Symantec 2016 Annual Report Download - page 77

respect to the second performance period, and will vest as to the sum of the eligible shares determined to be
earned for the second performance period plus 50% of the eligible shares if the change in control occurs follow-
ing the second performance period but before achievement is determined with respect to the third performance
period. Additionally, in accordance with the terms of the PRU award agreement, in the case that an executive’s
employment with the Company terminates by reason of the executive’s death, total and permanent disability or
an involuntary termination by the Company other than for cause (as defined in the award agreement) after the
end of the first year of the performance period but prior to the end of the third year of the performance period,
then the executive will be entitled to payment of a prorated number of PRUs based on the number of months in
the three-year performance period during with the executive was employed by the Company, provided that the
Company’s performance met at least the threshold level of non-GAAP EPS performance during the first year of
the performance period.
In April 2012, the Compensation Committee revised the plan to provide for the payment of a cash severance
benefit for our named executive officers equal to one times such officer’s base salary and target payout under the
Executive Annual Incentive Plan applicable to such named executive officer in the circumstances described
above (i.e., following a change in control of the Company after which the officer’s employment is terminated
without cause or constructively terminated by the acquirer within 12 months after the change in control.)
Symantec Executive Severance Plan
In April 2012, the Compensation Committee adopted the Symantec Executive Severance Plan to provide
severance benefits to specified officers of Symantec, including our named executive officers. The executive offi-
cers 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 providing for severance benefits that is spon-
sored or funded by Symantec.
Under the terms of the plan, the executive officer will receive severance payments equal to one 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.
In fiscal 2016, the Compensation Committee revised the plan to provide an additional payment equivalent to
75% of the executive officer’s prorated target incentive bonus under the Executive Annual Incentive Plan in
effect for such fiscal year to the executive officer who was terminated in the second half of such fiscal year and
was employed in good standing for a minimum of six (6) months prior to his or her termination date. This pay-
ment was added to standardize benefits to all of our executive officers and to be competitive with overall market
practices.
Payment of severance payments, one-time bonus payment, outplacement services and 75% of the prorated
target bonus under the Executive Annual Incentive Plan pursuant to the Symantec Executive Severance Plan is
subject to the applicable executive officer returning a release of claims against Symantec.
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