Document:

Exhibit 10.15

 

Seagate Technology plc

FY2011 Non-Management Board Member Compensation

as approved by the Board of Directors on July 27,
2010, with an effective date of July 3, 2010

 

Director
Stock Grants

 

·                  Each newly
appointed or elected non-management director will receive an initial restricted
share unit grant equal in number to $200,000 divided by the average closing
stock price for the quarter prior to the grant and rounded to the nearest whole
share. If the appointment occurs other than in connection with the election of
directors, this dollar amount shall be prorated. The grant date for these
awards shall be the date of the director’s election or appointment. Each
restricted share unit grant will vest on the sooner of the one-year anniversary
from the grant date or on the day prior to the next election of directors at an
AGM. All restricted share unit grants become fully vested in the event of a “Change
in Control” of Seagate.  However, if the
new director was, prior to commencement of Board service, an officer or member
of the board of directors of an entity acquired by Seagate, the Board may
decide to award a lesser number of shares.

 

·                  Each year at
the AGM, each non-management director who is elected to the Board shall
automatically receive a grant of restricted share units equal in number to
$200,000 divided by the average closing stock price for the quarter prior to
the grant and rounded to the nearest share. The grant date for these awards
shall be the date of the AGM. Each restricted share unit grant will vest on the
sooner of the one-year anniversary from the grant date or on the day prior to
the next election of directors at an AGM. 
All restricted share unit grants become fully vested in the event of a “Change
in Control” of Seagate.

 

Cash Compensation.

 

·                  Directors in
good standing are paid their annual cash retainers in four equal installments
at each regularly scheduled quarterly board meeting.  Newly appointed Directors are paid beginning
with the first fiscal quarter of the first Board meeting they attend.

 

·                  Directors
serving on Committees (as chairperson or member) and the director serving as
the Lead Independent Directors are paid annual retainers in addition to the
annual cash compensation for service as a member of the Board, as set forth
below.

 

Annual
cash compensation for service as a member of the Board:  $72,000

 

Annual
cash compensation for service as Lead Independent Director:  $25,000

 

Annual
cash compensation for committee service:

 

	
  Audit Committee

  	
   

  	
   

  	
   

  
	
  Chairperson:

  	
   

  	
  $

  	
  50,000

  	
   

  
	
  Member:

  	
   

  	
  $

  	
  25,000

  	
   

  

 

	
  Compensation Committee

  	
   

  	
   

  	
   

  
	
  Chairperson:

  	
   

  	
  $

  	
  20,000

  	
   

  
	
  Member:

  	
   

  	
  $

  	
  10,000

  	
   

  

 

	
  Nominating
  and Corporate Governance Committee

  	
   

  
	
  Chairperson:

  	
   

  	
  $

  	
  20,000

  	
   

  
	
  Member:

  	
   

  	
  $

  	
  10,000

  	
   

  

 

	
  Strategic
  and Financial Transactions Committee

  	
   

  
	
  Chairperson:

  	
   

  	
  $

  	
  20,000

  	
   

  
	
  Member:

  	
   

  	
  $

  	
  10,000

  	
   

  

 

Travel
expense reimbursements:

 

Directors are reimbursed for
all reasonable expenses related to traveling to Board meetings.Exhibit 10.16

 

SEAGATE TECHNOLOGY PUBLIC LIMITED COMPANY

2004 SHARE COMPENSATION PLAN

NOTICE OF PERFORMANCE SHARE BONUS GRANT

(INCLUDES COMPENSATION RECOVERY POLICY)

 

Seagate Technology plc,
a public company incorporated under the laws of the Republic of Ireland with
limited liability under registered number 480010, or any successor thereto (the “Company”),
pursuant to its 2004 Share Compensation Plan (the “Plan”), hereby grants to
Participant the number of the Company’s Ordinary Shares set forth below (the “Award”).  This Award is subject to all of the terms and
conditions as set forth herein and in the Performance Share Bonus Agreement,
the Plan, the form of Assignment Separate from Certificate and the form of
Joint Escrow Instructions, all of which are provided with this Notice of
Performance Share Bonus Grant (the “Grant Notice”) and incorporated herein in
their entirety.  Capitalized terms not
otherwise defined in this Grant Notice or the Performance Share Bonus Agreement
shall have the same meanings as in the Plan.

 

	
  Participant:

  	
   

  	
   

  
	
  Global
  ID Number:

  	
   

  	
   

  
	
  Date
  of Grant:

  	
   

  	
   

  
	
  Grant
  Number:

  	
   

  	
   

  
	
  Vesting
  Commencement Date:

  	
   

  	
   

  
	
  Number
  of Performance Shares:

  	
   

  	
   

  

 

Vesting Schedule:                                            As set forth in Schedule A attached hereto

 

Additional Terms/Acknowledgements: The undersigned
Participant acknowledges receipt of, and understands and agrees to the terms
of, this Grant Notice, the Performance Share Bonus Agreement and the Plan
(including any exhibits to each document). 
Participant further acknowledges that this Grant Notice, the Performance
Share Bonus Agreement and the Plan (including any exhibits to each document)
set forth the entire understanding between Participant and the Company
regarding the acquisition of the Ordinary Shares subject to this Award and
supersede all prior oral and written agreements with respect thereto,
including, but not limited to, any other agreement or understanding between
Participant and the Company or an Affiliate relating to Participant’s
Continuous Service with the Company and any termination thereof, compensation,
or rights, claims or interests in or to ordinary shares of the Company.

