Summary of Executive Compensation Arrangements for Flex Ltd. Officers (2022)

Summary

This document outlines the 2022 compensation arrangements for certain executive officers of Flex Ltd., including the CEO, CFO, and other key executives. It details each officer's annual base salary and eligibility for various incentive and equity plans, such as annual bonuses, long-term cash incentives, and restricted share unit awards. Some executives have unique arrangements, such as participation in pension schemes required by local law. The summary does not include all prior compensation or awards and refers to other filings for additional details.

EX-10.03 4 flex-exx1003x722021.htm EX-10.03 Document

EXHIBIT 10.03

Summary of Compensation Arrangements of Certain Executive Officers of Flex Ltd.

Note: The following summary of compensation arrangements does not include all previously reported compensation arrangements or awards granted under previously disclosed incentive plans. Disclosures with respect to compensation for Named Executive Officers for the 2022 fiscal year will be included in the Company’s definitive proxy statement for the Company’s 2022 Annual General Meeting of Shareholders.

Compensation for Revathi Advaithi (Chief Executive Officer)

Ms. Advaithi’s current annual base salary is $1,325,000. In addition, Ms. Advaithi was awarded compensation pursuant to an Offer Letter entered into on February 7, 2019, which is summarized in the Company’s Form 8-K filed on February 11, 2019. Ms. Advaithi will be eligible to participate in the Company’s annual incentive bonus plan and the long-term cash incentive deferred compensation program. Ms. Advaithi also will be eligible to receive awards of performance-based restricted share unit awards and service-based restricted share unit awards under the Company’s equity incentive plan as part of her fiscal 2022 compensation.

Compensation for Paul R. Lundstrom (Chief Financial Officer)

Mr. Lundstrom’s current annual base salary is $720,000. In addition, Mr. Lundstrom was awarded compensation pursuant to an Offer Letter entered into on August 5, 2020, which is summarized in the Company’s Form 8-K filed on August 7, 2020. Mr. Lundstrom will be eligible to participate in the Company’s annual incentive bonus plan and the long-term cash incentive deferred compensation program. Mr. Lundstrom also will be eligible to receive awards of performance-based restricted share unit awards and service-based restricted share unit awards under the Company’s equity incentive plan as part of his fiscal 2022 compensation.

Compensation for Francois P. Barbier

Mr. Barbier’s current annual base salary is $730,000. In addition, Mr. Barbier will be eligible to participate in the Company’s annual incentive bonus plan. Mr. Barbier does not participate in the Company’s long-term cash incentive deferred compensation plan, and instead participates in defined contribution pension schemes mandated under French law. Mr. Barbier also will be eligible to receive awards of performance-based restricted share unit awards and service-based restricted share unit awards under the Company’s equity incentive plan as part of his fiscal 2022 compensation.

Compensation for Michael Hartung

Mr. Hartung’s current annual base salary is $720,000. In addition, Mr. Hartung will be eligible to participate in the Company’s annual incentive bonus plan and long-term cash incentive deferred compensation plan. Mr. Hartung also will be eligible to receive awards of performance-based restricted share unit awards and service-based restricted share unit awards under the Company’s equity incentive plan as part of his fiscal 2022 compensation.

Compensation for Scott Offer

Mr. Offer’s current annual base salary is $647,000. In addition, Mr. Offer will be eligible to participate in the Company’s annual incentive bonus plan and long-term cash incentive deferred compensation plan. Mr. Offer also will be eligible to receive awards of performance-based restricted share unit awards and service-based restricted share unit awards under the Company’s equity incentive plan as part of his fiscal 2022 compensation.