Document:

Exhibit 10.1

 

 

SEAGATE
HDD CAYMAN,

 

SEAGATE
TECHNOLOGY,

 

SEAGATE TECHNOLOGY PLC

 

and

 

WELLS
FARGO BANK, NATIONAL ASSOCIATION.

 

 

SUPPLEMENTAL
INDENTURE

 

Dated
as of July 3, 2010

 

Supplementing
the Indenture dated as of May 13, 2010

 

 

 

The
SUPPLEMENTAL INDENTURE, dated as of July 3, 2010 (this “Supplemental Indenture”), by and
among SEAGATE HDD CAYMAN, an exempted limited liability company organized under
the laws of the Cayman Islands, as issuer (the “Company”),
SEAGATE TECHNOLOGY, an exempted limited liability company organized under the
laws of the Cayman Islands, as original guarantor (“Old
Parent”), SEAGATE TECHNOLOGY PLC, a public limited company
incorporated under the laws of Ireland, as successor guarantor, (“New Parent”) and WELLS FARGO BANK,
NATIONAL ASSOCIATION, as Trustee (the “Trustee”).

 

RECITALS

 

WHEREAS,
the Company is an indirect wholly-owned subsidiary of Old Parent, and Old
Parent is a direct wholly-owned subsidiary of New Parent;

 

WHEREAS,
the Company has heretofore executed and delivered to the Trustee an Indenture,
dated as of May 13, 2010 (the “Indenture”),
providing for the creation and issuance by the Company of 6.875% Senior Notes
due 2020 (the “Notes”) and
the guarantee thereof by Old Parent (the “Parent Guarantee”);

 

WHEREAS,
the Reorganization anticipated in the Indenture has been consummated such that
New Parent has become the publically traded parent of the Seagate group of
companies including the Company and Old Parent;

 

WHEREAS,
in accordance with Section 10.05(b) of the Indenture, the Company,
Old Parent, New Parent and the Trustee have agreed to execute this Supplemental
Indenture to provide for the assumption by New Parent of all of the obligations
of Old Parent under the Notes, the Parent Guarantee and the Indenture and the
release of Old Parent from all obligations and covenants thereunder;

 

WHEREAS,
Sections 9.01(ii) and 9.01(xiii) of the Indenture provide that the
parties hereto may execute this Supplemental Indenture without the consent of
the Holders of the Notes;

 

WHEREAS,
in accordance with Sections 9.03, 11.04 and 11.05 of the Indenture,
the Trustee has received an Officers’ Certificate and an Opinion of Counsel of
the Company relating this Supplemental Indenture;

 

WHEREAS,
in accordance with Section 10.05(b) of the Indenture, the Trustee has
received an Opinion of Counsel of New Parent that this Supplemental Indenture,
when executed, will be valid and binding upon the New Parent; and

 

WHEREAS,
in accordance with Section 9.03 of the Indenture, the Trustee is
authorized to execute and deliver this Supplemental Indenture.

 

NOW,
THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the Company, Old
Parent, New Parent and the Trustee, acting for itself and the Holders of the
Notes, agree as follows:

 

 

1.                                       Defined Terms. 
In this Supplemental Indenture, unless the context otherwise requires:

 

1.1                                 Terms defined in the Indenture have the same
meaning when used in this Supplemental Indenture unless otherwise defined in
this Supplemental Indenture; and

 

1.2                                 All references to “the Supplemental Indenture”
or “this Supplemental Indenture” are to this Supplemental Indenture as
modified, supplemented or amended from time to time.

 

2.                                       Amendments to the Indenture.

 

2.1                                 Section 1.01. Section 1.01 of the Indenture is hereby
amended by inserting the following definition in place of the corresponding
definition of such term in the Indenture:

 

“Parent” means Seagate Technology plc, a
public limited company incorporated under the laws of Ireland, or any successor
obligor to its obligations under the Indenture and the Notes pursuant to
Article 5.

 

2.2                                 In accordance with Section 10.05(b) of
the Indenture, New Parent expressly assumes all of the obligations of Old Parent
under the Notes, the Parent Guarantee and the Indenture.

