# EDGAR Filing Document

**Accession Number:** 0000785786
**File Stem:** 0000785786-25-000064
**Filing Date:** 2025-11
**Character Count:** 585320
**Document Hash:** 78cc4180ed6e5ff97eed9da492b674b7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000785786-25-000064.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0000785786-25-000064

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 108

**CONFORMED PERIOD OF REPORT**: 20250927

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PLEXUS CORP
- **CENTRAL INDEX KEY:** 0000785786
- **STANDARD INDUSTRIAL CLASSIFICATION:** PRINTED CIRCUIT BOARDS [3672]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 391344447
- **STATE OF INCORPORATION:** WI
- **FISCAL YEAR END:** 0927

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-14423
- **FILM NUMBER:** 251481375

**BUSINESS ADDRESS:**
- **STREET 1:** PLEXUS CORP
- **STREET 2:** ONE PLEXUS WAY
- **CITY:** NEENAH
- **STATE:** WI
- **ZIP:** 54956
- **BUSINESS PHONE:** 9209696000

**MAIL ADDRESS:**
- **STREET 1:** PLEXUS CORP
- **STREET 2:** ONE PLEXUS WAY
- **CITY:** NEENAH
- **STATE:** WI
- **ZIP:** 54956

?xml version='1.0' encoding='ASCII'? plxs-20250927

<u>[**Table of Contents**](#iba83099e9c4f4262af0eb68012d3b882_7)</u>

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**____________________________________________________________________________________________________________________________________**

**FORM 10-K** 

**____________________________________________________________________________________________________________________________________**

(Mark One)

☒ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the fiscal year ended September 27, 2025** 

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from ______ to ______**

**Commission File Number 001-14423** 

**____________________________________________________________________________________________________________________________________**

![plxslogo10Q.gif](plxs-20250927_g1.gif)

**PLEXUS CORP.** 

(Exact name of registrant as specified in charter)

**____________________________________________________________________________________________________________________________________**

---

| | |
|:---|:---|
| **Wisconsin** | **39-1344447** |
| (State or other jurisdiction of incorporation) | (I.R.S. Employer Identification No.) |

---

**One Plexus Way** 

**Neenah, Wisconsin 54956** 

(Address of principal executive offices) (Zip Code)

**Telephone Number (920) 969-6000** 

(Registrant's telephone number, including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| <u>Title of each class</u> | <u>Trading Symbol</u> | <u>Name of each exchange on which registered</u> |
| Common Stock, $0.01 par value | PLXS | The Nasdaq Global Select Market |

---

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. &nbsp;&nbsp;&nbsp;&nbsp;Yes 🗷&nbsp;&nbsp;&nbsp;&nbsp;No ◻

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes □No ⌧

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.&nbsp;&nbsp;&nbsp;&nbsp;Yes ⌧&nbsp;&nbsp;&nbsp;&nbsp;No □

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).&nbsp;&nbsp;&nbsp;&nbsp;Yes ⌧&nbsp;&nbsp;&nbsp;&nbsp;No □

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

------

<u>[**Table of Contents**](#iba83099e9c4f4262af0eb68012d3b882_7)</u>

Large accelerated filer ⌧ Accelerated filer ☐ Non-accelerated filer ☐ <br> Smaller reporting company ☐ 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. ◻

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ◻

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).&nbsp;&nbsp;&nbsp;&nbsp;Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☒

As of March 29, 2025, 27,121,994 shares of common stock were outstanding, and the aggregate market value of the shares of common stock (based upon the $127.77 closing price of the registrant's common stock on the last trading day of its fiscal second quarter, as reported on the Nasdaq Global Select Market) held by non-affiliates (excludes 436,244 shares reported as beneficially owned by directors and executive officers – does not constitute an admission as to affiliate status) was approximately $3.4 billion.

As of November 10, 2025, there were 26,774,415 shares of common stock outstanding.&nbsp;&nbsp;&nbsp;&nbsp;

**DOCUMENTS INCORPORATED BY REFERENCE:**

Parts of Registrant's Proxy Statement for the 2026 Annual Meeting of Shareholders are incorporated by reference into Part III of this Report.

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<u>[**Table of Contents**](#iba83099e9c4f4262af0eb68012d3b882_7)</u>

**PLEXUS CORP.**

**TABLE OF CONTENTS**

**Form 10-K for the Fiscal Year Ended**

**September 27, 2025** 

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| | |
|:---|:---|
| <u>[PART I](#iba83099e9c4f4262af0eb68012d3b882_13)</u> | <u>[2](#iba83099e9c4f4262af0eb68012d3b882_13)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 1. BUSINESS](#iba83099e9c4f4262af0eb68012d3b882_16)</u> | <u>[2](#iba83099e9c4f4262af0eb68012d3b882_16)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 1A. RISK FACTORS](#iba83099e9c4f4262af0eb68012d3b882_19)</u> | <u>[10](#iba83099e9c4f4262af0eb68012d3b882_19)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 1B. UNRESOLVED](#iba83099e9c4f4262af0eb68012d3b882_22)[STAFF COMMENTS](#iba83099e9c4f4262af0eb68012d3b882_22)</u> | <u>[22](#iba83099e9c4f4262af0eb68012d3b882_22)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 1C. CYBERSECURITY](#iba83099e9c4f4262af0eb68012d3b882_25)</u> | <u>[22](#iba83099e9c4f4262af0eb68012d3b882_25)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 2. PROPERTIES](#iba83099e9c4f4262af0eb68012d3b882_28)</u> | <u>[24](#iba83099e9c4f4262af0eb68012d3b882_28)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 3. LEGAL PROCEEDINGS](#iba83099e9c4f4262af0eb68012d3b882_31)</u> | <u>[24](#iba83099e9c4f4262af0eb68012d3b882_31)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 4. MINE SAFETY DISCLOSURES](#iba83099e9c4f4262af0eb68012d3b882_34)</u> | <u>[24](#iba83099e9c4f4262af0eb68012d3b882_34)</u> |
| <u>[PART II](#iba83099e9c4f4262af0eb68012d3b882_37)</u> | <u>[25](#iba83099e9c4f4262af0eb68012d3b882_37)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES](#iba83099e9c4f4262af0eb68012d3b882_40)</u> | <u>[25](#iba83099e9c4f4262af0eb68012d3b882_40)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 6. \[RESERVED\]](#iba83099e9c4f4262af0eb68012d3b882_1538)</u> | <u>[26](#iba83099e9c4f4262af0eb68012d3b882_1538)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#iba83099e9c4f4262af0eb68012d3b882_43)</u> | <u>[27](#iba83099e9c4f4262af0eb68012d3b882_43)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#iba83099e9c4f4262af0eb68012d3b882_61)</u> | <u>[38](#iba83099e9c4f4262af0eb68012d3b882_61)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA](#iba83099e9c4f4262af0eb68012d3b882_64)</u> | <u>[39](#iba83099e9c4f4262af0eb68012d3b882_64)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE](#iba83099e9c4f4262af0eb68012d3b882_139)</u> | <u>[71](#iba83099e9c4f4262af0eb68012d3b882_139)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 9A. CONTROLS AND PROCEDURES](#iba83099e9c4f4262af0eb68012d3b882_142)</u> | <u>[71](#iba83099e9c4f4262af0eb68012d3b882_142)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 9B. OTHER INFORMATION](#iba83099e9c4f4262af0eb68012d3b882_145)</u> | <u>[72](#iba83099e9c4f4262af0eb68012d3b882_145)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 9C. FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS](#iba83099e9c4f4262af0eb68012d3b882_148)</u> | <u>[72](#iba83099e9c4f4262af0eb68012d3b882_148)</u> |
| <u>[PART III](#iba83099e9c4f4262af0eb68012d3b882_151)</u> | <u>[72](#iba83099e9c4f4262af0eb68012d3b882_151)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE](#iba83099e9c4f4262af0eb68012d3b882_154)</u> | <u>[72](#iba83099e9c4f4262af0eb68012d3b882_154)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 11. EXECUTIVE COMPENSATION](#iba83099e9c4f4262af0eb68012d3b882_157)</u> | <u>[73](#iba83099e9c4f4262af0eb68012d3b882_157)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS](#iba83099e9c4f4262af0eb68012d3b882_160)</u> | <u>[73](#iba83099e9c4f4262af0eb68012d3b882_160)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE](#iba83099e9c4f4262af0eb68012d3b882_163)</u> | <u>[74](#iba83099e9c4f4262af0eb68012d3b882_163)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES](#iba83099e9c4f4262af0eb68012d3b882_166)</u> | <u>[74](#iba83099e9c4f4262af0eb68012d3b882_166)</u> |
| <u>[PART IV](#iba83099e9c4f4262af0eb68012d3b882_169)</u> | <u>[75](#iba83099e9c4f4262af0eb68012d3b882_169)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 15. EXHIBITS](#iba83099e9c4f4262af0eb68012d3b882_172)[A](#iba83099e9c4f4262af0eb68012d3b882_172)[ND](#iba83099e9c4f4262af0eb68012d3b882_172)[FINANCIAL STATEMENT SCHEDULES](#iba83099e9c4f4262af0eb68012d3b882_172)</u> | <u>[75](#iba83099e9c4f4262af0eb68012d3b882_172)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 16. FORM 10-K SUMMARY](#iba83099e9c4f4262af0eb68012d3b882_175)</u> | <u>[78](#iba83099e9c4f4262af0eb68012d3b882_175)</u> |
| <u>[SIGNATURES](#iba83099e9c4f4262af0eb68012d3b882_181)</u> | <u>[79](#iba83099e9c4f4262af0eb68012d3b882_181)</u> |

---

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<u>[**Table of Contents**](#iba83099e9c4f4262af0eb68012d3b882_7)</u>

**"SAFE HARBOR" CAUTIONARY STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995:**

The statements contained in this Form 10-K that are guidance or which are not historical facts (such as statements in the future tense and statements including believe, expect, intend, plan, anticipate, goal, target and similar terms and concepts), including all discussions of periods which are not yet completed, are forward-looking statements that involve risks and uncertainties. These risks and uncertainties include the effects of tariffs, trade disputes, trade agreements and other trade protection measures; the effect of inflationary pressures on our costs of production, profitability, and on the economic outlook of our markets; the effects of shortages and delays in obtaining components as a result of economic cycles, natural disasters or otherwise; the risk of customer delays, changes, cancellations or forecast inaccuracies in both ongoing and new programs; the ability to realize anticipated savings from restructuring or similar actions, as well as the adequacy of related charges as compared to actual expenses; the lack of visibility of future orders, particularly in view of changing economic conditions; the economic performance of the industries, sectors and customers we serve; the outcome of litigation and regulatory investigations and proceedings, including the results of any challenges with regard to such outcomes; the effects of the volume of revenue from certain sectors or programs on our margins in particular periods; our ability to secure new customers, maintain our current customer base and deliver product on a timely basis; the risks of concentration of work for certain customers; the particular risks relative to new or recent customers, programs or services, which risks include customer and other delays, start-up costs, potential inability to execute, the establishment of appropriate terms of agreements, and the lack of a track record of order volume and timing; the effects of start-up costs of new programs and facilities or the costs associated with the closure or consolidation of facilities; possible unexpected costs and operating disruption in transitioning programs, including transitions between Company facilities; the risk that new program wins and/or customer demand may not result in the expected revenue or profitability; the fact that customer orders may not lead to long-term relationships; our ability to manage successfully and execute a complex business model characterized by high product mix and demanding quality, regulatory, and other requirements; the risks associated with excess and obsolete inventory, including the risk that inventory purchased on behalf of our customers may not be consumed or otherwise paid for by the customer, resulting in an inventory write-off; risks related to information technology systems and data security; increasing regulatory and compliance requirements; any tax law changes and related foreign jurisdiction tax developments; current or potential future barriers to the repatriation of funds that are currently held outside of the United States as a result of actions taken by other countries or otherwise; the potential effects of jurisdictional results on our taxes, tax rates, and our ability to use deferred tax assets and net operating losses; the weakness of areas of the global economy; the effect of changes in the pricing and margins of products; raw materials and component cost fluctuations; the potential effect of fluctuations in the value of the currencies in which we transact business; the effects of changes in economic conditions, political conditions and regulatory matters in the United States and in the other countries in which we do business; the potential effect of other world or local events or other events outside our control (such as the conflict between Russia and Ukraine, conflict in the Middle East, escalating tensions between China and Taiwan or China and the United States, changes in energy prices, terrorism, global health epidemics and weather events); the impact of increased competition; an inability to successfully manage human capital; changes in financial accounting standards; and other risks detailed herein and in our other Securities and Exchange Commission filings.

In addition, see Risk Factors in Part I, Item 1A and Management's Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7 for a further discussion of some of the factors that could affect future results.

\*&nbsp;&nbsp;&nbsp;&nbsp;\*&nbsp;&nbsp;&nbsp;&nbsp;\*

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<u>[**Table of Contents**](#iba83099e9c4f4262af0eb68012d3b882_7)</u>

**PART I**

**ITEM 1.&nbsp;&nbsp;&nbsp;&nbsp;BUSINESS**

**Overview**

At Plexus, we help create the products that build a better world. Driven by a passion for excellence, we partner with our customers to design, manufacture and service highly complex products in demanding regulatory environments. From life-saving medical devices and mission-critical aerospace and defense products to industrial automation systems and semiconductor capital equipment, our innovative solutions across the lifecycle of a product converge where advanced technology and human impact intersect. We provide these solutions to market-leading as well as disruptive companies globally in the Aerospace/Defense, Healthcare/Life Sciences, and Industrial market sectors, supported by a global team of over 20,000 members across our 26 facilities in the Americas ("AMER"), Asia-Pacific ("APAC") and Europe, Middle East and Africa ("EMEA") regions.

**Our Vision, Mission and Strategy**

Our vision is to help create the products that build a better world. Our mission is to be the leader in highly complex products and demanding regulatory environments. Our strategy to fulfill our vision and mission consists of four strategic pillars:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Market Focus** – We engineer innovative solutions for customers in growth markets featuring highly complex products and demanding regulatory environments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Superior Execution –** We are dedicated partners to our customers, committed to achieving zero defects and perfect delivery through operational excellence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Passion Meets Purpose** – We are united as a team and guided by our values. We do the right thing to support our team members, customers and communities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Discipline by Design** – We hold ourselves accountable to delivering shareholder value through consistent application of a disciplined financial model.

Built on a foundation of innovation, we are relentless in our pursuit of excellence, aligning our team members, operations, systems of oversight and financial metrics to create a high performance, accountable organization with an engaged workforce deeply passionate about helping to create the products that build a better world.

**Financial Model** 

Our primary long-term goal is to achieve a 9-12% compounded annual revenue growth rate while earning a return on invested capital ("ROIC") of 15%, which would significantly exceed our weighted average cost of capital ("WACC") and represent positive economic return. Economic return is the amount by which our ROIC exceeds our WACC, and we believe it is a fundamental driver of shareholder value. We review our internal calculation of WACC annually; for fiscal 2025, our WACC was 8.9%.

For more information regarding ROIC and economic return, which are non-GAAP financial measures, refer to "Management's Discussion and Analysis of Financial Condition - Results of Operations - Return on Invested Capital ("ROIC") and economic return" in Part II, Item 7. For additional information on our use of non-GAAP financial measures, see Exhibit 99.1 to this annual report on Form 10-K, which exhibit is incorporated herein by reference.

**Solutions**

With integrated services throughout the product lifecycle, our team strives to create innovative and optimized solutions to deliver products to the market, keep products in the market longer and help manage the product lifecycle sustainably and responsibly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Design and Development** – Using standard tools and processes throughout our six design centers worldwide, we leverage the latest technology and state-of-the-art design automation methodologies to provide comprehensive new product development and product commercialization solutions. The breadth of our capabilities across the product lifecycle enables us to integrate supply chain, manufacturing and service expertise into our designs, resulting in products developed with the full product lifecycle in mind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Supply Chain Solutions** – Our supply chain experts engage in all of Plexus' integrated solutions to identify opportunities for supply chain optimization. We offer services to help manage the full supply chain to minimize cost, mitigate risk and comply with trade regulations to provide a flexible, scalable and resilient solution for our customers.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **New Product Introduction** – When introducing a new product, we understand that time to market is critical to our customers. We have a dedicated team focused on decreasing time to market and transitioning products to full volume manufacturing, through a full suite of integrated new product introduction services, such as design for excellence, product lifecycle assessment, specialized design of test solutions and rapid prototyping.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Manufacturing** – Our approach to manufacturing focuses on innovation, continuous improvement and operational excellence. With a global footprint and scalable operations, we aim to tailor our manufacturing environment to meet each customer's needs worldwide. Our capabilities and our commitment to superior execution position us to support the complex technology and regulatory needs of the industries we serve, providing customers with dependable and flexible manufacturing solutions. We commit to exceptional quality and perfect delivery by standardizing, scaling and continuously improving, ensuring that the products we help create are reliable, safe and trusted in the moments that matter most. Quality Begins with Me is our promise to do the right thing, the first time, every time. We hold ourselves accountable for our customers, our team members and the world.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Sustaining Services** – We are committed to protecting our customers' brand reputation, supporting the success of each product in the market and extending a product's useful life through repair, refurbishment and related services. From influencing a product's design for serviceability, which creates early access for lifecycle extension services and repair, to aftermarket and end-of-life treatment, such as spare parts management, depot repair and part recovery services, we take a proactive and circular approach to service to help keep products in the market.

Through these integrated solutions, we proactively tackle tough challenges throughout the product lifecycle. We provide most of our solutions on a turnkey basis, under which we procure and warehouse all materials required for product assembly. We provide select solutions on a consignment basis, meaning our customers supply the necessary materials, while we provide the labor and other services required for product assembly. Other than certain test equipment, manufacturing equipment and software used for internal operations, we do not design or manufacture our own proprietary products.

**Operations** 

Plexus is a Wisconsin-headquartered corporation operating from 26 active facilities, totaling approximately 5.0 million square feet. Our facilities are strategically located to support the design, manufacturing and service needs of customers' global supply chains in our targeted market sectors.

**Customers and Market Sectors Served**

We specialize in serving customers in the Aerospace/Defense, Healthcare/Life Sciences, and Industrial market sectors. Plexus serves a diverse customer landscape that includes industry-leading, branded product companies, along with other technology pioneering start-ups and emerging companies that may or may not maintain manufacturing capabilities. During fiscal 2025, we served approximately 190 customers. No customer accounted for over 10% of our sales in fiscal 2025 or 2024. Many of our large customers contract with us through multiple independent divisions, subsidiaries, production facilities or locations. We believe that in most cases our sales to any one such division, subsidiary, facility or location are independent of sales to others.

The distribution of our net sales by market sectors for the indicated fiscal years is shown in the following table:

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| | | | |
|:---|:---|:---|:---|
| Industry | 2025 | 2024 | 2023 |
| Aerospace/Defense | 17% | 18% | 14% |
| Healthcare/Life Sciences | 40% | 39% | 44% |
| Industrial | 43% | 43% | 42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net sales | 100% | 100% | 100% |

---

Although our current business development focus is based on our targeted market sectors of Aerospace/Defense, Healthcare/Life Sciences, and Industrial, we evaluate our financial performance and allocate our resources geographically (see Note 11 "Reportable Segments, Geographic Information and Major Customers" in Notes to Consolidated Financial Statements regarding our reportable segments). Plexus offers an array of solutions for customers in each market sector and, aside from the specific go-to-market teams, generally we do not dedicate operational equipment, personnel or other resources to particular market sectors, nor do we internally track our costs and resources per market sector.

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**Go-to-Market Strategy**

Each market sector has a market sector vice president, as well as market sector senior director roles, who together oversee and provide leadership to business development and customer relationship management teams, supply chain, engineering, manufacturing and sustaining services subject matter experts and market sector specialists. These teams maintain expertise related to each market sector and execute sector strategies aligned to that market's unique commercial delivery, quality and regulatory requirements.

Our market sector teams help to develop Plexus' strategy for growth with a particular emphasis on expanding the value-add solutions we offer customers. Our sales and marketing efforts focus on expanding our engagements with existing customers as well as targeting new customers.

**Materials and Suppliers**

We typically purchase raw materials, including printed circuit boards and electronic components, from a wide variety of manufacturers and their authorized distributors. Under certain circumstances, we will purchase materials from independent distributors, customers or competitors. Many of these raw materials are unique to the designed assembly. By customer agreement, we purchase materials according to customer forecasts and purchase orders and supplier lead-times.

The key electronic raw materials we purchase include: advanced semiconductors, diodes, power management modules, microcontrollers, memory modules, interconnects, inductors, resistors, capacitors, power supplies and cable and wire. Volatile demand (in quantity or mix), material shortages, extended lead-times and subsequent allocations by our suppliers are an inherent risk within the electronics industry. We discuss the causes, implications, and potential implications of volatile demand and material shortages more fully in "Risk Factors" in Part I, Item 1A herein.

We also purchase non-electronic, typically custom engineered components such as molded/formed plastics, sheet metal fabrications, aluminum extrusions, robotics, motors, vision sensors, motion/actuation, fluidics, displays, die castings and various other hardware and fastener components. These materials are sourced from Plexus' preferred suppliers and customer directed suppliers. Altogether, purchased materials range from "off the shelf" to highly customized and vary widely in terms of market availability and price. Through our engineering product development engagements and through the quoting of new business, Plexus can influence the selection of new product materials, and therefore the selection of suppliers who outperform their peers.

Amidst a highly dynamic set of supply markets, Plexus' global supply chain management organization works to mitigate potential risks and ensure a steady flow of materials at competitive prices. We pursue these goals through supply chain solutions developed in collaboration with our customers and our suppliers, a commitment to strong supplier partnerships, use of proprietary risk management tools and aggressive management of supplier commitments.

**Competition**

Plexus operates in a highly competitive market, with a goal to be best-in-class at meeting the unique needs of our customers. A number of competitors may provide services similar to Plexus. Others may be more established in certain industry sectors, or have greater financial, manufacturing or marketing resources. Smaller competitors compete mainly in specific sectors and within limited geographic areas. Plexus also competes with in-house capabilities of current and potential customers. Plexus maintains awareness and knowledge of our competitors' capabilities in order to remain highly competitive within our target markets. Refer to the discussion in "Risk Factors" in Part I, Item 1A herein for further details on market competition.

We believe our ability to provide a full range of services that complement the entire product lifecycle across a global footprint provides a business advantage. Relative to our competition, overriding factors such as lower manufacturing volumes, production flexibility, unique fulfillment requirements and complex regulatory and quality requirements typically result in higher investments in inventory and selling and administrative costs for us. The cost variance from our competitors is especially evident relative to those that provide electronics manufacturing services for high-volume, less complex products, with less stringent requirements (e.g., consumer electronics).

**Sustainability & Social Impact**

We are committed to elevating the standards of business conduct through the adoption of sustainable and responsible business practices within our global operations. This commitment is made public through our membership with organizations such as the U.N. Global Compact ("UNGC"), including alignment to the U.N. Sustainable Development Goals and the Responsible Business Alliance ("RBA"). In service to our vision, we continue to evolve our solutions to better service our customers in light of changing market demands. This includes the opportunity we have to help deliver more sustainable and responsible products to the market. We continue to expand our product lifecycle capabilities in response to this heightened focus, as we seek to

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design more environmentally sustainable products, improve our production practices, assess and deploy product life extension and part recovery strategies, and enable a more sustainable, responsible supply chain for our customers.

We are focused on our own operational impact, as well, seeking to reduce our emissions, waste, water and use of natural resources, transition to renewable energy and reusable resources, and optimize our operations through adoption of new technologies and automation. Our commitment to reducing our environmental impact is captured in our Climate Policy, which helps to guide our objectives and offers structure to aid in prioritizing our efforts.

We are also focused on collaborating and integrating with our local communities and finding opportunities to partner throughout our value chain. Community involvement, volunteering and charitable giving are important to ensure we are investing and promoting positive impacts in the communities in which we operate and where our team members live. Within each community where we have a physical location, we provide donations to local charities that enhance innovation, promote technology-related educational programs (e.g., STEM) and improve the quality of life. Plexus also offers eight hours per year of paid, volunteer time off for team members who want to give back through community engagement events. In addition to local impacts realized through our team member volunteer efforts, the Plexus Community Foundation donated nearly $1.4 million in fiscal 2025, bringing its total giving to $12.4 million since 2004.

Refer to the discussion in "Risk Factors" in Part I, Item 1A herein for further details of environmental physical and transition risks, as well as the legal and regulatory landscape related to environmental matters, including climate change, that could adversely affect our business, results of operations, and financial condition.

**Human Capital Management** 

People are the heart of who we are and what we do. How we engage and empower our team members is critical to how we deliver value and create sustained growth for our shareholders. We realize our success depends on the well-being and inclusive engagement of each individual on our team. As a responsible employer, we are committed to global standards of employment, which we effect through our Code of Conduct and Business Ethics ("Code of Conduct"), our Human Rights Policy and other labor and employment policies and through our commitment to the UNGC Sustainable Development Goals and the RBA. We also realize in order to attract and retain talented individuals we must provide our team members the ability to do meaningful work, personally and professionally develop, and create diverse and memorable experiences.

<u>Purpose and Culture</u>

We recognize a great culture is foundational to the success of our vision to help create the products that build a better world. We are proud of our culture and the recognition we have received over the years as a great place to work. In building a great culture, we embrace our five values:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Growing our People** – We foster a culture of trust, courage and growth, empowering each team member to realize their full potential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Building Belonging** – We build an inclusive environment, valuing each team member, embracing diversity and promoting teamwork to achieve extraordinary outcomes together.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Innovating Responsibly** – We innovate and leverage technology, guided by a clear strategy, to boldly drive positive change and promote a sustainable future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Delivering Excellence** – We commit to exceptional quality and perfect delivery by standardizing, scaling and continuously improving.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Creating Customer Success** – We exceed customer expectations and forge relationships built on trust, candor and shared successes.

<u>Commitment to Our Values and Ethical Business Practices</u>

Along with our values, we act in accordance with our Code of Conduct, which creates expectations and provides guidance for all team members, representatives and partners of Plexus to make the right decisions in conducting business. Our Code of Conduct includes topics such as corruption, discrimination, harassment, privacy, appropriate use of company assets, protecting confidential information and reporting Code of Conduct violations. Our Code of Conduct reinforces our passion for operating in a fair, honest, responsible and ethical manner and articulates our responsibilities as a trusted leader in the business community. The Code of Conduct also emphasizes the importance of having an inclusive, welcoming environment in which all team members feel empowered to do what is right and are expected to voice concerns should violations of the Code of Conduct be observed. All Plexus team members are required to complete training on the Code of Conduct biennially.

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<u>Human Rights</u>

At the core of our value system is a fundamental respect for human rights. Our Human Rights Policy formalizes Plexus' commitment to respect human rights and embodies internationally-recognized principles and the laws of the countries in which we operate.

We prohibit discrimination and harassment, recruiting fees imposed on our workers, the use of child labor, forced labor or labor that results from human trafficking, and the unreasonable restriction of movement or travel of workers. We support reasonable working hours and time off, fair wages, access to basic liberties (including clean sanitation facilities and potable water), freedom of association, the humane treatment of all workers and fair and honest business practices. Our Human Rights Policy supports the RBA Code of Conduct labor standards framework, and reinforces our statement in support of the California Transparency in Supply Chains Act and the UK Modern Slavery Act.

<u>Talent Development & Acquisition</u>

People are the heart of who we are and what we do. We create, implement and accelerate development opportunities for our team members in order to enable business growth, enhance our culture, drive leadership accountability and inspire purposeful engagement. Our commitment to holistic talent management means that we expect and reward high performance and address underperformance with urgency, candor and empathy. We engage in regular talent reviews to calibrate on the performance and potential of our teammates, development opportunities, career pathing and the strength of our succession plans. During these reviews, we also review retention rates and the talent of our leaders and leadership pipeline. Competency-based training, leadership development programs and online learning promote a learning culture and provide ongoing development for team members at all levels. We also have established a formal mentoring program that aids in the development and retention of talent. While our goal is to develop our own talent, we are equally committed to recruiting new graduate and experienced talent who bring transferable experiences and skillsets.

<u>Our Culture of Belonging</u>

Our history of doing the right thing is deeply rooted in our values and woven into everything we do. That means we foster an inclusive environment that builds a sense of belonging, where every team member is valued for their unique contributions and empowered to realize their full potential. By embracing inclusion and promoting teamwork, we achieve extraordinary outcomes together.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Employee Engagement** – At every facility, in every region and at all levels, we strive to continuously improve the engagement of our team members. We poll team members regularly through our employee engagement survey and we identify strengths and act on areas of opportunity to enhance our work environment and increase employee satisfaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Executive and Board Oversight** – To oversee strategic objectives and to ensure appropriate accountabilities exist to support our efforts, how we build belonging is incorporated into our executive Sustainable & Responsible Business Practices Committee, made up of key members of executive management, including our Chief Executive Officer. In addition, the Compensation and Leadership Development Committee of our Board of Directors reviews our human capital management strategy, including progress to cultivate an optimized workforce and inclusive culture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Employee Resource Groups** – Our ERGs are voluntary, employee-driven, executive-sponsored groups organized around common interests and legitimate business purposes. Plexus' current ERGs include Plexus Pride, Plexus Veterans Network, Plexus Women in Network, Plexus Young Professionals and UnusPlexus.

<u>Employee Benefits & Programs</u>

Plexus has a number of policies and benefits in place to support the unique needs and overall well-being of our team members and their families, including competitive health and welfare plans, a flexible workplace, paid parental leave and a Plexus wellness program to ensure our team members have access to the resources they need to lead healthy, balanced lives. For many of our locations, this includes access to our Employee Assistance Program ("EAP") - or similar program depending on the country of employment - that provides confidential support for stress management and mental health, including counseling and resources for team members and their households.

<u>Compensation</u>

We employ a "pay for performance" approach, emphasizing a direct correlation between performance and rewards. Leaders are provided with the flexibility to recognize exceptional individual contributions through customized elements of pay such as base salary, cash incentives and equity (company stock) compensation. Short and long-term incentive pay is designed to be competitive, improve employee retention, reward team members for performance supporting our strategic objectives and align team members with the interests of shareholders to deliver both short-term and long-term results.

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Our compensation guidelines and pay structures are adapted to reflect market dynamics and currency exchange rate fluctuations, ensuring alignment with regional trends, pay range segments and applicable experience. A risk assessment on our compensation plans and strategy is performed annually, including a market pay analysis to ensure we are competitive with local market practices where we operate. We provide the results of this risk assessment and a summary of all global total rewards programs to the Compensation and Leadership Development Committee of our Board of Directors on an annual basis. These practices not only facilitate a clear and transparent understanding of our compensation philosophy among team members but also ensure internal fairness and external market competitiveness.

<u>Worker Health and Safety</u>

Protecting our team and those within our communities is paramount as we strive to be the safest place for our team members outside of their homes. We are committed to complying with applicable laws and taking a proactive approach to ensure we conduct all of our operations across the globe safely and responsibly. We maintain a method of evaluating environmental, health and safety ("EHS") performance for continual improvement and we are committed to providing a workplace that promotes the health and safety of all who walk through our doors.

Our Corporate Policy for Quality, Environmental, Health & Safety and Social Responsibility Management sets forth our EHS policy statement, which includes our commitment to: maintain, evaluate and continuously improve our global EHS management system; provide processes for consultation and participation of team members to reduce safety risks; and maintain compliance with applicable environmental and occupational health and safety laws and other requirements. These requirements are related to topics such as: monitoring, tracking and reporting of air and water emissions; tracking and disposing of wastes generated from our manufacturing process; and evaluating and mitigating employee health and safety risks in our facilities.

Seventeen of our 18 manufacturing facilities are certified to ISO 14001 Environmental Management and three of 18 are certified to ISO 45001 Occupational Health and Safety Management standards. All of our manufacturing facilities, regardless of formal certification, abide by global policies and processes that align with both of these standards. Two of our 18 facilities are certified to the ISO 50001 Energy Management system, which requires the development and implementation of a comprehensive energy management system that helps the site achieve continual improvement of energy performance, including efficiency, security, use and consumption.

Our site teams are trained on these requirements and certifications to these standards are audited and renewed annually in alignment with ISO standards. Further, we provide education and training for every team member on important environmental and safety topics applicable to their role, leveraging a risk-based approach to training to ensure our team members have the knowledge they need to keep themselves and their peers safe and the environment healthy. To help drive best practices and enhance our environmental and safety performance, we employ a global team of over 50 EHS professionals who help to develop and deploy standard policies and procedures to protect our team members and to enable safe and sustainable operations.

<u>Human Capital Management Governance</u>

Our Chief Human Resources Officer ("CHRO") directs our human capital management strategy and provides an update to the Compensation and Leadership Development Committee of our Board of Directors quarterly. This update may include, among other topics, talent attraction, development and retention; succession planning, including successor candidates for key management roles; corporate culture; employee engagement; compensation practices; training; and progress to advance initiatives. Management also updates the Board of Directors regularly on employee-related policies, trends and efforts intended to protect our team members and to preserve our corporate culture, such as those related to EHS and Ethics Hotline reporting.

<u>Employee Data</u>

Of our over 20,000 team members, 49.5% are female, 50.4% are male and 0.1% choose not to identify. The majority of our workforce, 58.3%, is located in our APAC region, while 30.1% and 11.6% of our team members are located in our AMER and EMEA regions, respectively. Approximately 211 of our team members in the United Kingdom are covered by union agreements. These union agreements are typically renewed at the beginning of each year, although in a few cases these agreements may last two or more years. Our global team members outside the United Kingdom are not covered by union or collective bargaining agreements. We have no history of labor disputes at any of our facilities, and we believe that our employee relationships are positive and stable. Given the quick response times required by our customers, we seek to maintain flexibility to scale our operations as necessary to maximize efficiency. To do so, we use skilled temporary labor in addition to our full-time employees.

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**Intellectual Property**

We own various service marks that we use in our business, which are registered in the trademark offices of the United States and other countries. We develop and maintain trade secrets but do not generally seek to patent inventions. We hold multiple copyrights including the copyright on www.plexus.com.

**Information Technology**

Our core solutions for manufacturing facilities include a single-instance enterprise resource planning ("ERP") system in addition to product data management and advanced planning and scheduling systems, along with consistent solutions for warehouse management and manufacturing execution that support our global operations. This consistency augments our other management information systems, allowing us to standardize the translation of data from multiple production facilities into operational and financial information required by the business. The related software licenses are of a general commercial character on terms customary for these types of agreements.

In addition to our core solutions, we are committed to investing in new platform technologies, such as advanced manufacturing execution systems, process automation, warehouse automation, artificial intelligence, real-time vision and anomaly detection systems and collaboration tools. These investments are aimed at enhancing productivity, optimizing operational efficiency, and driving differentiation in a competitive landscape. Refer to the discussion in "Cybersecurity" in Part I, Item 1C herein for details on our cybersecurity risk management strategy and governance.

**Compliance with Laws and Regulations**

As a global public company that designs, manufactures and services highly complex products in demanding regulatory environments, our operations are subject to a variety of laws, regulations and compliance obligations. We strive to implement robust internal controls, quality management systems and management systems of compliance that govern our internal actions and mitigate our risk of non-compliance. We also make efforts to identify non-compliance concerns through internal and external audits, risk assessments as well as an ethics hotline reporting system. Plexus is also committed to supporting product safety and environmental compliance regulations as may be required by our customers. This support may include customized operational processes or collecting data or compliance information on parts or production materials to meet certain laws, regulations or end market requirements, such as the Restrictions on Hazardous Substances ("RoHS") 2011/65/EU, Waste Electrical and Electronic Equipment ("WEEE") 2012/19/EU directives and Registration, Evaluation, Authorization and restriction of Chemicals ("REACH") EC 1907/2006 EU directive.

**Regulatory Requirements**

All Plexus manufacturing and engineering facilities are certified to a baseline Quality Management System standard per ISO9001:2015. We have capabilities to assemble finished medical devices meeting the U.S. Food and Drug Administration's ("FDA") Quality Systems Regulation requirements and similar regulatory requirements in other countries.

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We have additional certifications and/or registrations held by certain facilities in the following regions:

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| | | | |
|:---|:---|:---|:---|
| | AMER | APAC | EMEA |
| Medical Standard ISO 13485:2016 | X | X | X |
| 21 CFR Part 820 (FDA) (Finished Medical) | X | X | X |
| JGMP accreditation | X | X | X |
| GMP-Korea certification | X | X | X |
| ANVISA accreditation | X |  |  |
| NPMA (National Medical Products Administration) registration |  | X |  |
| ISO 14001(environmental management) | X | X | X |
| ISO 45001 (occupational health and safety) |  |  | X |
| ANSI/ESD (Electrostatic Discharge Control Program) S20.20 | X | X |  |
| ITAR (International Traffic and Arms Regulation) self-declaration | X |  |  |
| Aerospace Standard AS9100 | X | X | X |
| NADCAP certification | X | X | X |
| FAR 145 certification (FAA repair station) | X |  |  |
| EASA repair approval | X |  |  |
| ATEX/IECEx certification |  |  | X |
| IRIS certification (Railway) |  | X |  |
| ISO 50001:2011 (energy management) |  |  | X |
| Bureau of Indian Standards (BIS) |  |  | X |
| TL9000 (telecommunications) | X |  |  |

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Refer to the discussion in "Risk Factors" in Part I, Item 1A herein for further details on legal and regulatory obligations that could adversely affect our business, results of operation and financial conditions.

