지배력 스톡 옵션의 변경

ithaca VC.
vc와 시작 아이디어는 ithaca & # 8230;에서 볼 수 있습니다.
통제 종결 촉진의 변경.
저는 경영진을 대상으로 컨트롤 옵션 포지셔닝의 변경에 대한 큰 팬입니다. 나는 아마도이 주제에 대해 대부분의 벤처 기업에 속하지 않을 것이다. 빠른 배경 :
1. 일반적으로 종업원 옵션은 4 년 동안 가득하며, 1 년 후에 25 %가 부여되고 나머지 3 년 동안 잔액은 월별 또는 분기별로 산정됩니다.
2. VC가 투자 거래 가격을 책정 할 때, 일반적으로 모든 옵션을 '미결제'로 취급합니다. (주식 가격을 결정하기 위해 사전 자금 평가로 나누기 위해) 미결제 주식수를 결정하기 위해.
3. 경영진과 종종 같은 시간에 그는 통제 가득량의 변화에 ​​대해 교섭 할 것입니다. 즉, 회사의 매각에 따라 자신의 가득액이 가속되기 때문에 (자신이 현금 인 경우) 판매 이벤트 & # 8220; 점수 & # 8221; 판매 이벤트에서 더 큰 수익 (주주는 판매 행사에서 돈을 받고, 더 많은 주식을 보유하고 있다면 더 많은 $$을 얻음).
4. 일반적으로 회사의 주식 옵션 플랜은 인수 사건이 인수 회사에 의해 인수되지 않은 경우에이를 제공하며, 매각 사태 직전에 행사하지 않을 경우 해약을 종료합니다. 이로써 회사는 판매 회사의 종업원 선택에 부담을주지 않습니다. 구매자가 옵션을 선택하기로 결정한 경우 (그리고 가정 조건은 합의에 따라 이사회가 결정하고 매우 유연합니다), 그러면 가속화되지 않습니다. 이를 통해 인수자는 신입 사원을 기존 직원 기반과 잘 어울리는 옵션 조항을 통해 회사로 편입 할 수 있습니다.
5. 대중에게 공개하는 것은 통제권 변경과 동일하지 않습니다. 일반 대중에게 가속하지 않습니다.
그래서, 개인적으로, 나는 경영진에 대한 통제권 변경에 가속을 부여하는 것을 좋아합니다. 마지막으로 나는 포트폴리오 회사가 깔끔한 이익을 위해 팔릴 때 VC가 그것을 좋아한다는 것을 확인했다. 그리고 VC 팀은 경영진이 엄청난 노력을 기울이지 않으면 판매를 할 수 없다는 것을 알고 있습니다. 그리고 우리는 우리의 청산 선호가 제거되지 않으면 그 옵션이 쓸모 없을 것이라는 것을 알고 있습니다. 그래서, 잘된 일을 위해 팀에게 보상 해주세요. & # 8211; 옵션을 가속화하고 더 많이 참여하도록하십시오. 결국, 우리는 원래 우리 투자에 가격을 책정했을 때 미해결 상태로 처리했습니다. & # 8230;
나는 또한 간단합니다. 단일 트리거 가속은 트리거 자체가 컨트롤 변경으로 인해 간단합니다. 이중 트리거는 구현하기 까다 롭습니다. 이중 트리거 가속으로 필요한 2 개의 트리거는 (i) 통제 변경, (ii) 통제 변경 후 정해진 기간 (종종 1 년) 내에 정당한 이유로 사임하거나 퇴장하는 집행자입니다. 다음과 같은 이유 때문에 이중 트리거 조항이 쉽게 구현 된 것을 본 적이 없습니다. & # 8211; 두 번째 방아쇠가 걸려 인수 회사의 경영진의 선택권이 가속화되면 경영진은 무엇을 얻게됩니까? 일반적으로 피 인수 회사는 사라졌으며 주주는 인수를 통해 지급되었습니다. 임원이 행사 한 옵션의 가치를 보상하기 위해 자금 조달은 어디에서 왔습니까? 이미 지급 된 전 주주가 아닙니다. 이것은 도전적인 문제이며 내가 만드는 것을 좋아하지 않습니다.
마지막으로, 경영진의 옵션이 통제 변경시 50 % (또는 일부 다른 %)를 가속화하는 많은 상황을 보았습니다. 이는 수확되지 않은 옵션의 50 %가 가속화된다는 것을 의미합니다. 그건 잘하고 구현하기 쉽습니다. 이것은 통제가 변경되기 전에 부적절한 기간 동안 회사와 함께하지 않은 경영진에게 횡재를 부여하지 않으려는 경우 특히 유용합니다. 예를 들어, 가득 조건은 2 년 미만의 회사 임원 인 경우 50 %의 가속을, 2 년에서 3 년 동안은 75 %의 가속을, 3보다 큰 경우에는 100 %의 가속을 제공 할 수 있습니다. 도구.
결론 : 저는 경영진을위한 속진을 좋아하며 그것을 간단하고 이해하기 쉽도록 유지하고 싶습니다.
이 공유:
관련.
소식 탐색.
3 가지 생각 & ldquo; 통제 조끼 가속 변경 & rdquo;
가득 조달 된 옵션의 선택을 한 회사의 예를 들려 주시겠습니까?
Sunayana, 기밀로 인해 구체적인 사례를 제시 할 수는 없지만, 특히 최고 경영진의 경우 가득 채우는 것이 매우 일반적입니다.
Sunayana, 기밀로 인해 구체적인 사례를 제시 할 수는 없지만, 특히 최고 경영진의 경우 가득 채우는 것이 매우 일반적입니다.

콜 게이트 파몰리브 컴퍼니 (CL)
CL & raquo; 주제 & raquo; 제 12 항. 통제 조항의 변경.
제 12 항. 통제 조항의 변경.
(a) 사건의 영향. 적용 가능한 보너스 문서 또는 보너스를 지정하는위원회의 결의안에 별도로 명시된 경우를 제외하고, 본 계획의 다른 조항에도 불구하고, 변경 통제가 변경되는 경우, (i) 제한된 주식 보너스는 아직 부여되지 않은 회사의 성과 기반 보상 프로그램 (제한없는 성과 기준 보상 포함)은 제 11 조에 의거하여 이연 계약에서 명시 적으로 제공되는 경우를 제외하고는 완전하고 불법적 인 것으로 간주됩니다 (a) 참가자가 적용 할 수있는 다른 계획, 프로그램 또는 계약, (A) 해당 보너스가 비정규 이연 보상을 구성하지 않는 경우; 윤리 강령 409A에 의거, 통제 변경 이후 5 일 이내에 해결되어야하며, (B) 그러한 상이 비 정규화 된 이연 보상을 구성하는 경우; 행동 강령의 제 409A 조에 따라, 변경 통제가 본 규약의 제 409A (a) (2) (A) (v)에 설명 된 사건을 구성하지 아니하는 한, 해당 보너스 문서의 조건에 따라 해결되어야한다. 이상은 통제 변경 후 5 일 이내에 해결되어야한다. (ii) 회사의 실적 기반 보상 프로그램 (적격 실적 기반 보상을 포함하되 이에 국한되지 않음)에 따라 부여 된 Legendal Awards에 적용되는 제한 기간은 즉시 상실됩니다. 그리고 (iii) 통제 변경 이후 2 년 이내에 고용 자격 종결을 경험 한 참가자가 보유한 제한적 주식 및 전설의 모든상은 즉시 확정되며 그러한 상에 적용되는 제한 기간은 즉시 상실된다 (A) 해당 보너스가 비 정규화 된이 상 보상을 구성하지 않는 경우; 강령 제 409A 항에 따라, 고용 자격 종료 후 5 일 이내에 해결되어야하며, (B) 그러한 상금이 비 정규화 된 이연 보상을 구성하는 경우; 행동 강령의 제 409A 항에 따라, 해당 보너스 문서의 조항에 따라 해결되어야한다.
(b) 통제 변경의 정의. 이 계획의 목적 상, '통제 변경'(& # 148; 다음 이벤트 중 하나 이상이 발생하는 것을 의미합니다.