 

2.3                                 In accordance with Section 10.05(b) of
the Indenture, New Parent succeeds to, and is substituted for, and may exercise
every right and power of, Old Parent under the Indenture with the same effect
as if New Parent had been named therein as the Parent.

 

2.4                                 In accordance with 10.05(b) of the
Indenture, Old Parent is discharged and released from all obligations and
covenants under the Indenture, the Parent Guarantee and the Notes.

 

3.                                       Miscellaneous.

 

3.1                                 Except as expressly amended hereby, the
Indenture, is in all respects ratified and confirmed and all terms, conditions
and provisions thereof shall remain in full force and effect.  This Supplemental Indenture shall be
construed as supplemental to the Indenture, and all the terms and conditions of
this Supplemental Indenture shall be deemed part of the terms and conditions of
the Indenture.  Every holder of Notes
heretofore or hereafter authenticated and delivered shall be bound hereby.  This Supplemental Indenture is subject to the
provisions of the Trust Indenture Act of 1939, as amended, and shall, to the
extent applicable, be governed by such provisions.

 

3.2                                 The parties may sign any number of copies of
the Supplemental Indenture. Each signed copy shall be an original, but all of
them together represent the same agreement. The exchange of copies of this
Supplemental Indenture and of signature pages by facsimile or PDF
transmission shall constitute effective execution and delivery of the Supplemental
Indenture as to the parties hereto and may be used in lieu of the original
Supplemental Indenture for all 

 

2

 

purposes. Signatures of the parties hereto
transmitted by facsimile or PDF shall be deemed to be their original signatures
for all purposes.

 

3.3                                 The Article and Section headings
herein are for convenience only and shall not affect the construction hereof.

 

3.4                                 In case any one or more of the provisions
contained in this Supplemental Indenture or in the Notes shall for any reason
be held to be invalid, illegal or unenforceable in any respect, such
invalidity, illegality or unenforceability shall not affect any other
provisions of this Supplemental Indenture or of the Notes, but this Supplemental
Indenture and the Notes shall be construed as if such invalid, illegal or
unenforceable provision had never been contained herein or therein.

 

3.5                                 THIS SUPPLEMENTAL INDENTURE SHALL BE CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

3.6                                 No amendment to or termination of this
Supplemental Indenture and no modification of 
Old Parent’s or New Parent’s respective obligations under the Indenture,
as supplemented and amended by this Supplemental Indenture, shall be effective
absent the written consent of the Company, New Parent, the Trustee and Old
Parent.

 

3.7                                 The Trustee shall not be responsible in any
manner whatsoever for or in respect of the validity or sufficiency of this
Supplemental Indenture or for or in respect of the recitals contained herein.

 

3

 

IN
WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to
be duly executed all as of the day and year first above written.

 

	
   

  	
  SEAGATE HDD CAYMAN

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Kenneth M. Massaroni

  
	
   

  	
   

  	
  Name:

  	
  Kenneth
  M. Massaroni

  
	
   

  	
   

  	
  Title:

  	
  Senior
  Vice President, General Counsel and Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
  SEAGATE TECHNOLOGY

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Kenneth M. Massaroni

  
	
   

  	
   

  	
  Name:

  	
  Kenneth
  M. Massaroni

  
	
   

  	
   

  	
  Title:

  	
  Senior
  Vice President, General Counsel and Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
  SEAGATE TECHNOLOGY PLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Kenneth M. Massaroni

  
	
   

  	
   

  	
  Name:

  	
  Kenneth
  M. Massaroni

  
	
   

  	
   

  	
  Title:

  	
  Senior
  Vice President, General Counsel and Company Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
  WELLS FARGO BANK, NATIONAL ASSOCIATION, AS TRUSTEE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Maddy Hall

  
	
   

  	
   

  	
  Name:

  	
  Maddy
  Hall

  
	
   

  	
   

  	
  Title:

  	
  Vice
  President

  

 

[Signature page to Supplemental Indenture for 6.875% notes]Exhibit 10.2

 

DATED JULY 2, 2010

 

 

SEAGATE TECHNOLOGY PUBLIC
LIMITED COMPANY

 

 

DEED POLL OF ASSUMPTION

 

 

 

DEED POLL OF ASSUMPTION

 

OF

 

SEAGATE TECHNOLOGY PUBLIC
LIMITED COMPANY

 

This
Deed Poll relating to the Seagate Technology share incentive plans listed in
Schedule 1 of this deed poll (the “Share
Plans”) and the Maxtor Corporation
share incentive plans listed in Schedule 2 of this deed poll (the “Maxtor  Plans”)
is made on July 2, 2010 by SEAGATE
TECHNOLOGY PUBLIC LIMITED COMPANY, a company established in Ireland
with registered number 480010 having its registered office at Arthur Cox
Building, Earlsfort Terrace, Dublin 2 (“Seagate
Ireland”).

