Summary
This 8-K filing from Seagate Technology Holdings plc (STX) reports on the vesting of Performance Share Units (PSUs) granted on September 12, 2011, to certain executive officers. The PSUs, part of the 2004 Share Compensation Plan, were subject to a three-year performance period ending June 27, 2014, contingent on achieving average annual Return on Invested Capital (ROIC) and relative Total Shareholder Return (TSR) against a peer group. The Compensation Committee certified that the performance metrics were met, resulting in vesting at 200% of the target level.
Key Highlights
- 1Seagate executives will receive significant share payouts due to exceeding performance targets for PSUs granted in 2011.
- 2The vesting is based on a three-year average ROIC of 76% and achieving the 100th percentile in relative TSR.
- 3Performance metrics were certified on September 11, 2014, for the period ending June 27, 2014.
- 4PSUs will vest at 200% of the target amount, indicating strong company performance.
- 5CEO Stephen J. Luczo is set to receive 481,400 shares.
- 6Other executive officers will receive an aggregate of 479,800 shares.
- 7This event is a compensatory arrangement for key officers, highlighting strong past performance driving executive compensation.