 

Participant
also acknowledges that, unless Participant specifically requests (or has in the
past specifically requested) to receive communications regarding the Plan and
this Award in paper form, Participant agrees to receive all communications
regarding the Plan and this Award (including but not limited to the Prospectus)
by electronic delivery through access on the Company’s internal website and/or
Internet website at http://eq.seagate.com, which Participant may easily access
and understands how to access, review and print the communications posted
thereon.  In addition, Participant agrees
that it is Participant’s responsibility to notify the Company of any changes to
Participant’s mailing address so that Participant may receive any shareholder
information to be delivered by regular mail.

 

SEAGATE TECHNOLOGY  PUBLIC LIMITED COMPANY                   PARTICIPANT

 

 

	
  By:

  	
   

  	
   

  	
   

  
	
  Title:

  	
  Chief
  Executive Officer

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
  Date:

  	
   

  

 

	
  ATTACHMENTS:

  	
  Vesting
  Schedule, Performance Share Bonus Agreement, 2004 Share Compensation Plan,
  form of Assignment Separate from Certificate and form of Joint Escrow
  Instructions.

  

 

 

Schedule A

 

Vesting Schedule

 

Subject
to the Participant’s Continuous Service with the Company through each
applicable vesting date and the achievement of the corresponding performance
objective set forth in the table below, the Award shall become vested on each
vesting date with respect to a number of Performance Shares such that the
cumulative number of Performance Shares subject to the Award that have vested
on or prior to the vesting date equals the corresponding percentage set forth
in the table below (rounded to the nearest whole share).  For purposes of the Award, the performance
objective for each vesting date shall be the achievement by the Company of
Adjusted non-GAAP EPS for the fiscal year preceding the fiscal year in which
vesting date occurs of at least $1.00.

 

	
  Vesting
  Date

  	
   

  	
  Minimum Adjusted

  non-GAAP EPS

  	
   

  	
  Cumulative Vesting

  Percentage

  	
   

  
	
  1st Anniversary of Vesting Commencement Date

  	
   

  	
  $

  	
  1.00

  	
   

  	
  25

  	
  %

  
	
  2nd Anniversary of Vesting Commencement Date

  	
   

  	
  $

  	
  1.00

  	
   

  	
  50

  	
  %

  
	
  3rd Anniversary of Vesting Commencement Date

  	
   

  	
  $

  	
  1.00

  	
   

  	
  75

  	
  %

  
	
  4th Anniversary of Vesting Commencement Date

  	
   

  	
  $

  	
  1.00

  	
   

  	
  100

  	
  %

  
	
  5th Anniversary of Vesting Commencement Date

  	
   

  	
  $

  	
  1.00

  	
   

  	
  100

  	
  %

  
	
  6th Anniversary of Vesting Commencement Date

  	
   

  	
  $

  	
  1.00

  	
   

  	
  100

  	
  %

  
	
  7th Anniversary of Vesting Commencement Date

  	
   

  	
  $

  	
  1.00

  	
   

  	
  100

  	
  %

  

 

Any
Performance Shares that remain unvested following the 7th anniversary of the
Vesting Commencement Date shall be forfeited and cancelled as of that
date.  The achievement of the performance
objective for any fiscal year (or lack thereof) shall be evidenced by the
Committee’s written certification.  No
Performance Shares shall vest until such certification has been made.  Notwithstanding the foregoing, in the event
of the Participant’s termination of Continuous Service on account of the
Participant’s death prior to the seventh anniversary of the Vesting
Commencement Date and prior to the Award becoming 100% vested, an additional
25% of the number of Performance Shares subject to the Award shall be deemed to
have vested immediately prior to such termination of Continuous Service.

 

 

For
purposes of the Award, the “Adjusted non-GAAP EPS” (AEPS), shall mean diluted
EPS under GAAP, excluding the impact of non-operating activities and material,
unusual or nonrecurring gains and losses, accounting charges or other
extraordinary events which were not budgeted and were not foreseen at the time
the applicable AEPS performance target was established.  Each year, in
evaluating the performance against the applicable performance target(s), the
Compensation Committee of the Board of Directors (the “Compensation Committee”)
shall, fairly and appropriately, and to the extent consistent with Section 162(m) of
the Code, interpret the calculation of AEPS to reflect non-operating activities
such as unforeseen, unbudgeted gains, losses, charges or events, including:

 

Non-operating adjustments:  These
adjustments would generally be the same as those items the Company would adjust
in its non-GAAP financial results in its quarterly press releases and would
include such items as merger or acquisition related charges, legal claims,
legal judgments or settlements.  In addition, these non-operating
adjustments would also include the effects of charges for restructuring &
reorganization plans, discontinued operations, asset write downs, extraordinary
items (as defined under GAAP) and all items of gain, loss or expense determined
to be extraordinary or unusual in nature or related to divestitures or disposal
of a segment or significant part of a business.