(i) 교환 법 제 13 조 (d) (3) 또는 14 (d) (2)의 의미 내에서) 개인, 단체 또는 단체의 인수 (a. & # 147; 사람 & # 148) (A) 당반 기말 현재 회사의 보통주 ( "우수 회사 보통주")의 20 % 또는 그 이상의 주식의 소유권 (Exchange 법에 따라 공포 된 규칙 13d-3의 의미 내에서) (B) 이사 선임시 투표권이있는 회사의 현 당시 투표권을 가진 유가 증권의 투표권 ( '우수 회사 투표 증권'); (1) 전환권 행사로 인한 취득 이외의 회사로부터 직접 취득한 유가 증권은 전환권 자체가 회사에서 직접 취득한 경우를 제외하고, (2) (3) 회사 또는 회사가 관리하는 주체가 후원하거나 유지하는 직원 복리 후생 계획 (또는 관련 신탁)에 의한 취득, 또는 (4) 본 조항 (A), 본 section 12 (b)의 (ⅲ) 항의 (B)와 (C); 또는.
(ii) 계획의 발효 일 현재 이사회를 구성하는 개인 (이하 이사회를 '현직 이사회'라 칭함)이 중단되도록 이사회 구성의 변경 이사회의 과반수 이상을 구성하는 어떠한 이유로 든; 그러나 본 12 (b) 조의 목적 상, 본 계획의 발효 일 이후에 이사회 구성원이 된 모든 개인, 즉 회사의 주주에 의한 선거 또는 지명자는, 이사회의 구성원이고 현직 이사회의 구성원 인 (또는 본 조건에 따른 것으로 간주되는) 개인의 과반수 이상의 찬성에 의해 승인 된 사람은 해당 개인이 현직 이사회; 또한 실제 또는 위협 선거 대회 (Exchange Act에 따라 제정 된 Regulation 14A의 Rule 14a-11에서 사용 된 용어)로 인한 최초의 직무 가정이 발생한 개인 또는 기타 실제 또는 협박 된 이사회가 아닌 사람을 대리하여 대리인 또는 동의서를 권유하는 것은 현직 이사회 위원으로 간주되지 아니한다. 또는.
(iii) 회사의 자산 전부 또는 실질적으로 재구성, 합병 또는 합병 또는 매각 또는 기타 처분 ( "기업 거래"); 단, (A) 해당 회사 거래 직전에 우수 회사 공통 주식 및 우수 회사 투표 증권의 수익 소유자 인 개인 및 단체 전부 또는 실질적으로 전체가 직접 또는 간접적으로 보통주의 발행 주식 총수의 60 % 이상을 소유하고 있으며, 경우에 따라 이사 선출에 투표 할 자격이있는 당시 투표권을 가진 유권자의 투표권을 합한 것 (위와 같은 거래의 결과로 회사 또는 모든 또는 거의 모든 회사 자산을 직접 또는 하나 이상의 자회사를 통해 소유하고있는 법인을 포함 하나 이에 국한되지 않음)로부터 발생하는 회사 해당 회사 거래 직전 소유주와 동일한 비율로 Outstanding Company 보통주 및 Outstan (B) 회사 이외의 회사 (법인 거래 이외의 회사 또는 회사 거래의 결과로 발생하는 회사의 직원 복리 후생 (또는 관련 신뢰))가 직접적으로 또는 간접적으로 소유하고있는 사람은 없습니다 , 그러한 법인 거래의 결과로 생기는 법인 보통주의 20 % 이상 또는 이사회 선거에서 투표권을 행사할 수있는 주식의 투표권이있는 조합의 투표권 그러한 소유권은 기업 거래 이전에 존재하는 우수 회사 공통 주식 및 / 또는 탁월한 회사 투표 보안에 대한 20 % 이상의 소유권으로부터 파생되며, (C) 현직 이사회 구성원 인 개인은 적어도 그러한 법인 거래로 인하여 법인 이사회 구성원의 과반수; 또는.
(iv) 회사의 완전한 청산 또는 해산에 대한 주주의 승인.
제 12 항. 통제 조항의 변경.
(a) 사건의 영향. 본 계획의 다른 규정에도 불구하고, 해당 보너스 편지 또는 보너스를 지정하는위원회의 결의안에 별도로 명시된 경우를 제외하고, 통제 변경의 경우 : (i) 제한된 주식 보너스는 아직 부여되지 않은 회사의 성과 기반 보상 프로그램 (제한없는 성과 기준 보상 포함)은 제 11 조에 의거하여 이연 계약에서 명시 적으로 제공되는 경우를 제외하고는 완전하고 불법적 인 것으로 간주됩니다 (a) 또는 참가자에게 적용되는 기타 계획, 프로그램 또는 협약 및 행동 강령 제 409A (a) (2) (A) (v)의 요건을 충족하는 변경 통제를 조건으로하여, 제 8 항; (ii) 회사의 실적 기반 보상 프로그램 (적격성있는 성과 기반 보상을 포함하되 이에 국한되지 않음)에 따라 부여 된 전설적인 주식의 상에 적용되는 모든 제한 사항은 소멸됩니다; 그리고 (iii) 통제 변경 이후 2 년 이내에 고용 자격 종결을 경험 한 참가자가 보유한 제한적 주식 및 전설의 모든 상들은 그렇게 확정되며, 그러한 제한은 해당 시점에 해당 시점에서 소멸된다. 유자격 고용 종료.
(b) 통제 변경의 정의. 이 계획의 목적 상, '통제 변경'(& # 148; 다음 이벤트 중 하나의 발생을 의미합니다.
(i) 교환 법 제 13 조 (d) (3) 또는 14 (d) (2)의 의미 내에서) 개인, 단체 또는 단체에 의한 취득 ​​(a. & # 147; 사람 & # 148) (A) 당반 기말 현재 회사의 보통주 ( "우수 회사 보통주")의 20 % 또는 그 이상의 주식의 소유권 (Exchange 법에 따라 공포 된 규칙 13d-3의 의미 내에서) (B) 이사 선임시 투표권이있는 회사의 현 당시 투표권을 가진 유가 증권의 투표권 ( '우수 회사 투표 증권'); (1) 전환권 행사로 인한 취득 이외의 회사로부터 직접 취득한 유가 증권은 전환권 자체가 회사에서 직접 취득한 경우를 제외하고, (2) (3) 회사 또는 회사가 관리하는 주체가 후원하거나 유지하는 직원 복리 후생 계획 (또는 관련 신탁)에 의한 취득, 또는 (4) 본 조항 (A), 본 section 12 (b)의 (ⅲ) 항의 (B)와 (C); 또는.
(ii) 계획의 발효 일 현재 이사회를 구성하는 개인 (이하 이사회를 '현직 이사회'라 칭함)이 중단되도록 이사회 구성의 변경 이사회의 과반수 이상을 구성하는 어떠한 이유로 든; 그러나 본 12 (b) 조의 목적 상, 본 계획의 발효 일 이후에 이사회 구성원이 된 모든 개인, 즉 회사 주주의 선거 또는 지명자는, 이사회의 구성원이고 현직 이사회의 구성원 인 (또는 본 조건에 부합하는 것으로 간주되는) 개인의 과반수 이상의 찬성에 의해 승인 된 사람은 해당 개인이 현직 이사회; 또한 실제 또는 위협 선거 대회 (Exchange Act에 따라 제정 된 Regulation 14A의 Rule 14a-11에서 사용 된 용어)로 인한 최초의 직무 가정이 발생한 개인 또는 기타 실제 또는 협박 된 이사회가 아닌 사람을 대리하여 대리인 또는 동의서를 권유하는 것은 현직 이사회 위원으로 간주되지 아니한다. 또는.
