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Exhibit 10.9(b)(ii)

2005 10-K




PLEXUS CORP.

2005 VARIABLE INCENTIVE COMPENSATION PLAN

(as amended and restated August 31, 2005)

EXECUTIVE LEADERSHIP TEAM




PLAN OBJECTIVES



The primary objectives of the 2005 Variable Incentive Compensation Plan (Plan) are to reward
results delivered by plan participants that enhance shareholder value and to assist Plexus Corp.
(Plexus) to attract, retain and motivate highly qualified and talented executives. The Plan
provides annual variable incentive compensation opportunities to participants for the achievement
of specified financial performance and other significant results that contribute to the overall
success of Plexus. Increasing revenues, improving financial returns on capital employed, and
achieving specific personal objectives are the three performance elements of this Plan.




PLAN YEAR



The Plan Year is effective for each Plexus fiscal year, unless and until terminated or modified.
The Compensation and Leadership Development Committee of the Board of Directors may modify or
terminate the Plan at any time.




ELIGIBILITY FOR PLAN PARTICIPATION



Participation in this Plan is limited to the members of the Plexus Executive Leadership Team.




INCENTIVE PLAN COMPENSATION



Plan awards are to be calculated based upon the Plan Year base salary (salary excluding bonuses,
paid commissions, reimbursed relocation expenses, or any other special pay, but including amounts
deferred) of each participant adjusted for pro-rations as applicable (See Award Payment Timing and
Eligibility, below). Incentive awards are calculated for each position (job) a participant holds
through the plan year and are pro-rated accordingly based on calendar weeks in each position (for
example, FY 2005 = 52 weeks).




INCENTIVE PLAN PERFORMANCE MEASURES



The incentive performance measures, each of which stands independently of the others with regard to
award opportunities, are:





	 	•	 	     Revenues: Total Fiscal Year Net Sales of Plexus Corp.
	 
	 	•	 	     Return on Average Capital Employed (ROCE): Annual
Operating Income for the Fiscal Year divided by Average Capital Employed. Where,






	 	•	 	Operating Income: As reported in the company’s audited income
statement for the Fiscal Year adjusted, if necessary, to eliminate non-recurring
or unusual charges.
	 
	 	•	 	Average Capital Employed: The 5 point average of the prior
Fiscal Year end and the quarterly current Fiscal Year Capital Employed balances.






	 	o	 	Capital Employed: Total Assets (minus Cash)
less non-interest bearing Current and Non-current Liabilities.






	 	•	 	Objectives: Individual participant objectives that relate to measurable personal or
site/location/department goals for the plan year; typically the number of goals should be
limited to 3 to 5, which have been developed with, reviewed by and approved by the
participant’s supervisor.




 









 











INCENTIVE PLAN PERFORMANCE AND REWARD OPPORTUNITIES



Incentive compensation is paid based on the following achievement levels:




	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Component	 	Threshold	 	 	Payout	 	 	Target	 	 	Payout	 	 	Maximum	 	 	Payout	 
	Revenue
	 	$	*	 	 	 	0	%	 	$	*	 	 	 	40	%	 	$	*	 	 	 	*	%
	ROCE
	 	 	*	%	 	 	0	%	 	 	* 	%	 	 	40	%	 	 	* 	%	 	 	*	%
	Personal Objectives
	 	 	 	 	 	 	0	%	 	 	 	 	 	 	20	%	 	 	 	 	 	 	*	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Incentive =
Revenues + ROCE +
Personal Objectives
	 	 	 	 	 	 	0	%	 	 	 	 	 	 	100	%	 	 	 	 	 	 	200	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 








 




			
	[*	 	Specific threshold, target and maximum amounts, and percentages allocated to each
component, are the same for each participant and determined with the approval of the
Compensation and Leadership Development Committee; that information shall be communicated
to eligible participants. All year references herein will be deemed to refer to the
appropriate Fiscal Year and numbers in this matrix will be re-set for such years.]






	•	 	Threshold: At or below Revenue and/or ROCE Thresholds, only personal objectives awards
can be earned. Revenue and ROCE measures begin producing incentive awards for above
Threshold achievement.
	 
