Document:

Exhibit 10.1

 

Deed of Indemnity

 

This Deed of Indemnity (“Deed”) is dated this
             day of
July 2010,

 

By:

 

	
  (1)

  	
  Seagate
  Technology,  an exempted company incorporated with
  limited liability under the laws of the Cayman Islands (the “Company”).

  

 

In Favour
of:

 

	
  (2)

  	
  [Name of Indemnitee] (the
  “Indemnitee”).

  

 

Whereas:

 

	
  (A)

  	
  The Company, on 3
  July 2010 (the “Effective Time”)
  pursuant to a scheme of arrangement under the Companies Law (2009 Revision),
  became a direct wholly owned subsidiary of Seagate Technology plc (“Seagate
  plc”) (Seagate plc, the Company and each Subsidiary (as defined below),
  together the “Group”).

  
	
   

  	
   

  
	
  (B)

  	
  The Group recognizes the
  potential for variations in the marketplace for liability insurance covering
  risks faced by directors and officers of companies, corporations and limited
  liability companies, and the potential for significant increases in the cost
  of such insurance and its availability.

  
	
   

  	
   

  
	
  (C)

  	
  The Group further
  recognizes the continuing increase in litigation involving companies,
  corporations and/or limited liability companies, in general, subjecting
  directors and officers to expensive litigation risk.

  
	
   

  	
   

  
	
  (D)

  	
  The Group recognizes the
  potential volatility of all such insurance programs given the climate of
  litigation, and that each Indemnitee and other directors and officers of
  Seagate plc or its subsidiaries (each, a “Subsidiary”
  and together, the “Subsidiaries”)
  may not be willing to serve as directors and officers without adequate
  protection.

  
	
   

  	
   

  
	
  (E)

  	
  The Group desires to
  attract and retain the services of highly qualified individuals to serve as
  directors and officers of Seagate plc and its Subsidiaries and the Company
  desires to indemnify the directors and officers of Seagate plc and its
  Subsidiaries so as to provide them with the maximum protection permitted by
  applicable law.

  
	
   

  	
   

  
	
  (F)

  	
  By an ordinary resolution
  of the Company, Seagate plc as sole shareholder as of the Effective Time has
  ratified the issuance of this Deed as being in the best interests of the
  Company. Such ratification is on the basis that Seagate plc shall not be
  required to counter indemnify the Company for any indemnification provided in
  accordance with the Deed and nor shall Seagate plc be required to provide any
  of its own funds towards such indemnification.

  

 

 

Now this Deed witnesseth
as follows:

 

	
  1

  	
  Indemnification

  
	
   

  	
   

  
	
  1.1

  	
  Third Party
  Proceedings.

  

 

The
Company shall, to the fullest extent permitted by applicable law and with
effect from the Effective Time, indemnify each Indemnitee if such Indemnitee is
or was a party or is threatened to be made a party to any threatened, pending
or completed action, suit or proceeding, whether civil, criminal,
administrative or investigative (other than an action, suit or proceeding by,
in the name or on behalf of, or in right of, the Company, Seagate plc or any
Subsidiary) by reason of the fact that such Indemnitee is or was a director,
officer, employee or agent of Seagate plc or any Subsidiary, by reason of any
action or inaction on the part of such Indemnitee in the Indemnitee’s capacity
as a director, officer, employee or agent of Seagate plc or such Subsidiary, as
applicable, or by reason of the fact that such Indemnitee is or was serving at
the request of Seagate plc or such Subsidiary as a director, officer, employee
or agent of another company, corporation, partnership, joint venture, trust or
other enterprise, against expenses (including attorneys’ fees), judgments,
fines and amounts paid in settlement (if such settlement is approved in advance
by the Company, which approval shall not be unreasonably withheld) actually and
reasonably incurred by such Indemnitee in connection with such action, suit or
proceeding; provided, however, that the Company shall not indemnify such
Indemnitee against any liability arising out of (i) any fraud or
dishonesty in the performance of such Indemnitee’s duty to Seagate plc or such
Subsidiary, as applicable, or (ii) the Indemnitee’s conscious, intentional
or wilful failure to act honestly, lawfully and in good faith with a view to
the best interests of Seagate plc or such Subsidiary, as applicable. The
termination of any action, suit or proceeding by judgment, order, settlement,
conviction, or upon a plea of nolo contendere or its equivalent, shall not, of
itself, create a presumption that the Indemnitee acted fraudulently or
dishonestly or consciously, intentionally or wilfully failed to act in good
faith with a view to the best interests of Seagate plc or the relevant
Subsidiary, as applicable.