(iii) 회사의 자산 전부 또는 실질적으로 재구성, 합병 또는 합병 또는 매각 또는 기타 처분 완료 (& # 147; 기업 거래 148); 단, (A) 해당 회사 거래 직전에 우수 회사 공통 주식 및 우수 회사 투표 증권의 수익 적 소유자 인 개인 및 단체 전부 또는 실질적으로 모든 사람이 이익을 위해 직접 또는 간접적으로 보통주의 발행 주식 총수의 60 % 이상을 소유하고 있으며, 경우에 따라 이사 선출에 투표 할 자격이있는 당시 투표권을 가진 유권자의 투표권을 합한 것 (위와 같은 거래의 결과로 회사 또는 모든 또는 거의 모든 회사 자산을 직접 또는 하나 이상의 자회사를 통해 소유하고있는 법인을 포함 하나 이에 국한되지 않음)로부터 발생하는 회사 해당 회사 거래 직전 소유주와 동일한 비율로 Outstanding Company 보통주 및 Outstan (B) 회사 이외의 회사 (법인 거래 이외의 회사 또는 회사 거래의 결과로 발생하는 회사의 직원 복리 후생 (또는 관련 신뢰))가 직접적으로 또는 간접적으로 소유하고있는 사람은 없습니다 , 그러한 법인 거래의 결과로 생기는 법인 보통주의 20 % 이상 또는 이사회 선거에서 투표권을 행사할 수있는 주식의 투표권이있는 조합의 투표권 그러한 소유권은 기업 거래 이전에 존재하는 우수 회사 공통 주식 및 / 또는 탁월한 회사 투표 보안에 대한 20 % 이상의 소유권으로부터 파생되며, (C) 현직 이사회 구성원 인 개인은 적어도 그러한 법인 거래로 인하여 법인 이사회 구성원의 과반수; 또는.
(iv) 회사의 완전한 청산 또는 해산에 대한 주주의 승인.
제 6 항 통제 조항의 변경.
(a) 사건의 영향. 반대의 계획의 다른 조항에도 불구하고, 통제 변경의 경우, 그러한 통제 변경이 발생한 것으로 판단되고 행사할 수 없으며 부여 된 기일이 남아있는 주식 매수 선택권은 행사할 수 있도록 완전히 행사되고 부여됩니다. 원래의 교부금 전액.
(b) 통제 변경의 정의. 플랜의 목적 상, & ldquo; 통제 변경 & rdquo; 다음 이벤트 중 하나의 발생을 의미합니다.
보통주 또는 우수 기업 투표 법인 거래 이전에 존재하는 유가 증권 및 (C) 현직 이사회 구성원 인 개인은 법인 거래로 인하여 법인 이사회 구성원의 과반수 이상을 구성한다. 또는.

통제 조항 스톡 옵션 변경
이그 제 큐 티브 고용 계약.
2012 년 8 월 21 일자로 작성된이 이그 제 큐 티브 고용 계약 (이 계약 & # 148;)은 델라웨어 주 법인 인 시만텍 코퍼레이션 (이하 " & # 148;), 스티브 베넷 (& # 147; 경영진 & # 148;
이그 제 큐 티브는 현재 회사의 사장 겸 최고 경영자 (CEO)로 고용되어 있으며 회사의 장단기 수익성, 성장 및 재무 건전성에 크게 기여할 것으로 기대됩니다.
회사는 집행자가주의를 기울이지 않고 할당 된 직무에 지속적으로주의를 기울이고 봉헌하도록 장려하기 위해 적절한 조치가 취해 져야한다고 결정했습니다. 과.
회사와의 임원의 고용을 고려하여, 회사는 회사의 임원에 대한 재정적 및 경력상의 영향을 개선하기 위해이 협정에 명시된 보상 및 혜택을 임원에게 제공하고자합니다. 회사와의 임원의 고용은 회사의 통제 변경 (아래 정의 됨)과 관련되거나 관련이없는 이유로 종료됩니다.
따라서 위에 명시된 내용과 이후에 명시된 상호 약정 및 계약을 고려하여 법적 구속력을 가지려는 회사와 집행자는 다음과 같이 동의합니다.
1. 특정 정의 된 조건. 본 계약의 다른 곳에서 정의 된 용어 외에도 다음 용어는 본 계약에서 초기 대문자로 사용될 때 다음과 같은 의미를 갖습니다.
(a) & # 147; 연간 기본 연봉 & # 148; 은 집행 종료일 직전에 보너스, 수수료 및 기타 인센티브를 제외한 행정부의 연간 기본 급여율을 의미합니다. 발효 일 현재 행정부 연간 기본급은 $ 1,000,000입니다.
(b) & # 147; 이사회 & # 148; 회사의 이사회를 의미합니다.
(i) 회사 또는 자회사의 자산 또는 명성에 대한 실질적인 손실, 손해 또는 상해를 초래하는 의도적 불법 행위 (자동차 관련 불법 행위를 제외한)
(ii) 심각한 범죄 또는 회사에 대한 사기 또는 의도적 부정 행위의 중대한 행위;
(iii) 회사의 사업 또는 회사 또는 집행위원회의 명성에 중대하지 않은 피해를 야기하는 중죄의 위임;
(iv) 이사회가 집행부에 서면으로 통보 한 후 10 일 이내에 완치되지 않는 행정부의 합리적인 의무 (질병 또는 무능력 이외의 이유로)를 상습적으로 무시한 경우.
(v) 서면 통지 후 10 일 이내에 완치되지 않은 회사 또는 자회사의 중요 손실이나 재산 피해 또는 상해 이외의 원인이되는 회사 또는 그 자회사의 서면 자료 방침의 무시 이사회가 집행부에 또는.
(vi) 기밀 정보를 공개하지 않고 취할 수있는 경우 서면 통고 후 10 일 이내에 치유되지 않는 고용 기간 동안 개발 된 지적 재산권을 양도하지 않는 행정부의 계속되는 의무 위반 이사회에서 집행부로
(d) & # 147; 통제 변경 & # 148; 방법:
(i) 해당 투표권을 가진 투표권의 전체 투표권의 40 퍼센트 (40 퍼센트)를 대표하는 회사의 유가 증권을 직접 또는 간접적으로 수익 소유자가되는 사람 또는 단체
(ii) 합병 또는 통합 직전에 의결권 증권이 살아있는 기업의 모든 의결권있는 주식의 투표권의 과반수를 대표하지 않거나 대표하는 유가 증권으로 전환되지 않는 회사의 합병 또는 합병 합병 또는 합병 후;
(iii) 회사 자산의 실질적 전부 또는 매각 또는 해산; 또는.
(iv) 본 협정서 서명일 현재, 이사회의 과반수 이상을 구성하는 어떠한 이유로 든 이사회 (현직 이사회; & # 148; 단, 회사의 주주가 선거 또는 선출 한이 동의서 서명일 이후 회사의 이사가되는 개인은 적어도 이사의 과반수 이상의 찬성 투표를 거쳐 승인되어야합니다 현직 이사회의 구성원으로 간주됩니다.
(e) & nbsp; 코브라 & # 148; 개정 된 1986 년의 통합 옴니버스 예산 화해 법을 의미합니다.
(f) & # 147; 장애 & # 148; (i) 집행부가 신체 상해, 질병 또는 질병에 의해 무능력 해져서 집행 임무 수행에 방해가되는 경우 (단, 합리적인 조정을 제공 할 의무를 인정함 관련 법률에서 요구하는 범위 내에서); (ii) 그러한 총 무능력은 6 개월 연속으로 지속되어야한다; (iii) 자격이되지 않는 의사의 의견으로, 그러한 무능력은 집행부의 남은 생애 동안 영구적이고 지속적으로 유지 될 것입니다.
(g) & # 147; 좋은 이유 종료 & # 148; 방법:
(i) 이그제큐티브의 기본 보상 또는 목표 보너스가 본 계약 일 현재 또는 회사와의 고용 과정에서 금액보다 적게 감소하는 경우 (단 하나 이상의 환원은 제외) 그러나 집행부의 기본 보상에서 중요한 감소가 (A) 변경 완료 전 60 일 이내에 발생한다면 그러한 제외는 적용되지 않는 모든 고위 임원에게 일반적으로 적용될 수있다 (B) 해당 통제 변경이 발생한 날로부터 12 개월 후;
(ii) 집행 기관의 권한, 의무 또는 책임의 중대한 감소;
(iii) 집행위원회가 직접 이사회에보고하는 대신 회사의 임원 또는 직원에게보고해야한다는 요건 (또는 회사가 모회사를 보유하고있는 경우, 회사의 궁극적 인 모기업 이사회);
(iv) 집행부가 권한을 보유하는 예산상의 중요한 감소.
(v) 집행부가 서비스를 수행해야하는 지리적 위치의 중대한 변경; 또는.
