Document:

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                                                                    Exhibit 10.5

                               ROLLOVER AGREEMENT

     ROLLOVER AGREEMENT dated as of November 13, 2000 (the "Agreement") between
New SAC, a limited company incorporated in the Cayman Islands (the "Company"),
Seagate Technology HDD Holdings, and the individual listed on Schedule I hereto
(the "Senior Manager").

     WHEREAS, Seagate Technology, Inc. ("Seagate"), Seagate Software Holdings,
Inc. and Suez Acquisition Company (Cayman) Limited ("SAC") have entered into the
Stock Purchase Agreement dated as of March 29, 2000 (as amended, the "Stock
Purchase Agreement");

     WHEREAS, prior to the consummation of the transactions pursuant to the
Stock Purchase Agreement, SAC has assigned or will assign all of its rights and
obligations under the Stock Purchase Agreement to the Company; and

     WHEREAS, pursuant to the Stock Purchase Agreement, as of the Closing which
occurs on the Closing Date (each as defined in the Stock Purchase Agreement),
the Company will, subject to certain exclusions, acquire all of the shares of
various subsidiaries of Seagate and, indirectly, substantially all of the
operating assets of Seagate; and

     WHEREAS, the Senior Manager and other members of Seagate management
(together with the Senior Manager, the "Seagate Management") currently hold
unvested options to acquire shares of Seagate common stock ("Seagate Options")
and/or unvested restricted shares of Seagate common stock ("Seagate Restricted
Shares") and have agreed that, as of the Closing Date, Seagate Options and
Seagate Restricted Shares with a Rollover Value (as defined below) of between
$150,000,000 and $250,000,000 (the "Commitment Amount") shall be converted into
(i) deferred compensation and (ii) restricted preferred shares, par value $.0001
per share, of the Company (the "Restricted Preferred Shares"), in an aggregate
amount equal to the Commitment Amount; and

     WHEREAS, in respect of the Restricted Preferred Shares received by the
Senior Manager, the Senior Manager shall receive restricted ordinary shares, par
value $.0001, of the Company (the "Restricted Ordinary Shares"); and

     WHEREAS, the Senior Manager also agrees to subscribe for vested restricted
preferred shares, par value $.0001 per share, of the Company (the "Restricted
Vested Preferred Shares") and vested restricted ordinary shares , par value
$.0001 per share, of the Company (the "Restricted Vested Ordinary Shares") as
set forth herein;

     NOW THEREFORE, in consideration of the foregoing, and the covenants and
promises and representations set forth herein, and for other good and valuable
consideration the receipt and sufficiency of which is hereby acknowledged and
accepted, the parties hereto agree as follows:

          1.   The Senior Manager agrees to the conversion, at the time of
Closing, of unvested Seagate Options held by such Senior Manager and/or unvested
Seagate Restricted Shares held by such Senior Manager with an aggregate Rollover
Value (as defined below) equal to at least the Applicable Percentage (as defined
below) of the total Rollover Value represented

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by all unvested Seagate Options and Seagate Restricted Shares held by such
Senior Manager as of the Closing, into (i) pursuant to the terms of the New SAC
Restricted Share Plan (substantially in the form attached hereto as Exhibit A)
(the "Restricted Share Plan"), the Restricted Share Agreement (substantially in
the form attached hereto as Exhibit B) (the "Restricted Share Agreement") and
the Management Shareholders Agreement (substantially in the form attached hereto
as Exhibit C (the "Management Shareholders Agreement," which reference shall
include the applicable provisions of the Shareholders Agreement (substantially
in the form attached hereto as Exhibit D (the "Investor Shareholders
Agreement")), Restricted Preferred Shares having an aggregate liquidation
preference equal to fifty percent of the Subscribed Value (as defined below) and
(ii) a deferred compensation account pursuant to a deferred compensation plan
(substantially in the form attached hereto as Exhibit E), which shall be subject
to all the terms (including the subordination terms) of such plan, equal to the
excess of the Converted Value over the aggregate liquidation preference of the
Restricted Preferred Shares (the "Deferred Value"). The Senior Manager further
agrees that any such conversion of his or her unvested Seagate Options and
Seagate Restricted Shares hereunder shall (if necessary) be adjusted upward so
that the resulting Converted Value shall be a whole multiple of Ten Thousand
Dollars ($10,000). For purposes of this Agreement, "Converted Value" shall equal
the Rollover Value of the unvested Seagate Options and/or unvested Seagate
Restricted Shares actually converted. For purposes of this Agreement,
"Applicable Percentage" shall mean, with respect to a Senior Manager who is a
Senior Vice President or higher, 50%, and with respect to any other Senior
Manager, 25%.

