What is the primary purpose of this 8-K filing?

The primary purpose of this 8-K filing is to disclose a material definitive agreement related to the compensation of a key executive officer, Werner Widmann, specifically regarding a contribution to his deferred compensation plan.

Who is Werner Widmann and what is his role at Flextronics?

Werner Widmann is an executive officer of Flextronics International Ltd. and is expected to be a Named Executive Officer for the company's 2006 proxy statement.

What are the key terms regarding the vesting and payout of Mr. Widmann's deferred compensation?

The deferred compensation vests in three equal annual installments starting July 1, 2009, contingent on continued employment. It will be fully paid out upon death. In the event of a change of control of the subsidiary, payout is determined by a formula based on his service during a specific six-year period.

Where can investors find more detailed information about this compensation agreement?

More detailed information about Mr. Widmann's deferred compensation plan and the addendum to the award agreement can be found in Exhibits 10.01 and 10.02 filed with this Form 8-K.

FLEX 8-K: Material Agreements

Summary

This Form 8-K filing from Flextronics International Ltd. (FLEX) reports on a material definitive agreement related to executive compensation. Specifically, on June 30, 2006, the Compensation Committee approved a contribution of €93,750 to the deferred compensation plan for Werner Widmann, identified as a key executive officer and expected Named Executive Officer. This contribution, made through a company subsidiary, Multilayer Technology GmbH & Co. KG, is subject to specific vesting terms based on age and years of service, beginning July 1, 2009. The plan also details payout conditions in the event of death or a change of control of the subsidiary, with formulas tied to Mr. Widmann's service period. Investors should note that the full details of this agreement are available in the filed exhibits, which are referenced in this report.

Key Highlights

1Flextronics International Ltd. entered into a material definitive agreement concerning executive compensation.
2A contribution of €93,750 was approved for Werner Widmann's deferred compensation plan.
3Werner Widmann is identified as an executive officer and expected Named Executive Officer.
4The contribution is made by a subsidiary, Multilayer Technology GmbH & Co. KG.
5Vesting of the deferred compensation is scheduled to begin on July 1, 2009, based on age and service.
6The plan includes provisions for full payout upon death and specific calculations in case of a change of control.
7The award agreement and addendum are filed as exhibits to this Form 8-K.

FLEX LTD. 8-K Report, Material Agreement (Jul 7, 2006)

Summary

Key Highlights

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