Document:

Exhibit 10.12

 

SEAGATE TECHNOLOGY PUBLIC LIMITED COMPANY

2004 SHARE COMPENSATION PLAN

RESTRICTED SHARE UNIT AGREEMENT

(OUTSIDE DIRECTORS)

 

Seagate Technology plc, a public company
incorporated under the laws of the Republic of Ireland with limited liability
(the “Company”) has awarded you Restricted Share Units, pursuant to the
provisions of the Company’s 2004 Share Compensation Plan (the “Plan”) and this
Restricted Share Unit Agreement (including any attachments hereto, the “Agreement”)
(collectively, the “Award”).  Defined
terms not explicitly defined in this Agreement but defined in the Plan shall
have the same definitions as in the Plan.

 

The
details of your Award are as follows:

 

1.             Award Terms. 
Subject to further detail included in the Agreement, below are the key
terms related to the Award:

 

(a)           Participant.

 

(b)           Global ID
Number.

 

(c)           Date of Grant.

 

(d)           Grant Number.

 

(e)           Number of
Restricted Share Units.

 

(f)            Vesting
Schedule. 
Subject to the terms of the Agreement, including but not limited to Sections
3 and 4 hereof, the Award shall vest in full on the earlier of: (i) the
first anniversary of the Date of Grant or (ii) one day prior to the next
election of directors following the Date of Grant.

 

2.             Grant of Restricted Share Units. 
You are entitled to the aggregate number of Restricted Share Units
specified in Section 1, above, pursuant to the terms and conditions of
this Agreement.  Each Restricted Share
Unit represents the right to receive one Share, subject to the terms and
conditions set forth in this Agreement and the Plan, each as amended from time
to time.

 

If you relocate to another country, any special
terms and conditions applicable to Restricted Share Unit Awards granted in such
country will apply to you, to the extent the Company determines that the
application of such terms and conditions is necessary or advisable in order to
comply with local law or facilitate the administration of the Plan.

 

In addition, the Company reserves the right to
impose other requirements on the Award and any Shares acquired under the Plan,
to the extent the Company determines it is necessary or advisable in order to
comply with local law or facilitate the administration of the Plan, and to
require you to sign any additional agreements or undertakings that may be
necessary to accomplish the foregoing.

 

3.             Vesting and Settlement. 
Subject to the limitations contained herein, the Restricted Share Units
will vest as provided in Section 1, above, provided that, (i) upon
the 

 

2004 Plan RSU Agmt (Outside Director – July
2010)

 

 

termination of
your Continuous Service (“Termination”) due to death a pro-rata portion of the
Restricted Share Units shall vest, based upon the number of days between the
Date of Grant and the date of your Termination, and (ii) in the event of a
Change of Control, the Restricted Share Units shall vest immediately prior to
the consummation of the Change of Control, so long as a Termination has not
previously occurred.  Upon the vesting of
any Restricted Share Units, as promptly as is reasonably practicable, Shares
(which shall be considered to be fully paid up) shall be issued to you, and the
Company shall deliver to you appropriate documentation evidencing the number of
Shares issued in settlement of such vested Restricted Share Units.  Notwithstanding the foregoing, the settlement
of the Restricted Share Units shall be conditioned upon your making adequate
provision for Tax-Related Items, as discussed in Section 10 below, to the
extent required by applicable law.

 

4.             Termination. 
In the event of your Termination, you shall forfeit any or all of the
Restricted Share Units that have not vested as of the date of Termination,
taking into account the provisions of Section 3 above.

 

5.             Rights as Holder of Restricted Share
Units.  You shall have no rights as a shareholder of
the Company with respect to your Restricted Share Units until the date of
issuance to you of evidence of ownership representing the Shares.

 

6.             Number of Shares. 
The number of Shares subject to your Award may be adjusted from time to
time for changes in capitalization, as provided in Article XIV of the
Plan.

 

7.             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/or the Shares, 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.

 

8.             Transferability.  The Restricted Share Units may not be
assigned, alienated, pledged, attached, sold or otherwise transferred or
encumbered by you 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.

 

9.             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 as a director of the Company or an Affiliate, or on the part
of the Company or an Affiliate to continue your service. 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.

 

10.          Responsibility for Taxes.

 

(a)           Regardless of
any action the Company takes with respect to any or all income tax, social
insurance, payment on account or other tax-related items related to your 

 

2

 

participation in the Plan and legally applicable to you (“Tax-Related
Items”), you acknowledge that the ultimate liability for all Tax-Related Items
is and remains your responsibility.  You
further acknowledge that the Company (1) makes no representations or
undertakings regarding the treatment of any Tax-Related Items in connection
with any aspect of the Award, including, but not limited to, the grant, vesting
or settlement of the Restricted Share Units, the issuance of Shares, the
subsequent sale of Shares acquired pursuant to such issuance and the receipt of
any dividends; and (2) do not commit to and are under no obligation to
structure the terms of the grant or any aspect of the Award to reduce or
eliminate your liability for Tax-Related Items or achieve any particular tax
result.  Further, if you have become
subject to Tax-Related Items in more than one jurisdiction between the Date of
Grant and the date of any relevant taxable event, you acknowledge that the
Company  may be required to account
for Tax-Related Items in more than one jurisdiction.

