Sanmina 2011 Non-Employee Director Compensation Policy
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Summary
This document outlines Sanmina's 2011 compensation policy for non-employee directors. Directors receive an annual cash retainer of $80,000 and annual equity awards valued at $150,000, split between stock options and restricted stock units. Additional cash retainers are provided for the Lead Director and for service on or chairing board committees. Directors may choose to receive cash retainers as restricted stock units at a higher value. Equity grants vest quarterly over one year, and pro-rated grants are available for directors appointed mid-year.
EX-10.37 2 sanminasci2011010110qex1037.htm EXHIBIT 10.37 WebFilings | EDGAR view
EXHIBIT 10.37
CALENDAR 2011 NON-EMPLOYEE DIRECTOR COMPENSATION
Compensation Element | Amount |
Board Cash Compensation | Annual retainer - $80,000 1 |
Annual Equity Compensation | Aggregate of $150,000 in value of stock options and restricted stock units determined as follows: - A number of stock options valued at $50,000 at the time of grant calculated using the Company’s stock compensation valuation2 practices for financial reporting - A number of restricted stock units calculated by dividing $100,000 b y the closing stock price on the date of grant2 - Both grants vest as to 25% of the shares subject thereto on the first four quarterly anniversaries of the date of grant |
Annual Lead Director Cash Compensation | Additional retainer: $30,0001 |
Committee Member Cash Compensation | Annual retainer: 1 -Audit Committee: $15,000 -Compensation Committee: $10,000 -Nominating and Governance Committee: $10,000 |
Annual Committee Chair Cash Compensation | Additional retainer: 1 -Audit Committee: $15,000 -Compensation Committee: $10,000 -Nominating and Governance Committee: $10,000 |
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1 Directors may elect to receive cash retainers in the form of restricted stock units with value equal to 133% of the forgone cash compensation and which vest in full on the day immediately prior to the annual meeting of stockholders held following the grant date.
2 Represents amount of equity granted to Board members elected at annual meetings of stockholders. For members appointed between annual meetings of stockholders, grant amounts are pro rated based upon the time between the last annual meeting of stockholders and the date of appointment.
