임원 고용 계약의 스톡 옵션

고용 계약 고용 스톡 옵션
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 위해 임원에게이 협정에 명시된 보상 및 혜택을 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 집행부는 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; 단, 회사 주주의 선거 또는 지명자가 적어도 이사의 과반수 이상의 찬성 투표로 승인 된이 계약서 서명일 이후 회사의 이사가되는 모든 개인 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 이성을 이유로 회사와의 고용을 종료 할 수있는 경우 회사는 그 사유로 인해 회사가 양호한 이유를 구성하는 사건 발생 및 회사와의 고용 종료 의사를 통보해야한다 (Good Reason)을 구성하는 조건의 최초 존재 후 90 일 이내에 회사는 해당 조건을 고지하기위한 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 집행자의 비자발적 인 해고 또는 (ii) 선의의 사임 사유 및 제 3 항 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 티브를 실행하고 취소하지 않는 한 다음과 같은 이그 제 큐 티브를 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 법정 대리인의 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 그러한 옵션 (이전에 가득 채웠고 행사할 수 있었던 모든 발행 기한 스톡 옵션과 마찬가지로)이 행사 가능할 경우에도 불구하고 (A) 집행부 종료일로부터 1 년 또는 (B) 옵션의 최초 기간까지의 기간 동안 그러한 옵션을 관장하는 다른 계약의 내용. 아래 2 (b) (iii) 절과 3 (b) (iii) 절에 제공된 경우를 제외하고 집행 임원의 해지로 행사할 수 없으며 행사할 수없는 Executive의 미결제 스톡 옵션 날짜는 종료되어야한다.
(iv) 회사가 보유하고있는 회사의 보통주 ( "Restricted Stock Units")의 종료일 당시에 양도되지 않은 주식의 주식을 나타내는 제한된 주식 단위의 경우 미확인 된 제한 주식의 수 집행부의 종료일 이후 18 개월 내에 기한이 종료되며, 종료일로부터 60 일 이내에 정산한다. 아래 2 (b) (iv) 항 및 3 (b) (iv) 항에 규정 된 경우를 제외하고 집행 일 종료일 현재 부여되지 않은 제한 주식은 종료됩니다.
(v) 회사의 장기 인센티브 플랜 (& LTIP & # 148;) 하에서 집행부에보고 된 종료일 현재 집행부에보고되지 않은 금액은 해당 LTIP의 조항에 따라 해당되는 경우 임원에게 공개 될 수 있으며, 사실상 해당 사안에 명시된 상황에서 사유 이외의 무의식적 인 해고로 간주됩니다.
(vi) 해당 성과 기반의 제한적 공유 단위 수상 조건에 따라 임원에게 공개되지 않은 성과 중심의 제한 주식 (& PRU & # 148) 종료일 현재 & quot; PRU 계약 & quot;)은 해당 PRU 계약의 조건에 따라 원인 이외의 무의식적 인 해지로 취급됩니다.
(vii) 적용 가능한 성과 조정 재고 단위 계약 (& # 147)에 따라 임원에게 공개되지 않은 임원이 보유한 성과 조정 재고 단위 (& # 147; PCSUs & # 148; PCSU 계약 & # 148;)은 해당 PCSU 계약의 조항에 의거하여 원인 이외의 비자발적 인 해지로 간주됩니다.
(viii) 집행부는 집행 유예 기간 종료 시점에 근로 소득, 미지급금 또는 미납금을 일시금으로 지급하고, 적용 가능한 복리 후생 플랜 및 프로그램의 조건에 따라 누적되거나 누적 된 모든 급여를 수령한다. 그 회사.
3. 통제 변경과 관련된 해지.
(a) 통제권 변경과 관련된 비 의도적 해지. 경영진의 고용이 (i) 원인, 사망 또는 장애 이외의 사유로 회사의 비자발적 인 해고 또는 (ii) 집행이 자발적으로 회사와의 고용을 종료하는 경우 (x) 통제 변경의 완료 또는 이전 (60) 일 기간 내에 발생한 12 (12) 개월 기간 내에 발생한 (x) 좋은 사유에 대한 사임 집행 종료 일자에 통제 변경이 고려중인 통제 변경 일까지 집행부는 본 제 3 항 (b) 항에 명시된 혜택을받을 자격이 있습니다.