 

(b)           You shall pay
to the Company or its designee any amount of Tax-Related Items that the Company
or any Affiliate may be required to account for as a result of your
participation in the Plan.  The Company
may refuse to issue or deliver the Shares or the proceeds of the sale of
Shares, if you fail to comply with your obligations in connection with the
Tax-Related Items.

 

11.          Nature of the Award. 
In accepting the Award, you acknowledge, understand and agree that:

 

(a)           the Plan is
established voluntarily by the Company, it is discretionary in nature and it
may be modified, amended, suspended or terminated by the Company at any time;

 

(b)           the Award is
voluntary and occasional and does not create any contractual or other right to
receive future awards of Restricted Share Units, or benefits in lieu of
Restricted Share Units, even if Restricted Share Units have been awarded
repeatedly in the past;

 

(c)           all decisions
with respect to future Restricted Share Unit awards, if any, will be at the
sole discretion of the Company;

 

(d)           You are
voluntarily participating in the Plan;

 

(e)           the Award and
any Shares subject to the Award are an extraordinary item that does not
constitute compensation of any kind for services of any kind rendered to the
Company, and which is outside the scope of your service contract, if any;

 

(f)            the Award and
any Shares subject to the Award are not intended to replace any other
compensation that you receive from the Company;

 

(g)           the Award and
any Shares subject to the Award are not part of normal or expected compensation
for any purposes and in no event should be considered as compensation for, or
relating in any way to, past services for the Company or any Affiliate;

 

(h)           the Award and
your participation in the Plan will not be interpreted to form an employment or
service contract or relationship with the Company or any Affiliate;

 

(i)            the future
value of the underlying Shares is unknown and cannot be predicted with
certainty;

 

3

 

(j)            no claim or
entitlement to compensation or damages shall arise from forfeiture of the Award
resulting from termination of your Continuous Service by the Company (for any
reason whatsoever and whether or not in breach of local labor laws), and in
consideration of the Award to which you are otherwise not entitled, you
irrevocably agree never to institute any claim against the Company, waive your
ability, if any, to bring any such claim, and release the Company from any such
claim; if, notwithstanding the foregoing, any such claim is allowed by a court
of competent jurisdiction, then, by participating in the Plan, you shall be
deemed irrevocably to have agreed not to pursue such claim and agree to execute
any and all documents necessary to request dismissal or withdrawal of such
claims;

 

(k)           in the event
of the termination of your Continuous Service (whether or not in breach of
local labor laws), your right to vest in the Restricted Share Units under the
Plan, if any, will terminate effective as of the date of such termination and
will not be extended by any notice period mandated under local law (e.g., active service would not include a
period of “garden leave” or similar period pursuant to local law); the
Committee shall have the exclusive discretion to determine when you are no
longer in active service for purposes of the Award; and

 

(l)            the Award and
the benefits under the Plan, if any, will not necessarily transfer to another
company in the case of a merger, take-over or transfer of liability.

 

12.          No Advice Regarding Grant.  The Company
neither is providing any tax, legal or financial advice, nor is the Company
making any recommendations regarding your participation in the Plan, or your
acquisition or sale of the underlying Shares. 
You are hereby advised to consult with your own personal tax, legal and
financial advisors regarding your participation in the Plan before taking any
action related to the Plan.

 

13.          Data Privacy. 
You hereby explicitly and unambiguously consent to the collection, use,
processing and transfer, in electronic or other form, of your personal data as
described in this Agreement and any other Award materials by and among, as
applicable, the Company and its Affiliates (whether inside or outside the
European Economic Area) for the exclusive purpose of implementing, administering
and managing your participation in the Plan.

 

You understand that the Company may hold certain
personal information about you, including, but not limited to, your name, home
address and telephone number, date of birth, social insurance number or other
identification number, compensation from the Company or its Affiliates,
nationality, title, any shares or directorships held in the Company, details of
all Restricted Share Units or any other entitlement to Shares awarded,
canceled, exercised, vested, unvested or outstanding in your favor, for the
exclusive purpose of implementing, administering and managing the Plan (“Data”).

