SANMINA CORPORATION (NASDAQ:SANM) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

ME Staff 8-k

7 years ago

SANMINA CORPORATION (NASDAQ:SANM) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS

On September29, 2017, the Compensation Committee of the Board of Directors (the “Committee”) of Sanmina Corporation (the “Company”) approved compensation packages for the Company’s new Executive Chairman, Chief Executive Officer and Chief Financial Officer. This approval follows the previously announced election of Jure Sola as Executive Chairman and appointments of Robert K. Eulau and David R. Anderson as Chief Executive Officer and Chief Financial Officer, respectively, effective October2, 2017. The compensation packages are described below:

NameandPosition	BaseSalary	Fiscal2018BonusTarget Percentage	EquityAwards*
Jure Sola, Executive Chairman	$875,000**	N/A	200,000 restricted stock units vesting on October2, 2018
Robert K. Eulau, Chief Executive Officer	$925,000***	150%	-100,000 restricted stock units vesting through October2021 – 100,000 performance stock units vesting upon achievement of certain specified levels of financial performance in fiscal years 2018, 2019 and 2020, subject to partial acceleration under certain circumstances** – 200,000 performance stock options vesting upon achievement of certain specified levels of stock price before December31, 2021**
David R. Anderson, Chief Financial Officer	$450,000***	80%	-20,000 restricted stock units vesting in October2021 – 20,000 performance stock units vesting upon achievement of certain specified levels of financial performance in fiscal years 2018, 2019 and 2020****

* Grant date is October 16, 2017

** Effective January1, 2018

*** Effective October2, 2017

**** Equity award granted by Performance Award Subcommittee of the Compensation Committee.

In addition, Mr.Sola will receive continuation of his life insurance and medical benefits for him and his spouse for the duration of his continued employment with the Company and thereafter. Further, Mr.Sola will continue to receive office space and administrative support during the duration of his service as Executive Chair.

About SANMINA CORPORATION (NASDAQ:SANM)
Sanmina Corporation is a provider of integrated manufacturing solutions, components, products and repair, logistics and after-market services. The Company provides its offerings primarily to original equipment manufacturers (OEMs) in various industries, including communications networks, storage, industrial, defense and aerospace, medical and energy. The Company operates through two businesses: Integrated Manufacturing Solutions (IMS) and Components, Products and Services (CPS). IMS consists of printed circuit board assembly and test, final system assembly and test, and direct-order-fulfillment. Its Components include interconnect systems and mechanical systems. Its Products include memory, radio frequency (RF), optical and microelectronics solutions, defense and aerospace products, storage solutions and cloud-based manufacturing execution software. Its Services include design, engineering, logistics and repair services.