(b) 통제 변경과 관련된 비 의도적 종료시 보상. 제 5 조의 규정에 따를 것을 조건으로, 제 3 항의 (a) 항에 기술 된 해지가 발생하는 경우, 회사는 종료일 이후에 다음을 행한다. 릴리스 취소 :
(i) 집행 기간 종료일부터 60 일째되는 날에 일시불로 지불 한 연간 기본급과 목표 보너스의 2.0 배. 전술 한 내용에도 불구하고, 경영진은 지배력 변경 이전에 자격 종결의 결과로 제 2 (b) (ⅰ) 절에 따라 지불 할 퇴직 급여를받을 자격이 있으며, 그 다음에 퇴직 급여 충당 부채를받을 자격이있다 집행 종료일로부터 60 일 이내에 집행 종료일에 고려 된 통제 변경으로 인해이 제 3 항에 따라 집행부는 집행 유예 기간 종료 후 60 일 이내에 완결된다.
이 협정 제 2 조 (b) 항 (i)에 따라 지불해야 할 퇴직 급여는 퇴직 후 60 일째되는 날에 본 제 3 조 (b) (i)에 따라 퇴직금을 수령한다. 날짜. (본 하위 조항 (i)의 목적 상 연례 기본 연봉은 다음 중 가장 큰 것을 의미합니다. (A) 집행 종료 날짜 직전 집행 연간 기본급, (B) 집행 & (i) 선의 첫 번째 절에서 설명 된 기본 연봉, 또는 (C) 선거 관리 변경 직전. 본 하위 조항 (i)의 목적 상 대상 보너스는 가장 큰 (B) 제 (i) 항의 제 1 항에 기술 된 집행 대상 보너스의 감소 직전에 집행 유예 대상 보너스 (A) ), (C) 통제 변경 직전, 또는 (d) 통제 변경이있는 연도의 전년도의 회계 연도에 적용됩니다.
(ii) 집행부의 종료일, 집행부 및 해당되는 경우 집행부의 배우자 및 자격이되는 부양 가족으로부터 24 개월까지는 계속해서 의료 혜택을받을 수 있습니다. 해당 계획 서류의 조건에 따라 회사의 의료 계획 그러한 금리로 계속 보험 적용을 받기 위해서는 집행 기관은 해당 보험료를 플랜 제공자에게 지불해야하며 회사는 매월 보험료 납부일로부터 60 일 이내에 집행 인에게 환급금을 지불해야합니다. 만기 COBRA (또는 적용 가능한 경우 기타) 프리미엄 지불액과 동일한 액수가 적용 가능한 세금 원천 징수액보다 적습니다. 전술 한 내용에도 불구하고, 집행부는이 24 개월 동안 정규직을 고용하여 배우자와 자격이되는 부양 가족에게 포괄적 인 의료 혜택을 제공 할 수있는 경우 회사에 통보해야하며 더 이상 지급되지 않습니다. 본 항에 의거하여 집행부에 제출해야합니다. 또한 이그제큐티브가 24 개월 동안 언제든지 특정 달에 해당 월별 COBRA (또는 기타) 보험료를 납부하지 않고 그로 인해 보험 보상이 상실되는 경우, 더 이상 상환금이 지급되지 않습니다. 본 항에 의거하여 회사를 집행합니다. 전술 한 내용에도 불구하고, 경영진이 통제 변경 전에 자격 종결의 결과로 계약의 제 2 (b) (ii) 절에 따라 제공되는 퇴직 급여를받을 자격이있는 경우, 집행 이사회는 집행 종료일로부터 60 일 이내에 집행 종료일로 간주되는 통제 변경으로 인해 본 제 3 절에 따라 지불해야 할 퇴직 급여 이 조항 (ii)에 따라 제공되는 퇴직 급여를받을 자격이 있으며 제 2 (b) (ii) 조항에 따라 제공되는 혜택은받을 수 없습니다. 