Summary
Flex Ltd. (FLEX) announced a key change to its Board of Directors with the appointment of John D. Harris II as an independent director, effective November 23, 2020. This addition strengthens the board's composition without any existing arrangements influencing his appointment. Mr. Harris will receive standard compensation for independent directors, including annual cash, restricted stock units awarded after the last annual general meeting, and future annual restricted stock unit awards valued at $185,000. This move is part of the company's ongoing governance practices, ensuring a robust and independent board structure.
Key Highlights
- 1John D. Harris II appointed as an independent director to the Board of Directors.
- 2Mr. Harris's appointment was not based on any pre-existing arrangements with other parties.
- 3He will receive annual compensation of $90,000 in cash for his services.
- 4Mr. Harris is eligible for restricted stock unit awards, including a pro-rated share of the last award and a future annual award valued at $185,000.
- 5The company maintains indemnification agreements and D&O insurance for its directors, including Mr. Harris.
- 6A press release announcing this appointment was issued on November 24, 2020, and attached as an exhibit.