(vi) 본 계약의 회사가 중대한 위반을 구성하는 행위 또는 부작위;
단, 이그 제 큐 티브가 합리적 이유로 회사와의 고용을 종료 할 수있는 경우 회사는 양호한 이유를 구성하는 사건이 발생했음을 통보하고 그러한 이유로 회사와의 고용을 종료하고자하는 소망을 제공해야합니다 (Good Reason)을 구성하는 조건의 최초 존재 후 90 일 이내에 회사는 조건을 완결하기 위해 통지를받은 후 30 일의 기간을 가져야합니다. 회사가 30 일 이내에 양호한 사유를 보완하지 못하는 경우, 회사의 종료일은 회사가 제공하지 않는 한 30 일의 기간이 끝난 직후의 날로 정한다. 더 빠른 종료일.
(h) & # 147; 타겟 보너스 & # 148; 종료일 현재 집행 임원에 대한 회사의 연차 인센티브 계획에 따라 목표 지불금 (즉, 수시로 적용되는 각각의 해당 측정 기준의 100 % 달성)을 의미합니다. 발효 일 현재 집행 연간 인센티브 플랜에 따른 이그제큐티브의 목표 보너스 비율은 연간 기본급의 150 %입니다.
(i) & # 147; 종료일 & # 148; 이그 제 큐 티브는 회사와 함께 일하는 마지막 날을 의미합니다.
(j) & # 147; 고용 종료 & # 148; 회사와의 임원의 적극적인 고용 관계가 종료됨을 의미합니다.
2. 통제 변경과 관련없는 종료.
(a) 통제 변경과 관련없는 비 의도적 종료. (i) 원인, 사망 또는 장애 이외의 사유로 회사의 집행 고용을 자발적으로 종료 한 경우 또는 (ii) 우수 사유로 사임 사퇴 한 경우 및 제 3 조 행정관은이 조의 (b) 항에 규정 된 혜택을받을 자격이있다.
(b) 통제 변경과 관련없는 해지시 보상. 제 5 조의 규정에 따를 것을 조건으로, 제 2 항의 (a) 항에 규정 된 해지가 발생하는 경우 회사는 이그 제 큐 티브가 실행하고 취소하지 않는 한 다음 사항을 회사에 제공해야한다 (섹션 5) :
(i) 집행 기간 종료일부터 60 일째되는 날에 일시불로 지불 한 연간 기본급과 목표 보너스의 1.5 배. (본 하위 조항 (i)의 목적 상 연례 기본 연봉은 다음 중 가장 큰 것을 의미합니다. (A) 집행 종료일 직전 집행 연봉 기준 연봉 또는 (B) 우수 이유의 정의에서 (i) 항의 첫 번째 절에서 설명한 이그 제 큐 티브의 기본 급여 본 하위 항목 (i)의 목적 상, 대상 보너스는 다음 중 가장 큰 것을 의미합니다 : 경영진의 목표 보너스 (A) 집행 종료일 직전에 또는 (B) (Good Reason의 정의에서 하위 절 (i)의 첫 번째 절에 설명 된 집행 대상 보너스의 감소).
(ii) 집행부의 종료일, 집행자 및 해당되는 경우 집행자의 배우자 및 자격이되는 부양 가족으로부터 최대 18 개월 동안 회사 및 사업장의 의료 보험 혜택을 계속받을 자격이 있으며, 적용 가능한 계획 서류의 조건에 따라 의료 계획; 그러한 금리로 계속 보장을 받기 위해서는 집행 기관은 해당 보험료를 플랜 제공자에게 지불해야하며, 회사는 60 세 이내에 집행 임원에게 상환합니다.
해당 월별 보험료 납부 기한이 지난 다음날, 코브라 월별 프리미엄 지불액에 해당하는 금액, 적용 가능한 세금 공제액이 면제됩니다. 전술 한 내용에도 불구하고, 집행부는 18 개월 동안 자신과 배우자 및 자격이되는 부양 가족이 포괄적 인 의료 혜택을받을 수있는 자격을 얻은 경우 회사에 통보해야하며 회사는이를 회사에 지불해야합니다. 본 항에 따른 집행부. 또한, 집행부가 18 개월 동안 언제든지 해당 달에 해당 월별 COBRA 보험료를 납부하지 않고 그로 인해 보험 보상이 상실되는 경우, 회사는 회사에 따라 더 이상의 상환금을 지급하지 않습니다. 이 하위 절. 상기에도 불구하고, 회사는 단독 재량으로 해당 법 (잠재적으로 공중 보건법 2716 항을 포함하되 이에 국한되지 않음)을 위반하지 않고 전술 한 코브라 혜택을 제공 할 수 없다고 결정하는 경우, (또는 그 이후의) COBRA 보험료와 동등한 액수의 과세 대상 일시불 지급. 해지 일에 대한 그룹 건강 보험 적용을 계속하기 위해 집행부가 지불해야하는 금액 (해당 금액은 COBRA 보험 적용 첫 달).
(iii) 회사는 종료일 현재 집행되고 종료일까지 행사할 수없는 종료 된 회사 주식 매입 선택권과 관련하여 회사의 스톡 옵션 중 해당 부분에 대한 가득 기간을 단축하고, 경영진 종료일로부터 18 개월 이내에 기명되어 행사 될 수있는 경우 (이전에 가득 채웠고 행사할 수있는 모든 발행 기한 스톡 옵션과 마찬가지로) 행사할 수있는 행사가 남아 있음에도 불구하고 anything in any other agreement governing such options, until the earlier of (A) a period of one year after the Executive’s Termination Date, or (B) the original term of the option. Except as provided in this Section 2(b)(iii) and in Section 3(b)(iii) below, any portion of Executive’s outstanding stock options that are not vested and exercisable as of Executive’s Termination Date shall terminate.
(iv) With respect to any restricted stock units representing shares of Company common stock (“Restricted Stock Units”) held by the Executive that are unvested at the time of his Termination Date, the number of unvested Restricted Stock Units that would have vested within the eighteen (18) month period after the Executive’s Termination Date shall vest, and settle not later than sixty (60) days following the Termination Date. Except as provided in this Section 2(b)(iv) and in Section 3(b)(iv) below, any Restricted Stock Units that are not vested as of Executive’s Termination Date shall terminate.
(v) Any amounts that have been accrued for the account of the Executive under the Company’s Long Term Incentive Plan (“LTIP”) that have not been released to the Executive as of the Termination Date shall be released to the executive, as applicable, in accordance with the terms of any applicable LTIP then in effect under the circumstances described therein as an involuntary termination other than for cause.
(vi) With respect to any Performance-based Restricted Stock Units (“PRUs”) held by the Executive that have not been released to the Executive pursuant to the terms of the applicable Performance Based Restricted Share Unit Award Agreement (the “PRU Agreement”) as of the Termination Date shall be treated in accordance with the terms of the applicable PRU Agreement as an involuntary termination other than for cause.
(vii) With respect to any Performance Contingent Stock Units (“PCSUs”) held by the Executive that have not been released to the Executive pursuant to the terms of the applicable Performance Contingent Stock Unit Agreement (the “PCSU Agreement”) as of the Termination Date shall be treated in accordance with the terms of the applicable PCSU Agreement as an involuntary termination other than for cause.
(viii) Executive shall receive any amounts earned, accrued or owing but not yet paid to Executive as of his Termination Date, payable in a lump sum, and any benefits accrued or earned in accordance with the terms of any applicable benefit plans and programs of the Company.
3. Termination Related to a Change in Control .
(a) Involuntary Termination Relating to a Change in Control . In the event Executive’s employment is terminated on account of (i) an involuntary termination by the Company for any reason other than Cause, death or Disability, or (ii) the Executive voluntarily terminates employment with the Company on account of a resignation for Good Reason, in either case that occurs (x) at the same time as, or within the twelve (12) month period following, the consummation of a Change in Control or (y) within the sixty (60) day period prior to the date of a Change in Control where the Change in Control was under consideration at the time of Executive’s Termination Date, then Executive shall be entitled to the benefits provided in subsection (b) of this Section 3.
