Summary
Flextronics International Ltd. (FLEX) filed an 8-K on June 19, 2009, primarily to announce changes to its Board of Directors. Mr. Ajay Shah announced his retirement from the Board, effective at the Company's 2009 Annual General Meeting. This marks a transition for the board composition. In conjunction with this, the Company appointed Mr. Daniel H. Schulman as an independent director. Mr. Schulman's appointment also includes a role on the Compensation Committee. The filing details the compensation structure for Mr. Schulman as a non-management director, including annual cash compensation, committee fees, and stock option grants. The company also reaffirmed its commitment to director indemnification and liability insurance.
Key Highlights
- 1Mr. Ajay Shah to retire from the Board of Directors at the 2009 Annual General Meeting.
- 2Mr. Daniel H. Schulman appointed as an independent director to the Board.
- 3Mr. Schulman appointed to serve on the Compensation Committee.
- 4Details provided on Mr. Schulman's compensation package as a non-management director.
- 5Mr. Schulman receives an initial grant of 25,000 stock options vesting over time.
- 6Annual grants of 12,500 stock options and a $100,000 stock bonus award are part of his ongoing compensation.
- 7The company has standard indemnification agreements and D&O insurance in place for its directors.