Symantec 2012 Annual Report Download - page 55

For fiscal 2012, the business unit performance payout level for Messrs. Beer, deSouza and Robbins was
above target based on strong performances by their respective business units. Mr. Trollope’s SMB and .cloud
business unit performed below its set target, as reflected in his business unit payout. Our NEOs’ fiscal 2012
annual incentive payout level by performance metric, total payout as percentage of target opportunity and total
payout amounts are provided in the table below:
Revenue
Payout %
EPS
Payout %
Business
Unit
Performance
Payout %
Total
Payout
as % of
Target
Payout
Amount ($)
Enrique Salem ............................. 95 90 N/A 92.5 1,110,000
James A. Beer ............................. 95 90 115 100 665,000
Rowan M. Trollope ......................... 95 90 90 92.5 321,900
Francis A. deSouza ......................... 95 90 115 100 348,000
William T. Robbins ......................... 95 90 120 101.5 458,019
Long Term Incentive Plan (LTIP)
In April 2011, the Compensation Committee approved our LTIP for fiscal 2012. Under the terms of this
plan, named executive officers are eligible to receive performance-based compensation based upon the level of
attainment of target operating cash flow for the fiscal year ending March 30, 2012. The Compensation Commit-
tee believes that the LTIP provides an ongoing retention and performance incentive by balancing the restricted
stock unit and performance-based restricted stock unit vesting periods (four years and three years, respectively)
with a component that will enhance the alignment to long-term financial performance. The FY12 LTIP was
adopted pursuant to the SEIP most recently approved by our stockholders in 2008.
FY12 LTIP Target Opportunities: The target bonus amounts under the FY12 LTIP were $2,000,000 for
Enrique Salem and $425,000 for each of the other named executive officers.
FY12 LTIP Performance Measure and Target Setting: Under the FY12 LTIP, the long-term incentive
metric is measured at the end of the one-year performance period (i.e., the end of fiscal 2012) and, subject to the
meeting of the performance target and satisfaction of continuing service requirements, will be paid following the
last day of the second fiscal year following the end of the performance period (i.e., the end of fiscal 2014). We
believe the combination of this performance metric and time-based vesting requirement provides appropriate
performance incentives and promotes the long-term retention of our executive officers. By basing the FY12 LTIP
payout on operating cash flow, the plan focuses on a specific, measurable corporate goal that is aligned with
generating stockholder value, and provides performance-based compensation based upon the actual achievement
of the goal. We believe that the exclusive metric of operating cash flow, as opposed to revenue or non-GAAP
EPS, appropriately focuses our executives on tangible growth and cost reduction opportunities. Operating cash
flow is also a direct measure of business success and balances the annual plan measures that are not subject to
some of the timing issues associated with the accounting rules relating to revenue and non-GAAP EPS, which
can lead to fluctuations in results that are not necessarily directly tied to our business success.
A participant is eligible for 25% of the target FY12 LTIP award if at least 85% of budgeted operating cash
flow target is achieved with respect to the performance period and for up to 200% of the target FY12 LTIP award
if at least 120% of budgeted operating cash flow is attained with respect to the performance period. The follow-
ing table presents the threshold, target and maximum performance levels of the operating cash flow target as a
percentage of the performance target and the relative payout at each level as a percentage of the applicable target
opportunity under the FY12 LTIP:
Cash Flow from Operations
Performance
as % of
Target
Payout
as % of
Target
Threshold ...................................................... 85 25
Target ........................................................ 100 100
Maximum ..................................................... 120 200
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