 

You understand that Data will be transferred to a
brokerage firm or share plan service provider designated by the Company which is
assisting the Company with the implementation, administration and management of
the Plan.  You understand that the
recipients of Data may be located in the United States or elsewhere, and that
the recipients’ country (e.g., the United States) may have different data
privacy laws and protections than your country. 
You understand that you may request a list with the names and addresses
of any potential recipients of Data by contacting your local human resources
representative.  You authorize the
Company, any Company-designated brokerage firm or share plan service provider
and any 

 

4

 

other possible recipients which may assist the
Company (presently or in the future) with implementing, administering and
managing the Plan to receive, possess, use, retain, process and transfer Data,
in electronic or other form, for the sole purpose of implementing,
administering and managing your participation in the Plan.  You understand that Data will be held only as
long as is necessary to implement, administer and manage your participation in
the Plan.  You understand that you may,
at any time, view Data, request additional information about the storage and
processing of Data, require any necessary amendments to Data or refuse or
withdraw the consents herein, in any case without cost, by contacting in
writing your local human resources representative.  You understand, however, that refusing or
withdrawing your consent may affect your ability to participate in the
Plan.  For more information on the
consequences of your refusal to consent or withdrawal of consent, you
understand that you may contact your local human resources representative.

 

14.          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.   Any such notices from the
Company to you may also be delivered to you through the Company’s electronic
mail system (during your Continuous Service) or at the last email address you
provided to the Company (after termination of your Continuous Service).

 

15.          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 assignees.

 

(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.

 

16.          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.

 

17.          Choice of Law and Venue. 
The Award is governed by, and subject to, the laws of the State of
California, without regard to such state’s conflict of laws rules, as provided
in the Plan.  For purposes of litigating
any dispute that arises directly or indirectly from the relationship of the
parties evidenced by this Award, the parties hereby submit to and consent to
the exclusive jurisdiction of the State of California  and agree that such litigation shall be conducted
only in the courts of Santa Clara
County, California, or the federal
courts for the United States for the 

 

5

 

Northern District of California, and no other courts, where this Award is
made and/or to be performed.

 

18.          Language.  If you have
received this Agreement or any other document related to the Plan translated
into a language other than English and if the meaning of the translated version
is different than the English version, the English version will control.

 

19.          Severability. 
The provisions of this Agreement are severable and if any one or more
provisions are determined to be illegal or otherwise unenforceable, in whole or
in part, the remaining provisions shall nevertheless be binding and
enforceable.

 

20.          Additional Terms/Acknowledgements. 
You acknowledge receipt of, and understand and agree to the terms of,
this Agreement and the Plan (including any exhibits to each document).  You further acknowledge that this Agreement
and the Plan (including any exhibits to each document) set forth the entire
understanding between you and the Company regarding the acquisition of the
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 you and the Company or an Affiliate relating
to your Continuous Service and any termination thereof, compensation, or
rights, claims or interests in or to the Shares.

 

You
also acknowledge that, unless you specifically request (or have in the past
specifically requested) to receive communications regarding the Plan and this
Award in paper form, you agree to receive all communications regarding the Plan
and this Award (including but not limited to the Plan Prospectus) by electronic
delivery through an online or electronic system established and maintained by
the Company or a third party designated by the Company (currently through the
Morgan Stanley Smith Barney Corporate Benefits website at
www.benefitaccess.com, which you may easily access and understand how to
access, review and print the communications posted thereon).  Further, if requested, you agree to
participate in the Plan through such an online or electronic system.  In addition, you understand that it is your
responsibility to notify the Company of any changes to your mailing address so
that you may receive any shareholder information to be delivered by regular
mail.

 

6Exhibit
10.13

 

SEAGATE TECHNOLOGY PUBLIC LIMITED COMPANY

2004 SHARE COMPENSATION PLAN

NOTICE OF STOCK OPTION GRANT

(SUBJECT TO COMPENSATION RECOVERY POLICY)

 

Seagate Technology plc, a public limited company
incorporated under the laws of the Republic of Ireland with limited liability
(the “Company”), pursuant to its 2004 Share Compensation Plan (the “Plan”),
hereby grants to Participant an option to purchase the number of Shares set
forth below.  This option (the “Option”)
is subject to all of the terms and conditions as set forth herein and in the
Option Agreement and the Plan, all of which are provided with this Notice of
Stock Option Grant (the “Grant Notice”) and incorporated herein in their
entirety. Capitalized terms not otherwise defined in this Grant Notice or the
Option Agreement shall have the same meanings as in the Plan.

 

	
  Participant:

  	
   

  	
   

  
	
  Global
  ID Number:

  	
   

  	
   

  
	
  Date
  of Grant:

  	
   

  	
   

  
	
  Grant
  Number:

  	
   

  	
   

  
	
  Vesting
  Commencement Date:

  	
   

  	
   

  
	
  Exercise
  Price (Per Share):

  	
   

  	
  $

  	
   

  
	
  Number
  of Shares Subject to Option:

  	
   

  	
   

  
	
  Total
  Exercise Price:

  	
   

  	
  $

  	
   

  
	
  Expiration
  Date:

  	
   

  	
   

  

 

	
  Type of Grant:

  	
  Nonstatutory
  Stock Option

  
	
   

  	
   

  
	
  Payment:

  	
  By
  cash or check or other form of payment permitted under the Option Agreement
  (as described in greater detail in the Option Agreement).

