Sanmina-SCI Corporation 2008 Non-Employee Director Compensation Arrangements
Sanmina-SCI Corporation has established compensation arrangements for its non-employee directors for fiscal year 2008. Directors receive an annual cash retainer, meeting fees, and equity grants in the form of stock options and restricted stock units, all subject to specific vesting schedules. Additional cash retainers are provided for the Lead Director, committee chairs, and committee members. Directors may choose to receive retainers in restricted stock instead of cash, with enhanced value and a 12-month vesting period. These arrangements outline the compensation structure and conditions for non-employee board service.
EXHIBIT 10.65
SANMINA-SCI CORPORATION NON-EMPLOYEE DIRECTOR COMPENSATION ARRANGEMENTS
Sanmina-SCI Corporation’s fiscal 2008 compensation arrangements for its non-employee Directors are as follows:
| Compensation Element |
| Amount |
| General Board service – cash |
| Annual cash retainer - $60,000(1) |
|
|
| Board meeting fees: $2,000 in-person, $1,000 telephonic |
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|
|
| General Board service-Equity |
| Initial equity grant upon first becoming a Director and annually thereafter: · Option to purchase 10,000 shares of Common Stock · Restricted stock units to purchase 20,000 shares of Common Stock · Both grants vest monthly over 12 months |
|
|
|
|
| Lead Director |
| Additional cash retainer: $24,000(1) |
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|
|
|
| Committee Chair service |
| Additional cash retainer: (1) · Audit Committee: $20,000 · Compensation Committee: $20,000 · Nominating and Governance Committee: $20,000 |
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| Committee member service |
| Additional cash retainer: (1) · Audit Committee: $10,000 · Compensation Committee: $10,000 · Nominating and Governance Committee: $10,000 · Special Litigation Committee: $5,000 per month |
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|
| Committee meeting fees: $1,500(2) |
(1) Directors may elect to receive cash retainers in restricted stock with value equal to 133% of the forgone cash compensation and which vests in full 12 months after the date of grant.
(2) Per meeting fee not paid in the case of the Special Litigation Committee.