 

	
  1.2

  	
  Proceedings
  By, In the Name or on Behalf of, or in the Right of Seagate plc or Any
  Subsidiary.

  

 

The
Company shall, to the fullest extent permitted by applicable law, indemnify
each Indemnitee if such Indemnitee is or was a party or is threatened to be
made a party to any threatened, pending or completed action, suit or proceeding
by, in the name or on behalf of, or in right of, Seagate plc or any Subsidiary,
to procure a judgment in Seagate plc’s or such Subsidiary’s favor, as
applicable, by reason of the fact that such Indemnitee is or was a director,
officer, employee or agent of Seagate plc or such Subsidiary, as applicable, by
reason of any action or inaction on the part of the Indemnitee in such
Indemnitee’s capacity as a director, officer, employee or agent of Seagate plc
or such Subsidiary, as applicable, or by reason of the fact that the Indemnitee
is or was serving at the request of Seagate plc or such Subsidiary, as
applicable, as a director, officer, employee or agent of another company,
corporation, partnership, joint venture, trust or other enterprise, against
expenses (including attorneys’ fees) actually and reasonably incurred by the
Indemnitee in connection with the defense or settlement of such action, suit or
proceeding, except that no indemnification for expenses shall be made in
respect of any claim, issue or matter as to which the Indemnitee shall have
been adjudged to be liable for fraud or dishonesty in the performance of his
duty to Seagate plc or such Subsidiary, as applicable, or for conscious,
intentional or wilful failure to act honestly, lawfully and in good faith with
a view to the best interests of Seagate plc or such Subsidiary, as applicable,
unless and only to the extent that the Grand Court of the Cayman Islands or the
court in which such action, suit or proceeding was brought shall determine upon
application that, despite the adjudication of liability but in view of all the
circumstances of the case, the Indemnitee is fairly and reasonably entitled to
indemnity for such expenses which the Grand Court of the Cayman Islands or such
other court shall deem proper.

 

	
  1.3

  	
  Mandatory Payment
  of Expenses.

  

 

To
the extent that the Indemnitee has been successful on the merits or otherwise
in defense of any action, suit or proceeding referred to in Clause 1.1 or 1.2
or the defense of any claim, issue or matter therein, the Indemnitee shall be
indemnified against expenses (including attorneys’ fees) actually and
reasonably incurred by the Indemnitee in connection therewith.

 

 

	
  2

  	
  Agreement to Serve

  

 

In consideration of the protections
afforded by this Deed, if the Indemnitee is a director or an officer of Seagate
plc or a Subsidiary not serving under an employment contract, he or she agrees
to serve in such capacity at least for the balance of the current fiscal year
of Seagate plc or such Subsidiary, as applicable, at the will of Seagate plc or
such Subsidiary, as applicable, and not to resign voluntarily during such
period without the written consent of a majority of the board of directors of
Seagate plc or such Subsidiary, as applicable. 
Following the period set forth above, the Indemnitee agrees to continue
to serve in such capacity at the will of Seagate plc or such Subsidiary, as
applicable (or under separate agreement, if such agreement exists), so long as
he or she is duly appointed or elected in accordance with the applicable
provisions of the Articles of Association of Seagate plc or the corresponding
constitutive document of such Subsidiary, as applicable, or until such time as
he or she tenders his or her resignation in writing.  Nothing contained in this Deed is intended to
create in the Indemnitee any right to continued employment.

 

	
  3

  	
  Expenses; Indemnification Procedure.

  
	
   

  	
   

  
	
  3.1

  	
  Advancement of
  Expenses.