  
	
   

  	
   

  
	
  Exercise Schedule:

  	
  Same
  as Vesting Schedule.

  
	
   

  	
   

  
	
  Vesting Schedule:

  	
  25%
  of the Shares vest on the first anniversary of the Vesting Commencement Date,
  and an additional 1/48th of the Shares vest at the end of each full month
  thereafter, until the fourth anniversary of the Vesting Commencement Date,
  subject to accelerated vesting under varying circumstances described in the
  Option Agreement (as described in greater detail in the Option Agreement).
  If, on any vesting date, this Vesting Schedule would result in the vesting of
  a fraction of a Share, such fraction shall be rounded to the nearest whole
  Share.

  

 

Additional Terms/Acknowledgements:  By returning my response to the Company as
indicated in the instructions hereto, I am acknowledging that I have
received, and understand and agree to the terms of, this Grant Notice, the
Option Agreement and the Plan (including any exhibits to each document).  I am further acknowledging that this Grant
Notice, the Option Agreement and the Plan (including any exhibits to each
document) set forth the entire understanding between myself and the Company
regarding the rights to acquire the Shares subject to this Option and supersede
all prior oral and written agreements with respect thereto, including, but not
limited to, any other agreement or understanding between myself and the Company
or an Affiliate relating to my Continuous Service and any termination thereof,
my compensation, or my rights, claims or interests in or to the Shares.  I further acknowledge that by returning my
response to the Company as indicated in the instructions hereto, I accept
the Option as set forth in this Grant Notice, the Option Agreement and the Plan
(including any exhibits to each document).

 

By
returning my response to the Company as indicated in the instructions hereto, I
am also acknowledging that, unless I specifically request (or have in the past
specifically requested) to receive communications regarding the Plan and this
Option in paper form, I agree to receive all communications regarding the
Plan and this Option (including but not limited to the Plan Prospectus) by
electronic delivery through an online or electronic system established and
maintained by the Company or a third party designated by the Company (currently
through the Morgan Stanley Smith Barney Corporate Benefits Website at
www.benefitaccess.com, , which I may easily access and understand how to
access, review and print the communications posted thereon).  Further, if requested, I agree to
participate in the Plan through such an online or electronic system.  In addition, by returning my response to the
Company as indicated in the instructions hereto, I agree it is my
responsibility to notify the Company of any changes to my mailing address so
that I may receive any shareholder information to be delivered by regular mail.

 

2004
Plan Option Notice (Recovery Policy – July 2010)

 

 

Seagate Technology Share Option Grant Notice

 

 

SEAGATE TECHNOLOGY PLC

 

 

	
  By:

  	
   

  	
   

  
	
  Title:

  	
  Chief
  Executive Officer

  	
   

  

 

 

SEAGATE TECHNOLOGY PUBLIC LIMITED COMPANY

2004 SHARE COMPENSATION PLAN

 

OPTION AGREEMENT

(with acknowledgement of Compensation Recovery Policy)

 

THIS AGREEMENT (including
any exhibits hereto, the “Agreement”) is made effective as of the Date of Grant
(as set forth in the attached Notice of Share Option Grant (including any
exhibits thereto, the “Notice”), the terms of which Notice are hereby made a
part of this Agreement) between Seagate Technology plc, a public company
incorporated under the laws of the Republic of Ireland with limited liability
(the “Company”), and the Participant named in the Notice.

 

R E C I T A L S:

 

WHEREAS, the Company has
adopted the Seagate Technology Public Limited Company 2004 Share Compensation
Plan (including any exhibits thereto, the “Plan”), which Plan is incorporated
herein by reference and made a part of this Agreement.  Capitalized terms not otherwise defined
herein shall have the same meanings as in the Plan; and

 

WHEREAS, the Committee has
determined that it would be in the best interests of the Company and its
shareholders to grant the Option provided for herein to the Participant
pursuant to the Plan and the terms set forth herein and in the Notice.

 

NOW THEREFORE, in
consideration of the mutual covenants hereinafter set forth, the parties agree
as follows:

 

1.     Grant of the Option.  The Company hereby grants to the Participant
the right and option (the “Option”) to purchase, on the terms and conditions
hereinafter set forth, all or any part of an aggregate of that number of Shares
set forth in the Notice, subject to adjustment from time to time pursuant to
the provisions of Article XIV of the Plan. 
The purchase price per Share of the Shares subject to the Option (the “Option
Price”) shall be the “Exercise Price (Per Share)” set forth in the Notice,
subject to adjustment from time to time pursuant to the provisions of Article XIV
of the Plan.  The Option is intended to
be a non-qualified share option, and is not intended to be treated as an option
that complies with Section 422 of the U.S. Internal Revenue Code of 1986,
as amended.

