(e) Compensatory Arrangements of Certain Officers
On July 25, 2016, the Compensation Committee (the “Compensation Committee”) of the Board of Directors of Seagate Technology plc (the “Company”) approved the increase of William D. Mosley’s annual base salary from $600,018 to $800,010, effective July 25, 2016, in recognition of Mr. Mosley’s expanded role with the Company. Mr. Mosley was appointed the Company’s President and Chief Operating Officer on June 27, 2016. No other changes were made to Mr. Mosley’s compensation arrangements in connection with his appointment as President and Chief Operating Officer.
(e) Executive Bonus Opportunities
On July 25, 2016, the Compensation Committee approved a cash bonus opportunity for the Company’s 2017 fiscal year for each of William D. Mosley, President and Chief Operating Officer and Philip Brace, President of the Cloud Systems and Silicon Group (“CSSG”) of the Company.
The bonus opportunity, which is in addition to the bonus that may be earned under the Company’s Executive Officer Performance Bonus Plan (the “EOPB”), is up to 25% of each executive’s annual base salary. The payout will be based on the level of funding of the EOPB for the Company’s 2017 fiscal year, up to target, as well as the achievement of individual goals tied to strategic objectives for each executive’s organization during the 2017 fiscal year. For Mr. Mosley, these goals relate to overseeing the development and improvement of certain new and existing technologies, implementing various operational efficiency strategies in the Company’s global manufacturing operations, and improving customer advocacy. For Mr. Brace, these goals relate to development and achievement of business and strategic initiatives, such as product launches, operational efficiency and expanding CSSG’s market reach