Exhibit (e)(4)

             EXECUTIVE SEVERANCE POLICY - EXECUTIVE VICE PRESIDENTS
                            Effective January 1, 2003

If an Executive's employment with the Company is involuntarily terminated by the
Company other than for Cause, then, subject to the Executive's executing and not
revoking a general release of claims in favor of the Company, the Executive will
receive the following:

-     12 months' base salary at the rate in effect on the date of termination;

-     12 months of Executive's target bonus pursuant to the Company's Employee
      Incentive Compensation Plan at the rate in effect on the date of
      termination, assuming 100% achievement of Executive's and Company's
      objectives, and excluding any other bonuses, such as the annual bonus
      subject to the discretion of the Board of Directors;

-     Credit for 12 months of employment toward vesting of stock options, stock
      appreciation rights, restricted stock awards and stock purchase rights
      ("Options") granted prior to the date Executive's employment is
      terminated, unless the plan under which the Options were granted prohibits
      such credit or acceleration or provides for alternative vesting;

-     Reimbursement of COBRA premiums, if Executive is eligible for COBRA, for
      up to 12 months from the date of termination.

Any amounts owed hereunder will be reduced by any other salary, severance, bonus
or benefits to which Executive is entitled under any applicable laws or
regulations, including, but not limited to, WARN.

If (i) there is a Change of Control, and (ii) within one (1) year of a Change of
Control, an Executive's employment is either involuntarily terminated other than
for "Cause" or terminates by the Executive on the basis of Constructive
Discharge, and (iii) the Executive executes and does not revoke a general
release of claims in favor of the Company or surviving entity, the Executive
will receive the items listed above and the following:

-     All unvested Options, except for restricted stock awards granted to
      Executive prior to the date Executive's employment is terminated will
      vest, unless the plan under which the Options were granted prohibits such
      vesting or provides for alternative vesting inconsistent with the terms of
      this Policy.

-     Based on Executive's relinquishment and waiver of any claim to
      acceleration of vesting of such awards, Company will pay Executive an
      amount equal to the value of

      the restricted stock that was granted to Executive prior to the date
      Executive's employment is terminated, and that remains unvested as of the
      date of termination. The cash payment will be equal to the fair market
      value of the Company's stock that is subject to the unvested portion of a
      restricted stock award calculated as of the date employment terminates
      (reduced by the purchase price, if any, that had not been paid for such
      restricted stock). Payment will occur no later than three (3) days
      following the date Executive's employment is terminated. As a condition of
      receiving such payment, and effective on its receipt, Executive will have
      no further rights in such restricted stock awards or in any other payments
      in relation to such restricted stock awards.

This Policy cannot be amended, altered, suspended or terminated as to (i) the
acceleration of vesting of Options granted to Executive prior to the date of
such amendment, alteration, suspension, or termination, or (ii) the right of an
Executive to receive a cash payment in lieu of acceleration of vesting of
restricted stock granted to Executive prior to the date of such amendment,
alteration, suspension, or termination, unless mutually and expressly agreed
otherwise between Executive and the Company, which agreement must be in writing
and signed by Executive and the Company.

All payments and benefits under this Policy will be subject to all applicable
tax withholding.

The Company agrees to pay all costs and reasonable expenses, including
reasonable attorneys' fees, incurred by an Executive with respect to an action
(i) brought by or on behalf of an Executive to obtain any payment owed to an
Executive in lieu of, and in consideration for, the Executive's waiving and
relinquishing any rights to acceleration of vesting of restricted stock awards,
or (ii) instituted by or in the name of the Company to interpret any of the
terms of the Policy or the equity incentive plan under which restricted stock
awards were granted as they relate to the Company's obligation to make a payment
to Executives in lieu of, and in consideration for, waiving and relinquishing
any rights to the acceleration of vesting of restricted stock awards.

Notwithstanding the foregoing, the Company will not have an obligation to pay
costs, expenses or attorneys' fees incurred by an Executive if (i) in an action
initiated by or on behalf of an Executive, the court determines that each of the
material assertions made by the Executive as a basis for such action were not
made in good faith or were frivolous, (ii) in an action brought by or in the
name of the Company, the court determines that each of the Executive's material
defenses to such action were not made in good faith or were frivolous, or (iii)
the court determines that the Executive is not otherwise entitled to be paid
such costs, fees and expenses.

