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SANM > SEC Filings for SANM > Form 8-K on 30-Jan-2009All Recent SEC Filings

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Form 8-K for SANMINA-SCI CORP


30-Jan-2009

Entry into a Material Definitive Agreement, Change in Directors or Principal Off


Item 1.01. Entry into a Material Definitive Agreement.

On January 26, 2009, the stockholders of Sanmina-SCI Corporation (the "Company") approved the Company's 2009 Incentive Plan (the "2009 Plan") and the reservation of 45,000,000 shares of common stock for issuance thereunder.

The 2009 Plan permits the award of incentive stock options, non-statutory stock options, restricted stock awards, restricted stock unit awards, stock appreciation rights, and other forms of equity compensation as determined by the Board of Directors or permitted delegatees. The 2009 Plan also provides the ability to grant performance stock awards and performance cash awards. Equity awards may be made under the 2009 Plan to employees, consultants and members of the Company's Board of Directors. The terms and conditions of each type of award are set forth in the 2009 Plan, which is filed an exhibit hereto. The 2009 Plan expires on January 26, 2019.



Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On January 21, 2009, the Company announced a temporary reduction in annual base salaries of its Chief Executive Officer and next three most highly compensated executive officers (the "Named Executive Officers"). The base salaries of the Chief Executive Officer and President and Chief Operating Officer have been reduced by 20% and the base salaries of the other Named Executive Officers have been reduced by 10%. As a result, the current annual base salaries of the Named Executive Officers are as follows: Jure Sola (Chief Executive Officer), $640,000; Hari Pillai (President and Chief Operating Officer), $344,000; David L. White (Executive Vice President and Chief Financial Officer), $382,500; and Michael R. Tyler (Executive Vice President and General Counsel), $315,000. The Company will periodically review whether to reinstate the original base salaries of the Named Executive Officers based upon business conditions.



Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit
Number         Description
10.37(1)   2009 Incentive Plan



(1) Compensation plan or arrangement in which executive officer or director participates.


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