Attached files
file | filename |
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EXCEL - IDEA: XBRL DOCUMENT - WESTERN DIGITAL CORP | Financial_Report.xls |
EX-23 - EX-23 - WESTERN DIGITAL CORP | a56460exv23.htm |
EX-21 - EX-21 - WESTERN DIGITAL CORP | a56460exv21.htm |
EX-32.2 - EX-32.2 - WESTERN DIGITAL CORP | a56460exv32w2.htm |
EX-32.1 - EX-32.1 - WESTERN DIGITAL CORP | a56460exv32w1.htm |
EX-31.1 - EX-31.1 - WESTERN DIGITAL CORP | a56460exv31w1.htm |
EX-31.2 - EX-31.2 - WESTERN DIGITAL CORP | a56460exv31w2.htm |
10-K - 10-K - WESTERN DIGITAL CORP | a56460e10vk.htm |
Exhibit 10.7
Western
Digital Corporation
Summary of Compensation Arrangements
for
Named Executive Officers and Directors
Summary of Compensation Arrangements
for
Named Executive Officers and Directors
NAMED EXECUTIVE
OFFICERS
Base Salaries. The annual base salaries as of
the year ended July 2, 2010 for the current executive
officers of Western Digital Corporation (the
Company) who will be named in the Summary
Compensation Table in the Companys Proxy Statement that
will be filed with the Securities and Exchange Commission in
connection with the Companys 2010 Annual Meeting of
Stockholders (the Named Executive Officers) are as
follows:
Current |
||||||
Named Executive Officer | Title | Base Salary | ||||
John F. Coyne
|
President and Chief Executive Officer | $ | 900,000 | |||
Timothy M. Leyden
|
Executive Vice President and Chief Financial Officer | $ | 550,000 | |||
Martin W. Finkbeiner
|
Executive Vice President, Operations | $ | 450,000 | |||
Raymond M. Bukaty
|
Senior Vice President, Administration, General Counsel and Secretary | $ | 410,000 |
Semi-Annual Bonuses. Under the Companys
Incentive Compensation Plan (the ICP), the Named
Executive Officers are also eligible to receive semi-annual cash
bonus awards that are determined based on the Companys
achievement of performance goals pre-established by the
Compensation Committee (the Committee) of the
Companys Board of Directors as well as other discretionary
factors. The ICP, including the performance goals established by
the Committee for the second half of fiscal 2010, are further
described in the Companys current report on
form 8-K
filed with the Securities and Exchange Commission on
February 5, 2010, which is incorporated herein by reference.
Additional Compensation. The Named Executive
Officers are also eligible to receive equity-based incentives
and discretionary bonuses as determined from time to time by the
Committee, are entitled to participate in various Company plans,
and are subject to other written agreements, in each case as set
forth in exhibits to the Companys filings with the
Securities and Exchange Commission. In addition, the Named
Executive Officers may be eligible to receive perquisites and
other personal benefits as disclosed in the Companys Proxy
Statement that will be filed with the Securities and Exchange
Commission in connection with the Companys 2010 Annual
Meeting of Stockholders.
DIRECTORS
Annual Retainer and Committee Retainer
Fees. The following table sets forth the current
annual retainer and committee membership fees payable to each of
the Companys non-employee directors:
Current Annual |
||||
Type of Fee | Retainer Fees | |||
Annual Retainer
|
$ | 75,000 | ||
Lead Independent Director Retainer
|
$ | 20,000 | ||
Non-Executive Chairman of Board Retainer
|
$ | 100,000 | ||
Additional Committee Retainers
|
||||
Audit Committee
|
$ | 10,000 | ||
Compensation Committee
|
$ | 5,000 | ||
Governance Committee
|
$ | 2,500 | ||
Additional Committee Chairman Retainers
|
||||
Audit Committee
|
$ | 15,000 | ||
Compensation Committee
|
$ | 10,000 | ||
Governance Committee
|
$ | 7,500 |
The retainer fee to the Companys lead independent director
referred to above is paid only if the Chairman of the Board is
an employee of the Company. The annual retainer fees are
generally paid on January 1 of each year. However,
effective commencing with the Companys 2010 Annual Meeting
of Stockholders, the annual retainer fees will be paid
immediately following the Annual Meeting of Stockholders.
Non-employee directors do not receive a separate fee for each
Board of Directors or committee meeting they attend. However,
the Company reimburses all non-employee directors for reasonable
out-of-pocket
expenses incurred to attend each Board of Directors or committee
meeting. Mr. Coyne, who is an employee of the Company, does
not receive any compensation for his service on the Board or any
Board committee.
Additional Director Compensation. The
Companys non-employee directors are also entitled to
participate in the following other Company plans as set forth in
exhibits to the Companys filings with the Securities and
Exchange Commission: Non-Employee Director Option Grant Program
and Non-Employee Director Restricted Stock Unit Grant Program,
each as adopted under the Companys Amended and Restated
2004 Performance Incentive Plan; Amended and Restated
Non-Employee Directors
Stock-for-Fees
Plan; and Deferred Compensation Plan.