Symantec 2012 Annual Report Download - page 71

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 sev-
erance 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 termi-
nated 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 sev-
erance 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.
Symantec Executive Severance Plan
On April 30, 2012, the Compensation Committee adopted the Symantec Executive Severance Plan, effective
as of April 30, 2012, to provide severance benefits to specified officers of Symantec, including our named execu-
tive officers. The executive officers must meet certain criteria in order to participate in the plan, including,
among other criteria, (i) the executive officer was involuntarily terminated from active employment other than
for cause (as defined in the plan); (ii) the executive officer was not terminated due to the sale of a business, part
of a business, divestiture or spin-off and offered employment upon terms and conditions substantially identical to
those in effect immediately prior to such sale, divestiture or spin-off; and (iii) the executive officer is not entitled
to severance under any other plan, fund, program, policy, arrangement or individualized written agreement pro-
viding for severance benefits that is sponsored or funded by Symantec.
Under the terms of the plan, the executive officer will receive severance payments equal to one (1) times the
sum of his or her base salary in effect at the time of his or her involuntary termination. The executive officer will
also receive a one-time bonus of $15,000, minus taxes and other legally required deductions. The executive offi-
cer is also entitled to receive six months of outplacement services, including counseling and guidance. The
executive officer is solely responsible for all COBRA premiums for his or her continuation coverage.
Payment of severance payments, one-time bonus payment and outplacement services pursuant to the
Symantec Executive Severance Plan is subject to the applicable executive officer returning a release of claims
against Symantec.
Long Term Incentive Plan
Participants under our Long Term Incentive Plan will receive an accelerated payout of accrued LTIP payout
amounts if we experience a change in control of our company after completed performance periods but before the
applicable 3-year service requirement under the applicable LTIP is met. If a change in control of our company
occurs prior to the end of a performance period, then participants will receive an accelerated payout of the LTIP
amount at 100% of target. In addition, if the participant’s employment is terminated without cause following
completion of a performance period (assuming at least threshold performance of the operating cash flow metric
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