Symantec 2012 Annual Report Download - page 66

(19) This amount represents (a) $53,538 for PTO payout, (b) $2,521 for reimbursement for tax services, and
(c) $6,763 for the Company’s contributions to Mr. deSouza’s account under its 401(k) plan.
(20) This amount represents (a) $458,019 for Mr. Robbins’ executive annual bonus under his Executive Annual
Incentive Plan for fiscal 2012, which was earned in fiscal 2012 and paid in fiscal 2013, and (b) $446,250 for
Mr. Robbins’ performance during fiscal 2012 under the FY12 LTIP. Mr. Robbins will be eligible to receive
the FY12 LTIP award if he remains employed by the Company through the last day of fiscal 2014.
(21) This amount represents (a) $58,462 for PTO payout, (b) $9,196 for coverage of expenses related to attend-
ance at the Company’s FY11 sales achiever’s trip, and (c) $2,288 for coverage of expenses related to
attendance at the FY11 Board retreat.
(22) This amount represents (a) $410,400 for Mr. Robbins’ executive annual bonus under his Executive Annual
Incentive Plan for fiscal 2011, which was earned in fiscal 2011 and paid in fiscal 2012, and (b) $465,000 for
Mr. Robbins’ performance during fiscal 2011 under the FY11 LTIP. Mr. Robbins will be eligible to receive
the FY11 LTIP award if he remains employed by the Company through the last day of fiscal 2013.
(23) This amount represents (a) $33,115 for coverage of expenses related to Mr. Robbins’ attendance at the
Company’s FY10 sales achiever’s trip, (b) $1,018 for coverage of expenses related to attendance at the
Company’s FY10 Board retreat, and (c) $1,294 for reimbursement for tax services.
(24) This amount represents (a) $163,800 for Mr. Robbins’ executive annual bonus under his Executive Annual
Incentive Plan for fiscal 2010, which was earned in fiscal 2010 and paid in fiscal 2011, and (b) $462,000 for
Mr. Robbins’ performance during fiscal 2010 under the FY10 LTIP.
(25) This amount represents (a) $1,182 for retroactive pay, (b) $179,634 for an Expatriate US Tax Payment
gross up, (c) $12,207 for coverage of expenses related to Mr. Robbins’ attendance at the Company’s FY09
sales achiever’s trip, (d) $857 for coverage of expenses related to attendance at the FY09 Board retreat, and
(e) $747 for reimbursement for tax services.
After the resignation of Enrique Salem, our former President and Chief Executive Officer, effective July 24,
2012, the Board appointed our Chairman, Stephen M. Bennett, as our current President and Chief Executive
Officer effective July 25, 2012. In August 2012, the Board approved Mr. Bennett’s compensation for his role as
our President and Chief Executive Officer for the remainder of fiscal 2013, and we entered into an employment
agreement with Mr. Bennett. Mr. Bennett’s annual base salary is $1,000,000, subject to annual review, and he is
eligibility for an annual bonus under our Executive Annual Incentive Plan for fiscal 2013 with a target amount of
150% of base salary, subject to proration based on his period of employment as our President and Chief Execu-
tive Officer in fiscal 2013. Mr. Bennett is also eligible to receive a target award of $750,000 under the Compa-
ny’s FY13 LTIP. The Board approved a grant of 115,000 restricted stock units that will vest in four equal annual
installments. The Board also approved a grant of 115,000 PRUs that are subject to the same vesting conditions as
the awards made to our other named executive officers, except that the target shares that Mr. Bennett will be
eligible to earn in fiscal 2014 and 2015 will be not less than 80,000 shares due to the fact that Mr. Bennett’s term
as President and Chief Executive Officer did not commence until the second quarter of fiscal 2013. Since
Mr. Bennett’s performance metrics are the same as our other NEOs and reflect performance for the full fiscal
2013, the Board decided to adjust his “Conditional PRU Award” (as defined in his PRU Agreement) to assure
that he would have an appropriate level of incentive for the two fiscal years after his first shortened fiscal year of
service. The Board does not intend to provide such adjustments going forward for Mr. Bennett. Mr. Bennett also
received a grant of 450,000 performance contingent stock units (“PCSUs”) that are subject to vesting conditions
based on the Company’s volume weighted average closing price of its common stock at or above $18.00, $20.00
or $22.00 (collectively, the “Price Thresholds”). If the Price Thresholds are not achieved by the end of fiscal
2015, then all PCSUs shall be forfeited.
Mr. Bennett’s employment agreement also provides that, upon the involuntary termination of his employ-
ment under certain circumstances, he is entitled to receive certain benefits, including among other things, cash
severance of up to 2.0 times his base annual salary; reimbursement of COBRA premiums; acceleration of any
then-unvested stock options and RSUs; acceleration of any then-unvested PRUs and PCSUs in accordance with
the terms in the performance-based restricted stock unit agreement and performance contingent stock unit
agreement, respectively; and partial acceleration of LTIP payments in accordance with the terms of the appli-
cable Long Term Incentive Plan.
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