Summary
This filing is an amendment (10-K/A) to Seagate Technology plc's (STX) 2010 Annual Report on Form 10-K, specifically addressing Part III information not included in the original filing. The amendment primarily focuses on details regarding the company's directors, executive officers, and corporate governance practices. It outlines the composition of the Board of Directors, highlights the experience and qualifications of key individuals like CEO Stephen J. Luczo, and details the company's corporate governance guidelines, including board leadership structure, committee responsibilities, and director independence. The filing also provides comprehensive information on executive and director compensation for fiscal year 2010, including base salaries, incentive plans, equity awards, and benefits, with a focus on aligning executive interests with shareholder value. For investors, this amendment clarifies the company's governance framework and how executive compensation is structured and awarded. Key aspects include the board's oversight of risk management, shareholder communication channels, and the emphasis on performance-based compensation. The report details the compensation committee's role, the peer group used for benchmarking, and the specific compensation elements for Named Executive Officers (NEOs). It also provides information on security ownership by directors and executive officers, indicating their alignment with company performance through shareholdings. This filing is crucial for understanding the internal controls and incentive structures that guide Seagate's management and influence long-term shareholder value.
Financial Highlights
55 data points| Revenue | $11.39B |
| Cost of Revenue | $8.19B |
| Gross Profit | $3.20B |
| R&D Expenses | $877.00M |
| SG&A Expenses | $437.00M |
| Operating Expenses | $9.65B |
| Operating Income | $1.74B |
| Interest Expense | $174.00M |
| Net Income | $1.61B |
| EPS (Basic) | $3.28 |
| EPS (Diluted) | $3.14 |
| Shares Outstanding (Basic) | 491.00M |
| Shares Outstanding (Diluted) | 514.00M |
Key Highlights
- 1The filing is an amendment (10-K/A) to the original 2010 Form 10-K, primarily to include Part III information regarding Directors, Executive Officers, and Corporate Governance.
- 2Details are provided on the Board of Directors' composition, including the Chairman and CEO Stephen J. Luczo, and other directors with their respective backgrounds and expertise.
- 3The company's Corporate Governance Guidelines are outlined, emphasizing independent directors, annual director elections, and the board's role in risk oversight.
- 4Comprehensive compensation details for fiscal year 2010 are presented for Named Executive Officers (NEOs) and non-management directors, including base salary, annual incentives, equity awards, and benefits.
- 5Information on share ownership by directors and executive officers is provided, demonstrating their alignment with shareholder interests.
- 6The report details the structure and responsibilities of various Board committees, including Audit, Compensation, Nominating and Corporate Governance, and Strategic and Financial Transactions.
- 7The company's approach to risk assessment in compensation programs is highlighted, concluding that compensation policies do not create material adverse risks.