Seagate 2012 Annual Report Download - page 207

23.
DESIGNATION OF BENEFICIARY FOR OWNED SHARES
With respect to Ordinary Shares purchased by the Participant pursuant to the Plan and held in an account maintained by the Corporation
or its assignee on the Participant’
s behalf, the Participant may be permitted to file a written designation of beneficiary, who is to receive
any Shares and cash, if any, from the Participant’s account under the Plan in the event of such Participant’s death subsequent to the end
of a Purchase Period but prior to delivery to him or her of such Shares and cash. In addition, a Participant may be permitted to file a
written designation of a beneficiary who is to receive any cash from the Participant’s account under the Plan in the event of such
Participant’s death prior to the Purchase Date of an Offering Period. If a Participant is married and the designated beneficiary is not the
spouse, spousal consent shall be required for such designation to be effective, to the extent required by local law. The Participant (and if
required under the preceding sentence, his or her spouse) may change such designation of beneficiary at any time by written notice.
Subject to local legal requirements (as determined by the Committee in its sole discretion), in the event of a Participant’s death, the
Corporation or its assignee shall deliver any Shares and/or cash to the designated beneficiary. Subject to local law (as determined by the
Committee in its sole discretion), in the event of the death of a Participant and in the absence of a beneficiary validly designated who is
living at the time of such Participant’s death, the Corporation shall deliver such Shares and/or cash to the executor or administrator of
the estate of the Participant, or if no such executor or administrator has been appointed (to the knowledge of the Corporation), the
Corporation in its sole discretion, may deliver (or cause its assignee to deliver) such Shares and/or cash to the spouse, or to any one or
more dependents or relatives of the Participant, or if no spouse, dependent or relative is known to the Corporation, then to such other
person as the Corporation may determine. The provisions of this Section 23 shall in no event require the Corporation to violate local
law, and the Corporation shall be entitled to take whatever action it reasonably concludes is desirable or appropriate in order to transfer
the assets allocated to a deceased Participant’s account in compliance with local law.
24.
ADDITIONAL RESTRICTIONS OF RULE 16b-3
The terms and conditions of options granted hereunder to, and the purchase of Ordinary Shares by, persons subject to Section 16 of the
Exchange Act shall comply with the applicable provisions of Rule 16b-3. This Plan shall be deemed to contain, and such options shall
contain, and the Shares issued upon exercise thereof shall be subject to, such additional conditions and restrictions, if any, as may be
required by Rule 16b-3 to qualify for the maximum exemption from Section 16 of the Exchange Act with respect to Plan transactions.
17