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 집행위원회가 보유하고있는 현저한 회사 주식 매입 선택권과 관련하여 해당 주식 매수 선택권의 가득 조건과 행사 가능 성을 최대한으로 가속화하여 모든 스톡 옵션을 집행 가능하고, (A) 1 년의 기간이 만료 될 때까지 그러한 옵션을 관장하는 다른 계약의 내용에도 불구하고 행사할 수있는 옵션 (이전에 가득 채웠고 행사 가능했던 모든 미 지불 스톡 옵션) (B)이 옵션의 원래 기간. 전술 한 내용에도 불구하고 집행부는 통제권 변경 이전에 자격 종결의 결과로 계약의 2 (b) (iii) 절에 따라 부여 된 가득 및 권리 행사를받을 자격이 있으며, 집행부는 집행 종료일로부터 60 일 이내에 집행 종료일에 고려 된 통제 변경으로 인해이 제 3 항에 따라 지급 할 퇴직 급여를 수령 할 수 있습니다. 제 2 (b) (ⅲ) 절에 따라 부여되지 않고 행사할 수없는 주식 매수 선택권은 지배력 변경 일 현재 부여되어야하며 행사할 수 있어야한다. 단, 집행 종료일로부터 60 일 이내에 통제 변경이 발생하지 않는 경우, 집행 및 행사할 수없는 집행위원회가 보유한 스톡 옵션은 60 일 이후 종료됩니다 임원의 해지 날짜 또는 임기가 만료 된 경우.
(iv) 종료일 당시에 양도가되지 않은 집행부가 보유한 제한적 주식 단위와 관련하여 이러한 잔여 제한적 주식은 모두 해지 일로부터 60 일 이내에 확정되고 정산된다. 전술 한 내용에도 불구하고, 집행부는 통제 변경 이전에 자격 종결의 결과로 계약의 2 (b) (iv) 조항에 따라 부여 된 가득 조종 가속을받을 자격이 있으며, 집행부는 집행 종료일로부터 60 일 이내에 집행 종료일로 간주되는 통제 변경으로 인해이 제 3 항에 따라 지불해야 할 퇴직 급여 충당 부채 제 2 (b) (ⅳ) 절에 따라 기각되지 않은 주식은 통제 변경 일에 징수한다. 단, 집행 종료일로부터 60 일 이내에 통제 변경이 발생하지 않는 경우, 집행 유예 기간은 집행 유예 기간 종료 후 60 일이 경과하면 종료됩니다. 단, 종료일.
(v) LTIP에 의거하여 집행부의 계정에 대해 종료일 현재 집행되지 않은 금액은 해당 LTIP의 조건에 따라 해당되는 경우 집행 위원에게 공개해야합니다 사실상 회사의 통제 변경으로 & nbsp;에 명시된 상황에서 & nbsp; (같이.
종료일 현재 해당 PRU 계약 조건에 따라 집행관에게 공개되지 않은 집행부가 보유한 PRU와 관련하여 해당 PRU 계약의 조건에 따라 처리되어야한다. & # 147; 회사의 통제 변경 & # 148; (여기에 정의 된대로).
(vi) 종료일 현재 적용 가능한 PCSU 계약의 조건에 따라 집행관에게 공개되지 않은 집행부가 보유한 PCSU와 관련하여, 해당 PCSU 계약의 조건에 따라 " # 147; 회사의 통제 변경 & # 148; (여기에 정의 된대로).
(vii) 집행부는 집행 유예 기간 종료 시점에 근로 소득, 미지급금 또는 미납인데 아직 지급하지 않은 금액을 일시금으로 지급하고, 적용 가능한 급여 제도 및 프로그램의 조건에 따라 누적되거나 누적 된 급여를 수령한다. 그 회사.
