SYMANTEC EXECUTIVE RETENTION PLANEmployee Retention Agreement |
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Exhibit 10.02
SYMANTEC
EXECUTIVE RETENTION PLAN
This Executive Retention Plan (the
“Plan”) applies to the Company’s Chief Executive Officer
(“CEO”). President, and other executive officers who are designated
as Section 16(b) officers, and such other individuals as may be designated by
the Company’s Compensation Committee, based on recommendations made by
the Company’s CEO, as evidenced in a written agreement with such
individual (collectively, “Designated Executives”).
1. Acceleration of Options.
If the employment of a Designated Executive
is terminated other than for Cause (as defined below), or if the Designated
Executive resigns following a Constructive Termination (as defined below), in
either case within 12 months after a Change in Control (as defined below),
all options granted by the Company to such Designated Executive shall become
fully vested and exercisable. Acceleration will not occur if there is no Change
in Control within 12 months prior to such termination or Constructive
Termination.
2. Definitions.
“Cause” means (i) gross negligence or willful misconduct in the performance of duties to Symantec (other than as a result of a disability) that has resulted or is likely to result in substantial and material damage to Symantec, after a demand for substantial performance is delivered by the Company which specifically identifies the manner in which it believes the Designated Executive has not substantially performed his/her duties and provides the Designated Executive with a reasonable opportunity to cure any alleged gross negligence or willful misconduct; (ii) commission of any act of f







