Symantec FY05 Executive Annual Incentive Compensation Plan for Vice Presidents

Summary

Symantec Corporation's FY05 Executive Annual Incentive Plan outlines bonus opportunities for Vice Presidents (Grades 16 and 18) based on achieving specific corporate and individual performance goals. Bonuses are calculated as a percentage of annual base salary and are paid annually, with additional incentives for high-end security product sales. Eligibility requires full-time employment at year-end, and the plan may be changed or canceled at any time by the Board of Directors. The plan supersedes previous incentive plans and does not guarantee future participation.

EX-10.22 7 f99544exv10w22.txt EXHIBIT 10.22 EXHIBIT 10.22 [SYMANTEC LOGO] FY05 EXECUTIVE ANNUAL INCENTIVE PLAN VICE PRESIDENTS - GRADE 18 VICE PRESIDENTS, SALES - GRADE 16 This Annual Incentive Plan ("The Plan") issued by Symantec Corporation ("Symantec") is effective April 1, 2004, until otherwise stated. The Board of Directors reserves the right to alter or cancel any or all such Plans for any reason at any time. Symantec Corporation Proprietary and Confidential 1 FY05 EXECUTIVE ANNUAL INCENTIVE COMPENSATION PLAN JOB CATEGORY: VICE PRESIDENTS, GRADE 18 & VICE PRESIDENTS, SALES, GRADE 16 Purpose: Provide critical focus on specific, measurable goals and to provide incentive compensation upon their attainment. Bonus Target: The target incentive for these executive positions are as follows: Grade 16: 40% of annual base salary Grade 18: 60% of annual base salary The target incentive for this executive position is 60% of the annual base salary. Annual base salary will be reviewed and established at the beginning of each fiscal year. Bonuses will be paid based on actual annual base salary earnings from time of eligibility in the Executive Incentive Plan through March 31, 2005. Bonus Payments: The incentive will be paid once annually. Payment will be made within six weeks of the financial close of the fiscal year. Any payments made under this plan are at the sole discretion of the Board of Directors. Components: Three metrics will be used to determine the annual bonus payment:

Achievement Schedule: Each metric has a minimum performance threshold that must be exceeded before that portion of the metric will be paid. Payment for corporate results is uncapped. The individual objectives portion is capped at 150%. Pro-ration: The Annual Incentive Plan calculation will be based on all eligible base salary earnings for the year, and will be pro-rated based on the number of weeks of participation. Eligibility: The Plan participant must be a regular, full-time employee at the end of the fiscal year in order to participate. If the company grants an interim payment for any reason, the participant must be a regular, full-time employee at the end of that performance period in order to receive such payment. A plan participant who leaves before the end of the fiscal year will not receive the end of the fiscal year payment under the Plan or any pro-ration thereof. Exchange Rates: The Corporate Performance metrics will not be adjusted for any fluctuating currency exchange rates. Actual growth numbers will be used. Acquisition: In the event of an acquisition or purchase of products or technology, the Revenue Growth and Earnings per Share numbers will be adjusted to reflect the change and are to be approved by the Compensation Committee of the Board of Directors. EXTRA INCENTIVE: IN ORDER TO FOCUS ON INCREASING SALES MOMENTUM ON SYMANTEC'S HIGH-END SECURITY PRODUCTS (HESP), A US$60,000 INCENTIVE KICKER HAS BEEN ADDED FOR FY05. Two metrics, each weighted equally, will be used to determine if payment will be made: - Individual quarterly HESP objective, 50% weighting - Worldwide quarterly HESP objective, 50% weighting Symantec Corporation Proprietary and Confidential 2 Payout: For every 1% over target, US$1000 will be paid out for a maximum of US$10,000 per metric:

At most, the Executive can earn US$20,000 per quarter in extra incentive. This incentive will only be paid in the first three quarters of the fiscal year: Jun-04, Sep-04, and Dec-04. Determination of payment will occur after the quarter closes. Plan Provisions: This plan supersedes any previous incentive or bonus plan that may have been in existence. Those plans are null and void with the issuance of this plan for FY05. Participating in the plan for FY05 does not guarantee participation in future incentive plans. Plan structures and participation will be determined on a year to year basis and are guidelines only. The Board of Directors reserves the right to alter or cancel any or all such Plans for any reason at any time. The Board of Directors, acting on behalf of the shareholders in their best interests, reserves the right to exercise their own judgment with regard to company performance in light of uncontrollable events including, but not limited to, currency fluctuations, business goal modification, and management changes. Symantec Corporation Proprietary and Confidential 3 INDIVIDUAL OBJECTIVES WORKSHEET PLEASE FILL OUT THE FOLLOWING WORKSHEET TO RECORD THE EXECUTIVE'S OBJECTIVES BY WHICH S/HE WILL BE MEASURED AT THE END OF THE FISCAL YEAR. PLEASE ALSO WEIGHT EACH OBJECTIVE. AT THE END OF THE FISCAL YEAR, THE EXECUTIVE'S PERFORMANCE AGAINST THEIR OBJECTIVES IS TO BE RATED ON A SCALE OF 0 - 150.

Symantec Corporation Proprietary and Confidential 4