 

Changes in accounting principles or standards:  These
adjustments would include those related to a change in accounting principle
(including the cumulative effect of accounting changes) as determined in
accordance with Statement of Financial Standards No. 154, Accounting Changes and Error Corrections or
other applicable or successor accounting provisions.  These adjustments
would also include those that the Compensation Committee in good faith
determines require adjustment because of changes in accounting standards
promulgated by accounting standard setters, such as future potential voluntary
or mandatory adoption of International Financial Reporting Standards (IFRS).
 In each case these adjustments will be determined in accordance with GAAP
or as identified in the Company’s financial statements or notes to the
financial statements

 

Tax related adjustments:  These adjustments
would include those related to the effect of changes in tax law or other such
law as well as tax adjustments directly attributable to mergers &
acquisitions or other non-operating adjustments above.

 

The
above list of adjustments is not meant to be comprehensive, but rather to
provide examples of those adjustments appropriate to make in order to carry out
the Compensation Committee’s intent of mitigating the unbudgeted impact of
material, unusual or nonrecurring gains and losses, accounting charges or other
extraordinary events not foreseen at the time the Compensation Committee
established the original AEPS targets.

 

 

Attachment I

 

Performance Share Bonus Agreement

 

 

SEAGATE TECHNOLOGY PUBLIC LIMITED COMPANY

2004 SHARE COMPENSATION PLAN

PERFORMANCE SHARE BONUS AGREEMENT 

(with acknowledgement of Compensation Recovery Policy)

 

Seagate Technology plc, a public company
incorporated under the laws of the Republic of Ireland with limited liability
under registered number 480010, or any successor thereto (the “Company”) has
awarded you Ordinary Shares of the Company, pursuant to the provisions of the
Company’s 2004 Share Compensation Plan (the “Plan”), the Performance Share
Bonus Grant Notice (including any attachments thereto, “Grant Notice”) and this
Performance Share Bonus Agreement (including any attachments hereto, “Agreement”)
(collectively, the “Award”). Defined terms not explicitly defined in this
Agreement or the Notice but defined in the Plan shall have the same definitions
as in the Plan.

 

The details of your Award are as follows:

 

1.                                      GRANT OF PERFORMANCE SHARES. 
You are entitled to the aggregate number of Ordinary Shares (the “Performance
Shares”) specified in your Grant Notice pursuant to the terms and conditions of
this Agreement.  You agree to execute
three (3) copies of the Assignment Separate From Certificate (with date
and number of shares blank) in the form attached to the Grant Notice as
Attachment III and one (1) copy of the Joint Escrow Instructions in the
form attached to the Grant Notice as Attachment IV and to deliver the same to
the Company, along with the certificate or certificates evidencing the
Performance Shares, for use by the Escrow Agent pursuant to the terms of the
Joint Escrow Instructions (as further described in Section 2(d) below).

 

2.                                      VESTING & COMPANY’S REPURCHASE RIGHT.

 

(a)                                  Subject to
the limitations contained herein, the Performance Shares will vest as provided
in Schedule A to the Grant Notice, provided that, except as set forth in
Schedule A to the Grant Notice, vesting will cease upon the termination of
your Continuous Service with the Company and its Subsidiaries and Affiliates (“Termination”).  Notwithstanding anything to the contrary, the
vesting of the Performance Shares shall be conditioned upon your making
adequate provision for federal, state or other tax withholding obligations, if
any, which arise upon the release of the Performance Shares from the Company’s
Repurchase Right (as defined in Section 2(b) below) or at the time a Section 83(b) election
(as described in further detail below) is made, whether by withholding (whether
authorized pursuant to Section 9(b) of this Agreement or otherwise),
direct payment to the Company, the triggering of the automatic sale provisions
of Section 9(d) of this Agreement, or otherwise.  In addition, if on any date on which the
Performance Shares would otherwise vest you would be in violation of Rule 10b-5
promulgated under the Exchange Act if you were to sell any of the Performance
Shares on that date, the vesting of those Performance Shares shall be delayed
until the first date on which you would no longer be in violation of Rule 10b-5,
unless, prior to the commencement of any trading blackout or closed window
period in effect on the scheduled vesting date, you established an effective Rule 10b5-1
trading plan that provides for the sale of a sufficient number of the
Performance Shares scheduled to vest on such vesting date to fund the payment
of any tax withholding obligations imposed in connection with the vesting of
the Performance Shares, which trading plan remains in effect on the applicable
vesting date.

