UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(e) Executive Compensation
On March 29, 2020, in light of the uncertainty created by the effects of the COVID-19 pandemic and the company’s initiatives to reduce operating and corporate costs, Revathi Advaithi, the Chief Executive Officer of Flex Ltd. (the “Company”), proposed and the Board of Directors (the “Board”) agreed to reduce her base salary by 50% during the first two quarters of fiscal year 2021. The Company’s other named executive officers proposed and the Board agreed to reduce their base salaries by 30% during the first two quarters of fiscal year 2021.
For purposes of the Company’s annual incentive bonus plan for fiscal year 2021, each of the named executive officers agreed to adjustments to reduce to zero bonus payouts attributable to the first two quarters of fiscal year 2021.
Item 8.01 Other Events.
In support of the Company’s initiatives in response to COVID-19, the Board has determined that it will decrease all non-employee director cash compensation payments (annual cash retainer, Board committee chair and member cash compensation, Chairman of the Board cash compensation) by 30% during the first two quarters of fiscal year 2021.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit | ||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Flex Ltd. | |||
| Date: April 2, 2020 | By: | /s/ Christopher Collier | |
| Name: | Christopher Collier | ||
| Title: | Chief Financial Officer | ||
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