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WDC > SEC Filings for WDC > Form 8-K on 10-Feb-2014All Recent SEC Filings

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Form 8-K for WESTERN DIGITAL CORP


10-Feb-2014

Change in Directors or Principal Officers


Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On February 7, 2014, the Compensation Committee of the Board of Directors of Western Digital Corporation (the "Company") established the performance goals for cash bonus awards to be made under the Company's Incentive Compensation Plan (the "ICP") for the six-month period beginning December 28, 2013 and ending June 27, 2014. Under the ICP, the Company's executive officers and certain other employees are eligible to receive cash bonus awards that are determined based on the Company's achievement of the established performance goals as well as other discretionary factors, including non-financial and strategic operating objectives, business and industry conditions and individual and business group performance. For the six-month period beginning December 28, 2013 and ending June 27, 2014, the Compensation Committee selected earnings per share as the financial performance goal for each of the Company's Chief Executive Officer and Chief Financial Officer, and selected operating income as the financial performance goal for the Company's other named executive officers. The Compensation Committee then established the specific earnings per share and operating income goals, as applicable, that correspond to specific achievement percentages ranging between 0% and 200%.

For executive officers, the Compensation Committee has previously approved an ICP target bonus under the ICP for each executive officer that is expressed as a percentage of the executive's semi-annual base salary and that currently ranges from 85% to 150% for the executive officers. At the end of the six-month performance period, the ICP will fund in an amount ranging from 0% to 200% based on an interpolation between the Company's performance as measured against the applicable pre-established goals and a consideration of the Company's overall achievement of key non-financial and strategic operating objectives as well as changes in the business and industry that occur during the performance period. Each executive will be eligible to receive a bonus in an amount equal to his target bonus multiplied by the funding percentage approved by the Compensation Committee, subject to further adjustment by the Compensation Committee depending upon the executive's individual and business group's performance.


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