          2.   In addition, with respect to the Restricted Preferred Shares
received pursuant to the preceding paragraph, the Senior Manager shall receive,
pursuant to the terms of the Restricted Share Plan, the Restricted Share
Agreement and the Management Shareholders Agreement, a number of Restricted
Ordinary Shares sufficient to provide the Senior Manager, as of the Closing,
with a percentage ownership of the total outstanding Ordinary Shares of the
Company as of the Closing equal to the Converted Value divided by the sum of (i)
the aggregate Converted Value of Seagate Management and (ii) the balance of the
total equity investment in the Company as of the Closing Date (including all
amounts contributed by the Seagate Management for Restricted Vested Preferred
Shares (as defined below)). For purposes of this Agreement, "Rollover Value"
shall mean (i) with respect to Seagate Options, the excess of (x) the fair
market value per share of Seagate common stock (using the average of Seagate's
closing selling prices for the five consecutive trading days ending two trading
days immediately preceding the Closing (the "FMV") times the number of Seagate
                                                   -----
shares subject to the Seagate Option, over (y) the aggregate exercise price of
                                      ----
the Seagate Option and (ii) with respect to Seagate Restricted Shares, the FMV
times the number of Seagate Restricted Shares.
-----

          3.   The Senior Manager agrees to convert additional Seagate Options
and/or Seagate Restricted Shares such that the total Converted Value shall equal
the maximum percentage, as set forth on Schedule I hereto, of the total Rollover
Value represented by all unvested Seagate Options and Seagate Restricted Shares
held by such Senior Manager as of the Closing (such total value, the "Committed
Value"). In the event that the total Committed Value of the Seagate Management
exceeds $213,750,000 (or such lesser amount, but not below $180,500,000, as
determined by Silver Lake Partners, L.P.) such total Committed Value shall be
allocated pro rata among the Seagate Management, based, first, on the Applicable
Percentage of

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each member of Seagate management (including the Senior Manager) and then on the
respective Committed Values of the Seagate Management in excess of the
Applicable Percentage.

          4.   In consideration for the establishment of the deferred
compensation account and the Restricted Preferred Shares, the Senior Manager
agrees to the cancellation and/or the forfeiture of a number of Seagate Options
and/or Seagate Restricted Shares equal to the Converted Value and the Senior
Manager unconditionally releases Seagate Technology, Inc., VERITAS Software
Corporation, Victory Merger Sub, Inc., and their respective successors, assigns,
affiliates, officers, directors, employees and agents from any and all claims,
liabilities and obligations with respect to such Seagate Options and/or Seagate
Restricted Shares. The Seagate Options and/or Seagate Restricted Shares shall be
cancelled and/or forfeited in a manner determined in the sole discretion of the
Executive Vice President and Chief Administrator Officer of Seagate so as to
minimize any potential excise tax liability of the Senior Manager under Section
280G of the Internal Revenue Code of 1986, as amended.

          5.   The Senior Manager agrees to subscribe for a number of Restricted
Vested Preferred Shares having an aggregate liquidation preference equal to
5.264% of the Converted Value (the "Subscribed Value"), for which the Senior
Manager will make a cash payment at Closing in the per share amount equal to the
same as is paid by the Investors (as defined in the Management Shareholders
Agreement) for the Preferred Shares of the Company purchased by the Investors.
The Senior Manager will receive at Closing, in respect of each Restricted Vested
Preferred Share paid for by the Senior Manager, one Restricted Vested Ordinary
Share subject to the terms of the Management Shareholders Agreement. In addition
to the cash payment required to pay for the Restricted Vested Preferred Shares
set forth above, the Senior Manager agrees to pay cash at Closing for the
Restricted Vested Ordinary Shares equal to $.0001 times the total number of such
Restricted Vested Ordinary Shares.

          6.   With respect to Senior Managers who are party to the Management
Participation Agreement dated as of March 29, 2000 (the "Management
Participation Agreement") among Seagate Technology, Inc. ("Seller"), SAC and
certain management employees of Seller listed on the signature page thereof. The
parties hereto hereby agree and acknowledge that:

          (a)  All references to "Purchaser" and the "Company" in the operative
provisions of the Management Participation Agreement shall be deemed to
constitute references to Seagate Technology HDD Holdings;

          (b)  The references in Section 2(c) of the Management Participation
Agreement to Rollover Options and Purchaser Restricted Shares shall be deemed to
constitute references to Restricted Preferred Shares and Restricted Ordinary
Shares; and

          (c)  The transactions contemplated by this Agreement shall be in
satisfaction of the parties' obligation under Section 3 of the Management
Participation Agreement regarding Rollover Equity.

