Symantec 2008 Annual Report Download - page 75

had died or if the Board had determined that he was disabled as of March 28, 2008, his beneficiaries would have
received $5,000,000, or he would have thereafter begun receiving payments of $25,000 per month for 60 months
followed by payments of $10,000 per month for 36 months, as the case may be, under these arrangements.
The following table summarizes the value of the payouts to Mr. Thompson pursuant to Mr. Thompson’s
employment agreement, the Symantec Executive Retention Plan, assuming a qualifying termination as of March 28,
2008 (intrinsic values of equity awards are based upon the closing price for a share of our common stock of $16.82
on March 28, 2008 minus the exercise price):
Severance Pay
Option
Vesting
COBRA
Premiums
Option
Vesting
Option
Vesting
Death
Benefit
Option
Vesting
Long Term Disability
Benefits
Resignation with Good Reason or
Termination Without Cause
Termination
WithoutCause
or Constructive
Termination
Within
12 Months of a
Change of
Control
Termination Due to
Death Termination Due to Disability
$1,600,000 $0 $28,077 $0 $0 $5,000,000 $0 $25,000/month for 60 months and
$10,000/month for 36 months thereafter
James A. Beer
On February 10, 2006, Symantec entered into an employment letter agreement with Mr. Beer. The employ-
ment letter agreement provides for severance in the event Mr. Beer’s employment is terminated without cause
within the first three years of employment, which severance is comprised of an amount equal to 12 months of his
base salary at the time of termination and full vesting of his initial grant of 100,000 restricted stock units. The
payment of the foregoing severance benefits is subject to Mr. Beer’s returning a release of claims against Symantec.
The following table summarizes the value of the payouts to Mr. Beer pursuant to Mr. Beer’s employment letter
agreement, the Symantec Executive Retention Plan and the Symantec Corporation Severance Plan, assuming a
qualifying termination as of March 28, 2008 (intrinsic values of equity awards are based upon the closing price for a
share of our common stock of $16.82 on March 28, 2008 minus the exercise price):
COBRA Premiums Severance Pay RSU Vesting Option Vesting RSU Vesting
Involuntary Termination
Because of Market
Conditions or Division
Performance
Termination Without
Cause Prior to
February 28, 2009
Termination Without Cause or
Constructive Termination Within
12 Months of a Change of Control
$4,491 $660,000 $841,000 $0 $1,682,000
Gregory W. Hughes
Symantec entered into an employment agreement, dated December 15, 2004 with Mr. Hughes, which became
effective on July 2, 2005. Pursuant to that agreement, if the employment of Mr. Hughes is terminated by Symantec
without cause (as defined in Mr. Hughes’s agreement) or is terminated due to death or permanent disability, or if
Mr. Hughes resigns with good reason (i.e. material reduction in responsibilities, position or salary), then Mr. Hughes
is entitled to the following:
• All unvested stock options and restricted stock units assumed by Symantec in its acquisition of Veritas will
vest in full at the time of termination of employment. The exercise period specified in each of the applicable
stock option or restricted stock unit agreements will apply for exercise after termination of employment.
• Full payment of premiums for COBRA continuation health care coverage for the executive, his spouse and
his other eligible dependents under Symantec’s group health plan, until the earlier of (i) 12-months after the
first day of the first month after termination of employment or (ii) the first date that executive receives
coverage under another employer’s program providing substantially the same level of benefits without
exclusion for pre-existing medical conditions.
61