Form 4: Seagate Director Michael R. Cannon Reports Changes in Beneficial Ownership

Director Michael R. Cannon reports acquisition and disposal of Seagate Technology Holdings plc ordinary shares and restricted share units.

Summary

• Michael R. Cannon, a director of Seagate Technology Holdings plc, filed a Form 4 detailing changes in his beneficial ownership.
• On October 19, 2024, Cannon acquired 5,436 ordinary shares through the vesting of restricted share units (RSUs) at a price of $0.
• On the same date, Cannon disposed of 5,436 ordinary shares.
• Cannon also acquired 3,427 restricted share units (RSUs) on October 19, 2024, under the company's 2022 Equity Incentive Plan.
• Following these transactions, Cannon directly owns 35,025 ordinary shares and indirectly owns 6,885 ordinary shares through the Michael R. Cannon Trust.
• He also directly owns 3,427 restricted share units.
• The RSUs will vest one year from the grant date or on the date of the next annual general meeting following the end of the fiscal year ending June 27, 2025, whichever is earlier, provided the annual general meeting is at least 50 weeks after the preceding one.

Sentiment

Score: 6

Explanation: Neutral sentiment as the document primarily reports routine transactions related to executive compensation.

Positives

• The grant of RSUs to a director aligns their interests with those of the shareholders.
• The vesting schedule of the RSUs incentivizes continued service with the company.

Future Outlook

The vesting of RSUs is contingent upon the Reporting Person's continuous service with the Issuer.

Industry Context

Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders.

Stakeholder Impact

• The transactions have a minor impact on shareholders as they reflect changes in insider ownership.

Key Dates