	•	 	Target: Targets for the Revenue and ROCE measures relate to the relevant Fiscal Year
financial plan. Personal objectives relate to individual participant performance and may
reflect personal, location, site, department, or other measurable objectives. Awards will
be pro-rated on a straight-line basis for performance that falls between Threshold and
Target achievement.
	 
	•	 	Maximum: The maximum performance levels reflect the maximum award for each component.
Awards will be pro-rated on a straight-line basis for performance that falls between Target
and Maximum achievement.




Note: No award will be paid for any component if the company incurs a net loss for the fiscal year
(excluding non-recurring or unusual charges).




AWARD PAYMENT TIMING AND ELIGIBILITY



Eligible participants will receive earned incentive awards no later than December 15 of the
subsequent fiscal year (payment date). Adjustments occur under the following circumstances:





	 	•	 	Participant Transfer: Awards will be pro-rated for participants who transfer between
company organizations (sites, locations, departments, SBU’s, etc.) based upon time spent in
each job.
	 
	 	•	 	Participant Status Change: Participants changing status (to/from eligible/ineligible
position) are to be pro-rated by eligible weeks on the company payroll divided by the
number of weeks of the plan year (For example, FY 2005 = 52 weeks).
	 
	 	•	 	Employment/Re-employment: New or rehired employees who enter the Plan after the start of
the Plan Year will receive a pro-rated award based on the time actually in the Plan.




 









 






	 	•	 	Employment Termination: Plan participants who leave the employ of Plexus (whether
voluntarily or involuntarily) prior to the payout date (December 15), except in the case of
retirement, disability, death or approval by the CEO, forfeit all rights to incentive
awards accrued during the Plan Year.
	 
	 	•	 	Retirement, Disability, or Death: “Retirement” means eligible for retirement under
Plexus Corp.’s retirement guidelines. Disability means eligible for disability benefits
and unable to continue in the employ of the company due to such disability. In the event
of death, any payable award will be paid to the participant’s beneficiary(ies), or to the
estate in the event that no beneficiary is named, following the end of the Plan Year.
Awards for participants who leave due to retirement, disability or death will be pro-rated
by eligible weeks on the company payroll divided by the number of weeks of the plan year
(For example, FY 2005 = 52 weeks).
	 
	 	•	 	Non-performing Employees: If at any time during the plan year an individual’s
performance is not satisfactory and the participant is on a formal written performance
improvement plan, such participant may be removed from this Plan, and either no award or a
reduced award will be paid to the individual. Approval of such action will be made by the
CEO subject to the final approval of the Compensation and Leadership Development Committee
of the Board.
	 
	 	•	 	Leaves of Absence: Awards for participants who are on an unpaid Leave of Absence will
be pro-rated for the ROCE and Revenue components based upon eligible calendar weeks on the
company payroll divided by the number of weeks of the plan year. (For example, FY 2005 =
52 weeks)





COMMUNICATION



Each participant will receive a copy of this plan document and a Participant Award Opportunity
Summary. To ensure understanding of the status of plan awards, Management will communicate
periodic performance trends and results to participants.




ADMINISTRATION



Overall policy direction shall be provided by the Board of Directors. Plan administration shall be
the responsibility of the CEO with support and guidance from the Compensation and Leadership
Development Committee of the Board of Directors.




EXCEPTIONS AND REVISIONS



It is conceivable that there may be particular situations which are not properly accommodated by
the regular criteria and boundaries of the prevailing incentive program, (e.g. the effect that an
acquisition, a secondary stock offering, or the like may have on Plexus’ financial performance).
Should such situation(s) occur, the CEO will recommend appropriate adjustments to the Compensation
and Leadership Development Committee of the Board of Directors. If adjustments are made, the
reason for such adjustments will be set forth in the Committee’s Minutes and communicated to Plan
participants. Nothing in this plan document or associated communications in any way promises or
guarantees the compensation or employment of any participant with Plexus Corp. or any successor or
related company(ies).