 

If the Participant relocates
to another country, any special terms and conditions applicable to options
granted in such country will apply to the Participant, to the extent the
Company determines that the application of such terms and conditions is
necessary or advisable in order to comply with local law or facilitate the
administration of the Plan.

 

In addition, the Company
reserves the right to impose other requirements on the Option and any Shares
acquired under the Plan, to the extent the Company determines it is necessary
or advisable in order to comply with local law or facilitate the administration
of the Plan, and to require the Participant to sign any additional agreements
or undertakings that may be necessary to accomplish the foregoing.

 

Approved by Compensation Committee — January 29, 2009
(form updated July 2010)

 

 

2.     Vesting.  At any time, the portion of the Option which
has become vested and exercisable as described in this Section 2 is
hereinafter referred to as the “Vested Portion.”

 

(a)         Vesting Schedule.

 

(i)            Subject
to Sections 2(a)(ii), 2(a)(iii), and 2(b) below, the Option shall vest and
become exercisable with respect to 25% of the Shares initially subject to the
Option on the first anniversary of the Vesting Commencement Date (as set forth
in the Notice) and shall vest and become exercisable with respect to an
additional 1/48th of the Shares initially subject to the Option at the end of
each full month thereafter (measured by using the same day of each subsequent
month as the Vesting Commencement Date (as set forth in the Notice), or if
there is no same day in a given subsequent month, the last day of such
subsequent month).

 

(ii)           Notwithstanding
the foregoing, in the event of a Change of Control in which the Option is not
to be assumed or replaced with a substitute option which substantially
preserves both the intrinsic value (i.e., the excess of the Fair Market Value
of the Shares subject to the Option over the aggregate Option Price) and the
rights and benefits of the Option as in effect immediately prior to such Change
of Control or is not otherwise to be continued in effect by the Company or any
successor entity in the Change of Control, then the Option shall, for at least
10 days prior to the consummation of the Change of Control, vest and become
exercisable for all the Shares at the time subject to the Option and the Option
shall terminate upon the consummation of the Change of Control.

 

(iii)          In addition to the foregoing, in the
event of the Participant’s termination of Continuous Service on account of the
Participant’s death, the Participant shall be deemed to have completed an
additional year of service for purposes of determining the portion of the
Option which is the Vested Portion.

 

(b)         Termination of
Continuous Service

 

If the Participant’s
Continuous Service with the Company is terminated for any reason, the Option
shall, to the extent not then vested, be canceled by the Company without
consideration, as further described in Section 8(m) below.  The Vested Portion of the Option shall remain
exercisable for the period set forth in Section 3(a).

 

3.     Exercise of Option.

 

(a)         Period of Exercise

 

Subject to the provisions of the Plan and this Agreement, including the
provision set forth in Section 8(m) below, the Participant may
exercise all or any part of the Vested Portion of the Option at any time prior
to the earliest to occur of:

 

(i)            the
“Expiration Date” set forth in the Notice;

 

2

 

(ii)           one
year following the date of the Participant’s termination of Continuous Service
as a result of death or Disability (as defined in the Plan);

 

(iii)          three
(3) months following the date of the Participant’s termination of
Continuous Service without Cause (other than as a result of death or
Disability) or by the Participant for any reason; and

 

(iv)          the
date of the Participant’s termination of Continuous Service for Cause.

 

For purposes of this
Agreement:

 

“Cause” shall mean (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 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 Affiliate) or any other act or
omission which is materially injurious to the financial condition or business
reputation of the Company or any of its Affiliates, or (v) a material
breach by the Participant of the material terms of his employment 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 or an Affiliate 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.

 

(b)         Method of Exercise.

 

(i)            Subject
to Section 3(a), the Vested Portion of the Option may be exercised by
delivering to the Company at its principal office or its designee written
notice of intent to so exercise; provided  that, the Option may be
exercised with respect to whole Shares only. 
Such notice shall specify the number of Shares for which the Option is
being exercised and shall be accompanied by payment in full of the Option
Price.  The Option Price for the Shares
as to which the Option is exercised shall be paid to the Company, at the
election of the Participant, (i) in
cash or by check or (ii) if there
should be a public market for the Shares at such time, (A) in Shares
having a Fair Market Value equal to the aggregate Option Price for the Shares
being purchased and satisfying such other requirements as may be imposed by the
Committee; provided, that if such Shares were acquired, directly or
indirectly, from the Company, such Shares have been held by the Participant for
no less than six months (or such other period as established from time to time
by the Committee or generally accepted accounting principles in order to avoid
variable grant date accounting for financial accounting purposes), (B) partly
in cash and partly in such Shares or (C) subject to such rules as may
be established by the Committee, through the delivery of irrevocable
instruments to a broker to sell all or a portion of such Shares and deliver
promptly 

 

3

 

to the Company an amount equal to the aggregate Option Price for the
Shares being purchased.  The Participant
shall also be required to pay all Tax-Related Items as described in Section 7
below.

