Form 4: Seagate Technology SVP & CTO Files Form 4 for Scheduled RSU Vesting and Tax Withholding

Seagate Technology Holdings plc's Senior Vice President and Chief Technology Officer, John Christopher Morris, filed a Form 4 detailing the scheduled vesting of Restricted Share Units and subsequent tax-related share disposal set for June 9, 2025.

Summary

• John Christopher Morris, SVP & CTO of Seagate Technology Holdings plc, filed a Form 4 reporting changes in his beneficial ownership of company securities.
• The filing indicates a scheduled transaction date of June 9, 2025, for the vesting of Restricted Share Units (RSUs) and related share disposals.
• 499 Ordinary Shares are scheduled to be acquired by Mr. Morris through the exercise/conversion of RSUs, with an effective price of $0.
• Concurrently, 153 Ordinary Shares are scheduled to be disposed of at a price of $130.17 per share to cover tax liabilities associated with the RSU vesting.
• Following these scheduled transactions, Mr. Morris's direct beneficial ownership of Ordinary Shares will be 12,208.
• The RSU transaction involves 499 derivative securities (RSUs) being converted into Ordinary Shares, reducing the remaining RSU balance to 2,496.
• The RSUs were granted under the 2022 Plan with a four-year vesting schedule, with one-quarter vesting starting September 9, 2023, and subsequent equal quarterly installments.
• The transaction is made pursuant to a contract, instruction, or written plan for the purchase or sale of equity securities, intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Sentiment

Score: 6

Explanation: The document reports a routine, pre-scheduled executive compensation event (RSU vesting and tax withholding). While it involves a net reduction in shares held due to tax, it's a standard and expected part of compensation, indicating stability rather than significant positive or negative news for the company's operations or outlook.

Positives

• The vesting of 499 Restricted Share Units (RSUs) represents a scheduled compensation event for the SVP & CTO, increasing his direct ownership of Ordinary Shares before tax withholding.
• The transaction is part of a pre-scheduled vesting plan (Rule 10b5-1(c)), indicating a routine and expected compensation event for the executive.

Negatives

• 153 Ordinary Shares are scheduled to be disposed of to cover tax liabilities, resulting in a reduction of the executive's net direct share holdings from the RSU vesting.

Future Outlook

The document indicates future scheduled vesting installments for the remaining 2,496 Restricted Share Units held by the reporting person, subject to continuous employment.

Industry Context

This Form 4 filing is a routine disclosure of an insider's equity compensation and does not provide information related to broader industry trends or competitive landscape within the data storage or technology sector.

Stakeholder Impact

• Shareholders: The transaction is a routine compensation event and is unlikely to have a significant direct impact on the company's share price or overall shareholder value.
• Employees: Reflects standard executive compensation practices, which can be a positive for employee morale and retention if compensation structures are perceived as fair and competitive.

Next Steps

• Continued vesting of the remaining 2,496 Restricted Share Units in equal quarterly installments, subject to the reporting person's continuous employment.

Key Dates

Keywords

Seagate Technology, STX, Form 4, Insider Transaction, Restricted Share Units, RSU Vesting, Executive Compensation, Stock Ownership, Rule 10b5-1