01—Abstract
Summary
Summary of the 8-K filed August 16, 2024. Cited figures are marked; the original filing is the authoritative source.
Flex Ltd. (FLEX) filed an 8-K on August 15, 2024, detailing executive compensation adjustments.
The most significant change is the establishment of a new compensation package for Jaime Martinez, who recently stepped in as Interim Chief Financial Officer. This package includes a $300,000a restricted stock unit (RSU) award vesting over two years and a $50,000 monthly cash supplement as long as he holds the interim role. Additionally, the filing outlines a base salary increase for Hooi Tan, President of Global Operations and Components, and enhanced compensation for Michael P.
Hartung, who was promoted to Chief Commercial Officer. These adjustments reflect changes in responsibilities and promotions within the company's senior leadership team.
02—Key points
Key Highlights
- Jaime Martinez appointed Interim CFO and received a $300,000 RSU award vesting over two years and a $50,000 monthly cash supplement.
- Hooi Tan's base salary increased from $700,000 to $735,000, retroactive to August 1, 2024, due to assuming additional responsibilities.
- Michael P. Hartung promoted to Chief Commercial Officer.
- Mr. Hartung's annual incentive bonus target increased from 100% to 110% of base salary.
- Mr. Hartung's long-term incentive award value for FY25 increased by $500,000 (from $1.8M to $2.3M) via a $500,000 RSU award vesting over three years.
03—Questions
Frequently Asked Questions
What is the total compensation impact for Jaime Martinez as Interim CFO?
Mr. Martinez receives a one-time $300,000 restricted stock unit (RSU) award, which will vest over two years, and a monthly cash payment of $50,000 as long as he serves as Interim CFO. This is in addition to his base salary.
Why did Hooi Tan's salary increase?
Mr. Tan's base salary was increased to $735,000 retroactively from August 1, 2024, due to his assumption of additional responsibilities.
What are the key changes to Michael P. Hartung's compensation following his promotion?
Upon promotion to Chief Commercial Officer, Mr. Hartung's annual incentive bonus target increased to 110% of his base salary. He also received a $500,000 RSU award, increasing his projected long-term incentive value for FY25 to $2.3 million.
Are these compensation changes effective immediately?
The compensation changes were approved on August 15, 2024. Mr. Martinez's interim arrangements are effective as he serves in the role, Mr. Tan's salary increase is retroactive to August 1, 2024, and Mr. Hartung's equity award has a grant date fair value as of August 15, 2024.
04—Continue