Summary
This 8-K Amendment from FLEX LTD. (FLEX) provides crucial details regarding the compensation package for its newly appointed Chief Financial Officer, Paul Read, whose appointment was previously announced on May 16, 2008, and is effective June 30, 2008. The filing amends the initial 8-K to disclose the specific financial arrangements approved by the Board on June 2, 2008. Investors should note the substantial compensation offered to Mr. Read, including a base salary of $600,000, significant bonus potential through annual and long-term incentive plans (up to 202.5% of base salary and $1.25 million respectively), and equity awards comprising performance-based restricted stock units (up to 200,000 shares) and options for 1.4 million shares. This comprehensive package reflects the company's investment in securing experienced financial leadership.
Key Highlights
- 1Filing is an amendment to a prior 8-K, specifically detailing compensation for the new CFO.
- 2Paul Read appointed as Chief Financial Officer, effective June 30, 2008.
- 3Approved compensation package for Mr. Read includes an annual base salary of $600,000.
- 4Mr. Read is eligible for an annual incentive bonus of up to 202.5% of his base salary.
- 5He will also participate in a three-year cash incentive bonus plan with potential payout up to $1,250,000.
- 6Granted performance-based restricted stock units covering up to 200,000 shares.
- 7Granted 1,400,000 stock options under the 2001 Equity Incentive Plan.