2003 Veritas Executive Officer Bonus Plan Agreement

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This agreement outlines the 2003 bonus plan for executive officers at Veritas. It specifies that annual compensation includes a base salary paid semi-monthly, and potential bonuses based on achieving earnings per share (EPS) and revenue growth targets set by the Board of Directors. Bonus amounts are determined by performance against these targets and are subject to approval by the CEO and Compensation Committee. To receive a bonus, the executive must be employed at the time of payment. The CEO and Board retain the right to modify the plan at their discretion.

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EX-10.77 5 f88588exv10w77.txt EXHIBIT 10.77 Exhibit 10.77 2003 VERITAS BONUS PLAN - EXECUTIVE OFFICER - NAME, TITLE 2003 Executive Officer Annual Compensation shall consist of the following components:
COMPONENT AMOUNT PAID - --------- ------ ---- Base Salary $ -- Regular payroll EPS Achievement $ -- Annually Revenue Growth Achievement $ -- Annually -------- TOTAL $ -- ========
BASE SALARY The Base Salary will be paid on a semi-monthly basis. EPS BONUS Achieving the earnings per share (EPS) specified in the operating plan, including consideration of first and second half of year actual performance, approved by the Board of Directors shall fund the pool. The 2003 EPS target is $X.XX. The pool shall be funded in accordance with the following plan:
PERFORMANCE PAYOUT - ----------- ------ <90% 0 90% 75% 95% 90% 100% 100% 105% 115% 110% 150% 115% 200% 120% 250% >120% 250%
Any intermediate achievement between levels will earn at a proportional amount of bonus. REVENUE GROWTH BONUS Achieving the revenue growth specified in the operating plan, including consideration of first and second half of year actual performance, approved by the Board of Directors shall fund the pool. The 2003 Revenue Growth target is XX% over 2002 actual results. The pool shall be funded in accordance with the following plan:
PERFORMANCE PAYOUT PERFORMANCE PAYOUT - ----------- ------ ----------- ------ <80% 0% 120% 145% 80% 50% 130% 160% 90% 75% 140% 175% 95% 90% 150% 190% 100% 100% 160% 205% 110% 115% 167% 250% 115% 130% >167% 250%
Any intermediate achievement between levels will earn at a proportional amount of bonus. PAYMENTS Actual bonus payments will be determined by measurement of individual performance as determined by the CEO. The CEO shall be responsible for setting recommendations and presenting to the Compensation Committee for approval. 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 Compensation Committee of the Board of Directors, at his/its sole discretion, may, for reasonable cause, modify or change this Plan or its implementation at any time. - ------------------------- -------- -------------------------- -------- VERITAS Date Name Date