Symantec 2013 Annual Report Download - page 67

Incentive Plans adopted under the SEIP are annual cash incentive plans that are designed to reward named execu-
tive officers (and other participants) for generating strong financial results for our Company in the short term. To
support collaboration within the senior leadership group, all named executive officers earn incentive compensa-
tion based on performance against pre-determined corporate goals described below. The Compensation Commit-
tee typically measures the achievement of named executive officers (other than our CEO) against individual
performance targets as well. Beginning in fiscal 2013, upon the recommendation of our CEO, the Compensation
Committee placed greater emphasis on individual performance in connection with its evaluations under the
Executive Annual Incentive Plans. While the substance of many of the evaluation criteria used in prior years to
evaluate business unit performance continued to be used in fiscal 2013, the Compensation Committee enhanced
the degree to which payments were earned based on leadership and certain other accomplishments.
Executive Annual Incentive Plan Target Opportunities: Under the Executive Annual Incentive Plans for
a given fiscal year, each named executive officer has a target award opportunity, expressed as a percentage of
base salary, with the ability to earn above or below that target based on actual performance. Target award oppor-
tunities for our Executive Annual Incentive Plans are established by the Compensation Committee using peer
group and survey data and taking into account other factors, such as internal equity and competitive pressures
affecting retention. The following table presents each named executive officer’s target bonus opportunity (on an
actual and percentage of base salary basis) for fiscal 2013:
FY13 Target
% of Base
FY13 Target
($)
Stephen M. Bennett ............................................ 150 1,500,000
James A. Beer ................................................. 100 700,000
Stephen E. Gillett .............................................. 125 1,093,750
Francis A. deSouza ............................................. 125(1) 875,000(1)
Scott C. Taylor ................................................ 65 273,000
Enrique Salem ................................................ 150 1,200,000
William T. Robbins ............................................ 105 498,750
Janice D. Chaffin .............................................. 95 475,000
(1) Mr. deSouza’s target increased from 90% of his base salary of $435,000 to 125% of his base salary of
$700,000 in January 2013 in connection with his appointment as our President, Products and Services as we
transitioned to our new organizational structure.
In general, the award opportunities for fiscal 2013 were determined based on the relevant market data
(consistent with the Compensation Committee’s stated goal to gradually shift the relevant market composite we
target for our performance-based pay elements from the 50th percentile to the 65th percentile), desired market
positions, the desired mix between cash and equity-based incentive pay, internal pay equity goals, and the role of
the named executive officer. The Compensation Committee used a different approach to determine the award
opportunity for Mr. Gillett. In his case, the Compensation Committee targeted a percentage of base salary that
was lower than his award opportunity with his former employer but between the percentage of base salary used
to establish the award opportunities for our CEO and CFO, recognizing that, due to the size of his annual base
salary, such a percentage would create challenges with respect to internal pay equity and cause his opportunity to
be significantly above the 65th percentile of our peer group for fiscal 2014.
At the time award opportunities are established, there is no assurance that the amount of the target awards
will be realized. As explained below, each named executive officer must achieve threshold performance for each
metric established in the named executive officer’s executive annual incentive plan to receive any payment for
such metric. The payout under the Executive Annual Incentive Plan is also capped at different levels based on the
performance metric.
Executive Annual Incentive Plan Performance Measures and Target Setting: Executive Annual Incentive
Plan performance targets are established at or about the beginning of each fiscal year. Our management develops
proposed goals with reference to a variety of factors, including our historical performance, internal budgets,
market and peer performance, and external expectations for our performance. The Compensation Committee
reviews, adjusts as necessary, and approves the goals, the range of performance, and the weighting of the goals.
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