Symantec 2009 Annual Report Download - page 53

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made prior to the beginning of a calendar year and cannot be revoked as of the day immediately prior to
commencement of that year. The plan is “unfunded” and all deferrals are general assets of Symantec. Amounts
deferred by each participant under the plan are credited to a bookkeeping account maintained on behalf of each
participant. The bookkeeping account under the plan will then be adjusted based on the performance of the
measurement funds that have been selected by the participant. The measurement funds available under the plan are
substantially identical to the investment funds available under our 401(k) plan. Each participant may change their
measurement fund selections on a daily basis. The plan requires that benefits accumulated in the bookkeeping
accounts for each participant be distributed to the participant following his or her termination of employment with
us for any reason and permits us to terminate the plan and make such a distribution in the event of a change in control
of Symantec. We intend to take such action in the event of a change in control of Symantec.
Potential Payments Upon Termination or Change-In-Control
Set forth below is a description of the plans and agreements (other than the Deferred Compensation Plan) that
could result in potential payouts to the named executive officers in the case of their termination of employment
and/or a change in control of Symantec. For information regarding potential payouts upon termination under the
Deferred Compensation Plan, in which Gregory Hughes and J. David Thompson participate, see “Non-Qualified
Deferred Compensation in Fiscal 2009” above.
Symantec Executive Retention Plan
In January 2001, the Board approved the Symantec Executive Retention Plan, to deal with employment
termination resulting from a change in control of the Company. The plan was modified by the Board in July 2002,
April 2006 and June 2007. Under the terms of the plan, all equity compensation awards (including, among others,
options and restricted stock units) granted by the Company to the Company’s Section 16(b) officers (including the
named executive officers) would become fully vested and, if applicable, exercisable following a change in control
of the Company (as defined in the plan) after which the officer’s employment is terminated without cause or
constructively terminated by the acquirer within 12 months after the change in control.
Symantec Corporation Severance Plan
During fiscal 2008, we adopted the Symantec Corporation Severance Plan, effective as of July 1, 2007, to
provide severance benefits to certain eligible employees of Symantec. Individual employees must meet certain
criteria in order to participate in the plan, including, among other criteria, (i) the employee is not entitled to
severance under any other plan, fund, program, policy, arrangement or individualized written agreement providing
for severance benefits that is sponsored or funded by Symantec and (ii) the employee was involuntarily terminated
from active employment because of market conditions or division performance resulting in elimination of their
position, and not solely because of poor work performance.
Under the terms of the plan, eligible employees at the Vice President level or above receive severance
payments calculated as follows: (i) severance payments equal to ten weeks of base pay if such employee has been
employed by Symantec for one year or less; or (ii) severance payments equal to ten weeks of base pay plus the
amount calculated by multiplying two weeks of base pay times the number of years of such employee’s employment
by Symantec after the first year of employment, prorated through the termination date. If an eligible employee
timely elects COBRA continuation coverage under Symantec’s group insurance plans, Symantec will also subsidize
the full amount of premiums for such eligible employees for the period of time upon which severance payments are
paid under the plan. Symantec will subsidize premiums for continuation coverage at the same level of coverage in
effect immediately before termination of employment for the applicable employee. Eligible employees at the Vice
President level are also entitled to receive six months of outplacement services, including counseling and guidance.
Payment of severance payments and COBRA premiums and provision of outplacement assistance pursuant to
the Symantec Corporation Severance Plan is subject to the applicable employee’s returning a release of claims
against Symantec.
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