  

 

The
Company shall pay all expenses incurred by each Indemnitee in connection with
the investigation, defense, settlement or appeal of any action, suit or
proceeding referenced in Clause 1.1 or 1.2 hereof or an enforcement action
pursuant to Clause 3.3 hereof in advance of the final disposition of such
action, suit or proceeding.

 

The
Indemnitee hereby undertakes to repay such amounts advanced only if, and to the
extent that, it shall be finally adjudicated by a court order or judgment from
which no further right of appeal exists that Indemnitee is not entitled to be indemnified
by the Company as authorized hereby.  The
advance of expenses to be made pursuant to this Clause 3.1 shall be paid by the
Company to Indemnitee within twenty (20) days following delivery of a written
request therefor by Indemnitee to the Company.

 

	
  3.2

  	
  Notice/Cooperation
  by Indemnitee.

  

 

The
Indemnitee shall, as a condition precedent to his right to be indemnified under
this Agreement, give the Company notice in writing as soon as practicable of
any claim made against Indemnitee for which indemnification will or could be
sought under this Agreement.  In addition, Indemnitee
shall give the Company such information and cooperation as it may reasonably
require and as shall be within Indemnitee’s power.

 

	
  3.3

  	
  Procedure.

  

 

Any
indemnification and advances provided for in Clause 1 and this Clause 3 shall
be made no later than forty-five (45) days after receipt of the written request
of Indemnitee.  If a claim under this
Agreement is not paid in full by the Company within forty-five (45) days after
a written request for payment thereof has first been received by the Company, Indemnitee
may, but need not, at any time thereafter bring an action against the Company
to recover the unpaid amount of the claim. Subject to Section 12 of this
Agreement, Indemnitee shall also be entitled to be paid for the expenses
(including attorneys’ fees) of bringing such action.  It shall be a defense to any such action
(other than an action brought to enforce a claim for expenses incurred in
connection with any action, suit or proceeding in advance of its final
disposition) that Indemnitee has not met the standards of conduct required
under this Agreement, or which make it permissible under applicable law, for
the Company to indemnify Indemnitee for the amount claimed, but the burden of
proving such defense shall be on the Company and Indemnitee shall be entitled
to receive interim payments of expenses pursuant to Clause 3.1 hereof unless
and until such defense may be finally adjudicated by court order or judgment
from which 

 

 

no
further right of appeal exists.  It is
the parties’ intention that if the Company contests the Indemnitee’s right to
indemnification, the question of the Indemnitee’s right to indemnification
shall be for the court to decide, and neither the failure of the Company
(including its director(s), any committee or subgroup of the director(s) or
any group or committee appointed by the director(s), independent legal counsel,
or other officers of the Company) to have made a determination that
indemnification of the Indemnitee is proper in the circumstances because the
Indemnitee has met the applicable standard of conduct required by applicable
law, nor an actual determination by the Company (including the director(s), any
committee or subgroup of the director(s) or any group or committee
appointed by the director(s), independent legal counsel, or other officers of
the Company) that the Indemnitee has not met such applicable standard of
conduct, shall create a presumption that Indemnitee has or has not met the applicable
standard of conduct.

 

	
  3.4

  	
  Notice to Insurers.

  

 

If,
at the time of the receipt of a notice of a claim pursuant to Clause 3.2
hereof, (i) the Company has liability insurance in effect for the purpose
of protecting directors or officers of Seagate plc and its Subsidiaries or (ii) the
relevant Subsidiary has liability insurance in effect for the purpose of
protecting directors or officers of such Subsidiary, Seagate plc or the
relevant Subsidiary, as applicable, shall give prompt notice of the commencement
of such proceeding to its relevant insurers in accordance with the procedures
set forth in the respective policies. Seagate plc or the relevant Subsidiary
shall thereafter take all necessary or desirable action to cause such insurers
to pay, on behalf of Indemnitee, all amounts payable as a result of such
proceeding in accordance with the terms of such policies.

 

	
  3.5

  	
  Selection of
  Counsel.

