Summary
This Form 8-K filing for Flextronics International Ltd. (FLEX) reports on changes within its Board of Directors. Ambassador Rockwell A. Schnabel announced his retirement from the Board, which is effective prior to the company's 2009 Annual General Meeting. This marks a transition for a long-standing board member. In connection with this transition, the company has appointed Mr. William D. Watkins as an independent director to the Board and as a member of the Audit Committee. Mr. Watkins' appointment is accompanied by a standard compensation package for non-management directors, including annual cash compensation, committee fees, and stock options, as well as annual stock bonus awards. The filing also notes the company's standard indemnification and D&O insurance policies for its directors. The press release announcing these changes is included as an exhibit.
Key Highlights
- 1Ambassador Rockwell A. Schnabel to retire from the Board of Directors prior to the 2009 Annual General Meeting.
- 2Mr. William D. Watkins appointed as an independent director to the Board.
- 3Mr. Watkins appointed to serve on the Audit Committee.
- 4Mr. Watkins will receive standard compensation for non-management directors, including cash, stock options, and stock bonus awards.
- 5New director compensation includes an initial grant of 25,000 stock options, vesting over time.
- 6Annual compensation for Mr. Watkins includes $60,000 as a director and $15,000 for Audit Committee service.
- 7Company maintains standard indemnification agreements and D&O insurance for its directors.