(b) Compensation Upon Involuntary Termination Relating to a Change in Control . Subject to the provisions of Section 5 hereof, in the event a termination described in subsection (a) of this Section 3 occurs, the Company shall provide that the following be paid to the Executive after his Termination Date, provided that Executive executes and does not revoke the Release:
(i) 2.0 times the sum of Annual Base Salary and Target Bonus, paid in a single lump sum cash payment on the sixtieth (60th) day following Executive’s Termination Date. Notwithstanding the foregoing, to the extent Executive is entitled to receive the severance benefit payable pursuant to Section 2(b)(i) as a result of a qualifying termination prior to a Change in Control and then becomes entitled to receive the severance benefit payable pursuant to this Section 3 as a result of the Change in Control that was considered at the time of Executive’s Termination Date becoming consummated within sixty (60) days following Executive’s Termination Date, Executive shall not receive the.
severance benefit payable pursuant to Section 2(b)(i) of this Agreement, but instead shall receive the severance benefit payable pursuant to this Section 3(b)(i) on the sixtieth (60th) day following Executive’s Termination Date. (For purposes of this subsection (i), Annual Base Salary will mean the largest among the following: Executive’s annual base salary immediately prior to (A) Executive’s Termination Date, (B) any reduction of Executive’s base salary described in the first clause of subsection (i) in the definition of Good Reason, or (C) immediately prior to the Change in Control. For purposes of this subsection (i), Target Bonus will mean the largest among the following: Executive’s target bonus (A) immediately prior to Executive’s Termination Date, (B) immediately prior to any reduction of Executive’s target bonus described in the first clause of subsection (i) in the definition of Good Reason, (C) immediately prior to the Change in Control, or (d) for the fiscal year preceding the year in which the Change in Control.)
(ii) For a period of up to twenty-four (24) months following Executive’s Termination Date, Executive and where applicable, Executive’s spouse and eligible dependents, will continue to be eligible to receive medical coverage under the Company’s medical plans in accordance with the terms of the applicable plan documents; provided, that in order to receive such continued coverage at such rates, Executive will be required to pay the applicable premiums to the plan provider, and the Company will reimburse the Executive, within sixty (60) days following the date such monthly premium payment is due, an amount equal to the monthly COBRA (or, as applicable, other) premium payment, less applicable tax withholdings. Notwithstanding the foregoing, if Executive obtains full-time employment during this twenty-four (24) month period that entitles him and his spouse and eligible dependents to comprehensive medical coverage, Executive must notify the Company and no further reimbursements will be paid by the Company to the Executive pursuant to this subsection. In addition, if Executive does not pay the applicable monthly COBRA (or other) premium for a particular month at any time during the twenty-four (24) month period and coverage is lost as a result, no further reimbursements will be paid by the Company to the Executive pursuant to this subsection. Notwithstanding the foregoing, to the extent Executive is entitled to receive the severance benefit provided pursuant to Section 2(b)(ii) of the Agreement as a result of a qualifying termination prior to a Change in Control, if Executive becomes entitled to receive the severance benefits payable pursuant to this Section 3 as a result of the Change in Control that was considered at the time of Executive’s Termination Date becoming consummated within sixty (60) days following Executive’s Termination Date, Executive shall be entitled to receive the severance benefit provided pursuant to this clause (ii) and not the benefit provided pursuant to Section 2(b)(ii). Notwithstanding the above, if the Company determines in its sole discretion that it cannot provide the foregoing COBRA benefits without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company shall in lieu thereof provide to Executive a taxable lump-sum payment in an amount equal to the monthly (or then remaining) COBRA premium that Executive would be required to pay to continue his group health coverage in effect on the Termination Date (which amount shall be based on the premium for the first month of COBRA coverage).
(iii) With respect to any outstanding Company stock options held by the Executive as of his Termination Date, the Company shall fully accelerate the vesting and exercisability of such stock options, so that all such stock options shall be fully vested and exercisable as of Executive’s Termination Date, such options (as well as any outstanding stock options that previously became vested and exercisable) to remain exercisable, notwithstanding anything in any other agreement governing such options, until the earlier of (A) a period of one year after the Executive’s Termination Date, or (B) the original term of the option. Notwithstanding the foregoing, to the extent Executive is entitled to receive the vesting and exercisability acceleration provided pursuant to Section 2(b)(iii) of the Agreement as a result of a qualifying termination prior to a Change in Control, if Executive becomes entitled to receive the severance benefits payable pursuant to this Section 3 as a result of the Change in Control that was considered at the time of Executive’s Termination Date becoming consummated within sixty (60) days following Executive’s Termination Date, any outstanding stock options that did not become vested and exercisable pursuant to Section 2(b)(iii) shall become vested and exercisable as of the date of the Change in Control; provided, however, if a Change in Control does not occur within sixty (60) days following Executive’s Termination Date, any stock options held by Executive that are not vested and exercisable shall terminate as of the sixtieth (60th) day following Executive’s Termination Date or the end of the term, if earlier.
(iv) With respect to any Restricted Stock Units held by the Executive that are unvested at the time of his Termination Date, all such unvested Restricted Stock Units shall vest and settle not later than sixty (60) days following the Termination Date. Notwithstanding the foregoing, to the extent Executive is entitled to receive the vesting acceleration provided pursuant to Section 2(b)(iv) of the Agreement as a result of a qualifying termination prior to a Change in Control, if Executive becomes entitled to receive the severance benefits payable pursuant to this Section 3 as a result of the Change in Control that was considered at the time of Executive’s Termination Date becoming consummated within sixty (60) days following Executive’s Termination Date, any outstanding Restricted Stock Units that did not become vested pursuant to Section 2(b)(iv) shall become vested as of the date of the Change in Control; provided, however, if a Change in Control does not occur within sixty (60) days following Executive’s Termination Date, any Restricted Stock Units held by Executive that are not vested shall terminate as of the sixtieth (60th) day following Executive’s Termination Date.
(v) Any amounts that have been accrued for the account of the Executive under the LTIP that have not been released to the Executive as of the Termination Date shall be released to the executive, as applicable, in accordance with the terms of any applicable LTIP then in effect under the circumstances described therein as a “Change of Control of the Company” (as.
defined therein).With respect to any PRUs held by the Executive that have not been released to the Executive pursuant to the terms of the applicable PRU Agreement as of the Termination Date shall be treated in accordance with the terms of the applicable PRU Agreement as a “Change of Control of the Company” (as defined therein).
(vi) With respect to any PCSUs held by the Executive that have not been released to the Executive pursuant to the terms of the applicable PCSU Agreement as of the Termination Date shall be treated in accordance with the terms of the applicable PCSU Agreement as a “Change of Control of the Company” (as defined therein).
(vii) Executive shall receive any amounts earned, accrued or owing but not yet paid to Executive as of his Termination Date, payable in a lump sum, and any benefits accrued or earned in accordance with the terms of any applicable benefit plans and programs of the Company.
(c) Consequence of a Change in Control . Notwithstanding the terms of the Symantec 2004 Executive Incentive Plan (the “2004 Plan”), if, as of the date of a Change in Control, Executive holds stock options issued under the 2004 Plan that are not vested and exercisable, such stock options shall become fully vested and exercisable as of the date of the Change in Control if the acquirer does not agree to assume or substitute for equivalent stock options such outstanding stock options.
4. Termination of Employment on Account of Disability, Death, Cause or Voluntarily Without Good Reason .
(a) Termination on Account of Disability . Notwithstanding anything in this Agreement to the contrary, if Executive’s employment terminates on account of Disability, Executive shall be entitled to receive disability benefits under any disability program maintained by the Company that covers Executive, and Executive shall not receive benefits pursuant to Sections 2 and 3 hereof, except that, subject to the provisions of Section 5 hereof, the Executive shall be entitled to the following benefits provided that Executive executes and does not revoke the Release:
(i) For a period of up to eighteen (18) months following Executive’s Termination Date, Executive and where applicable, Executive’s spouse and eligible dependents, will continue to be eligible to receive medical coverage under the Company’s medical plans in accordance with the terms of the applicable plan documents; provided, that in order to receive such continued coverage at such rates, Executive will be required to pay the applicable premiums to the plan provider, and the Company will reimburse the Executive, within 60 days following the date such monthly premium payment is due, an amount equal to the monthly COBRA premium payment, less applicable tax withholdings. Notwithstanding the foregoing, if Executive obtains full-time employment during this eighteen (18) month period that entitles him and his spouse and eligible dependents to comprehensive medical coverage, Executive.
must notify the Company and no further reimbursements will be paid by the Company to the Executive pursuant to this subsection. In addition, if Executive does not pay the applicable monthly COBRA premium for a particular month at any time during the eighteen (18) month period and coverage is lost as a result, no further reimbursements will be paid by the Company to the Executive pursuant to this subsection. Notwithstanding the above, if the Company determines in its sole discretion that it cannot provide the foregoing COBRA benefits without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company shall in lieu thereof provide to Executive a taxable lump-sum payment in an amount equal to the monthly (or then remaining) COBRA premium that Executive would be required to pay to continue his group health coverage in effect on the Termination Date (which amount shall be based on the premium for the first month of COBRA coverage).