  

 

In
the event the Company shall be obligated under Clause 3.1 hereof to pay the
expenses of any proceeding against the Indemnitee, the Company if appropriate,
shall be entitled to assume the defense of such proceeding, with counsel
approved by the Indemnitee, upon the delivery to Indemnitee of written notice
of its election so to do.   Following
approval of such counsel by the Indemnitee and the retention of such counsel by
the Company, the Company will not be liable to Indemnitee under this Deed for
any fees of counsel subsequently incurred by the Indemnitee with respect to the
same proceeding, provided that (i) the Indemnitee shall have the right to
employ his or her counsel in any such proceeding at the Indemnitee’s expense;
and (ii) if (A) the employment of counsel by the Indemnitee has been
previously authorized by the Company, (B) the Indemnitee shall have
reasonably concluded that there may be a conflict of interest between the
Company or Seagate plc and the Indemnitee in the conduct of any such defense or
(C) the Company shall not, in fact, have employed counsel to assume the
defense of such proceeding, then the fees and expenses of the Indemnitee’s
counsel shall be at the expense of the Company.

 

	
  4

  	
  Additional Indemnification Rights; Nonexclusivity

  
	
   

  	
   

  
	
  4.1

  	
  Scope.

  

 

Notwithstanding
any other provision of this Deed, the Company hereby agrees to indemnify each
Indemnitee for liability arising out of or in connection with the Indemnitee’s
service as a director, officer, employee or agent of Seagate plc or any
Subsidiary to the fullest extent permitted by applicable law, notwithstanding
that such indemnification is not specifically authorized by the other
provisions of this Deed, Seagate plc’s Memorandum or Articles of Association,
the constitutive documents of any relevant Subsidiary, or by statute.  In the event of any change, after the date of
this Deed, in any applicable law, statute, or rule which expands the right
of a Cayman Islands company to 

 

 

indemnify
a director, officer, employee or agent of such company, such changes shall be,
ipso facto, within the purview of Indemnitee’s rights and the Company’s
obligations, under this Deed.  In the
event of any change in any applicable law, statute or rule which narrows
the right of a Cayman Islands company to indemnify a director, officer,
employee or agent of such company, such changes, to the extent not otherwise
required by such law, statute or rule to be applied to this Deed shall
have no effect on this Deed or the parties’ rights and obligations hereunder.

 

	
  4.2

  	
  Nonexclusivity.

  

 

The
indemnification provided by this Deed shall not be deemed exclusive of any
rights to which an Indemnitee may be entitled under the Articles of
Association, any agreement, any vote of the members of the Company, any vote of
the members or shareholders of Seagate plc or any relevant Subsidiary, the
Companies Law, or otherwise, both as to action in Indemnitee’s official
capacity and as to action in another capacity while holding such office.  The indemnification provided under this Deed
shall continue as to Indemnitee for any action taken or not taken while serving
in an indemnified capacity even though he may have ceased to serve in such
capacity at the time of any action, suit or other covered proceeding.

 

	
  5

  	
  Partial Indemnification

  

 

If any Indemnitee is
entitled under any provision of this Deed to indemnification by the Company for
some or a portion of the expenses, judgments, fines or penalties actually or
reasonably incurred by him in the investigation, defense, appeal or settlement
of any civil or criminal action, suit or proceeding, but not, however, for the
total amount thereof, the Company shall nevertheless indemnify Indemnitee for
the portion of such expenses, judgments, fines or penalties to which Indemnitee
is entitled.

 

	
  6

  	
  Director and Officer Liability Insurance

  

 

The Company shall, from
time to time, make the good faith determination whether or not it is
practicable for the Company to obtain and maintain a policy or policies of
insurance with reputable insurance companies providing directors and officers
of Seagate plc and its Subsidiaries with coverage for losses from wrongful acts,
or to ensure the Company’s performance of its indemnification obligations under
this Deed.  Among other considerations,
the Company will weigh the costs of obtaining such insurance coverage against
the protection afforded by such coverage. 
In all policies of director and officer liability insurance covering the
directors and officers of Seagate plc and its Subsidiaries, such company and
each Indemnitee shall be named as an insured in such a manner to provide
Indemnitee the same rights and benefits as are afforded to the most favorably
insured of the directors and officers of Seagate plc and its Subsidiaries.  Notwithstanding the foregoing, the Company
shall not have any obligation to obtain or maintain such insurance if the
Company determines in good faith that such insurance is not reasonably
available, that the premium costs for such insurance are disproportionate to
the amount of coverage provided, that the coverage provided by such insurance
is limited by exclusions so as to provide an insufficient benefit, or if
Indemnitee is covered by similar insurance maintained by Seagate plc or any
Subsidiary.

