Symantec 2014 Annual Report Download - page 53

affiliate thereof. However, the awards provided that Mr. Bennett was entitled to certain vesting benefits upon the
involuntary termination of his employment without cause, upon his voluntary termination of employment with
good reason, or upon a change in control of our company.
The stock price performance goals were established based on a TSR compound annual growth rate of 12%:
Performance Cycle TSR Goal
FY14 ................................................................. 10% $26.79
FY15 ................................................................. 12% $30.01
FY16 ................................................................. 12% $33.61
FY17 (catch up period) .................................................. 12% $37.64
In fiscal 2014, the Average Closing Price goal was not achieved so no PCSU awards were payable. How-
ever, all of the PCSUs were released to Mr. Bennett as a result of his involuntary termination on March 19, 2014.
The following table summarizes the number of shares granted in fiscal 2014, value of each award and the
total value of the equity awards for each named executive officer as of the Grant Date (all values of restricted
stock unit awards are based upon the closing price for a share of our common stock of $24.15 on May 20, 2013,
except for one RSU grant to Mr. Taylor made on February 10, 2014 with a closing price of $20.89 per share).
Target
PRUs
(#)
PRU Value
at Grant
Date ($) RSUs (#)
RSU Value
at Grant
Date ($) PCSUs (#)
PCSUs
Value at
Grant
Date ($)
Total Target
Equity Incentive
Awards
Value at
Grant Date($)
Michael A. Brown ........... (1) (1) (1) (1) — — —
Thomas J. Seifert ........... (1) (1) (1) (1) — — —
Stephen E. Gillett ........... 73,624 1,916,138 49,083 1,185,354 — — 3,101,493
Scott C. Taylor ............. 24,541 638,704 67,866 1,497,724 — — 2,136,428
Former Officers
Stephen M. Bennett .......... (2) (2) (2) (2) 782,414 8,272,725 8,272,725
James A. Beer .............. 66,262 1,724,535 44,174 1,066,802 — — 2,791,337
Francis A. deSouza .......... 83,441 2,171,635 55,627 1,343,392 — — 3,515,028
Andrew H. Del Matto ........ 10,226 266,142 10,226 246,958 — — 513,100
Donald J. Rath .............. 4,499 117,091 6,749 162,988 — — 280,079
(1) Messrs. Brown and Seifert did not receive a PRU or RSU grant due to their March 2014 start dates.
(2) The only equity grant Mr. Bennett received in fiscal 2014 was a PCSU grant.
Burn Rate and Dilution: We closely manage how we use our equity to compensate employees. We think
of “gross burn rate” as the total number of shares granted under all of our equity incentive plans during a period
divided by the weighted average number of shares of common stock outstanding during that period and
expressed as a percentage. We think of “net burn rate” as the total number of shares granted under all of our
equity incentive plans during a period, minus the total number of shares returned to such plans through awards
cancelled during that period, divided by the weighted average number of shares of common stock outstanding
during that period, and expressed as a percentage. “Overhang” we think of as the total number of shares under-
lying options and awards outstanding plus shares available for issuance under all of our equity incentive plans at
the end of a period divided by the weighted average number of shares of common stock outstanding during that
period and expressed as a percentage. The Compensation Committee determines the percentage of equity to be
made available for our equity programs with reference to the companies in our market composite. In addition, the
Compensation Committee considers the accounting costs that will be reflected in our financial statements when
establishing the forms of equity to be granted and the size of the overall pool available. For fiscal 2014, our gross
burn rate was 1.72%, our net burn rate was 0.76%, and our overhang was 16.47%.
Equity Grant Practices: The Compensation Committee generally approves grants to the named executive
officers at its first meeting of each fiscal year, or shortly thereafter through subsequent action. The grant date for
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