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STX > SEC Filings for STX > Form 8-K on 23-Jul-2014All Recent SEC Filings

Show all filings for SEAGATE TECHNOLOGY PLC

Form 8-K for SEAGATE TECHNOLOGY PLC


23-Jul-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.

(b) Director Departures

On July 22, 2014, Lydia M. Marshall and Dr. Seh-Woong Jeong, two of Seagate Technology plc's (the "Company") directors, notified the Board of Directors of the Company (the "Board") that they will not stand for re-election at the Company's 2014 Annual General Meeting (the "2014 AGM"). Neither Ms. Marshall's nor Dr. Jeong's decision was the result of any disagreement with the Company. Both Ms. Marshall and Dr. Jeong will continue to serve on the Board until the expiration of their current terms at the 2014 AGM.

(e) Executive Bonus Opportunities

On July 22, 2014, the Compensation Committee of the Board approved a cash bonus opportunity for the Company's 2015 fiscal year for each of William D. Mosley, President, Operations and Technology, Albert A. "Rocky" Pimentel, President, Global Markets and Customers, and James Lerner, President, Cloud Systems and Solutions.

The bonus opportunity, which is in addition to the bonus that may be earned under the Executive Officer Performance Bonus Plan (the "EOPB"), is up to 25% of each executive's annual base salary. The payout will be based on the level of funding of the EOPB for the Company's 2015 fiscal year, up to target, as well as the achievement of individual goals tied to strategic objectives for each executive's organization during the 2015 fiscal year. For Mr. Mosley, these goals relate to overseeing the development and improvement of certain new and existing technologies and implementing various operational efficiency strategies in the Company's global manufacturing operations. For Mr. Pimentel, these goals relate to pricing strategies, sales force development and focused strategies for the sales of the Company's products in various markets. For Mr. Lerner, these goals relate to developing architectures for the advancement of certain strategies, the integration of certain acquisitions and overseeing the development of the Cloud Systems and Solutions organization, sales force and branding.


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