Summary
This Form 8-K filing by Flextronics International Ltd. (FLEX) on November 7, 2006, primarily discloses a material definitive agreement concerning the deferred compensation plan of a Named Executive Officer, Werner Widmann. The Compensation Committee approved a one-time discretionary contribution of approximately US$2.3 million to Mr. Widmann's deferred compensation plan, to be funded in Euros. This event is significant as it details a substantial executive compensation award and changes to the plan's structure and vesting schedule.
Key Highlights
- 1Flextronics International Ltd. filed a Form 8-K on November 7, 2006, reporting an event on November 1, 2006.
- 2The Compensation Committee approved a one-time discretionary contribution of approximately US$2.3 million to Werner Widmann's deferred compensation plan.
- 3The contribution will be funded in Euros at the prevailing exchange rate on the funding date.
- 4Amendments were made to Mr. Widmann's deferred compensation plan.
- 5Eligibility for future yearly salary-based contributions to Mr. Widmann's deferred compensation account has been eliminated.
- 6A new, phased vesting schedule for the deferred compensation account has been implemented, with portions vesting annually from July 1, 2007, to July 1, 2011.
- 7Vesting is contingent upon Mr. Widmann's continued employment with a subsidiary of the Company.