01—Abstract
Summary
Summary of the 10-K/A filed October 6, 2010. Cited figures are marked; the original filing is the authoritative source.
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.
02—Key points
Key Highlights
- The 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.
- Details 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.
- The company's Corporate Governance Guidelines are outlined, emphasizing independent directors, annual director elections, and the board's role in risk oversight.
- Comprehensive 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.
- Information on share ownership by directors and executive officers is provided, demonstrating their alignment with shareholder interests.
- The report details the structure and responsibilities of various Board committees, including Audit, Compensation, Nominating and Corporate Governance, and Strategic and Financial Transactions.
- The company's approach to risk assessment in compensation programs is highlighted, concluding that compensation policies do not create material adverse risks.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2010, Seagate Technology Holdings plc kept $0.14.
- Revenue$11.39B100.0%
- Cost of revenue−$8.19B71.9%
- Gross profit$3.20B28.1%
- Operating costs−$1.46B12.8%
- Operating income$1.74B15.3%
- Interest, other & tax−$131.0M1.1%
- Net income$1.61B14.1%
Where FY2010 revenue went
$11.39B- Cost of revenue: $8.19B, 72% of revenue
- Net income: $1.61B, 14% of revenue
- R&D: $877.0M, 7.7% of revenue
- SG&A: $437.0M, 3.8% of revenue
- Other operating costs: $150.0M, 1.3% of revenue
- Interest, other & tax: $131.0M, 1.1% of revenue
Kept 14% as net incomeOther operating costs $150.0M · 1.3%Interest, other & tax $131.0M · 1.1%
Full revenue history →04—Financials
Financial Highlights
Figures from 10-K/AFY2010filed October 6, 2010Financial Statements
FY2010 against FY2009
| Line item | FY2010FY2009 | Change |
|---|---|---|
| Revenue | $11.39B$9.80B | +16.2% |
| Cost of Revenue | $8.19B$8.39B | −2.4% |
| Gross Profit | $3.20B$1.41B | +127.2% |
| R&D Expenses | $877.00M$953.00M | −8.0% |
| SG&A Expenses | $437.00M$537.00M | −18.6% |
| Operating Expenses | $9.65B$12.47B | −22.6% |
| Operating Income | $1.74B-$2.67B | +165.3% |
| Interest Expense | $174.00M$143.00M | +21.7% |
| Net Income | $1.61B-$3.13B | +151.5% |
| EPS (Basic) | $3.28$-6.40 | +151.3% |
| EPS (Diluted) | $3.14$-6.40 | +149.1% |
| Shares Outstanding (Basic) | 491.00M488.00M | +0.6% |
| Shares Outstanding (Diluted) | 514.00M488.00M | +5.3% |
05—Questions
Frequently Asked Questions
What is the main purpose of this 10-K/A filing?
This filing is an amendment to Seagate Technology plc's 2010 Annual Report on Form 10-K. Its primary purpose is to provide Part III information, which was not included in the original filing. This includes details on directors, executive officers, corporate governance, and executive compensation.
Who are the key individuals leading Seagate Technology as of this filing?
Stephen J. Luczo serves as Chairman, President, and Chief Executive Officer. The filing also lists other directors and key executive officers, detailing their roles and experience.
How is executive compensation structured at Seagate Technology, according to this filing?
Executive compensation is designed to be performance-driven and aligned with shareholder interests. It consists of base salary, annual incentives (Executive Officer Performance Bonus Plan), and long-term equity incentives (stock options and awards). The filing details the compensation philosophy, peer group comparisons, and specific compensation decisions for fiscal year 2010.
What are the company's corporate governance practices?
Seagate emphasizes sound corporate governance, with a substantial majority of independent directors. The company has established corporate governance guidelines, a code of conduct, and various board committees (Audit, Compensation, Nominating & Corporate Governance, Strategic & Financial Transactions) to oversee different aspects of the business, including risk management.
06—Continue