Summary
This 8-K/A filing from Seagate Technology Holdings plc (STX) serves as an amendment to a previous 8-K filed on July 30, 2018. The primary purpose of this amendment is to disclose the specific compensation packages awarded to Kathryn R. Scolnick upon her expanded role as Interim Chief Financial Officer and Geraldine Hottier-Fayon in connection with her expanded role as Interim Principal Accounting Officer. For investors, the key takeaway is the significant special cash and equity awards granted to Ms. Scolnick, totaling $2,050,000 ($1,050,000 cash and $1,000,000 in equity). This compensation includes a large immediate cash payment with a clawback provision and a deferred cash payment, alongside a multi-year equity grant. Ms. Hottier-Fayon also received a $100,000 cash award and a $250,000 equity award, both with specified payment and vesting schedules. These awards are likely intended to incentivize and retain these key finance executives during a critical period for the company.
Key Highlights
- 1Amendment to a prior 8-K filing to disclose executive compensation for interim finance roles.
- 2Kathryn R. Scolnick appointed Interim Chief Financial Officer and received significant compensation.
- 3Ms. Scolnick's compensation includes a $1,050,000 special cash award with a clawback provision on the initial tranche.
- 4Ms. Scolnick also received a $1,000,000 special equity award in the form of restricted share units vesting over four years.
- 5Geraldine Hottier-Fayon appointed Interim Principal Accounting Officer.
- 6Ms. Hottier-Fayon's compensation includes a $100,000 special cash award payable in February 2019.
- 7Ms. Hottier-Fayon also received a $250,000 special equity award in the form of restricted share units vesting over four years.