Summary
Seagate Technology Holdings plc filed an 8-K on September 12, 2008, to disclose details of its Fiscal Year 2009 Executive Officer Bonus Plan (EPB). The Compensation Committee has authorized funding targets and performance metrics for annual bonus awards, which are contingent upon shareholder approval of an amended and restated EPB at the 2008 Annual General Meeting. The plan's funding is tied to adjusted non-GAAP earnings per share goals and corporate quality objectives, such as minimizing defective parts and product returns. Maximum funding is capped at 200% of the target level, with allocations based on base salary and individual target bonus percentages.
Key Highlights
- 1Seagate's Compensation Committee has approved funding targets and performance metrics for its Fiscal Year 2009 Executive Officer Bonus Plan.
- 2The bonus plan is subject to shareholder approval at the 2008 Annual General Meeting.
- 3Bonus funding is based on achieving an adjusted non-GAAP earnings per share goal and corporate quality metrics (e.g., minimizing defective parts and product returns).
- 4The maximum funding level for the bonus plan in FY2009 is set at approximately 200% of the target funding level.
- 5Target bonus percentages for senior executives range from 100% to 150% of their base salary for FY2009.
- 6A fixed amount of $2 million will be set aside for executive bonuses upon achievement of minimum adjusted non-GAAP earnings per share, subject to Compensation Committee discretion.
- 7The Compensation Committee retains the discretion to award supplemental bonuses for outstanding individual performance outside the EPB.