What is the main purpose of this 8-K filing?

The primary purpose of this 8-K filing is to disclose the approval of a supplemental cash bonus opportunity for two senior executives, William D. Mosley and Rocky Pimentel, by Seagate's Compensation Committee.

What are the conditions for these executives to receive the bonus?

The bonus payment is dependent on two main factors: first, the funding level of Seagate's Executive Officer Performance Bonus Plan (EOPB) for the fiscal year 2014, up to the target amount; and second, the successful achievement of specific individual goals set for each executive's respective area of responsibility during fiscal year 2014.

Does this filing indicate any changes in Seagate's executive leadership or board composition?

No, this specific 8-K filing does not report any departures of directors or officers, nor does it announce the election of new directors or the appointment of new officers. It solely pertains to compensation arrangements for existing executives.

What is the potential maximum bonus for these executives?

The potential bonus for Mr. Mosley and Mr. Pimentel is up to 25% of their respective annual base salaries, in addition to any bonus earned under the standard EOPB plan.

STX 8-K: Leadership Changes

Summary

Seagate Technology plc (STX) filed an 8-K report on January 23, 2014, detailing compensation adjustments for two key executives. The Compensation Committee approved a supplemental cash bonus opportunity for William D. Mosley, President of Operations and Technology, and Rocky Pimentel, President of Global Markets and Customers. This bonus is in addition to the existing Executive Officer Performance Bonus Plan (EOPB) and can be up to 25% of their annual base salary.

Key Highlights

1Supplemental cash bonus opportunity approved for two key executives: William D. Mosley and Rocky Pimentel.
2The bonus is capped at 25% of each executive's annual base salary.
3Bonus payout is contingent on the funding level of the company's 2014 fiscal year EOPB, up to target.
4Achievement of specific individual goals tied to strategic objectives for each executive's organization is also a condition for payout.
5Mr. Mosley's goals focus on technology development, operational strategies, and global manufacturing.
6Mr. Pimentel's goals relate to pricing, sales force development, and market-specific sales strategies.
7The filing does not report any departures of directors or officers, nor new appointments in those roles.

Seagate Technology Holdings plc 8-K Report, Executive Changes (Jan 23, 2014)

Summary

Key Highlights

Frequently Asked Questions