(c) 통제 변경의 결과. 시만텍 2004 Executive Incentive Plan (2004 년 계획 & # 148;)의 조건에도 불구하고, 변경 통제 일 현재 집행위원회는 2004 년 계획에 따라 발행 된 스톡 옵션을 보유하고 있으며 취득자가 만기 보유 주식 옵션과 동등한 주식 선택권을 인수하거나 대체 할 것에 동의하지 않는 경우, 그러한 주식 옵션은 지배력을 변경 한 날 현재 가득 준비되어 있으며 행사할 수 있어야한다.
4. 장애, 사망, 사유 또는 정당한 이유없이 자발적으로 고용 종료.
(a) 장애에 대한 해지. 본 계약의 상반되는 조항에도 불구하고 집행자의 고용이 장애로 인해 종료되는 경우 집행부는 집행부를 다루는 회사가 유지하는 장애 프로그램 하에서 장애 급여를받을 자격이 있으며 집행부는 다음과 같은 혜택을받지 못합니다. 제 5 조의 규정에 따를 것을 조건으로, 제 2 항과 제 3 항을 제외하고, 집행부는 다음의 혜택을받을 자격이있다. 단, 집행부는 해당 석방을 취소하고 취소하지 않는다.
(i) 집행자의 종료일, 집행자 및 해당되는 경우 집행자의 배우자 및 자격이되는 부양 가족으로부터 최대 18 개월 동안 회사 및 법정 대리인의 의료 보험 혜택을 계속받을 수 있습니다. 적용 가능한 계획 서류의 조건에 따라 의료 계획; 그러한 금리로 계속 보험 적용을 받기 위해서는 집행 기관은 해당 보험료를 플랜 제공자에게 지불해야하며 회사는 매월 보험료 납부 기한이 만료되는 날로부터 60 일 이내에 집행 임원에게 상환합니다. 코브라 월별 프리미엄 지불액과 동일한 액수, 적용 가능한 세금 보류 금액보다 적은 금액. 전술 한 내용에도 불구하고, 행정부가 18 개월 동안 풀 타임으로 직장을 구하면 배우자와 자격이되는 부양 가족에게 포괄적 인 의료 혜택을 제공 할 수 있습니다.
회사에이를 통보해야하며, 이 항에 의거하여 회사는 회사에 의해 더 이상 상환금을 집행하지 않을 것입니다. 또한, 집행부가 18 개월 동안 언제든지 특정 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).
(ii) 회사는 종료일 현재 회사가 종료일 현재 행사할 수없고 행사할 수없는 주식 매입 선택권과 관련하여 그러한 주식 매입 선택권의 가득 조건과 행사 가능성을 충분히 가속화하여 그러한 모든 주식 옵션은 그러한 옵션을 관리하는 다른 계약의 내용에도 불구하고 집행 기간 종료일 현재 이전에 부여 된 행사로 행사할 수있는 옵션 (행사할 수있는 모든 행사 옵션)은 완전히 행사되고 행사할 수 있어야합니다. (A) 집행 종료일로부터 1 년 또는 (B) 옵션의 최초 기간 중 빠른 것.
(iii) 종료일 당시에 양도가되지 않은 집행 기관이 보유한 제한 주식의 경우, 잔여 제한적 주식은 모두 해지 일로부터 60 일 이내에 가득되고 정산되어야한다.
(iv) LTIP에 의거하여 집행부의 계정에 대해 종료일 현재 집행되지 않은 금액은 해당 LTIP의 조건에 따라 해당되는 경우 집행 위원에게 공개해야합니다 사실상 총체적 및 영구적 인 장애로 인한 해고로 설명 된 상황에서.
(v) 종료일 현재 적용 가능한 PRU 계약 조건에 따라 집행관에게 공개되지 않은 집행부가 보유한 PRU와 관련하여 해당 PRU 계약의 조건에 따라 해지되어야한다 총 장애 및 영구 장애로 인한 고용의 감소.
