Symantec 2014 Annual Report Download - page 54

all equity grants made to employees, including the named executive officers, is generally the 10th day of the
month following the applicable meeting. If the 10th day is not a business day, the grant is generally made on the
previous business day. The Compensation Committee does not coordinate the timing of equity awards with the
release of material, nonpublic information. RSUs may be granted from time to time throughout the year, but all
RSUs generally vest on either March 1, June 1, September 1 or December 1 for administrative reasons. PRUs are
currently granted once a year and, subject to certain exception, vesting occurs only after a three-year performance
period.
Change of Control and Severance Arrangements: The vesting of certain stock options, RSUs, PRUs and
PCSUs held by our named executive officers will accelerate if they experience an involuntary (including con-
structive) termination of employment under certain circumstances. For additional information about these
arrangements, see “— Other Benefits — Change of Control and Severance Arrangements” below and “Potential
Payments Upon Termination or Change in Control,” below.
Other Awards
Certain business conditions may warrant using additional compensation approaches to attract, retain or
motivate executives. Such conditions include acquisitions and divestitures, attracting or retaining specific or
unique talent, and recognition for exceptional contributions. In these situations, the Compensation Committee
considers the business needs and the potential costs and benefits of special rewards. For example, in fiscal 2014,
the Compensation Committee determined that it should offer special incentives to attract Mr. Seifert because it
believed that we would need to offer him compensation that would neutralize the cash impact of his departure
from his then-current employer. In this regard, the Compensation Committee awarded Mr. Seifert a one-time
sign-on bonus of $1,800,000 as an inducement to accept our offer of employment. The sign-on bonus is subject
to full or partial repayment by Mr. Seifert if he voluntarily leaves our company or is terminated for cause within
three years of his start date as set forth in detail in his employment offer letter and as further described in the
Summary Compensation Table on page 49. In addition, the Compensation Committee awarded Mr. Rath a one-
time $50,000 cash bonus in recognition of his additional responsibilities as Interim Chief Financial Officer.
Other Benefits
All named executive officers are eligible to participate in our 401(k) plan (which includes our matching
contributions), health and dental coverage, life insurance, disability insurance, paid time off, and paid holidays on
the same terms as are available to all employees generally. These rewards are designed to be competitive with
overall market practices, and are in place to attract and retain the talent needed in the business. In addition,
named executive officers are eligible to participate in the deferred compensation plan, and to receive other bene-
fits described below.
Deferred Compensation: Symantec’s named executive officers are eligible to participate in a nonqualified
deferred compensation plan that provides management employees on our U.S. payroll with a base salary of
$150,000 or greater (including our named executive officers) the opportunity to defer up to 75% of base salary
and 100% of cash bonuses for payment at a future date. This plan is provided to be competitive in the executive
talent market, and to provide executives with a tax-efficient alternative for receiving earnings. One of our named
executive officers participated in this plan during fiscal 2014. The plan is described further under “Non-Qualified
Deferred Compensation in Fiscal 2014,” on page 58.
Additional Benefits: Symantec’s named executive officers typically do not receive perquisites, except in
limited circumstances when deemed appropriate by the Compensation Committee. For example, an additional
benefit available to named executive officers is reimbursement for up to $10,000 for financial planning services.
In addition, Mr. Seifert also received reasonable reimbursement for certain relocation expenses associated with
his move to the San Francisco Bay Area. The Compensation Committee provides certain perquisites because it
believes they are for business-related purposes or are prevalent in the marketplace for executive talent. The value
of the perquisites we provide is taxable to the named executive officers and the incremental cost to us for provid-
ing these perquisites is reflected in the Summary Compensation Table. (These benefits are disclosed in the All
Other Compensation column of the Summary Compensation Table on page 49).
44