**Additional Information**

Our global headquarters is located at One Plexus Way, Neenah, Wisconsin, 54956. Plexus maintains a website at www.plexus.com. As soon as is reasonably practical, after we electronically file or furnish all reports to the Securities and Exchange Commission ("SEC"), we provide online copies of such reports, free of charge. These reports include: Proxy Statements, Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, Specialized Disclosure Reports on Form SD and amendments to those reports. These reports are also accessible at the SEC's website at www.sec.gov. Our Code of Conduct is also posted on our website. You may access these SEC reports and the Code of Conduct by following the links under "Investors" at our website.

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**ITEM 1A.&nbsp;&nbsp;&nbsp;&nbsp;RISK FACTORS**

Material risk factors to our business and financial performance are those that may impact our strategy, which is centered around four strategic pillars: *Market Focus, Superior Execution, Passion Meets Purpose* and *Discipline by Design*. This section lays out a number of material risks that may impact those strategic pillars. Other sections of this report also include risks that may impact our strategic business objectives and affect our financial performance. The risks included herein and elsewhere in this report are not exhaustive. In addition, due to the dynamic nature of our business, new risks may emerge from time to time and it is not possible for management to predict or assess the impact of all such risks on our business.

**Risks impacting our Market Focus**

**The end markets we serve require technologically advanced products and such markets may be impacted by a number of factors that could adversely impact our customers' demand.**

Factors affecting the technology-dependent end markets that we serve could adversely affect our customers and, as a result, Plexus. These factors include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• customers' ability or inability to adapt to rapidly changing technologies, such as artificial intelligence, and evolving industry standards that can result in short product life-cycles or product obsolescence

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• customers' ability or inability to develop and market their products, some of which are new and untested, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the potential failure of our customers' products to gain widespread commercial acceptance.

Even if our customers successfully respond to these market challenges, their responses, including any consequential changes we must make in our business relationships, services offered, or to our operations, can affect our production cycles, working capital levels and results of operations.

**Our customers do not make long-term commitments to us and may cancel or change their production requirements, which may strain resources and negatively impact our revenue, working capital levels and our operating results.**

We generally do not obtain firm, long-term purchase commitments from our customers, and frequently do not have visibility as to their future demand for our services. Customers also cancel, change or delay design, manufacturing or sustaining services demand and schedules, or fail to meet their forecasts for a number of reasons beyond our control. Customer expectations can change rapidly, requiring us to take on additional commitments or risks. In addition, customers may fail to meet their commitments to us or our expectations. Cancellations, reductions or delays by a significant customer, or by a group of customers, could seriously harm our operating results and negatively affect our working capital levels. Such cancellations, reductions or delays have occurred from time to time and may continue to occur in the future. This risk continues to be heightened by potential volatility in end-market demand for our customers' products or our services as a result of external factors such as the current inflationary environment, global conflicts, regulatory change and general economic uncertainty.

In addition, we make significant decisions based on our estimates of customers' demand, including determining the levels of business that we will seek and accept, production schedules, component procurement commitments, working capital management, facility and capacity requirements, facility footprint planning, personnel needs and other resource requirements. The short-term nature of our customers' commitments and the possibility of rapid changes in demand for their products affect our ability to accurately estimate their future requirements. Because certain of our operating expenses are fixed in the short or long term, a reduction in customer demand can harm our operating results.

Rapid increases in customer demand may stress personnel and other capacity resources. We may not have sufficient resources, including personnel and components, at any given time to meet all of our customers' demands or to meet the requirements of a specific program, which could result in a loss of business from such customers. Rapid decreases in customer demand may result in operational inefficiencies and excess inventory, which could harm our gross profit margins and results of operations.

The need for us to correctly anticipate component needs is amplified in times of shortages. A tight component supply and other factors discussed above, can increase the difficulties and cost of anticipating changing demand. Moreover, because our margins vary across customers and specific programs, a reduction in revenue with higher margin customers or programs will have a more significant adverse effect on our operating results.

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**Increased competition may result in reduced demand or reduced prices for our services.**

Our industry is highly competitive. We compete against numerous providers with global operations, as well as those which operate on only a local or regional basis. In addition, current and prospective customers continually evaluate the merits of designing, manufacturing and servicing products internally and may choose to design, manufacture or service products (including products or product types that we currently design, manufacture or service for them) themselves rather than outsource such activities. Consolidations and other changes in our industry may result in a changing competitive landscape.

Our competitors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• respond more quickly than us to advancements in technology, such as artificial intelligence

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• be faster to develop new business models or otherwise adapt to evolving customer requirements and expectations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have greater name recognition, critical mass and geographic and market presence generally or within specific technologies or subsectors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• be better able to identify and take advantage of acquisition opportunities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have lower internal cost structures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have greater direct buying power with component suppliers and distributors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• devote greater resources to the development, promotion and sale of their services and execution of their strategy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• be better positioned to compete on price for their services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have technological expertise, capabilities and/or resources that are greater than ours

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have excess capacity, and be better able to utilize such excess capacity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• be better positioned to add additional resources, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• be willing or able to make sales or provide services at lower margins than we do.

Our manufacturing processes are generally not subject to significant proprietary protection, and companies with greater resources or a greater market presence may enter our market or otherwise become increasingly competitive. Increased competition could result in significant price reductions, reduced sales and margins, or loss of customers or market share.

**The majority of our net sales come from a relatively small number of customers and a limited number of market sectors; if we lose a major customer or program or if there are challenges in those market sectors, then our net sales and operating results could decline significantly.**

Our 10 largest customers accounted for 49.1% and 47.8% of our net sales in fiscal 2025 and 2024, respectively.

Our major customers may vary from period to period, and our major customers may not continue to purchase services from us at current levels, or at all, particularly given the volatile or temporary nature of certain programs. In any given period, a higher portion of our sales may be concentrated with customers or projects with relatively lower margins, which could adversely affect our results. We have experienced from time to time, and in the future may experience, significant disengagements with customers or of programs, adverse changes in customer supply chain strategies and the end-of-life of significant programs. Especially given our discrete number of customers, the loss of, or significant reductions in net sales to, any of our major customers or our failure to make appropriate choices as to the customers we serve could seriously harm our business and results of operations.

In addition, we focus our sales efforts on customers in only a few market sectors, as identified in Part I, Item 1, herein. Each of these sectors is subject to macroeconomic conditions as well as trends and conditions that are sector specific. Any weakness in our customers' end markets, or new entrants in those markets that compete with our customers, could affect our business and results of operations. Economic, business or regulatory conditions that affect the sector, or our failure to choose to do business in appropriate sectors or subsectors, can particularly impact us. For instance, sales in the Healthcare/Life Sciences sector are substantially affected by trends in the healthcare industry, such as government reimbursement rates and uncertainties relating to the U.S. healthcare sector generally. In addition, the Healthcare/Life Sciences sector is affected by health crises and trends. The semiconductor industry has historically been subject to significant cyclicality and volatility. Changing export regulations, increasing sanctions or other trade barriers may limit our ability to use or produce certain technologies or products in China or sell certain components or products that are ultimately destined to China. Further, potential reductions in government agency spending, including those due to budget cuts or other political developments or issues, could affect opportunities in all of our market sectors.

We rely on timely and regular payments from our customers, and the inability or failure of our major customers to meet their obligations to us or their bankruptcy, insolvency or liquidation may adversely affect our business, financial condition and results of operations. We also have receivables factoring agreements in place; therefore, deterioration in the payment experience

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with or credit quality of our customers with respect to which we factor receivables, or issues with the banking counterparties to our factoring agreements, could have a material adverse effect on our financial condition and results of operations if we are unable to factor such receivables.

From time to time, our customers have been affected by merger, acquisition, divestiture and spin-off activity. While these transactions may present us with opportunities to capture new business, they also create the risk that these customers will partially reduce their purchases or completely disengage from us as a result of transitioning such business to our competitors or their internal operations.

**We and our customers are subject to increasingly extensive government regulations, legal requirements and industry standards; a failure to comply with current and future regulations, requirements and standards could have an adverse effect on our business, customer relationships, reputation and profitability.**

We and our customers are subject to extensive government regulation, legal requirements and industry standards (as well as customer-specific standards) relating to the products we design, manufacture and service as well as how we conduct our business. This includes regulations and standards relating to labor and employment practices, workplace health and safety, operating practices and quality systems, the environment, sourcing and global trade practices including tariffs, usage of emerging technologies, data privacy and protection, ethics, financial reporting, the market sectors we support and many other facets of our operations. The regulatory climate in the U.S. and other countries has become increasingly complex and dynamic, and regulatory enforcement activity has increased in recent periods. Rulings of the U.S. Supreme Court and other courts may affect the regulatory environment. Regulatory changes and restrictions can be announced with little or no advance notice. A failure to comply with laws, regulations or standards applicable to our business can result in, among other consequences, enforcement actions, fines, injunctions, civil penalties, criminal prosecution, recall or seizure of devices, total or partial suspension of production, including debarment, and could have an adverse effect on our reputation, customer relationships, profitability and results of operations.

Our Healthcare/Life Sciences sector is subject to statutes and regulations covering the design, development, testing, manufacturing, labeling and servicing of medical devices and the reporting of certain information regarding their safety, including regulations by the Food and Drug Administration and similar regulations in other countries. We also design, manufacture and service products for certain industries, including certain applications where the U.S. government is the end customer, that face significant regulation by the Department of Defense, Department of State, Department of Commerce, Federal Aviation Authority and other governmental agencies in the U.S. as well as in other countries, and also under the Federal Acquisition Regulation. In addition, whenever we pursue business in new sectors and subsectors, or our customers pursue new technologies or markets, we need to navigate the potentially heavy regulatory and legislative burdens of such sectors, as well as standards of quality systems, technologies or markets. Failure to navigate these regulatory obligations and other standards could result in the loss of business and impact our operating results as well as cause reputational damage.

The regulatory climate can itself affect the demand for our services. For example, government reimbursement rates and other regulations, the financial health of healthcare providers, and changes in how healthcare systems are structured, and how medical devices are taxed, could affect the willingness and ability of end customers to purchase the products of our customers in the Healthcare/Life Sciences sector as well as impact our margins.

Our customers are also required to comply with various government regulations, legal requirements and industry standards, including many of the industry-specific regulations discussed above. Our customers' failure to comply could affect their businesses or reputation, which in turn would affect our sales to them and pose potential reputational risk to us. In addition, if our customers are required by regulation or other requirements to make changes to their products or in their product lines, these changes could significantly disrupt particular programs we have in place for these customers and create inefficiencies in our business. Failure of our customers to identify or flow down any such requirements to us could result in production of non-compliant product, which could restrict their ability to sell such products, thus affecting our sales to them.

**We may fail to identify acquisition targets, successfully complete future acquisitions, successfully integrate acquired operations or recognize the anticipated benefits of an acquisition, which could adversely affect our operating results.**

If we pursue new capabilities or geographies to enable growth through acquisitions, such activities would involve significant risks that could have a material adverse effect on us. These include operating risks such as the inability to successfully identify acquisition targets or, once a target is identified, to successfully negotiate and close an acquisition; to integrate businesses, systems and personnel; to navigate potential impacts on customer programs and relationships; and to realize anticipated synergies or economies of scale. They also include strategic risks such as the diversion of management time and attention from other business activities and opportunities and financial risks such as the use of cash or incurrence of additional debt and interest expense as consideration for the acquisition and to fund the activities required to pursue acquisitions, the potential

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volatility or weakness in our stock price as a result of the announcement of such transactions, the incurrence of large write-offs or write-downs as a result of the acquisition and other potential financial impacts.

**Risks impacting our Superior Execution**

**Plexus is a multinational corporation and operating in multiple countries exposes us to increased risks.**

We have operations in many countries. Operations outside of the U.S. in the aggregate represent a majority of our net sales and operating income, with a particular concentration in Malaysia. We support customers operating in various countries and purchase a significant number of components manufactured in various countries. These international aspects of our operations, which are likely to increase over time, including with any introduction of facilities in new locations, subject us to risks that could materially impact our operations and operating results, such as the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• economic, political or civil instability

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• civil or international conflicts and war, including the risk of escalation in the Russia-Ukraine war, conflict in the Middle East, escalating tensions between China and Taiwan as well as China and the U.S.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transportation delays or interruptions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exchange rate fluctuations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential disruptions or restrictions on our ability to access cash amounts held outside of the U.S.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in labor markets, such as government-mandated wage increases, increases to minimum wage requirements, changes in union-related laws, regulations or practices, limitations on immigration or the free movement of labor or restrictions on the use of migrant workers, and difficulties in appropriately staffing and managing personnel in diverse cultures and increased public scrutiny on labor practices

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• customers shifting parts of their manufacturing and supply chains to different countries, including re-shoring, which may impact footprint needs and create operational disruption due to transition efforts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with laws, such as the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act and the European Union's (EU's) General Data Protection Regulation (the "GDPR"), applicable to companies with global operations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changing global trade regulations, particularly relating to advanced semiconductors and chip-manufacturing equipment, which may limit the ability to ship certain components or product to customers in China, support certain programs in our China operations, and source the components necessary to manufacture customer product in China

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the taxation of earnings in the U.S. and in other countries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reputational risks related to, among other factors, varying standards and practices among countries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in duty rates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant natural disasters, energy disruptions and other events or factors impacting local infrastructure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effects of other international political developments, such as tariffs, embargoes, sanctions, seizures, boycotts, trade wars, trade agreements and changes in trade policies, including those which may be affected by the U.S. and other countries' political reactions to those actions, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other regulatory and legal requirements and industry standards, and changes thereto.

As our international operations continue to expand, our failure to appropriately address foreign currency transactions or the currency exposures associated with assets and liabilities denominated in non-functional currencies could adversely affect our consolidated financial condition, results of operations and cash flows. In addition, developments affecting particular countries can adversely affect our ability to access cash or other assets held in such countries. A significant amount of our cash balances remain held outside of the U.S., with a particular concentration in Malaysia and China.

A significant portion of our operations is currently located in the APAC region, particularly in Malaysia. The concentration of our operations, workforce, assets and profitability in that region exposes us to adverse developments, economic, political or otherwise, in those countries.

Changes in policies or trade agreements by or changes in elected officials of the U.S. or other governments could negatively affect our operating results due to trade wars, changes in duties, tariffs or taxes, currency exchange rate fluctuations, higher costs of compliance, or limitations on currency or fund transfers, as well as government-imposed restrictions on producing certain products in, or shipping them to, specific countries. Our current facilities in Mexico operate under the Mexican Maquiladora ("IMMEX") program. This program provides for reduced tariffs and eased import regulations. We could be adversely affected by changes in the IMMEX program or our failure to comply with its requirements.

Additionally, continued uncertainty regarding commercial dealings, tariffs, export regulations and other trade protection measures between the U.S. and countries globally, heightened by escalating geopolitical tensions, may affect our ability to do

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business in certain countries, may impact the cost of our services and products originating from certain countries, and may impact the demand for our services. These actions could also affect the cost and/or availability of materials or components that we procure from suppliers, as well as create disruptions, delays, shortages or increased costs within our global supply chain. Government-imposed restrictions on where we or our customers can produce certain types of products or source components or with whom we can conduct business, outbound investment restrictions, and trade regulations limiting advanced semiconductors and chip-manufacturing equipment, could limit our ability to sell or manufacture products or services, or source components from certain companies or geographies. These factors can negatively affect our operating results and financial position, including reducing our revenues and profitability as a result of having to minimize engagements in certain countries, requiring us to shift such production to other potentially higher-cost locations, increasing the cost of sourcing components, or the loss of business. These risks are particularly pronounced for our operations in the APAC region and the materials and components we procure from suppliers in China.

Further, the extent to which the conflict between Russia and Ukraine, conflict in the Middle East or the escalating tensions between China and Taiwan or China and the U.S. or the U.S. and other trading partner countries may impact our business or results of operations will depend on future developments, including the severity and duration of any conflicts, their impact on global supply chains and their impact on regional and global economic conditions including the ability of our customers or suppliers to do business in those or surrounding countries and the inflationary effects of such conflicts on our profitability. These tensions have resulted in, and may continue to cause, global disruptions creating significant volatility in financial markets and the global economy.

**We may experience component shortages, delays, price fluctuations and supplier quality concerns.**

We generally do not have long-term supply agreements. We have experienced from time to time, and may in the future experience, significant component shortages and longer lead-times due to supplier capacity constraints. Supply chain constraints and delays can be caused by world events, such as government policies, tariffs, trade wars, trade disputes and trade protection measures, terrorism, armed conflict, natural disasters, natural resource availability, economic recession, increased demand due to economic growth or technological advancements, preferential allocations, transportation challenges, and other localized events. Further, we rely on a limited number of suppliers for many of the components used in the assembly process and, in some cases, may be required to use suppliers that are the sole provider of a particular component. Such suppliers may encounter quality problems, labor disputes or shortages, financial difficulties or business continuity issues that could preclude them from delivering components timely or at all. Supply shortages and delays in deliveries of components may result in delayed manufacturing or servicing of products, which reduces our revenue and operating profit for the periods affected. Additionally, a delay in obtaining a particular component may result in other components for the related program being held for longer periods of time, increasing working capital, risking inventory obsolescence and negatively impacting our cash flow.

In addition, components that are delivered to us may not meet our specifications or other quality criteria. Certain components provided to us may be counterfeit or violate the intellectual property rights of others. The need to obtain replacement components may negatively affect our operations and operating results. The inadvertent use of any such components may also give rise to liability claims. Further, the commitments made to us by our suppliers, and the terms applicable to such relationships, may not match all the commitments we make to, and the terms of our arrangements with, our customers, and such variations may lead us to incur additional expense or liability and/or cause other disruptions to our business.

Component supply shortages and delays in deliveries, along with other factors such as tariffs, trade disputes or embargoes, inflation, and rising energy and transportation costs, can also result in increased pricing. While many of our customers permit quarterly or other periodic adjustments to pricing based on changes in component prices and other factors, we have in the past and may continue to bear the risk of price increases that occur between any such repricing or, if such repricing is not permitted, during the balance of the term of the particular customer contract. In addition, these repricing or pricing recoveries have been and may continue to be dilutive to our operating margin. Conversely, as a result of our pricing strategies and practices, component price reductions have contributed positively to our operating results in the past. Our inability to continue to benefit from such reductions in the future could adversely affect our operating results, cash flows and inventory levels, which could increase as a result of higher component prices or the negative effects of inflation on customer end-market demand.

Due to the highly competitive nature of our industry, an inability to obtain sufficient inventory of quality components on a timely basis and for a reasonable price, could also harm relationships with our customers and lead to loss of business to our competitors.

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**Our services involve other inventory risk.**

Most of our services are provided on a turnkey basis, under which we purchase some, or all, of the required materials and components based on customer forecasts or orders. Although, in general, our commercial contracts with our customers obligate our customers to ultimately purchase inventory ordered to support their forecasts or orders, we generally finance these purchases initially. In addition, suppliers at times require us to purchase materials and components in minimum order quantities that may exceed customer requirements. A customer's cancellation, delay or reduction of forecasts or orders can also result in excess inventory or additional expense to us. Engineering changes by a customer or a product's end-of-life may result in obsolete materials or components. While we attempt to cancel, return or otherwise mitigate excess and obsolete inventory, require customers to reimburse us for these items and/or price our services to address related risks, we may not actually be reimbursed timely or in full, be able to collect on these obligations or adequately reflect such risks in our pricing. In addition to increasing inventory in certain instances to support new program ramps, we may also increase inventory if we experience component shortages or longer lead-times for certain components in order to maintain a high level of customer service. In such situations, we may procure components earlier, which leads to an increase in inventory in the short term and may lead to increased excess or obsolete inventory in the future. Excess or obsolete inventory, the need to acquire increasing amounts of inventory due to shortages, customer demand or otherwise, or other failures to manage our working capital, could adversely affect our operating results, including our return on invested capital.

In addition, we provide managed inventory programs for some of our customers under which we hold and manage finished goods or work-in-process inventories. These managed inventory programs may result in higher inventory levels, further reduce our inventory turns and increase our financial exposure with such customers. In addition, our inventory may be held at a customer's facility or warehouse, or elsewhere in a location outside of our control, which may increase the risk of loss. Even though our customers generally have contractual obligations to purchase such inventories from us, we remain subject to customers' credit risks as well as the risk of potential customer default and the need to enforce those obligations.

**An inability to successfully manage the procurement, development, implementation or execution of information systems, or to adequately maintain these systems and their security, as well as to protect data and other confidential information, may adversely affect our business and reputation.**

As a global company with a complex business model, we are heavily dependent on our information systems to support our customers' requirements and to successfully manage our business. Any inability to successfully manage the procurement, development, implementation, execution or maintenance of our information systems, including matters related to system and data security, cybersecurity, privacy, reliability, compliance, performance and access, as well as any inability of these systems to fulfill their intended purpose within our business, could have an adverse effect on our business. We periodically make strategic investments in enterprise-wide systems, as prior systems reach end-of-life, to enable global scalability or to add capability. Implementing new technology on this scale is complex and can create operational disruption if the implementation fails to meet our expectations.

In the ordinary course of business, we collect and store sensitive data and information, including our proprietary and regulated business information and that of our customers, suppliers and business partners, as well as personally identifiable information about our employees. Our information systems, like those of other companies, are susceptible to malicious damage, intrusions and outages due to, among other events, viruses, cyber threats, industrial espionage (internal or external), hacking, break-ins and similar events, other breaches of security, natural disasters, power loss or telecommunications failures. Due to the intellectual property we maintain on our systems related to high technology components, sub-components, manufacturing processes and our customers' products, we are a likely target from various external cyber threats, such as lone attackers, nation states seeking to gain access to such intellectual property, as well as both unintentional and malicious internal threats. In addition, lone and organized crime elements have been known to extort money by encrypting their victims' data (ransomware) and/or utilizing their victims' resources for unauthorized mining of cryptocurrency. The reliance on third-party vendors in a complex supply chain can further introduce cybersecurity risks, as unmitigated vendor vulnerabilities or compromise can increase the attack surface for malicious actors.

The increasing sophistication of cyberattacks requires us to continually evaluate the threat landscape and new technologies and processes intended to detect and prevent these attacks. There can be no assurance that the security measures and systems configurations we choose to implement will be sufficient to protect the data we manage. Any theft or misuse of information resulting from a security breach or cyberattack could result in, among other things, interruption to our operations, loss of significant and/or sensitive information, litigation by affected parties, financial obligations resulting from such theft or misuse, higher insurance premiums, governmental investigations, fines and penalties, negative reactions from current and potential future customers, and reputational damage, any of which could adversely affect our financial results. Also, the time and funds spent on monitoring and mitigating our exposure and responding to breaches or attempted breaches, including the training of employees, the purchase of protective technologies and the hiring of additional employees and consultants to assist in these

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efforts could adversely affect our financial results. This risk is enhanced as a result of the increasing sophistication of threat actors, including through the use of artificial intelligence, and an increase in our remote workforce due to flexible workplace practices, for example by reason of utilizing home networks that may lack encryption or secure password protection, virtual meeting/conference security concerns and an increase of phishing/cyberattacks around our remote workforce's digital resources.

Moreover, we are subject to increasing data privacy, handling, and protection requirements and customer expectations due to the nature of their end products, including those related to the Export Administration Regulations, International Traffic in Arms Regulation, Federal Acquisition Regulation, Defense Federal Acquisition Regulation Supplement and Cybersecurity Maturity Model Certification. Any operational failure or breach of security from increasingly sophisticated cyber threats could lead to the loss or disclosure of our or our customers' financial, product or other confidential information, result in adverse regulatory or other legal actions and have a material adverse effect on our business and reputation, which could include the loss of programs or customers. In addition, we must comply with increasingly complex and rigorous regulatory standards enacted to protect business and personal data, globally. GDPR and similar legislation in jurisdictions in which we operate continue to evolve imposing additional obligations on companies regarding the handling and protection of personal data and provide certain individual privacy rights to persons whose data is processed and stored. Compliance with existing, proposed and recently enacted laws and regulations can be costly. Failure to comply with these regulatory standards could subject us to legal and reputational risks. Misuse of or failure to protect personal information could also result in violation of data privacy laws and regulations, proceedings against us by governmental entities or others, fines and penalties, damage to our reputation and credibility and could have a negative impact on our business and results of operations.

**We have a complex business model and are subject to rapidly changing technology requirements; our failure to properly manage or execute on that model and those requirements could adversely affect our operations, financial results and reputation.**

Our business model focuses on products and services that are highly complex and subject to demanding regulatory requirements. Our customers' products typically require significant production and supply-chain flexibility necessitating optimized solutions across an integrated global platform. The products we design, manufacture and service are also typically complex, heavily regulated and require complicated configuration management and direct order fulfillment capabilities to global end customers.

Our business model requires working capital, management and technical personnel, and the development and maintenance of systems and procedures to manage diverse design, manufacturing, regulatory and sustaining services requirements for multiple programs of varying sizes simultaneously, including in multiple locations and geographies. We also depend on securing and ramping new customers and programs as well as transitioning production for new customers and programs, which creates added complexities related to managing the start-up risks of such projects, especially for companies that did not previously outsource such activities.

The complexity of our model, which encompasses a broad range of services including design and development, supply chain solutions, new product introduction, manufacturing and sustaining services, often results in complex and challenging contractual obligations and unique customer requirements. In addition, program complexity and associated customer expectations have increased in recent years with respect to certain capabilities, commitments, allocation of risk and compliance with third-party standards, requiring extraordinary measures to ensure operational execution and compliance within unique, non-standard engagements. If we fail to meet those obligations, or are otherwise unable to execute on our commitments or unsuccessfully mitigate such risks, it could result in claims against us, regulatory violations, or adversely affect our reputation and our ability to obtain future business, as well as impair our ability to enforce our rights (including those related to payment) under those contracts. A failure to adequately understand unique customer requirements may also impact our ability to estimate and ultimately recover associated costs, adversely affecting our financial results.

Many of our customers' markets are characterized by rapidly changing technology and evolving process developments. Our internal processes are also subject to these factors. The sustained success of our business will depend upon our continued ability to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• attract and retain qualified engineering and technical personnel, especially in times of tight labor markets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• choose, maintain and enhance appropriate technological and service capabilities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• successfully manage the implementation and execution of information systems

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• develop and market services that meet changing customer needs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• effectively and efficiently execute our services and perform to our customers' expectations, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• successfully anticipate, or respond to, technological changes on a cost-effective and timely basis.

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Although we believe that our operations utilize the technologies, equipment and processes that are currently required by our customers, we cannot be certain that we will maintain or develop the capabilities required by our customers in the future. The emergence or advancement in technologies, such as artificial intelligence, industry standards or customer requirements may render our technical personnel, equipment, inventory or processes obsolete or noncompetitive. In addition, we may have to acquire new skills, technologies and equipment to remain competitive, as well as offer new or additional services, all of which may require significant expense or capital investment that could reduce our liquidity and negatively affect our operating results. Our failure to anticipate and adapt to our customers' changing technological needs and requirements, or to perform to their expectations or standards, as well as our need to maintain our personnel and other resources during times of fluctuating demand, could have an adverse effect on our business.

**Physical risks, including natural disasters and weather events caused by global climate change, breaches of physical security and other events outside our control, and the ineffective management of such events, may harm our business.**

Some of our facilities are located in areas that may be impacted by natural disasters including tornadoes, hurricanes, earthquakes, water shortages, tsunamis or floods. Further, there continues to be concern that global climate change is impacting the frequency and severity of these natural disasters. All facilities are subject to other potential natural or man-made disasters such as those related to weather events or global climate change, fires, acts of terrorism or war, breaches of security, theft or espionage, workplace violence and failures of utilities. If such an event was to occur and we did not have an effective business continuity plan in place, our business could be harmed due to the event itself or due to our inability to effectively manage the effects of the particular event, with the impact of the event potentially magnified in areas where we have multiple facilities in close proximity. For example, we maintain significant production capacity in Penang, Malaysia, and an event in that geography could materially hinder our production capabilities. Potential harms include the loss of business continuity, financial risk, the loss of business data and damage to infrastructure. These natural disasters and physical climate risks could also disrupt our operations by impacting the availability and cost of materials within our supply chain, and could also increase insurance and other operating costs. These factors may impact our decisions to construct new facilities or maintain existing facilities in areas most prone to physical climate risks, such as our facilities in Malaysia that are at or near sea level.

In addition, some of our facilities possess certifications or unique equipment necessary to work on specialized products that our other locations lack. If work is disrupted at one of these facilities, it may be impractical or we may be unable to transfer such specialized work to another facility without significant costs and delays. Thus, any disruption in operations at a facility possessing specialized certifications or equipment could adversely affect our ability to provide products and services to our customers, and potentially have a negative effect on our relationships and financial results. While we maintain business continuity plans, including data system recovery protocols, to enable us to maintain operations following a natural disaster or other event that may be disruptive to our business, we cannot ensure these responses will fully mitigate or protect us from all disruptions. While we also carry insurance coverage for a variety of property, casualty and other risks, insurance coverage, as well as our other risk mitigation efforts, may be inadequate, not cost-effective or unavailable, either in general or for particular types of events.

Although we have implemented policies and procedures with respect to physical security, we remain at risk of unauthorized access to our facilities and the possible unauthorized use or theft of inventory, information or other physical assets. If unauthorized persons gain physical access to our facilities, or our physical assets or information are stolen, damaged or used in an unauthorized manner (whether through outside theft or industrial espionage), we could be subject to, among other consequences, interruption in our operations, negative publicity, governmental inquiry and oversight, loss of government contracts, litigation by affected parties or other future financial obligations related to the loss, misuse or theft of our or our customers' data, inventory or physical assets, any of which could have a material adverse effect on our reputation and results of operations.

**There may be problems with the products we design, manufacture or service or we may fail to meet increasing customer expectations, which could result in liability claims against us, reduced demand for our services and damage to our reputation.**

We design, manufacture and service products to our customers' specifications, many of which are highly complex and subject to demanding regulatory environments for market sectors that generally have higher risk profiles for liability claims. Further, the services we provide to our customers continue to expand to encompass full product development, product commercialization, manufacturing, and sustaining services. As we assume more responsibility across the product lifecycle, our customers' expectations have and may continue to extend beyond what has historically been expected of electronics manufacturing service providers, such as expectations related to material traceability, environmental sustainability and heightened regulatory compliance support, including as it relates to product composition such as the Restrictions on Hazardous Substances ("RoHS") 2011/65/EU directive, the Registration, Evaluation, Authorization and restriction of Chemicals ("REACh") EC 1907/2006 EU directive, and evolving regulations pertaining to per- and polyfluoroalkyl substances ("PFAS"). These dynamics increase the risks inherent in those engagements.

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Despite our quality control and quality assurance efforts, problems may occur, or may be alleged, in the execution of these services. Whether or not we are responsible, problems in the products we create, whether real or alleged, whether caused by faulty customer specifications, product design, manufacturing processes, servicing, a component defect or otherwise, may result in delayed shipments to customers or reduced or canceled customer orders. If these problems were to occur in large quantities or too frequently, our business reputation may also be tarnished. In addition, such problems may result in liability claims against us, whether or not we are responsible. These potential claims may be initiated through various means, such as our contractual commitments, strict liability or other claims raised by third parties, and may include damages for the recall of a product, injury to person(s) or property, or other theories of liability.

Even if customers or third parties, such as component suppliers, are responsible for defects, they may not, or may not be able to, assume responsibility for any such costs or required payments to us. While we seek to secure contractual protection and/or to insure against many of these risks, we may not have practical recourse against certain third parties, and contractual protections, insurance coverage or supplier warranties, as well as our other risk mitigation efforts, may be inadequate, not cost-effective or unavailable, either in general or for particular types of products or issues. We occasionally incur costs defending claims, we may be unsuccessful in defending against claims and incur financial liabilities, and any such disputes could adversely affect our business relationships.

**A failure to comply with customer-driven policies and standards, and third-party certification requirements or standards could adversely affect our business and reputation.**

In addition to government regulations and industry standards, our customers may require us to comply with their own or third-party quality standards, commercial terms, or other business policies or standards, which may be more restrictive than current laws and regulations as well as our pre-existing policies and/or terms with our suppliers, before they commence, or continue, doing business with us. Such policies or standards may be customer-driven, established by the market sectors in which we operate or imposed by third-party organizations.

Our compliance with these heightened and/or additional policies, standards and third-party certification requirements, and managing a supply chain in accordance therewith, could be costly, and our failure to comply could adversely affect our operations, customer relationships, reputation and profitability. In addition, our adoption of these standards could adversely affect our cost competitiveness, ability to provide customers with required service levels and ability to attract and retain employees in jurisdictions where these standards vary from prevailing local customs and practices. In certain circumstances, to meet the requirements or standards of our customers we may be obligated to select certain suppliers or make other sourcing choices, and we may bear responsibility for adverse outcomes even if these matters are as the result of third-party actions or outside of our control.

**Intellectual property infringement claims against our customers or us could harm our business.**

Although our manufacturing processes are generally not subject to significant proprietary protection, our services may and our customers' products do involve the creation and use of intellectual property rights, which subject us and our customers to the risk of claims of intellectual property infringement from third parties. In addition, our customers may require that we indemnify them against the risk of intellectual property infringement. If any claims are brought against us or our customers for infringement, whether or not these have merit, then we could be required to expend significant resources in defense of those claims. In the event of an infringement claim, we may be required to spend a significant amount of money to develop non-infringing alternatives or obtain licenses. We may not be successful in developing alternatives or obtaining licenses on reasonable terms or at all. Infringement by our customers could cause them to discontinue production of some of their products, potentially with little or no notice, which may reduce our net sales to them and disrupt our production.

Additionally, if third parties on whom we rely for products or services, such as component suppliers, are responsible for an infringement (including through the supply of counterfeit parts), we may or may not be able to hold them responsible and we may incur costs in defending claims or providing remedies. Such infringements may also cause our customers to abruptly discontinue selling the impacted products, which would adversely affect our net sales of those products and could affect our customer relationships more broadly. Similarly, claims affecting our suppliers could cause those suppliers to discontinue selling materials and components upon which we rely.

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**Risks impacting our Passion Meets Purpose**

**We depend on our workforce, and the inability to attract, develop and retain personnel or an increase in personnel costs or other personnel disruptions may harm our business.**

If we fail to attract, develop and retain sufficient qualified personnel, including key leadership positions and highly skilled technical roles, our operations and, consequently, our financial results, could be adversely affected. A number of factors may adversely affect labor availability in one or more of our locations, including wage pressure and changing wage requirements, restrictions on immigration or labor mobility, local competition, high employment rates, high turnover rates, increased demand for expertise in certain technical areas such as artificial intelligence, and local labor laws. These labor-related issues and labor shortages are pronounced, and we expect these conditions to persist.

We have also experienced inflationary or other general personnel cost increases due to economic conditions and government-mandated wage increases. Further, increases in turnover rates can lead to decreased efficiency and increased costs in our operations, such as increased overtime to meet demand, increased wage rates to attract and retain employees, and costs associated with recruiting and training replacement personnel. If we are unable to offset these labor cost increases through price increases, growth or operational efficiencies, labor cost increases could have a material adverse effect on our operating results and cash flows.

We also depend on good relationships with our workforce. Monitoring employee engagement and maintaining a healthy workplace culture based on our core values is important to developing these good relationships and retaining a committed workforce. A failure to foster a strong, healthy culture, or a failure to adopt or maintain policies and practices that enhance our workplace culture or competitiveness, such as those related to diversity and inclusion, workplace flexibility or other employee benefits, could adversely impact our ability to attract, develop and retain personnel and could substantially affect our operations and financial results. Further, dissatisfied employees may be more likely to seek union organization, which could disrupt our business, increase the risk of a labor strike and adversely impact our operations, financial results, and reputation.

From time to time, there are changes and developments, such as retirements, promotions, transitions, disability, death and other terminations of service, that affect our executive officers and other key employees, including those that are unexpected or occur simultaneously. Transitions or other changes in responsibilities among officers and key employees without having identified and ready successors for these critical roles, particularly when such changes are unanticipated, unplanned or not executed effectively, inherently can cause disruptions to our business and operations, as well as harm our reputation, which could have an effect on our results. Further, hiring executive officers and other key employees may be adversely impacted by global workforce trends and labor shortages. As we grow in size and complexity and required technical skills evolve, a failure to hire, effectively develop personnel and plan for the succession of critical roles may result in shortfalls in the talent and skills required to execute effectively and grow our business, which could affect our operations and financial results.

**Evolving expectations on environmental, sustainability, social responsibility, and corporate governance ("sustainability") matters, including global climate change, by various stakeholders could negatively affect our business by failing to meet stakeholder expectations or imposing additional costs on our business.**

Customer, investor and employee expectations relating to sustainability continue to evolve and and are increasingly dynamic. In addition, governmental and non-governmental organizations are enhancing or advancing requirements specific to sustainability matters. Specifically, certain stakeholders are beginning to request or require disclosures on sustainability topics such as greenhouse gas emissions, social responsibility and specific climate, social and other sustainability risk management practices, and we expect this trend to continue and be amplified by existing and potential legislation, such as California's Climate Corporate Data Accountability Act and Climate-Related Financial Risk Act and the Corporate Sustainability Directive in the EU. A failure to adequately meet stakeholder expectations and reporting requirements may result in noncompliance with any imposed regulations, the loss of business, reputational impacts, an inability to attract and retain customers, and an inability to attract and retain talent. In addition, our failure to adopt or adoption of certain standards, related reporting requirements, or mandated compliance to certain requirements could necessitate additional investments in our operations, processes or control procedures that could impact our profitability.