 

	
  7

  	
  Severability

  

 

Nothing in this Deed is
intended to require or shall be construed as requiring the Company to do or
fail to do any act in violation of applicable law.  The Company’s inability, pursuant to court
order, to perform its obligations under this Deed shall not constitute a breach
of this Deed.  The provisions of this
Deed shall be severable as provided in this Clause 7.  If this Deed or any portion hereof shall be
invalidated on any ground by any court of competent jurisdiction, then the
Company shall nevertheless indemnify Indemnitee to the full extent permitted by
any applicable portion of this Deed that shall not 

 

 

have been invalidated, and
the balance of this Deed not so invalidated shall be enforceable in accordance
with its terms.

 

	
  8

  	
  Exceptions

  

 

Any other provision herein
to the contrary notwithstanding, the Company shall not be obligated pursuant to
the terms of this Deed:

 

	
  8.1

  	
  Claims Initiated by
  Indemnitee.

  

 

To
indemnify or advance expenses to any Indemnitee with respect to any action,
suit or proceeding brought voluntarily by such Indemnitee and not by way of
defense, except with respect to any action, suit or proceeding brought to establish
or enforce a right to indemnification or advancement of expenses under this
Deed (which shall be governed by Clause 8.2 hereof), but such indemnification
or advancement of expenses may be provided by the Company in specific cases if
the Company’s board of directors finds it to be appropriate;

 

	
  8.2

  	
  Action for
  Indemnification.

  

 

To
indemnify any Indemnitee for any expenses incurred by such Indemnitee with
respect to any action, suit or proceeding instituted by such Indemnitee to
enforce or interpret this Deed, unless such Indemnitee is successful in such
action, suit or proceeding in establishing Indemnitee’s right, in whole or in
part, to indemnification or advancement of expenses hereunder (in which case
such indemnification or advancement shall be to the fullest extent permitted by
the this Deed), or unless and to the extent that the court in such action, suit
or proceeding shall determine that, despite Indemnitee’s failure to establish
his or her right to indemnification, Indemnitee is entitled to indemnity
for such expenses; provided, however, that nothing in this Clause 8.2 is
intended to limit the Company’s obligations with respect to the advancement of
expenses to Indemnitee in connection with any such action, suit or proceeding
instituted by Indemnitee to enforce or interpret this Deed, as provided in
Clause 3.1;

 

	
  8.3

  	
  Fraud or Willful
  Misconduct.

  

 

To
indemnify any Indemnitee on account of conduct by such Indemnitee where such
conduct has been finally adjudicated by court order or judgment from which no
further right of appeal exists to have been knowingly fraudulent or constitute
wilful misconduct;

 

	
  8.4

  	
  Prohibited by Law.

  

 

To
indemnify any Indemnitee in any circumstance where such indemnification has
been finally adjudicated by court order or judgment from which no further right
of appeal exists to be prohibited by law;

 

	
  8.5

  	
  Insured Claims.

  

 

To
indemnify any Indemnitee for expenses or liabilities of any type whatsoever
(including, but not limited to, judgments, fines, penalties and amounts paid in
settlement) which have been paid directly to Indemnitee by an insurance carrier
under a policy of directors’ and officers’ liability insurance maintained by
the Company, Seagate plc or the relevant Subsidiary; or

 

 

	
  8.6

  	
  Securities Laws.

  

 

To
indemnify any Indemnitee for expenses, liabilities or the payment or
disgorgement of profits arising from or relating to purchase or sale of or
offer to purchase or sell any securities, whether on the open market or through
a public or private offering.