 

WHEREAS on May 14,
2010, Seagate Technology (“Seagate Cayman”),
a limited company incorporated in the Cayman Islands, received approval from
the Grand Court of the Cayman Islands for a scheme of arrangement pursuant to
section 86 of the Companies Law (2009 Revision) of the Cayman Islands (the “Scheme of Arrangement”) that effected a
transaction that resulted in the common shareholders of Seagate Cayman becoming
ordinary shareholders of Seagate Ireland and Seagate Cayman becoming a
wholly-owned subsidiary of Seagate Ireland (the “Transaction”), such Transaction becoming effective as of July 3,
2010 upon the filing of the court order sanctioning the Scheme of Arrangement
with the Cayman Registrar of Companies;

 

WHEREAS in
connection with and contingent upon the consummation of the Transaction,
Seagate Ireland proposes to assume the Share Plans and any outstanding options
and/ or awards granted thereunder and Seagate Ireland proposes to assume the
Maxtor Plans and any outstanding options and/ or awards granted thereunder,
subject to, and in accordance with, the terms of the Agreement and Plan of
Merger by and among Seagate Cayman, MD Merger Corporation and Maxtor
Corporation (“Maxtor”) dated 20 December 2005
(the “Maxtor Merger Agreement”)
insofar as it reflected the rights and obligations of Seagate Cayman in respect
of the Maxtor Plans in effect immediately prior to the Transaction becoming
effective; (the “Assumption”);

 

WHEREAS in
connection with and contingent upon the consummation of the Transaction and the
Assumption, Seagate Ireland wishes to adopt the Share Plans amended as
necessary or appropriate to give effect to the Transaction and the Assumption,
such amendments principally providing (1) for the appropriate substitution
of Seagate Ireland for Seagate Cayman in such Share Plans; and (2) that
ordinary shares of Seagate Ireland will be issued, held available or used, as
appropriate, to measure benefits under such Share Plans, in lieu of the common
shares of Seagate Cayman; and

 

WHEREAS in
connection with and contingent upon the consummation of the Transaction and the
Assumption, Seagate Ireland wishes to adopt the Maxtor Plans amended as
necessary or appropriate to give effect to the Transaction and the Assumption,
such amendments principally providing (1) for the appropriate substitution
of Seagate Ireland for Maxtor in such Maxtor Plans; and (2) that ordinary shares
of Seagate Ireland will be issued, held available or used, as appropriate, to
measure benefits under such Maxtor Plans, on the basis of and in accordance
with the ratios specified in the Maxtor Merger Agreement, in lieu of the common
shares of Seagate Cayman which were previously to be issued, held available or
used; and

 

WHEREAS as
a result of the Transaction becoming effective, Seagate Ireland desires to
assume sponsorship of the Share Plans and the Maxtor Plans, the terms of which
are substantially the same as those contained in Schedule 3.

 

 

NOW THIS DEED POLL WITNESSES AS FOLLOWS:

 

Seagate
Ireland hereby declares, undertakes and agrees for the benefit of each
participant in the Share Plans and the Maxtor Plans that, with effect from July 3,
2010, it shall:

 

1.                                     undertake and discharge all of the rights and
obligations of Seagate Cayman under the Share Plans;

 

2.                                     undertake and discharge all of the rights and
obligations of Seagate Cayman under the Maxtor Plans subject to, and in
accordance with, the Maxtor Merger Agreement;

 

3.                                     exercise all of the powers of Seagate Cayman as
provided for in the Share Plans and, in respect of the Maxtor Plans, in the
Maxtor Merger Agreement and Maxtor Plans;