          7.   In the case of Senior Managers who are Vice Presidents, the
Company reserves the right to advance the cash subscription price payable
pursuant to this Agreement on

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behalf of such Vice Presidents in the event the wire transfer of such funds by
such Vice Presidents is not completed on a timely basis. Any funds so advances
by the Company will be required to be repaid within 30 days of the advance, with
interest at the prime rate on the Closing Date.

          8.   The Senior Manager warrants and represents that he or she is an
"accredited investor," as such term is defined under Regulation D of the
Securities Act of 1933, as amended.

          9.   This Agreement shall be governed by and construed in accordance
with the laws of the State of New York, regardless of the laws that might
otherwise govern under applicable principles of conflicts of laws thereof.

          10.  This Agreement may be executed in counterparts, all of which
shall be considered one and the same agreement, it being understood that all
parties need not sign the same counterpart.

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                                   Schedule I

Name of Senior Manager:  _____________________________
Address of Senior Manager:  ____________________________
                            _____________________________

     Maximum percentage of total Rollover Value with respect to the Senior
     Manager which the Senior Manager agrees to convert: ___________%

               By executing this Schedule, the undersigned Senior Manager
accepts and agrees to be bound by and subject to the terms and conditions of,
and makes the representations, warranties and agreements set forth in (i) this
Agreement, (ii) the Management Shareholders Agreement, (iii) the Restricted
Share Agreement between the Company and the undersigned Senior Manager. By
signing and returning this Schedule, the undersigned Senior Manager also accepts
and agrees to be bound by and subject to the terms and conditions set out in the
relevant sections of the Investor Shareholders Agreement. The parties to each
such agreement shall treat the execution and delivery hereof by the undersigned
Senior Manager as the execution and delivery of such agreement by the
undersigned Senior Manager, and, upon receipt and acceptance of this Schedule by
such parties, the signature of the undersigned Senior Manager set forth below
shall constitute a counterpart to the signature page of each such agreement.

                                                NEW SAC

_____________________________
Senior Manager

                                                By: ___________________________
                                                    Name:
                                                    Title:

                                                SEAGATE TECHNOLOGY HDD HOLDINGS

                                                By: ___________________________
                                                    Name:
                                                    Title:
Dated:  November 13, 2000

                                       5<PAGE>

                                                                   EXHIBIT 10.6

                         SEAGATE TECHNOLOGY HDD HOLDINGS

                           DEFERRED COMPENSATION PLAN

                                     PURPOSE

     The purpose of this Seagate Technology HDD Holdings Deferred Compensation
Plan (the "Plan") is to create a deferred compensation account for those
employees or consultants who, in connection with the transaction contemplated by
the Stock Purchase Agreement by and among Suez Acquisition Company (Cayman)
Limited, Seagate Technology, Inc. ("Seagate") and Seagate Software Holdings,
Inc. (the "Transaction"), have elected, pursuant to the Rollover Agreements, to
rollover equity-based awards in Seagate into deferred compensation accounts and
restricted shares of SAC (as defined below).

                                    SECTION I

                                   DEFINITIONS
                                   -----------

          Whenever used in the Plan, the following terms shall have the
following meanings:

          1.1  "Account" - means the account created by the Company pursuant to
                -------
     Section II of this Plan.

          1.2  "Act" - means The Securities Exchange Act of 1934, as amended, or
                ---
     any successor thereto.

          1.3  "Affiliate" - means, with respect to the Company, any entity
                ---------
     directly or indirectly controlling, controlled by, or under common control
     with, the Company or any other entity designated by the Board in which the
     Company or an Affiliate has an interest.

          1.4  "Administrator" - means the Committee or such entity or person to
                -------------
     whom the Committee may delegate responsibility for administration of the
     Plan.

          1.5  "Beneficial Owner" - means a "beneficial owner", as such term is
                ----------------
     defined in Rule 13d-3 under the Act (or any successor rule thereto).

          1.6  "Beneficiary" - means one or more persons or entities (including
                -----------
     a trust or estate) designated by a Participant, at any time or from time to
     time, to receive any payment under the Plan at or after such Participant's
     death.

