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EXHIBIT 10.64
SYMANTEC CORPORATION FY 2001
PRESIDENT AND CEO ANNUAL INCENTIVE PLAN
This document defines the Annual Incentive Plan (AIP) for Symantec's President
and Chief Executive Officer. The objective for FY 2001 is to achieve planned
earnings per share of $2.60 (before amortization of goodwill and other charges)
and revenue growth of 20% over FY 2000. The purpose of this plan is to provide
critical focus on these goals and to provide incentive compensation upon their
attainment.
PLAN SUMMARY
The target incentive for this executive position is 100% of annual base salary.
The incentive will be paid once annually, and the upside is uncapped. Assuming
the company is on target for meeting its financial objectives, this year an
interim payment will be made at the end of six months.
PLAN GUIDELINES FOR FY 2001
1. The Board of Directors reserves the right to alter or cancel any or all such
Plans for any reason at any time. Any payments made under this plan are at
the sole discretion of the Board of Directors.
2. Participation in the plan for FY 2001 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.
3. 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 2001.
4. Annual base salary will be reviewed and established at beginning of the
fiscal year.
5. The AIP calculation will be based on all eligible base salary earnings for
the year, and will be prorated based on the number of weeks of
participation.
6. Plan participant must be regular full-time employee at the end of the fiscal
year in order to participate. If the company grants the interim payment, 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 fiscal
year payment under the Plan.
7. 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. One-time charges will be documented clearly and components of
the one time charge will be spelled out prior to approval.
8. Payment will be made within six weeks of the financial close of each
performance period.
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SYMANTEC CORPORATION FY 2001
PRESIDENT AND CEO ANNUAL INCENTIVE PLAN
PLAN COMPONENTS
Two metrics will determine the annual bonus: 1) REVENUE GROWTH and 2) EARNINGS
PER SHARE (BEFORE AMORTIZATION OF GOODWILL AND OTHER TRANSACTION CHARGES) for FY
2001. Revenue Growth will determine 70% of the AIP payout, while Earnings per
Share will determine the remaining 30%. Additionally, the upside payout
potential will be uncapped for greater than 100% of planned financial
performance.
A threshold of 50% must be exceeded for each respective metric before that
metric's portion of the annual bonus will be paid. There is an additional
incentive for achieving more than 100% of each metric.
Payouts at various levels of corporate performance will be set by the Management
Committee and approved by the Board of Directors by the beginning of each fiscal
year.