 

	
  9

  	
  Construction of Certain Phrases

  
	
   

  	
   

  
	
  9.1

  	
  For purposes of
  this Deed, references to the “Company” shall include, in addition to the
  Company, any constituent company or corporation (including any constituent of
  a constituent) absorbed in a consolidation or merger which, if its separate
  existence had continued, would have had power and authority to indemnify its
  directors, managers, members, officers, employees or agents, so that if any
  Indemnitee is or was a director, manager, member, officer, employee or agent
  of such constituent company or corporation, or is or was serving at the
  request of such constituent company or corporation as a director, manager,
  member, officer, employee or agent of another limited liability company,
  corporation, partnership, joint venture, trust or other enterprise, then
  Indemnitee shall stand in the same position under the provisions of this Deed
  with respect to the resulting or surviving company or corporation as
  Indemnitee would have with respect to such constituent company or corporation
  if its separate existence had continued.

  
	
   

  	
   

  
	
  9.2

  	
  For purposes of
  this Deed, references to “other  enterprises”
  shall include employee benefit plans, references to “fines” shall include any
  excise taxes assessed on Indemnitee with respect to an employee benefit plan,
  references to “serving at the request of Seagate plc or a Subsidiary” shall
  include any service as a director, officer, employee or agent of Seagate plc
  or such Subsidiary which imposes duties on, or involves services by such
  director, officer, employee or agent with respect to an employee benefit
  plan, its participants, or beneficiaries and references to “relevant Subsidiary” shall mean the
  Subsidiary of which the Indemnitee is serving as a director, officer,
  employee or agent.

  
	
   

  	
   

  
	
  10

  	
  Successors and Assigns

  

 

This Deed shall be binding
upon the Company and its successors and assigns, and shall inure to the benefit
of each Indemnitee and Indemnitee’s estate, heirs, legal representatives and
assigns.

 

	
  11

  	
  Attorneys’ Fees

  

 

In the event any action is
instituted by Indemnitee under this Deed to enforce or interpret any of the
terms hereof, such Indemnitee shall be entitled to be paid all court costs and
expenses, including reasonable attorneys’ fees, incurred by such Indemnitee
with respect to such action, except to the extent that, as a part of such
action, a court of competent jurisdiction determines that material assertions
made by Indemnitee as a basis for such action were not made in good faith or
were frivolous.  In the event of an
action instituted by or in the name of the Company under this Deed or to
enforce or interpret any of the terms of this Deed, such Indemnitee shall be
entitled to be paid all court costs and expenses, including attorneys’ fees,
incurred by such Indemnitee in defense of such action (including with respect
to such Indemnitee’s counterclaims and cross-claims made in such action),
except to the extent that, as a part of such action, the court determines that
Indemnitee’s material defenses to such action were made in bad faith or were
frivolous.

 

	
  12

  	
  Notice

  

 

All notices, requests,
demands and other communications under this Deed shall be in writing and shall
be deemed duly given (i) if delivered by hand and receipted for by the
party addressee, on the date of such receipt, (ii) if mailed by United
States domestic, certified or registered mail, with first class postage
prepaid, on the third business day after the date postmarked or (iii) in
all other cases, when actually received. 
Addresses for notice to either party are as shown on the signature page of
this Deed, or as subsequently modified by written notice.

 

 

	
  13

  	
  Acknowledgement

  

 

The Company and the
Indemnitee acknowledge that in certain instances, law or public policy may
prohibit the Company from indemnifying the directors and officers of  Seagate plc and its Subsidiaries under this
Deed or otherwise.  For example, the
Company and the Indemnitee acknowledge that the Securities and Exchange
Commission (the “SEC”) has taken
the position that indemnification is not permissible for liabilities arising
under certain federal securities laws, and United States federal legislation
prohibits indemnification for certain violations of the Employee Retirement
Income Security Act. The Indemnitee understands and acknowledges that the
Seagate plc as the parent entity of the Company and which is subject to the
Securities Acts of the United States has undertaken with the SEC to submit the
question of indemnification to a court in certain circumstances for a
determination of the Company’s right under public policy to indemnify
Indemnitee.