(vi) 종료일 현재 적용 가능한 PCSU 계약의 조건에 따라 집행관에게 공개되지 않은 집행부가 보유한 PCSU와 관련하여 해당 PCSU 계약의 조항에 따라 해지되어야한다 총 장애 및 영구 장애로 인한 고용의 감소.
(b) 사망 계정에 대한 해지. 이 협정의 상반되는 조항에도 불구하고, 집행부의 사망이 종결 된 경우 집행부는 회사가 관리하는 사망 혜택 프로그램에 따라 사망 혜택을받을 자격이 있으며 집행에 관한 혜택을받지 못한다. 제 2 조와 제 3 조 (단, 제 5 조의 규정에 따름), 집행부의 재산이 집행되고 석방을 취소하지 않는다는 조건으로, 집행부는 다음과 같은 혜택을받을 자격이있다.
(i) 회사는 사망시에 집행되고 그 날짜에 행사할 수없는 회사 주식 매입 선택권과 관련하여 회사가 스톡 옵션의 가득 조건과 행사 가능성을 최대한 가속화하여 그러한 스톡 옵션 그러한 옵션을 관리하는 다른 협약의 어떤 조항에도 불구하고 집행부의 사망과 같은 옵션 (이전에 가득 채웠고 행사할 수있는 모든 발행 된 스톡 옵션)은 행사할 수있는 상태로 유지되어야한다. (A) 집행자가 사망 한 후 1 년 또는 (B) 옵션의 최초 기간을 의미합니다.
(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. 준거법. 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.

Executive employment agreement stock options

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Employment Contracts: How to Cut the Best Deal.
You've negotiated debt covenants, mergers, and supply contracts — but do you know what should be included, and struck, from your employment contract?
Among the first things to think about when reviewing a new job offer is what’s going to happen when you leave the job. To be sure, termination clauses are often the most-negotiated elements of employment contracts. They can also be deal busters.
Consider a recent situation that pitted a highly sought-after CEO against a hard-nosed chairman of a real estate development firm. They had a hand-shake agreement for the CEO to leave his current job and join the developer. The coveted executive was regarded as the number-one candidate in the entire region, and potentially a key driver of the company’s future success.
추천 기사 :
The chairman, who prided himself on being a savvy negotiator, told lawyers to include a harsh termination clause in the employment contract that was being drawn up for the new CEO. By the chairman’s lights, the clause would serve as a bargaining chip he could use to whittle down his original lucrative offer. Among other things, the chairman had promised the future CEO a huge supplemental retirement benefit because he was leaving a lot of money on the table at his existing job.
The lawyers balked at the idea as risky and unnecessary, but they eventually acquiesced to the boss’s demand. As a result, the contract included under just causes for termination vague “failed to meet board of directors’ standards.”
After receiving the contract, the CEO candidate refused to return the chairman’s calls and killed the deal, says J. Mark Poerio, an employment practice partner at Paul, Hastings, Janofsky & Walker, who recounted the story. The CEO considered the overly aggressive clause a show of “bad faith” by his potential future boss. “It is fine to want to protect corporate interests, but not to the point of sending signals of mistrust,” opines Poerio.
While termination clauses can raise hackles on both sides of the negotiating table, other contract provisions are less controversial, but still important to review. Indeed, executives employment contracts, which typically run 10 to 20 pages, are packed not only with standard compensation and termination provisions, but also plentiful nuances that a candidate should understand before signing on the dotted line.
Perhaps even more important, experts say, candidates that are negotiating contracts will feel the effects of the new Securities and Exchange Commission rule that requires public companies to disclose, in detail, the compensation packages of top executives. Employment contracts are receiving “a lot more scrutiny” from investor and other stakeholders, says Harry Graham, managing director at Smart Business Advisory and Consulting, a compensation and benefits outfit. “Everything is the proxy statement in black and white.”
The agreement usually starts off with the contract period, generally a set number of years in the range of one to five, followed by a clause about automatic extensions with the caveat, “unless the board decides otherwise before the renewal date.” Before settling on a term, candidates should check industry data to see what peer companies are offering. This is also an area that some new hires overlook, opines Maria Hallas, an employment attorney with Greenberg Traurig. It may be a year-long contract on its, she explains, but if it includes a provision that says the executive can be fired with 15 days notice and a month’s pay, “that’s really a month-long contract that is renegotiated year-to-year.”