 

 

(b)                                  The Company
shall, simultaneously with your voluntary or involuntary Termination for any
reason (including death or Disability), automatically reacquire without payment
of any consideration by the Company all of the Performance Shares that have not
yet vested in accordance with the Grant Notice (after taking into account any
accelerated vesting as a result of such Termination) (the “Repurchase Right”)
on the date of your Termination (the “Termination Date”) and any and all
accrued but unpaid dividends paid or payable with respect to Performance Shares
that have not yet vested as of the Termination Date automatically shall be
forfeited to the Company without payment of any consideration by the Company,
and neither you nor any of your successors, heirs, assigns, or personal
representatives shall thereafter have any further rights or interests in such
Performance Shares, certificates or dividends.

 

(c)                                  Immediately
following the 7th anniversary of the Vesting Commencement Date the Company
shall automatically reacquire without payment of any consideration by the
Company all of the Performance Shares that have not yet vested on or prior to
the 7th anniversary of the Vesting Commencement Date in accordance with the
Grant Notice, and any and all accrued but unpaid dividends paid or payable with
respect to such Performance Shares automatically shall be forfeited to the
Company without payment of any consideration by the Company, and neither you
nor any of your successors, heirs, assigns, or personal representatives shall
thereafter have any further rights or interests in such Performance Shares,
certificates or dividends.

 

(d)                                  The shares
issued under your Award and any dividends paid thereon shall be held in escrow
pursuant to the terms of the Joint Escrow Instructions attached to the Grant
Notice as Attachment IV.

 

(e)                                  Subject to
the provisions of your Award, you shall exercise all rights and privileges of a
shareholder of the Company with respect to the Performance Shares deposited in
escrow. You shall be deemed to be the holder of the Performance Shares for
purposes of receiving any dividends that may be paid with respect to such
Performance Shares and for purposes of exercising any voting rights relating to
such Performance Shares, even if some or all of such Performance Shares have
not yet vested and been released from the Company’s Repurchase Right.

 

(f)                                    If, from time
to time, there is any share dividend, share split or other change in the
character or amount of any of the outstanding shares of the company the shares
of which is subject to the provisions of your Award, then in such event any and
all new, substituted or additional securities or property to which you are
entitled by reason of your ownership of the Performance Shares acquired under
your Award shall be immediately subject to the Repurchase Right with the same
force and effect as the Performance Shares subject to the Repurchase Right
immediately before such event.

 

(g)                                 If at any
time during the term of the Repurchase Right, there occurs a Change of Control,
then: (i) if there will be no successor to the Company, the Company shall
apply its Repurchase Right as to all or any portion of the shares then subject
to the Repurchase Right set forth above to the same extent as if your
Termination had occurred on the date preceding the date of consummation of said
event or transaction, or (ii) if there will be a successor to the Company,
the Company shall assign its Repurchase Right to any successor of the Company,
and the Repurchase Right shall apply in the event of your Termination with such
successor on the same basis as set forth above in Section 2(b).  In that case, references herein to the “Company”
shall be deemed to refer to such successor. In addition, such successor may
elect 

 

2

 

at the time of the assignment to purchase all, but not less than all,
of the unvested Performance Shares held by you at the then current Fair Market
Value of the Company’s Ordinary Shares (or the security into which such
Ordinary Shares has been converted), and the Repurchase Right shall thereupon
immediately lapse as to all such shares.

 

3.                                      NUMBER OF SHARES.  The number
of Performance Shares subject to your Award may be adjusted from time to time
for changes in capitalization, as provided in Article XIII of the Plan.

 

4.                                      SEAGATE TECHNOLOGY PUBLIC LIMITED COMPANY
COMPENSATION RECOVERY FOR FRAUD OR MISCONDUCT POLICY. 
The Participant hereby acknowledges and agrees that the Participant and
the award evidenced by this Agreement are subject to the Seagate Technology
Public Limited Company Compensation Recovery for Fraud and Misconduct Policy as
in effect from time to time, a current copy of which is attached hereto as Exhibit A.  To the extent the Participant is subject to
the policy, the terms and conditions of the policy are hereby incorporated by
reference into this Agreement.

 

5.                                      SECURITIES LAW COMPLIANCE. 
You will not be issued any shares under your Award unless the shares are
either (a) then registered under the Securities Act or (b) the
Company has determined that such issuance would be exempt from the registration
requirements of the Securities Act. Your Award must also comply with other
applicable laws and regulations governing the Award, and you will not receive
such shares if the Company determines that such receipt would not be in
material compliance with such laws and regulations.

 

6.                                      RESTRICTIVE LEGENDS.  The shares
issued under your Award shall be endorsed with appropriate legends determined
by the Company.

 

7.                                      TRANSFERABILITY. 
The Performance Shares that remain
subject to the Company’s Repurchase Right may not be assigned, alienated,
pledged, attached, sold or otherwise transferred or encumbered by the
Participant without the prior written
consent of the Company and any such purported assignment, alienation,
pledge, attachment, sale, transfer or encumbrance shall be void and
unenforceable against the Company or any Affiliate; provided that the
designation of a beneficiary shall not constitute an assignment, alienation,
pledge, attachment, sale, transfer or encumbrance.