          1.7  "Board" - means the Board of Directors of the Company.
                -----

          1.8  "Cause" - means (i) the Participant's continued failure
                -----
     substantially to perform the material duties of his office (other than as a
     result of total or partial incapacity due to physical or mental illness),
     (ii) the embezzlement or theft by the Participant of the Company's
     property, (iii) the commission of any act or acts on the Participant's part
     resulting in the conviction of such Participant of a felony under the laws

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     of the United States or any state, (iv) the Participant's willful
     malfeasance or willful misconduct in connection with the Participant's
     duties to the Company or any other act or omission which is materially
     injurious to the financial condition or business reputation of the Company
     or any of its subsidiaries or affiliates, or (v) a material breach by the
     Participant of the material terms of his employment agreement, any
     stockholders' agreement or any non-compete, non-solicitation or
     confidentiality provisions to which the Participant is subject. However, no
     termination shall be deemed for Cause under clause (i), (iv) or (v) unless
     the Participant is first given written notice by the Company of the
     specific acts or omissions which the Company deems constitute grounds for a
     termination for Cause and is provided with at least 30 days after such
     notice to cure the specified deficiency.

          1.9  "Change of Control" - means (i) (A) the sale or disposition, in
                -----------------
     one or a series of related transactions, of all or substantially all of the
     assets of SAC to any Person or "group" (as such term is defined in Sections
     13(d)(3) and 14(d)(2) of the Act) other than the Investors or their
     Affiliates or (B) any person or group, other than the Investors or their
     Affiliates, is or becomes the Beneficial Owner, directly or indirectly, of
     more than 50% of the total voting power of the voting stock of SAC,
     including by way of merger, consolidation or otherwise, and (ii) the
     representatives of the Investors or their Affiliates (individually or in
     the aggregate) cease to comprise a majority of the Board of Directors of
     SAC.

          1.10 "Closing Date" - means the "Closing Date" as defined in the Stock
                ------------
     Purchase Agreement, dated March 29, 2000, by and among Suez Acquisition
     Company (Cayman) Limited, Seagate and Seagate Software Holdings, Inc., as
     amended.

          1.11 "Code" - means the Internal Revenue Code of 1986, as amended from
                ----
     time to time.

          1.12 "Committee" - means the Compensation Committee of the Board, or
                ---------
     such other committee designated by the Board.

          1.13 "Company" - means Seagate Technology HDD Holdings.
                -------

          1.14 "Company Change of Control" - means (i) (A) the sale or
                -------------------------
     disposition, in one or a series of related transactions, of all or
     substantially all of the assets of the Company to any Person or "group" (as
     such term is defined in Sections 13(d)(3) and 14(d)(2) of the Act) other
     than the Investors or their Affiliates or (B) any person or group, other
     than the Investors or their Affiliates, is or becomes the Beneficial Owner,
     directly or indirectly, of more than 50% of the total voting power of the
     voting stock of Company including by way of merger, consolidation or
     otherwise, and (ii) the representatives of the Investors or their
     Affiliates (individually or in the aggregate) cease to comprise a majority
     of the Board.

          1.15 "Deferral Amount" - means the Participant's Deferred Value (as
                ---------------
     defined in the Rollover Agreement).

                                                                               2

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          1.16 "Deferral Percentage" - means the percentage represented by a
                -------------------
     fraction, where the numerator equals the Deferral Amount and the
     denominator equals the sum of (i) the total equity investment in the
     Company by the Investors as of the Closing Date and (ii) the aggregate
     Deferral Amount of all Participants as of the Closing Date.

          1.17 "Effective Date" - means the Closing Date.
                --------------

          1.18 "Fair Market Value" - means (i) if there is a public market for
                -----------------
     the shares on such date, the average of the high and low closing bid prices
     of the shares on such stock exchange on which the shares are principally
     trading on the date in question, or, if there were no sales on such date,
     on the closest preceding date on which there were sales of shares or (ii)
     if there is no public market for the shares on such date, the fair market
     value of the shares as determined in good faith by the Board.

