Symantec Corporation (NASDAQ:SYMC) Files An 8-K Results of Operations and Financial Condition
On January 31, 2019, Symantec Corporation (the “Company”) issued a press release announcing financial results for the third quarter ended December 28, 2018. The Company also posted supplementalfinancial information to its website. A copyof the press release is furnished as Exhibit 99.01 to this report and is incorporated herein by reference.
The information in this Item 5.02, including Exhibit 99.01, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained in this Item 5.02, including Exhibit 99.01, shall not be incorporated by reference into any registration statement or other document filed with the Securities and Exchange Commission by the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such filing.
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 31, 2019, the Company announced that its Board of Directors (the “Board”) appointed Matthew Brown, 38, who is currently its Vice President, Finance and Corporate Controller, to the position of Vice President, Finance and Chief Accounting Officer effective as of January 31, 2019. The press release is filed as Exhibit 99.01 to this report and is incorporated herein by reference.
Mr. Brown joined the Company as Vice President, Finance in August 2016 following the Company’s acquisition of Blue Coat, Inc. (“Blue Coat”), where he had served since October 2015, most recently as Vice President, Corporate Controller. Previously, he served in various positions at NETGEAR, Inc., a computer networking hardware company, from 2010 to October 2015, most recently as Senior Director, Assistant Controller. Mr. Brown holds a B.S. degree in business administration from the Walter A. Haas School of Business at U.C. Berkeley.
On January 31, 2019, in connection with Mr. Brown’s appointment, the Company entered into an offer letter (the “Offer Letter Agreement”) with Mr. Brown. Under the Offer Letter Agreement, Mr. Brown’s annual base salary is $330,000 and the Company intends to grant Mr. Brown restricted stock units (“RSUs”) equal to $500,000 in value, subject to Board approval. The RSUs vest over a three-year period with 30% of the RSUs vesting approximately on the one-year anniversary of the grant date, an additional 30% vesting approximately on the two-year anniversary of the grant date and the final 40% vesting approximately on the three-year anniversary of the grant date.
There are no other arrangements or understandings between Mr. Brown and any other persons to which he was selected as Vice President, Chief Accounting Officer. There are also no family relationships between Mr. Brown and any director or executive officer of the Company.
The foregoing description of the Offer Letter Agreement is qualified in its entirety by reference to the full text of the Offer Letter Agreement, which will be filed as an exhibit to the Company’s Quarterly Report on Form10-Q for the quarter ended December 28, 2018.
Financial Statements and Exhibits
SYMANTEC CORP Exhibit
EX-99.01 2 a51933078ex99_01.htm EXHIBIT 99.01 Exhibit 99.01 MEDIA CONTACT: INVESTOR CONTACT: Lauren Armstrong Cynthia Hiponia Symantec Corp. Symantec Corp. (650) 448-7352 (650) 527-8020 [email protected] [email protected] Symantec Reports Fiscal Third Quarter 2019 Results GAAP revenue of $1.211 billion and non-GAAP revenue of $1.218 billion were above guidance GAAP diluted EPS of $0.10 and non-GAAP diluted EPS of $0.44 were above guidance Cash flow from operating activities was $377 million,…
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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.