 

8.                                      AWARD NOT A SERVICE CONTRACT. 
Your Award is not an employment or service contract, and nothing in your
Award shall be deemed to create in any way whatsoever any obligation on your
part to continue in the employ of the Company or an Affiliate, or on the part
of the Company or an Affiliate to continue your employment. In addition,
nothing in your Award shall obligate the Company or an Affiliate, their
respective shareholders, boards of directors, Officers or Employees to continue
any relationship that you might have as an Employee, Director or Consultant for
the Company or an Affiliate.

 

3

 

9.                                      TAX CONSEQUENCES.  Set forth
below is a brief summary as of the Grant Date of certain United States federal
income tax consequences of the award of Performance Shares.  THIS SUMMARY DOES NOT ADDRESS EMPLOYMENT,
SPECIFIC STATE, LOCAL OR FOREIGN TAX CONSEQUENCES THAT MAY BE APPLICABLE
TO YOU.  YOU UNDERSTAND THAT THIS SUMMARY
IS NECESSARILY INCOMPLETE, AND THAT THE TAX LAWS AND REGULATIONS ARE SUBJECT TO
CHANGE.

 

(a)                                  Unless you
make a Section 83(b) election as described below, you shall recognize
ordinary income at the time or times the restrictions lapse with respect to the
Performance Shares that have been released from the Repurchase Right in an
amount equal to the the fair market value of such shares on each such date
and the Company shall be required to
collect all the applicable withholding taxes with respect to such income.

 

(b)                                  At the time
your Award is made, or at any time thereafter as requested by the Company, you
hereby authorize, to the fullest extent not prohibited by applicable law,
withholding from payroll and any other amounts payable to you, and otherwise
agree to make adequate provision for any sums required to satisfy the federal,
state, local and foreign tax withholding obligations of the Company or an
Affiliate, if any, which arise in connection with your Award.   However, no such withholding shall be made
unless the net proceeds from the automatic sale, if permitted, of certain
Performance Shares as set forth in Section 9(d) below are not
sufficient to satisfy such withholding obligations.

 

(c)                                  Unless the
tax withholding obligations of the Company and/or any Affiliate are satisfied,
the Company shall have no obligation to issue a certificate for such
Performance Shares or release such Performance Shares from any escrow provided
for herein.

 

(d)                                  In the event
that (a) you are not subject to the requirements of Section 16 of the
Securities Exchange Act of 1934, as amended, on a date that the Repurchase
Right lapses with respect to some or all of the Performance Shares (“Lapse Date”)
and (b) you have not made a Section 83(b) Election or taken
similar action under other applicable law such that you incur a tax liability
on such Lapse Date, then the Escrow Agent determined under Section 2(d) above
shall sell forty percent (40%) of those shares of Performance Shares with
respect to which the Repurchase Right shall have lapsed on the Lapse Date and a
Section 83(b) Election was not made or similar action was not
taken.  The net proceeds from such sale
shall be remitted to the relevant tax authorities by the Escrow Agent for your
benefit in the amounts directed by the Company and any remaining net proceeds,
if any, shall be delivered to you.

 

10.                               SECTION 83(b) ELECTION. 
You hereby acknowledge that you have been informed that, with respect to
the grant of Performance Shares, you may file an election with the Internal
Revenue Service, within 30 days of the Grant Date, electing pursuant to Section 83(b) of
the Internal Revenue Code of 1986, as amended, to be taxed currently on the
fair market value of the Performance Shares on the Grant Date (“Section 83(b) Election”).

 

YOU
ACKNOWLEDGE THAT IF YOU CHOOSE TO FILE AN ELECTION UNDER SECTION 83(b) OF
THE CODE, IT IS YOUR SOLE RESPONSIBILITY AND NOT THE COMPANY’S TO FILE
TIMELY SUCH SECTION 83(b) ELECTION, EVEN IF YOU REQUEST THE COMPANY OR ITS
REPRESENTATIVE TO MAKE THIS FILING ON YOUR BEHALF.

 

4

 

BY
SIGNING THIS AGREEMENT, YOU REPRESENT THAT YOU HAVE REVIEWED WITH YOUR OWN TAX
ADVISORS THE FEDERAL, STATE, LOCAL AND FOREIGN TAX CONSEQUENCES OF THE
TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT AND THAT YOU ARE RELYING SOLELY ON
SUCH ADVISORS AND NOT ON ANY STATEMENTS OR REPRESENTATIONS OF THE COMPANY OR
ANY OF ITS AGENTS.  YOU UNDERSTAND AND
AGREE THAT YOU (AND NOT THE COMPANY) SHALL BE RESPONSIBLE FOR ANY TAX LIABILITY
THAT MAY ARISE AS A RESULT OF THE TRANSACTIONS CONTEMPLATED BY THIS
AGREEMENT.

 

11.                               NOTICES.  Any notices
provided for in your Award or the Plan shall be given in writing and shall be
deemed effectively given upon receipt or, in the case of notices delivered by
the Company to you, five (5) days after deposit in the United States mail,
postage prepaid, addressed to you at the last address you provided to the
Company.

