sign it. If
this letter and the attached employee agreement accurately sets forth the terms
of your separation from the Company, please sign the attached copy and employee
agreement and return it to the undersigned.
Very truly yours,
Symantec Corporation
By:
Rebecca Ranninger
Sr. Vice President, Human Resources
READ, UNDERSTOOD AND AGREED
Signature
Ron Moritz
Dated: January 2, 2001