Further, increased public awareness and concern regarding global climate change may result in new enhanced or conflicting requirements and/or stakeholder expectations related to the effects of greenhouse gas emissions and transition to low-carbon alternatives, driven by policy and regulations, low-carbon technology advancement and shifting consumer sentiment and societal preferences. These transition risks could negatively impact our financial condition and results of operations including by means of carbon pricing mechanisms, investments in lower greenhouse gas emissions technology, increased cost of raw materials and mandates on and regulation of existing products and services. Policy trends and public sentiment related to "anti-ESG" or "anti-DEI" legislation, policy or stakeholder pressure or activism, particularly in the U.S., may lead to new or

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conflicting requirements or expectations, resulting in risk of noncompliance, reputational damage, potential enforcement actions or claims.&nbsp;&nbsp;&nbsp;&nbsp;

**Risks impacting our Discipline By Design**

**Challenges associated with the engagement of new customers or programs, the provision of new services, or start-up costs and inefficiencies related to new, recent or transferred programs could affect our operations and financial results.**

Our engagement with new customers, as well as the addition of new programs or types of services for existing customers, can present challenges in addition to opportunities. We must initially determine whether it would be in our interests from a business perspective to pursue a particular potential new customer, program or service, including evaluating whether the customer, program or service fits with our value proposition as well as its potential end-market success. If we make the decision to proceed, we need to ensure that our terms of engagement, including our pricing and other contractual provisions, appropriately reflect the strategic nature of the customer, anticipated costs, risks and rewards. The failure to make prudent engagement decisions or to establish appropriate terms of engagement could adversely affect our profitability and margins.

Also, there are inherent risks associated with the timing and ultimate realization of anticipated revenue and profitability from a new program or service; these factors can sometimes extend for a significant period. Some new programs or services require us to devote significant capital and personnel resources to new technologies and competencies. We may not meet customer expectations, which could damage our relationships with the affected customers and impact our ability to deliver conforming product or services on a timely basis. Further, the success of new programs may depend heavily on factors such as product reliability, market acceptance, regulatory approvals or economic conditions. The failure of a new program to meet expectations on these factors, or our inability to effectively execute on a new program's or service's requirements, could result in lost financial opportunities and adversely affect our results of operations.

In recent years, ramping new programs has been a key contributor to our revenue growth. The management of resources in connection with the establishment of new or recent programs and customer relationships and the need to estimate required resources in advance of production can adversely affect our gross and operating margins and level of working capital. These factors are particularly evident in the early stages of the life-cycle of new programs, which typically lack a track record of order volume and timing as well as production efficiencies in the early stages. We typically manage multiple new programs at any given time; therefore, we are exposed to these factors in varying magnitudes.

The effects of these start-up costs and inefficiencies can also occur when we transfer programs between locations and geographies. We conduct these transfers on a regular basis to meet customer needs, seek long-term efficiencies or respond to market conditions, as well as due to facility openings and closures. Although we try to recover costs from our customers and minimize the potential losses arising from transitioning customer programs between our facilities and geographies, we may not be successful and there are inherent risks that such transitions can result in operational inefficiencies and the disruption of programs and customer relationships.

While these factors tend to affect new, recent or transferred programs, they can also impact more mature or maturing programs and customer relationships, especially programs where end-market demand can be somewhat volatile.

**Failure to manage periods of growth or contraction may seriously harm our business.**

Our industry frequently sees periods of expansion and contraction. We regularly contend with these issues and must carefully manage our business to meet changing customer and market requirements. If we fail to manage these growth and contraction decisions effectively, or fail to realize the anticipated benefits of these decisions, we can find ourselves with either excess or insufficient resources and our business, as well as our profitability, may suffer. Expansion and consolidation, including the transfer of operations to new or other facilities or due to acquisitions, can inherently include additional costs and start-up inefficiencies. For example, we recently expanded our operations by constructing an additional manufacturing facility in Penang, Malaysia, to support our growth in the Asia-Pacific region. In addition, we may expand our operations in new geographical areas where currently we do not operate. If we are unable to effectively manage this or other expansions or consolidations, or related anticipated net sales are not realized, our operating results could be adversely affected. Other risks of current or future expansions, acquisitions and consolidations include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the inability to successfully integrate additional facilities or incremental capacity and to realize anticipated efficiencies, economies of scale or other value

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• challenges faced as a result of transitioning programs

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• incurrence of restructuring costs or other charges that may be insufficient or may not have their intended effects

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• additional fixed or other costs, or selling and administrative expenses, which may not be fully absorbed by new business

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a reduction of our return on invested capital, including as a result of excess inventory or excess capacity at new facilities, as well as the increased costs associated with opening new facilities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• difficulties in the timing of expansions, including delays in the implementation of construction and manufacturing plans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• diversion of management's attention from other business areas during the planning and implementation of expansions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• strain placed on our operational, financial and other systems and resources, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inability to locate sufficient customers, employees or management talent to support the expansion.

Periods of contraction or reduced net sales, or other factors affecting particular sites, create other challenges. We must determine whether facilities remain viable, whether staffing levels need to be reduced and how to respond to changing levels of customer demand. While maintaining excess capacity or higher levels of employment entail short-term costs, reductions in capacity or employment could impair our ability to respond to new opportunities and programs, market improvements or to maintain customer relationships. Our decisions to reduce costs and capacity can affect our short-term and long-term results. When we make decisions to reduce capacity or to close facilities, we frequently incur restructuring costs.

In addition, to meet our customers' needs, particularly when the production requirements of certain products are site-specific, to achieve increased efficiencies or to address factors affecting specific locations, such as tariffs and trade disputes, we sometimes require additional capacity in one location while reducing capacity in another. Since customers' needs and market conditions can vary and change rapidly, we may find ourselves in a situation where we simultaneously experience the effects of contraction in one location and expansion in another location. We may also encounter situations where our lack of a physical presence in certain locations may limit or foreclose opportunities.

**Changes in tax laws, potential tax disputes, negative or unforeseen tax consequences or further developments affecting our deferred tax assets could adversely affect our results.**

Our effective tax rate is highly dependent upon the geographic mix of earnings across the jurisdictions where we operate. Changes in tax laws or tax rates in those jurisdictions, including, but not limited to, as a result of actions by the U.S. (including additional guidance and interpretations related to U.S. Tax Reform or potential passage of tax regulation changes under the U.S. presidential administration) or other countries, could continue to have a material impact on our operating results. Among other things, we have been, and are expected to continue to be, affected by the global intangible low-taxed income provisions added by U.S. Tax Reform and related new tax legislation, interpretations and guidance. Our effective tax rate may also be impacted by tax holidays and other various tax credits granted by local taxing authorities. In addition, the implementation of U.S. Tax Reform has required the use of estimates, which may be refined in future periods. All incentives, including a tax holiday granted to our Malaysian subsidiary, are subject to certain terms and conditions, which could be unfavorably altered by the local taxing authorities or changes to U.S. tax policy. We would experience adverse tax consequences if we are found to not be in compliance.

A global minimum tax has been, or is anticipated to be, implemented in many of the countries in which Plexus operates. We anticipate this will materially and unfavorably impact our existing tax holidays and effective tax rate. The estimated impact of the global minimum tax has been included in our estimates of tax rates for fiscal 2026.

Our taxable income in any jurisdiction is dependent upon the local taxing authority's acceptance of our operational and intercompany transfer pricing practices as being at "arm's length." Due to inconsistencies among jurisdictions in the application of the arm's length standard, our transfer pricing methods may be challenged and, if not upheld, could increase our income tax expense. Risks associated with transfer pricing adjustments are further highlighted by the global initiative from the Organization for Economic Cooperation and Development called the Base Erosion and Profit Shifting ("BEPS") project. The BEPS project is challenging longstanding international tax norms regarding the taxation of profits from cross-border business. Given the scope of our international operations and the fluid and uncertain nature of how the BEPS project might ultimately lead to future legislation, it is difficult to assess how any changes in tax laws would impact our income tax expense.

We review the probability of the realization of our net deferred tax assets each period based on forecasts of taxable income by jurisdiction. This review uses historical results, projected future operating results based upon approved business plans, eligible carryforward periods, tax planning opportunities and other relevant considerations. Adverse changes in the profitability and financial outlook in each of our jurisdictions may require the creation of an additional valuation allowance to reduce our net deferred tax assets. Such changes could result in material non-cash expenses in the period in which the changes are made.

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**We may fail to secure or maintain necessary additional financing or capital.**

Although we have credit facilities, we cannot be certain that our existing credit arrangements will provide all of the financing capacity that we will need in the future or that we will be able to change the credit facilities or revise covenants, if necessary, to accommodate changes or developments in our business and operations and/or increased working capital needs. In addition, if we do not comply with the covenants under our credit facility, our ability to borrow under that facility would be adversely affected. In addition, it is possible that counterparties to our financial agreements, including our credit facility and receivables factoring programs, may not be willing or able to meet their obligations, either due to instability in the global financial markets or otherwise, which could, among other impacts, increase the duration of our cash collection cycle. While we currently believe we have ample liquidity to manage the financial impact of current economic conditions, we can give no assurance that this will continue to be the case if the impact of current or worsening economic conditions is prolonged.

Our future success may depend on our ability to obtain additional financing and capital to support possible future growth and future initiatives including additional investments in our business. We also have receivables factoring programs. Many of our borrowings are at variable interest rates and therefore our interest expense is subject to increase if rates increase. Persistent inflation, especially in Europe and the U.S., has led central banks to hold higher interest rates throughout fiscal 2025 to dampen inflation. These interest rates directly impact the amount of interest we pay on our variable rate obligations and continued or sustained increases in interest rates could negatively impact our business.

We may seek to raise capital by issuing additional common stock, other equity securities or debt securities, modifying our existing credit facilities or obtaining new facilities, or through a combination of these methods. We may not be able to obtain capital when we want or need it, particularly in light of ongoing volatility in the capital markets, and capital may not be available on satisfactory terms. If we issue additional equity securities or convertible securities to raise capital, it may be dilutive to shareholders' ownership interests; we also may not be able to offer our securities on attractive or acceptable terms in the event of volatility or weakness in our stock price. Furthermore, any additional financing may have terms and conditions that adversely affect our business, such as restrictive financial or operating covenants, and our ability to meet any current or future financing covenants will largely depend on our financial performance, which in turn will be subject to general economic conditions and financial, business and other factors.

**ITEM 1B.&nbsp;&nbsp;&nbsp;&nbsp;UNRESOLVED STAFF COMMENTS**

None.

**ITEM 1C.&nbsp;&nbsp;&nbsp;&nbsp;CYBERSECURITY**

<u>Information Technology & Security Risk Management</u>

Information security and data privacy risk management, including cybersecurity, is integrated into and aligns with our Enterprise Risk Management ("ERM") processes. Our information protection and privacy program incorporates administrative, technical and physical safeguards, and incorporates various cybersecurity and internal control frameworks to protect information assets, manage data privacy and ensure compliance with laws and industry standards. We leverage the National Institute of Security and Technology ("NIST") Cybersecurity Framework ("CSF"), among others, to provide a strategic and adaptable approach to managing evolving cyber risks. This framework assists in assessing and improving our security posture by identifying vulnerabilities and prioritizing investments or improvements.

We perform cybersecurity risk assessments of the third-party vendors we utilize and have processes to identify cybersecurity risks posed by using third-party systems. We also request our third-party vendors to promptly notify us of any actual or suspected breach that could impact our data or operations.

We maintain a cybersecurity incident response plan to assist in the assessment and management of cybersecurity incidents. The plan includes tactical playbooks and crisis response procedures based on incident severity and materiality impact. These crisis response procedures include escalation to the Audit Committee and the full Board of Directors, where appropriate. Our incident response plan is periodically tested through tabletop exercises, the results of which are reported to the Audit Committee.

<u>Cybersecurity Governance & Oversight</u>

Our Chief Information & Technology Officer ("CITO"), who reports directly to the President and Chief Executive Officer ("CEO"), directs our global information technology vision and long-term strategies. Under the direction of the CITO, the Chief Information Security Officer (CISO) leads our enterprise-wide cybersecurity program and oversees a dedicated global

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cybersecurity team that monitors, assesses and mitigates material risks from various cybersecurity threats. This team leads critical efforts to drive readiness, awareness and learning across the organization, including management of a 24x7x365 Cybersecurity Operations Center for detection and response capabilities; maintaining a cybersecurity awareness learning management system; and third party assessments and audits, penetration tests and "red team" assessments to evaluate the effectiveness of cybersecurity controls and identify areas of cybersecurity risk.

The CISO is a seasoned cybersecurity expert with over 18 years of cybersecurity experience combined within the United States Department of Defense and Electronic Manufacturing Services industry. The Company's CISO holds industry-recognized cybersecurity certifications, a Bachelor of Science degree in Cybersecurity and a Master of Science degree in Cybersecurity Management and Policy.

Our executive-level Security Steering Committee provides oversight of cybersecurity, data governance and privacy programs. This Committee is made up of select executives including the General Counsel, Chief Administrative Officer and Secretary ("CAO"); Chief Operating Officer; and CITO. The Security Steering Committee provides oversight and ensures program alignment to Plexus' strategic goals. The committee serves to provide awareness and guidance to prioritization, organizational alignment and enablement of resources to minimize risk to Plexus' operations, brand and reputation. The Security Steering Committee, through the CISO and the CITO, reports to a broader Global Technology Steering Committee, which includes the President and CEO and Chief Financial Officer.

On at least an annual basis, and on topical information security matters more frequently as determined by the Board of Directors or management, the Audit Committee reviews the effectiveness of IT risk governance and management, including those relating to business continuity, cybersecurity, malware, regulatory compliance and data management. These reviews also include reviewing the appropriateness of resources (people and financial) devoted to information technology requirements. The CITO and CISO also brief the Audit Committee quarterly on cybersecurity matters, including specific risks, mitigation plans, risk management and governance. The Audit Committee reports to the full Board of Directors on these discussions as appropriate.

Further, the Board of Directors is briefed periodically (at least annually) on our overall IT strategy, including cybersecurity, to ensure alignment with the business, review of assets and infrastructure, and trends, key risks and initiatives.

<u>Impact of Cybersecurity Threats</u>

As of the date of this report, we believe that risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have not or are not reasonably likely to materially affect us, including our business strategy, results from operations, or financial condition. Despite our cybersecurity measures, there can be no assurance that we, or the third-parties we interact with, will not experience a cybersecurity incident in the future that will materially affect us. As part of our overall risk mitigation strategy, we maintain insurance coverage that is intended to address certain aspects of cybersecurity risks; however, such insurance may not be sufficient in type or amount to cover us against claims related to cybersecurity breaches, cyberattacks, and other related breaches. Refer to the discussion in "Risk Factors" in Part I, Item 1A herein for further details on cybersecurity and information technology risks that could adversely affect our business, results of operation and financial conditions.

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**ITEM 2.&nbsp;&nbsp;&nbsp;&nbsp;PROPERTIES**

Our facilities are comprised of an integrated network of manufacturing and engineering centers with our corporate headquarters located in Neenah, Wisconsin. We own or lease facilities with approximately 5.0 million square feet of active capacity. This includes approximately 2.1 million square feet in AMER, approximately 2.4 million square feet in APAC and approximately 0.5 million square feet in EMEA. Our active facilities as of September 27, 2025 are described in the following table:

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| | | | |
|:---|:---|:---|:---|
| Location | Type | Size (sq. ft.) | Owned/Leased |
| **AMER** |  |  |  |
| Neenah, Wisconsin | Manufacturing | 418000 | Owned |
| Guadalajara, Mexico (1) | Manufacturing/Engineering | 794000 | Leased |
| Nampa, Idaho | Manufacturing | 216000 | Owned&nbsp;&nbsp;&nbsp;&nbsp; |
| Appleton, Wisconsin | Manufacturing | 205000 | Owned&nbsp;&nbsp;&nbsp;&nbsp; |
| Buffalo Grove, Illinois (1) | Manufacturing | 189000 | Leased&nbsp;&nbsp;&nbsp;&nbsp; |
| Neenah, Wisconsin | Global Headquarters | 104000 | Owned&nbsp;&nbsp;&nbsp;&nbsp; |
| Neenah, Wisconsin | Engineering | 90000 | Leased&nbsp;&nbsp;&nbsp;&nbsp; |
| Raleigh, North Carolina | Engineering | 41000 | Leased&nbsp;&nbsp;&nbsp;&nbsp; |
| **APAC** |  |  |  |
| Penang, Malaysia (1) | Manufacturing/Engineering | 1530000 | Owned&nbsp;&nbsp;&nbsp;&nbsp; |
| Bangkok, Thailand | Manufacturing | 389000 | Owned |
| Haining, China (1) | Manufacturing | 264000 | Leased |
| Xiamen, China (1) | Manufacturing | 253000 | Leased |
| **EMEA** |  |  |  |
| Oradea, Romania | Manufacturing/Engineering | 296000 | Owned |
| Oradea, Romania | Manufacturing | 108000 | Leased |
| Livingston, Scotland | Manufacturing/Engineering | 62000 | Leased&nbsp;&nbsp;&nbsp;&nbsp; |
| Kelso, Scotland | Manufacturing | 57000 | Owned&nbsp;&nbsp;&nbsp;&nbsp; |

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&nbsp;&nbsp;&nbsp;&nbsp;(1)The facilities in Guadalajara, Mexico; Buffalo Grove, Illinois; Penang, Malaysia; Haining, China; and Xiamen, China include more than one building.

**ITEM 3.&nbsp;&nbsp;&nbsp;&nbsp;LEGAL PROCEEDINGS**

Refer to Note 10, "Litigation," for information regarding legal proceedings in which we are involved.

**ITEM 4.&nbsp;&nbsp;&nbsp;&nbsp;MINE SAFETY DISCLOSURES**

Not applicable.

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**PART II**

**ITEM 5.&nbsp;&nbsp;&nbsp;&nbsp;MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES**

**Performance Graph**

Our common stock trades on the Nasdaq Stock Market in the Nasdaq Global Select Market tier (symbol: PLXS).

The following graph compares the cumulative total return on Plexus common stock with the Standard & Poor's MidCap 400 Index ("S&P 400") and the Nasdaq Stock Market Index for Electronic Components Companies ("Nasdaq-Electronic Components"). The values on the graph show the relative performance of an investment of $100 made on October 3, 2020 in Plexus common stock and in each of the indices as of the last business day of the respective fiscal year.

![Picture1.jpg](plxs-20250927_g2.jpg)

**Comparison of Cumulative Total Return**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Plexus | $100 | $128 | $123 | $131 | $192 | $202 |
| Nasdaq-Electronic Components | 100 | 136 | 113 | 138 | 187 | 314 |
| S&P 400 | 100 | 141 | 116 | 131 | 164 | 172 |

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**Shareholders of Record**

As of November 10, 2025, we had 284 shareholders of record.

**Dividends**

We have not paid any cash dividends in the past. We currently anticipate that in the foreseeable future the majority of earnings will be retained to finance the development of our business through capital expenditures and working capital requirements, as well as execution upon our share repurchase authorizations as management deems appropriate and market conditions may allow. However, our Board of Directors evaluates from time to time potential uses of excess cash, which in the future may include additional share repurchases, a special dividend or recurring dividends. See also Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources," for additional discussion of our intentions regarding dividends as well as a description of loan covenants that could restrict our ability to make future dividend payments.

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**Issuer Purchases of Equity Securities**

The following table provides the specified information about the repurchases of shares by us during the three months ended September 27, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| Period | Total number of shares purchased | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Maximum approximate dollar value of shares that may yet be purchased under the plans or programs (1) |
| June 29, 2025 to July 26, 2025 | 53601 | $135.68 | 53601 | $99287107 |
| July 27, 2025 to August 23, 2025 | 55227 | 129.07 | 55227 | 92158744 |
| August 24, 2025 to September 27, 2025 | 51754 | 137.72 | 51754 | 85031042 |
|  | 160582 | $134.07 | 160582 |  |

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(1) On August 14, 2024 the Board of Directors approved a share repurchase program under which the Company is authorized to repurchase up to $50.0 million of its common stock (the "2025 Program"). The 2025 Program became effective upon completion of the 2024 Program.

On May 14, 2025, the Board of Directors approved a share repurchase program under which the Company is authorized to repurchase up to $100.0 million of its common stock (the "2026 Program"). The 2026 Program became effective upon completion of the 2025 Program and has no expiration.

The table above reflects the maximum dollar amount remaining available for purchase under the 2026 Program as of September 27, 2025.

**ITEM 6.&nbsp;&nbsp;&nbsp;&nbsp;[RESERVED]**

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**ITEM 7.&nbsp;&nbsp;&nbsp;&nbsp;MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

**OVERVIEW**

At Plexus, we help create the products that build a better world. Driven by a passion for excellence, we partner with our customers to design, manufacture and service highly complex products in demanding regulatory environments. From life-saving medical devices and mission-critical aerospace and defense products to industrial automation systems and semiconductor capital equipment, our innovative solutions across the lifecycle of a product converge where advanced technology and human impact intersect. We provide these solutions to market-leading as well as disruptive global companies in the Aerospace/Defense, Healthcare/Life Sciences, and Industrial sectors, supported by a global team of over 20,000 members across our 26 facilities in the Americas ("AMER"), Asia-Pacific ("APAC") and Europe, Middle East and Africa ("EMEA") regions.

The following Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") is intended to provide an analysis of both short-term results and future prospects from management's perspective, including an assessment of the financial condition and results of operations, events and uncertainties that are not indicative of future operations and any other financial or statistical data that we believe will enhance the understanding of our company's financial condition, cash flows and other changes in financial condition and results of operations. The information should be read in conjunction with our consolidated financial statements included herein and "Risk Factors" included in Part I, Item 1A herein.

A discussion regarding our financial condition and results of operations for fiscal 2025 compared to fiscal 2024 is presented below. A discussion regarding our financial condition and results of operations for fiscal 2024 compared to fiscal 2023 can be found in Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations," in our Annual Report on the Form 10-K for the fiscal year ended September 28, 2024, which was filed with the SEC on November 15, 2024, and is available on the SEC's website at www.sec.gov as well as our Investor Relations website at www.plexus.com. However, such discussion is not incorporated by reference into, and does not constitute a part of this Annual Report on Form 10-K.

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**RESULTS OF OPERATIONS**

***Consolidated Performance Summary.*** The following table presents selected consolidated financial data for the indicated fiscal years (dollars in millions, except per share data):

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| | | |
|:---|:---|:---|
| | 2025 | 2024 |
| Net sales | $4033.0 | $3960.8 |
| Cost of sales | 3626.5 | 3582.3 |
| Gross profit | 406.5 | 378.5 |
| Gross margin | 10.1% | 9.6% |
| Operating income | 202.4 | 167.7 |
| Operating margin | 5.0% | 4.2% |
| Other expense | 14.4 | 38.2 |
| Income tax expense | 15.1 | 17.7 |
| Net income | 172.9 | 111.8 |
| Diluted earnings per share | $6.26 | $4.01 |
| Return on invested capital\* | 14.6% | 11.8% |
| Economic return\* | 5.7% | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;\*Non-GAAP metric; refer to "Return on Invested Capital ("ROIC") and economic return" below and Exhibit 99.1 for more information. | &nbsp;&nbsp;&nbsp;&nbsp;\*Non-GAAP metric; refer to "Return on Invested Capital ("ROIC") and economic return" below and Exhibit 99.1 for more information. | &nbsp;&nbsp;&nbsp;&nbsp;\*Non-GAAP metric; refer to "Return on Invested Capital ("ROIC") and economic return" below and Exhibit 99.1 for more information. |

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***Net sales.*** Fiscal 2025 net sales increased $72.2 million, or 1.8%, as compared to fiscal 2024.

Net sales are analyzed by management by geographic segment, which reflects our reportable segments, and by market sector. Management measures operational performance and allocates resources on a geographic segment basis. Our global business development strategy is based on our targeted market sectors.

In the first quarter of fiscal 2025, we changed internal management reporting to focus on value-add sales in each region and adjusted the allocation of certain corporate costs among reportable segments. These changes have been implemented and are consistent with what was provided to the Chief Operating Decision Maker ("CODM"). Our composition of operating segments and reportable segments did not change. Net sales and operating income for our three reportable segments for the current period and comparative periods presented have been recast to conform to those changes. These changes had no effect on our consolidated net sales, operating income or net income for the current or comparative periods.

As a percentage of consolidated net sales, no customer accounted for over 10.0% or more of consolidated net sales in fiscal 2025 or 2024. Our 10 largest customers accounted for 49.1% and 47.8% of our net sales in fiscal 2025 and 2024, respectively.

A discussion of net sales by reportable segment is presented below for the indicated fiscal years (in millions):

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| | | |
|:---|:---|:---|
| | 2025 | 2024 |
| Net sales: |  |  |
| &nbsp;&nbsp;&nbsp;AMER | $1216.3 | $1219.2 |
| &nbsp;&nbsp;&nbsp;APAC | 2392.9 | 2213.3 |
| &nbsp;&nbsp;&nbsp;EMEA | 440.0 | 538.1 |
| &nbsp;&nbsp;&nbsp;Elimination of inter-segment sales | (16.2) | (9.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net sales | $4033.0 | $3960.8 |

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***AMER.*** Net sales for fiscal 2025 in the AMER segment decreased $2.9 million, or 0.2%, as compared to fiscal 2024. The decrease in net sales was driven by overall net decreased customer end-market demand, a decrease of $54.1 million due to disengagements with customers and a decrease of $13.9 million due to the discontinuation of a program with an existing customer. The decrease was partially offset by an increase of $71.4 million due to production ramps of new products for existing customers and an increase of $10.5 million due to production ramps for new customers.

***APAC.*** Net sales for fiscal 2025 in the APAC segment increased $179.6 million, or 8.1%, as compared to fiscal 2024. The increase in net sales was driven by an increase of $103.1 million due to production ramps of new products for existing

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customers and overall net increased customer end-market demand. The increase was partially offset by a decrease of $12.6 million due to disengagements with customers.

***EMEA.*** Net sales for fiscal 2025 in the EMEA segment decreased $98.1 million, or 18.2%, as compared to fiscal 2024. The decrease in net sales was driven by overall net decreased customer end-market demand and a decrease of $21.0 million due to disengagements with customers.

Our net sales by market sector for the indicated fiscal years were as follows (in millions):

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| | | |
|:---|:---|:---|
| | 2025 | 2024 |
| Net sales: |  |  |
| &nbsp;&nbsp;&nbsp;Aerospace/Defense | $688.5 | $698.5 |
| &nbsp;&nbsp;&nbsp;Healthcare/Life Sciences | 1629.3 | 1554.8 |
| &nbsp;&nbsp;&nbsp;Industrial | 1715.2 | 1707.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net sales | $4033.0 | $3960.8 |

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***Aerospace/Defense*.** Net sales for fiscal 2025 in the Aerospace/Defense sector decreased $10.0 million, or 1.4%, as compared to fiscal 2024. The decrease in net sales was driven by a decrease of $23.6 million due to disengagements with customers, a decrease of $13.9 million due to the discontinuation of a program with an existing customer and overall net decreased customer end-market demand. The decrease was partially offset by an increase of $44.4 million due to production ramps of new products for existing customers.

***Healthcare/Life Sciences*.** Net sales for fiscal 2025 in the Healthcare/Life Sciences sector increased $74.5 million, or 4.8%, as compared to fiscal 2024. The increase in net sales was driven by an increase of $112.8 million in production ramps of new products for existing customers. The increase was partially offset by a decrease of $25.9 million due to disengagements with customers and overall net decreased customer end-market demand.

***Industrial.*** Net sales for fiscal 2025 in the Industrial sector increased $7.7 million, or 0.5%, as compared to fiscal 2024. The increase in net sales was driven by overall net increased customer end-market demand, an increase of $15.1 million in production ramps of new products for existing customers and an increase of $10.5 million due to production ramps for new customers. The increase was partially offset by a decrease of $38.9 million due to disengagements with customers.

***Cost of sales.*** Cost of sales for fiscal 2025 increased $44.2 million, or 1.2%, as compared to fiscal 2024. Cost of sales is comprised primarily of material and component costs, labor costs and overhead. In both fiscal 2025 and 2024, approximately 89% of the total cost of sales was variable in nature and fluctuated with sales volumes. Approximately 87% of these costs were related to material and component costs.

As compared to fiscal 2024, the increase in cost of sales in fiscal 2025 was primarily driven by an increase in net sales, partially offset by a positive shift in customer mix and a decrease in fixed costs resulting from progress on operational efficiency initiatives.

***Gross profit.*** Gross profit for fiscal 2025 increased $28.0 million, or 7.4%, as compared to fiscal 2024. Gross margin of 10.1% increased 50 basis points compared to fiscal 2024. The primary drivers of the increase in gross profit and gross margin as compared to fiscal 2024 were a positive shift in customer mix as well as lower costs resulting from operational efficiencies and prior restructuring activities.

***Operating income.*** Operating income for fiscal 2025 increased $34.7 million, or 20.7%, as compared to fiscal 2024. Operating margin of 5.0% increased 80 basis points compared to fiscal 2024. The primary drivers of the increase in operating income and operating margin as compared to fiscal 2024 were the increase in gross profit and gross margin as well as a decrease of $15.6 million in restructuring and other charges. The restructuring and other charges for fiscal 2025 primarily consisted of severance costs associated with a reduction in our workforce in the EMEA and AMER regions. The restructuring and other charges for fiscal 2024 consisted of employee severance costs associated with a reduction in our workforce as well as closure costs associated with sites in our AMER and EMEA regions, partially offset by insurance proceeds received in an arbitration decision regarding a contractual matter that took place in the our EMEA region in fiscal 2023. The increases in operating income were partially offset by an increase of $8.9 million in selling and administrative expenses ("S&A"). The increase in S&A was primarily due to an increase in compensation costs.

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A discussion of operating income by reportable segment for the indicated fiscal years is presented below (in millions):

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| | | |
|:---|:---|:---|
| | 2025 | 2024 |
| Operating income: |  |  |
| &nbsp;&nbsp;&nbsp;AMER | $100.5 | $83.7 |
| &nbsp;&nbsp;&nbsp;APAC | 337.7 | 313.2 |
| &nbsp;&nbsp;&nbsp;EMEA | 21.3 | 31.0 |
| &nbsp;&nbsp;&nbsp;Corporate and other costs | (257.1) | (260.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating income | $202.4 | $167.7 |

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***AMER.*** Operating income increased $16.8 million in fiscal 2025 as compared to fiscal 2024, primarily as a result of a decrease in fixed costs resulting from progress on operational efficiency initiatives and a positive shift in customer mix, partially offset by a decrease in net sales.

***APAC.*** Operating income increased $24.5 million in fiscal 2025 as compared to fiscal 2024, primarily as a result of an increase in net sales and a positive shift in customer mix, partially offset by an increase in fixed costs and an increase in S&A.

***EMEA.*** Operating income decreased $9.7 million in fiscal 2025 as compared to fiscal 2024, primarily as a result of a decrease in net sales and an increase in S&A, partially offset by a decrease in fixed costs and a positive shift in customer mix.

***Other expense.*** Other expense for fiscal 2025 decreased $23.8 million as compared to fiscal 2024. The decrease in other expense for fiscal 2025 was primarily driven by a decrease in interest expense of $17.3 million due to lower borrowings on our credit facility, a decrease of $3.2 million in factoring fees and a decrease in foreign exchange losses of $3.2 million.

***Income taxes.*** Income tax expense for fiscal 2025 was $15.1 million compared to $17.7 million for fiscal 2024. The decrease was primarily due to an increase in discrete tax benefits and the geographic distribution of worldwide earnings, partially offset by an increase in pre-tax book income. During fiscal 2025, we released a state valuation allowance of $3.3 million due to a tax law change and released tax reserves of $4.9 million following the closure of the statute of limitations.

Our annual effective tax rate varies from the U.S. statutory rate of 21.0% primarily due to the geographic distribution of worldwide earnings as well as a tax holiday granted to a subsidiary located in the APAC segment where we derive a significant portion of our earnings. Our effective tax rate may also be impacted by disputes with taxing authorities, tax planning activities, adjustments to uncertain tax positions and changes in valuation allowances.

We have been granted a tax holiday for a foreign subsidiary operating in the APAC segment. This tax holiday will expire on December 31, 2034, and is subject to certain conditions. In fiscal 2025 and 2024, the holiday resulted in tax reductions, net of the impact of the GILTI provisions of the U.S. Tax Cuts and Jobs Act, of approximately $43.1 million ($1.59 per basic share, $1.56 per diluted share) and $37.3 million ($1.36 per basic share, $1.34 per diluted share), respectively.

See also Note 6, "Income Taxes," in Notes to Consolidated Financial Statements for additional information regarding our tax rate.

The annual effective tax rate for fiscal 2026 is expected to be approximately 17.0% to 19.0% assuming no changes to tax laws.

***Net income.*** Net income for fiscal 2025 increased $61.1 million, or 54.7%, from fiscal 2024 to $172.9 million. Net income increased primarily as a result of the increase in operating income, the decrease in other expense and the decrease in tax expense as previously discussed.

***Diluted earnings per share.*** Diluted earnings per share increased to $6.26 in fiscal 2025 from $4.01 in fiscal 2024, primarily as a result of increased net income due to the factors discussed above.

***Return on Invested Capital ("ROIC") and economic return.*** We use a financial model that is aligned with our business strategy and includes an ROIC goal of 15% which would exceed our weighted average cost of capital ("WACC") by more than 500 basis points and represent positive economic return. Economic return is the amount our ROIC exceeds our WACC.

Non-GAAP financial measures, including ROIC and economic return, are used for internal management goals and decision making because such measures provide management and investors additional insight into financial performance. In particular, we provide ROIC and economic return because we believe they offer insight into the metrics that are driving management decisions. We view ROIC and economic return as important measures in evaluating the efficiency and effectiveness of our long-term capital investments. We also use ROIC as a performance criteria in determining certain elements of compensation as well as economic return performance.

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We define ROIC as tax-effected operating income before restructuring and other charges divided by average invested capital over a rolling five-quarter period for the fiscal year. Invested capital is defined as equity plus debt and operating lease liabilities, less cash and cash equivalents. Other companies may not define or calculate ROIC in the same way. ROIC and other non-GAAP financial measures should be considered in addition to, not as a substitute for, measures of our financial performance prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP").

We review our internal calculation of WACC annually. Our WACC was 8.9% for fiscal 2025 and 8.2% for fiscal 2024. By exercising discipline to generate ROIC in excess of our WACC, our goal is to create value for our shareholders. Fiscal 2025 ROIC of 14.6% reflects an economic return of 5.7%, based on our weighted average cost of capital of 8.9%, and fiscal 2024 ROIC of 11.8% reflects an economic return of 3.6%, based on our weighted average cost of capital of 8.2%.

For a reconciliation of ROIC, economic return and adjusted operating income (tax-effected) to our financial statements that were prepared using U.S. GAAP, see Exhibit 99.1 to this annual report on Form 10-K, which exhibit is incorporated herein by reference.

Refer to the table below, which includes the calculation of ROIC and economic return for the indicated fiscal years (dollars in millions):

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| | | | |
|:---|:---|:---|:---|
| | 2025 | 2024 | 2024 |
| Adjusted operating income (tax-effected) | $190.5 | $| 168.0 |
| Average invested capital | 1303.6 | 1418.7 | 1418.7 |
| After-tax ROIC | 14.6% | 11.8 | 11.8% |
| WACC | 8.9% | 8.2% | 8.2% |
| Economic return | 5.7% | 3.6 | 3.6% |

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**LIQUIDITY AND CAPITAL RESOURCES**

Cash and cash equivalents and restricted cash were $306.8 million as of September 27, 2025, as compared to $347.5 million as of September 28, 2024.

As of September 27, 2025, 85% of our cash and cash equivalents balance was held outside of the U.S. by our foreign subsidiaries. Based on current expectations, we believe that our projected cash flows provided by operations, available cash and cash equivalents, potential borrowings under the Credit Facility, and our leasing capabilities should be sufficient to meet our working capital and fixed capital requirements, as well as execute our share repurchase authorization as management deems appropriate, for the next twelve months.

Our future cash flows from operating activities will be reduced by $16.5 million due to cash payments for U.S. federal taxes on the deemed repatriation of undistributed foreign earnings that are payable over an eight year period that began in fiscal 2019 and will end in fiscal 2026.

***Cash Flows.*** The following table provides a summary of cash flows for fiscal 2025 and 2024 (in millions):

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| | | |
|:---|:---|:---|
| | 2025 | 2024 |
| Cash flows provided by operating activities | $249.2 | $436.5 |
| Cash flows used in investing activities | (95.6) | (94.9) |
| Cash flows used in financing activities | (196.4) | (255.6) |
| Effect of exchange rate changes on cash and cash equivalents | 2.1 | 4.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (decrease) increase in cash and cash equivalents and restricted cash | $(40.7) | $90.8 |

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***Operating Activities.*** Cash flows provided by operating activities were $249.2 million for fiscal 2025, as compared to $436.5 million for fiscal 2024. The decrease was primarily due to cash flow improvements (reductions) of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $61.1 million increase in net income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $(177.4) million in inventory cash flows driven by a smaller decrease in inventory in fiscal 2025 as compared to fiscal 2024. We drove significant efforts and initiatives to reduce inventory during fiscal 2024. While still achieving a decrease in inventory from fiscal 2024 to fiscal 2025, we did not experience as significant a reduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $(78.7) million in advanced payments from customers cash flows driven by a larger decrease in advanced payments in fiscal 2025 as compared to fiscal 2024. We disposed greater amounts of aged inventory during fiscal 2025 which resulted in an increase in advanced payments returned to customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $(75.7) million in accounts receivable cash flows driven by timing of shipments and mix of customer payment terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $(51.3) million in contract assets cash flows corresponding to changes in demand from over time customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $(11.2) million in other current and non-current liabilities cash flows primarily driven by lower cash flow benefit of accrued salaries and wages due to the timing of the year-end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $(9.2) million in deferred income taxes driven by an increase in deferred income tax benefit in fiscal 2025 as compared to fiscal 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $129.5 million in accounts payables cash flows primarily driven by the timing of materials procurement and payments to suppliers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $28.0 million in other current and non-current asset cash flows primarily driven by a decrease in prepayments to suppliers in fiscal 2025 as compared to an increase in fiscal 2024.