 

	
  14

  	
  No Duplication of Payments

  

 

The Company shall not be
liable under this Deed to make any payment in connection with any claim made
against any Indemnitee in connection with any threatened, pending or completed action,
suit or proceeding to the extent Indemnitee has otherwise actually received
payment (under any insurance policy, provision of the Company’s Articles of
Association, provision of the constitutive documents of Seagate plc or any
relevant Subsidiary, or otherwise) of the amounts otherwise identifiable
hereunder.

 

	
  15

  	
  Subrogation

  

 

In the event of any payment
by the Company under this Deed, the Company shall be subrogated to the extent
of such payment to all of the rights of recovery of the Indemnitee with respect
to any insurance policy. The Indemnitee shall execute all papers required and
shall do everything that may be necessary to secure such rights, including the
execution of such documents necessary to enable the Company effectively to
bring suit to enforce such rights.

 

	
  16

  	
  Effective Time of Deed

  

 

The indemnification to be
provided by the Company to each Indemnitee pursuant to the terms of this Deed
shall apply with effect from (i) the date on which such Indemnitee first
became a director or officer of Seagate plc or a Subsidiary, as applicable, or (ii) the
Effective Time, if such Indemnitee is party to a prior agreement with the
Company relating to claims for indemnification arising out of or in connection
with such Indemnitee’s service as a director, officer, employee or agent of
Seagate plc or any Subsidiary.

 

	
  17

  	
  Consent to Jurisdiction

  

 

The Company and the
Indemnitee hereby irrevocably consent to the non-exclusive jurisdiction of the
Grand Court of the Cayman Islands for all purposes in connection with any
action or proceeding which arises out of or relates to this Deed and agree that
any action instituted under this Deed may be brought in the Grand Court of the
Cayman Islands.

 

	
  18

  	
  Choice of Law

  

 

This Deed shall be governed
by and its provisions construed in accordance with the laws of the Cayman
Islands.

 

 

IN WITNESS
whereof this Deed has been executed by the Company and the Indemnitee and is
intended to be and is hereby delivered on the date first before written.

 

	
  EXECUTED
  AS A DEED

  	
  )

  	
   

  	
   

  	
   

  
	
  for and on behalf of

  	
  )

  	
   

  	
   

  	
   

  
	
  Seagate
  Technology

  	
  )

  	
   

  	
   

  	
   

  
	
  by:

  	
  )

  	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  	
  Authorised Signatory

  	
   

  
	
  in the presence of:

  	
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  Witness

  	
   )Exhibit 10.1

 

July 13,
2010

 

Mr. Robert
G. Blatz

3997
Mimosa Place

Palm
Harbor, FL 34685

 

Dear
Bob:

 

We
are pleased to confirm our offer of employment as Senior Vice President,
Operations for U-Store-It (referred to herein as “We” or the “Company”)
and we wanted to take this opportunity to convey some important information
regarding your new position.  Defined
terms not otherwise set forth in this Letter are defined on the attached
Addendum.

 

Your
first day of employment will be on a mutually acceptable date and you will
report to Dean Jernigan, Chief Executive Officer.  You will be compensated a base salary at the
rate of $275,000 per year, payable on a semi-monthly basis.  You are eligible for a target annual bonus
covering performance for the prior year in the form of a cash payment of 60% of
your base salary.  The bonus payable in
2011 will be prorated for the portion of 2010 that you are employed by the
Company.  Under the current plan, maximum
performance would allow you to earn up to 90% of your base salary.  You will be eligible for annual target
long-term incentive awards as determined by the Compensation Committee.  Your initial long term incentive award is
expected to be granted in January of 2011 and will be in an amount of no
less than $340,000 which will be awarded as a mix of restricted stock and
options subject to compensation committee approval.

 

You
will also receive relocation compensation of $125,000 payable in the form of
$75,000 cash (less withholding of taxes and other deductions required by law)
and a grant of $50,000 in time-vested (three years) restricted stock on your
first day of employment.

