UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 7, 2020
FLEX LTD.
(Exact Name of Registrant as Specified in Its Charter)
| Singapore | | 0-23354 | | Not Applicable |
(State or other jurisdiction of
incorporation) | | (Commission File Number) | | (IRS Employer Identification No.) |
| 2 Changi South Lane, Singapore | | 486123 |
| (Address of principal executive offices) | | (Zip Code) |
Registrant’s telephone number, including area code: (65) 6876-9899
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
| Ordinary Shares, No Par Value | | FLEX | | The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ¨ |
| Entity Address City Or Town | Singapore |
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(e) Amendment and restatement of the Flex Ltd. 2017 Equity Incentive Plan
On August 7, 2020, Flex Ltd. (the “Company” or “Flex”) held its 2020 Annual General Meeting of Shareholders (“Annual Meeting”). At the Annual Meeting, the Company’s shareholders approved the amendment and restatement of the Company’s 2017 Equity Incentive Plan (the “2017 Plan” and, as amended, the “Amended Equity Plan”). The Amended Equity Plan amends and restates the 2017 Plan to, among other things, increase the aggregate number of shares reserved for issuance by 21,100,000 ordinary shares, less one share for every one share that is subject to an award granted under the 2017 Plan after March 31, 2020 and prior to the effective date of the Amended Equity Plan. A more complete description of the terms of the Amended Equity Plan can be found in “Proposal No. 4: Ordinary Resolution to Approve the Amendment and Restatement of the Flex Ltd. 2017 Equity Incentive Plan” in the Company’s definitive proxy statement filed with the Securities and Exchange Commission on June 26, 2020 (the “2020 Proxy Statement”), which description is incorporated herein by reference. The foregoing description and the description incorporated by reference from the 2020 Proxy Statement are qualified in their entirety by reference to the full text of the Amended Equity Plan, which is incorporated by reference hereto as Exhibit 10.01 hereto.
Item 5.07 Submission of Matters to a Vote of Security Holders
On August 7, 2020, Flex held its 2020 Annual Meeting. There were 497,769,563 Ordinary Shares entitled to be voted and 456,113,997 Ordinary Shares were voted in person or by proxy at the Annual Meeting.
At the Annual Meeting:
| | (1) | The shareholders re-elected the ten (10) nominees for director. |
| | (2) | The shareholders re-appointed Deloitte & Touche LLP as the Company’s independent auditors for the 2021 fiscal year and authorized the Company’s Board of Directors to fix its remuneration. |
| | (3) | The shareholders approved, on a non-binding advisory basis, the compensation of the Company’s named executive officers. |
| | (4) | The shareholders approved the amendment and restatement of the Flex Ltd. 2017 Equity Incentive Plan. |
| | (5) | The shareholders approved a general authorization for the Company’s Board of Directors to allot and issue Ordinary Shares. |
| | (6) | The shareholders approved the renewal of the Company’s Share Purchase Mandate permitting the Company to purchase or otherwise acquire up to 20% of its own issued Ordinary Shares as of the date of the Annual Meeting. |
The Company’s Inspector of Elections certified the following vote tabulations from the Annual Meeting:
Board of Directors:
Nominee | | For | | | Against | | | Abstain | | | Broker
Non-Vote | |
| Revathi Advaithi | | | 432,741,254 | | | | 661,167 | | | | 266,233 | | | | 22,445,343 | |
| Michael D. Capellas | | | 430,140,569 | | | | 3,249,552 | | | | 278,533 | | | | 22,445,343 | |
| Jennifer Li | | | 422,958,724 | | | | 10,426,270 | | | | 283,660 | | | | 22,445,343 | |
| Marc A. Onetto | | | 431,812,303 | | | | 1,461,255 | | | | 395,096 | | | | 22,445,343 | |
| Erin L. McSweeney | | | 432,766,900 | | | | 632,907 | | | | 268,847 | | | | 22,445,343 | |
| Willy C. Shih, Ph.D. | | | 426,316,135 | | | | 6,967,184 | | | | 385,335 | | | | 22,445,343 | |
| Charles K. Stevens, III | | | 430,181,684 | | | | 3,200,295 | | | | 286,675 | | | | 22,445,343 | |
| Lay Koon Tan | | | 432,621,038 | | | | 656,971 | | | | 390,645 | | | | 22,445,343 | |
| William D. Watkins | | | 426,367,809 | | | | 7,021,488 | | | | 279,357 | | | | 22,445,343 | |
| Lawrence A. Zimmerman | | | 432,662,515 | | | | 722,491 | | | | 283,648 | | | | 22,445,343 | |
| | | For | | | Against | | | Abstain | | | Broker
Non-Vote | |
| Re-appointment of Deloitte & Touche LLP as independent auditors for the 2021 fiscal year and to authorize the Board of Directors, upon the recommendation of the Audit Committee, to fix its remuneration | | | 449,983,557 | | | | 5,788,685 | | | | 341,755 | | | | — | |
| | | | | | | | | | | | Broker | |
| | | For | | | Against | | | Abstain | | | Non-Vote | |
| NON-BINDING, ADVISORY RESOLUTION relating to the compensation of the Company’s named executive officers | | | 421,299,559 | | | | 12,114,670 | | | | 254,425 | | | | 22,445,343 | |
| | | For | | | Against | | | Abstain | | | Broker
Non-Vote | |
| Resolution to approve the amendment and restatement of the Flex Ltd. 2017 Equity Incentive Plan | | | 420,397,729 | | | | 12,999,980 | | | | 270,945 | | | | 22,445,343 | |
| | | For | | | Against | | | Abstain | | | Broker
Non-Vote | |
| General authorization for the Board of Directors to allot and issue ordinary shares | | | 414,406,826 | | | | 19,120,105 | | | | 141,723 | | | | 22,445,343 | |
| | | For | | | Against | | | Abstain | | | Broker
Non-Vote | |
| Renewal of the Share Purchase Mandate relating to acquisitions by the Company of up to 20% of its issued ordinary shares as of the date of the Annual Meeting | | | 423,868,011 | | | | 9,688,298 | | | | 112,345 | | | | 22,445,343 | |
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
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: August 11, 2020 | By: | /s/ Christopher Collier |
| | | Name: | Christopher Collier |
| | | Title: | Chief Financial Officer |