          1.19 "Good Reason" - shall mean a Participant's resignation of his or
                -----------
     her employment with the Company as a result of the following actions, which
     actions remain uncured for at least 30 days following written notice from
     the Participant to the Company describing the occurrence of such events and
     asserting that such events constitute grounds for a Good Reason
     resignation, provided notice of such resignation is given to the Company
     within sixty (60) days after the expiration of such cure period: (i)
     without the Participant's express written consent, any material reduction
     in the Participant's authority or responsibilities from those set forth in
     an employment agreement between the Company and the Participant (an
     "Employment Agreement") (or if such Participant is not a party to an
     Employment Agreement, from the authority and responsibilities initially
     assigned to such Participant by the Company after the Closing Date), (ii)
     without the Participant's express written consent, a reduction of 10% or
     more in the level of the base salary, target annual bonus or employee
     benefits to be provided to the Participant under an Employment Agreement
     (or if such Participant is not a party to an Employment Agreement, a
     reduction of 10% or more in the level of base salary, target annual bonus
     or employee benefits provided to such Participant immediately prior to the
     Closing Date), other than a reduction implemented with the consent of the
     Participant or a reduction that is equivalent to reduction in base
     salaries, bonus opportunities and/or employee benefits, as applicable,
     imposed on all other senior executives of the Company at a similar level
     within the Company (provided that the use of private aircraft shall not be
     deemed an employee benefit for theses purposes); or (iii) the relocation of
     the Participant to a principal place of employment more than 50 miles from
     the Participant's current principal place of employment, without the
     Participant's express written consent.

          1.20 "Investors" - means Silver Lake Partners, L.P., SAC Investments,
                ---------
     L.P. and the other investors that invested in SAC as of the Closing Date
     (or an affiliate or affiliates thereof) (other than pursuant to the
     conversion of equity-based awards in Seagate).

          1.21 "Participant" - means each employee or consultant who has entered
                -----------
     into a Rollover Agreement.

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          1.22 "Person" - means a "person", as such term is used for purposes of
                ------
     Section 13(d) or 14(d) of the Act.

          1.23 "Plan" - means this Seagate Technology HDD Holdings Deferred
                ----
     Compensation Plan, as set forth herein and as it may be amended and/or
     restated from time to time.

          1.24 "Preferred Shares" - means preferred shares, par value $.0001 per
                ----------------
     share of SAC.

          1.25 "Rollover Agreement" - means an agreement, in the form attached
                ------------------
     hereto as Exhibit A, between an employee of the Company or one of its
     Affiliates and SAC whereby the employee has elected to rollover
     equity-based compensation in Seagate into (i) deferred compensation and
     (ii) restricted Preferred Shares.

          1.26 "SAC" - means New SAC, a limited company incorporated in the
                ---
     Cayman Islands.

                                   SECTION II

                         DEFERRED COMPENSATION ACCOUNTS
                         ------------------------------

2.1  The Company shall maintain a separate book entry account (an "Account")
     initially equal to the Deferral Amount of each Participant. The balance of
     each Participant's Account shall be reduced by any distributions made to
     such Participant or his or her Beneficiary pursuant to this Plan.

2.2  Nothing contained herein shall be deemed to create a trust of any kind or
     any fiduciary relationship; provided, however, that the Company or any of
                                 --------  -------
     its subsidiaries reserves the right to establish one or more trusts to
     provide alternate sources of benefit payments under this Plan. To the
     extent that any person acquires a right to receive payments from the
     Company under the Plan, such right shall be (a) subordinated as set forth
     in Section 4.6 and (b) in any event, no greater than the right of any
     unsecured general creditor of the Company or its subsidiaries.

                                   SECTION III

                                     VESTING
                                     -------

3.1  Subject to the Participant's employment with, or continued service to, the
     Company or any affiliate, the Account of each Participant shall vest with
     respect to one-third of the initial balance of such Participant's Account
     on the first anniversary of the Closing Date, with respect to one-third of
     the initial balance of such Participant's Account ratably each month over
     the 18 months following the first anniversary of the Closing Date and with
     respect to the remaining one-third of the initial balance of such
     Participant's Account on the date which is 30 months following the Closing
     Date; provided, however, that the
           --------  -------

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     Company, in its sole discretion, may accelerate the vesting of all or a
     portion of a Participant's Account at any time.

3.2  A Participant's Account shall become 100% vested upon such Participant's
     termination of employment or service for any reason (including, without
     limitation, the Participant's death or disability); provided, however, that
                                                         --------  -------
     if the Participant's employment or service is terminated by the Company for
     Cause or the Participant resigns without Good Reason the unvested portion
     of the Account immediately prior to such termination shall be forfeited
     without consideration.

