Veritas 2001 Executive Officer Compensation Plan

Contract Categories: Human Resources › Compensation Agreements
Summary

This agreement outlines the 2001 compensation plan for executive officers at Veritas. It specifies that both the base salary and EPS (Earnings Per Share) bonus are set at $0, with the base salary paid semi-monthly and used to calculate certain benefits. The EPS bonus is tied to company performance, with higher earnings resulting in higher bonus payouts, and is payable by January 31, 2002, if the officer is still employed. The CEO and board retain the right to modify the plan at their discretion.

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EX-10.49 4 f70687ex10-49.txt EXHIBIT 10.49 1 EXHIBIT 10.49 VERITAS 2001 EXECUTIVE OFFICER COMPENSATION PLAN - NAME, TITLE The 2001 Executive Officer Annual Compensation Plan shall consist of the following components:
COMPONENT AMOUNT PAID Base Salary $0 Regular payroll EPS Bonus $0 Annually --------- TOTAL $0
BASE SALARY The Base Salary will be paid on a semi-monthly basis. Additionally, the base salary (and bonus paid) shall be the basis for calculating life (up to a maximum of $300,000) 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 <90% 0 90% 50% 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 CEO AND BOARD OF DIRECTORS Notwithstanding the above, the Company's CEO and/or board of directors, at his/its sole discretion, may, for reasonable cause, modify or change this Plan or its implementation at any time. - ------------------------- ---------- ---------------------------- ------- For Veritas Date Mr. X, VP, Date