8-KLeadership ChangesExhibits & Filings

FLEX LTD. 8-K Report, Executive Changes (Jan 27, 2022)

Filed January 27, 2022For Securities:FLEX

Summary

Flex Ltd. (FLEX) announced a significant addition to its Board of Directors and Audit Committee with the appointment of Patrick J. Ward, effective January 26, 2022. Mr. Ward joins as an independent director and has been determined to be an "audit committee financial expert" by the company, a crucial role given his position on the Audit Committee. His appointment strengthens the board's financial oversight capabilities. Mr. Ward's compensation structure is detailed, including annual cash compensation of $105,000 and restricted stock units valued at $185,000 annually, reflecting a commitment to aligning director incentives with shareholder value. The company also reaffirmed its standard indemnification and D&O insurance provisions for directors, ensuring robust governance practices.

Key Highlights

  • 1Patrick J. Ward appointed to Flex Ltd.'s Board of Directors and Audit Committee.
  • 2Mr. Ward qualifies as an "audit committee financial expert", enhancing financial oversight.
  • 3Appointment of Mr. Ward is effective as of January 26, 2022.
  • 4Mr. Ward is an independent director with no disclosed arrangements or affiliations with the company that would impede his independence.
  • 5Annual compensation for Mr. Ward includes $105,000 in cash and $185,000 in restricted stock units.
  • 6Flex Ltd. maintains standard indemnification agreements and Directors & Officers liability insurance for its directors.

Frequently Asked Questions

Patrick J. Ward has been appointed as an independent director to Flex Ltd.'s Board of Directors and as a member of the Audit Committee, effective January 26, 2022. He is recognized as an "audit committee financial expert".

Mr. Ward will receive an annual cash compensation of $105,000, paid quarterly. Additionally, he will receive annual restricted stock unit awards with an aggregate fair market value of $185,000, subject to the company's non-management director compensation programs.

The filing explicitly states that there are no arrangements or understandings that would affect his appointment, and Mr. Ward has no related-party transactions or affiliations with Flex Ltd., ensuring his independence.

Flex Ltd. provides indemnification to its directors against liabilities incurred in the execution of their duties, as per the company's constitution and subsidiary agreements. The company also maintains Directors and Officers liability insurance.