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SYMC > SEC Filings for SYMC > Form 8-K on 6-Jun-2014All Recent SEC Filings

Show all filings for SYMANTEC CORP

Form 8-K for SYMANTEC CORP


6-Jun-2014

Change in Directors or Principal Officers


Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On June 2, 2014, the Compensation and Leadership Development Committee (the "Committee") of the Board of Directors (the "Board") of Symantec Corporation (the "Company") approved the target payouts under the FY15 Executive Annual Incentive Plans (the "Annual Incentive Plans") for the Company's named executive officers other than Michael Brown, its Interim President and Chief Executive Officer.

Under the terms of the Annual Incentive Plans, the named executive officers (other than Mr. Brown) will be eligible to receive performance-based incentive bonuses based on the Company's achievement of targeted non-GAAP operating income and revenue for fiscal year 2015, as detailed below. Mr. Brown shall not participate in the FY15 Executive Annual Incentive Plan.

For the non-GAAP operating income and revenue metrics: (a) at the threshold achievement level of 90% of target, the funding level is 40%; (b) above the threshold achievement level, the funding level increases incrementally, up to a level of 100% at 100% achievement; (c) above the target achievement level, funding increases incrementally, up to a cap of a 200% funding based on achievement of 106.5% of target; and (d) there is zero funding if the achievement is below 90% of target. The non-GAAP operating income and revenue metrics are tested and funded independently of each other and are weighted equally. With respect to the above metrics, the calculations will be made assuming that foreign currency is held constant at plan rates. The measurement period for all metrics is the fiscal year ending on April 3, 2015.

For our named executive officers other than Mr. Brown, the target funding under the Annual Incentive Plans are as follows: for Stephen Gillett, 125% of annual base salary at 100% achievement; for Thomas Seifert, 100% of annual base salary at 100% achievement; for Scott Taylor, 70% of annual base salary at 100% achievement; and for Mark Garfield, 60% of annual base salary at 100% achievement.


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