Document:

Exhibit 10.1

 

 

PERSONAL AND CONFIDENTIAL

 

July 30, 2014

 

Dear Philip:

 

Thank you for your interest in a career opportunity with Seagate US LLC (“Seagate”).  Those of us on the Seagate leadership team have enjoyed getting to know you during our recent interactions.  We believe you will bring real strength to Seagate and make significant contributions toward helping us achieve our overall goals as we position ourselves for continued growth and market leadership.

 

We are pleased to confirm our offer of employment to you for the position of Executive Vice President and Chief Technology Officer, Silicon Solutions.  This position will be located in our Cupertino, California facility. You will report directly to Dave Mosley, President, Operations and Technology. In order for this to happen, you must submit the required documentation in a timely manner and all contingencies described below must be fully satisfied.  We will notify you of your specific start date no less than two weeks before your first day.

 

We have put together a total compensation package that we believe you will find very attractive. The key elements of this offer are as follows:

 

·                  Your annualized base salary will be $500,000.00, payable biweekly and subject to applicable withholdings.

 

·                  You have been recommended for two stock grants under the company’s equity compensation program, subject to the approval of the Compensation Committee of the Board of Directors of Seagate Technology plc (“Seagate Technology”) or its duly appointed representative. Details of the grants are as follows:

 

·      Types of Awards: Stock Options and Threshold Performance Share Units (TPSUs)

 

·                 Share Awards:  Sixty-five thousand (65,000) stock options and sixty-five thousand (65,000) Threshold Performance Share Units.

 

Options:

 

Vesting Schedule: One fourth of the shares subject to the option will vest upon your completion of one year of continuous service from your date of hire; 1/48th of the shares will vest upon the completion of each month of service thereafter over the next three years. Therefore, your option will be fully vested after the completion of four years of continuous service from your date of hire. You may purchase the shares subject to the vested portion of your option by exercising your option while it remains outstanding.

 

Vesting Commencement Date: Vesting for your option will commence on your date of hire.

 

Expiration Date: Generally, your stock option will expire seven years from the date of grant or, if earlier, upon termination of your service with Seagate. Your stock option may not be exercised after it expires.

 

Exercise Price: The exercise price of your stock option is expected to be the closing share price on NASDAQ on the grant date.

 

Grant Date: The grant date will be the date your stock option is approved by the Compensation Committee or its duly appointed representative and will generally be the 20th of the month next following your date of hire. An email will be sent to you on or about the grant date confirming the exercise price. You will receive your stock option award agreement within a reasonable period of time thereafter. If there are any inconsistencies between this letter and your award agreement, the terms of the award agreement will govern and be binding on both you and Seagate and its affiliates.

 

1

 

Threshold Performance Share Units:

 

Vesting Schedule: The attached schedule will explain how the TPSUs will vest, provided that the award will not vest sooner than at a rate of 25% per year. Please refer to the grant agreement for complete details.

 

Additional information regarding Seagate’s equity incentive plan will be made available following your start date.

 

·                  As a key leader, you will be eligible to participate in the Seagate Executive Performance Bonus plan, with a target of 100% of your base salary.  Your annual bonus (the “Bonus”) may be higher or lower than target, based on company earnings and an evaluation of your performance at the end of the fiscal year.  The Bonus is payable at the sole discretion of the Board of Directors and the Compensation Committee.

 

·                  Seagate offers you a comprehensive benefits package including medical, dental, life insurance, vision, flexible spending accounts, and much more.  A detailed description of these benefits can be reviewed on the Seagate careers website.

 

·                  Seagate policy provides executives with time off for vacation and leave purposes, subject to management approval and business need, and in accordance with applicable legal requirements.  Executives do not accrue vacation or annual leave time and will not receive any payout of vacation or leave time at the end of employment.

 

·                  You will be eligible to participate in Seagate’s Deferred Compensation Plan that will allow you to set aside a percentage of your base pay and bonus on a pre-tax basis.  This program is in addition to any 401(k) plan contributions you may make during the year.

 

Contingencies:

 

This offer is contingent upon the following:

 

·                  Satisfactory completion of a background investigation, reference checks, and obtaining an export license, if required. U.S. citizens and permanent residents are not subject to export control license requirements, but an export license application may be required in other certain circumstances. Please complete and return the attached forms immediately so that we may begin the required checks. We will notify you when the background investigation has been successfully completed and we have confirmed that you are not subject to export control license requirements.

 

·                  If you currently serve on any boards of directors or advisory boards, or are otherwise involved in other business or charitable ventures, please advise us of the nature of these positions, ventures and/or activities.  We will review your disclosures with you and consent to your continuing with these activities so long as they do not detract from your ability to fulfill your new duties and responsibilities or create any actual conflict of interest or potential appearance of a conflict of interest with your new duties or responsibilities or otherwise violate any company policies.