Salary is also a fairly straightforward item, and in fact is considered “the easy part,” says Graham. Nonetheless, candidates should benchmark salary and compensation packages against peer-company data to develop a sense of whether they are being underpaid or overpaid.
Compensation language starts with the base salary, and should end with a clause that says something about how the amount is subject to annual increases — companies will want that increase to be at the board’s discretion, and candidates should argue for as much detail as possible, says Poerio. For example, negotiate a written commitment from the board that it will develop a compensation formula by a specific date for doling out cash bonuses, stock option grants, and restricted stock. In addition, the provision should include details about performance goals and targets linked to the formula.
Another tip: make sure any stock option provision goes beyond just noting the grant date and number of shares that a candidate has the option to purchase. Incoming executives should ask for terms related to options vesting and expiration, cashless exercise, and net settlement.
It is not uncommon at the CFO level to receive restricted stock as a signing bonus. From the corporate perspective, it’s a better retention device than cash, says Graham. He also points out that stock options and restricted stock are still both popular forms of executive compensation, but candidates will see some changes regarding each.
Increasingly, both types of awards have vesting schedules tied to performance rather than time, as more institutional investors are demanding that boards include pay-for-performance criteria in employment contracts. That is especially true for restricted stock, which must be booked at its fair market value and could turn out to be a drag on earnings if a company is struggling financially. When stock awards appear in contracts, however, candidates should insist that vesting periods and a net settlement clauses be included.
Companies usually are keen to insert clawback protection into contracts. These generally state that the executive will forfeit all or some of the stock awards and any proceeds or shares received through vesting or exercise if the employee violates company loyalty pacts or is involved in fraud or misconduct — usually related to financial restatement.
What a candidate should remember about clawbacks is that you may be damned if you ask about them and damned if you don’t, says Poerio. Clawbacks aren’t always part of the main contract agreement, but rather part of a separate stock policy agreement. Asking about them during negotiations may prompt a company that doesn’t include them in contracts to investigate and add the provision. But not knowing what the policy is before signing the contract is not advisable either. The best way to handle the situation is to ask for a sample stock agreement before joining the company, says Poerio. In that way, you can negotiate from a position of knowledge.
Compared to salary clauses, termination clauses contain much more nuance. The company typically inserts language about termination with just cause — what the grounds are and what happens if there is a just-cause firing. Usually, compensation and benefit accruals cease immediately, and stock awards and unvested benefits are forfeited.
Just cause usually means serious infractions, such as an indictment or conviction on a felony involving fraud. It also can refer to any material harm done to the company or investors arising from inappropriate use of company funds or property, general misconduct that soils the company’s image, intentional malfeasance, gross neglect, and impaired judgment caused by alcohol or drug abuse. Further, most executive employment contracts include a statement warning that any breach of material provisions of the contract itself constitutes just cause.
In general, the executive wants the “cause” for termination to be “as heightened and narrow as possible,” advises Hallas. The description should be minimal to the extent that it avoids ambiguous definitions, such as moral turpitude, discredit to the organization, or deficient performance. Instead, get specific. A contract could note, for example, that a CFO must meet the financial goals established at the beginning of the year, which will be measured by tracking account receivables and payables, merger deals, clean audits, or other quantifiable objectives.
Leaving empty-handed is no way to leave an executive position. Executive contracts should contain some language guaranteeing that compensation and benefits will be paid through the agreement’s expiration date if the CFO dies, becomes disabled, is dismissed without a just cause, or resigns for “a good reason” — which can include a demotion, an office relocation farther than 50 miles from the current address, or a cut in salary. Further, incoming executives should argue for accelerated vesting on stock awards, although the company may need to be nudged on that issue.
Severance payouts vary, but usually range between one and three times the current year’s compensation, depending on company policy. Sometimes, to avoid basing the payment on a year that included a big bonus, companies insist on a two-year look-back period and take an average.
