Seagate 2014 Annual Report Download - page 101
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SEAGATETECHNOLOGYPLC
NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS—(Continued)
RepurchasesofEquitySecurities
OnJuly24,2013,theBoardofDirectorsauthorizedtheCompanytorepurchaseanadditional$2.5billionofitsoutstandingordinaryshares.
OnApril22,2015,theBoardofDirectorsauthorizedtheCompanytorepurchaseanadditional$2.5billionofitsoutstandingordinaryshares.
AllrepurchasesareeffectedasredemptionsinaccordancewiththeCompany'sArticlesofAssociation.
AsofJuly3,2015,$2.9billionremainedavailableforrepurchaseundertheexistingrepurchaseauthorizationlimit.
ThefollowingtablesetsforthinformationwithrespecttorepurchasesoftheCompany'sordinarysharesduringfiscalyears2015,2014and2013:
11.Compensation
Stock-BasedCompensationPlans
TheCompany'sstock-basedcompensationplanshavebeenestablishedtopromotetheCompany'slong-termgrowthandfinancialsuccessbyproviding
incentivestoitsemployees,directors,andconsultantsthroughgrantsofshare-basedawards.TheprovisionsoftheCompany'sstock-basedbenefitplans,which
allowforthegrantofvarioustypesofequity-basedawards,arealsointendedtoprovidegreaterflexibilitytomaintaintheCompany'scompetitiveabilitytoattract,
retainandmotivateparticipantsforthebenefitoftheCompanyanditsshareholders.
SeagateTechnologyplc2012EquityIncentivePlan(the"EIP").OnOctober26,2011,theshareholdersapprovedtheEIPandauthorizedtheissuanceofup
toatotalof27.0millionordinaryshares,parvalue$0.0001pershare,plusanysharesremainingavailableforgrantundertheSeagateTechnologyplc2004Share
CompensationPlan(the"SCP")asoftheeffectivedateoftheEIP(whichwasequalto11.0millionordinarysharesasoftheeffectivedateoftheEIPandwhich
willincreasebysuchadditionalnumberofsharesaswillbereturnedtothesharereserveinrespectofawardspreviouslygrantedundertheSCP)(together,the
"ShareReserve").AnysharesthataresubjecttooptionsorshareappreciationrightsgrantedundertheEIPwillbecountedagainsttheShareReserveasoneshare
foreveryonesharegranted,andanysharesthataresubjecttorestrictedsharebonusawards,restrictedshareunits,performancesharebonusawardsorperformance
shareawards(collectively,"Full-ValueShareAwards")willgenerallybecountedagainsttheShareReserveastwoandone-tenthsharesforeveryoneshare
98
(Inmillions)
Numberof
Shares
Repurchased
DollarValue
ofShares
Repurchased
CumulativerepurchasedthroughJune29,2012 190 $ 3,832
Repurchasedinfiscalyear2013 54 1,654
CumulativerepurchasedthroughJune28,2013 244 5,486
Repurchasedinfiscalyear2014 41 1,912
CumulativerepurchasedthroughJune27,2014 285 7,398
Repurchasedinfiscalyear2015 19 1,087
CumulativerepurchasedthroughJuly3,2015 304 $ 8,485