(ii) With respect to any outstanding Company stock options held by the Executive as of his Termination Date that are not vested and exercisable as of such date, the Company shall fully accelerate the vesting and exercisability of such stock options, so that all such stock options shall be fully vested and exercisable as of the Executive’s Termination Date, such options (as well as any outstanding stock options that previously became vested and exercisable) to remain exercisable, notwithstanding anything in any other agreement governing such options, until the earlier of (A) a period of one year after the Executive’s Termination Date, or (B) the original term of the option.
(iii) With respect to any Restricted Stock Units held by the Executive that are unvested at the time of his Termination Date, all such unvested Restricted Stock Units shall vest and settle not later than sixty (60) days following his Termination Date.
(iv) Any amounts that have been accrued for the account of the Executive under the LTIP that have not been released to the Executive as of the Termination Date shall be released to the executive, as applicable, in accordance with the terms of any applicable LTIP then in effect under the circumstances described therein as a termination by reason of total and permanent disability.
(v) With respect to any PRUs held by the Executive that have not been released to the Executive pursuant to the terms of the applicable PRU Agreement as of the Termination Date shall be treated in accordance with the terms of the applicable PRU Agreement as a termination of employment by reason of total and permanent disability.
(vi) With respect to any PCSUs held by the Executive that have not been released to the Executive pursuant to the terms of the applicable PCSU Agreement as of the Termination Date shall be treated in accordance with the terms of the applicable PCSU Agreement as a termination of employment by reason of total and permanent disability.
(b) Termination on Account of Death . Notwithstanding anything in this Agreement to the contrary, if Executive’s employment terminates on account of death, Executive shall be entitled to receive death benefits under any death benefit program maintained by the Company that covers Executive, and Executive not receive benefits pursuant to Sections 2 and 3 hereof, except that, subject to the provisions of Section 5 hereof, the Executive shall be entitled to the following benefits provided that Executive’s estate executes and does not revoke the Release:
(i) With respect to any outstanding Company stock options held by the Executive as of his death that are not vested and exercisable as of such date, the Company shall fully accelerate the vesting and exercisability of such stock options, so that all such stock options shall be fully vested and exercisable as of the Executive’s death, such options (as well as any outstanding stock options that previously became vested and exercisable) to remain exercisable, notwithstanding anything in any other agreement governing such options, until the earlier of (A) a period of one year after the Executive’s death or (B) the original term of the option.
(ii) With respect to any Restricted Stock Units held by the Executive that are unvested at the time of his death, all such unvested Restricted Stock Units shall vest and settle not later than sixty (60) days following his death.
(iii) Any amounts that have been accrued for the account of the Executive under the LTIP that have not been released to the Executive as of his death shall be released to the executive, as applicable, in accordance with the terms of any applicable LTIP then in effect under the circumstances described therein as a termination by reason of death.
(iv) With respect to any PRUs held by the Executive that have not been released to the Executive pursuant to the terms of the applicable PRU Agreement as of his death shall be treated in accordance with the terms of the applicable PRU Agreement as a termination of employment by reason of death.
(v) With respect to any PCSUs held by the Executive that have not been released to the Executive pursuant to the terms of the applicable PCSU Agreement as of his death shall be treated in accordance with the terms of the applicable PCSU Agreement as a termination of employment by reason of death.
(c) Termination on Account of Cause . Notwithstanding anything in this Agreement to the contrary, if Executive’s employment terminates by the Company on account of Cause, Executive shall not receive benefits pursuant to Sections 2 and 3 hereof.
(d) Termination on Account of Voluntary Resignation Without Good Reason . Notwithstanding anything in this Agreement to the contrary, if Executive’s.
employment terminates on account of a resignation by Executive for no reason or any reason other than on account of Good Reason, Executive shall not receive benefits pursuant to Sections 2 and 3 hereof.
5. Release . Notwithstanding the foregoing, no payments or other benefits under this Agreement shall be made unless Executive executes, and does not revoke, the Company’s standard written release , substantially in the form as attached hereto as Annex A, (the “Release”), of any and all claims against the Company and all related parties with respect to all matters arising out of Executive’s employment by the Company (other than entitlements under the terms of this Agreement or under any other plans or programs of the Company in which Executive participated and under which Executive has accrued or become entitled to a benefit) or a termination thereof, with such release being effective not later than sixty (60) days following Executive’s Termination Date.
6. No Mitigation Obligation . Executive shall not be required to mitigate the amount of any payment or benefit provided for in this Agreement by seeking other employment or otherwise, nor shall the amount of any payment or benefit provided for herein be reduced by any compensation earned by other employment or otherwise.
7. Employment Rights . Nothing expressed or implied in this Agreement will create any right or duty on the part of the Company or the Executive to have the Executive remain in the employment of the Company or any subsidiary prior to or following any Change in Control.
8. PRU Agreement . Notwithstanding the provisions of the PRU Agreement, Executive’s Conditional PRU Award for the Performance Period beginning in fiscal year 2012 and ending at the end of fiscal year 2014 shall be not less than 80,000 PRUs (capitalized terms used in this Section 8 but not defined herein shall have the meanings ascribed to them in the PRU Agreement).
(a) Withholding of Taxes . The Company may withhold from any amounts payable under this Agreement all federal, state, city or other taxes as the Company is required to withhold pursuant to any applicable law, regulation or ruling.
(b) Parachute Excise Tax. In the event that any amounts payable under this Agreement or otherwise to Executive would (i) constitute “parachute payments” within the meaning of section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), or any comparable successor provisions and (ii) but for this Subsection (b) would be subject to the excise tax imposed by section 4999 of the Code or any comparable successor provisions (the “Excise Tax”), then such amounts payable to Executive hereunder shall be either:
(i) Provided to Executive in full; 또는.
(ii) Provided to Executive to the maximum extent that would result in no portion of such benefits being subject to the Excise Tax;
whichever of the foregoing amounts, when taking into account applicable federal, state, local and foreign income and employment taxes, the Excise Tax and any other applicable taxes, results in the receipt by Executive, on an after-tax basis, of the greatest amount of benefits, notwithstanding that all or some portion of such benefits may be taxable under the Excise Tax. Unless the Company and Executive otherwise agree in writing, any determination required under this Subsection (b) shall be made in writing in good faith by a nationally recognized accounting firm (the “Accountants”). In the event of a reduction in benefits hereunder, the reduction of the total payments shall apply as follows, unless otherwise agreed in writing and such agreement is in compliance with section 409A of the Code: (i) any cash severance payments subject to Section 409A of the Code due under this Agreement shall be reduced, with the last such payment due first forfeited and reduced, and sequentially thereafter working from the next last payment, (ii) any cash severance payments not subject to Section 409A of the Code due under this Agreement shall be reduced, with the last such payment due first forfeited and reduced, and sequentially thereafter working from the next last payment; (iii) any acceleration of vesting of any equity subject to Section 409A of the Code shall remain as originally scheduled to vest, with the tranche that would vest last (without any such acceleration) first remaining as originally scheduled to vest; and (iv) any acceleration of vesting of any equity not subject to Section 409A of the Code shall remain as originally scheduled to vest, with the tranche that would vest last (without any such acceleration) first remaining as originally scheduled to vest. For purposes of making the calculations required by this Subsection (b), the Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good-faith interpretations concerning the application of the Code and other applicable legal authority. The Company and Executive shall furnish to the Accountants such information and documents as the Accountants may reasonably request in order to make a determination under this Subsection (b). The Company shall bear all costs that the Accountants may reasonably incur in connection with any calculations contemplated by this Subsection (b).