 

12.                               MISCELLANEOUS.

 

(a)                                  The rights
and obligations of the Company under your Award shall be transferable by the
Company to any one or more persons or entities, and all covenants and
agreements hereunder shall inure to the benefit of, and be enforceable by the
Company’s successors and assigns.

 

(b)                                  You agree
upon request to execute any further documents or instruments necessary or
desirable in the sole determination of the Company to carry out the purposes or
intent of your Award.

 

(c)                                  You
acknowledge and agree that you have reviewed your Award in its entirety, have
had an opportunity to obtain the advice of counsel prior to executing and
accepting your Award and fully understand all provisions of your Award.

 

13.                               GOVERNING PLAN DOCUMENT. 
Your Award is subject to all the provisions of the Plan, the provisions
of which are hereby made a part of your Award, and is further subject to all
interpretations, amendments, rules and regulations which may from time to
time be promulgated and adopted pursuant to the Plan. In the event of any
conflict between the provisions of your Award and those of the Plan, the
provisions of the Plan shall control.

 

5

 

EXHIBIT A

 

SEAGATE TECHNOLOGY PUBLIC LIMITED COMPANY COMPENSATION
RECOVERY FOR FRAUD OR MISCONDUCT POLICY

Effective January 29, 2009

 

The
Seagate Technology Public Limited Company Compensation Recovery for Fraud or
Misconduct Policy is intended to support accurate disclosure by recovering
compensation paid to an executive covered by this policy where such
compensation was based on incorrectly reported financial results due to the
fraud or willful misconduct of the executive who received such compensation.

Employees Covered:

 

“Executive”
is defined as U.S. employees of Seagate Technology plc, a public company
incorporated under the laws of the Republic of Ireland with limited liability,
or one of its subsidiaries (the “Company”) at the Senior Vice President level
or above and any other officers subject to Section 16 of the Securities
Exchange Act of 1934, as amended.

 

Compensation Covered:

 

The
repayment and other obligations of an Executive described in this policy apply
to any bonus paid, share grant issued (whether or not vested) and/or vested
during the covered period, or share option exercised during the covered period,
defined as the period commencing with the later of the effective date of this
policy or the date that is four years prior to beginning of the fiscal year in
which a restatement is announced and ending on the date recovery is sought
pursuant to this policy; provided, however, that in no event shall this policy
apply to any share or option award granted before the effective date of this
policy.

 

Fraud or Misconduct:

 

For
the purposes of this policy, “Fraud” or “Misconduct” shall mean any of the
following events that are significant contributing factors to a restatement of
the Company’s financial results, as determined pursuant to “Determination of
Fraud or Misconduct”, below: (A) embezzlement or theft by the Executive, (B) the
commission of any act or acts on the Executive’s part resulting in the
conviction (or plea of guilty or nolo contendere) of such Executive of a felony
under the laws of the United States or any state (or equivalent law of any
jurisdiction outside of the United States), (C) Executive’s willful
malfeasance or willful misconduct in connection with Executive’s financial
reporting obligations for the Company, or (D) Executive’s other
misrepresentation, act, or omission which is materially injurious to the
Company’s financial reporting obligations.

 

Recovery Event:

 

A
recovery event occurs when:

 

·                  The Company
issues a restatement of financial results, and

 

·                  The independent
members of the Board of Directors determine in good faith that the Fraud or
Misconduct of an Executive covered by this policy was a significant 

 

 

contributing
factor to such restatement, and

 

·                  During the
covered period, (i) some or all of a bonus previously paid or
performance-based share grant that vested prior to such restatement, in either
case, having a value of at least $100,000, would not have been paid or become
vested, as applicable, based upon the restated financial results, (ii) the
Executive exercised one or more share options, sold the Company’s shares
acquired upon such exercises and in the aggregate realized proceeds of at least
$100,000 or (iii) the Executive sold the Company’s shares attributable to
one or more non-performance-based share grants and in the aggregate realized
proceeds of at least $100,000.

 

Determination of Fraud or Misconduct:

 

The
determination of whether an Executive’s Fraud or Misconduct was a significant
contributing factor to the Company’s restatement of financial results shall
only be made by the affirmative vote of a majority of all of the independent
members of the Board at an in-person meeting of the independent members of the
Board called and held for such purpose (after reasonable notice is provided to
the Executive and the Executive, with or without legal counsel, is given an
opportunity to be heard at such meeting). 
Any determination by the Board pursuant to this policy shall be subject
to the Executive’s right to review by an arbitrator pursuant to procedures set
forth in the Seagate Executive Severance and Change of Control Plan, a copy of
which is attached hereto.