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The following table provides a summary of cash cycle days for the periods indicated (in days):

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| | | |
|:---|:---|:---|
| | Three Months Ended | Three Months Ended |
| | September 27,<br>2025 | September 28,<br>2024 |
| Days in accounts receivable | 57 | 54 |
| Days in contract assets | 13 | 10 |
| Days in inventory | 118 | 127 |
| Days in accounts payable | (70) | (59) |
| Days in advanced payments | (55) | (68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annualized cash cycle | 63 | 64 |

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We calculate days in accounts receivable and contract assets as each balance sheet item for the respective quarter divided by annualized sales for the respective quarter by day. We calculate days in inventory, accounts payable and advanced payments as each balance sheet line item for the respective quarter divided by annualized cost of sales for the respective quarter by day. We calculate annualized cash cycle as the sum of days in accounts receivable, days in contract assets and days in inventory, less days in accounts payable and days in advanced payments.

As of September 27, 2025, annualized cash cycle days decreased one day compared to September 28, 2024 due to the following:

Days in accounts receivable for the three months ended September 27, 2025 increased three days compared to the three months ended September 28, 2024. The increase is primarily attributable to the timing of customer shipments and payments as well as the mix of customer payment terms.

Days in contract assets for the three months ended September 27, 2025 increased three days compared to the three months ended September 28, 2024. The increase is primarily attributable to a decrease in advanced payments from customers with arrangements requiring revenue to be recognized over time as products are produced.

Days in inventory for the three months ended September 27, 2025 decreased nine days compared to the three months ended September 28, 2024. The decrease is primarily due to inventory reduction efforts as well as lower working capital investments to support our customers. These efforts include improved materials management and timely disposition of aged inventory.

Days in accounts payable for the three months ended September 27, 2025 increased eleven days compared to the three months ended September 28, 2024. The increase is primarily attributable to the timing of materials procurement and payments to suppliers.

Days in advanced payments for the three months ended September 27, 2025 decreased thirteen days compared to the three months ended September 28, 2024. The decrease was primarily attributable to a return of advanced payments to customers in line with lower inventory balances.

***Free Cash Flow.*** We define free cash flow ("FCF"), a non-GAAP financial measure, as cash flows provided by operating activities less capital expenditures. FCF was $154.0 million for fiscal 2025 compared to $341.3 million for fiscal 2024, a decrease of $187.3 million. The decline in FCF was primarily due to significant inventory reduction efforts as well as lower working capital investments in inventory to support our customers in the prior year.

Non-GAAP financial measures, including FCF, are used for internal management assessments because such measures provide additional insight to investors into ongoing financial performance. In particular, we provide FCF because we believe it offers insight into the metrics that are driving management decisions. We view FCF as an important financial metric as it demonstrates our ability to generate cash and can allow us to pursue opportunities that enhance shareholder value. FCF is a non-GAAP financial measure that should be considered in addition to, not as a substitute for, measures of our financial performance prepared in accordance with GAAP.

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A reconciliation of FCF to our financial statements that were prepared using GAAP as follows (in millions):

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| | | |
|:---|:---|:---|
| | 2025 | 2024 |
| Cash flows provided by operating activities | $249.2 | $436.5 |
| Payments for property, plant and equipment | (95.2) | (95.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Free cash flow | $154.0 | $341.3 |

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***Investing Activities.*** Cash flows used in investing activities were $95.6 million for fiscal 2025 compared to $94.9 million for fiscal 2024. The increase in cash used in investing activities was due to a $0.6 million increase in other investing outflows.

We utilized available cash and financing cash flows as the sources for funding our operating requirements during fiscal 2025. We currently estimate capital expenditures for fiscal 2026 will be approximately $90.0 million to $110.0 million to support new program ramps and replace older equipment.

***Financing Activities.*** Cash flows used in financing activities were $196.4 million for fiscal 2025 compared to $255.6 million for fiscal 2024. The decrease was primarily attributable to the overall decrease in net repayments consisting of net repayments on the credit facility of $10.0 million in fiscal 2025 compared to $183.0 million fiscal 2024 as well as repayment, on maturity, of $100.0 million in principal amount of our 4.05% Senior Notes. The overall decrease in net repayments was partially offset by an increase of $9.6 million in cash used to repurchase our common stock.

On August 18, 2022, the Board of Directors approved a share repurchase program under which we were authorized to repurchase up to $50.0 million of our common stock (the "2023 Program"). During fiscal 2024 and 2023, we completed the 2023 Program by repurchasing 59,277 and 425,746 shares under this program for $5.7 million and $40.9 million at an average price of $95.59 and $95.96 per share, respectively.

On January 16, 2024, we announced a share repurchase program authorized by the Board of Directors under which we were authorized to repurchase up to $50.0 million of our common stock (the "2024 Program"). The 2024 Program became effective upon completion of the 2023 Program. During fiscal 2024, we completed the 2024 Program by repurchasing 477,012 shares under this program for $50.0 million at an average price of $104.82 per share.

On August 14, 2024, the Board of Directors approved a share repurchase program under which we were authorized to repurchase up to $50.0 million of our common stock (the "2025 Program"). The 2025 Program became effective upon completion of the 2024 Program. During fiscal 2025, we completed the 2025 Program by repurchasing 362,325 shares under this program for $50.0 million at an average price of $138.00 per share. The fiscal 2025 purchased amounts exclude excise tax on share repurchases of $0.4 million.

On May 14, 2025, the Board of Directors approved a share repurchase program under which we are authorized to repurchase up to $100.0 million of our common stock (the "2026 Program"). The 2026 Program became effective upon completion of the 2025 Program and has no expiration. During fiscal 2025, we repurchased 112,601 shares under this program for $15.0 million at an average price of $132.94 per share. As of September 27, 2025, $85.0 million of authority remained under the 2026 Program.

All shares repurchased under the aforementioned programs were recorded as treasury stock.

On June 15, 2018, we entered into a Note Purchase Agreement (the "2018 NPA") pursuant to which we issued an aggregate of $150.0 million in principal amount of unsecured senior notes, consisting of $100.0 million in principal amount of 4.05% Series A Senior Notes, due on June 15, 2025, and $50.0 million in principal amount of 4.22% Series B Senior Notes, due on June 15, 2028 (collectively, the "2018 Notes"), in a private placement. On June 15, 2025, we repaid, on maturity, $100.0 million in principal amount of our 4.05% Senior Notes.

The 2018 NPA includes customary operational and financial covenants with which we are required to comply, including, among others, maintenance of certain financial ratios such as a total leverage ratio and a minimum interest coverage ratio. As of September 27, 2025, $50.0 million of the 4.22% Series B Senior Notes were outstanding and we were in compliance with the covenants under the 2018 NPA. The remaining 4.22% Series B Senior Notes may be prepaid in whole or in part at any time, subject to payment of a make-whole amount; interest on the notes is payable semiannually.

On June 9, 2022, we refinanced our then-existing senior unsecured revolving credit facility (as amended by that certain Amendment No. 1 to Credit Agreement dated April 29, 2020, the "Prior Credit Facility") by entering into a new 5-year revolving credit facility (collectively with the Prior Credit Facility, referred to as the "Credit Facility"), which expanded the maximum commitment from $350.0 million to $500.0 million and extended the maturity from May 15, 2024 to June 9, 2027. The maximum commitment under the Credit Facility may be further increased to $750.0 million, generally by mutual

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agreement of the lenders and us, subject to certain customary conditions. During fiscal 2025, the highest daily borrowing were $128.0 million; the average daily balance was $46.5 million. We borrowed $477.0 million and repaid $487.0 million of revolving borrowings ("revolving commitment") under the Credit Facility during fiscal 2025. As of September 27, 2025, we were in compliance with all financial covenants relating to the Credit Facility, which are generally consistent with those in the 2018 NPA discussed above. We are required to pay a commitment fee on the daily unused credit facility based on our leverage ratio; the fee was 0.100% as of September 27, 2025.

The Credit Facility and the 2018 NPA allow for the future payment of cash dividends or the repurchase of shares provided that no event of default (including any failure to comply with a financial covenant) exists at the time of, or would be caused by, the dividend payment or the share repurchases. We have not paid cash dividends in the past. However, we evaluate from time to time potential uses of excess cash, which in the future may include share repurchases above those already authorized, a special dividend or recurring dividends.

We have Master Accounts Receivable Purchase Agreements with MUFG Bank, New York Branch (formerly known as The Bank of Tokyo-Mitsubishi UFJ, Ltd.) (the "MUFG RPA"), HSBC Bank (China) Company Limited, Xiamen branch (the "HSBC RPA") and other unaffiliated financial institutions, under which we may elect to sell receivables, at a discount. These facilities are uncommitted facilities. The maximum facility amount under the MUFG RPA as of September 27, 2025 is $340.0 million. The maximum facility amount under the HSBC RPA as of September 27, 2025 is $70.0 million. The MUFG RPA will be automatically extended each year unless any party gives no less than 10 days prior notice that the agreement should not be extended. The terms of the HSBC RPA are generally consistent with the terms of the MUFG RPA previously discussed.

We sold $705.0 million and $854.7 million of trade accounts receivable under these programs during fiscal 2025 and 2024, respectively, in exchange for cash proceeds of $698.1 million and $844.6 million, respectively. As of September 27, 2025 and September 28, 2024, $214.4 million and $220.2 million, respectively, of accounts receivables sold under trade accounts receivable programs and subject to servicing by us remained outstanding and had not yet been collected.

In all cases, the sale discount was recorded within "Miscellaneous, net" in the Consolidated Statements of Comprehensive Income in the period of the sale. For further information regarding the receivable sale programs, see Note 14, "Trade Accounts Receivable Sale Programs," in Notes to Consolidated Financial Statements.

Based on current expectations, we believe that our projected cash flows provided by operations, available cash and cash equivalents, potential borrowings under the Credit Facility and our leasing capabilities should be sufficient to meet our working capital and fixed capital requirements, as well as execution upon our share repurchase authorizations as management deems appropriate, for the next twelve months. We believe our balance sheet is positioned to support the potential future challenges presented by macroeconomic factors including increased working capital requirements associated with longer lead-times for components, increased component and labor costs, and operating inefficiencies due to supply chain constraints. As of the end of fiscal 2025, cash and cash equivalents and restricted cash were $307 million, while debt, finance lease and other financing obligations were $138 million. If our future financing needs increase, then we may need to arrange additional debt or equity financing. Accordingly, we evaluate and consider from time to time various financing alternatives to supplement our financial resources. However, we cannot be assured that we will be able to make any such arrangements on acceptable terms or at all.

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**CONTRACTUAL OBLIGATIONS, COMMITMENTS AND OFF-BALANCE SHEET OBLIGATIONS**

Our disclosures regarding contractual obligations and commercial commitments are located in various parts of our regulatory filings. Information in the following table provides a summary of our contractual obligations and commercial commitments as of September 27, 2025 (dollars in millions):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Payments Due by Fiscal Year | Payments Due by Fiscal Year | Payments Due by Fiscal Year | Payments Due by Fiscal Year | Payments Due by Fiscal Year |
| Contractual Obligations | Total | 2026 | 2027-2028 | 2029-2030 | 2031 and thereafter |
| Debt Obligations (1) | $96.3 | $42.1 | $54.2 | $— | $— |
| Finance Lease Obligations | 107.7 | 8.4 | 24.1 | 10.9 | 64.3 |
| Operating Lease Obligations | 43.1 | 9.5 | 15.0 | 7.6 | 11.0 |
| Purchase Obligations (2) | 1214.4 | 1147.9 | 65.7 | 0.4 | 0.4 |
| Repatriation Tax on Undistributed Foreign Earnings (3) | 16.5 | 16.5 |  |  |  |
| Other Liabilities on the Balance Sheet (4) | 19.7 | 2.1 | 3.2 | 0.7 | 13.7 |
| Other Liabilities not on the Balance Sheet (5) | 9.0 | 4.6 | 1.5 |  | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Contractual Cash Obligations | $1506.7 | $1231.1 | $163.7 | $19.6 | $92.3 |

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1)Debt obligations includes $50.0 million in principal amount of 2018 Notes and $40.0 million of borrowings on the revolving commitment of the Credit Facility, as well as interest.

2)Purchase obligations consist primarily of purchases of inventory and equipment in the ordinary course of business.

3)Repatriation tax on undistributed foreign earnings consists of U.S. federal income taxes on the deemed repatriation of undistributed foreign earnings due to U.S. Tax Reform. Refer to "Liquidity and Capital Resources" above for further detail.

4)Other obligations on the balance sheet included deferred compensation obligations to certain of our former and current executive officers, as well as other key employees, other financing obligations arising from information technology maintenance agreements and asset retirement obligations related to our buildings. We have excluded from the above table the impact of approximately $19.1 million, as of September 27, 2025, related to unrecognized income tax benefits. We cannot make reliable estimates of the future cash flows by period related to these obligations.

5)Other obligations not on the balance sheet consist of guarantees and a commitment for salary continuation and certain benefits in the event employment of one executive officer is terminated without cause. Excluded from the amounts disclosed are certain bonus and incentive compensation amounts, which would be paid on a prorated basis in the year of termination.

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**DISCLOSURE ABOUT CRITICAL ACCOUNTING ESTIMATES**

Our accounting policies are disclosed in Note 1 "Description of Business and Significant Accounting Policies" of Notes to Consolidated Financial Statements. During fiscal 2025 there were no material changes to these policies. Our critical accounting estimates are described below:

*Revenue Recognition:* Revenue is recognized over time for arrangements with customers for which: (i) our performance does not create an asset with an alternative use to us, and (ii) we have an enforceable right to payment, including reasonable profit margin, for performance completed to date. If either of the two conditions noted above are not met to recognize revenue over time, revenue is recognized following the transfer of control of such products to the customer, which typically occurs upon shipment or delivery depending on the terms of the underlying arrangement.

For contracts requiring over time revenue recognition, we calculate the revenue to recognize using the costs incurred to date plus a reasonable profit margin. We use historical information to estimate the profit margin associated with the performance obligation that is satisfied over time. We reevaluate our estimate of profit margins on a quarterly basis. While experience has shown that trends in profit margins are not volatile, changes in pricing or cost efficiencies could create significant fluctuations for certain performance obligations. As actual experience becomes available, we use the data to update the historical averages and compare the results to estimates. Based on review of profits margins we update our estimate to the model as necessary.

See Note 15 "Revenue from Contracts with Customers" of Notes to Consolidated Financial Statements for further information on our revenue recognition policies.

*Income Taxes:* Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. We maintain valuation allowances when it is more likely than not that all or a portion of a deferred tax asset will not be realized. In determining whether a valuation allowance is required, we take into account such factors as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Prior earnings history*. A pattern of recent financial reporting losses in a jurisdiction is heavily weighted as a source of negative evidence. We also consider the strength and trend of earnings, as well as other relevant factors. In certain circumstances, historical earnings may not be as relevant due to changes in our business operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Expected future earnings.* Future reversals of existing temporary differences are heavily weighted sources of objectively verifiable positive evidence. Projections of future taxable income exclusive of reversing temporary differences are an additional source of positive evidence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Tax planning strategies*. If necessary and available, tax planning strategies would be implemented to accelerate taxable amounts to utilize expiring carryforwards. These strategies would be a source of additional positive evidence.

See Note 6 "Income Taxes" of Notes to Consolidated Financial Statements for further information on our income tax policies.

**NEW ACCOUNTING PRONOUNCEMENTS**

See Note 1, "Description of Business and Significant Accounting Policies," in Notes to Consolidated Financial Statements regarding recent accounting pronouncements.

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**ITEM 7A.&nbsp;&nbsp;&nbsp;&nbsp;QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

We are exposed to market risk from changes in foreign exchange and interest rates. We selectively use financial instruments to reduce such risks. We do not use derivative financial instruments for speculative purposes.

**Foreign Currency Risk**

Our international operations create potential foreign exchange risk. Our policy is to selectively hedge our foreign currency denominated transactions in a manner that partially offsets the effects of changes in foreign currency exchange rates. We typically use foreign currency contracts to hedge only those currency exposures associated with certain assets and liabilities denominated in non-functional currencies. Corresponding gains and losses on the underlying transaction generally offset the gains and losses on these foreign currency hedges. We cannot predict changes in currency rates, nor the degree to which we will be able to manage the impacts of currency exchange rate changes. Such changes could have a material effect on our business, results of operations and financial condition.

Our percentages of transactions denominated in currencies other than the U.S. dollar for the indicated fiscal years were as follows:

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| | | |
|:---|:---|:---|
| | 2025 | 2024 |
| Net Sales | 10% | 11% |
| Total Costs | 17% | 17% |

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We have evaluated the potential foreign currency exchange rate risk on transactions denominated in currencies other than the U.S. dollar for the periods presented above. Based on our overall currency exposure, as of September 27, 2025, a 10.0% change in the value of the U.S. dollar relative to our other transactional currencies would not have a material effect on our financial position, results of operations, or cash flows.

**Interest Rate Risk**

We have financial instruments, including cash equivalents and debt, which are sensitive to changes in interest rates. The primary objective of our investment activities is to preserve principal while maximizing yields without significantly increasing market risk. To achieve this, we limit the amount of principal exposure to any one issuer.

As of September 27, 2025, our only material interest rate risk was associated with our Credit Facility. Borrowings under the Credit Facility bear interest, at the Company's option, at (a)(1) for borrowings denominated in U.S. dollars, the Term Secured Overnight Financing Rate ("SOFR"), (2) for borrowings denominated in pounds sterling, the Daily Simple Risk-Free Rate, plus, in each case of (a)(1) and (2), 10 basis points, (b) for borrowings denominated in euros, the EURIBOR Rate plus a statutory reserve rate, or (c) an Alternate Base Rate equal to the highest of (i) 100 basis points per annum, (ii) the prime rate last quoted by The Wall Street Journal (or, if not quoted, as otherwise provided in the Credit Facility), (iii) the greater of the federal funds effective rate and the overnight bank funding rate in effect on such day plus, in each case, 50 basis points per annum (or, if neither are available, as otherwise provided in the Credit Facility), and (iv) Term SOFR for a one month interest period on such day plus 110 basis points, plus, in each case of (a), (b), and (c), an applicable interest rate margin based on the Company's then current consolidated total indebtedness (minus certain unrestricted cash and cash equivalents in an amount not to exceed $100 million) to consolidated EBITDA. As of September 27, 2025, the borrowing rate under the Credit Facility was SOFR plus 1.00%. Borrowings under the 2018 NPA are based on a fixed interest rate, thus mitigating much of our interest rate risk. Based on our overall interest rate exposure, as of September 27, 2025, a 10.0% change in interest rates would not have a material effect on our financial position, results of operations, or cash flows.

------

<u>[**Table of Contents**](#iba83099e9c4f4262af0eb68012d3b882_7)</u>

**ITEM 8.&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA**

**PLEXUS CORP.**

**List of Financial Statements and Financial Statement Schedule**

**September 27, 2025**

---

| | |
|:---|:---|
| **<u>Contents</u>** | **Pages** |
| <u>[Report of Independent Registered Public Accounting Firm](#iba83099e9c4f4262af0eb68012d3b882_70)</u> | <u>[40](#iba83099e9c4f4262af0eb68012d3b882_70)</u> |
| Consolidated Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Comprehensive Income for the fiscal years ended](#iba83099e9c4f4262af0eb68012d3b882_76)[September 27, 2025,](#iba83099e9c4f4262af0eb68012d3b882_76)[September 28, 2024,](#iba83099e9c4f4262af0eb68012d3b882_76)[and](#iba83099e9c4f4262af0eb68012d3b882_76)[September 30, 2023](#iba83099e9c4f4262af0eb68012d3b882_76)</u> | <u>[42](#iba83099e9c4f4262af0eb68012d3b882_76)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Balance Sheets as of September 27, 2025 and September 28, 2024](#iba83099e9c4f4262af0eb68012d3b882_79)</u> | <u>[43](#iba83099e9c4f4262af0eb68012d3b882_79)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Shareholders' Equity for the fiscal years ended](#iba83099e9c4f4262af0eb68012d3b882_82)[September 27, 2025, September 28, 2024, and September 30, 2023](#iba83099e9c4f4262af0eb68012d3b882_76)</u> | <u>[44](#iba83099e9c4f4262af0eb68012d3b882_82)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Cash Flows for the fiscal years ended](#iba83099e9c4f4262af0eb68012d3b882_85)[September 27, 2025, September 28, 2024, and September 30, 2023](#iba83099e9c4f4262af0eb68012d3b882_76)</u> | <u>[45](#iba83099e9c4f4262af0eb68012d3b882_85)</u> |
| <u>[Notes to Consolidated Financial Statements](#iba83099e9c4f4262af0eb68012d3b882_88)</u> | <u>[46](#iba83099e9c4f4262af0eb68012d3b882_88)</u> |
| Financial Statement Schedule: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Schedule II - Valuation and Qualifying Accounts for the fiscal years ended](#iba83099e9c4f4262af0eb68012d3b882_178)[September 27, 2025, September 28, 2024, and September 30, 2023](#iba83099e9c4f4262af0eb68012d3b882_76)</u> | <u>[78](#iba83099e9c4f4262af0eb68012d3b882_178)</u> |

---

NOTE: All other financial statement schedules are omitted because they are not applicable or the required information is included in the Consolidated Financial Statements or notes thereto.

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<u>[**Table of Contents**](#iba83099e9c4f4262af0eb68012d3b882_7)</u>

**Report of Independent Registered Public Accounting Firm**

To the Board of Directors and Shareholders of Plexus Corp.

***Opinions on the Financial Statements and Internal Control over Financial Reporting***

We have audited the accompanying consolidated balance sheets of Plexus Corp. and its subsidiaries (the "Company") as of September 27, 2025 and September 28, 2024, and the related consolidated statements of comprehensive income, of shareholders' equity and of cash flows for each of the three years in the period ended September 27, 2025, including the related notes and financial statement schedule listed in the accompanying index (collectively referred to as the "consolidated financial statements"). We also have audited the Company's internal control over financial reporting as of September 27, 2025, based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of September 27, 2025 and September 28, 2024, and the results of its operations and its cash flows for each of the three years in the period ended September 27, 2025 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of September 27, 2025, based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the COSO.

***Basis for Opinions***

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management's Annual Report on Internal Control Over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Company's consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

***Definition and Limitations of Internal Control over Financial Reporting***

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

------

<u>[**Table of Contents**](#iba83099e9c4f4262af0eb68012d3b882_7)</u>

***Critical Audit Matters***

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

*Revenue Recognition*

As described in Notes 1 and 15 to the consolidated financial statements, the Company's net sales were $4.0 billion for the year ended September 27, 2025. The Company's revenue is recognized over time for arrangements with customers for which: (i) the Company's performance does not create an asset with an alternative use to the Company, and (ii) the Company has an enforceable right to payment, including reasonable profit margin, for performance completed to date. Revenue recognized over time is estimated based on costs incurred to date plus a reasonable profit margin. If either of the two conditions are not met to recognize revenue over time, revenue is recognized following the transfer of control of such products to the customer, which typically occurs upon shipment or delivery depending on the terms of the underlying arrangement.

The principal consideration for our determination that performing procedures relating to revenue recognition is a critical audit matter is a high degree of auditor effort in performing procedures related to the Company's revenue recognition.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the revenue recognition process. These procedures also included, among others (i) testing the completeness, accuracy, and occurrence of revenue recognized for a sample of revenue transactions by obtaining and inspecting source documents, such as purchase orders, invoices, proof of shipment, and cash receipts; (ii) confirming a sample of outstanding customer invoice balances as of September 27, 2025, and for confirmations not returned, obtaining and inspecting source documents, such as purchase orders, invoices, proof of shipment, and subsequent cash receipts; (iii) testing the accuracy and timing of revenue recognized as of period end for a sample of arrangements with customers that meet the conditions for over time revenue recognition by obtaining and inspecting source documents, such as master services agreements, purchase orders, inventory balances as of period end, and estimated profit margin support which includes historical results; and (iv) testing the completeness and accuracy of the data used by management to calculate the revenue recognized over time.

/s/ PricewaterhouseCoopers LLP

Milwaukee, Wisconsin

November 14, 2025

We have served as the Company's auditor since at least 1985. We have not been able to determine the specific year we began serving as auditor of the Company.

------

<u>[**Table of Contents**](#iba83099e9c4f4262af0eb68012d3b882_7)</u>

**PLEXUS CORP. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME**

**for the fiscal years ended September 27, 2025, September 28, 2024 and September 30, 2023** 

**(in thousands, except per share data)**

---

| | | | |
|:---|:---|:---|:---|
| | 2025 | 2024 | 2023 |
| Net sales | $4032966 | $3960827 | $4210305 |
| Cost of sales | 3626452 | 3582297 | 3815751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 406514 | 378530 | 394554 |
| Selling and administrative expenses | 199460 | 190541 | 175640 |
| Restructuring and other charges, net | 4683 | 20257 | 23094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income | 202371 | 167732 | 195820 |
| Other income (expense): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (11605) | (28876) | (31542) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 3922 | 3860 | 3138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous, net | (6670) | (13184) | (6403) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | 188018 | 129532 | 161013 |
| Income tax expense | 15133 | 17717 | 21919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $172885 | $111815 | $139094 |
| Earnings per share: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $6.39 | $4.08 | $5.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $6.26 | $4.01 | $4.95 |
| Weighted average shares outstanding: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 27038 | 27397 | 27582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 27616 | 27909 | 28114 |
| Comprehensive income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $172885 | $111815 | $139094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative instrument and other fair value adjustments | (1364) | 15936 | 1197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation adjustments | 8561 | 19008 | 10501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income | 7197 | 34944 | 11698 |
| Total comprehensive income | $180082 | $146759 | $150792 |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

------

<u>[**Table of Contents**](#iba83099e9c4f4262af0eb68012d3b882_7)</u>

**PLEXUS CORP. AND SUBSIDIARIES**

**CONSOLIDATED BALANCE SHEETS**

**as of September 27, 2025 and September 28, 2024**

**(in thousands, except per share data)**

---

| | | |
|:---|:---|:---|
| | 2025 | 2024 |
| **ASSETS** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $306464 | $345109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 294 | 2353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of allowances of $2,381 and $3,189, respectively | 656573 | 622366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract assets | 150654 | 120560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 1229839 | 1311434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other | 54969 | 75328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 2398793 | 2477150 |
| Property, plant and equipment, net | 546052 | 501112 |
| Operating lease right-of-use assets | 72863 | 74360 |
| Deferred income taxes | 91349 | 73919 |
| Other assets | 28053 | 27280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-current assets | 738317 | 676671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $3137110 | $3153821 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current portion of long-term debt and finance lease obligations | $45793 | $157325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 726597 | 606378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced payments from customers | 575850 | 709152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued salaries and wages | 109076 | 94448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accrued liabilities | 61367 | 75991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 1518683 | 1643294 |
| Long-term debt and finance lease obligations, net of current portion | 91987 | 89993 |
| Accrued income taxes payable |  | 17198 |
| Long-term operating lease liabilities | 29422 | 32275 |
| Deferred income taxes | 6000 | 8234 |
| Other liabilities | 36430 | 38002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-current liabilities | 163839 | 185702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1682522 | 1828996 |
| Commitments and contingencies |  |  |
| Shareholders' equity: |  |  |
| &nbsp;&nbsp;Preferred stock, $0.01 par value, 5,000 shares authorized, none issued or outstanding |  |  |
| &nbsp;&nbsp;Common stock, $0.01 par value, 200,000 shares authorized, 54,670 and 54,489 shares issued, respectively, and 26,828 and 27,122 shares outstanding, respectively | 547 | 545 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 695653 | 680638 |
| &nbsp;&nbsp;Common stock held in treasury, at cost, 27,842 and 27,367 shares, respectively | (1255451) | (1190115) |
| &nbsp;&nbsp;&nbsp;Retained earnings | 1996028 | 1823143 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 17811 | 10614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 1454588 | 1324825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $3137110 | $3153821 |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

------

<u>[**Table of Contents**](#iba83099e9c4f4262af0eb68012d3b882_7)</u>

**PLEXUS CORP. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY**

**for the fiscal years ended September 27, 2025, September 28, 2024 and September 30, 2023** 

**(in thousands)**

---

| | | | |
|:---|:---|:---|:---|
| | 2025 | 2024 | 2023 |
| **Common stock - shares outstanding** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 27122 | 27466 | 27679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise of stock options and vesting of other share-based awards | 181 | 192 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury shares purchased | (475) | (536) | (425) |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | 26828 | 27122 | 27466 |
| Total stockholders' equity, beginning of period | $1324825 | $1214382 | $1095731 |
| **Common stock - par value** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 545 | 543 | 541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise of stock options and vesting of other share-based awards | 2 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | 547 | 545 | 543 |
| **Additional paid-in capital** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 680638 | 661270 | 652467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | 30268 | 30314 | 21300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise of stock options and vesting of other share-based awards, including tax withholding | (15253) | (10946) | (12497) |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | 695653 | 680638 | 661270 |
| **Treasury stock** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | (1190115) | (1134429) | (1093483) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury shares purchased | (65336) | (55686) | (40946) |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | (1255451) | (1190115) | (1134429) |
| **Retained earnings** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 1823143 | 1711328 | 1572234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | 172885 | 111815 | 139094 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | 1996028 | 1823143 | 1711328 |
| **Accumulated other comprehensive income (loss)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 10614 | (24330) | (36028) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income: | 7197 | 34944 | 11698 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | 17811 | 10614 | (24330) |
| Total stockholders' equity, end of period | $1454588 | $1324825 | $1214382 |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

------

<u>[**Table of Contents**](#iba83099e9c4f4262af0eb68012d3b882_7)</u>

**PLEXUS CORP. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**for the fiscal years ended September 27, 2025, September 28, 2024 and September 30, 2023** 

**(in thousands)** 

---

| | | | |
|:---|:---|:---|:---|
| | 2025 | 2024 | 2023 |
| **Cash flows from operating activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income | $172885 | $111815 | $139094 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash flows from operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 77792 | 77847 | 69758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense and related charges | 30268 | 30314 | 21300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset impairment charges |  | 4736 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax benefit | (16300) | (7099) | (22438) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net | (6556) | (5709) | (579) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities, excluding impacts of currency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (30749) | 44995 | 81542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract assets | (29678) | 21652 | (3169) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 84862 | 262266 | 48613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current and non-current assets | 13499 | (14463) | 9162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued income taxes payable | (14663) | (18147) | (5745) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 98644 | (30829) | (170685) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced payments from customers | (134533) | (55865) | (21775) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current and non-current liabilities | 3760 | 14989 | 20744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash flows provided by operating activities | 249231 | 436502 | 165822 |
| **Cash flows from investing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payments for property, plant and equipment | (95264) | (95182) | (104049) |
| &nbsp;&nbsp;&nbsp;Proceeds from insurance |  |  | 10790 |
| &nbsp;&nbsp;&nbsp;Other, net | (347) | 235 | (45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash flows used in investing activities | (95611) | (94947) | (93304) |
| **Cash flows from financing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Borrowings under debt agreements | 477000 | 550500 | 748500 |
| &nbsp;&nbsp;&nbsp;Payments on debt and finance lease obligations | (592817) | (739456) | (787785) |
| &nbsp;&nbsp;&nbsp;Repurchases of common stock | (65336) | (55686) | (40946) |
| &nbsp;&nbsp;&nbsp;Proceeds from exercise of stock options |  | 210 | 8 |
| &nbsp;&nbsp;&nbsp;Payments related to tax withholding for share-based compensation | (15251) | (11154) | (12502) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash flows used in financing activities | (196404) | (255586) | (92725) |
| Effect of exchange rate changes on cash and cash equivalents | 2080 | 4839 | 1391 |
| Net (decrease) increase in cash and cash equivalents and restricted cash | (40704) | 90808 | (18816) |
| Cash and cash equivalents and restricted cash: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 347462 | 256654 | 275470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $306758 | $347462 | $256654 |
| **Supplemental disclosure information:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest paid | $12339 | $29519 | $32785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes paid | $44782 | $46223 | $43568 |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

------

<u>[**Table of Contents**](#iba83099e9c4f4262af0eb68012d3b882_7)</u>

**Plexus Corp.**

**Notes to Consolidated Financial Statements**

**1.&nbsp;&nbsp;&nbsp;&nbsp;Description of Business and Significant Accounting Policies**

*Description of Business:* Plexus Corp. and its subsidiaries (together "Plexus," the "Company," or "we") help create the products that build a better world. Driven by a passion for excellence, we partner with our customers to design, manufacture and service highly complex products in demanding regulatory environments. From life-saving medical devices and mission-critical aerospace and defense products to industrial automation systems and semiconductor capital equipment, our innovative solutions across the lifecycle of a product converge where advanced technology and human impact intersect. We provide these solutions to market-leading as well as disruptive global companies in the Aerospace/Defense, Healthcare/Life Sciences, and Industrial market sectors supported by a global team of over 20,000 members across our 26 facilities in the Americas ("AMER"), Asia-Pacific ("APAC") and Europe, Middle East and Africa ("EMEA") regions.

*Significant Accounting Policies*

*Consolidation Principles and Basis of Presentation:* The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") and include the accounts of Plexus Corp. and its subsidiaries. All intercompany transactions have been eliminated.

The Company's fiscal year ends on the Saturday closest to September 30. The Company also uses a "4-4-5" weekly accounting system for the interim periods in each quarter. Each quarter, therefore, ends on a Saturday at the end of the 4-4-5 period. Periodically, an additional week must be added to the fiscal year to re-align with the Saturday closest to September 30. Fiscal 2025, fiscal 2024 and fiscal 2023 each included 52 weeks.

The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and notes thereto. The full extent to which current global events and economic conditions will impact the Company's business and operating results will depend on future developments that are highly uncertain and cannot be accurately predicted. The Company has considered information available as of the date of issuance of these financial statements and is not aware of any specific events or circumstances that would require an update to its estimates or judgments or a revision of the carrying value of its assets or liabilities. These estimates may change as new events occur and additional information becomes available. Actual results could differ materially from these estimates.

*Cash and Cash Equivalents and Restricted Cash:* Cash equivalents include short-term highly liquid investments and are classified as Level 1 in the fair value hierarchy described below. Cash equivalents of $82.2 million and $60.9 million at September 27, 2025 and September 28, 2024, respectively, consisted primarily of time deposits with initial maturities of less than three months. Restricted cash represents cash received from customers to settle invoices sold under accounts receivable purchase agreements that the Company continues servicing and is contractually required to be set aside. The restrictions will lapse when the cash is remitted to the purchaser of the receivables. Restricted cash is also classified as Level 1 in the fair value hierarchy described below.

*Inventories:* Inventories are valued at the lower of cost or net realizable value. Cost is determined by the first-in, first-out ("FIFO") method. Valuing inventories at the lower of cost or net realizable value requires the use of estimates and judgment. Customers may cancel their orders, change production quantities or delay production for a number of reasons that are beyond the Company's control. Any of these, or certain additional actions, could impact the valuation of inventory. Any actions taken by the Company's customers that could impact the value of its inventory are considered when determining the lower of cost or net realizable value.

In certain instances, in accordance with contractual terms, the Company receives advanced payments from customers to offset inventory risks.

*Property, Plant and Equipment and Depreciation:* Property, plant and equipment is stated at cost and depreciated using the straight-line method over the estimated useful lives of the respective assets. Estimated useful lives for major classes of depreciable assets are generally as follows:

---

| | |
|:---|:---|
| Buildings and improvements | 5-39 years |
| Machinery and equipment | 3-7 years |
| Computer hardware and software | 3-10 years |

---

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<u>[**Table of Contents**](#iba83099e9c4f4262af0eb68012d3b882_7)</u>

**Plexus Corp.**

**Notes to Consolidated Financial Statements**

Certain facilities and equipment held under finance leases are classified as property, plant and equipment and amortized using the straight-line method over the term of the lease and the related obligations are recorded as liabilities. Amortization of assets held under finance leases is included in depreciation expense (see Note 3, "Property, Plant and Equipment") and the financing component of the lease payments is classified as interest expense. Maintenance and repairs are expensed as incurred.

The Company capitalizes significant costs incurred in the acquisition or development of software for internal use. This includes costs of the software, consulting services and compensation costs for employees directly involved in developing internal use computer software.

*Impairment of Long-Lived Assets:* Long-lived assets, including property, plant and equipment, operating lease right-of-use assets and intangible assets with finite lives are reviewed for impairment and written down to fair value when facts and circumstances indicate that the carrying value of long-lived assets or asset groups may not be recoverable through estimated future undiscounted cash flows. If an impairment has occurred, a write-down to estimated fair value is made and the impairment loss is recognized as a charge against current operations. The impairment analysis is based on management's assumptions, including future revenue and cash flow projections. Circumstances that may lead to impairment of property, plant and equipment, operating lease right-of-use assets and intangible assets with finite lives include reduced expectations for future performance or industry demand and possible further restructurings, among others.

*Revenue Recognition:* Revenue is recognized over time for arrangements with customers for which: (i) the Company's performance does not create an asset with an alternative use to the Company, and (ii) the Company has an enforceable right to payment, including reasonable profit margin, for performance completed to date. Revenue recognized over time is estimated based on costs incurred to date plus a reasonable profit margin. If either of the two conditions noted above are not met to recognize revenue over time, revenue is recognized following the transfer of control of such products to the customer, which typically occurs upon shipment or delivery depending on the terms of the underlying arrangement.

The Company recognizes revenue when a contract exists and when, or as, it satisfies a performance obligation by transferring control of a product or service to a customer. Contracts are accounted for when they have approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer.

