Seagate 2012 Annual Report Download - page 148

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WARN Act means the federal Worker Adjustment and Retraining Notification Act and any other comparable law applicable
under the laws of any state or foreign jurisdiction.
SECTION 4. AMOUNT OF BENEFIT.
Severance benefits payable under the Plan are as follows:
(a)
Subject to Sections 2(a), 6(f) and 8, Eligible Executives will receive the benefits described in Section 7 of the Plan and in the
applicable Benefits Schedule attached hereto. The level of benefits applicable to an Eligible Executive shall be based in part upon his or her
Level.
(b) Notwithstanding any other provision of the Plan to the contrary, any benefits payable to an Eligible Executive under this Plan
shall be in lieu of any severance benefits payable by the Parent or any subsidiary to such individual under any other arrangement covering the
individual, unless expressly otherwise agreed to by the Parent or the subsidiary in writing. Further, in the event that the Eligible Executive is
entitled to receive severance benefits under any agreement or contract with the Parent or any subsidiary, any plan, policy, program or other
arrangement adopted or established by the Parent or any subsidiary under the WARN Act or other applicable law providing for payments from
the Parent or a subsidiary on account of termination of employment, including pay in lieu of advance notice of termination, or as otherwise
legally required to be paid to any Non-U.S. Eligible Executive (“ Other Benefits ”), any severance benefits payable hereunder shall be reduced
by the Other Benefits.
SECTION 5. TIME OF PAYMENT AND FORM OF BENEFIT; INDEBTEDNESS.
(a)
Benefits under this Plan shall be paid according to the payment schedule specified in the applicable Benefits Schedule
attached hereto, subject to Section 6(f) and the following provisions:
(i)
Any increase to the cash severance benefits payable on account of the occurrence of a Termination Event during a
Change in Control Period but preceding the effective date of the Change in Control shall be paid on the later of (A) five (5) business days
following the effective date of the Change in Control or (B) the first payroll date that occurs after the effective date of the Change in Control
(provided such date occurs after the date on which the Release and Covenants Document become irrevocable), and otherwise in accordance with
the payout schedule set forth in the applicable Benefits Schedule.
(ii)
In the event that an Eligible Executive would be entitled to an extension of the period to exercise outstanding options
following termination of employment without Cause under the terms of the applicable option award agreement(s), then such extension shall also
be applicable in the event that the Eligible Executive terminates employment for Good Reason, subject, however,
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