 

·                  Your review and execution of the enclosed Seagate “At-Will Employment, Confidential Information and Invention Assignment Agreement.”  Please bring the document along to sign and have witnessed on your first day of employment.

 

Your confirmation and acceptance of this offer represents an agreement between you and Seagate regarding the terms and conditions of your employment at Seagate.  No prior promises, representations or understanding relative to any terms or conditions of this offer of employment are to be considered as part of this agreement unless expressed in writing in this letter or set forth in the Agreement.  Your employment in this position at Seagate will be “at-will” and terminable at any time by yourself or Seagate, with or without cause or notice. However, subject to the terms of the accompanying Fifth Amended and Restated Seagate Technology Executive Severance and Change in Control (CIC) Plan (the “Plan”), as such Plan may be amended from time to time, you may be eligible to receive severance benefits if your employment is terminated by Seagate without “Cause,” or you resign for “Good Reason,” in each case as defined in the Plan. A copy of the Plan accompanies this letter for your reference.

 

2

 

Phil, our management team is excited about the possibility of you joining our team as soon as possible.  In the event that you have not accepted this offer by August 6, 2014, or if any of the contingencies set forth herein are not met, then, this offer will be null and void.

 

I look forward to a successful conclusion to our discussions and a close working relationship. We are confident that you will enjoy working on the Seagate team as we embark upon important and exciting change efforts aimed at connecting Seagate with a world of new partners, customers and opportunities.

 

Sincerely,

 

SEAGATE TECHNOLOGY

 

	
/s/   WD Mosley
    	
 
    

 

Dave Mosley, President, Operations and Technology

 

I accept the offer above, subject to the noted contingencies.

 

	
My start date will be:
    	
At   the closing of Avago/STX
    	
 
    
	
 
    	
Transaction.
    	
 
    

 

	
/s/   Philip Brace
    	
 
    	
7/31/2014
    
	
Philip Brace
    	
 
    	
Date
    

 

cc:             Joy Nyberg, SVP, HR, Communications & Community Engagement

 

Attachments:

Background Investigation Consent Forms*

At-Will Employment, Confidential Information and Invention Assignment Agreement (Read Only)* 

Copy of Offer Letter to be signed and returned*

Employment/Work Assignment Questionnaire* 

Global ID Activation Request*

Fifth Amended and Restated Seagate Technology Executive Severance and Change in Control (CIC) Plan* 

TPSU Vesting Schedule

 

3Exhibit101WoodmanAmendmenttoAgreementtoContributeStock1505

EXHIBIT 10.1

Amendment to Agreement to Contribute Stock dated December 28, 2011
This Amendment to Agreement to Contribute Stock dated December 28, 2011 (this “Amendment”) is made as of May 11, 2015, by and between GoPro, Inc., a Delaware corporation (f/k/a Woodman Labs, Inc., the “Company”), Nicholas Woodman (“Woodman”) and the Woodman Family Trust under Trust Agreement dated March 11, 2011 (the “Trust”), and amends that certain letter agreement entitled “Agreement to Contribute Stock” dated December 28, 2011, by and between the Company, Woodman and the Trust (the “Contribution Letter Agreement”) as set forth herein.  All references to capital stock in this Amendment reflect the 3:1 forward split of the Company’s capital stock in July 2012 and the reclassification of the Company’s Common Stock into Class B Common Stock in June 2014.
WHEREAS, the Company and Neil Dana (“Dana”) previously entered that certain Stock Option Agreement, dated June 28, 2011, by and between the Company and Dana (the “Option Agreement”), pursuant to which Dana was granted an option to purchase 6,584,427 shares of the Company’s Class B Common Stock (the “Shares”).
WHEREAS, Woodman and Dana previously entered that certain letter agreement entitled “Agreements with Respect to Compensation” dated December 28, 2011, by and between Woodman and Dana (“Dana Letter Agreement”).

WHEREAS, Woodman is Co-Trustee with Jill R. Woodman of the Trust and, pursuant to the Contribution Letter Agreement, Woodman previously agreed to honor his obligations with respect to certain capital stock contributions under the Dana Letter Agreement through shares of Class B Common Stock held by the Trust.

WHEREAS, pursuant to the Contribution Letter Agreement, should Dana ever exercise any of the Shares subject to the Option Agreement, Woodman agreed to contribute back to the Company for no additional consideration an equal number of shares of Class B Common Stock owned by Woodman or the Trust and the Company agreed for Woodman or the Trust to do the same.