The Company generally enters into a master services arrangement that establishes the framework under which business will be conducted. These arrangements represent the master terms and conditions of the Company's services that apply to individual orders, but they do not commit the customer to work with, or to continue to work with, the Company nor do they obligate the customer to any specific volume or pricing of purchases. Moreover, these terms can be amended in appropriate situations. Customer purchase orders are received for specific quantities with predominantly fixed pricing and delivery requirements. Thus, for the majority of our contracts, there is no guarantee of any revenue to the Company until a customer submits a purchase order. As a result, the Company generally considers its arrangement with a customer to be the combination of the master services arrangement and the purchase order. Most of the Company's arrangements with customers create a single performance obligation as the promise to transfer the individual manufactured product or service is capable of being distinct.

The Company's performance obligations are satisfied over time as work progresses or at a point in time. A performance obligation is satisfied over time if the Company has an enforceable right to payment, including a reasonable profit margin. Determining if an enforceable right to payment includes a reasonable profit margin requires judgment and is assessed on a contract-by-contract basis.

If an enforceable right to payment for work-in-process does not exist, revenue is recognized following the transfer of control of such products to the customer, which typically occurs upon shipment or delivery depending on the terms of the underlying contract.

For contracts requiring over time revenue recognition, the selection of the method to measure progress toward completion requires judgment and is based on the nature of the products or services to be provided. The Company uses a cost-based input measurement of progress because it best depicts the transfer of assets to the customer, which occurs as costs are incurred during the manufacturing process or as services are rendered. Under the cost-based measure of progress, the extent of progress towards completion is measured based on the costs incurred to date.

Generally, there are no subjective customer acceptance requirements or further obligations related to goods or services provided; if such requirements or obligations exist, then a sale is recognized at the time when such requirements are completed and such obligations are fulfilled.

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<u>[**Table of Contents**](#iba83099e9c4f4262af0eb68012d3b882_7)</u>

**Plexus Corp.**

**Notes to Consolidated Financial Statements**

The Company does not allow for a general right of return. Net sales include amounts billed to customers for shipping and handling and out-of-pocket expenses. The corresponding shipping and handling costs and out-of-pocket expenses are included in cost of sales. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from net sales.

Net sales from engineering design and development services, which are generally performed under contracts with a duration of twelve months or less, are typically recognized as program costs incurred by utilizing the proportional performance model. The completed performance model is used if certain customer acceptance criteria exist. Any losses are recognized when anticipated. Net sales from engineering design and development services were less than 5% of consolidated net sales for each of fiscal 2025, 2024 and 2023.

*Income Taxes:* Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company maintains valuation allowances when it is more likely than not that all or a portion of a deferred tax asset will not be realized. In determining whether a valuation allowance is required, the Company takes into account such factors as prior earnings history, expected future earnings, carryback and carryforward periods, and tax strategies that could potentially enhance the likelihood of the realization of a deferred tax asset.

*Foreign Currency Translation & Transactions:* The Company translates assets and liabilities of subsidiaries operating outside of the U.S. with a functional currency other than the U.S. dollar into U.S. dollars using exchange rates in effect at the relevant balance sheet date and net sales, expenses and cash flows at the average exchange rates during the respective periods. Adjustments resulting from the translation of the financial statements are recorded as a component of "Accumulated other comprehensive income." Exchange gains and losses arising from transactions denominated in a currency other than the functional currency of the entity involved and remeasurement adjustments for foreign operations where the U.S. dollar is the functional currency are included in the Consolidated Statements of Comprehensive Income as a component of "Miscellaneous, net." Exchange losses on foreign currency transactions were $0.2 million, $3.4 million and $1.8 million for fiscal 2025, 2024 and 2023, respectively. These amounts include the amount of gain or loss recognized in income during each fiscal year due to forward currency exchange contracts entered into to hedge recognized assets or liabilities ("non-designated hedges") the Company entered into during each respective year. Refer to Note 5, "Derivatives and Fair Value Measurements," for further details on derivatives.

*Derivatives:* All derivatives are recognized on the balance sheets at fair value. The Company periodically enters into forward currency exchange contracts and interest rate swaps. On the date a derivative contract is entered into, the Company designates the derivative as a non-designated hedge or a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (a "cash flow" hedge). The Company does not enter into derivatives for speculative purposes. Changes in the fair value of non-designated derivatives are recorded in earnings as are the gains or losses related to the hedged asset or liability. Changes in the fair value of a derivative that qualifies as a cash flow hedge are recorded in "Accumulated other comprehensive income" within shareholders' equity until earnings are affected by the variability of cash flows. Certain forward currency exchange contracts are treated as cash flow hedges and, therefore, $(1.0) million, $16.1 million and $1.1 million was recorded in "Accumulated other comprehensive income" for fiscal 2025, 2024 and 2023, respectively. See Note 5, "Derivatives and Fair Value Measurements," for further information.

*Earnings Per Share:* The computation of basic earnings per common share is based upon the weighted average number of common shares outstanding and net income. The computation of diluted earnings per common share reflects additional dilution from share-based awards, excluding any with an antidilutive effect. See Note 7, "Earnings Per Share," for further information.

*Share-based Compensation:* The Company measures all grants of share-based payments to employees, including grants of employee stock options, at fair value and expenses them in the Consolidated Statements of Comprehensive Income over the service period (generally the vesting period) of the grant. See Note 9, "Benefit Plans," for further information.

*Comprehensive Income (Loss):* The Company follows the established standards for reporting comprehensive income (loss), which is defined as the changes in equity of an enterprise except those resulting from shareholder transactions.

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<u>[**Table of Contents**](#iba83099e9c4f4262af0eb68012d3b882_7)</u>

**Plexus Corp.**

**Notes to Consolidated Financial Statements**

Accumulated other comprehensive income consists of the following as of September 27, 2025 and September 28, 2024 (in thousands):

---

| | | |
|:---|:---|:---|
| | 2025 | 2024 |
| Foreign currency translation adjustments | $6967 | $(1594) |
| Cumulative derivative instrument fair value adjustments | 10382 | 11378 |
| Other fair value adjustments | 462 | 830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | $17811 | $10614 |

---

Refer to Note 5, "Derivatives and Fair Value Measurements," for further explanation regarding the change in fair value of derivative instruments that is recorded to "Accumulated other comprehensive income."

*Use of Estimates:* The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

*Fair Value of Financial Instruments:* The Company holds financial instruments consisting of cash and cash equivalents, restricted cash, accounts receivable, certain deferred compensation assets held under trust arrangements, accounts payable, debt, derivatives and finance and operating lease obligations. The carrying values of cash and cash equivalents, restricted cash, accounts receivable, accounts payable and finance and operating lease obligations as reported in the consolidated financial statements approximate fair value. Derivatives and certain deferred compensation assets held under trust arrangements are recorded at fair value. Accounts receivable are reflected at net realizable value based on anticipated losses due to potentially uncollectible balances. Anticipated losses are based on management's analysis of historical losses and changes in customers' credit status. The fair value of the Company's debt excluding finance lease and other financing obligations was $89.0 million and $197.8 million as of September 27, 2025 and September 28, 2024, respectively. The carrying value of the Company's debt was $90.0 million and $200.0 million as of September 27, 2025 and September 28, 2024, respectively. The Company uses quoted market prices when available or discounted cash flows to calculate fair value. If measured at fair value in the financial statements, long-term debt (including the current portion) would be classified as Level 2 in the fair value hierarchy described below. The fair values of the Company's derivatives are disclosed in Note 5, "Derivatives and Fair Value Measurements." The fair values of the deferred compensation assets held under trust arrangements are discussed in Note 9, "Benefit Plans."

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (or exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The accounting guidance establishes a fair value hierarchy based on three levels of inputs that may be used to measure fair value. The input levels are:

Level 1: Quoted (observable) market prices in active markets for identical assets or liabilities.

Level 2: Inputs other than Level 1 that are observable, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability.

Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the asset or liability.

*Business and Credit Concentrations:* Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash, cash equivalents, trade accounts receivable and derivative instruments, specifically related to counterparties. In accordance with the Company's investment policy, the Company's cash, cash equivalents and derivative instruments were placed with recognized financial institutions. The Company's investment policy limits the amount of credit exposure in any one issue and the maturity date of the investment securities that typically comprise investment grade short-term debt instruments. Concentrations of credit risk in accounts receivable resulting from sales to major customers are discussed in Note 11, "Reportable Segments, Geographic Information and Major Customers". The Company, at times, requires cash deposits for services performed. The Company also closely monitors extensions of credit.

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<u>[**Table of Contents**](#iba83099e9c4f4262af0eb68012d3b882_7)</u>

**Plexus Corp.**

**Notes to Consolidated Financial Statements**

*Recently Adopted Accounting Pronouncements:* 

In September 2022, the FASB issued ASU 2022-04 Supplier Finance Programs (Subtopic 405-50), which requires enhanced disclosures about supplier finance programs. The Company adopted this guidance during the first quarter of fiscal 2024 with no material impact to the Company's Consolidated Financial Statements.

In November 2023, the FASB issued ASU 2023-07 Segment Reporting (Topic 280), which requires enhanced disclosures for segment reporting. The Company adopted this guidance during the fourth quarter of fiscal 2025.

*Recently Issued Accounting Pronouncements Not Yet Adopted:* 

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740), which requires enhanced disclosures for income taxes. The guidance is effective for the Company beginning in the first quarter of fiscal 2026. Early adoption is permitted. We are currently evaluating the impact that the updated standard will have on our financial statement disclosures.

In March 2024, the SEC adopted final rules to require registrants to disclose certain climate-related information in registration statements and annual reports. The SEC stayed its climate disclosure rules to facilitate the orderly judicial resolution of pending legal challenges. We are currently evaluating the impacts that the SEC's rule will have on our financial statement disclosures.

In November 2024, the FASB issued ASU 2024-03 Disaggregation of Income Statement Expense (Subtopic 220-40), which requires disaggregated information about certain income statement expense line items. The guidance is effective for the Company beginning in fiscal 2028. Early adoption is permitted. We are currently evaluating the impact that the updated standard will have on our financial statement disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which removes references to project stages, and requires capitalization of software costs to begin when management has authorized and committed to funding the software project, and it is probable that the project will be completed and the software will be used to perform the intended function. The guidance is effective for fiscal years beginning after December 15, 2027, and interim periods within those annual reporting periods. We are currently evaluating the impact the adoption of the standard will have on our financial statement disclosures.

The Company does not believe that any other recently issued accounting standards will have a material impact on its Consolidated Financial Statements or apply to its operations.

**2.&nbsp;&nbsp;&nbsp;&nbsp;Inventories**

Inventories as of September 27, 2025 and September 28, 2024 consisted of the following (in thousands):

---

| | | |
|:---|:---|:---|
| | 2025 | 2024 |
| Raw materials | $1069064 | $1184222 |
| Work-in-process | 57988 | 49513 |
| Finished goods | 102787 | 77699 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total inventories | $1229839 | $1311434 |

---

In certain circumstances, per contractual terms, customer deposits are received by the Company to offset inventory risks. The total amount of customer deposits related to inventory are included within advanced payments from customers on the accompanying Consolidated Balance Sheets. As of September 27, 2025 and September 28, 2024, these customer deposits totaled $413.7 million and $536.2 million, respectively.

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<u>[**Table of Contents**](#iba83099e9c4f4262af0eb68012d3b882_7)</u>

**Plexus Corp.**

**Notes to Consolidated Financial Statements**

**3.&nbsp;&nbsp;&nbsp;&nbsp;Property, Plant and Equipment**

Property, plant and equipment as of September 27, 2025 and September 28, 2024 consisted of the following (in thousands):

---

| | | |
|:---|:---|:---|
| | 2025 | 2024 |
| Land, buildings and improvements | $436166 | $424453 |
| Machinery and equipment | 513352 | 508051 |
| Computer hardware and software | 185778 | 178835 |
| Capital assets in progress | 91366 | 23868 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total property, plant and equipment, gross | 1226662 | 1135207 |
| Less: accumulated depreciation | (680610) | (634095) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total property, plant and equipment, net | $546052 | $501112 |

---

Assets held under finance leases and included in property, plant and equipment as of September 27, 2025 and September 28, 2024 consisted of the following (in thousands):

---

| | | |
|:---|:---|:---|
| | 2025 | 2024 |
| Buildings and improvements | $42337 | $37771 |
| Machinery and equipment | 3964 | 2868 |
| Computer hardware and software | 12883 | 13426 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total property, plant and equipment held under finance leases, gross | 59184 | 54065 |
| Less: accumulated amortization | (23057) | (18212) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total property, plant and equipment held under finance leases, net | $36127 | $35853 |

---

As of September 27, 2025, September 28, 2024 and September 30, 2023, accounts payable included approximately $10.2 million, $29.7 million and $28.9 million, respectively, related to the purchase of property, plant and equipment, which have been treated as non-cash transactions for purposes of the Consolidated Statements of Cash Flows.

**4.**&nbsp;&nbsp;&nbsp;&nbsp;**Debt, Finance Lease and Other Financing Obligations**

Debt and finance lease obligations as of September 27, 2025 and September 28, 2024, consisted of the following (in thousands):

---

| | | |
|:---|:---|:---|
| | 2025 | 2024 |
| 4.05% Senior Notes, due June 15, 2025 | $— | $100000 |
| 4.22% Senior Notes, due June 15, 2028 | 50000 | 50000 |
| Borrowings under the Credit Facility | 40000 | 50000 |
| Finance lease and other financing obligations | 48274 | 48142 |
| Unamortized deferred financing fees | (494) | (824) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total obligations | 137780 | 247318 |
| Less: current portion | (45793) | (157325) |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt, finance lease and other financing obligations, net of current portion | $91987 | $89993 |

---

On June 15, 2018, the Company entered into a Note Purchase Agreement (the "2018 NPA") pursuant to which it issued an aggregate of $150.0 million in principal amount of unsecured senior notes, consisting of $100.0 million in principal amount of 4.05% Series A Senior Notes, due on June 15, 2025, and $50.0 million in principal amount of 4.22% Series B Senior Notes, due on June 15, 2028 (collectively, the "2018 Notes"), in a private placement. On June 15, 2025, the Company repaid, on maturity, $100.0 million in principal amount of its 4.05% Series A Senior Notes.

The 2018 NPA includes customary operational and financial covenants with which the Company is required to comply, including, among others, maintenance of certain financial ratios such as total leverage ratio and a minimum interest coverage

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<u>[**Table of Contents**](#iba83099e9c4f4262af0eb68012d3b882_7)</u>

**Plexus Corp.**

**Notes to Consolidated Financial Statements**

ratio. As of September 27, 2025, $50.0 million of the 4.22% Series B Senior Notes were outstanding and the Company was in compliance with the covenants under the 2018 NPA. The remaining 4.22% Series B Senior Notes may be prepaid in whole or in part at any time, subject to payment of a make-whole amount; interest on the notes is payable semiannually.

On June 9, 2022, the Company refinanced its then-existing senior unsecured revolving credit facility (as amended by that certain Amendment No. 1 to Credit Agreement dated April 29, 2020, the "Prior Credit Facility") by entering into a new 5-year revolving credit facility (collectively with the Prior Credit Facility, referred to as the "Credit Facility"), which expanded the maximum commitment from $350.0 million to $500.0 million and extended the maturity from May 15, 2024 to June 9, 2027. The maximum commitment under the Credit Facility may be further increased to $750.0 million, generally by mutual agreement of the Company and the lenders, subject to certain customary conditions. During fiscal 2025, the highest daily borrowings were $128.0 million; the average daily balance was $46.5 million. The Company borrowed $477.0 million and repaid $487.0 million of revolving borrowings ("revolving commitment") under the Credit Facility during fiscal 2025. As of September 27, 2025, the Company was in compliance with all financial covenants relating to the Credit Facility, which are generally consistent with those in the 2018 NPA discussed above. The Company is required to pay a commitment fee on the daily unused credit facility based on the Company's leverage ratio; the fee was 0.10% as of September 27, 2025.

The aggregate scheduled maturities of the Company's debt obligations as of September 27, 2025, are as follows (in thousands):

---

| | |
|:---|:---|
| 2026 | $40000 |
| 2027 |  |
| 2028 | 50000 |
| 2029 |  |
| 2030 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $90000 |

---

The aggregate scheduled maturities of the Company's finance leases and other financing obligations as of September 27, 2025, are as follows (in thousands):

---

| | |
|:---|:---|
| 2026 | $5793 |
| 2027 | 13954 |
| 2028 | 2581 |
| 2029 | 1223 |
| 2030 | 1213 |
| Thereafter | 23510 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $48274 |

---

The Company's weighted average interest rate on finance lease obligations was 16.4% and 16.7% as of September 27, 2025 and September 28, 2024, respectively.

**5.&nbsp;&nbsp;&nbsp;&nbsp;Derivatives and Fair Value Measurements**

All derivatives are recognized in the accompanying Consolidated Balance Sheets at their estimated fair value. The Company uses derivatives to manage the variability of foreign currency obligations. The Company has cash flow hedges related to forecasted foreign currency obligations, in addition to non-designated hedges to manage foreign currency exposures associated with certain foreign currency denominated assets and liabilities. The Company does not enter into derivatives for speculative purposes.

The Company designates some foreign currency exchange contracts as cash flow hedges of forecasted foreign currency expenses. Changes in the fair value of the derivatives that qualify as cash flow hedges are recorded in "Accumulated other comprehensive income" in the accompanying Consolidated Balance Sheets until earnings are affected by the variability of the cash flows. In the next twelve months, the Company estimates that $10.1 million of unrealized gains, net of tax, related to cash flow hedges will be reclassified from other comprehensive income into earnings. Changes in the fair value of the non-designated derivatives related to recognized foreign currency denominated assets and liabilities are recorded in "Miscellaneous, net" in the accompanying Consolidated Statements of Comprehensive Income.

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<u>[**Table of Contents**](#iba83099e9c4f4262af0eb68012d3b882_7)</u>

**Plexus Corp.**

**Notes to Consolidated Financial Statements**

The Company enters into forward currency exchange contracts for its operations in certain jurisdictions in the AMER and APAC segments on a rolling basis. The Company had cash flow hedges outstanding with a notional value of $249.4 million as of September 27, 2025, and a notional value of $186.5 million as of September 28, 2024. These forward currency contracts fix the exchange rates for the settlement of future foreign currency obligations that have yet to be realized. The total fair value of the forward currency exchange contracts was a $10.1 million asset as of September 27, 2025, and an $11.3 million asset as of September 28, 2024.

The Company had additional forward currency exchange contracts outstanding with a notional value of $172.8 million as of September 27, 2025, and a notional value of $144.0 million as of September 28, 2024. The Company did not designate these derivative instruments as hedging instruments. The net settlement amount (fair value) related to these contracts is recorded on the Consolidated Balance Sheets as either a current or long-term asset or liability, depending on the term, and as an element of "Miscellaneous, net" in the Consolidated Statements of Comprehensive Income. The total fair value of these derivatives was a less than $0.1 million liability as of September 27, 2025, and a $2.7 million asset as of September 28, 2024.

The tables below present information regarding the fair values of derivative instruments (as defined in Note 1, "Description of Business and Significant Accounting Policies") and the effects of derivative instruments on the Company's Consolidated Financial Statements:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fair Values of Derivative Instruments (in thousands)** | **Fair Values of Derivative Instruments (in thousands)** | **Fair Values of Derivative Instruments (in thousands)** | **Fair Values of Derivative Instruments (in thousands)** | **Fair Values of Derivative Instruments (in thousands)** | **Fair Values of Derivative Instruments (in thousands)** | **Fair Values of Derivative Instruments (in thousands)** |
|  | Derivative Assets | Derivative Assets | Derivative Assets | Derivative Liabilities | Derivative Liabilities | Derivative Liabilities |
|  |  | September 27,<br>2025 | September 28,<br>2024 |  | September 27,<br>2025 | September 28,<br>2024 |
| Derivatives designated as hedging instruments | Balance sheet<br>classification | Fair Value | Fair Value | Balance sheet<br>classification | Fair Value | Fair Value |
| Foreign currency forward contracts | Prepaid expenses and other | $10141 | $16294 | Other accrued liabilities | $11 | $5020 |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fair Values of Derivative Instruments (in thousands)** | **Fair Values of Derivative Instruments (in thousands)** | **Fair Values of Derivative Instruments (in thousands)** | **Fair Values of Derivative Instruments (in thousands)** | **Fair Values of Derivative Instruments (in thousands)** | **Fair Values of Derivative Instruments (in thousands)** | **Fair Values of Derivative Instruments (in thousands)** |
|  | Derivative Assets | Derivative Assets | Derivative Assets | Derivative Liabilities | Derivative Liabilities | Derivative Liabilities |
|  |  | September 27,<br>2025 | September 28,<br>2024 |  | September 27,<br>2025 | September 28,<br>2024 |
| Derivatives not designated as hedging instruments | Balance sheet<br>classification | Fair Value | Fair Value | Balance sheet<br>classification | Fair Value | Fair Value |
| Foreign currency forward contracts | Prepaid expenses and other | $579 | $3868 | Other accrued liabilities | $599 | $1125 |

---

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| | | | |
|:---|:---|:---|:---|
| **The Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income ("OCI") (in thousands)** | **The Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income ("OCI") (in thousands)** | **The Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income ("OCI") (in thousands)** | **The Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income ("OCI") (in thousands)** |
| **for the Twelve Months Ended** | **for the Twelve Months Ended** | **for the Twelve Months Ended** | **for the Twelve Months Ended** |
| Derivatives in cash flow hedging relationships | Amount of Gain Recognized in OCI on Derivatives | Amount of Gain Recognized in OCI on Derivatives | Amount of Gain Recognized in OCI on Derivatives |
| Derivatives in cash flow hedging relationships | September 27, 2025 | September 28, 2024 | September 30, 2023 |
| Foreign currency forward contracts | $1832 | $11879 | $2181 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **Derivative Impact on Gain (Loss) Recognized in Consolidated Statements of Comprehensive Income (in thousands)** | **Derivative Impact on Gain (Loss) Recognized in Consolidated Statements of Comprehensive Income (in thousands)** | **Derivative Impact on Gain (Loss) Recognized in Consolidated Statements of Comprehensive Income (in thousands)** | **Derivative Impact on Gain (Loss) Recognized in Consolidated Statements of Comprehensive Income (in thousands)** | **Derivative Impact on Gain (Loss) Recognized in Consolidated Statements of Comprehensive Income (in thousands)** |
| **for the Twelve Months Ended** | **for the Twelve Months Ended** | **for the Twelve Months Ended** | **for the Twelve Months Ended** | **for the Twelve Months Ended** |
| Derivatives in cash flow hedging relationships | Classification of Gain (Loss) Reclassified from Accumulated OCI into Income | Amount of Gain (Loss) Reclassified from Accumulated OCI into Income | Amount of Gain (Loss) Reclassified from Accumulated OCI into Income | Amount of Gain (Loss) Reclassified from Accumulated OCI into Income |
| Derivatives in cash flow hedging relationships | Classification of Gain (Loss) Reclassified from Accumulated OCI into Income | September 27, 2025 | September 28, 2024 | September 30, 2023 |
| Foreign currency forward contracts | Cost of sales | $2769 | $(4142) | $1002 |
| Foreign currency forward contracts | Selling and administrative expenses | 207 | (233) | 127 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Derivatives not designated as hedging instruments | Location of Gain (Loss) Recognized on Derivatives in Income | Amount of Gain (Loss) on Derivatives Recognized in Income | Amount of Gain (Loss) on Derivatives Recognized in Income | Amount of Gain (Loss) on Derivatives Recognized in Income |
| Derivatives not designated as hedging instruments | Location of Gain (Loss) Recognized on Derivatives in Income | September 27, 2025 | September 28, 2024 | September 30, 2023 |
| Foreign currency forward contracts | Miscellaneous, net | $191 | $1949 | $(1285) |

---

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<u>[**Table of Contents**](#iba83099e9c4f4262af0eb68012d3b882_7)</u>

**Plexus Corp.**

**Notes to Consolidated Financial Statements**

*Fair Value Measurements:*

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (or exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The Company uses quoted market prices when available or discounted cash flows to calculate fair value. The accounting guidance establishes a fair value hierarchy based on three levels of inputs that may be used to measure fair value. The input levels are:

Level 1: Quoted (observable) market prices in active markets for identical assets or liabilities.

Level 2: Inputs other than Level 1 that are observable, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability.

Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the asset or liability.

The following table lists the fair values of the Company's derivatives as of September 27, 2025 and September 28, 2024, by input level:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fair Value Measurements Using Input Levels Asset (in thousands)** | **Fair Value Measurements Using Input Levels Asset (in thousands)** | **Fair Value Measurements Using Input Levels Asset (in thousands)** | **Fair Value Measurements Using Input Levels Asset (in thousands)** | **Fair Value Measurements Using Input Levels Asset (in thousands)** |
| Fiscal year ended September 27, 2025 | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forward contracts | $— | $10110 | $— | $10110 |
| Fiscal year ended September 28, 2024 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forward contracts | $— | $14017 | $— | $14017 |

---

The fair value of foreign currency forward contracts is determined using a market approach, which includes obtaining directly or indirectly observable values from third parties active in the relevant markets. Inputs in the fair value of the foreign currency forward contracts include prevailing forward and spot prices for currency.

**6.&nbsp;&nbsp;&nbsp;&nbsp;Income Taxes**

The domestic and foreign components of income (loss) before income tax expense for fiscal 2025, 2024 and 2023 were as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | 2025 | 2024 | 2023 |
| U.S. | $(83155) | $(114757) | $(84557) |
| Foreign | 271173 | 244289 | 245570 |
|  | $188018 | $129532 | $161013 |

---

------

<u>[**Table of Contents**](#iba83099e9c4f4262af0eb68012d3b882_7)</u>

**Plexus Corp.**

**Notes to Consolidated Financial Statements**

Income tax expense (benefit) for fiscal 2025, 2024 and 2023 were as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | 2025 | 2024 | 2023 |
| Current: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal | $886 | $2849 | $24779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State | 589 | (26) | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign | 29958 | 21993 | 19276 |
|  | 31433 | 24816 | 44357 |
| Deferred: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal | (11680) | (9343) | (21098) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State | (4529) | (1045) | (1371) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign | (91) | 3289 | 31 |
|  | (16300) | (7099) | (22438) |
|  | $15133 | $17717 | $21919 |

---

The following is a reconciliation of the federal statutory income tax rate to the effective income tax rates reflected in the Consolidated Statements of Comprehensive Income for fiscal 2025, 2024 and 2023:

---

| | | | |
|:---|:---|:---|:---|
| | 2025 | 2024 | 2023 |
| Federal statutory income tax rate | 21.0% | 21.0% | 21.0% |
| (Decrease) increase resulting from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign tax rate differences | (20.7) | (30.0) | (23.8) |
| &nbsp;&nbsp;&nbsp;Withholding tax on dividends | 3.2 | 6.2 | 1.2 |
| &nbsp;&nbsp;&nbsp;Permanent differences | (0.1) | (1.7) | (1.3) |
| &nbsp;&nbsp;&nbsp;Excess tax benefits related to share-based compensation | (2.1) | (0.8) | (1.1) |
| &nbsp;&nbsp;&nbsp;Global intangible low-taxed income ("GILTI") | 4.8 | 12.8 | 13.1 |
| &nbsp;&nbsp;&nbsp;Audit settlements |  | (0.2) |  |
| &nbsp;&nbsp;&nbsp;Non-deductible compensation | 3.2 | 3.9 | 2.8 |
| &nbsp;&nbsp;&nbsp;Valuation allowances | 1.5 | 2.0 | 3.5 |
| &nbsp;&nbsp;&nbsp;Tax credits, net | (2.2) | (1.8) | (2.1) |
| &nbsp;&nbsp;&nbsp;Other, net | (0.6) | 2.3 | 0.3 |
| Effective income tax rate | 8.0% | 13.7% | 13.6% |

---

The effective tax rate for fiscal 2025 was lower than the effective tax rate for fiscal 2024 primarily due to an increase in discrete tax benefits and the geographic distribution of worldwide earnings. During fiscal 2025, the Company released a state valuation allowance of $3.3 million due to a tax law change and released tax reserves of $4.9 million following the closure of the statute of limitations. The effective tax rate for fiscal 2024 was largely consistent with the effective tax rate for fiscal 2023. During fiscal 2024, the company recognized a benefit of approximately $6.9 million as a result of making a U.S. method change impacting the timing of income recognition for advanced payments. This benefit was largely offset by a $4.0 million withholding tax accrual under the indefinite reinvestment assertion for one of its APAC subsidiaries.

During fiscal 2025, 2024 and 2023, the Company recorded a $2.8 million, $2.7 million and $5.7 million increase to its valuation allowance due to continuing losses in various jurisdictions in all operating segments, respectively.

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<u>[**Table of Contents**](#iba83099e9c4f4262af0eb68012d3b882_7)</u>

**Plexus Corp.**

**Notes to Consolidated Financial Statements**

The components of the net deferred income tax assets as of September 27, 2025 and September 28, 2024, were as follows (in thousands):

---

| | | |
|:---|:---|:---|
| | 2025 | 2024 |
| Deferred income tax assets: |  |  |
| &nbsp;&nbsp;&nbsp;Loss/credit carryforwards | $37418 | $32998 |
| &nbsp;&nbsp;&nbsp;Inventories | 25994 | 17537 |
| &nbsp;&nbsp;&nbsp;Accrued employee benefits | 20048 | 16805 |
| &nbsp;&nbsp;&nbsp;Advanced payments from customers | 30098 | 31445 |
| &nbsp;&nbsp;&nbsp;Lease obligations | 15932 | 16497 |
| &nbsp;&nbsp;&nbsp;Research and development capitalization | 16274 | 14521 |
| &nbsp;&nbsp;&nbsp;Other | 7249 | 6545 |
| &nbsp;&nbsp;&nbsp;Total gross deferred income tax assets | 153013 | 136348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less valuation allowances | (38523) | (35641) |
| &nbsp;&nbsp;&nbsp;Deferred income tax assets | 114490 | 100707 |
| Deferred income tax liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Property, plant and equipment | 15120 | 18206 |
| &nbsp;&nbsp;&nbsp;Right-of-use assets | 8977 | 8956 |
| &nbsp;&nbsp;&nbsp;Tax on unremitted earnings | 5044 | 7860 |
| &nbsp;&nbsp;&nbsp;Deferred income tax liabilities | 29141 | 35022 |
| Net deferred income tax assets | $85349 | $65685 |

---

During fiscal 2025, the Company's valuation allowance increased by $2.9 million, including the impact of foreign exchange movement. This increase is the result of increases to the valuation allowances against the net deferred tax assets in the EMEA, AMER, and APAC regions of $1.2 million, $0.8 million and $0.9 million, respectively.

As of September 27, 2025, the Company had approximately $252.5 million of pre-tax state net operating loss carryforwards that expire between fiscal 2026 and 2046. Certain state net operating losses have a full valuation allowance against them. The Company also had approximately $76.5 million of pre-tax foreign net operating loss carryforwards that expire between fiscal 2027 and 2034 or are indefinitely carried forward. Certain foreign net operating losses have a full valuation allowance against them.

The Company has been granted a tax holiday for a foreign subsidiary in the APAC segment. This tax holiday will expire on December 31, 2034, and is subject to certain conditions. During fiscal 2025, 2024 and 2023, the tax holiday resulted in tax reductions, net of the impact of the GILTI provisions of U.S. Tax Reform, of approximately $43.1 million ($1.59 per basic share, $1.56 per diluted share), $37.3 million ($1.36 per basic share, $1.34 per diluted share) and $25.9 million ($0.94 per basic share, $0.92 per diluted share), respectively.

The Company does not provide for taxes that would be payable if certain undistributed earnings of foreign subsidiaries were remitted because the Company considers these earnings to be permanently reinvested. The deferred tax liability that has not been recorded for these earnings was approximately $11.7 million as of September 27, 2025.

The Company has approximately $19.1 million of unrecognized tax benefits as of September 27, 2025. The Company has classified these amounts in the Consolidated Balance Sheets as "Other liabilities" (non-current) in the amount of $18.5 million and an offset to "Deferred income taxes" (non-current asset) in the amount of $0.6 million as the payment is not anticipated within one year.

------

<u>[**Table of Contents**](#iba83099e9c4f4262af0eb68012d3b882_7)</u>

**Plexus Corp.**

**Notes to Consolidated Financial Statements**

The following is a reconciliation of the beginning and ending amounts of gross unrecognized tax benefits, excluding interest and penalties, for the indicated fiscal years (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | 2025 | 2024 | 2023 |
| Balance at beginning of fiscal year | $17771 | $13950 | $8998 |
| &nbsp;&nbsp;&nbsp;Gross increases for tax positions of prior years | 116 | 1284 | 3778 |
| &nbsp;&nbsp;&nbsp;Gross increases for tax positions of the current year | 3421 | 3922 | 2105 |
| &nbsp;&nbsp;&nbsp;Gross decreases for tax positions of prior years | (4076) | (1385) | (931) |
| Balance at end of fiscal year | $17232 | $17771 | $13950 |

---

The amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate is $18.5 million and $19.2 million for the fiscal years ended September 27, 2025 and September 28, 2024, respectively.

The Company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense. The total accrued penalties and net accrued interest with respect to income taxes was approximately $1.8 million as of September 27, 2025 and September 28, 2024, and approximately $1.1 million as of September 30, 2023. The Company recognized less than $0.1 million of expense for accrued penalties and net accrued interest in the Consolidated Statements of Comprehensive Income for fiscal 2025, $0.7 million for fiscal 2024 and $0.6 million for fiscal 2023.

Within the next 12 months, it is reasonably possible that federal, state and foreign tax audit resolutions could reduce unrecognized tax benefits by approximately $3.7 million, either because the Company's tax positions are sustained on audit, the Company agrees to their disallowance or the statute of limitations closes.

The Company files income tax returns, including returns for its subsidiaries, with federal, state, local and foreign taxing jurisdictions. The following tax years remain subject to examination by the respective major tax jurisdictions:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;*Jurisdiction* | *Fiscal Years* |
| &nbsp;&nbsp;&nbsp;China | 2021-2025 |
| &nbsp;&nbsp;&nbsp;Germany | 2020-2025 |
| &nbsp;&nbsp;&nbsp;Malaysia | 2021-2025 |
| &nbsp;&nbsp;&nbsp;Mexico | 2021-2025 |
| &nbsp;&nbsp;&nbsp;Romania | 2023-2025 |
| &nbsp;&nbsp;&nbsp;Thailand | 2021-2025 |
| &nbsp;&nbsp;&nbsp;United Kingdom | 2022-2025 |
| &nbsp;&nbsp;&nbsp;United States |  |
| &nbsp;&nbsp;&nbsp; Federal | 2019-20202022-2025 |
| &nbsp;&nbsp;&nbsp; State | 2005-20062009-2025 |

---

**7.&nbsp;&nbsp;&nbsp;&nbsp;Earnings Per Share**

The following is a reconciliation of the amounts utilized in the computation of basic and diluted earnings per share for fiscal 2025, 2024 and 2023 (in thousands, except per share amounts):

---

| | | | |
|:---|:---|:---|:---|
| | 2025 | 2024 | 2023 |
| Net income | $172885 | $111815 | $139094 |
| Basic weighted average common shares outstanding | 27038 | 27397 | 27582 |
| Dilutive effect of share-based awards and options outstanding | 578 | 512 | 532 |
| Diluted weighted average shares outstanding | 27616 | 27909 | 28114 |
| Earnings per share: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $6.39 | $4.08 | $5.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $6.26 | $4.01 | $4.95 |

---

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<u>[**Table of Contents**](#iba83099e9c4f4262af0eb68012d3b882_7)</u>

**Plexus Corp.**

**Notes to Consolidated Financial Statements**

In each year of fiscal 2025, 2024 and 2023, share-based awards for less than 0.1 million shares were not included in the computation of diluted earnings per share as they were antidilutive awards.

**8.&nbsp;&nbsp;&nbsp;&nbsp;Leases**

The Company's lease portfolio includes both real estate and non-real estate type leases which are accounted for as either finance or operating leases. Real estate leases generally include office, warehouse and manufacturing facilities and non-real estate leases generally include equipment and vehicles. The Company determines if a contract is or contains a lease at inception. The Company's leases have remaining lease terms of less than 1 year to 59 years. Renewal options that are deemed reasonably certain are included as part of the lease term for purposes of calculating the right-of-use ("ROU") asset and lease liability. Variable lease payments are generally expensed as incurred and include certain index-based changes in rent, certain nonlease components, such as maintenance and other services provided by the lessor, and other charges included in the lease. The Company elected the practical expedient to not separate lease and nonlease components, as such nonlease components are included in the calculation of the ROU asset and lease liability and included in the lease expense over the term of the lease. The Company uses a discount rate to calculate the ROU asset and lease liability. When the implicit rate is known or provided in the lease documents, the Company is required to use this rate. In cases in which the implicit rate is not known, the Company uses an estimated incremental borrowing rate.

Operating lease ROU assets and lease liabilities are recorded on the date the Company takes possession of the leased assets with expense recognized on a straight-line basis over the lease term. Leases with an estimated total term of 12 months or less are not recorded on the balance sheet and the lease expense is recognized on a straight-line basis over the lease term. Generally, the Company's lease agreements do not contain material residual value guarantees or material restrictive covenants.

