Veritas 2001 Chief Executive Officer Compensation Plan Agreement

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Summary

This agreement outlines the 2001 compensation plan for the Chief Executive Officer of Veritas. The plan includes a base salary of $1,000,000, paid weekly, and an annual EPS (Earnings Per Share) bonus of $800,000, which is tied to the company's financial performance. The bonus amount can increase based on performance, and payment is due by January 31, 2002. To receive the bonus, the CEO must be employed at the time of payment. The board of directors retains the right to modify the plan at any time for reasonable cause.

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EX-10.48 3 f70687ex10-48.txt EXHIBIT 10.48 1 EXHIBIT 10.48 VERITAS 2001 CHIEF EXECUTIVE OFFICER COMPENSATION PLAN The 2001 CEO Annual Compensation Plan shall consist of two components, as follows:
COMPONENT AMOUNT PAID Base Salary $1,000,000 Regular payroll EPS Bonus $800,000 Annually ----------- TOTAL $1,800,000
BASE SALARY The Base Salary will be earned on a weekly basis. Additionally, the base salary shall be the basis for calculating life and disability benefits (and any other such benefits which are base salary driven) which shall be provided consistent with the standard company benefits policy. EPS BONUS The EPS Bonus shall be earned by achieving the earnings per share specified in the approved operating plan. Bonus shall be paid out in accordance with the following plan:
PERFORMANCE % OF EPS BONUS <25% 0 25% 50% 50% 100% 100% 100% 110% 150% 120% 250% >120% 250%
Any intermediate achievement between levels will earn a proportional amount (for example, earnings of 105% would earn 125% of bonus). PAYMENTS The CEO shall be responsible for assessing and recommending to the Compensation Committee payment for the EPS Bonus. Payment for the EPS Bonus shall be made not later than January 31, 2002. ELIGIBILITY In order to be eligible to receive a bonus, the individual must be employed by Veritas at the time of payment. DISCRETION OF THE BOARD OF DIRECTORS Notwithstanding the above, the Company's board of directors, at its sole discretion, may, for reasonable cause, modify or change this Plan or its implementation at any time. /s/ Mark Leslie 11/17/00 /s/ Gary Bloom 11/17/00 - ------------------------ ---------- ------------------------------ -------- For Veritas Date Gary Bloom, President & CEO Date