 

(ii)           Notwithstanding
any other provision of the Plan or this Agreement to the contrary, unless there
is an available exemption from such registration, qualification or other legal
requirements, the Option may not be exercised prior to the completion of any
registration or qualification of the Option or the Shares that is required to
comply with applicable state and federal securities or any ruling or regulation
of any governmental body or national securities exchange or compliance with any
other applicable federal, state or foreign law that the Committee shall in its
sole discretion determine in good faith to be necessary or advisable.

 

(iii)          Upon
the Company’s determination that the Option has been validly exercised as to
any of the Shares, the Company shall issue certificates in the Participant’s
name for such Shares or a broker shall record the Shares acquired by the
Participant in an account in his or her name. 
However, the Company shall not be liable to the Participant for damages
relating to any delays in issuing the certificates to him, any loss of the
certificates, or any mistakes or errors in the issuance of the certificates or
in the certificates themselves.

 

(iv)          Should
the Participant die while holding the Option, the Vested Portion of the Option
shall remain exercisable by the Participant’s executor or administrator, or the
person or persons to whom the Participant’s rights under this Agreement shall
pass by will, by the laws of descent and distribution, or by beneficiary
designation, as the case may be, for the period set forth in Section 3(a).  Any heir or legatee of the Participant shall
take rights herein granted subject to the terms and conditions hereof.

 

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.     No Right to Continued
Employment.  Neither the Plan nor
this Agreement shall be construed as giving the Participant the right to be
retained in the employ of, or in any consulting relationship to, the Company or
any Affiliate.  Further, the Company or
an Affiliate may at any time dismiss the Participant or discontinue any consulting
relationship, free from any liability or any claim under the Plan or this
Agreement, except as otherwise expressly provided herein.

 

6.     Transferability.  The Option is exercisable only by the
Participant during the Participant’s lifetime and may not be assigned,
alienated, pledged, attached, sold or otherwise 

 

4

 

transferred
or encumbered by the Participant otherwise than by will or by the laws of
descent and distribution, 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.

 

7.  Responsibility for Taxes.  Regardless of any action the Company or the
Participant’s employer (the “Employer”) take with respect to any or all income
tax, social insurance, payroll tax, payment on account or other tax-related
items related to the Participant’s participation in the Plan and legally
applicable to the Participant (“Tax-Related Items”), the Participant
acknowledges that the ultimate liability for all Tax-Related Items is and
remains the Participant’s responsibility and may exceed the amount actually withheld
by the Company or the Employer.  The
Participant further acknowledges that the Company and/or the Employer (i) make
no representations or undertakings regarding the treatment of any Tax-Related
Items in connection with any aspect of the Option, including, but not limited
to, the grant, vesting or exercise of the Option, the subsequent sale of Shares
acquired pursuant to such exercise and the receipt of any dividends; and (ii) do
not commit to and are under no obligation to structure the terms of the grant
or any aspect of the Option to reduce or eliminate the Participant’s liability
for Tax-Related Items or achieve any particular tax result.  Further, if the Participant has become
subject to Tax-Related Items in more than one jurisdiction between the Date of
Grant and the date of any relevant taxable or tax withholding event, as
applicable, the Participant acknowledges that the Company and/or the Employer
(or former employer, as applicable) may be required to withhold or account for
Tax-Related Items in more than one jurisdiction.

 

Prior to the relevant taxable or tax withholding
event, as applicable, the Participant will pay or make adequate arrangements
satisfactory to the Company and/or the Employer to satisfy any withholding
obligation with respect to the Tax-Related Items.  In this regard, the Participant authorizes
the Company and/or the Employer, or their respective agents, at their
discretion, to satisfy any withholding obligation with respect to the Tax-Related
Items by one or a combination of the following: (i) withholding from the
Participant’s wages or other cash compensation paid to the Participant by the
Company and/or the Employer; or (ii) withholding from proceeds of the sale
of Shares acquired upon exercise of the Option either through a voluntary sale
or through a mandatory sale arranged by the Company (on the Participant’s
behalf pursuant to this authorization); or (iii) withholding in Shares to
be issued upon exercise of the Option.

 

To avoid any negative accounting treatment, the Company
may withhold or account for Tax-Related Items by considering applicable minimum
statutory withholding amounts or other applicable withholding rates.  If the obligation for Tax-Related Items is
satisfied by withholding in Shares, for tax purposes, the Participant will be
deemed to have been issued the full number of Shares subject to the exercised
portion of the Option, notwithstanding that a number of the Shares are held
back solely for the purpose of paying the Tax-Related Items due as a result of
any aspect of the Participant’s participation in the Plan.