The components of lease expense for fiscal years indicated were as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | 2025 | 2024 | 2023 |
| Finance lease expense: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of right-of-use assets | $5639 | $5930 | $6903 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on lease liabilities | 5368 | 5340 | 5132 |
| Operating lease expense | 10426 | 10493 | 10783 |
| Other lease expense | 5463 | 6807 | 8280 |
| **Total** | $26896 | $28570 | $31098 |

---

Based on the nature of the ROU asset, amortization of finance lease ROU assets, operating lease expense and other lease expense are recorded within either cost of goods sold or selling and administrative expenses and interest on finance lease liabilities is recorded within interest expense on the Consolidated Statements of Comprehensive Income. Other lease expense includes lease expense for leases with an estimated total term of twelve months or less and variable lease expense related to variations in lease payments as a result of a change in factors or circumstances occurring after the lease possession date.

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<u>[**Table of Contents**](#iba83099e9c4f4262af0eb68012d3b882_7)</u>

**Plexus Corp.**

**Notes to Consolidated Financial Statements**

The following tables set forth the amount of lease assets and lease liabilities included in the Company's Consolidated Balance Sheets (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | Financial Statement Line Item | 2025 | 2024 |
| **ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance lease assets | Property, plant and equipment, net | $36127 | $35853 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease assets | Operating lease right-of-use assets | 72863 | 74360 |
| **&nbsp;&nbsp;&nbsp;&nbsp; Total lease assets** |  | $108990 | $110213 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** | **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| Current |  |  |  |
| Finance lease liabilities | Current portion of long-term debt and finance lease obligations | $3468 | $4717 |
| &nbsp;&nbsp;Operating lease liabilities | Other accrued liabilities | 8253 | 14697 |
| Non-current |  |  |  |
| Finance lease liabilities | Long-term debt and finance lease obligations, net of current portion | 41071 | 38756 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | Long-term operating lease liabilities | 29422 | 32275 |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total lease liabilities** |  | $82214 | $90445 |

---

Other information related to the Company's leases was as follows:

---

| | | |
|:---|:---|:---|
| | 2025 | 2024 |
| **Weighted-average remaining lease term (in years)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance leases | 10.3 | 9.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating leases | 24.3 | 25.4 |
| **Weighted-average discount rate** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance leases | 16.4% | 16.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating leases | 3.9% | 3.7% |

---

---

| | | | |
|:---|:---|:---|:---|
| | 2025 | 2024 | 2023 |
| **Cash paid for amounts included in the measurement of lease liabilities (in thousands)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating cash flows used in finance leases | $5070 | $5035 | $4823 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating cash flows used in operating leases | 17338 | 18993 | 10114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance cash flows used in finance leases | 4985 | 4342 | 8375 |
| **ROU assets obtained in exchange for lease liabilities (in thousands)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating leases | $7382 | $15716 | $13102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance leases | 6015 | 5021 | 4811 |

---

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<u>[**Table of Contents**](#iba83099e9c4f4262af0eb68012d3b882_7)</u>

**Plexus Corp.**

**Notes to Consolidated Financial Statements**

Future minimum lease payments required under finance and operating leases as of September 27, 2025, were as follows (in thousands):

---

| | | |
|:---|:---|:---|
| | **Operating leases** | **Finance leases** |
| 2026 | $9549 | $8425 |
| 2027 | 8482 | 18039 |
| 2028 | 6498 | 6128 |
| 2029 | 4818 | 5450 |
| 2030 | 2749 | 5389 |
| Thereafter | 10967 | 64274 |
| &nbsp;&nbsp;Total minimum lease payments | 43063 | 107705 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: imputed interest | (5388) | (63166) |
| &nbsp;&nbsp;**Present value of lease liabilities** | $37675 | $44539 |

---

As of September 27, 2025, the Company's future operating leases that have not yet commenced are immaterial.

**9.&nbsp;&nbsp;&nbsp;&nbsp;Benefit Plans**

*Share-based Compensation Plans:* During fiscal 2024, the Company's shareholders approved the Plexus Corp. 2024 Omnibus Incentive Plan (the "2024 Plan"). The 2024 Plan is a stock and cash-based incentive plan, and includes provisions by which the Company may grant executive officers, employees and directors stock options, stock appreciation rights ("SARs"), restricted stock (including restricted stock units ("RSUs"), performance stock awards (including performance stock units ("PSUs"), other stock awards and cash incentive awards. Similar awards were offered under its predecessor, the Plexus Corp. 2016 Omnibus Incentive Plan (the "2016 Plan"), which is no longer being used for grants of new awards; however, outstanding awards granted under the 2016 Plan and its predecessors continue until vesting, exercise, forfeiture or expiration.

The maximum number of shares of Plexus common stock that may be issued pursuant to the 2024 Plan is 0.8 million shares. The Compensation and Leadership Development Committee (the "Committee") of the Board of Directors may establish a term and vesting period for awards under the 2024 Plan as well as accelerate the vesting of such awards. RSUs granted to executive officers, other officers and key employees generally vest on the 3 year anniversary of the grant date (assuming continued employment), which is also the date as of which the underlying shares will be issued.

PSUs are payable in shares of the Company's common stock and have a performance period of three years. For PSUs, approximately 50% vest based on the relative total shareholder return ("TSR") of the Company's common stock as compared to the companies in the S&P 400 Index for grants issued. The remaining approximately 50% of PSUs vest based upon a three-point annual average of the Company's absolute economic return, a performance condition, with grants being subject to an individual year minimum and maximum absolute economic return. For PSUs based on TSR, the vesting and payout of awards will range between 0% and 150% of shares granted. For PSUs based on absolute economic return, the vesting and payout of awards will range between 0% and 200% of shares granted. Payout at target, 100% of the shares granted, will occur if the TSR of Plexus stock is at the 50th percentile of companies in the S&P 400 Index during the performance period and if a 2.5% average economic return is achieved over the performance period of three years. The Company uses the Monte Carlo valuation model to value performance stock units with market conditions and the share price on the date of the grant for performance stock units that vest based on non-market-based performance conditions. The number of shares that may be issued pursuant to PSUs ranges from zero to 0.5 million and is dependent upon the Company's TSR and economic return performance over the applicable performance periods. The Committee also grants RSUs to non-employee directors, which generally fully vest on the first anniversary of the grant date, which is also the date the underlying shares are issued (unless further deferred).

The Company recognizes stock-based compensation expense, reduced for estimated forfeitures, primarily in selling and administrative expenses on the Consolidated Statement of Comprehensive Income. The Company recognized $30.3 million of compensation expense associated with share-based awards in both fiscal 2025 and 2024, and $21.3 million in fiscal 2023. Included in the $30.3 million of total stock-based compensation expense for the year ended September 28, 2024, was $5.1 million related to modifications of awards from executive retirement agreements. The award modifications were the result of accelerated vesting of previously unvested awards upon their retirements.

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<u>[**Table of Contents**](#iba83099e9c4f4262af0eb68012d3b882_7)</u>

**Plexus Corp.**

**Notes to Consolidated Financial Statements**

A summary of the Company's PSU and RSU activity follows:

---

| | | | |
|:---|:---|:---|:---|
| | Number of Shares (in thousands) | Weighted Average Fair Value at Date of Grant | Aggregate Intrinsic Value (in thousands) |
| Units outstanding as of October 1, 2022 | 798 | $79.57 |  |
| &nbsp;&nbsp;&nbsp;Granted | 371 | 91.73 |  |
| &nbsp;&nbsp;&nbsp;Canceled | (28) | 83.97 |  |
| &nbsp;&nbsp;&nbsp;Vested | (339) | 80.85 |  |
| Units outstanding as of September 30, 2023 | 802 | $84.50 |  |
| &nbsp;&nbsp;&nbsp;Granted | 367 | 92.29 |  |
| &nbsp;&nbsp;&nbsp;Canceled | (14) | 88.86 |  |
| &nbsp;&nbsp;&nbsp;Vested | (302) | 81.84 |  |
| Units outstanding as of September 28, 2024 | 853 | $88.72 |  |
| &nbsp;&nbsp;&nbsp;Granted | 250 | 133.67 |  |
| &nbsp;&nbsp;&nbsp;Canceled | (26) | 101.56 |  |
| &nbsp;&nbsp;&nbsp;Vested | (288) | 80.19 |  |
| Units outstanding as of September 27, 2025 | 789 | $105.66 | $113030 |

---

The Company uses the fair value at the date of grant to value RSUs. As of September 27, 2025, there was $24.9 million of unrecognized compensation expense related to RSUs that is expected to be recognized over a weighted average period of 1.3 years.

The Company recognizes share-based compensation expense over the vesting period of PSUs. During the fiscal year ended September 27, 2025, the 0.1 million PSUs granted in fiscal 2022 vested at a 150% payout based upon the TSR performance achieved during the performance period and 119% payout based upon economic return performance achieved during the performance period. There were 0.1 million PSUs granted during each of fiscal years 2025, 2024 and 2023.

As of September 27, 2025, at the target achievement level, there was $13.2 million of unrecognized compensation expense related to PSUs that is expected to be recognized over a weighted average period of 1.8 years.

*401(k) Savings Plan:* The Company's 401(k) Retirement Plan covers all eligible U.S. employees. The Company matches employee contributions up to 4.0% of eligible earnings. The Company's contributions for fiscal 2025, 2024 and 2023 totaled $9.2 million, $9.6 million and $9.8 million, respectively.

*Supplemental Executive Retirement Plan (Deferred Compensation Arrangement):* The Company maintains a supplemental executive retirement plan (the "SERP") as a deferred compensation plan for executive officers. Under the SERP, a covered executive may elect to defer some or all of the participant's compensation into the plan, and the Company may credit the participant's account with a discretionary employer contribution. Participants are entitled to payment of deferred amounts and any related earnings upon termination or retirement from Plexus.

The SERP allows investment of deferred compensation into individual accounts and, within these accounts, into one or more designated investments. Investment choices do not include Plexus stock. During fiscal 2025, 2024 and 2023, the Company made contributions to the participants' SERP accounts in the amount of $1.0 million, $1.0 million and $0.9 million, respectively.

As of September 27, 2025 and September 28, 2024, the SERP assets held in the trust totaled $15.0 million and $15.4 million, respectively, and the related liability to the participants totaled approximately $15.0 million and $15.4 million, respectively. As of September 27, 2025 and September 28, 2024, the SERP assets held in the trust were recorded at fair value on a recurring basis, and were classified as Level 2 in the fair value hierarchy discussed in Note 1, "Description of Business and Significant Accounting Policies."

The trust assets are subject to the claims of the Company's creditors. The trust assets and the related liabilities to the participants are included in non-current "Other assets" and non-current "Other liabilities," respectively, in the accompanying Consolidated Balance Sheets.

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<u>[**Table of Contents**](#iba83099e9c4f4262af0eb68012d3b882_7)</u>

**Plexus Corp.**

**Notes to Consolidated Financial Statements**

**10.&nbsp;&nbsp;&nbsp;&nbsp;Litigation**

The Company is party to lawsuits in the ordinary course of business. We record provisions in the consolidated financial statements for pending legal matters when we determine that an unfavorable outcome is probable, and the amount of the loss can be reasonably estimated.

Refer to Note 16, "Restructuring and Non-recurring Charges," for information regarding total charges and insurance proceeds related to a contractual matter concluded in May 2023. The Company does not expect further charges relating to this matter.

Management does not believe that any other such proceedings, individually or in the aggregate, will have a material positive or adverse effect on the Company's consolidated financial position, results of operations or cash flows. However, legal proceedings and regulatory and governmental matters are subject to inherent uncertainties, and unfavorable rulings or other events could occur. Unfavorable resolutions could involve substantial fines, civil or criminal penalties, and other expenditures.

**11.&nbsp;&nbsp;&nbsp;&nbsp;Reportable Segments, Geographic Information and Major Customers**

Reportable segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (CODM) in assessing performance and allocating resources. The Company uses an internal management reporting system, which provides important financial data to evaluate performance and allocate the Company's resources on a regional basis. Net sales for the segments are attributed to the region in which the product is manufactured or the service is performed. The services provided, manufacturing processes used, class of customers serviced and order fulfillment processes used are similar and generally interchangeable across the segments. A segment's performance is evaluated based upon its segment income. Segment income includes its net sales less cost of sales and selling and administrative expenses, but excludes corporate and other expenses. Corporate and other expenses primarily represent corporate selling and administrative expenses, and restructuring costs and other charges, if any. Inter-segment transactions are generally recorded at amounts that approximate arm's length transactions. The accounting policies for the segments are the same as for the Company taken as a whole. The CODM for the Company is the chief executive officer. The CODM uses income generated from each segment in evaluating segment performance and whether to reinvest profits or allocate resources into the corresponding segment, in addition to long-term growth potential and other qualitative factors. Segment income is used to monitor budget versus actual results.

In the first quarter of fiscal 2025, the Company changed internal management reporting to focus on value-add sales in each region and adjusted the allocation of certain corporate costs among reportable segments. These changes have been implemented and are consistent with what is provided to the CODM. The Company's composition of operating segments and reportable segments did not change. Net sales and segment income for the three reportable segments for the current period and comparative periods presented have been recast to conform to those changes. These changes had no effect on the Company's consolidated net sales, segment income or net income for the current or comparative periods.

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<u>[**Table of Contents**](#iba83099e9c4f4262af0eb68012d3b882_7)</u>

**Plexus Corp.**

**Notes to Consolidated Financial Statements**

Information about the Company's three reportable segments for fiscal 2025, 2024 and 2023 is as follows (in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2025** | **2025** |
| | AMER | APAC | EMEA | Eliminations | Total |
| Net sales | $1216344 | $2392897 | $440000 | $(16275) | $4032966 |
| Cost of sales | 1092496 | 2042936 | 410068 |  |  |
| Selling and administrative expenses | 23362 | 12213 | 8673 |  |  |
| &nbsp;&nbsp;Segment income | $100486 | $337748 | $21259 |  | $459493 |
| Restructuring and other charges |  |  |  |  | 4683 |
| Corporate and other costs |  |  |  |  | 252439 |
| Other income (expense): |  |  |  |  |  |
| &nbsp;&nbsp;Interest expense |  |  |  |  | (11605) |
| &nbsp;&nbsp;Interest income |  |  |  |  | 3922 |
| &nbsp;&nbsp;Miscellaneous, net |  |  |  |  | (6670) |
| &nbsp;&nbsp;Income before income taxes |  |  |  |  | $188018 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2024** | **2024** | **2024** | **2024** | **2024** |
| | AMER | APAC | EMEA | Eliminations | Total |
| Net sales | $1219225 | $2213253 | $538053 | $(9704) | $3960827 |
| Cost of sales | 1112699 | 1893527 | 500793 |  |  |
| Selling and administrative expenses | 22826 | 6525 | 6227 |  |  |
| &nbsp;&nbsp;Segment income | $83700 | $313201 | $31033 |  | $427934 |
| Restructuring and other charges |  |  |  |  | 20257 |
| Corporate and other costs |  |  |  |  | 239945 |
| Other income (expense): |  |  |  |  |  |
| Interest expense |  |  |  |  | (28876) |
| Interest income |  |  |  |  | 3860 |
| Miscellaneous, net |  |  |  |  | (13184) |
| Income before income taxes |  |  |  |  | $129532 |

---

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<u>[**Table of Contents**](#iba83099e9c4f4262af0eb68012d3b882_7)</u>

**Plexus Corp.**

**Notes to Consolidated Financial Statements**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2023** | **2023** | **2023** | **2023** | **2023** |
| | AMER | APAC | EMEA | Eliminations | Total |
| Net sales | $1468996 | $2361777 | $402427 | $(22895) | $4210305 |
| Cost of sales | 1324583 | 2041849 | 380901 |  |  |
| Selling and administrative expenses | 21314 | 6808 | 5513 |  |  |
| &nbsp;&nbsp;Segment income | $123099 | $313120 | $16013 |  | $452232 |
| &nbsp;&nbsp;Restructuring and other charges |  |  |  |  | 23094 |
| &nbsp;&nbsp;Corporate and other costs |  |  |  |  | 233318 |
| &nbsp;&nbsp;Other income (expense): |  |  |  |  |  |
| &nbsp;&nbsp;Interest expense |  |  |  |  | (31542) |
| &nbsp;&nbsp;Interest income |  |  |  |  | 3138 |
| &nbsp;&nbsp;Miscellaneous, net |  |  |  |  | (6403) |
| Income before income taxes |  |  |  |  | $161013 |

---

---

| | | | |
|:---|:---|:---|:---|
| | 2025 | 2024 | 2023 |
| Capital expenditures: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AMER | $23198 | $18392 | $23880 |
| &nbsp;&nbsp;&nbsp;&nbsp;APAC | 60246 | 29664 | 45923 |
| &nbsp;&nbsp;&nbsp;EMEA | 2200 | 38820 | 23120 |
| &nbsp;&nbsp;&nbsp;Corporate | 9620 | 8306 | 11126 |
|  | $95264 | $95182 | $104049 |
| Depreciation: |  |  |  |
| &nbsp;&nbsp;&nbsp;AMER | $22795 | $23544 | $23560 |
| &nbsp;&nbsp;&nbsp;APAC | 32962 | 32270 | 29218 |
| &nbsp;&nbsp;&nbsp;EMEA | 11172 | 11005 | 6281 |
| &nbsp;&nbsp;&nbsp;Corporate | 9875 | 9843 | 9513 |
|  | $76804 | $76662 | $68572 |

---

---

| | | |
|:---|:---|:---|
| | September 27,<br>2025 | September 28,<br>2024 |
| Total assets: |  |  |
| &nbsp;&nbsp;&nbsp;AMER | $1007340 | $937409 |
| &nbsp;&nbsp;&nbsp;APAC | 1526827 | 1608377 |
| &nbsp;&nbsp;&nbsp;EMEA | 411240 | 443514 |
| &nbsp;&nbsp;&nbsp;Corporate and eliminations | 191703 | 164521 |
|  | $3137110 | $3153821 |

---

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<u>[**Table of Contents**](#iba83099e9c4f4262af0eb68012d3b882_7)</u>

**Plexus Corp.**

**Notes to Consolidated Financial Statements**

The following information is provided in accordance with the required segment disclosures for fiscal 2025, 2024 and 2023. Net sales were based on the Company's location providing the product or service (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | 2025 | 2024 | 2023 |
| Net sales: |  |  |  |
| &nbsp;&nbsp;&nbsp;United States | $690878 | $718569 | $910124 |
| &nbsp;&nbsp;&nbsp;Malaysia | 1872494 | 1761772 | 1891081 |
| &nbsp;&nbsp;&nbsp;Mexico | 525756 | 500655 | 558872 |
| &nbsp;&nbsp;&nbsp;Romania | 333577 | 424146 | 302237 |
| &nbsp;&nbsp;&nbsp;China | 413624 | 384223 | 455898 |
| &nbsp;&nbsp;&nbsp;Thailand | 106779 | 67257 | 14798 |
| &nbsp;&nbsp;&nbsp;United Kingdom | 106121 | 111152 | 93679 |
| &nbsp;&nbsp;&nbsp;Germany | 12 | 2757 | 6511 |
| &nbsp;&nbsp;&nbsp;Elimination of inter-country sales | (16275) | (9704) | (22895) |
|  | $4032966 | $3960827 | $4210305 |

---

---

| | | |
|:---|:---|:---|
| | September 27,<br>2025 | September 28,<br>2024 |
| Long-lived assets: |  |  |
| &nbsp;&nbsp;&nbsp;United States | $103997 | $96956 |
| &nbsp;&nbsp;&nbsp;Malaysia | 228925 | 173139 |
| &nbsp;&nbsp;&nbsp;Mexico | 67776 | 74158 |
| &nbsp;&nbsp;&nbsp;Romania | 47621 | 56877 |
| &nbsp;&nbsp;&nbsp;Thailand | 53306 | 56415 |
| &nbsp;&nbsp;&nbsp;China | 33534 | 40254 |
| &nbsp;&nbsp;&nbsp;Poland | 14870 | 13594 |
| &nbsp;&nbsp;&nbsp;United Kingdom | 11996 | 12689 |
| &nbsp;&nbsp;&nbsp;Corporate | 56890 | 51390 |
|  | $618915 | $575472 |

---

As the Company operates flexible manufacturing facilities and processes designed to accommodate customers with multiple product lines and configurations, it is impracticable to report net sales for individual products or services or groups of similar products and services.

Long-lived assets as of September 27, 2025 and September 28, 2024 exclude other long-term assets, deferred income tax assets and intangible assets, which totaled $119.4 million and $101.2 million, respectively.

As a percentage of consolidated net sales, there were no customers representing 10.0% or more of consolidated net sales for fiscal 2025 or 2024. As a percentage of consolidated net sales, GE Healthcare Technologies, Inc. ("GEHC") represented 10.3% of consolidated net sales for fiscal 2023.

During fiscal 2023, GE completed the separation of its healthcare business, GEHC, as a stand-alone company. During fiscal 2025, 2024 and 2023, net sales attributable to GEHC and GE, respectively, were reported in all three reportable segments.

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<u>[**Table of Contents**](#iba83099e9c4f4262af0eb68012d3b882_7)</u>

**Plexus Corp.**

**Notes to Consolidated Financial Statements**

**12.&nbsp;&nbsp;&nbsp;&nbsp;Guarantees**

The Company offers certain indemnifications under its customer manufacturing agreements. In the normal course of business, the Company may from time to time be obligated to indemnify its customers or its customers' customers against damages or liabilities arising out of the Company's negligence, misconduct, breach of contract, or infringement of third-party intellectual property rights. Certain agreements have extended broader indemnification, and while most agreements have contractual limits, some do not. However, the Company generally does not provide for such indemnities and seeks indemnification from its customers for damages or liabilities arising out of the Company's adherence to customers' specifications or designs or use of materials furnished, or directed to be used, by its customers. The Company does not believe its obligations under such indemnities are material.

In the normal course of business, the Company also provides its customers a limited warranty covering workmanship, and in some cases materials, on products manufactured by the Company. Such warranty generally provides that products will be free from defects in the Company's workmanship and meet mutually agreed-upon specifications for periods generally ranging from 12 months to 24 months. The Company's obligation is generally limited to correcting, at its expense, any defect by repairing or replacing such defective product. The Company's warranty generally excludes defects resulting from faulty customer-supplied components, design defects or damage caused by any party or cause other than the Company.

The Company provides for an estimate of costs that may be incurred under its limited warranty at the time product revenue is recognized and establishes additional reserves for specifically identified product issues. These costs primarily include labor and materials, as necessary, associated with repair or replacement and are included in the Company's accompanying Consolidated Balance Sheets in "other accrued liabilities." The primary factors that affect the Company's warranty liability include the value and the number of shipped units and historical and anticipated rates of warranty claims. As these factors are impacted by actual experience and future expectations, the Company assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary.

Below is a table summarizing the activity related to the Company's limited warranty liability for fiscal 2025, 2024 and 2023 (in thousands):

---

| | |
|:---|:---|
| **Limited warranty liability, as of October 1, 2022** | $6925 |
| &nbsp;&nbsp;&nbsp;Accruals for warranties issued during the period | 2954 |
| &nbsp;&nbsp;&nbsp;Settlements (in cash or in kind) during the period | (4058) |
| **Limited warranty liability, as of September 30, 2023** | 5821 |
| &nbsp;&nbsp;&nbsp;Accruals for warranties issued during the period | 3344 |
| &nbsp;&nbsp;&nbsp;Settlements (in cash or in kind) during the period | (2413) |
| **Limited warranty liability, as of September 28, 2024** | 6752 |
| &nbsp;&nbsp;&nbsp;Accruals for warranties issued during the period | 2467 |
| &nbsp;&nbsp;&nbsp;Settlements (in cash or in kind) during the period | (1800) |
| **Limited warranty liability, as of September 27, 2025** | $7419 |

---

**13.&nbsp;&nbsp;&nbsp;&nbsp;Shareholders' Equity**

On August 18, 2022, the Board of Directors approved a share repurchase program under which the Company is authorized to repurchase up to $50.0 million of its common stock (the "2023 Program"). During fiscal 2024 and 2023, the Company completed the 2023 Program by repurchasing 59,277 and 425,746 shares under this program for $5.7 million and $40.9 million at an average price of $95.59 and $95.96 per share, respectively.

On January 16, 2024, the Company announced a share repurchase program authorized by the Board of Directors under which the Company is authorized to repurchase up to $50.0 million of its common stock (the "2024 Program"). The 2024 Program became effective upon completion of the 2023 Program. During fiscal 2024, the Company completed the 2024 Program by repurchasing 477,012 shares under this program for $50.0 million at an average price of $104.82 per share.

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<u>[**Table of Contents**](#iba83099e9c4f4262af0eb68012d3b882_7)</u>

**Plexus Corp.**

**Notes to Consolidated Financial Statements**

On August 14, 2024, the Board of Directors approved a share repurchase program under which the Company is authorized to repurchase up to $50.0 million of its common stock (the "2025 Program"). The 2025 Program became effective upon completion of the 2024 Program. During fiscal 2025, the Company completed the 2025 program by repurchasing 362,325 shares under this program for $50.0 million at an average price of $138.00 per share. The fiscal 2025 purchased amounts exclude excise tax on share repurchases of $0.4 million.

On May 14, 2025, the Board of Directors approved a share repurchase program under which the Company is authorized to repurchase up to $100.0 million of its common stock (the "2026 Program"). The 2026 Program became effective upon completion of the 2025 Program and has no expiration. During fiscal 2025, the Company repurchased 112,601 shares under this program for $15.0 million at an average price of $132.94 per share. As of September 27, 2025, $85.0 million of authority remained under the 2026 Program.

All shares repurchased under the aforementioned programs were recorded as treasury stock.

**14.&nbsp;&nbsp;&nbsp;&nbsp;Trade Accounts Receivable Sale Programs**

The Company has Master Accounts Receivable Purchase Agreements with MUFG Bank, New York Branch (formerly known as The Bank of Tokyo-Mitsubishi UFJ, Ltd.) (the "MUFG RPA"), HSBC Bank (China) Company Limited, Xiamen branch (the "HSBC RPA") and other unaffiliated financial institutions, under which the Company may elect to sell receivables; at a discount. All facilities are uncommitted facilities. The maximum facility amount under the MUFG RPA is $340.0 million. The maximum facility amount under the HSBC RPA is $70.0 million. The MUFG RPA will be automatically extended each year unless any party gives no less than 10 days prior notice that the agreement should not be extended. The terms of the HSBC RPA are generally consistent with the terms of the MUFG RPA.

Transfers of receivables under the programs are accounted for as sales and, accordingly, receivables sold under the programs are excluded from accounts receivable on the Consolidated Balance Sheets and are reflected as cash provided by operating activities on the Consolidated Statements of Cash Flows. Proceeds from the transfer reflect the face value of the receivables less a discount. The sale discount is recorded within "Miscellaneous, net" in the Consolidated Statements of Comprehensive Income in the period of the sale. The Company continues servicing receivables sold and performing all accounts receivable administrative functions, in exchange receives a servicing fee, under both the MUFG RPA and HSBC RPA. Servicing fees related to trade accounts receivable programs recognized during fiscal 2025, 2024 and 2023 were not material.

The Company sold $705.0 million, $854.7 million and $834.5 million of trade accounts receivable under these programs, or their predecessors, during fiscal 2025, 2024 and 2023, respectively, in exchange for cash proceeds of $698.1 million, $844.6 million and $824.6 million, respectively.

As of September 27, 2025 and September 28, 2024, $214.4 million and $220.2 million, respectively, of accounts receivables sold under trade accounts receivable programs and subject to servicing by the Company remained outstanding and had not yet been collected.

**15.&nbsp;&nbsp;&nbsp;&nbsp;Revenue from Contracts with Customers**

Revenue is recognized over time for arrangements with customers for which: (i) the Company's performance does not create an asset with an alternative use to the Company, and (ii) the Company has an enforceable right to payment, including reasonable profit margin, for performance completed to date. Revenue recognized over time is estimated based on costs incurred to date plus a reasonable profit margin. If either of the two conditions noted above are not met to recognize revenue over time, revenue is recognized following the transfer of control of such products to the customer, which typically occurs upon shipment or delivery depending on the terms of the underlying arrangement.

The Company recognizes revenue when a contract exists and when, or as, it satisfies a performance obligation by transferring control of a product or service to a customer. Contracts are accounted for when they have approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer.

The Company generally enters into a master services arrangement that establishes the framework under which business will be conducted. These arrangements represent the master terms and conditions of the Company's services that apply to individual

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<u>[**Table of Contents**](#iba83099e9c4f4262af0eb68012d3b882_7)</u>

**Plexus Corp.**

**Notes to Consolidated Financial Statements**

orders, but they do not commit the customer to work with, or to continue to work with, the Company nor do they obligate the customer to any specific volume or pricing of purchases. Moreover, these terms can be amended in appropriate situations.

Customer purchase orders are received for specific quantities with predominantly fixed pricing and delivery requirements. Thus, for the majority of our contracts, there is no guarantee of any revenue to the Company until a customer submits a purchase order. As a result, the Company generally considers its arrangement with a customer to be the combination of the master services arrangement and the purchase order. Most of the Company's arrangements with customers create a single performance obligation as the promise to transfer the individual manufactured product or service is capable of being distinct.

The Company's performance obligations are satisfied over time as work progresses or at a point in time. A performance obligation is satisfied over time if the Company has an enforceable right to payment, including a reasonable profit margin. Determining if an enforceable right to payment includes a reasonable profit margin requires judgment and is assessed on a contract-by-contract basis.

Generally, there are no subjective customer acceptance requirements or further obligations related to goods or services provided; if such requirements or obligations exist, then a sale is recognized at the time when such requirements are completed and such obligations are fulfilled.

The Company does not allow for a general right of return. Net sales include amounts billed to customers for shipping and handling and out-of-pocket expenses. The corresponding shipping and handling costs and out-of-pocket expenses are included in cost of sales. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from net sales.

*Contract Costs*

For contracts requiring over time revenue recognition, the selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided. The Company uses a cost-based input measurement of progress because it best depicts the transfer of assets to the customer, which occurs as costs are incurred during the manufacturing process or as services are rendered. Under the cost-based measure of progress, the extent of progress toward completion is measured based on the costs incurred to date.

*Disaggregated Revenue*

The table below includes the Company's revenue for the fiscal years indicated disaggregated by market sector (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | 2025 | 2024 | 2023 |
| Net Sales |  |  |  |
| &nbsp;&nbsp;&nbsp;Aerospace/Defense | $688484 | $698434 | $579006 |
| &nbsp;&nbsp;&nbsp;Healthcare/Life Sciences | 1629286 | 1554816 | 1874774 |
| &nbsp;&nbsp;&nbsp;Industrial | 1715196 | 1707577 | 1756525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net sales | $4032966 | $3960827 | $4210305 |

---

For fiscal 2025 approximately 84% of the Company's revenue was recognized as products and services transferred over time. For fiscal 2024 and 2023 approximately 83% and 82% of the Company's revenue was recognized as products and services transferred over time.

*Contract Balances*

The timing of revenue recognition, billings and cash collections results in billed accounts receivable, contract assets and deferred revenue on the Company's accompanying Consolidated Balance Sheets.

<u>Contract Assets</u>: For performance obligations satisfied at a point in time, billing occurs subsequent to revenue recognition, at which point the customer has been billed and the resulting asset is recorded within accounts receivable. For performance obligations satisfied over time as work progresses, the Company has an unconditional right to payment, which results in the recognition of contract assets.

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<u>[**Table of Contents**](#iba83099e9c4f4262af0eb68012d3b882_7)</u>

**Plexus Corp.**

**Notes to Consolidated Financial Statements**

The following table summarizes the activity in the Company's contract assets during fiscal 2025 and 2024 (in thousands):

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| | | |
|:---|:---|:---|
| | 2025 | 2024 |
| Contract assets, beginning of period | $120560 | $142297 |
| Revenue recognized during the period | 3407248 | 3275226 |
| Amounts collected or invoiced during the period | (3377154) | (3296963) |
| Contract assets, end of period | $150654 | $120560 |

---

<u>Deferred Revenue</u>: Deferred revenue is recorded when consideration is received from a customer prior to transferring goods or services to the customer under the terms of the contract, which is included in advanced payments from customers on the Consolidated Balance Sheets. As of September 27, 2025 and September 28, 2024, the balance of advance payments from customers attributable to deferred revenue was $151.3 million and $154.7 million, respectively. The advance payment is not considered a significant financing component because it is used to meet working capital demands that can be higher in the early stages of a contract and to protect the company from the other party failing to adequately complete some or all of its obligations under the contract. Deferred revenue is recognized into revenue when all revenue recognition criteria are met. For performance obligations satisfied over time, recognition will occur as work progresses; otherwise deferred revenue will be recognized based upon shipping terms.

**16.&nbsp;&nbsp;&nbsp;&nbsp;Restructuring and Non-recurring Charges**

Restructuring and non-recurring charges are recorded within restructuring and other charges on the Consolidated Statements of Comprehensive Income. Restructuring liabilities are primarily recorded within other accrued liabilities on the Consolidated Balance Sheets.

During fiscal 2025, the Company incurred restructuring and other charges of $4.7 million, which primarily consisted of severance costs associated with a reduction of the Company's workforce in the EMEA and AMER regions.

During fiscal 2024, the Company incurred restructuring and other charges of $20.3 million, which consisted of severance from the reduction of the Company's workforce and associated site closure costs in the AMER region and EMEA region.

During fiscal 2023, the Company incurred restructuring and other charges of $8.9 million, which consisted of severance from the reduction of the Company's workforce and a lease agreement termination.

Additionally during fiscal 2023, the Company incurred a one-time non-recurring charge of $14.2 million relating to an arbitration decision in Norway regarding a contractual matter. During fiscal 2024, the Company received $2.3 million of insurance proceeds related to this decision. The company no longer provides services for this customer.

The Company recognized a tax benefit of $0.5 million, $2.1 million and $1.9 million related to restructuring and other charges in fiscal 2025, 2024 and 2023, respectively.

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<u>[**Table of Contents**](#iba83099e9c4f4262af0eb68012d3b882_7)</u>

**Plexus Corp.**

**Notes to Consolidated Financial Statements**

The Company's restructuring accrual activity for fiscal 2025, 2024 and 2023 is included in the table below (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Termination and Severance Costs | Fixed Asset and Operating ROU Asset Impairment | Arbitration Recovery | Total |
| **Accrual balance, as of October 1, 2022** | $112 | $— | $— | $112 |
| &nbsp;&nbsp;&nbsp;Restructuring and impairment costs | 8865 |  | 14229 | 23094 |
| &nbsp;&nbsp;&nbsp;Amounts utilized | (8355) |  | (14229) | (22584) |
| **Accrual balance, as of September 30, 2023** | 622 |  |  | 622 |
| &nbsp;&nbsp;&nbsp;Restructuring and other charges | 14130 | 8377 | (2250) | 20257 |
| &nbsp;&nbsp;&nbsp;Amounts utilized | (13256) | (7268) | 2250 | (18274) |
| **Accrual balance, as of September 28, 2024** | 1496 | 1109 |  | 2605 |
| &nbsp;&nbsp;&nbsp;Restructuring and other charges | 3512 | 1171 |  | 4683 |
| &nbsp;&nbsp;&nbsp;Amounts utilized | (5008) | (2234) |  | (7242) |
| **Accrual balance, as of September 27, 2025** | $— | $46 | $— | $46 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The accrual balances outstanding as of September 30, 2023 and September 28, 2024 were fully utilized as of September 27, 2025.

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<u>[**Table of Contents**](#iba83099e9c4f4262af0eb68012d3b882_7)</u>

**ITEM 9.&nbsp;&nbsp;&nbsp;&nbsp;CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE**

None.

**ITEM 9A.&nbsp;&nbsp;&nbsp;&nbsp;CONTROLS AND PROCEDURES**

**Disclosure Controls and Procedures**

The Company maintains disclosure controls and procedures designed to ensure that the information the Company must disclose in its filings with the Securities and Exchange Commission ("SEC") is recorded, processed, summarized and reported on a timely basis. The Company's President and Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO") have reviewed and evaluated, with the participation of the Company's management, the Company's disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act") as of the end of the period covered by this report. Based on such evaluation, the CEO and CFO have concluded that, as of September 27, 2025, the Company's disclosure controls and procedures are effective, at the reasonable assurance level, (a) in recording, processing, summarizing and reporting, on a timely basis, information required to be disclosed by the Company in the reports the Company files or submits under the Exchange Act, and (b) in assuring that information is accumulated and communicated to the Company's management, including the CEO and CFO, as appropriate to allow timely decisions regarding required disclosure.

**Management's Annual Report on Internal Control Over Financial Reporting**

Management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f). Management of the Company, including its CEO and CFO, has assessed the effectiveness of its internal control over financial reporting as of September 27, 2025, based on the criteria established in "Internal Control - Integrated Framework" issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO") (2013). Based on its assessment and those criteria, management has reached the conclusion that the Company's internal control over financial reporting was effective as of September 27, 2025.

The independent registered public accounting firm of PricewaterhouseCoopers LLP has audited the Company's internal control over financial reporting as of September 27, 2025, as stated in its report included herein.

**Changes in Internal Control Over Financial Reporting**

There have been no changes in the Company's internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the Company's most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

**Limitations on the Effectiveness of Controls**

Our management, including our CEO and CFO, does not expect that our disclosure controls and internal controls will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple errors or mistakes. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, a control may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected. Notwithstanding the foregoing limitations on the effectiveness of controls, we have nonetheless reached the conclusion that the Company's disclosure controls and procedures and internal control over financial reporting were effective as of September 27, 2025.

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**ITEM 9B.&nbsp;&nbsp;&nbsp;&nbsp;OTHER INFORMATION**

During the three months ended September 27, 2025, no director or "officer" of the Company (as defined in Rule 16a-1(f) under the Securities Exchange Act of 1934 (the "Exchange Act")) adopted, modified, or terminated a "Rule 10b5-1 trading arrangement" or a "non-Rule 10b5-1 trading arrangement" (each as defined in Item 408 of Regulation S-K of the Exchange Act).

