Symantec Corporation (NASDAQ:SYMC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.
On June 23, 2017, the Compensation and Leadership Development Committee (the Committee) of the Board of Directors (the Board) of Symantec Corporation (the Company) approved the FY18 Senior Executive Annual Incentive Plans (the Annual Incentive Plans) for the Companys named executive officers.
Under the terms of the Annual Incentive Plans, the named executive officers will be eligible to receive performance-based incentive bonuses based on the Companys achievement of targeted non-GAAP revenue and non-GAAP operating income for fiscal year 2018, as detailed below.
For our named executive officers, the target funding under the FY18 Executive Annual Incentive Plans are as follows: for Gregory C. Clark, 150% of annual base salary at 50% achievement; for Nicholas R. Noviello, 50% of annual base salary at 50% achievement; for Michael D. Fey, 150% of annual base salary at 50% achievement; for Francis Rosch, 50% of annual base salary at 50% achievement; and for Scott Taylor, 50% of annual base salary at 50% achievement.
For the non-GAAP revenue metric: (a) at the threshold achievement level of 98% of target, the funding level is 40%; (b) above the threshold achievement level, the funding level increases incrementally, up to a level of 50% at 50% achievement; (c) above the target achievement level, funding increases incrementally, up to a cap of a 200% funding based on achievement of 104% of target; and (d) there is zero funding if the achievement is below 98% of target.
For the non-GAAP operating income metric: (a) at the threshold achievement level of 97% of target, the funding level is 40%; (b) above the threshold achievement level, the funding level increases incrementally, up to a level of 50% at 50% achievement; (c) between 50% to 102% of the target achievement level, funding remains at 50%; (d) above 102% of the target achievement level, funding increases incrementally, up to a cap of a 200% funding based on achievement of 108% of target; and (d) there is zero funding if the achievement is below 97% of target.
The non-GAAP operating income and non-GAAP 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 March 30, 2018.
With the exception of Gregory Clark, the individual payout amount will be determined based on an assessment of individual performance against a set of financial, non-financial, individual, and team-based goals and will be allocated from the bonus pool. The bonus payment for Gregory Clark will be calculated based on the companys financial metrics as described above.
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About Symantec Corporation (NASDAQ:SYMC)
Symantec Corporation is a United States-based cybersecurity company. The Company operates its business on a global civilian cyber intelligence threat network and tracks a range of threats across the Internet from various mobile devices, endpoints and servers across the globe. The Company’s segments include Consumer Security and Enterprise Security. The Consumer Security segment includes Norton-branded services, which provide multi-layer security and identity protection on desktop and mobile operating systems, to defend against online threats to individuals, families and small businesses. The Enterprise Security segment protects organizations so they can securely conduct business while leveraging new platforms and data. The Enterprise Security segment includes its threat protection products, information protection products, cyber security services and Website security services. The Company’s services include consulting services, customer success services and education services.