Symantec 2010 Annual Report Download - page 69

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.
Enrique Salem
In accordance with an employment agreement dated September 23, 2009 between Mr. Salem and Symantec, in
the event Mr. Salem resigns for good reason (i.e., material reduction in responsibilities, position or salary) or is
terminated without cause (as defined in the agreement), he is entitled to a severance payment equal to 3.375 times
his annual base salary, reimbursement of COBRA premiums for up to twelve months and the vesting of his
outstanding stock options and restricted stock units will be accelerated by one year.
In the event that Mr. Salem’s employment is terminated due to his death or disability, the vesting of his
outstanding options will remain exercisable, notwithstanding anything in any other agreement governing such
options, until the earlier of (a) a period of one year after the termination date and (b) the original term of the option.
In the event Mr. Salem is terminated without cause, not due to death or permanent disability, nor resign for
good reason, that occurs during, or within the twelve (12) month period following, the consummation of a Change in
Control; or within the sixty (60) day period prior to the date of a Change in Control where the Change in Control was
under consideration at the time of Mr. Salem’s termination date, then Mr. Salem shall be entitled to a severance
payment equal to 4.5 times his annual base salary, reimbursement of COBRA premiums for up to twelve months and
full acceleration of any then-unvested stock options and restricted stock units.
The following table summarizes the value of the payouts to Mr. Salem pursuant to Mr. Salem’s employment
agreement, the Symantec Executive Retention Plan, assuming a qualifying termination as of April 2, 2010 (intrinsic
values of equity awards are based upon the closing price for a share of our common stock of $16.77 on April 2, 2010
minus the exercise price):
Severance Pay COBRA Premiums Option Vesting RSU Vesting
Resignation with Good Reason or
Termination Without Cause or
Termination Due to Death or
Disability ......................... $2,109,375 $19,342 $831,314 $2,571,411
Termination Without Cause or
Constructive Termination within 12
Months of a Change ................ $2,812,500 $19,342 $831,314 $2,571,411
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