**ITEM 9C.&nbsp;&nbsp;&nbsp;&nbsp;DISCLOSURES REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS**

Not applicable.

**PART III**

**ITEM 10.&nbsp;&nbsp;&nbsp;&nbsp;DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE**

Information in response to this item is incorporated herein by reference to "Election of Directors" and "Corporate Governance" in the Company's Proxy Statement for its 2026 Annual Meeting of Shareholders ("2026 Proxy Statement"), which will be filed within 120 days of the end of the Company's fiscal year.

Our Code of Conduct and Business Ethics is posted on our website at www.plexus.com. You may access the Code of Conduct and Business Ethics by following the links under "Investors" and then "Corporate Governance" at our website. Plexus' Code of Conduct and Business Ethics applies to all members of the board of directors, officers and employees; and includes provisions related to accounting and financial matters that apply to the Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer and Controller. We intend to satisfy the disclosure requirements under Item 5.05 of Form 8-K regarding amendments to or waivers from, Plexus' Code of Conduct and Business Ethics by posting such information on our website at www.plexus.com.

Information required under this item with respect to our Insider Trading Policy is contained in the 2026 Proxy Statement under the caption "Insider Trading Policy" and is incorporated herein by reference.

**Information about our Executive Officers**

The following table sets forth our executive officers, their ages as of November 14, 2025, and the positions held by each person:

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| | | |
|:---|:---|:---|
| Name | Age | Position |
| Todd P. Kelsey | 60 | President and Chief Executive Officer |
| Patrick J. Jermain | 59 | Executive Vice President and Chief Financial Officer |
| Oliver K. Mihm | 53 | Executive Vice President and Chief Operating Officer |
| Angelo M. Ninivaggi | 58 | Executive Vice President, Chief Administrative Officer, General Counsel and Secretary |
| Michael J. Running | 50 | Regional President – AMER |
| Victor Tan | 61 | Regional President – APAC |
| Frank Zycinski | 57 | Regional President – EMEA |

---

*Todd P. Kelsey* joined Plexus in 1994 and has served as Chief Executive Officer since 2016. In 2024, Mr. Kelsey resumed the office of President. He previously served as President from 2016 to 2022. Previously, Mr. Kelsey served as Executive Vice President and Chief Operating Officer since 2013 and as Executive Vice President – Global Customer Services since 2011 and as Senior Vice President prior thereto.

*Patrick J. Jermain* joined Plexus in 2010 and has served as Chief Financial Officer since 2014; he was named a Senior Vice President in 2015 and Executive Vice President in 2019. Previously, Mr. Jermain served as Treasurer and Vice President of Finance since 2013 and as Corporate Controller since 2010.

*Oliver K. Mihm* joined Plexus in 2000 and has served as Executive Vice President and Chief Operating Officer since 2022. Prior thereto, he served as Executive Vice President – Global Supply Chain and Operational Solutions, previously serving as Executive Vice President Supply Chain since 2019. From 2015 to 2019, Mr. Mihm served as Regional President – EMEA.

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Prior to that, Mr. Mihm was Industrial Market Sector Vice President, led our Global Engineering Solutions and held various leadership roles within our Engineering Solutions organization.

*Angelo M. Ninivaggi* joined Plexus in 2002 and has served as Chief Administrative Officer since 2013. Mr. Ninivaggi has also served as Vice President, General Counsel and Secretary since 2006, was named a Senior Vice President in 2011 and Executive Vice President in 2019. Mr. Ninivaggi also served as Corporate Compliance Officer from 2007 to 2013.

*Michael J. Running* joined Plexus in 1997 and has served as Regional President – AMER since 2023. Previously, Mr. Running served as Senior Vice President of Quality and Regulatory and Senior Vice President of Engineering since 2022. He was promoted to Senior Vice President of Global Engineering Solutions in AMER in 2016 and has held various leadership roles within our Engineering Solutions organization.

*Victor Tan* joined Plexus in 2007 and has served as Regional President – APAC since 2020. Previously, Mr. Tan served as Senior Vice President of Global Operations since 2019. In 2010, he was promoted to Vice President of Customer Management in APAC, later appointed to lead all Penang operations and support functions in the region in 2013 and further expanded to lead APAC operations in 2018. Prior thereto, he served as the General Manager for Plexus' Penang-Hillside site in Malaysia.

*Frank Zycinski* joined Plexus in 2012 and has served as Regional President – EMEA since 2023. Previously, Mr. Zycinski served as Vice President of Regional Operations - EMEA from 2014 to 2018 before he departed from Plexus. In 2021 he rejoined as Market Sector Vice President.

**ITEM 11.&nbsp;&nbsp;&nbsp;&nbsp;EXECUTIVE COMPENSATION**

Incorporated herein by reference to "Corporate Governance – Board and Committee Responsibilities – Compensation & Leadership Development Committee," "Director Compensation for Fiscal 2025," "Compensation Discussion & Analysis," "Executive Compensation," "Compensation Committee Report" and "Pay Ratio Disclosure" in the 2026 Proxy Statement.

**ITEM 12.&nbsp;&nbsp;&nbsp;&nbsp;SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS**

Incorporated herein by reference to "Security Ownership of Certain Beneficial Owners and Management" in the 2026 Proxy Statement.

**Equity Compensation Plan Information**

The following table chart gives aggregate information regarding grants under all Plexus equity compensation plans through September 27, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| Plan category | Number of securities to be issued upon exercise of outstanding options, warrants and rights (1) | Weighted-average exercise price of outstanding options, warrants and rights (2) | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in 1<sup>st</sup> column) |  |
| Equity compensation plans approved by security holders | 788929 | $— | $641879 |  |
| Equity compensation plans not approved by security holders |  | n/a |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 788929 | $— | $641879 |  |
| (1) Represents options, stock-settled SARs, PSUs and RSUs granted under the 2024 Omnibus Incentive Plan, the 2016 Omnibus Incentive Plan and the 2008 Long-Term Incentive Plan, all of which were approved by shareholders. No further awards may be made under the 2008 Long-Term Incentive Plan or the 2016 Omnibus Incentive Plan. | (1) Represents options, stock-settled SARs, PSUs and RSUs granted under the 2024 Omnibus Incentive Plan, the 2016 Omnibus Incentive Plan and the 2008 Long-Term Incentive Plan, all of which were approved by shareholders. No further awards may be made under the 2008 Long-Term Incentive Plan or the 2016 Omnibus Incentive Plan. | (1) Represents options, stock-settled SARs, PSUs and RSUs granted under the 2024 Omnibus Incentive Plan, the 2016 Omnibus Incentive Plan and the 2008 Long-Term Incentive Plan, all of which were approved by shareholders. No further awards may be made under the 2008 Long-Term Incentive Plan or the 2016 Omnibus Incentive Plan. | (1) Represents options, stock-settled SARs, PSUs and RSUs granted under the 2024 Omnibus Incentive Plan, the 2016 Omnibus Incentive Plan and the 2008 Long-Term Incentive Plan, all of which were approved by shareholders. No further awards may be made under the 2008 Long-Term Incentive Plan or the 2016 Omnibus Incentive Plan. |  |
| (1) Represents options, stock-settled SARs, PSUs and RSUs granted under the 2024 Omnibus Incentive Plan, the 2016 Omnibus Incentive Plan and the 2008 Long-Term Incentive Plan, all of which were approved by shareholders. No further awards may be made under the 2008 Long-Term Incentive Plan or the 2016 Omnibus Incentive Plan. | (1) Represents options, stock-settled SARs, PSUs and RSUs granted under the 2024 Omnibus Incentive Plan, the 2016 Omnibus Incentive Plan and the 2008 Long-Term Incentive Plan, all of which were approved by shareholders. No further awards may be made under the 2008 Long-Term Incentive Plan or the 2016 Omnibus Incentive Plan. | (1) Represents options, stock-settled SARs, PSUs and RSUs granted under the 2024 Omnibus Incentive Plan, the 2016 Omnibus Incentive Plan and the 2008 Long-Term Incentive Plan, all of which were approved by shareholders. No further awards may be made under the 2008 Long-Term Incentive Plan or the 2016 Omnibus Incentive Plan. | (1) Represents options, stock-settled SARs, PSUs and RSUs granted under the 2024 Omnibus Incentive Plan, the 2016 Omnibus Incentive Plan and the 2008 Long-Term Incentive Plan, all of which were approved by shareholders. No further awards may be made under the 2008 Long-Term Incentive Plan or the 2016 Omnibus Incentive Plan. | (2) The weighted average exercise prices exclude PSUs and RSUs. There are no outstanding options, warrants or rights as of September 27, 2025. |

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**ITEM 13.&nbsp;&nbsp;&nbsp;&nbsp;CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE**

Incorporated herein by reference to "Corporate Governance – Board Composition & Structure – Director Independence" and "Certain Transactions" in the 2026 Proxy Statement.

**ITEM 14.&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL ACCOUNTING FEES AND SERVICES**

Our independent registered public accounting firm is PricewaterhouseCoopers LLP, Milwaukee, Wisconsin, Auditor Firm ID: 238. Incorporated herein by reference to the subheading "Ratify Independent Auditors - Fees and Services" in the 2026 Proxy Statement.

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**PART IV**

**ITEM 15.&nbsp;&nbsp;&nbsp;&nbsp;EXHIBITS AND FINANCIAL STATEMENT SCHEDULES**

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| | |
|:---|:---|
| (a) | Documents filed |
| | Financial Statements and Financial Statement Schedule. See the list of Financial Statements and Financial Statement Schedule in Item 8. |
| (b) | Exhibits. The list of exhibits is included below: |

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| | | | | |
|:---|:---|:---|:---|:---|
| | | **Incorporate by Reference Herein** | **Incorporate by Reference Herein** | **Incorporate by Reference Herein** |
|<br>**Exhibit <br>No.** |<br>**Exhibit** | **Form** | **Exhibit** | **Filing Date** |
| 3(i) | <u>[Restated Articles of Incorporation of Plexus Corp.](https://www.sec.gov/Archives/edgar/data/785786/000095013704004111/c85453exv3wxiy.txt)</u>  | 10-Q | 3.1 | 5/14/2004 |
| 3(ii) | <u>[Amended and Restated Bylaws of Plexus Corp., as amended through February 14, 2024](https://www.sec.gov/Archives/edgar/data/785786/000078578624000021/amendedandrestatedbylawsof.htm)</u> | 8-K | 3.1 | 2/15/2024 |
| 4.1 | <u>[Description of Common Stock](https://www.sec.gov/Archives/edgar/data/785786/000078578621000082/plxsf2110-kexhibit43.htm)</u> | 10-K | 4.3 | 11/19/2021 |
| 10.1 (a) | <u>[Credit Agreement, dated as of May 15, 2019, among Plexus Corp., the banks, financial institutions and other institutional lenders listed on the signature pages thereto, JPMorgan Chase Bank, N.A., as administrative agent, U.S. Bank National Association, as syndication agent, PNC Bank, National Association, Bank of America, N.A., MUFG Bank, Ltd., HSBC Bank USA, N.A., Bank of the West and Wells Fargo Bank, National Association, as co-documentation agents, and JPMorgan Chase Bank, N.A. and U.S. Bank National Association, as joint lead arrangers and joint book runners (including the related subsidiary guaranty).](https://www.sec.gov/Archives/edgar/data/785786/000078578619000031/exhibit101-2019creditagree.htm)</u> | 8-K | 10.1 | 5/15/2019 |
| 10.1 (b) | <u>[Amendment No. 1 to Credit Agreement, dated as of April 29, 2020, among Plexus Corp., the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent.](https://www.sec.gov/Archives/edgar/data/785786/000078578620000032/exhibit101amendmentno1.htm)</u>  | 8-K | 10.1 | 4/30/2020 |
| 10.1 (c) | <u>[Amended and Restated Credit Agreement, dated June 9, 2022, by and among Plexus Corp., certain of its subsidiaries from time to time party thereto as borrowers, the lenders from time to time party thereto, and JPMorgan Chase Bank, N.A., as Administrative Agent.](https://www.sec.gov/Archives/edgar/data/785786/000078578622000061/exhibit101-2022debtamendme.htm)</u> | 8-K | 10.1 | 6/13/2022 |
| 10.2 (a) | <u>[Note Purchase Agreement, dated as of June 15, 2018, between Plexus Corp. and the Purchasers named therein relating to an aggregate of $150,000,000 in principal amount of 4.05% Series A Senior Notes, due June 15, 2025, and 4.22% Series B Senior Notes, due June 15, 2028.](https://www.sec.gov/Archives/edgar/data/785786/000078578618000034/plexus-exhibit101toform8xk.htm)</u> | 8-K | 10.1 | 6/18/2018 |
| 10.2 (b) | <u>[First Amendment, dated as of June 25, 2019, to the Note Purchase Agreement, dated as of June 15, 2018, between Plexus Corp. and the Noteholders named therein relating to an aggregate of $150,000,000 in principal amount of 4.05% Series A Senior Notes, due June 15, 2025, and 4.22% Series B Senior Notes, due June 15, 2028.](https://www.sec.gov/Archives/edgar/data/785786/000078578619000046/plxsf1910-qq3exhibit101.htm)</u> | 10-Q | 10.1 | 8/2/2019 |
| 10.3\*\* † | <u>[Second Amended and Restated Master Accounts Receivable Purchase Agreement among Plexus Corp., and Plexus Manufacturing Sdn. Bhd., Plexus Intl. Sales & Logistics, LLC, Plexus Services Ro SRL, Plexus Corp. (UK) Limited, Plexus Thailand Co., LTD. and each additional Seller Party thereto from time to time as the Sellers, Plexus Corp., as Seller Representative, and MUFG Bank, LTD., as the Purchaser, dated as of November 5, 2025.](plxsf2510-kexhibit103.htm)</u> |  |  |  |
| 10.4 | <u>[Retirement and Transition Agreement, dated August 17, 2016, by and between Plexus Corp. and Dean A. Foate.\*](https://www.sec.gov/Archives/edgar/data/785786/000078578616000095/ex101-ceoretirementagreeme.htm)</u> | 8-K | 10.1 | 8/19/2016 |

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| | | | | |
|:---|:---|:---|:---|:---|
| 10.5 | <u>[Retirement and Transition Agreement, dated May 31, 2024, by and between Plexus Corp. and Steven J. Frisch.\*](https://www.sec.gov/Archives/edgar/data/785786/000078578624000042/frischretirementagreement3.htm)</u> | 8-K | 10.1 | 6/5/2024 |
| 10.6 | <u>[Employment Agreement, dated August 17, 2016, by and between Plexus Corp. and Todd P. Kelsey.\*](https://www.sec.gov/Archives/edgar/data/785786/000078578616000095/ex102-employmentagreement.htm)</u> | 8-K | 10.2 | 8/19/2016 |
| 10.7 | <u>[Form of Change of Control Agreement with executive officers.\*](https://www.sec.gov/Archives/edgar/data/785786/000078578614000044/plxsf1410-kexhibit104b.htm)</u> | 8-K | 10.2 | 5/21/2008 |
| 10.8 | <u>[Summary of Directors' Compensation (1/22).\*](https://www.sec.gov/Archives/edgar/data/785786/000078578622000038/plxsf2210-qq1exhibit102.htm)</u> | 10-Q | 10.2 | 2/4/2022 |
| 10.9 (a) | <u>[Plexus Corp. Executive Deferred Compensation Plan.\*](https://www.sec.gov/Archives/edgar/data/785786/000095012400007557/c58814ex10-17.txt)</u>  | 10-K | 10.17 | 12/19/2000 |
| 10.9 (b) | <u>[Plexus Corp Executive Deferred Compensation Plan Trust dated April 1, 2003 between Plexus Corp. and Bankers Trust Company.\*](https://www.sec.gov/Archives/edgar/data/785786/000095013703006327/c81438exv10w14.txt)</u> | 10-K | 10.14 | 12/15/2003 |
| 10.10 | <u>[Plexus Corp. Non-employee Directors Deferred Compensation Plan.\*](https://www.sec.gov/Archives/edgar/data/785786/000078578612000018/plxsf1210-kexhibit1010.htm)</u>  | 10-K | 10.10 | 11/19/2012 |
| 10.11 (a) | <u>[Plexus Corp. 2024 Omnibus Incentive Plan.\*](https://www.sec.gov/Archives/edgar/data/785786/000078578624000021/plexuscorpomnibusplan2024.htm)</u> | 8-K | 10.1 | 2/14/2024 |
| 10.11 (b) | Forms of award agreements thereunder\* |  |  |  |
|  | <u>[(i) Form of Performance Stock Unit Agreement (Economic Return).](https://www.sec.gov/Archives/edgar/data/785786/000078578624000056/exhibit1012024plexusperfor.htm)</u> | 10-Q | 10.1 | 8/2/2024 |
|  | <u>[(ii) Form of Performance Stock Unit Agreement (Total Shareholder Return).](https://www.sec.gov/Archives/edgar/data/785786/000078578624000056/exhibit1022024plexusperfor.htm)</u> | 10-Q | 10.2 | 8/2/2024 |
|  | <u>[(iii) Form of Restricted Stock Unit Agreement.](https://www.sec.gov/Archives/edgar/data/785786/000078578624000056/exhibit1032024plexusrestri.htm)</u> | 10-Q | 10.3 | 8/2/2024 |
|  | <u>[(iv) Form of Restricted Stock Unit Award Agreement for Directors.](https://www.sec.gov/Archives/edgar/data/785786/000078578624000056/exhibit1042024plexusdirect.htm)</u> | 10-Q | 10.4 | 8/2/2024 |
|  | <u>[(v) Form of Plexus Corp. Variable Incentive Compensation Plan - Plexus Leadership Team](https://www.sec.gov/Archives/edgar/data/785786/000078578625000013/plxsf25q1ex101vicpofficer2.htm)</u> | 10-Q | 10.1 | 1/31/2025 |
| 10.12 (a) | <u>[Amended and Restated Plexus Corp. 2016 Omnibus Incentive Plan.\*](https://www.sec.gov/Archives/edgar/data/785786/000078578617000025/plxs-2017x10qxq2xex102.htm)</u><br><u>[(superseded except as to outstanding awards).](https://www.sec.gov/Archives/edgar/data/785786/000078578617000025/plxs-2017x10qxq2xex102.htm)</u> | 10-Q | 10.2 | 5/5/2017 |
| 10.12 (b) | Forms of award agreements thereunder\* |  |  |  |
|  | <u>[(i) Form of Performance Stock Unit Agreement.](https://www.sec.gov/Archives/edgar/data/785786/000078578621000015/plxsf2110-qq1exhibit101.htm)</u> | 10-Q | 10.1 | 2/5/2021 |
|  | <u>[(ii) Form of Performance Stock Unit Agreement (Economic Return).](https://www.sec.gov/Archives/edgar/data/785786/000078578623000012/erformofperformancestockun.htm)</u> | 10-Q | 10.1 | 2/3/2023 |
|  | <u>[(iii) Form of Performance Stock Unit Agreement (Total Shareholder Return).](https://www.sec.gov/Archives/edgar/data/785786/000078578623000012/tsrformofperformancestocku.htm)</u> | 10-Q | 10.2 | 2/3/2023 |
|  | <u>[(iv) Form of Restricted Stock Unit Award.](https://www.sec.gov/Archives/edgar/data/785786/000078578616000093/plxs-2016x10qxq3xex102.htm)</u> | 10-Q | 10.2 | 8/8/2016 |
|  | <u>[(v) Form of Restricted Stock Unit Award Agreement for Directors.](https://www.sec.gov/Archives/edgar/data/785786/000078578617000008/plxs-2017x10qxq1xex101.htm)</u> | 10-Q | 10.1 | 2/3/2017 |
|  | <u>[(vi) Form of Stock Option Agreement.](https://www.sec.gov/Archives/edgar/data/785786/000078578616000093/plxs-2016x10qxq3xex101.htm)</u> | 10-Q | 10.1 | 8/8/2016 |
|  | <u>[(vii) Form of Stock Appreciation Rights Agreement.](https://www.sec.gov/Archives/edgar/data/785786/000078578616000093/plxs-2016x10qxq3xex103.htm)</u>  | 10-Q | 10.3 | 8/8/2016 |
|  | <u>[(viii) Form of Plexus Corp. Variable Incentive Compensation Plan - Plexus Leadership Team.](https://www.sec.gov/Archives/edgar/data/785786/000078578617000049/plxsf1710-kexhibit1010bvi.htm)</u> | 10-K | 10.1(b)(vi) | 11/17/2017 |
| 10.13 (a) | <u>[Amended and Restated Plexus Corp. 2008 Long-Term Incentive Plan\*](https://www.sec.gov/Archives/edgar/data/785786/000078578617000025/plxs-2017x10qxq2xex103.htm)</u><br><u>[(superseded except as to outstanding awards).](https://www.sec.gov/Archives/edgar/data/785786/000078578617000025/plxs-2017x10qxq2xex103.htm)</u> | 10-Q | 10.3 | 5/5/2017 |
| 10.13 (b) | Forms of award agreements thereunder\* |  |  |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| | <u>[Form of Restricted Stock Unit Award.](https://www.sec.gov/Archives/edgar/data/785786/000095013708007025/c26484exv10w5xby.htm)</u> | 10-Q | 10.5(b) | 5/8/2008 |
| 19 | <u>[Insider Trading and Related Policies.](https://www.sec.gov/Archives/edgar/data/785786/000078578624000074/plxsf2410-kexhibit19.htm)</u> | 10-K | 19 | 11/15/2024 |
| 21\*\* | <u>[List of Subsidiaries.](plxsf2510-kexhibit21.htm)</u> |  |  |  |
| 23\*\* | <u>[Consent of PricewaterhouseCoopers LLP.](plxsf2510-kexhibit23.htm)</u> |  |  |  |
| 24\*\* | <u>[Power of Attorney](#iba83099e9c4f4262af0eb68012d3b882_184)</u> (see signature page). |  |  |  |
| 31.1\*\* | <u>[Certification of President and Chief Executive Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002.](plxsf2510-kexhibit311.htm)</u> |  |  |  |
| 31.2\*\* | <u>[Certification of Chief Financial Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002.](plxsf2510-kexhibit312.htm)</u> |  |  |  |
| 32.1\*\* | <u>[Certification of the CEO pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](plxsf2510-kexhibit321.htm)</u> |  |  |  |
| 32.2\*\* | <u>[Certification of the CFO pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](plxsf2510-kexhibit322.htm)</u> |  |  |  |
| 99.1\*\* | <u>[Reconciliation of ROIC to GAAP and Economic Return Financial Statements.](plxsf2510-kexhibit991.htm)</u> |  |  |  |
| 101 | The following materials from Plexus Corp.'s Annual Report on Form 10-K for the fiscal year ended September 27, 2025, formatted in Inline Extensible Business Reporting Language ("XBRL"): (i) the Consolidated Statements of Comprehensive Income, (ii) the Consolidated Balance Sheets, (iii) the Consolidated Statements of Shareholders' Equity, (iv) the Consolidated Statements of Cash Flows, (v) Notes to Consolidated Financial Statements, (vi) the information included in Part I, Item IC, Part II, Item 9B(b) and Part III, Item 10 (the instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document.  |  |  |  |
| 101.INS | Inline XBRL Instance Document (the instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document). |  |  |  |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document. |  |  |  |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |  |  |  |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. |  |  |  |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |  |  |  |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. |  |  |  |
| 104 | The cover page from the Company's Annual Report on Form 10-K for the fiscal year ended September 27, 2025, formatted in Inline XBRL and contained in Exhibit 101. |  |  |  |
| \* | Designates management compensatory plans or agreements. |  |  |  |
| \*\* | Filed or furnished herewith. |  |  |  |
| † | Certain information has been omitted pursuant to Item 601(b)(10) of Regulation S-K, as applicable. The Company will furnish supplemental copies of any of the omitted information upon request by the SEC. |  |  |  |

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**ITEM 16.&nbsp;&nbsp;&nbsp;&nbsp;FORM 10-K SUMMARY**

None.

**Plexus Corp. and Subsidiaries**

**Schedule II – Valuation and Qualifying Accounts**

For fiscal 2025, 2024 and 2023 (in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Descriptions | Balance at beginning of period | Additions charged to costs and expenses | Additions charged to other accounts | Deductions | Balance at end of period |
| **Fiscal Year 2025:** |  |  |  |  |  |
| Allowance for losses on accounts receivable (deducted from the asset to which it relates) | $3189 | $2938 | $— | $(3746) | $2381 |
| Valuation allowance on deferred income tax assets (deducted from the asset to which it relates) | $35641 | $2882 | $— | $— | $38523 |
| **Fiscal Year 2024:** |  |  |  |  |  |
| Allowance for losses on accounts receivable (deducted from the asset to which it relates) | $1914 | $2607 | $— | $(1332) | $3189 |
| Valuation allowance on deferred income tax assets (deducted from the asset to which it relates) | $31949 | $3728 | $— | $(36) | $35641 |
| **Fiscal Year 2023:** |  |  |  |  |  |
| Allowance for losses on accounts receivable (deducted from the asset to which it relates) | $1961 | $2197 | $— | $(2244) | $1914 |
| Valuation allowance on deferred income tax assets (deducted from the asset to which it relates) | $25562 | $6425 | $— | $(38) | $31949 |

---

------

<u>[**Table of Contents**](#iba83099e9c4f4262af0eb68012d3b882_7)</u>

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | | <u>Plexus Corp.</u> |
| | | Registrant |
| Date: | November 14, 2025 | <u>/s/ Todd P. Kelsey</u> |
| | | Todd P. Kelsey |
| | | President and Chief Executive Officer |

---

------

<u>[**Table of Contents**](#iba83099e9c4f4262af0eb68012d3b882_7)</u>

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Todd P. Kelsey, Patrick J. Jermain and Angelo M. Ninivaggi, and each of them, his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments to this report, and to file the same with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, and any other regulatory authority, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them, or their substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirement of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the date indicated.\*

SIGNATURE AND TITLE

---

| | |
|:---|:---|
| /s/ Todd P. Kelsey | /s/ Randy J. Martinez |
| Todd P. Kelsey, President and Chief Executive Officer (Principal Executive Officer) and Director | Randy J. Martinez, Director |
| /s/ Patrick J. Jermain | /s/ Joel Quadracci |
| Patrick J. Jermain, Executive Vice President and Chief<br>Financial Officer (Principal Financial Officer and<br>Principal Accounting Officer) | Joel Quadracci, Director |
| /s/ Dean A. Foate | /s/ Karen M. Rapp |
| Dean A. Foate, Chairman | Karen M. Rapp, Director |
| /s/ Joann M. Eisenhart | /s/ Paul A. Rooke |
| Joann M. Eisenhart, Director | Paul A. Rooke, Director |
| /s/ Rainer Jueckstock | /s/ Michael V. Schrock |
| Rainer Jueckstock, Director | Michael V. Schrock, Director |
| /s/ Jennifer Wuamett | |
| Jennifer Wuamett, Director | |

---

\*Each of the above signatures is affixed as of November 14, 2025.

## Exhibit 10.3

**Exhibit [10.3]**

**Certain information contained in this Exhibit has been redacted because it is both (1) immaterial and (2) of the type that the Company treats as private or confidential. The redaction of such information is indicated by [\*\*\*\*].**

**EXECUTION VERSION**

**SECOND AMENDED AND RESTATED MASTER ACCOUNTS RECEIVABLE PURCHASE AGREEMENT**

**among**

**PLEXUS CORP., and<br>PLEXUS MANUFACTURING SDN. BHD.,<br>PLEXUS INTL. SALES & LOGISTICS, LLC,<br>PLEXUS SERVICES RO SRL<br>PLEXUS CORP. (UK) LIMITED** 

**PLEXUS THAILAND CO., LTD.<br>and<br>EACH ADDITIONAL SELLER PARTY HERETO FROM TIME TO TIME<br>as the Sellers**

**PLEXUS CORP.,<br>as Seller Representative and**

**MUFG BANK, LTD.,<br>as the Purchaser**

**Dated as of November 5, 2025**

31987751. v8

------

**TABLE OF CONTENTS**

**<u>Page</u>**

Section 1.1.&nbsp;&nbsp;&nbsp;&nbsp;Definitions&nbsp;&nbsp;&nbsp;&nbsp;[1](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 1.2.&nbsp;&nbsp;&nbsp;&nbsp;Interpretation&nbsp;&nbsp;&nbsp;&nbsp;[16](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

SECTION 2.&nbsp;&nbsp;&nbsp;&nbsp;PURCHASE AND SALE; UNCOMMITTED ARRANGEMENT; TERM.&nbsp;&nbsp;&nbsp;&nbsp;[16](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 2.1.&nbsp;&nbsp;&nbsp;&nbsp;Offer to Purchase; Purchase and Sale&nbsp;&nbsp;&nbsp;&nbsp;[16](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 2.2.&nbsp;&nbsp;&nbsp;&nbsp;Purchase Price&nbsp;&nbsp;&nbsp;&nbsp;[16](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 2.3.&nbsp;&nbsp;&nbsp;&nbsp;Seller Representative&nbsp;&nbsp;&nbsp;&nbsp;[17](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 2.4.&nbsp;&nbsp;&nbsp;&nbsp;Uncommitted Arrangement&nbsp;&nbsp;&nbsp;&nbsp;[17](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 2.5.&nbsp;&nbsp;&nbsp;&nbsp;Term&nbsp;&nbsp;&nbsp;&nbsp;[17](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 2.6.&nbsp;&nbsp;&nbsp;&nbsp;Maximum Facility Amount&nbsp;&nbsp;&nbsp;&nbsp;[18](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 2.7.&nbsp;&nbsp;&nbsp;&nbsp;Effect of Benchmark Transition Event&nbsp;&nbsp;&nbsp;&nbsp;[18](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

SECTION 3.&nbsp;&nbsp;&nbsp;&nbsp;FEES; LATE PAYMENT AMOUNT.&nbsp;&nbsp;&nbsp;&nbsp;[18](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 3.1.&nbsp;&nbsp;&nbsp;&nbsp;Late Payment Amount&nbsp;&nbsp;&nbsp;&nbsp;[18](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 3.2.&nbsp;&nbsp;&nbsp;&nbsp;Payments Generally&nbsp;&nbsp;&nbsp;&nbsp;[18](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

SECTION 4.&nbsp;&nbsp;&nbsp;&nbsp;NATURE OF FACILITY.&nbsp;&nbsp;&nbsp;&nbsp;[19](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 4.1.&nbsp;&nbsp;&nbsp;&nbsp;True Sale&nbsp;&nbsp;&nbsp;&nbsp;[19](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 4.2.&nbsp;&nbsp;&nbsp;&nbsp;No Purchaser Liability&nbsp;&nbsp;&nbsp;&nbsp;[19](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 4.3.&nbsp;&nbsp;&nbsp;&nbsp;Further Assurances&nbsp;&nbsp;&nbsp;&nbsp;[20](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

SECTION 5.&nbsp;&nbsp;&nbsp;&nbsp;SERVICER.&nbsp;&nbsp;&nbsp;&nbsp;[20](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 5.1.&nbsp;&nbsp;&nbsp;&nbsp;Appointment of each Seller (other than Plexus Thailand) as a Servicer; Plexus Thailand Obligations&nbsp;&nbsp;&nbsp;&nbsp;[20](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 5.2.&nbsp;&nbsp;&nbsp;&nbsp;Servicing Covenants&nbsp;&nbsp;&nbsp;&nbsp;[21](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 5.3.&nbsp;&nbsp;&nbsp;&nbsp;Unidentified Collections on Receivables; Return of Collections&nbsp;&nbsp;&nbsp;&nbsp;[22](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 5.4.&nbsp;&nbsp;&nbsp;&nbsp;Past Due Receivables&nbsp;&nbsp;&nbsp;&nbsp;[23](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 5.5.&nbsp;&nbsp;&nbsp;&nbsp;Termination of Appointment&nbsp;&nbsp;&nbsp;&nbsp;[23](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

SECTION 6.&nbsp;&nbsp;&nbsp;&nbsp;SERVICING REPORTS.&nbsp;&nbsp;&nbsp;&nbsp;[24](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 6.1.&nbsp;&nbsp;&nbsp;&nbsp;Servicing Reports&nbsp;&nbsp;&nbsp;&nbsp;[24](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

SECTION 7.&nbsp;&nbsp;&nbsp;&nbsp;OTHER INFORMATION; THE SELLERS' BOOKS AND RECORDS; INSPECTION; THE PURCHASER'S RECORDS.&nbsp;&nbsp;&nbsp;&nbsp;[24](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 7.1.&nbsp;&nbsp;&nbsp;&nbsp;Other Information&nbsp;&nbsp;&nbsp;&nbsp;[24](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 7.2.&nbsp;&nbsp;&nbsp;&nbsp;The Sellers' Books and Records&nbsp;&nbsp;&nbsp;&nbsp;[24](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 7.3.&nbsp;&nbsp;&nbsp;&nbsp;Inspection&nbsp;&nbsp;&nbsp;&nbsp;[24](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 7.4.&nbsp;&nbsp;&nbsp;&nbsp;The Purchaser's Records&nbsp;&nbsp;&nbsp;&nbsp;[25](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

SECTION 8.&nbsp;&nbsp;&nbsp;&nbsp;CONDITIONS PRECEDENT.&nbsp;&nbsp;&nbsp;&nbsp;[25](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 8.1.&nbsp;&nbsp;&nbsp;&nbsp;Conditions Precedent to the Closing Date&nbsp;&nbsp;&nbsp;&nbsp;[25](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 8.2.&nbsp;&nbsp;&nbsp;&nbsp;Conditions Precedent to the A&R Closing Date&nbsp;&nbsp;&nbsp;&nbsp;[26](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

-i-

------

Section 8.3.&nbsp;&nbsp;&nbsp;&nbsp;[Reserved].&nbsp;&nbsp;&nbsp;&nbsp;[26](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 8.4.&nbsp;&nbsp;&nbsp;&nbsp;[Reserved].&nbsp;&nbsp;&nbsp;&nbsp;[27](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 8.5.&nbsp;&nbsp;&nbsp;&nbsp;Conditions Precedent to Each Purchase&nbsp;&nbsp;&nbsp;&nbsp;[27](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 8.6.&nbsp;&nbsp;&nbsp;&nbsp;Conditions Subsequent to Each Purchase from Plexus Romania&nbsp;&nbsp;&nbsp;&nbsp;[27](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

SECTION 9.&nbsp;&nbsp;&nbsp;&nbsp;REPRESENTATIONS AND WARRANTIES.&nbsp;&nbsp;&nbsp;&nbsp;[28](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 9.1.&nbsp;&nbsp;&nbsp;&nbsp;Generally&nbsp;&nbsp;&nbsp;&nbsp;[28](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 9.2.&nbsp;&nbsp;&nbsp;&nbsp;Purchased Receivables&nbsp;&nbsp;&nbsp;&nbsp;[29](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

SECTION 10.&nbsp;&nbsp;&nbsp;&nbsp;COVENANTS.&nbsp;&nbsp;&nbsp;&nbsp;[32](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 10.1.&nbsp;&nbsp;&nbsp;&nbsp;The Sellers' Covenants&nbsp;&nbsp;&nbsp;&nbsp;[32](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

SECTION 11.&nbsp;&nbsp;&nbsp;&nbsp;REPURCHASE OF PURCHASED RECEIVABLES.&nbsp;&nbsp;&nbsp;&nbsp;[33](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 11.1.&nbsp;&nbsp;&nbsp;&nbsp;Repurchase Price&nbsp;&nbsp;&nbsp;&nbsp;[33](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 11.2.&nbsp;&nbsp;&nbsp;&nbsp;Repurchase&nbsp;&nbsp;&nbsp;&nbsp;[34](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 11.3.&nbsp;&nbsp;&nbsp;&nbsp;Repurchase Date&nbsp;&nbsp;&nbsp;&nbsp;[34](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 11.4.&nbsp;&nbsp;&nbsp;&nbsp;Guaranty&nbsp;&nbsp;&nbsp;&nbsp;[34](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

SECTION 12.&nbsp;&nbsp;&nbsp;&nbsp;TAXES, ETC.&nbsp;&nbsp;&nbsp;&nbsp;[35](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 12.1.&nbsp;&nbsp;&nbsp;&nbsp;Taxes&nbsp;&nbsp;&nbsp;&nbsp;[35](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 12.2.&nbsp;&nbsp;&nbsp;&nbsp;Duties and Taxes&nbsp;&nbsp;&nbsp;&nbsp;[35](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

SECTION 13.&nbsp;&nbsp;&nbsp;&nbsp;MISCELLANEOUS.&nbsp;&nbsp;&nbsp;&nbsp;[36](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 13.1.&nbsp;&nbsp;&nbsp;&nbsp;Indemnity&nbsp;&nbsp;&nbsp;&nbsp;[36](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 13.2.&nbsp;&nbsp;&nbsp;&nbsp;Expenses&nbsp;&nbsp;&nbsp;&nbsp;[37](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 13.3.&nbsp;&nbsp;&nbsp;&nbsp;Setoff&nbsp;&nbsp;&nbsp;&nbsp;[37](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 13.4.&nbsp;&nbsp;&nbsp;&nbsp;Notices, Addresses&nbsp;&nbsp;&nbsp;&nbsp;[37](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 13.5.&nbsp;&nbsp;&nbsp;&nbsp;Certificates and Determinations&nbsp;&nbsp;&nbsp;&nbsp;[38](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 13.6.&nbsp;&nbsp;&nbsp;&nbsp;Assignments and Transfers&nbsp;&nbsp;&nbsp;&nbsp;[38](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 13.7.&nbsp;&nbsp;&nbsp;&nbsp;Waivers, Remedies Cumulative&nbsp;&nbsp;&nbsp;&nbsp;[39](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 13.8.&nbsp;&nbsp;&nbsp;&nbsp;Accounting Treatment; Non-Reliance&nbsp;&nbsp;&nbsp;&nbsp;[39](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 13.9.&nbsp;&nbsp;&nbsp;&nbsp;Third Party Rights&nbsp;&nbsp;&nbsp;&nbsp;[39](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 13.10.&nbsp;&nbsp;&nbsp;&nbsp;Counterparts&nbsp;&nbsp;&nbsp;&nbsp;[39](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 13.11.&nbsp;&nbsp;&nbsp;&nbsp;Entire Agreement&nbsp;&nbsp;&nbsp;&nbsp;[39](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 13.12.&nbsp;&nbsp;&nbsp;&nbsp;Exclusion of Liability&nbsp;&nbsp;&nbsp;&nbsp;[39](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 13.13.&nbsp;&nbsp;&nbsp;&nbsp;Invalidity&nbsp;&nbsp;&nbsp;&nbsp;[40](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 13.14.&nbsp;&nbsp;&nbsp;&nbsp;Governing Law&nbsp;&nbsp;&nbsp;&nbsp;[40](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 13.15.&nbsp;&nbsp;&nbsp;&nbsp;Consent to Jurisdiction&nbsp;&nbsp;&nbsp;&nbsp;[40](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 13.16.&nbsp;&nbsp;&nbsp;&nbsp;WAIVER OF JURY TRIAL&nbsp;&nbsp;&nbsp;&nbsp;[41](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 13.17.&nbsp;&nbsp;&nbsp;&nbsp;USA Patriot Act&nbsp;&nbsp;&nbsp;&nbsp;[41](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 13.18.&nbsp;&nbsp;&nbsp;&nbsp;Confidentiality&nbsp;&nbsp;&nbsp;&nbsp;[41](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 13.19.&nbsp;&nbsp;&nbsp;&nbsp;Communication Through the Platform&nbsp;&nbsp;&nbsp;&nbsp;[41](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 13.20.&nbsp;&nbsp;&nbsp;&nbsp;Additional Sellers&nbsp;&nbsp;&nbsp;&nbsp;[42](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 13.21.&nbsp;&nbsp;&nbsp;&nbsp;Judgment Currency&nbsp;&nbsp;&nbsp;&nbsp;[42](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

Section 13.22.&nbsp;&nbsp;&nbsp;&nbsp;Effect of Amendment and Restatement&nbsp;&nbsp;&nbsp;&nbsp;[42](#i3a1ab98bd9764a9caeb97afe106c4a85_7)

-ii-

------

-iii-

------

Schedule A&nbsp;&nbsp;&nbsp;&nbsp;Approved Obligors <br>Schedule B&nbsp;&nbsp;&nbsp;&nbsp;UCC Information <br>Schedule C&nbsp;&nbsp;&nbsp;&nbsp;Purchaser's Account <br>Schedule D&nbsp;&nbsp;&nbsp;&nbsp;Remittance Account<br>Exhibit A&nbsp;&nbsp;&nbsp;&nbsp;Form of Purchase Request<br>Exhibit B&nbsp;&nbsp;&nbsp;&nbsp;Form of Servicing Report<br>Exhibit C-1&nbsp;&nbsp;&nbsp;&nbsp;Terms of Use of PrimeRevenue System

Exhibit C-2&nbsp;&nbsp;&nbsp;&nbsp;Terms of Use of MUFG Platform

Exhibit C-3&nbsp;&nbsp;&nbsp;&nbsp;Administrator Setup Form<br>Exhibit D&nbsp;&nbsp;&nbsp;&nbsp;Form of Maximum Facility Amount Notice

-iv-

------

**SECOND AMENDED AND RESTATED MASTER ACCOUNTS RECEIVABLE PURCHASE AGREEMENT**

**SECOND AMENDED AND RESTATED MASTER ACCOUNTS RECEIVABLE PURCHASE AGREEMENT**, dated as of November 5, 2025 (as amended, restated, supplemented or otherwise modified from time to time, this "<u>Agreement</u>"), among **PLEXUS CORP.**, a Wisconsin corporation ("<u>Plexus</u>"), **PLEXUS MANUFACTURING SDN. BHD**., a private company limited by shares organized under the laws of Malaysia ("<u>Plexus Malaysia</u>"), **PLEXUS INTL. SALES & LOGISTICS, LLC**, a Delaware limited liability company ("Plexus Intl."), **PLEXUS SERVICES RO SRL**, a company organized and existing under the laws of Romania ("<u>Plexus Romania</u>"), **PLEXUS CORP. (UK) LIMITED**, a company organized under the laws of Scotland ("<u>Plexus UK</u>"), **PLEXUS THAILAND CO., LTD.** a limited company in accordance with the Civil and Commercial Code of Thailand ("<u>Plexus Thailand</u>"), each Additional Seller party hereto from time to time (Plexus, Plexus Malaysia, Plexus Intl., Plexus Romania, Plexus Thailand and any Additional Seller are referred to herein as each, a "<u>Seller</u>", and collectively, the "<u>Sellers</u>"), Plexus, as seller representative and as a guarantor (in such capacity, the "<u>Guarantor</u>"), and **MUFG BANK, LTD.** (the "Purchaser").

