Current Report Filing (8-k)
December 13 2019 - 4:40PM
Edgar (US Regulatory)
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2019-12-08
2019-12-09
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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
(December 9, 2019)
Date of Report (Date of earliest event reported)
SANMINA CORPORATION
(Exact name of registrant as specified in
its charter)
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Delaware
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000-21272
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77-0228183
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification
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No.)
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2700 North First Street
San Jose, California 95134
(Address of principal executive offices,
including zip code)
(408) 964-3500
(Registrant’s telephone number, including
area code)
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 (see General
Instruction A.2. below):
¨ 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 communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2
of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ¨
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. ¨
Securities registered pursuant to Section 12(b) of
the Act:
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock
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SANM
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NASDAQ Global Select Market
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ITEM 5.02
DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS
OF CERTAIN OFFICERS
On December 9, 2019, the Board of Directors
of Sanmina Corporation (the “Company”) appointed Hartmut Liebel as a member of the Board of Directors of the Company.
Mr. Liebel, 56 has served as Chief Executive Officer of the Company since September 2019 and as President and Chief Operating Officer
of the Company from July 2019 until September 2019. Prior to that, Mr. Liebel was President and Chief Executive Officer of privately
owned iQor, a leading global provider of intelligent customer interaction and product outsourcing solutions, from June 2013
until August 2018 and as a board member of iQor from August 2018 through July 2019. Mr. Liebel was Chief Executive
Officer, Aftermarket Services, of Jabil Inc., from 2005 until May 2013, and previously held the positions of President, Aftermarket
Services and Executive Vice President and Chief Operating Officer, Aftermarket Services since joining Jabil in 2002.
Also on December 9, 2019, the Compensation
Committee of the Board of Directors of the Company approved the Fiscal Year 2020 Corporate Bonus Plan (the “2020 Plan”).
The 2020 Plan contains targets for the Company’s revenue, non-GAAP operating margin and cash flow from operations. The Company’s
performance for fiscal 2020 will be measured against these targets. Should the Company not achieve a minimum performance
against these targets, no incentive compensation shall be payable under the 2020 Plan. Each 2020 Plan participant’s actual
incentive compensation for fiscal 2020 will be determined by reference to his or her target incentive compensation, the Company’s
achievement against its targets and achievement of the participant’s individual/divisional performance goals for fiscal 2020.
Target individual incentive compensation payable under the 2020 Plan is expressed as a percentage of base salary and, for executive
officers of the Company, ranges from 80% to 150%. The Committee retains the right to terminate or amend the 2020 Plan in
any respect, including increasing or decreasing Company and individual incentive compensation targets, and can also adjust an individual’s
incentive compensation up or down on a discretionary basis.
On December 9, 2019, the Compensation
Committee approved an increase in the base salary of Alan Reid, Executive Vice President, Global Human Resources, from $315,000
to $350,000.
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this Report on Form 8-K to be signed on its behalf by the undersigned
hereunto duly authorized.
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SANMINA CORPORATION
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By:
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/s/ Kurt Adzema
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Kurt Adzema
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Executive Vice President and Chief Financial Officer
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Date: December 13, 2019
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