If, notwithstanding any reduction described in this Subsection (b), the Internal Revenue Service (“IRS”) determines that Executive is liable for the Excise Tax as a result of the receipt of amounts payable under this Agreement or otherwise as described above, then Executive shall be obligated to pay back to the Company, within thirty (30) days after a final IRS determination or, in the event that Executive challenges the final IRS determination, a final judicial determination, a portion of such amounts equal to the Repayment Amount. The “Repayment Amount” with respect to the payment of benefits shall be the smallest such amount, if any, that is required to be paid to the Company so that Executive’s net after-tax proceeds with respect to any payment of benefits (after taking into account the payment of the Excise Tax and all other applicable taxes imposed on such payment) are maximized. The Repayment Amount with respect to the payment of benefits shall be zero if a Repayment Amount of more than zero would not result in Executive’s net after-tax proceeds with respect to the payment of such benefits being maximized. If the Excise Tax is not eliminated pursuant to this paragraph, Executive shall pay the Excise Tax.
Notwithstanding any other provision of this Subsection (b), if (i) there is a reduction in the payment of benefits as described in this Subsection (b), (ii) the IRS later determines that Executive is liable for the Excise Tax, the payment of which would result in the maximization of Executive’s net after-tax proceeds (calculated as if Executive’s benefits had not previously been reduced), and (iii) Executive pays the Excise Tax, then the Company shall pay to Executive those benefits which were reduced pursuant to this Subsection (b) as soon as administratively possible after Executive pays the Excise Tax, so that Executive’s net after-tax proceeds with respect to the payment of benefits are maximized.
10. Term of Agreement . This Agreement shall continue in full force and effect until the third anniversary of the Effective Date (the “Initial Term”), and shall automatically renew for additional one (1) year renewal periods (a “Renewal Term”) if Executive is employed by the Company on the last day of the Initial Term and on each Renewal Term; provided, however, that within the sixty (60) to ninety (90) day period prior to the expiration of the Initial Term or any Renewal Term, at its discretion, the Board may propose for consideration by Executive, such amendments to the Agreement as it deems appropriate. If Executive’s employment with the Company terminates during the Initial Term or a Renewal Term, this Agreement shall remain in effect until all of the obligations of the parties hereunder are satisfied or have expired.
11. Successors and Binding Agreement .
(a) The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation, reorganization or otherwise) to all or substantially all of the business or assets of the Company, by agreement in form and substance reasonably satisfactory to the Executive, expressly to assume and agree to perform this Agreement in the same manner and to the same extent the Company would be required to perform if no such succession had taken place. This Agreement will be binding upon and inure to the benefit of the Company and any successor to the Company, including without limitation any persons acquiring directly or indirectly all or substantially all of the business or assets of the Company whether by purchase, merger, consolidation, reorganization or otherwise (and such successor will thereafter be deemed the “Company” for the purposes of this Agreement), but will not otherwise be assignable, transferable or delegable by the Company.
(b) This Agreement will inure to the benefit of and be enforceable by the Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees and legatees. This Agreement will supersede the provisions of any employment, severance or other agreement between the Executive and the Company that relate to any matter that is also the subject of this Agreement, and such provisions in such other agreements will be null and void.
(c) This Agreement is personal in nature and neither of the parties hereto will, without the consent of the other, assign, transfer or delegate this Agreement or any rights or obligations hereunder except as expressly provided in Sections 10(a) and 10(b). Without limiting the generality or effect of the foregoing, the Executive’s right to receive payments hereunder will not be assignable, transferable or delegable, whether by pledge, creation of a security interest, or otherwise, other than by a transfer by the Executive’s will or by the laws of descent and distribution and, in the event of any attempted assignment or transfer contrary to this Section 10(c), the Company will have no liability to pay any amount so attempted to be assigned, transferred or delegated.
12. Notices . For all purposes of this Agreement, all communications, including without limitation notices, consents, requests or approvals, required or permitted to be given hereunder will be in writing and will be deemed to have been duly given when hand delivered or dispatched by electronic facsimile transmission (with receipt thereof orally confirmed), or five (5) business days after having been mailed by United States registered or certified mail, return receipt requested, postage prepaid, or three business days after having been sent by a nationally recognized overnight courier service such as FedEx or UPS, addressed to the Company (to the attention of the Secretary of the Company) at its principal executive office and to the Executive at his principal residence, or to such other address as any party may have furnished to the other in writing and in accordance herewith, except that notices of changes of address will be effective only upon receipt.
13. Section 409A of the Code .
(a) Interpretation . Notwithstanding the other provisions hereof, this Agreement is intended to comply with the requirements of section 409A of the Code, to the extent applicable, and this Agreement shall be interpreted to avoid any penalty sanctions under section 409A of the Code. Accordingly, all provisions herein, or incorporated by reference, shall be construed and interpreted to comply with section 409A of the Code and, if necessary, any such provision shall be deemed amended to comply with section 409A of the Code and regulations thereunder. If any payment or benefit cannot be provided or made at the time specified herein without incurring sanctions under section 409A of the Code, then such benefit or payment shall be provided in full at the earliest time thereafter when such sanctions will not be imposed. Any amount payable under this Agreement that constitutes deferred compensation subject to section 409A of the Code shall be paid at the time provided under this Agreement or such other time as permitted under section 409A of the Code. No interest will be payable with respect to any amount paid within a time period permitted by, or delayed because of, section 409A of the Code. All payments to be made upon a termination of employment under this Agreement that are deferred compensation may only be made upon a “separation from service” under section 409A of the Code. For purposes of section 409A of the Code, each payment made under this Agreement shall be treated as a separate payment. In no event may Executive, directly or indirectly, designate the calendar year of payment.
(b) Payment Delay . To the maximum extent permitted under section 409A of the Code, the severance benefits payable under this Agreement are intended to comply with the “short-term deferral exception” under Treas. Reg. §1.409A-1(b)(4), and any remaining amount is intended to comply with the “separation pay exception” under Treas. Reg. §1.409A-1(b)(9)(iii); provided, however, any amount payable to Executive during the six (6) month period following Executive’s Termination Date that does not qualify within either of the foregoing exceptions and constitutes deferred compensation subject to the requirements of section 409A of the Code, then such amount shall hereinafter be referred to as the “Excess Amount.” If at the time of Executive’s separation from service, the Company’s (or any entity required to be aggregated with the Company under section 409A of the Code) stock is publicly-traded on an established securities market or otherwise and Executive is a “specified employee” (as defined in section 409A of the Code and determined in the sole discretion of the Company (or any successor thereto) in accordance with the Company’s (or any successor thereto) “specified employee” determination policy), then the Company shall postpone the commencement of the payment of the portion of the Excess Amount that is payable within the six (6) month period following Executive’s Termination Date with the Company (or any successor thereto) for six (6) months following Executive’s Termination Date with the Company (or any successor thereto). The delayed Excess Amount shall be paid in a lump sum to Executive within ten (10) days following the date that is six (6) months following Executive’s Termination Date with the Company (or any successor thereto). If Executive dies during such six (6) month period and prior to the payment of the portion of the Excess Amount that is required to be delayed on account of section 409A of the Code, such Excess Amount shall be paid to the personal representative of Executive’s estate within sixty (60) days after Executive’s death.
(c) Reimbursements . All reimbursements provided under this Agreement shall be made or provided in accordance with the requirements of section 409A of the Code, including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during Executive’s lifetime (or during a shorter period of time specified in this Agreement), (ii) the amount of expenses eligible for reimbursement during a calendar year may not affect the expenses eligible for reimbursement in any other calendar year, (iii) the reimbursement of an eligible expense will be made on or before the last day of the taxable year following the year in which the expense is incurred, and (iv) the right to reimbursement is not subject to liquidation or exchange for another benefit. Any tax gross up payments to be made hereunder shall be made not later than the end of Executive’s taxable year next following Executive’s taxable year in which the related taxes are remitted to the taxing authority.
14. Governing Law . The validity, interpretation, construction and performance of this Agreement will be governed by and construed in accordance with the substantive laws of the State of California, without giving effect to the principles of conflict of laws of such State.
15. Validity . If any provision of this Agreement or the application of any provision hereof to any person or circumstances is held invalid, unenforceable or.
otherwise illegal, the remainder of this Agreement and the application of such provision to any other person or circumstances will not be affected, and the provision so held to be invalid, unenforceable or otherwise illegal will be reformed to the extent (and only to the extent) necessary to make it enforceable, valid or legal.
16. Miscellaneous . No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing signed by the Executive and the Company. No waiver by either party hereto at any time of any breach by the other party hereto or compliance with any condition or provision of this Agreement to be performed by such other party will be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No agreements or representations, oral or otherwise, expressed or implied with respect to the subject matter hereof have been made by either party that are not set forth expressly in this Agreement. References to Sections are to references to Sections of this Agreement. Any reference in this Agreement to a provision of a statute, rule or regulation will also include any successor provision thereto.