 

Repayment Obligation:

 

Upon
receiving from the Company the revised calculations and determination of the
independent members of the Board setting forth the amount of a previously paid
bonus or bonuses that would not have been paid and/or a performance-based share
grant or grants that would not have vested, in all cases based upon the
restated financial results, and/or the proceeds of sales of shares acquired
upon the exercise of share options or following the vesting of any
non-performance-based share grants, the affected Executive will be required to
deliver, within 30 days of such written notification of the amount due, to the
Company an amount in equal to: (i) the bonus payments that would not have
been made during the covered period had the restated financial results been
used to determine such bonus awards; (ii) with respect to a
performance-based share grant that was issued and/or vested during the covered
period, an amount in cash or equivalent value in the Company’s shares (or a
combination of the two) equal to the net proceeds realized by the Executive
upon the issuance and, if applicable, subsequent sale of any shares that would
not have been issued or vested based upon the restated financial results; (iii) with
respect to any share option that was exercised during the covered period, an
amount in cash equal to the net proceeds realized by the Executive upon the
sale during the covered period of some or all of the shares acquired upon the
exercise of such share option; and (iv) with respect to the sale of shares
following the vesting of any non-performance-based share grant, an amount in
cash determined by the independent members of the Board to be attributable to
the Executive’s Fraud or Misconduct.  The
Executive shall also immediately comply with any instructions delivered by the
Company with respect to any of the Company’s shares that have not yet been sold
or otherwise disposed of and would not have been issued or vested based upon
the restated financial results.  For this
purpose, “net proceeds” shall be net of any brokerage commissions and amounts
paid to the Company to satisfy the aggregate exercise price and/or tax
withholding obligations paid in respect of the award.  With respect to amounts to be paid in cash,
the form of payment 

 

 

may
be a certified cashier check, money transfer, or other method as approved by
the Board of Directors.

 

Other Terms:

 

The
Company shall be able to enforce the repayment obligation described in this
policy by all legal means available, including, without limitation, by
withholding such amount from other sums owed to the affected Executive.

 

 

Attachment II

 

2004 Share Compensation Plan

 

 

Attachment III

 

Form of Assignment Separate from Certificate

 

 

ASSIGNMENT SEPARATE FROM CERTIFICATE

 

FOR VALUE RECEIVED and pursuant to that certain Performance Share Bonus Grant Notice
and Performance Share Bonus Agreement (the “Award”), [Participant’s Name] hereby sells, assigns and transfers to
Seagate Technology plc, a public company incorporated under the laws of the
Republic of Ireland with limited liability under registered number 480010, or
any successor thereto (“Company”), or its assignee,                                         (         
         ) ordinary shares of
the Company, standing in the undersigned’s name on the books of said Company
represented by Certificate No.      
     herewith, or the securities into which such
ordinary shares of the Company have been converted under the terms of the
Award, and do hereby irrevocably constitute and appoint                  as
attorney-in-fact to transfer the said shares on the books of the within named
Company with full power of substitution in the premises. This Assignment may be
used only in accordance with and subject to the terms and conditions of the
Award, in connection with the reacquisition of ordinary shares of the Company issued
to the undersigned pursuant to the Award, and only to the extent that such
shares remain subject to the Company’s Repurchase Right under the Award.

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Signature:

  	
   

  
	
   

  	
   

  	
  [Participant’s Name]

  

 

[INSTRUCTION:  Please do not fill in any
blanks other than the signature line. The purpose of this Assignment is to
enable the Company to exercise its Repurchase Right set forth in the Award
without requiring additional signatures on your part.]

 

 

Attachment IV

 

Form of Joint Escrow Instructions

 

 

JOINT ESCROW INSTRUCTIONS

 

September 13, 2007

 

Corporate Secretary

Seagate Technology Public Limited Company

920
Disc Drive

Scotts
Valley, CA 95067

 

Dear Sir/Madam:

 

As Escrow Agent for both Seagate
Technology plc, a public company incorporated under the laws of the Republic of
Ireland with limited liability under registered number 480010 (the “Company”),
and the undersigned recipient of ordinary shares of the Company (“Recipient”),
you are hereby authorized and directed to hold the documents delivered to you
pursuant to the terms of that certain Performance Share Bonus Grant Notice (the
“Grant Notice”), dated [DATE] to which a copy of these Joint Escrow
Instructions is attached as Attachment IV, and pursuant to the terms of that
certain Performance Share Bonus Agreement (together with the Grant Notice, the “Agreement”),
which is Attachment I to the Grant Notice, in accordance with the following
instructions:

 

1.                                       In the event Recipient ceases to render services to the Company or
an affiliate of the Company during the vesting period set forth in the Grant
Notice, the Company or its assignee will give to Recipient and you a written
notice specifying that the ordinary shares shall be transferred to the Company.
Recipient and the Company hereby irrevocably authorize and direct you to close
the transaction contemplated by such notice in accordance with the terms of
said notice.

 

2.                                       At the closing you are directed (a) to date any ordinary
share assignments necessary for the transfer in question, (b) to fill in
the number of shares being transferred, and (c) to deliver same, together
with the certificate evidencing the ordinary shares to be transferred, to the
Company.

 

3.                                       Recipient irrevocably authorizes the Company to deposit with you
any certificates evidencing ordinary shares to be held by you hereunder and any
additions and substitutions to said shares as specified in the Agreement.
Recipient does hereby irrevocably constitute and appoint you as Recipient’s
attorney-in-fact and agent for the term of this escrow to execute with respect
to such securities and other property all documents of assignment and/or
transfer and all share certificates necessary or appropriate to make all
securities negotiable and complete any transaction herein contemplated.

