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Table of Contents
SEAGATE TECHNOLOGY PLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
On January 25, 2012, the Board of Directors authorized the Company to repurchase an additional $1 billion of its outstanding ordinary
shares.
On April 26, 2012, the Board of Directors authorized the Company to repurchase an additional $2.5 billion of its outstanding ordinary
shares.
All repurchases are effected as redemptions in accordance with the Company's Articles of Association.
As of June 29, 2012, $2.6 billion remained available for repurchase under the existing repurchase authorization limit.
The following tables set forth information with respect to repurchases of the Company's ordinary shares made during fiscal year 2012, 2011
and 2010:
11. Compensation
Stock-Based Compensation Plans
The Company's stock-based compensation plans have been established to promote the Company's long-term growth and financial success
by providing incentives to its employees, directors, and consultants through grants of share-based awards. The provisions of the Company's
stock-based benefit plans, which allow for the grant of various types of equity-based awards, are also intended to provide greater flexibility to
maintain the Company's competitive ability to attract, retain and motivate participants for the benefit of the Company and its shareholders.
Seagate Technology plc 2012 Equity Incentive Plan (the "EIP"). On October 26, 2011, the shareholders approved the EIP and authorized
the issuance of up to a total of 27,000,000 ordinary shares, par value $0.0001 per share, plus any shares remaining available for grant under the
SCP as of the effective date of the EIP (which was equal to 11,041,148 ordinary shares as of the effective date of the EIP and which will increase
by such additional number of shares as will be returned to the share reserve in respect of awards previously granted under the SCP) (together, the
"Share Reserve"). Any shares that are subject to options or share appreciation rights granted under the EIP will be counted against the Share
Reserve as one share for every one share granted, and any shares that are subject to restricted share bonus awards, restricted share units,
performance share bonus awards or performance share awards (collectively,
98
(In millions)
Number of
Shares
Repurchased
Dollar Value
of Shares
Repurchased
Cumulative repurchased as of July 3, 2009
—
$
—
Repurchased in fiscal year 2010
32
(1)
584
(1)
Cumulative repurchased through July 2, 2010
32
584
Repurchased in fiscal year 2011
57
(2)
822
(2)
Cumulative repurchased through July 1, 2011
89
1,406
Repurchased in fiscal year 2012
101
2,426
Cumulative repurchased through June 29, 2012
190
$
3,832
(1) Represents repurchases under the January 2010 Anti-Dilution Share Repurchase Program.
(2) Includes 21 million shares of repurchases or $305 million under the January 2010 Anti-Dilution Share Repurchase
Program.