 

Finally,
the Participant shall pay to the Company or the Employer any amount of
Tax-Related Items that the Company or the Employer may be required to withhold
or account for as a result of the Participant’s participation in the Plan that
cannot be satisfied by the means 

 

5

 

previously described.  The Company shall not be obligated to comply
with its obligations under this Agreement unless and until the Participant has
paid to the Company (or the Company has otherwise recovered from the
Participant) an amount equal to the Tax-Related Items.

 

8.     Nature of Grant.  In accepting the Option, the Participant
acknowledges, understands and agrees that:

 

(a)   the Plan is established
voluntarily by the Company, it is discretionary in nature, and may be amended,
suspended or terminated by the Company at any time;

 

(b)   the grant of the Option is
voluntary and occasional and does not create any contractual or other right to
receive future grants of options, or benefits in lieu of options, even if
options have been granted repeatedly in the past;

 

(c)   all decisions with respect
to future option grants, if any, will be at the sole discretion of the Company;

 

(d)   the Participant is
voluntarily participating in the Plan;

 

(e)   the Option and any Shares
subject to the Option are an extraordinary item that does not constitute
compensation of any kind for services of any kind rendered to the Company or
the Employer, and which is outside the scope of the Participant’s employment or
service contract, if any;

 

(f)    the Option and any Shares
subject to the Option are not intended to replace any pension rights or
compensation;

 

(g)   the Option and any Shares
subject to the Option are not part of normal or expected compensation or salary
for any purposes, including, but not limited to, calculating any severance,
resignation, termination, redundancy, dismissal, end of service payments,
bonuses, long-service awards, pension or retirement or welfare benefits or
similar payments and in no event should be considered as compensation for, or
relating in any way to, past services for the Employer, the Company or any
Affiliate;

 

(h)   the Option and the
Participant’s participation in the Plan will not be interpreted to form an
employment or service contract or relationship with the Company or any
Affiliate;

 

(i)    the future value of the
Shares underlying the Option is unknown and cannot be predicted with certainty;

 

(j)    if the underlying Shares do
not increase in value, the Option will have no value;

 

(k)   if the Participant exercises
the Option and acquires Shares, the value of such Shares may increase or
decrease, even below the Option Price;

 

(l)    no claim or entitlement to
compensation or damages shall arise from forfeiture

 

6

 

of
the Option resulting from termination of the Participant’s employment by the
Company or the Employer (for any reason whatsoever and whether or not in breach
of local labor laws) and in consideration of the grant of the Option to which
the Participant is otherwise not entitled, the Participant irrevocably agrees
never to institute any claim against the Company or the Employer, waives his or
her ability, if any, to bring any such claim, and releases the Company and the
Employer from any such claim; if, notwithstanding the foregoing, any such claim
is allowed by a court of competent jurisdiction, then, by participating in the
Plan, the Participant shall be deemed irrevocably to have agreed not to pursue
such claim and agrees to execute any and all documents necessary to request
dismissal or withdrawal of such claims;

 

(m)       in the event of termination
of the Participant’s employment (whether or not in breach of local labor laws),
the Participant’s right to vest in the Option under the Plan, if any, will
terminate effective as of the date that the Participant is no longer actively
employed and will not be extended by any notice period mandated under local law
(e.g., active employment would not
include a period of “garden leave” or similar period pursuant to local law);
furthermore, in the event of termination of the Participant’s employment
(whether or not in breach of local labor laws), the Participant’s right to
exercise the Option after termination of employment, if any, will be measured
by the date of termination of the Participant’s active employment and will not
be extended by any notice period mandated under local law; the Committee shall
have the exclusive discretion to determine when the Participant is no longer
actively employed for purposes of his or her Option grant; and

 

(n)         the Option and
the benefits under the Plan, if any, will not necessarily transfer to another
company in the case of a merger, take-over or transfer of liability.

 

9.               No Advice
Regarding Grant.  The Company  is not providing any tax, legal or financial advice, nor is
the Company making any recommendations regarding the Participant’s
participation in the Plan, or the Participant’s acquisition or sale of the
underlying Shares.  The Participant is
hereby advised to consult with his or her own personal tax, legal and financial
advisors regarding his or her participation in the Plan before taking any
action related to the Plan.

 

10.         Securities Laws.  Upon the acquisition of any Shares pursuant
to the exercise of the Option, the Participant will make or enter into such
written representations, warranties and agreements as the Committee may
reasonably request in order to comply with applicable securities laws or with
this Agreement.