                                   SECTION IV

                        PAYMENT OF DEFERRED COMPENSATION
                        --------------------------------

4.1  Amounts contained in a Participant's Account shall, subject to Section 4.5
     and 4.6, be paid to the Participant as and when distributions are made to
     the Investors in respect of their Preferred Shares (excluding, any tax
     distributions) (a "Distribution Event"). The amount of the payment shall
     equal the product of the initial balance of such Account times the
     Distribution Percentage (as defined below). For purposes of this Section
     4.1, the "Distribution Percentage" with respect to a Distribution Event
     shall equal (i) the fair market value of the distribution made by SAC to
     the Investors with respect to their Preferred Shares in connection with
     such Distribution Event, divided by (ii) the initial investment by the
     Investors in the Preferred Shares as of the Closing Date.

4.2  Subject to Section 4.5 and 4.6, any amount payable to a Participant
     pursuant to Section 4.1 shall be paid within 5 days following the date on
     which such amount becomes payable. Such amounts shall be paid, in the
     Company's discretion, in cash or the same securities or other property
     (such securities or other property shall be referred to as "Distributed
     Property") distributed to the Investors in connection with a Distribution
     Event, such Distributed Property having a fair market value as of the
     Distribution Event (as determined by the Administrator) equal to the cash
     otherwise payable, provided that the amount of Distributed Property which
     may be paid to the Participants in satisfaction of the Company's obligation
     under Section 4.1 shall be limited to the extent necessary to assure that
     the aggregate fair market value of such Distributed Property (measured as
     of the Distribution Event) does not exceed the fair market value of the
     Distributed Property distributed with respect to the Preferred Shares in
     such Distribution Event.

4.3  Notwithstanding Section 4.1 and 4.2, the payment of amounts contained in a
     Participant's Account that are otherwise payable upon a Distribution Event
     but are not vested at the time of such Distribution Event (an "Unvested
     Payable Amount") shall continue to be deferred until such Unvested Payable
     Amount vests. Upon the vesting thereof, the vested portion of an Unvested
     Payable Amount shall, subject to Section 4.6, be paid, in the Company's
     discretion but consistent with Section 4.2, in cash or Distributed Property
     which relates to the Unvested Payable Amount, with any such securities or
     other property distributed in payment of the vested portion of the Unvested
     Payable Amount to be valued based on the fair market value (as determined
     by the Administrator) of such

                                                                               5

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     securities or other property as of the vesting date. In the case of
     Unvested Payable Amount, the election described in Section 5.6 may be
     delivered by the Company to SAC no later than 20 days prior to the date on
     which such Unvested Payable Amount is expected to vest (and the
     Participants shall be notified at such time) and SAC shall be, subject to
     Sections 4.5 and 4.6, obligated to loan or to contribute to the capital of
     the Company, no later than the date on which such Unvested Payable Amount
     vests, the portion of the Unvested Payable Amount described in the
     election. In such a case, the Net Worth Limitation described in Section 5.6
     shall be applied on the date the Unvested Payable Amount vests.

4.4  Each Participant shall have the right to designate a Beneficiary. Any
     designated Beneficiary shall receive payments in the same manner as the
     Participant as if he or she had lived. In case of a failure of designation
     or the death of a designated Beneficiary without a designated successor,
     the balance of the amounts contained in the Participant's Account shall be
     paid, in accordance with Section 4.1, 4.2 and 4.3, to the Participant's
     estate. No designation of Beneficiary or change in Beneficiary shall be
     valid unless it is in writing signed by the Participant and filed with the
     Secretary of the Company (or his or her designated agent).

4.5  Notwithstanding anything contained herein to the contrary, no provision of
     this Plan will entitle any Participant or Beneficiary to any distribution
     or other payment from the Company or SAC (or entitle the Company to any
     loan or capital contribution from SAC), or to any claim against the Company
     or SAC for any such distribution or other payment (or loan or capital
     contribution), except for distributions payable and claims arising upon the
     occurrence of a Distribution Event, as and to the extent expressly provided
     in Sections 4.1, 4.2 and 4.3 (and, in the case of a claim by the Company
     for a loan or capital contribution from SAC, Section 5.6), subject to the
     subordination provisions set forth in Section 4.6.

