Seagate 2012 Annual Report Download - page 198

during the Offering Period. All payroll deductions will be held in a general corporate account or a trust account, unless otherwise
required by local law. No interest shall be paid or credited to the Participant with respect to such payroll deductions, unless otherwise
required by local law. The Corporation shall maintain a separate bookkeeping account for each Participant under the Plan and the
amount of each Participant’s payroll deductions shall be credited to such account. A Participant may not make any additional payments
into such account, unless payroll deductions are prohibited under local law, in which case the provisions of Section 5.2 of the Plan shall
apply.
5.2
Notwithstanding any other provisions of the Plan to the contrary, in locations where local law prohibits payroll deductions, an
eligible Employee may elect to participate through contributions to his or her account under the Plan in a form acceptable to the
Committee. In such event, any such Employees shall be deemed to be participating in a sub-plan, unless the Committee otherwise
expressly provides that such Employees shall be treated as participating in the Plan.
5.3
Under procedures and at times established by the Committee, a Participant may withdraw from the Plan during a Purchase
Period, by completing and filing a new payroll deduction authorization and Plan enrollment form with the Corporation or by following
electronic or other procedures prescribed by the Committee. If a Participant withdraws from the Plan during a Purchase Period, his or
her accumulated payroll deductions will be refunded to the Participant without interest (unless payment of interest is required by local
law), his or her right to participate in the current Offering Period will be automatically terminated and no further payroll deductions for
the purchase of Ordinary Shares will be made during the Offering Period. The Committee may establish rules pertaining to the timing
of withdrawals, limiting the frequency with which Participants may withdraw and re-
enroll in the Plan and may impose a waiting period
on Participants wishing to re-enroll following withdrawal.
5.4 A Participant may change his or her rate of contribution through payroll deductions only during an open enrollment period or
such other times specified by the Committee by filing a new payroll deduction authorization and Plan enrollment form or by following
electronic or other procedures prescribed by the Committee. If a Participant has not followed such procedures to change the rate of
contribution, the rate of contribution shall continue at the originally elected rate throughout the Purchase Period and future Purchase
Periods (including Purchase Periods of subsequent Offering Periods). Notwithstanding the foregoing, to the extent necessary to comply
with Section 423(b)(8) of the Code, the Committee may reduce a Participant’s payroll deductions to zero percent (0%) at any time
during a Purchase Period scheduled to end during the current calendar year. Payroll deductions shall re-commence at the rate provided
in such Participant’s enrollment form at the beginning of the first Purchase Period which is scheduled to end in the following calendar
year, unless terminated by the Participant as provided in Section 5.3.
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6.
TERMINATION OF EMPLOYMENT; CHANGES IN EMPLOYMENT
6.1
Termination . In the event any Participant terminates employment with the Corporation and its Designated Subsidiaries for
any reason (including death) prior to the expiration of a Purchase Period, the Participant’s participation in the Plan shall terminate and
all amounts credited to the Participant’s account shall be paid to the Participant or, in the case of death, to the Participant’s heirs or
estate, without interest. Whether a termination of employment has occurred shall be determined by the Committee. If a Participant’s
termination of employment occurs within a certain period of time as specified by the Committee (not to exceed 30 days) prior to the
Purchase Date of the Purchase Period then in progress, his or her option for the purchase of Ordinary Shares will be exercised on such
Purchase Date in accordance with Section 9 as if such Participant were still employed by the Corporation. Following the purchase of
Shares on such Purchase Date, the Participant’s participation in the Plan shall terminate and all remaining amounts credited to the
Participant’s account shall be paid to the Participant or, in the case of death, to the Participant’s heirs or estate, without interest (unless
payment of interest is required by local law).
6.2
Leaves of Absence . The Committee may also establish rules regarding when leaves of absence or changes of employment
status will be considered to be a termination of employment, and the Committee may establish termination of employment procedures
for this Plan that are independent of similar rules established under other benefit plans of the Corporation and its Subsidiaries, provided,
however, that such procedures are not in conflict with the requirements of Section 423 of the Code.
6.3 Transfers . If a Participant transfers employment between the Corporation and a Designated Subsidiary participating in the
423 Plan (as set forth in Appendix A to the Plan) or between Designated Subsidiaries participating in the 423 Plan, his or her
participation in the Plan shall continue unless and until otherwise terminated in accordance with the Plan. Similarly, if a Participant
transfers employment between Designated Subsidiaries participating in a Non-423 Sub-Plan (as set forth in Appendix A to the Plan),
his or her participation in the Plan shall continue unless and until otherwise terminated in accordance with the Plan.
If a Participant transfers employment from the Corporation or a Designated Subsidiary participating in the 423 Plan to a Designated
Subsidiary participating in a Non-423 Sub-Plan, his or her participation in the Plan shall continue, provided, however, that such
participation will be under the applicable Non-423 Sub-Plan as of the date of such transfer and all of the Participant’s accumulated
payroll deductions (whether taken while the Participant was employed by the Corporation or a Designated Subsidiary participating in
the 423 Plan or while the Participant is employed by a Designated Subsidiary participating in a Non-423 Sub-Plan) shall be used to
purchase Shares under the applicable Non-423 Sub-
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