It is the Company's intention that if the Company contests an Executive's right
to payment in lieu of, and in consideration for the Executive's waiving and
relinquishing any rights to, acceleration of vesting of the Executive's
restricted stock awards, the question of the Executive's right to such payment
shall be for the court to decide, and no action of the Company (including its
Board of Directors, any committee or subgroup

of the Board of Directors, or independent legal counsel) shall create a
presumption that the Executive is not entitled to such payment.

If the payment in lieu of, and in consideration for the Executive's waiving and
relinquishing any rights to, acceleration of vesting of the Executive's
restricted stock awards, described above is not made within three (3) days of
the date of termination of an Executive's employment, interest will accrue on
the overdue payment at the highest rate permitted by law.

The foregoing severance terms do not change the at-will nature of any
Executive's employment with PeopleSoft. Any disputes, controversies, or claims
arising out of or relating to this Policy must be resolved under PeopleSoft's
Internal Dispute Solution (IDS) process.

DEFINITIONS

"Cause" means (i) a material act of dishonesty by Executive in connection with
the Executive's employment with the Company; (ii) the Executive's conviction of,
or plea of nolo contendere to, a felony; (iii) the Executive's gross misconduct
in connection with the performance of his or her duties; (iv) Executive's death
or permanent disability preventing him or her from performing the usual and
necessary functions of his or her office; (v) the Executive's material breach of
his or her obligations as an officer of the Company; or (vi) the Executive's
failure to materially comply with the Company's policies. With respect to
clauses (iii), (v) and (vi), such actions shall not constitute Cause if they are
cured by the Executive within thirty (30) days following delivery to the
Executive of a written explanation specifying the basis for the Company's belief
that it has Cause, provided that the Company deems such action capable of being
cured.

"Constructive Discharge" means (i) the occurrence of one or more of the
following ("Constructive Discharge Events"): (a) a material reduction in the
Executive's Base Salary or target bonus potential under the Employee Incentive
Compensation Plan other than for Cause, (b) a material reduction in Executive's
authority or duties (other than a material reduction in authority or duties
occurring solely by virtue of a Change of Control, as for example, when an
Executive retains the position in the Company but the Company is a wholly-owned,
privately-held subsidiary or division of a larger company, or a reduction other
than for Cause); or (c) relocation of Executive's position outside of the
metropolitan area where Executive is currently employed, and (ii) a Constructive
Discharge Event continues for more than thirty (30) days after delivery of
written notice by the Executive to the Company specifying the circumstances of
the alleged Constructive Discharge, which notice must be delivered to the
Company within five (5) business days of the Constructive Discharge Event, and
(iii) Executive resigns from all positions with the Company or its successor
within ten (10) days of the expiration of Company's 30 day cure period, where
such Constructive Discharge Event is still ongoing.

"Change of Control" means:

      (a)   Any "person" (as such term is used in Sections 13(d) and 14(d) of
            the Securities Exchange Act of 1934, as amended) becomes the
            "beneficial owner" (as defined in Rule 13d-3 under said Act),
            directly or indirectly, of securities of the Company representing
            forty-five percent (45%) or more of the total voting power
            represented by the Company's then outstanding voting securities; or

      (b)   A change in the composition of the Board occurring within a two-year
            period, as a result of which fewer than a majority of the directors
            are Incumbent Directors. "Incumbent Directors" shall mean directors
            who either (A) are directors of the Company as of the date hereof,
            or (B) are elected, or nominated for elections, to the Board with
            the affirmative votes of at least a majority of the Incumbent
            Directors at the time of such election or nomination (but shall not
            include an individual whose election or nomination is in connection
            with an actual or threatened proxy contest relating to the election
            of directors to the Company); or

      (c)   The consummation of a merger or consolidation of the Company with
            any other corporation, other than a merger or consolidation which
            would result in the voting securities of the Company outstanding
            immediately prior thereto continuing to represent (either by
            remaining outstanding or by being converted into voting securities
            of the surviving entity) at least fifty-five percent (55%) of the
            total voting power represented by the voting securities of the
            Company or such surviving entity outstanding immediately after such
            merger or consolidation; or

      (d)   The consummation of the sale or disposition by the Company of all or
            substantially all of the Company's assets.