4.6  (a) Each Participant, by entering into a Rollover Agreement, the Company
     and SAC agrees that the obligations of the Company and SAC under this Plan
     to make any distribution or other payment to the Participants and the
     Beneficiaries (and the obligations of SAC to make any loan or capital
     contribution to the Company) are expressly subordinated in right of
     payment, to the extent and in the manner provided herein, to the prior
     payment in full in cash of all (i) Obligations (as defined in the Credit
     Agreement to be dated as of November 22, 2000 (as renewed, refinanced,
     extended, modified, amended, restated, supplemented or waived from time to
     time, the "Credit Agreement"), among SAC, Seagate Technology International,
     Seagate Technology (US) Holdings, Inc., the Lenders party thereto and The
     Chase Manhattan Bank, as Administrative Agent), whether as primary obligor
     or as a guarantor, and (ii) Guaranteed Obligations (as defined in the
     Indenture to be dated as of November 22, 2000 (as renewed, refinanced,
     extended, modified, amended, restated, supplemented or waived from time to
     time, the "Indenture") among SAC, Seagate Technology International, the
     various subsidiaries of SAC from time to time party thereto and The Bank of
     New York, as Trustee), including interest and other monetary obligations
     incurred during the pendency of any insolvency, bankruptcy, receivership or
     similar proceeding (the

                                                                               6

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     "Subordinated Note Obligations"), whether as primary obligor or as a
     guarantor, in each case as increased, renewed, refinanced, extended,
     modified, amended, restated, compromised, supplemented, terminated, waived
     or released from time to time (all such obligations in clauses (i) and
     (ii), as so increased, renewed, refinanced, extended, modified, amended,
     restated, compromised, supplemented, terminated, waived or released,
     collectively, the "Prior Obligations").

     (b) Until the payment in full in cash of all Prior Obligations, the
     termination of the Commitments (as defined in the Credit Agreement) and the
     reduction of the LC Exposure (as defined in the Credit Agreement) to zero
     (the "Time of Termination"), no Participant or Beneficiary shall be
     entitled to receive, and neither the Company nor SAC shall be required or
     permitted to make, any distribution or other payment under this Plan, and
     any such distribution or other payment to which a Participant or
     Beneficiary would be entitled but for the provisions of this sentence shall
     be made to holders of Prior Obligations (in each case, whether or not the
     Company is at the time a guarantor of Prior Obligations), subject to the
     subordination provisions of the Prior Obligations (or, if made to a
     Participant or Beneficiary, held by such Participant or Beneficiary in
     trust for the holders of the Prior Obligations and paid over to the holders
     of the Prior Obligations, subject to the subordination provisions of the
     Prior Obligations) as their interests may appear; provided, however, that
                                                       --------  -------
     the Company or SAC may make any distribution required by Section 4.1, 4.2
     or 4.3 of the Plan and no Participant or Beneficiary receiving any such
     distribution would be under any obligation to hold that distribution in
     trust for the holders of the Prior Obligations, if at the time when such
     distribution will be made no Default or Event of Default under the Credit
     Agreement or under the Indenture or other documentation governing the
     Subordinated Note Obligations has occurred and is continuing or would
     result from such distribution.

     (c) If, at any time, all or part of any payment previously made by SAC or
     any other Person with respect to Prior Obligations is rescinded for any
     reason whatsoever (including the insolvency, bankruptcy or reorganization
     of SAC or such other Person), the subordination provisions set forth in
     this Section 4.6 shall continue to be effective or be reinstated, as the
     case may be, all as though such payment had not been made.

     (d) The subordination provisions of this Section 4.6 are for the benefit of
     and enforceable by holders of the Prior Obligations (or any agent or
     trustee for such holders), and may not be modified, rescinded or cancelled
     in whole or in part prior to the Time of Termination.

                                    SECTION V

                          ADMINISTRATION; MISCELLANEOUS

5.1  The Company shall administer the Plan at its expense. All decisions made by
     the Company with respect to issues hereunder shall be final and binding on
     all parties.

                                                                               7

<PAGE>

5.2  Except to the extent required by law, the right of any Participant or any
     Beneficiary to any benefit or to any payment hereunder shall not be subject
     in any manner to attachment or other legal process for the debts of such
     Participant or Beneficiary.

5.3  This Plan does not constitute an employment contract between the Company
     and a Participant. Nothing in this Plan shall be construed to give a
     Participant the right to be retained in the service of the Company, nor
     interfere with the right of the Company to terminate a Participant at any
     time and nothing in this Plan shall require uniformity of treatment with
     respect to Participants and/or their Beneficiaries.

5.4  Notwithstanding any other provision of the Plan, in the event of a Company
     Change of Control, (i) the successor entity (which, in the case of a sale
     or disposition of assets, shall mean the acquiror of such assets) shall
     assume the Company's obligations under the Plan, (ii) the Account of each
     Participant shall be recalculated to equal the lesser of (A) the Deferral
     Amount less distributions made to such Participant or his or her
     Beneficiary pursuant to the Plan and (B) the fair market value of SAC
     immediately prior to the Company Change of Control (excluding the aggregate
     Deferral Amount of all Participants), as determined by the Administrator in
     its sole discretion, multiplied by the Deferral Percentage, (iii) the
     Account of each Participant shall, subject to Section 4.6, be paid if and
     when such Account vests in accordance with the provisions of Section 3 and
     (iv) the payment of each Account shall be made in cash.