 

4.                                     be bound by the terms of the Share Plans and the Maxtor
Plans (as previously assumed and applied by Seagate Cayman pursuant the Maxtor
Merger Agreement) so that Seagate Ireland will be bound by the requirements,
without limitation, as in effect immediately prior to the effective date of
this Deed Poll, save for such changes as are necessary to effectuate and
reflect the assumption by Seagate Ireland of the Share Plans and the Maxtor
Plans (pursuant to the terms of the Maxtor Merger Agreement) and the rights and
obligations of Seagate Cayman thereunder;

 

5.                                     Seagate Ireland hereby assumes and adopts, for the
time being, the form of

 

5.1                            Enrollment/ Withdrawal and Change Form in respect
of the ESPP (as defined in Schedule 1);

 

5.2                            Share Award Agreements (as defined in the SCP (as
defined in Schedule 1));

 

5.3                            Option Agreements (as defined in the SOP) in respect
of the SOP (as defined in Schedule 1)

 

(collectively, the “Share Plan Materials”)

 

adopted by Seagate Cayman in connection with
participation in the ESPP and for the issuance of Share Awards (as defined in the
SCP) under the SCP and for the issuance of Options (as defined in the SOP)
under the SOP, respectively, on and after 
July 3, 2010, with such amendments and modifications thereto as may
be necessary or appropriate to effectuate and reflect the assumption by Seagate
Ireland of the Share Plans and the form of the Share Plan Materials and the
rights and obligations of Seagate Cayman thereunder; and

 

This Deed Poll may be
executed in any number of counterparts each of which when executed and
delivered shall be an original, but all the counterparts together shall
constitute one and the same instrument.

 

This
Deed Poll shall be governed and construed in accordance with the laws of
Ireland.

 

IN WITNESS WHEREOF this Deed Poll has been executed by Seagate Ireland on the date first
above written.

 

 

	
  GIVEN
  under the common seal of

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SEAGATE TECHNOLOGY PUBLIC LIMITED COMPANY

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/
  PATRICK J. O’MALLEY

  	
   

  	
   

  
	
  Patrick
  J. O’Malley

  	
   

  	
   

  
	
  Director

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/
  JACQUELINE MCGOWAN-SMYTH

  	
   

  	
   

  
	
  Jacqueline
  McGowan-Smyth

  	
   

  	
   

  
	
  For
  and on behalf of Bradwell Limited Company Secretary

  	
   

  	
   

  

 

 

SCHEDULE 1

 

List of the Share Plans

 

1.                                     Seagate Technology public limited company Employee
Stock Purchase Plan (as amended and restated), including any sub-plans thereto
(the “ESPP”);

 

2.                                     Seagate Technology public limited company 2004 Share
Compensation Plan, including any sub-plans thereto (the “SCP”);

 

3.                                     Seagate Technology public limited company 2001 Share
Option Plan (as amended and restated), including any sub-plans thereto (the “SOP”).

 

 

SCHEDULE 2

 

List of the Maxtor Plans

 

1.                                     Maxtor Corporation 2005 Performance Incentive Plan,
including any sub-plans thereto, incorporated by reference to Exhibit 10.1
to Maxtor Corporation’s Quarterly Report on Form 10-Q filed with the SEC
on August 4, 2005;

 

2.                                     Maxtor Corporation Amended and Restated 1996 Stock
Option Plan, including any sub-plans thereto, incorporated by reference to Exhibit 10.70
to Maxtor Corporation’s Annual Report on Form 10-K filed with the SEC on March 28,
2003;

 

3.                                     Quantum Corporation Supplemental Stock Option Plan,
including any sub-plans thereto, incorporated by reference to Exhibit 10.4
to Seagate Technology’s Form S-8 filed on May 26, 2006.

 

 

SCHEDULE 3

 

Seagate Technology public
limited company

Employee Stock Purchase  Plan (as amended
and restated),

including any sub-plans thereto

 

 

Seagate Technology public
limited company

2004 Share Compensation  Plan,

including any sub-plans thereto

 

 

Seagate Technology public
limited company

2001 Share Option  Plan (as amended
and restated),

including any sub-plans thereto

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