WHEREAS, pursuant to the Contribution Letter Agreement, to date Woodman has contributed back to the Company 1,906,247 shares of the Class B Common Stock owned by the Trust (“Prior Contributions”).

WHEREAS, as a result of the Prior Contributions, Woodman and/or the Trust are currently obligated under the Contribution Letter Agreement to contribute a maximum of 4,678,180 shares of Class B Common Stock back to the Company (the “Balance Shares”) upon future exercises by Dana of Shares subject to the Option Agreement.

WHEREAS, the Company, Woodman and the Trust now desire to amend the Contribution Letter Agreement to provide for the contribution of all the Balance Shares to the Company on May 11, 2015 in a single contribution without regard to whether Dana exercises any Shares subject to the Option Agreement on such date or in the future.

WHEREAS, the Contribution Letter Agreement may be amended only with the written consent of Company, Woodman and the Trust.

NOW, THEREFORE, In consideration of the promises and the mutual covenants and agreements contained in this Agreement and for other good and valuable consideration, the parties hereto agree as follows:

1    

1.     Amendments to Contribution Letter Agreement.  

a.     The following language shall be added to the end of Section 1 (Contribution) of the Contribution Letter Agreement:

“Notwithstanding the foregoing, on May 11, 2015, the Company, Woodman and the Trust agree that the Trust shall make a Contribution of 4,678,180 shares of the Company’s Class B Common Stock (the “Final Contribution”) and effective upon the consummation of such Final Contribution, Woodman and the Trust will have no further obligations under this Agreement and this Agreement will terminate in its entirety.  Furthermore, Woodman, the Trust and the Company hereby agree that, to consummate such Final Contribution, the Trust and the Company shall execute and deliver to the Company a completed and executed Contribution Agreement in substantially the form attached hereto as Exhibit B.”

b.    Exhibit A to this Amendment shall be added as Exhibit B to the Contribution Letter Agreement.

2.    No Other Amendments.  Except as expressly set forth above, all of the terms and conditions of the Contribution Letter Agreement remain in full force and effect.

[Signature Page Follows]

2    

The parties have executed and delivered this Amendment as of the date first written above.

GOPRO, INC. 

/s/ Jack Lazar    
Jack Lazar, Chief Financial Officer
    

WOODMAN FAMILY TRUST 
UNDER TRUST AGREEMENT DATED MARCH 11, 2011 

    
By: /s/ Nicholas D. Woodman    
Nicholas D. Woodman 
Co-Trustee

NICHOLAS D. WOODMAN

/s/ Nicholas D. Woodman        
Nicholas D. Woodman

3    

Exhibit A to Amendment 

4    

Exhibit B
Form of Final Contribution Agreement

GOPRO, INC.
CONTRIBUTION AGREEMENT
This CONTRIBUTION AGREEMENT (this “Agreement”) is made and entered into as of May 11, 2015, by and between GoPro, Inc. (f/k/a Woodman Labs, Inc.), a Delaware corporation (the “Company”) and Nicholas Woodman and Jill R. Woodman, as Co-Trustees of the Woodman Family Trust under Trust Agreement dated March 11, 2011 (“Contributor”).
In consideration of the promises and the mutual covenants and agreements contained herein and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto agree as follows:
1.    Agreement to Contribute.  As of the date hereof, Contributor shall contribute and transfer to the Company, without any cost or charge to the Company and as a contribution to the capital of the Company, 4,678,180 shares of the Company’s Class B Common Stock (the “Contributed Shares”).  
2.    Acknowledgement.  Contributor acknowledges that from and after the execution of this Agreement, the Company is the owner of all right, title and interest in and to the Contributed Shares.  Contributor shall not at any time do or suffer to be done any act or thing which may materially adversely affect any rights of the Company in and to the Contributed Shares.
3.    Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of California as applied to agreements among California residents made and to be performed entirely with the State of California.
4.    Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument

5    

IN WITNESS WHEREOF, the undersigned have executed this Contribution Agreement or caused this Contribution Agreement to be executed by its duly authorized representative.

Nicholas Woodman and Jill R. Woodman, as Co-Trustees of the Woodman Family Trust under Trust Agreement dated March 11, 2011

By: /s/ Eve T. Saltman                     
Eve T. Saltman, as attorney-in-fact for Nicholas Woodman and Jill R. Woodman, as Co-Trustees of the Woodman Family Trust under Trust Agreement dated March 11, 2011

GOPRO, INC.

By:  /s/ Sharon Zezima                    
Sharon Zezima, General Counsel & Secretary

6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00247-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00247-of-00352.parquet"}]]