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

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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
ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS

On December 5, 2016, the Compensation Committee of the Board of Directors (the “Committee”) of Sanmina Corporation (the “Company”) approved the Fiscal Year 2017 Corporate Bonus Plan (the “2017 Plan”). The 2017 Plan contains targets for the Company’s revenue, non-GAAP operating margin, cash flow from operations and other, inventory turns, return on invested capital and earnings before interest, taxes, depreciation and amortization for fiscal 2017. The Company’s performance for fiscal 2017 will be measured against these targets. Should the Company not achieve a minimum performance against these targets, no incentive compensation shall be payable under the 2017 Plan. Each 2017 Plan participant’s actual incentive compensation for fiscal 2017 will be determined by reference to his or her target incentive compensation, the Company’s achievement against its targets and achievement of the participant’s individual/divisional performance goals for fiscal 2017. Target individual incentive compensation payable under the 2017 Plan is expressed as a percentage of base salary and, for executive officers of the Company, ranges from 65% to 150%. The Committee retains the right to terminate or amend the 2017 Plan in any respect, including increasing or decreasing Company and individual incentive compensation targets, and can also adjust an individual’s incentive compensation up or down on a discretionary basis.

Additionally, on December 5, 2016, the Committee approved an increase in the annual salary of Jure Sola, Chairman and Chief Executive Officer of the Company, from $900,000 to $1,125,000, an increase in the annual salary of Robert K. Eulau, Executive Vice President and Chief Financial Officer of the Company, from $510,000 to $615,000, and increases in the annual salaries of Dennis Young, Executive Vice President, Worldwide Sales, and Alan Reid, Executive Vice President, Global Human Resources, from $350,000 and $300,000, respectively, to $365,000 and $315,000, respectively. These increases will be effective on January 9, 2017.



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.

SANMINA CORPORATION (NASDAQ:SANM) Recent Trading Information

SANMINA CORPORATION (NASDAQ:SANM) closed its last trading session up +0.15 at 35.70 with 387,433 shares trading hands.