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Technology Stocks : Seagate Technology - Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: Duker who wrote (762)	4/8/1999 4:23:00 AM
From: appro	Read Replies (1) \| Respond to of 1989

FWIW, Seagate is noted for its generosity towards Al Shugart in WSJ article on lowering the hurdles for extra compensation reprinted at msnbc. msnbc.com >>A bar lowered practically across the board means that even fired chief executives get cushy landings these days. Consider Al Shugart, co-founder of Seagate Technology Inc. The Scotts Valley, Calif., disk-drive maker dismissed the 67-year-old industry legend last July after he refused to resign. The company was mired in one of its frequent slumps. Mr. Shugart's nearly $10 million severance package included accelerated vesting of 145,000 restricted shares, extended exercisability of his options and $750,000 a year through July 2001 for advising Seagate as much as 30 hours a quarter. “There's not a whole lot of punishment” in that deal, says Brian Foley, a White Plains, N.Y., pay consultant. “It was more of a sunset cruise than an execution.” Seagate shed the limitations on Mr. Shugart's restricted shares because “he really is credited with founding an entire industry,” a spokesman says. Mr. Shugart declines to say how often he consults for his former employer.<<