 

11.         Data
Privacy. 
The Participant hereby explicitly and unambiguously consents to the
collection, use, processing and transfer, in electronic or other form, of the
Participant’s personal data as described in this Agreement and any other Option
grant materials by and among, as applicable, the Employer, the Company and its
Affiliates (whether inside or outside the European Economic Area) for the
exclusive purpose of implementing, administering and managing the Participant’s
participation in the Plan.

 

The Participant
understands that the Company and the Employer may hold certain personal
information about the Participant, including, but not limited to, the
Participant’s name, home address and telephone number, date of birth, social
insurance number or other identification number, salary, nationality, job
title, any shares or 

 

7

 

directorships held in the
Company, details of all options or any other entitlement to shares awarded,
canceled, exercised, vested, unvested or outstanding in the Participant’s
favor, for the exclusive purpose of implementing, administering and managing
the Plan (“Data”).

 

The Participant understands that Data will be transferred to a
brokerage firm or share plan service provider designated by the Company which
is assisting the Company with the implementation, administration and management
of the Plan.  The Participant understands
that the recipients of Data may be located in the United States or elsewhere,
and that the recipients’ country (e.g., the United States) may have different
data privacy laws and protections than the Participant’s country.  The Participant understands that he or she
may request a list with the names and addresses of any potential recipients of
Data by contacting the Participant’s local human resources representative.  The Participant authorizes the Company, any
Company-designated brokerage firm or share plan service provider and any other
possible recipients which may assist the Company (presently or in the future)
with implementing, administering and managing the Plan to receive, possess,
use, retain, process and transfer Data, in electronic or other form, for the
purpose of implementing, administering and managing his or her participation in
the Plan.  The Participant understands that
Data will be held only as long as is necessary to implement, administer and
manage the Participant’s participation in the Plan.  The Participant understands that he or she
may, at any time, view Data, request additional information about the storage
and processing of Data, require any necessary amendments to Data or refuse or
withdraw the consents herein, in any case without cost, by contacting in
writing his or her local human resources representative.  The Participant understands, however, that
refusing or withdrawing his or her consent may affect the Participant’s ability
to participate in the Plan.  For more
information on the consequences of the Participant’s refusal to consent or
withdrawal of consent, the Participant understands that he or she may contact
his or her local human resources representative.

 

12.         Notices.   Any notices provided for in this Agreement
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 the
Participant, five (5) days after deposit in the United States mail,
postage prepaid, addressed to the Participant at the last address he or she
provided to the Company.   Any such
notices from the Company to the Participant may also be delivered through the
Company’s electronic mail system (during the Participant’s Continuous Service)
or at the last email address the Participant provided to the Company (after
termination of the Participant’s Continuous Service).

 

13.         Choice of Law
and Venue.  The
interpretation, performance and enforcement of this Agreement shall be governed
by the laws of the State of California, without regard to such state’s conflict
of laws rules, as provided in the Plan. 
For purposes of litigating any dispute that arises directly or
indirectly from the relationship of the parties evidenced by this grant or the
Agreement, the parties hereby submit and consent to the exclusive jurisdiction
of the State of California and agree
that such litigation shall be conducted only in the courts of Santa Clara
County, California, or the federal courts for the United States for the
Northern District of California, and no other courts, where this grant is made
and/or to be performed.

 

14.         Option Subject
to Plan.  By entering into this
Agreement the Participant agrees and acknowledges that the Participant has
received a copy of the Plan.  The Option
is 

 

8

 

subject
to the Plan.  The terms and provisions of
the Plan, as it may be amended from time to time in accordance with its
respective terms, are hereby incorporated herein by reference.  The Participant acknowledges that the Notice,
this Agreement and the Plan set forth the entire understanding between the
Participant and the Company regarding the Participant’s rights to acquire the
Shares subject to this Option and supersede all prior oral and written
agreements with respect thereto, including, but not limited to, any other
agreement or underwriting between the Participant and the Company or an
Affiliate relating to the Participant’s employment, consulting relationship, or
directorship, and any termination thereof, his compensation, or his rights,
claims or interests in or to the Shares. 
In the event of a conflict between any term or provision contained
herein and a term or provision of the Plan, the applicable terms and provisions
of the Plan will govern and prevail.

 

15.         Amendments.  The Committee at any time, and from time to
time, may amend the terms of the Option; provided, however, that the rights
under any Option shall not be materially impaired by any such amendment unless (i) the
Company requests the consent of the Participant and (ii) the Participant
consents in writing.

 

16.         Language.  If the Participant has received this or any
other document related to the Plan or this Option translated into a language
other than English and if the translated version is different than the English
version, the English version will control.

 

17.         Severability.  The provisions of this Agreement are
severable and if any one or more provisions are determined to be illegal or
otherwise unenforceable, in whole or in part, the remaining provisions shall
nevertheless be binding and enforceable.

 

9

 

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.

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"}]]