TMCnet News
SEAGATE TECHNOLOGY PLC FILES (8-K) Disclosing Change in Directors or Principal Officers(Edgar Glimpses Via Acquire Media NewsEdge) Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (e) Compensatory Arrangements of Certain Officers. Vesting of Performance Share Units under 2004 Share Compensation Plan On September 12, 2011, the Compensation Committee of the Board of Directors (the "Committee") granted performance-vesting restricted share units ("PSUs") to certain of the Company's executive officers, including the named executive officers listed in the table below, under the terms of the Company's 2004 Share Compensation Plan. The PSUs were eligible to vest after the end of a three-year performance period, subject to continued employment and the achievement of average annual return on invested capital ("ROIC") over the performance period, modified by a factor based on the Company's relative total shareholder return ("TSR") percentile compared with a selected peer group, as generally described under the heading "Compensation Discussion and Analysis- Long-Term Equity Incentives-Share Awards (Restricted Shares and Units, Threshold Performance Shares and Units and Performance Share Units)-Performance Share Units" on pages 47 and 48 of our proxy statement for our fiscal year ended June 29, 2012, filed with the Securities and Exchange Commission on September 11, 2012. On September 11, 2014, the Committee certified the level of achievement of the financial performance metrics for the three-year performance period ended June 27, 2014. The PSUs will vest at 200% of target, on the basis of a three-year average annual ROIC of 76%, and relative TSR at the 100th percentile over the performance period. The actual number of shares to be issued to our named executive officers listed in our 2014 proxy statement pursuant to the PSU vesting is shown in the table below. NAMED EXECUTIVE OFFICER Number of Shares Stephen J. Luczo 481,400 Patrick J. O'Malley 108,400 William D. Mosley 108,400 In addition, our other executive officers who were granted PSUs on September 12, 2011 will vest in an aggregate of 479,800 shares. 2-------------------------------------------------------------------------------- |