 

4.                                       This escrow shall terminate upon vesting of the shares or upon the
earlier return of the shares to the Company.

 

5.                                       If at the time of termination of this escrow you should have in
your possession any documents, securities, or other property belonging to
Recipient, you shall deliver all of same to any pledgee entitled thereto or, if
none, to Recipient and shall be discharged of all further obligations
hereunder.

 

 

6.                                       Your duties hereunder may be altered, amended, modified or revoked
only by a writing signed by all of the parties hereto.

 

7.                                       You shall be obligated only for the performance of such duties as
are specifically set forth herein and may rely and shall be protected in
relying or refraining from acting on any instrument reasonably believed by you
to be genuine and to have been signed or presented by the proper party or
parties or their assignees. You shall not be personally liable for any act you
may do or omit to do hereunder as Escrow Agent or as attorney-in-fact for
Recipient while acting in good faith and any act done or omitted by you
pursuant to the advice of your own attorneys shall be conclusive evidence of
such good faith.

 

8.                                       You are hereby expressly authorized to disregard any and all
warnings given by any of the parties hereto or by any other person or
corporation, excepting only orders or process of courts of law, and are hereby
expressly authorized to comply with and obey orders, judgments or decrees of
any court. In case you obey or comply with any such order, judgment or decree
of any court, you shall not be liable to any of the parties hereto or to any
other person, firm or corporation by reason of such compliance, notwithstanding
any such order, judgment or decree being subsequently reversed, modified,
annulled, set aside, vacated or found to have been entered without
jurisdiction.

 

9.                                       You shall not be liable in any respect on account of the identity,
authority or rights of the parties executing or delivering or purporting to
execute or deliver the Agreement or any documents or papers deposited or called
for hereunder.

 

10.                                 You shall not be liable for the outlawing of any rights under any
statute of limitations with respect to these Joint Escrow Instructions or any
documents deposited with you.

 

11.                                 You shall be entitled to employ such legal counsel and other
experts as you may deem necessary to advise you properly in connection with
your obligations hereunder, may rely upon the advice of such counsel, and may
pay such counsel reasonable compensation therefor.

 

12.                                 Your responsibilities as Escrow Agent hereunder shall terminate if
you shall cease to be Secretary of the Company or if you shall resign by
written notice to each party.  In the
event of any such termination, your successor as Secretary of the Company shall
become the successor Escrow Agent or the Company may appoint any officer or
assistant officer of the Company as successor Escrow Agent and Recipient hereby
confirms the appointment of such successor or successors as his
attorney-in-fact and agent to the full extent of your appointment.

 

13.                                 If you reasonably require other or further instruments in
connection with these Joint Escrow Instructions or obligations in respect
hereto, the necessary parties hereto shall join in furnishing such instruments.

 

14.                                 It is understood and agreed that should any dispute arise with
respect to the delivery and/or ownership or right of possession of the
securities, you may (but are not obligated to) retain in your possession
without liability to anyone all or any part of said securities until such
dispute shall have been settled either by mutual written agreement of the
parties concerned or by a final order, decree or judgment of a court of
competent jurisdiction after the time for appeal has expired and no appeal has
been perfected, but you shall be under no duty whatsoever to institute or
defend any such proceedings.

 

 

15.                                 Any notice required or permitted hereunder shall be given in
writing and shall be deemed effectively given upon personal delivery or upon
deposit in any United States Post Box, by registered or certified mail with
postage and fees prepaid, addressed to each of the other parties hereunto
entitled at the following addresses, or at such other addresses as a party may
designate by ten (10) days’ written notice to each of the other parties
hereto:

 

	
   

  	
  COMPANY:

  	
  Seagate
  Technology Public Limited Company

  
	
   

  	
   

  	
  920
  Disc Drive

  Scotts
  Valley, CA 95067

  
	
   

  	
   

  	
  Attn:   Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  RECIPIENT:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ESCROW AGENT:

  	
  Seagate
  Technology Public Limited Company

  
	
   

  	
   

  	
  920
  Disc Drive

  Scotts
  Valley, CA 95067

  
	
   

  	
   

  	
  Attn: 
  Corporate Secretary

  

 

16.                                 By signing these Joint Escrow Instructions you become a party
hereto only for the purpose of said Joint Escrow Instructions; you do not
become a party to the Agreement.

 

17.                                 This instrument shall be binding upon and inure to the benefit of
the parties hereto, and their respective successors and permitted assigns. It
is understood and agreed that references to “you” or “your” herein refer to the
original Escrow Agent and to any and all successor Escrow Agents. It is
understood and agreed that the Company may at any time or from time to time
assign its rights under the Agreement and these Joint Escrow Instructions in
whole or in part.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  SEAGATE TECHNOLOGY  PUBLIC LIMITED COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name: 

  	
   

  
	
   

  	
  Title: 

  	
  Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  RECIPIENT

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [Participant’s Name]

  

 

 

	
  ESCROW AGENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00177-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00177-of-00352.parquet"}]]