 

You
will be eligible to receive an allowance for the use of an automobile
(including the payment of vehicle insurance) or, in lieu of providing such
allowance, the Company will provide you with an automobile of suitable standard
to your position in accordance with the Company’s policy.  You will be offered participation in the
Company benefit plans, when eligible, which includes executive health, vision,
and dental coverage for you and your dependents, life and ad&d, short and
long-term disability, 401(k), Deferred Compensation, Section 125 flexible
spending and access to an Employee Assistance Plan.  You will accrue vacation at a rate of twenty
(20) days per year and sick time and paid holidays according to Company
policy.   In addition to the foregoing
benefits, you will be eligible to participate in any similar benefit programs
that may be available to similarly situated senior executives of the Company
generally, on the same terms as may be applicable to such other executives, in
each case to the extent that you are eligible under the terms of such plans or
programs.  The Company shall also
maintain customary liability insurance for trustees and officers and list you
as a covered officer under such policy(ies).

 

 

Because this position is classified as exempt, you will not be eligible
for overtime pay and the nature and scope of your responsibilities will dictate
the amount of time and number of hours/days per work week which the Company
expects you will find necessary to devote to the performance of your duties in
order to meet successfully the goals of the Company.

 

Additionally, employment with the company is “at-will”, meaning that
both you and the company have the right to terminate the employment
relationship at any time with or without cause.

 

Upon
a Change of Control and (i) a material reduction in authority, duties and
responsibilities; (ii) a material reduction in annual salary; or (iii) a
requirement by the Company that the executive’s work location be moved more
than 50 miles from the company’s headquarters location, you will receive a cash
payment equal to 2.99 times the sum of (a) your annual salary as in effect
on the date of the termination, plus (b) the average of the sum of the two
previous annual bonuses received by you at the time of your termination, or
target bonus if you have not received an annual bonus or most recent annual
bonus if only one has been paid at the time of such termination.  In addition and notwithstanding anything
contrary contained in any plan, all grants and awards of equity (and any
accrued dividends or distributions thereon) held by you shall become fully
vested and exercisable on the effective date of your termination under this
paragraph.

 

Bob,
on behalf of the entire U-Store-It team, we look forward to working with
you!   We believe you will find your
association with U-Store-It to be attractive in terms of your responsibilities,
personal job satisfaction and opportunities for professional development.  Please confirm your acceptance of this offer
by signing this employment letter and returning it to me not later than July 16,
2010.

 

	
  Sincerely,

  	
   

  
	
   

  	
   

  
	
  /s/
  Dean Jernigan

  	
   

  
	
   

  	
   

  
	
  Dean
  Jernigan

  	
   

  
	
  Chief
  Executive Officer

  	
   

  

 

 

I
have reviewed the foregoing, I understand the terms, and I accept the
terms of this offer of employment.

 

 

	
  /s/
  Robert G. Blatz

  	
   

  	
  7/27/2010

  
	
  Robert
  G. Blatz

  	
   

  	
  Date

  

 

2

 

ADDENDUM

 

Defined
Terms

 

Change
of Control shall mean:

 

(i) the
dissolution or liquidation of the Company,

 

(ii) the
merger, consolidation, or reorganization of the Company with one or more other
entities in which the Company is not the surviving entity or immediately
following which the persons or entities who were beneficial owners (as
determined pursuant to Rule 13d-3 under the Securities Exchange Act of
1934, as amended (the “Exchange Act”)) of voting securities of the Company
immediately prior thereto cease to beneficially own more than 50% of the voting
securities of the surviving entity immediately thereafter, or

 

(iii) a
sale of all or substantially all of the assets of the Company to another person
or entity other than an affiliate of the Company.

 

Change
in Control Payment

If
any payment made to you within six months of the date of your termination under
the preceding paragraph would cause you to incur any additional tax under Section 409A
of the Internal Revenue Code of 1986, as amended, then payment of such amounts
shall be delayed until the date that is six months following your termination
date (“Earliest Payment Date”). 
If this provision becomes applicable, it is anticipated that payments
that would have been made prior to the Earliest Payment Date in the absence of
this provision would be paid as a lump sum on the Earliest Payment Date and the
remaining severance benefits or other payments would be paid according to the
schedule otherwise applicable to the payments.

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