Change-of-control is another event that falls under the “good reason” to resign category. The change can relate to a merger or acquisition, a significant change in board members, or an investor buying up an unusually large stake. In any case, clauses dealing with such change should be clearly spelled out.
Also consider that a private company likely will demand that its executives surrender ownership shares regardless of the reason for departing. So candidates should negotiate for language that states if they have to surrender shares, the termination payout will be based on the fair market value of the stock. This is also the place to indicate how the shares will be appraised — by a third party, for example — and whether the payout will be provided in a lump sum or installments.
It is also crucial to review non-compete agreements before accepting a position. These are loyalty pacts that keep departing executives from working for competitors or similar industries for a period of time. Many times, non-compete agreements are not enforceable, says Poerio, but candidates should not point that out to the employer. “Keep that card in your hand in case you have to play it later,” counsels the attorney.
Hallas points out that non-compete laws vary by state and that they are banned in California. They can range from six months to two years depending on the industry, and they usually specify that the departing executive cannot solicit the company’s customers, raid the staff (even if the staff member approaches the former executive), make disparaging remarks about the company, or disclose critical information.
Perks are part of every executive employment contract, but they can “be a lightening rod for criticism,” says Poerio. Now that perks must be disclosed under the new SEC rules, investors typically judge them more harshly than a large salary, even though the value is insubstantial by comparison. “My tendency is to forget the perks, and make it up in salary,” posits Poerio.
He reckons that if the executive needs security protection, that’s easy to explain to investors. But a compensation package that includes a Mercedes-Benz and a country club membership is harder for the public to swallow than a $100,000 bump in salary from the previous year.
For private companies, load up on perks if the investors and board are comfortable with them, Poerio continues. They still have to be “critical and justifiable,” but that definition usually encompasses reimbursement for moving expenses, country club or other club memberships, company cars and drivers, life insurance, and reimbursement for legal expenses.
New hires should also keep an eye out for clauses that relate to claims release. “It is a critical company protection,” maintains Poerio, who says that if it is not included in the contract, “don’t mention it.” A claims release provision promises candidates a set payout — usually a multiple of salary — if they agree not to sue the company for firing them without cause. Companies often attach claims releases to the contract, and stipulate that if the law changes, it has the right to rework the agreement. “Say no,” insists Poerio. The deal at the time you sign the employment contract should remain in place until the contract expires.
The New York Stock Exchange gave Richard Grasso a $139.5 million severance package, Disney gave Michael Ovitz $140 million, and Home Depot paid out $210 million to Robert Nardelli. “People remember the numbers,” asserts Poerio, who says the market and investors are very sensitive to lucrative severance packages, known as golden parachutes.
The only reason packages were disclosed was because the severance clauses were triggered and these top executives received their payouts. Now, however, the SEC requires disclosure of pay packages for the top brass at public companies, and that’s likely to affect the negotiating position of executives, who won’t be able to ink big golden parachute deals in private, contends Poerio. Boards are probably going to benchmark severance deals to market based on peer company review, he adds.
A smattering of executives also may be treated to what’s known as a 280G tax gross-up provision, although this perk is falling out of favor because, again, the new SEC rule exposes it. A gross-up relates to the tax code’s rule that allows companies to pay an executive additional compensation to cover the excise tax imposed on “excessive” golden parachute payouts, says Graham. The IRS determined in 1984 that departure bonus packages that exceeded three times the executive’s annual average compensation for the last five years was “excessive” and therefore imposed an excise tax on the extra amount. The perk is popular because the tax can be brutal. The rule of thumb regarding the excise tax is that when combined with the regular income taxes, it can reach 50 percent, according to Graham.
Many companies also offer severance payments through “rabbi trusts,” which protect a former executive from losing deferred compensation in case the company becomes financially distressed or there is a problem that delays payment. For instance, trust payments could be triggered when a company buys a target and immediately fires all the executives and does not allow them to collect severance. Or payment would flow out of the trust if executives are laid off, and then revenues dip precipitously before they are paid their severance. The company funds the trust with enough assets to pay the severance and deferred benefits outlined in the agreement. The assets stay on the company’s books and appear in its financial statements, but remain beyond the control of the company.
