Summary
This Form 8-K filing from Seagate Technology Holdings plc, dated July 28, 2016, primarily details changes in executive compensation and bonus opportunities. Specifically, it announces an increase in William D. Mosley's annual base salary and the approval of a new executive bonus opportunity for fiscal year 2017 for both Mr. Mosley and Philip Brace. These adjustments reflect Mr. Mosley's expanded role as President and Chief Operating Officer, with his base salary rising from $600,018 to $800,010. The newly approved bonus opportunity, up to 25% of annual base salary, is in addition to the existing Executive Officer Performance Bonus Plan and is contingent upon the overall funding of that plan, as well as the achievement of specific strategic and individual goals for fiscal year 2017. These goals are tied to operational efficiency, technology development, and market expansion for their respective areas of responsibility.
Key Highlights
- 1William D. Mosley's annual base salary increased from $600,018 to $800,010, effective July 25, 2016.
- 2The salary increase for Mr. Mosley acknowledges his expanded role as President and Chief Operating Officer, a position he assumed on June 27, 2016.
- 3A new executive bonus opportunity was approved for fiscal year 2017 for William D. Mosley and Philip Brace.
- 4This bonus opportunity is capped at 25% of each executive's annual base salary.
- 5Payouts for this bonus are dependent on the funding level of the Company's Executive Officer Performance Bonus Plan (EOPB) for FY2017.
- 6Individual goals tied to strategic objectives for Mr. Mosley (technology development, operational efficiency, customer advocacy) and Mr. Brace (business initiatives, product launches, market expansion) are also key to bonus attainment.