5.5  Notwithstanding any other provision of this Plan, in the event of a sale of
     substantially all the assets of SAC or a liquidation of SAC, (i) the
     Account of each Participant shall become 100% vested and (ii) following the
     distributions to the Investors and a payment to the Participants pursuant
     to such distributions as provided in the Plan, subject to Section 4.5 and
     4.6, the Plan shall terminate and all remaining balances in each
     Participant's Account shall be forfeited without consideration.

5.6  Subject to Sections 4.3, 4.5 and 4.6, at such time as an amount first
     becomes payable to the Participants pursuant to Section 4.1 or 4.3, in the
     event the Company determines that it has insufficient available assets with
     which to pay to Participants all or any portion of such amount, and the
     Company elects, in its discretion, not to borrow such assets or to cause
     such assets to be distributed to the Company by its Affiliates, the Company
     shall demand that SAC loan to the Company or make a contribution to the
     capital of the Company (at the election of SAC) all or any portion of such
     amount. In such event, the Company shall deliver a written demand to SAC on
     or before the date an amount first becomes payable to Participants pursuant
     to Section 4.1 or 4.3, and the Company shall notify such Participants at
     such time. SAC shall, subject to Sections 4.5 and 4.6, be obligated to loan
     or to contribute to the capital of the Company (i) within 5 days following
     the date on which any such amount becomes payable under 4.1 or (ii) on the
     date any such amount becomes payable under Section 4.3, the amount that is
     described in such demand, provided, however, that SAC may satisfy its
     obligation in cash and/or with Distributed Property (except that the amount
     of Distributed Property transferred may not exceed the amount of such
     Distributed Property that may be paid to the Participants in accordance
     with Section 4.2), provided further, however, that the amount of SAC's

                                                                               8

<PAGE>

     obligation shall not exceed the Net Worth of the Company determined as of
     the date such amount becomes payable to the Participants pursuant to
     Section 4.1 (the "Net Worth Limitation"). Notwithstanding any other
     provision of this Plan, this Section 5.6 shall not be applicable to (and
     neither SAC nor any of its Affiliates (including, in the case of a Company
     Change of Control that is a sale or disposition of assets, the Company)
     shall have any liability in respect of) any payments or obligations of the
     Company or otherwise under the Plan following a Company Change of Control
     in which neither SAC nor any of the Borrowers or Subsidiaries are the
     successor or acquiring entity. For this purpose, the term "Net Worth" shall
     be equal to the difference between the Fair Market Value of the Company's
     assets (determined without regard to the obligation of SAC described in
     this Section 5.6), and the amount of the Company's liabilities (determined
     by taking into account the obligation to the Participants determined under
     Section 4.1). In the event amounts first become payable pursuant to Section
     4.1 on more than one occasion, the Net Worth Limitation shall be applied
     with respect to each such occasion.

5.7  This Plan shall be governed by, and construed in accordance with the laws
     of the State of New York, without regard to the conflicts of laws
     provisions thereof.

5.8  The Company may withhold from distributions made from the Plan any taxes
     required to be withheld under federal, state, or local law.

5.9  Benefits payable under this Plan may not be anticipated, assigned (either
     at law or equity), alienated, pledged, encumbered, or subjected to
     attachment, garnishment, levy, execution, or other legal process, and any
     attempt to effect such distribution shall be void.

5.10 The Plan may be amended, suspended or terminated in whole or in part from
     time to time by the Board, subject to Section 4.6(d) and except that no
     amendment, suspension, or termination shall diminish the rights, or
     adversely affect the benefits, provided to the Participants hereunder.

5.11 Until such time as the Company is subject to the periodic reporting
     requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934,
     the Company shall deliver a balance sheet and an income statement at least
     annually to each individual with an Account under the Plan, unless such
     individual is a key employee of the Company or its Affiliates whose duties
     in connection with the Company (or any Affiliate) assure such individual
     access to equivalent information.

5.12 The Plan is an unfunded plan intended to provide deferred compensation to a
     select group of management and highly compensated employees of the Company
     and its subsidiaries.

                                                                               9

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