Even when the perfect candidate walks through the door, there are a few things related to contract negotiations that really hurt his chances of landing the job. “Companies don’t like executives to bring attorneys [on site] to negotiate. It’s a little disarming,” says Hallas. Further, potential hires have to learn to pick their battles. Bickering over tiny issues — such as a $5,000 cut in the salary offer on a $500,000 salary — is not worth angering people you will soon be working with or appearing greedy. “Let it go,” Hallas advises.

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One of the biggest challenges in negotiating employment agreements with senior executives is the competing desire to certify the terms of the agreement.
Companies generally do not like written employment agreements - some refuse even to consider them. They want to control the future employment relationship, and a negotiated written agreement may result in less control. From a firm's perspective, the fewer promises and obligations made in writing, the better.
Executives view these agreements as necessary to confirm their expectations, spell out their entitlements and shift risk to the company. They have expectations about the power, authority and resources they need to do their jobs, and the short and long-term financial incentives they will receive. They want their entitlement to common stock and stock options spelled out, without preconditions or hidden restrictions.
They also want the company to share the risk that the employment may not work out for reasons outside the executive's control. They ask for guarantees of compensation, overrides of management discretion in short and long-term incentive compensation plans, and more favorable event triggers or compensation packages in the event of a change in control or changes in key definitions, among other items.
Companies often consider the minor changes they accept around the edges of a proposed draft employment agreement as negotiations, but such modifications only acknowledge the uneven bargaining strength of the parties; they are not negotiations in any real sense. From the companies' perspective this is fine, but executives who know better want more. For them, negotiations are not real unless they are substantive and engage both sides in evaluating their true interests, the alternatives to a negotiated.
agreement, and the possibilities for concession and compromise.
Big differences exist between negotiating executive employment agreements and negotiating commercial agreements, with which companies are more familiar. Negotiating executive employment agreements is a more personal, less objective process characterized by subtle and nuanced moves and turns. Companies often believe they have superior bargaining leverage in negotiating an employment agreement with an executive: after all, they are the ones offering the position, the opportunity and the privilege of working for the company. Firms that think this way are vulnerable on several levels, however.
Firstly, while a competitive negotiating style may serve the company well in negotiating a commercial agreement, it will be counter-productive in negotiating an executive's employment agreement. By the time a company is negotiating with an executive, it has already made a substantial investment in time and energy (and often in outside recruiter fees) in interviewing and comparing candidates. What the company may fail to realize, however, is that the developing trust and confidence between the two parties is fragile, and can be easily jeopardized by unrealistic negotiating positions that may later need to be withdrawn to obtain an agreement.
Secondly, executives want to believe the firm is looking out for them. During negotiations, a company that desires a trusting relationship needs to find ways to reinforce this belief. Certainly, when a company is wooing an executive to leave another position, it must show concern for the executive as a person as well as a profit center.
Thirdly, executives want companies to take their proposals seriously. If the company's ultimate goal is a faithful, dedicated executive who will put the company's interests first, it needs to be sensitive to the executive's needs and react thoughtfully to his/her proposals. Any negotiation that leaves the executive resentful or doubting the company's sincerity and credibility is a failure; the future relationship will not last.
Fourthly, companies that ask their general counsel alone to negotiate an employment agreement with a high-level executive create unnecessary tension and potential conflicts of interest. A general counsel wants to be known as a trusted adviser: honest, straightforward and credible. This may conflict with the firm's desire to take strong positions and show flexibility only if absolutely necessary. A general counsel who will report to the executive is at a particular disadvantage. To maintain the executive's trust, he or she may be unwilling to actually engage the executive in real negotiations, especially if not supported by unambiguous standards, criteria and past practice.
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Read the original article on Corporate Secretary. Copyright 2011.