SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 25, 2005
SYMANTEC CORPORATION
(Exact name of registrant as specified in its charter)
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Delaware
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000-17781
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77-0181864 |
(State or other jurisdiction of
incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.) |
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20330 Stevens Creek Blvd., Cupertino, California
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95014 |
(Address of principal executive offices)
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(Zip Code) |
Registrants telephone number, including area code (408) 517-8000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
TABLE OF CONTENTS
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On
July 19, 2005, Symantec Corporation (Symantec)
adopted the FY06 Executive Supplemental Incentive
Plans for certain executive officers of Symantec who were executive officers of Symantec prior to
July 2, 2005. Under the terms of these plans, the executive officers will be eligible to receive
performance-based incentive bonuses equivalent to the bonuses payable under, and upon terms
substantially similar to, Symantecs FY06 Executive Annual Incentive Plans. The supplemental
incentive bonuses are in addition to the incentive bonuses under the FY06 Executive
Annual Incentive Plans. The target payouts under the FY06 Executive Supplemental Incentive Plans
are 60% to 125% of a participants annual base salary. The actual bonus amounts are subject to the
following metrics and weighting: (a) achievement of targeted annual revenue growth of the company
(50% weighting); and (b) achievement of targeted annual earnings per share growth of the company
(50% weighting). John Schwarz, President of Symantec, will be entitled to receive not less than
60% of his target bonus amount. In addition, the supplemental
incentive bonus may be increased up to a maximum of 50% of the calculated bonus amount
for any executive officer, based on the executive officers
impact on and contributions to the
integration of VERITAS Software Corporation into Symantec.
ITEM
5.02 APPOINTMENT OF PRINCIPAL OFFICER
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Effective July 2, 2005, Symantec appointed Stephen C. Markowski as Chief Accounting Officer
of the company. Mr. Markowski, who is 45 years old, has served as Vice President of Finance
and Chief Accounting Officer for Symantec since July 2005, and is responsible for worldwide
accounting operations (non-revenue), tax, treasury and external reporting. Prior to that time
Mr. Markowski served in a variety of positions with Symantec, most recently as Vice President
of Accounting, Tax & Treasury from October 2001 to July 2005, as Senior Director, Tax &
Treasury from June 1998 to October 2001 and as Tax Director from August 1990 to June 1998.
Prior to joining Symantec, Mr. Markowski was with KPMG, a public accounting firm, for nine
years, primarily working in tax. Mr. Markowski holds an undergraduate degree from Santa Clara
University. |
Symantec is making this disclosure under this Item 5.02 concurrent with the public announcement of
the appointment of Mr. Markowski to the position of Chief Accounting Officer on July 25, 2005.