17. Board Membership . At each annual meeting of the Company’s stockholders prior to the Termination Date, the Company will nominate Executive to serve as a member of the Board. Executive’s service as a member of the Board will be subject to any required stockholder approval. Upon the termination of Executive’s employment for any reason, unless otherwise requested by the Board, Executive agrees to resign from the Board (and all other positions held at the Company and its affiliates), and Executive, at the Board’s request, will execute any documents necessary to reflect his resignation.
18. Indemnification and D&O Insurance . Executive will be provided indemnification to the maximum extent permitted by the Company’s and its subsidiaries’ and affiliates’ Articles of Incorporation or Bylaws, including, if applicable, any directors and officers insurance policies, with such indemnification to be on terms determined by the Board or any of its committees, but on terms no less favorable than provided to any other Company executive officer or director and subject to the terms of any separate written indemnification agreement.
19. Employee Benefits . Executive will be eligible to participate in the Company employee benefit plans, policies and arrangements that are applicable to other executive officers of the Company, as such plans, policies and arrangements may exist from time to time and on terms at least as favorable as provided to any other executive officer of the Company.
20. No Duplication of Benefits . The benefits provided to Executive in this Agreement shall offset substantially similar benefits provided to Executive pursuant to another Company policy, plan or agreement (including without limitation the Symantec Corporation Executive Severance Plan and the Symantec Corporation Executive Retention Plan).
21. Survival . Notwithstanding any provision of this Agreement to the contrary, the parties’ respective rights and obligations under Sections 2 and 3, will survive any termination or expiration of this Agreement or the termination of the Executive’s employment for any reason whatsoever.
22. Counterparts . This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original but all of which together will constitute one and the same agreement.
IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered as of the date first above written.
RELEASE OF CLAIMS.
This Release of Claims (“Agreement”) is made by and between Symantec Corporation (“Symantec”) and Steve Bennett.
WHEREAS, you have agreed to enter into a release of claims in favor of Symantec upon certain events specified in the Executive Employment Agreement by and between Symantec and you;
NOW, THEREFORE, in consideration of the mutual promises made herein, Symantec and you agree as follows:
1. Termination Date. This means the last day of your employment with Symantec.
2. Acknowledgement of Payment of Wages. You acknowledge that Symantec has paid you all accrued wages, salary, bonuses, accrued but unused vacation pay and any similar payment due and owing, with the exception of the payments and benefits owed to you under the Executive Employment Agreement and/or under any equity-based compensation awards.
3. Confidential Information. You hereby acknowledge that you are bound by all confidentiality agreements that you entered into with Symantec and/or any and all past and current parent, subsidiary, related, acquired and affiliated companies, predecessors and successors thereto (which agreements are incorporated herein by this reference), that as a result of your employment you have had access to the Confidential Information (as defined in such agreement(s)), that you will hold all such Confidential Information in strictest confidence and that you may not make any use of such Confidential Information on behalf of any third party. You further confirm that within five business days following the Termination Date you will deliver to Symantec all documents and data of any nature containing or pertaining to such Confidential Information and that you will not take with you any such documents or data or any reproduction thereof.
4. Release and Waiver of All Claims. You waive any limitation on this release under California Civil Code Section 1542 which provides that a general release does not extend to claims which a person does not know or suspect to exist in his favor at the time of executing the release which, if known, must have materially affected his/her decision to grant the release. In consideration of the benefits provided in this Agreement, you release Symantec, and any and all past, current and future parent, subsidiary, related and affiliated companies, predecessors and successors thereto, as well as their officers, directors, shareholders, agents, employees, affiliates, representatives, attorneys, insurers, successors and assigns, from any and all claims, liability, damages or causes of action whatsoever, whether known or unknown, which exist or may in the future exist arising from or relating to events, acts or omissions on or before the Effective Date of this Agreement, other than those rights which as a matter of law cannot be waived.
You understand and acknowledge that this release includes, but is not limited to any claim for reinstatement, re-employment, damages, attorney fees, stock options, bonuses or additional compensation in any form, and any claim, including but not limited to those arising under tort, contract and local, state or federal statute, including but not limited to Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Post Civil War Civil Rights Act (42 U. S.C. 1981-88), the Equal Pay Act, the Age Discrimination in Employment Act, the Americans with Disabilities Act, the Vietnam Era Veterans Readjustment Assistance Act, the Fair Labor Standards Act, the Family Medical Leave Act of 1993, the Uniformed Services Employment and Re-employment Rights Act, the Employee Retirement Income Security Act of 1974, and the civil rights, employment, and labor laws of any state and any regulation under such authorities relating to your employment or association with Symantec or the termination of that relationship.
You also acknowledge that you are waiving and releasing any rights you may have under the Age Discrimination in Employment Act (ADEA) and that this waiver and release is knowing and voluntary. You acknowledge that (1) you have been, and hereby are, advised in writing to consult with an attorney prior to executing this Agreement; (2) as consideration for executing this Agreement, you have received additional benefits and compensation of value to which you would otherwise not be entitled, and (3) by signing this Agreement, you will not waive rights or claims under the Act which may arise after the execution of this Agreement; and (4) you have twenty-one (21) calendar days within which to consider this Agreement and in the event you sign the Agreement prior to 21days, you do so voluntarily. Once you have accepted the terms of this Agreement, you will have an additional seven (7) calendar days in which to revoke such acceptance. To revoke, you must send a written statement of revocation to the Vice President of Human Resources. If you revoke within seven (7) days, you will receive no benefits under this Agreement. In the event you do not exercise your right to revoke this Agreement, the Agreement shall become effective on the date immediately following the seven-day (7) waiting period described above.
This release does not waive any rights you may have under any directors and officers insurance or indemnity provision, agreement or policy in effect as of the Termination Date, nor does it affect vested rights you may have under any equity-based compensation plan, retirement plan, 401(k) plan or other benefits plan.
5. No Pending or Future Lawsuits. You represent that you have no lawsuits, claims, or actions pending in your name or on behalf of any other person or entity, against Symantec or any other person or entity referred to herein. You also represent that you do not intend to bring any claims on your own behalf or on behalf of any other person or entity against Symantec or any other person or entity referred to herein.
6. Resignation from Board. You agree that you will offer your resignation from the Board of Directors effective upon your Termination Date. The Board may accept or reject your offer of resignation within its sole and absolute discretion.
7. Non disparagement. You agree that you will not, whether orally or in writing, make any disparaging statements or comments, either as fact or as opinion, about Symantec or its products and services, business, technologies, market position, agents, representatives, directors, officers, shareholders, attorneys, employees, vendors, affiliates, successors or assigns, or any person acting by, through, under or in concert with any of them.

Bijan Sabet.
Stock options: vesting & change of control.
Fred has a post about option pools and their impact on valuation this morning. It’s a great post and will be very helpful to many folks without a doubt. I share the same point of view and it’s one of many reasons I like co-investing with USV.
Vesting is important for retention but more importantly it allows the company to put the equity in the hands of the folks that have put in significant time & value into the company.
We have a vesting schedule with our team at Spark Capital and I’ve had a vesting schedule everywhere I’ve worked previously.
Since startups require a fairly long time to create & build the company most options have a 4 yr vesting schedule (or less especially if the team has been working for some time) with some sort of initial hurdle period - also known as a cliff.
The structure I’ve seen the most is one that requires the employee to work at the company for a year before vesting any options. At the one year anniversary they vest ¼ of their option grant on the spot. After that they vest the balance of their options on a monthly basis.
This is a term that describes what happens to the employee vesting schedule if the company is acquired by another company.
It’s a reasonale compromise. Although the double trigger will impact price and will make the acquistopm a bit more complex. The other issue is that it sets precedent. If you give it to yourself as founders and your senior team this right, than most likely you will have to give it to everyone in the company. You don’t have to of course but it can become complicated when everyone has a different set of terms.
Keep it clean & simple.
I believe startups should adopt a clean and simple stock option plan. The cleanest way to do this is to make sure everyone has the same terms and rights (not everyone will have the same strike price which is expected and fair). And its a plan that you can live with as the company grows and won’t cause complexities in the future.