FLEX LTD. (NASDAQ:FLEX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) Executive Compensation
On February 11, 2019, Flex Ltd. (the “Company”) announced the appointment of Revathi Advaithi as the Company’s Chief Executive Officer and a member of its Board of Directors.
In order to support the leadership transition, promote continuity and stability, and address retention value concerns, on March 5, 2019, the Company’s Board of Directors, upon the recommendation of its Compensation Committee, approved retention grants of restricted share units (the “RSUs”) to certain executive officers, including the Chief Financial Officer and other named executive officers. The RSU grants to the Chief Financial Officer and each of the other named executive officers have grant date fair values of $2,500,000 and will vest and be payable, subject to the executive officer’s continued employment with the Company, on the second anniversary of the grant date. The RSUs have accelerated vesting in the event of a termination of employment by the Company without cause or by the executive officer for good reason prior to the second anniversary of the date of grant.
The retention RSUs were granted to the terms and conditions of a Restricted Share Unit Agreement (the “RSU Agreement”). A copy of the form of RSU Agreement will be filed as an exhibit to the Company’s Form 10-K for the fiscal year ended March 31, 2019.
About FLEX LTD. (NASDAQ:FLEX)
Flex Ltd, formerly Flextronics International Ltd. provides design, engineering, manufacturing, and supply chain services and solutions. The Company designs, builds, ships and services packaged consumer electronics and industrial products for original equipment manufacturers (OEMs). Its segments include High Reliability Solutions (HRS), Consumer Technologies Group (CTG), Industrial and Emerging Industries (IEI) and Communications & Enterprise Compute (CEC). The HRS segment consists of its medical business, automotive business, and defense and aerospace businesses. The CTG segment includes its mobile devices business, consumer electronics business and high-volume computing business. The IEI segment consists of semiconductor and capital equipment, office solutions, household industrial and lifestyle, industrial automation and kiosks, energy and metering, and lighting. The CEC segment includes radio access base stations, remote radio heads, and small cells for wireless infrastructure.
