8-K/AOther Events

FLEX LTD. 8-K/A Report (Aug 29, 2002)

Filed August 29, 2002For Securities:FLEX

Summary

This 8-K/A filing by FLEX LTD. (FLEX) on August 29, 2002, primarily addresses a significant change in the company's independent auditors and updates to its equity incentive plans. The company's shareholders have approved the appointment of Deloitte & Touche LLP as the new independent auditors for the fiscal year ending March 31, 2002, replacing Arthur Andersen LLP. This change, initiated earlier in the year, has now received the necessary shareholder approval for statutory purposes. Importantly, the filing confirms no disagreements or reportable events occurred between FLEX and Arthur Andersen LLP during the relevant periods. In addition to the auditor change, the filing details shareholder approval of amendments to the 2001 Equity Incentive Plan and the 1997 Employee Stock Purchase Plan. These amendments involve increased stock option grants for both new and continuing non-employee directors, as well as a significant increase in the number of authorized shares for the employee stock purchase plan. These changes are intended to enhance employee and director compensation and incentives.

Key Highlights

  • 1FLEX LTD. has officially appointed Deloitte & Touche LLP as its independent auditors for the fiscal year ending March 31, 2002, replacing Arthur Andersen LLP.
  • 2Shareholder approval was obtained on August 29, 2002, for the appointment of Deloitte & Touche LLP.
  • 3There were no disagreements or reportable events concerning accounting principles, financial disclosures, or auditing procedures between FLEX and Arthur Andersen LLP.
  • 4Arthur Andersen LLP has concurred with FLEX's statements regarding the auditor change, as evidenced by a letter filed with the SEC.
  • 5Amendments to the 2001 Equity Incentive Plan were approved, increasing stock options for non-employee directors.
  • 6Amendments to the 1997 Employee Stock Purchase Plan were approved, increasing the authorized shares by 1,000,000.
  • 7The changes in auditors and equity plans were finalized at the Annual General Meeting held on August 29, 2002.

Frequently Asked Questions

The company's Audit Committee determined to replace Arthur Andersen LLP, and this decision was subsequently approved by the company's shareholders for Singapore statutory purposes on August 29, 2002. The filing states there were no disagreements or reportable events between FLEX and Arthur Andersen LLP that would suggest issues with the prior auditor.

The 2001 Equity Incentive Plan saw increased automatic stock option grants for new and continuing non-employee directors. The 1997 Employee Stock Purchase Plan had its authorized share pool increased by 1,000,000 ordinary shares.

No, the filing explicitly states that Arthur Andersen LLP's reports for the fiscal years ended March 31, 2002, and March 31, 2001, were not qualified or adverse. Furthermore, there were no disagreements or reportable events between FLEX and Arthur Andersen LLP during the relevant periods.

The shareholder approval for the appointment of Deloitte & Touche LLP and the amendments to the equity plans occurred at the Company's Annual General Meeting on August 29, 2002.