**<u>Recital</u>:**

From time to time during the term hereof, each Seller may sell accounts receivable to the Purchaser, and the Purchaser may in its sole discretion agree to purchase such accounts receivable from such Seller, in each case, on the terms and conditions set forth in this Agreement.

**SECTION 1.DEFINITIONS AND INTERPRETATION.**

*Section 1.1.Definitions*. In this Agreement, the following terms shall have the meanings ascribed thereto:

"<u>A&R Closing Date</u>" means, subject to Section 8.2, the date of this Agreement.

"<u>Additional Seller</u>" means any Person that becomes a Seller hereunder pursuant to <u>Section 13.20</u>.

"<u>Adverse Claim</u>" means any mortgage, assignment, security interest, pledge, lien or other encumbrance securing any obligation of any Person or any other type of adverse claim or preferential arrangement having a similar effect (including any agreement to give any of the foregoing, any conditional sale or other title retention agreement, and any lease in the nature thereof), in each case other than as arising under this Agreement.

"<u>Affiliate</u>" means any Person controlling, controlled by or under common control with, a Seller.

"<u>Agreement</u>" as defined in the preamble hereto.

"<u>Anti-Corruption Laws</u>" means all laws, rules, and regulations of any jurisdiction applicable to the Purchaser, any Seller, or their respective Subsidiaries from time to time

------

concerning or relating to bribery, corruption or anti-money laundering, including, without limitation, the Foreign Corrupt Practices Act of 1977, as amended, the U.K. Bribery Act 2010, and any applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions.

"<u>Anti-Money Laundering Laws</u>" means each of: (a) Executive Order No. 13224 on Terrorist Financings: Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten To Commit, or Support Terrorism issued on September 23, 2001, (b) the PATRIOT Act; (c) the Money Laundering Control Act of 1986, 18 U.S.C. Sect. 1956 and any successor statute thereto; (d) the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada); (e) the Bank Secrecy Act of 1970, and the rules and regulations promulgated thereunder; (f) the Act on Prevention of Transfer of Criminal Proceeds (Japan); (g) the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada); and (h) any other Applicable Law of the United States, Canada, Japan, the United Kingdom or any member state of the European Union or the Applicable Law of any jurisdictions in which any Seller, the Guarantor or any of their respective Subsidiaries operates or in which the proceeds of any purchase of Receivables under this Agreement will be used, or the Applicable Laws of any other relevant authority, in each case now or hereafter enacted to monitor, deter or otherwise prevent: (i) terrorism or (ii) the funding or support of terrorism or (iii) money laundering.

"<u>Applicable Cost of Funds</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)with respect to any Receivable denominated in Dollars, the Base Rate for a period equal to the Discount Period applicable to such Receivable determined as of two (2) Business Days prior to the applicable Purchase Date for such Receivable (or portion thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;with respect to any Receivable denominated in Euro, EURIBOR for a period equal to the Discount Period applicable to such Receivable determined as of two (2) Business Days prior to the applicable Purchase Date for such Receivable (or portion thereof); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;with respect to any Receivable denominated in Sterling, FTSE Term SONIA for a period equal to the Discount Period applicable to such Receivable determined on the applicable Purchase Date for such Receivable (or portion thereof);

provided, however, that if any of the foregoing Applicable Cost of Funds is less than 0%, then such Applicable Cost of Funds shall be deemed to be 0%

"<u>Applicable Margin</u>" means with respect to Receivables owed by each Approved Obligor, the rate per annum set forth under the heading "Applicable Margin" for such Approved Obligor on <u>Schedule A</u>, as may be as adjusted from time to time as mutually agreed in writing (which may be via email or in any Purchase Request) by the Seller Representative and the Purchaser.

"<u>Approved Abbott Subsidiary Obligors</u>" means each of Alere San Diego, Inc. Abbott Point of Care Inc., St. Jude Medical, Inc., SJM Coordination Center BVBA, SJM

------

Implantable Electronic Systems Div., St. Jude Medical Operations (Malaysia) Sdn. Bhd. and Alere Technologies GmbH.

"<u>Approved Honeywell Subsidiary Obligors</u>" means each of Honeywell Elster Solutions, LLC and Honeywell Elster American Meter.

"<u>Approved Obligor</u>" means each Obligor listed on Schedule A, as such list may be amended from time to time to add or delete any Obligor as mutually agreed in writing by the Seller Representative and the Purchaser; *provided, that* (i) each Approved Honeywell Subsidiary Obligor shall be deemed to be an Approved Obligor with respect to those Receivables that arise under a Contract between a Seller and such Approved Honeywell Subsidiary Obligor for which Honeywell International, Inc. is obligated to pay all amounts owing on such Receivable in accordance with the terms of such Contract, and, for all purposes hereunder, the Approved Obligors with respect to such Receivables shall be both the applicable Approved Honeywell Subsidiary Obligor and Honeywell International, Inc., and (ii) each Approved Abbott Subsidiary Obligor shall be deemed to be an Approved Obligor with respect to those Receivables that arise under a Contract between a Seller and such Approved Abbott Subsidiary Obligor for which Abbott Laboratories is obligated to pay all amounts owing on such Receivable in accordance with the terms of such Contract, and, for all purposes hereunder, the Approved Obligors with respect to such Receivables shall be both the applicable Approved Abbott Subsidiary Obligor and Abbott Laboratories.

"<u>Approved Obligor Buffer Period</u>" means for each Approved Obligor, the number of days set forth under the heading "Approved Obligor Buffer Period" for such Approved Obligor on <u>Schedule A</u>, as adjusted from time to time, based on the payment history of the Receivables of such Approved Obligor, as mutually agreed in writing (which may be via email) by the Seller Representative and the Purchaser.

"<u>Approved Obligor Sublimit</u>" means for each Approved Obligor, the amount set forth under the heading "Approved Obligor Sublimit" for such Approved Obligor on <u>Schedule A</u>, as adjusted from time to time as mutually agreed in writing (which may be via email) by the Seller Representative and the Purchaser.

"<u>Base Rate</u>" means Term SOFR.

"<u>Benchmark</u>" means, initially, as applicable, the Term SOFR Reference Rate for the applicable tenor of SOFR; provided that if a Benchmark Transition Event has occurred with respect to the Term SOFR Reference Rate for such tenor of SOFR, as applicable, or the then-current Benchmark, then "Benchmark" means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to the provisions hereof.

"<u>Benchmark Replacement</u>" means the Cost of Funds Rate in respect of any Purchased Receivable.

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"<u>Benchmark Replacement Date</u>" means the earliest to occur of the following events with respect to the then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)in the case of clauses (a) and (b) of the definition of "Benchmark Transition Event", the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide a tenor of such Benchmark (or such component thereof) that would permit the determination of such Benchmark for usage as set forth herein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)in the case of clause (c) of the definition of "Benchmark Transition Event", the date of the public statement or publication of information referenced therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)"<u>Benchmark Transition Event</u>" means the occurrence of one or more of the following events with respect to the then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide a tenor of such Benchmark (or such component thereof) that would permit the determination of such Benchmark for usage as set forth herein permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide a tenor of such Benchmark (or such component thereof) that would permit the determination of such Benchmark for usage as set forth herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide a tenor of such Benchmark (or such component thereof) that would permit the determination of such Benchmark for usage as set forth herein permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide a tenor of such Benchmark (or such component thereof) that would permit the determination of such Benchmark for usage as set forth herein; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) or the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that no tenor of such Benchmark that would permit the determination of such Benchmark for usage as set forth herein is, or as of a specified future date will be, representative.

"<u>Beneficial Ownership Rule</u>" means 31 C.F.R. § 1010.230.

"<u>Business Day</u>" means a day that is not a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required by law to remain closed; provided that, when used in connection with determining (i) EURIBOR, the term "Business

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Day" shall also exclude any day that is not a TARGET Day, and (ii) FTSE Term SONIA, the term "Business Day" shall also exclude any day on which banks in London are closed.

"<u>Certification of Beneficial Owner(s)</u>" means a certificate in form and substance satisfactory to the Purchaser regarding beneficial ownership of each Seller as required by the Beneficial Ownership Rule.

"<u>Closing Date</u>" means October 4, 2016.

"<u>Collections</u>" means, with respect to any Purchased Receivable, all payments made on such Purchased Receivable and any other payments, receipts or recoveries received by a Seller with respect to such Purchased Receivable.

"<u>Conforming Changes</u>" means, with respect to the Benchmark at any time, any conforming changes to the definition thereof, applicable tenor, timing of publication and frequency of determining such rate and making payments and other technical, administrative or operational matters as may be appropriate, in the discretion of the Purchaser, to reflect the adoption and implementation of such rate, and to permit the administration thereof by the Purchaser in a manner substantially consistent with market practice (or, if the Purchaser determines that adoption of any portion of such market practice is not administratively feasible or that no market practice for the administration of such rates exist, in such other manner of administration as the Purchaser determines is reasonably necessary in connection with this Agreement).

"<u>Contract</u>" means, with respect to any Receivable, the applicable contract or purchase order with respect to such Receivable between a Seller and the applicable Approved Obligor, as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms hereof.

"<u>Conversion Date</u>" as defined in <u>Section 13.21</u>.

"<u>Cost of Funds Rate</u>" means the rate per annum quoted from time to time as such by the Purchaser, which rate shall be reasonably determined and calculated by the Purchaser, taking into account factors including, but not limited to, the Purchaser's external and internal funding costs and prevailing interbank market rates and conditions. Notwithstanding the foregoing, if the Cost of Funds Rate shall be less than 0%, such rate shall be deemed 0% for purposes of this Agreement. To the extent any Purchase Requests are to funded using a Discount that is calculated based on the Cost of Funds Rate, the Purchaser shall, upon a Seller's request, confirm the Cost of Funds Rate then in effect.

"<u>Credit Agreement</u>" means that certain Amended and Restated Credit Agreement, dated as of June 9, 2022, among Plexus, the subsidiary borrowers from time to time party thereto, the lenders party thereto, and JPMorgan Chase Bank, N.A., as a lender, an LC Issuer, a swing line lender and as administrative agent.

"<u>Designated Currency</u>" means Euro, Dollar or Sterling.

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"<u>Dilution</u>" means, with respect to any Receivable, any discount, adjustment, deduction, or reduction that would have the effect of reducing the amount of part or all of such Receivable.

"<u>Discount</u>" means, with respect to any Receivable, the amount determined as the "Discount" in the calculation of the Purchase Price for such Receivable pursuant to <u>Section 2.2</u>.

"<u>Discount Period</u>" means, with respect to any Receivable, the number of days from (and including) the applicable Purchase Date of such Receivable to (but not including) the date which is the number of days after the Maturity Date of such Receivable equal to the Approved Obligor Buffer Period for the Approved Obligor of such Receivable plus the applicable remittance period set forth in clause (x) of the second sentence in Section 5.2 with respect thereto.

"<u>Discount Rate</u>" means, with respect to any Receivable, a rate *per annum* equal to the sum of (i) the Applicable Cost of Funds with respect to such Receivable, <u>plus</u> (ii) the Applicable Margin for the Obligor of such Receivable.

"<u>Dispute</u>" means, with respect to any Receivable, any Dilution with respect to such Receivable (other than any Dilutions specifically taken into account in determining the Purchase Price for such Receivable), or any claim, offset, defense, counterclaim, discount, allowance, or warranty issue of any kind between a Seller and the applicable Approved Obligor (or any of their respective affiliates) relating to such Receivable, including, without limitation, any products liability claim arising out of or in connection with such Receivable.

"<u>Dollar</u>" and "<u>$</u>" means the lawful currency of the United States of America.

"<u>EURIBOR</u>" means, subject to Section 2.7, with respect to a Receivable denominated in Euro, the rate (calculated on the basis of actual days elapsed over a 360-day year) per annum equal to the Euro interbank offered rate administered by the European Money Markets Institute (or any other Person which takes over the administration of that rate) for Euros displayed on page EURIBOR01 of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate), as published at 11:00 a.m. (Central European Time), two Business Days immediately preceding the related Purchase Date with respect to such Receivable (or portion thereof) for deposits in Euros with a term equal to the Discount Period for such Receivable; provided that if such day is not a day on which banks are open for dealings in Euros, "EURIBOR" shall be the relevant rate most recently available. If such rate is not available at such time for any reason, then EURIBOR shall be a rate per annum equal to the average (rounded upwards if necessary to the nearest 1/100th of 1%) of the rates per annum at which deposits in Euros with a term equal to the Discount Period in a principal amount substantially equal to the applicable Purchase Price are offered to the principal London office of the Purchaser by three London banks, reasonably selected by the Purchaser in good faith. Notwithstanding the foregoing, (i) if EURIBOR shall be less than 0%, such rate shall be deemed to be 0.001% for purposes of this Agreement and (ii) if the Discount Period does not correspond to any available rate term, then EURIBOR shall be the rate per annum (rounded to the same number of decimal places as EURIBOR) determined by the Purchaser (which determination shall be conclusive and

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binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the EURIBOR for the longest period for which EURIBOR is available that is shorter than the applicable Discount Period; and (b) the EURIBOR for the shortest period for which such EURIBOR is available that exceeds the applicable Discount Period, in each case, at such time; provided, however, that if the applicable Discount Period is less than one week, EURIBOR with a one week tenor shall be used.

"<u>Euro</u>" means the single currency of the Participating Member States.

"<u>European Union</u>" means the region comprised of member states of the European Union pursuant to the Treaty establishing the European Community (signed in Rome on 25 March 1967) as amended by the Treaty on the European Union (signed in Maastricht on 7 February 1992).

"<u>Existing Agreement</u>" means that certain Master Accounts Receivable Purchase Agreement, dated as of October 4, 2016, entered into by and between the Purchaser, Plexus and Plexus Malaysia, as amended and restated pursuant to the Amended and Restated Master Accounts Receivable Purchase Agreement, dated as of December 14, 2016, entered into by and between the Purchaser, Plexus, Plexus Malaysia, Plexus Romania and Plexus UK, as amended, modified or otherwise supplemented through, and not including, the A&R Closing Date.

"<u>Final Collection Date</u>" means the Business Day following the termination of purchases under this Agreement on which all amounts to which the Purchaser shall be entitled in respect of Purchased Receivables and all other amounts owing to the Purchaser hereunder and under the other Purchase Documents are paid in full.

"<u>FTSE Term SONIA</u>" means, subject to Section 2.7, with respect to a Receivable denominated in Sterling, the rate (calculated on the basis of actual days elapsed over a 360-day year) per annum equal to the FTSE Term SONIA for a tenor comparable to the number of days in the applicable Discount Period, as such rate is published two Business Days immediately preceding the related Purchase Date with respect to such Receivable (or portion thereof) for deposits in Sterling, by FTSE Russell, a London Stock Exchange Group Business (or by any other commercially available source which publishes FTSE Term SONIA as designated by the Purchaser from time to time) with a term equal to the Discount Period for such Receivable; provided that if such day is not a day on which FTSE Term SONIA is published, FTSE Term SONIA shall be the relevant rate most recently available. If FTSE Term SONIA ceases to be published, then the Purchaser shall elect, at its discretion, to either (i) use the term SONIA reference rate published by an alternative benchmark administrator (such as ICE Benchmark Administration Limited) or (ii) designate an alternative rate, such as the Bank of England's Bank Rate. Notwithstanding the foregoing, (i) if FTSE Term SONIA shall be less than 0%, such rate shall be deemed to be 0.001% for purposes of this Agreement and (ii) if the Discount Period does not correspond to any available rate term, then FTSE Term SONIA shall be shall be an Interpolated Rate.

"<u>GAAP</u>" means United States generally accepted accounting principles in effect as of the date of determination thereof.

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"<u>GBP</u>" and "<u>Sterling</u>" means the lawful currency of the United Kingdom.

"<u>Goods</u>" means, with respect to any Receivable, those goods sold by a Seller to the applicable Approved Obligor and any related services provided by such Seller to such Approved Obligor pursuant to the applicable Contract.

"<u>Governmental Authority</u>" means any nation or government, any state or other political subdivision thereof and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government.

"<u>Guarantor</u>" as defined in the preamble hereto.

"<u>Indemnified Liabilities</u>" as defined in <u>Section 13.1</u>.

"<u>Indemnified Party</u>" as defined in <u>Section 13.1</u>.

"<u>Insolvency Event</u>" means, with respect to any Person, such Person (i) is dissolved (other than pursuant to a consolidation, amalgamation or merger); or (ii) becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due; or (iii) makes a general assignment, arrangement or composition with or for the benefit of its creditors; or (iv) institutes or has instituted against it a proceeding seeking judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency Law or other similar Law affecting creditor's rights, or a petition is presented for its winding-up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding or petition (A) results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding up or liquidation or (B) is not dismissed, discharged, stayed or restrained in each case within thirty (30) days of the institution or presentation thereof; or (v) has a resolution passed for its winding-up, official management or liquidation; or (vi) seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all of its assets; or (vii) has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within thirty (30) days thereafter, or (viii) causes or is subject to any event with respect to it which, under the applicable Laws of any jurisdiction, has an analogous effect to any of the events specified in clauses (i) to (vii) (inclusive), or (ix) takes any corporate or other organizational action to authorize any of the foregoing.

"<u>Interpolated Rate</u>" means,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)with respect to any Purchased Receivable denominated in Dollars for which a published Term SOFR Reference Rate is not available for a tenor comparable to the relevant Discount Period, the rate per annum (rounded to the same number of decimal places as the Term SOFR Reference Rate) determined by the Purchaser (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from

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interpolating on a linear basis between: (a) Term SOFR for the longest period for which a Term SOFR Reference Rate is available that is shorter than the relevant Discount Period; and (b) Term SOFR for the shortest period for which a Term SOFR Reference Rate is available that exceeds the relevant Discount Period, with Term SOFR, in each case, determined using the applicable publication date specified in the definition of "Term SOFR". Without limiting the generality of the foregoing, if the relevant Discount Period is less than one (1) month, the Interpolated Rate shall be equal to the rate that results from interpolating on a linear basis between: (c) SOFR, with SOFR determined using the publication date specified in the definition of "SOFR"; and (d) Term SOFR for a one (1) month tenor, with Term SOFR determined using the publication date specified in the definition of "Term SOFR". Notwithstanding the foregoing, if the sum of the values described in clauses (a), (b), (c) or (d) above, is less than 0%, then the sum of the values described in any such clause that is less than 0% shall be deemed to be 0% for purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)with respect to Purchased Receivables denominated in GBP, with respect to any Discount Period for which a published Term SONIA rate term is not available, at any time, the rate per annum (rounded to the same number of decimal places as FTSE Term SONIA) determined by the Purchaser (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) FTSE Term SONIA for the longest period for which FTSE Term SONIA is available that is shorter than the applicable Discount Period; and (b) FTSE Term SONIA for the shortest period for which FTSE Term SONIA is available that exceeds the applicable Discount Period, in each case, at such time; provided, however, that if the applicable Discount Period is less than one month, FTSE Term SONIA with a 1-month tenor shall be used.

"<u>Invoice</u>" means, with respect to any Receivable, the invoice with respect to such Receivable issued by a Seller to the applicable Approved Obligor for the payment for the applicable Goods supplied or related services provided pursuant to the applicable Contract.

"<u>Judgment Currency</u>" as defined in <u>Section 13.21</u>.

"<u>Law</u>" means any law (including common law), constitution, statute, treaty, regulation, rule, ordinance, order, injunction, writ, decree or award of any Governmental Authority.

"<u>Late Payment Amount</u>" as defined in <u>Section 3.1</u>.

"<u>Maturity Date</u>" means, with respect to any Receivable, the date on which such Receivable becomes due and payable as set forth in the applicable Invoice.

"<u>Maximum Facility Amount</u>" means the lesser of (i) such amount as notified in writing by the Purchaser to the Seller Representative from time to time by delivering to the Seller Representative a Maximum Facility Amount Notice (as of the date hereof and until delivery of the first Maximum Facility Amount Notice, the Maximum Facility Amount under this clause (i)

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shall be $340,000,000), and (ii) the maximum amount of Receivables that the Sellers are permitted to sell under the Credit Agreement.

"<u>Maximum Facility Amount Notice</u>" means a notice substantially in the form of Exhibit D.

"<u>MUFG Collection Account</u>" means the account specified on Annex A to Amendment No. 4 to the Amended and Restated Master Accounts Receivable Purchase Agreement dated as of September 11, 2017, or such other account as the Purchaser notifies the Seller Representative from time to time.

"<u>MUFG Platform</u>" means the Purchaser's communication tool accessible via the internet to enable clients to offer various Receivables for sale to the Purchaser and for the loading, approval and monitoring of such Receivables on a platform, the terms of use of which are set out in <u>Exhibit C-2</u> and are hereby incorporated herein.

"<u>Net Face Value</u>" means, with respect to any Receivable, the amount payable by the applicable Approved Obligor under the applicable Invoice, net of any Taxes and any Dilutions specifically taken into account in determining the Purchase Price for such Receivable as of the applicable Purchase Date.

"<u>Non-Payment Event</u>" as defined in <u>Section 5.4</u>.

"<u>Non-Payment Report</u>" as defined in <u>Section 5.4</u>.

"<u>Obligor</u>" means, with respect to any Receivable, the Person that is obligated to make payments in respect of such Receivable pursuant to the applicable Contract.

"<u>OFAC</u>" means the U.S. Department of Treasury Office of Foreign Assets Control, or any successor thereto.

"<u>Overdue Receivable</u>" as defined in <u>Section 5.4</u>.

"<u>Participating Member States</u>" means any member state of the European Union that has the Euro as its lawful currency in accordance with the legislation of the European Union relating to Economic and Monetary Union.

"<u>PATRIOT Act</u>" as defined in <u>Section 13.17</u>.

"<u>Person</u>" means an individual, partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated association, joint venture, Governmental Authority or other entity of whatever nature.

"<u>Platform</u>" means (i) initially the PrimeRevenue System, and (ii) effective on the date agreed between the Seller Representative and the Purchaser in writing (the "<u>Transition Effectiveness Date</u>"), the MUFG Platform. For the avoidance of doubt, upon the Transition Effectiveness Date, each Seller or the Seller Representative shall be required to deliver all

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Purchase Requests and Servicing Reports via the MUFG Platform as set forth in this Agreement; provided, however, all representations and warranties, covenants and indemnification obligations of the Sellers shall survive with respect to all outstanding Purchased Receivables for which such Seller has submitted information via the "PrimeRevenue System" prior to the Transition Effectiveness Date.

"<u>Plexus</u>" as defined in the preamble hereto.

"<u>Plexus Malaysia</u>" as defined in the preamble hereto.

"<u>Plexus Romania</u>" as defined in the preamble hereto.

"<u>Plexus Thailand</u>" as defined in the preamble hereto.

"<u>Plexus UK</u>" as defined in the preamble hereto.

"<u>Prime Commercial Rate</u>" means the rate of interest most recently published in the Money Rates section of The Wall Street Journal from time to time as the Prime Rate in the United States of America or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the "<u>bank prime loan</u>" rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Purchaser) or any similar release by the Federal Reserve Board (as determined by the Purchaser). Any change in such prime rate shall take effect at the opening of business on the day specified in the public announcement of such change.

"<u>PrimeRevenue System</u>" means the Purchaser's communication tool accessible via the internet to enable clients to offer various receivables for sale to the Purchaser and for the loading, approval and monitoring of such receivables on a platform, the terms of use of which are set out in Exhibit C-1.

"<u>Process Agent</u>" as defined in <u>Section 13.15</u>.

"<u>Proposed Repurchase Date</u>" means, with respect to any Purchased Receivable, the date set forth in any notice delivered pursuant to <u>Section 11.2</u> requiring the repurchase by the applicable Seller of such Purchased Receivable.

"<u>Purchase Date</u>" means with respect to any Purchased Receivable, the date on which such Purchased Receivable was purchased by the Purchaser in accordance with the terms and conditions hereof.

"<u>Purchase Document</u>" means each of this Agreement, each Purchase Request, and each Servicing Report, together with all other documents, instruments or agreements executed and delivered by a Seller or the Seller Representative to or for the benefit of the Purchaser in connection herewith.

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"<u>Purchase Price</u>" means, with respect to any Receivable, the amount determined as the "<u>Purchase Price</u>" pursuant to <u>Section 2.2</u>.

"<u>Purchase Request</u>" means a Purchase Request entered through the Platform, or, if the Platform is not available, a request in the form of <u>Exhibit A</u>.

"<u>Purchased Receivable</u>" means a Receivable purchased by the Purchaser in accordance with the terms and conditions hereof; provided that a Receivable purchased hereunder and subsequently repurchased by the applicable Seller pursuant to the terms and conditions hereof shall, upon the Repurchase Date therefor and upon receipt by the Purchaser of the Repurchase Price therefor, cease to be a Purchased Receivable.

"<u>Purchaser</u>" as defined in the preamble hereto.

"<u>Purchaser's Account</u>" means each of the accounts set forth on Schedule C hereto, or such other account as notified to the Purchaser from time to time by the Seller Representative in writing.

"<u>Receivable</u>" means the monetary obligation of an Obligor to a Seller arising under a Contract which is evidenced by an Invoice (including, if set forth in such Contract, the right to receive payment of any interest or finance charges or other liabilities of such Obligor under such Contract), all Related Assets with respect thereto, and all Collections and other proceeds with respect to the foregoing.

"<u>Related Assets</u>" means, with respect to any Receivable (i) all related rights and remedies under or in connection with the applicable Contract, including bills of lading, bills of exchange, promissory notes and accessions, (ii) all guaranties, suretyships, letters of credit, security, liens and other arrangements supporting payment thereof, (iii) all applicable Sales Records (including electronic records), (iv) all related insurance, and (v) all proceeds of the foregoing.

"<u>Remittance Account</u>" means, with respect to each Seller and each Designated Currency, each of the accounts set forth on Schedule D, or such other account as notified to the Purchaser from time to time by the Seller Representative in writing.

"<u>Repurchase Date</u>" means, with respect to any Purchased Receivable, the date on which such Purchased Receivable is repurchased by the applicable Seller in accordance with the terms and conditions hereof.

"<u>Repurchase Event</u>" means, with respect to any Purchased Receivable: (i) any representation or warranty made by a Seller in <u>Section 9.2</u> with respect to such Purchased Receivable shall be inaccurate, incorrect or untrue in any material respect on any date as of which it is made or deemed to be made; (ii) a Dispute shall have occurred with respect to such Purchased Receivable; (iii) an Adverse Claim shall exist with respect to such Purchased Receivable; (iv) a breach by a Seller of its obligations under <u>Section 4.3</u> with respect to such Purchased Receivable; or (v) the assignment or purported assignment of such Purchased

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Receivable by the applicable Seller to the Purchaser is or becomes invalid or unenforceable (whether against the Approved Obligor or otherwise) for any reason other than the credit worthiness of the Approved Obligor, including without limitation, an Insolvency Event of the applicable Approved Obligor or the financial inability of the Obligor to pay such Purchased Receivable on the applicable Maturity Date.

"<u>Repurchase Price</u>" means, with respect to any Purchased Receivable, the amount determined as the "<u>Repurchase Price</u>" for such Purchased Receivable pursuant to <u>Section 11.1</u>.

"<u>Retained Obligations</u>" as defined in <u>Section 4.2</u>.

"<u>Sales Records</u>" means, with respect to any Receivable, the accounts, all sales ledgers, purchase and sales day books, sales invoices, supply contracts and other related books and records of a Seller relating to an Approved Obligor and on an individual Receivable basis for the purpose of identifying amounts paid or to be paid in respect of such Receivable.

"<u>Sanctioned Person</u>" means any Person: (a) listed as a designated Person on any Sanctions-related list, and/or the target of any Sanctions; (b) resident in, operating without a valid license or authorization in, located in, or organized under the laws of, a comprehensively Sanctioned country or territory (as of November 5, 2025, but subject to change, Crimea, Cuba, Iran, Kherson, North Korea, the so-called Donetsk People's Republic and Luhansk People's Republic, and Zaporizhzhia).

"<u>Sanctions</u>" means any financial, economic, or trade sanctions laws, regulations, rules, decisions, embargoes and/or restrictive measures imposed, administered or enforced by the Government of Japan, the Government of the United States, the United Nations Security Council, the European Union, His Majesty's Treasury of the United Kingdom or any other relevant sanctions authority.

"<u>Seller</u>" and "<u>Sellers</u>" as defined in the preamble hereto.

"<u>Seller Account</u>" means, with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Plexus and Plexus Intl., the account of Plexus located at Bank of America (ABA: ACH 071 000 039, Wire 026 009 593) with account number [\*\*\*\*], which account is located at a depository bank satisfactory to the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Plexus Malaysia, the account of Plexus Malaysia located at Bank of America (ABA: ACH 071 000 039, Wire 026 009 593) with account number [\*\*\*\*], which account is located at a depository bank satisfactory to the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Plexus Romania, any of the following accounts of Plexus Romania located at HSBC with numbers: [\*\*\*\*], [\*\*\*\*] and [\*\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) &nbsp;&nbsp;&nbsp;&nbsp;Plexus UK, any of the following accounts of Plexus UK located at HSBC: [\*\*\*\*], [\*\*\*\*] and [\*\*\*\*];

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) &nbsp;&nbsp;&nbsp;&nbsp;Plexus Thailand, the account of Plexus Thailand located at Bank of America with account number [\*\*\*\*]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) &nbsp;&nbsp;&nbsp;&nbsp;any Additional Seller, the account of such Additional Seller specified on the joinder agreement pursuant to which such Additional Seller became a party hereto, which account is located at a depository bank satisfactory to the Purchaser.

"<u>Seller Account Collateral</u>" means collectively, (i) each Seller Account, and (ii) all checks, drafts, instruments, cash and other items at any time received for deposit into a Seller Account, wire transfers of funds, automated clearing house entries, credits from merchant card transactions and other electronic funds transfers or other funds deposited into, credited to, or held for deposit into or credit to, a Seller Account, in each case with respect to a Purchased Receivable.

"<u>Seller Representative</u>" as defined in <u>Section 2.3</u>.

"<u>Servicing Report</u>" means a servicing report in the form of <u>Exhibit B</u>, or otherwise in form and substance satisfactory to the Purchaser and the Seller Representative.

"<u>Servicing Fee</u>" means a fee payable by the Purchaser to the applicable Seller (other than Plexus Thailand) with respect to each Purchased Receivable sold by such Seller to be calculated as follows:

**SF = NFV x 0.05 x (DP / 360), <u>in which</u>:**

**<u>Term&nbsp;&nbsp;&nbsp;&nbsp;Definition</u>**

"*<u>SF</u>*"&nbsp;&nbsp;&nbsp;&nbsp;*equals*&nbsp;&nbsp;&nbsp;&nbsp;Servicing Fee of such Receivable

"*<u>NFV</u>*"&nbsp;&nbsp;&nbsp;&nbsp;*equals*&nbsp;&nbsp;&nbsp;&nbsp;Net Face Value of such Receivable as of such Purchase Date

"*<u>DP</u>*"&nbsp;&nbsp;&nbsp;&nbsp;*equals*&nbsp;&nbsp;&nbsp;&nbsp;Discount Period applicable to such Receivable

"<u>SOFR</u>" means a rate equal to the secured overnight financing rate, as such rate is published by the SOFR Administrator two (2) Business Days prior to the applicable Purchase Date (or if SOFR is not published on such Business Day, then SOFR as most recently published by the SOFR Administrator).

"<u>SOFR Administrator</u>" means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

"<u>Subsidiary</u>" means, with respect to any Person, any corporation, partnership, limited liability company, association, joint venture or other business entity of which more than 50% of the total voting power of shares of stock or other ownership interests entitled (without regard to the occurrence of any contingency) to vote in the election of the Person or Persons (whether directors, managers, trustees or other Persons performing similar functions) having the power to direct or cause the direction of the management and policies thereof is at the time

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owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof; provided, in determining the percentage of ownership interests of any Person controlled by another Person, no ownership interest in the nature of a "<u>qualifying share</u>" of the former Person shall be deemed to be outstanding.

"<u>Subsidiary Seller</u>" means each Seller party hereto other than Plexus.

"<u>TARGET</u>" means the Trans-European Automated Real-time Gross Settlement Express Transfer payment system which utilizes a single shared platform and which was launched on 19 November 2007.

"<u>TARGET Day</u>" means any day on which TARGET is open for the settlement of payment in Euro.

"<u>Taxes</u>" means all present and future income and other taxes, levies, imposts, deductions, charges, duties and withholdings and any charges of a similar nature imposed by any fiscal authority, together with any interest thereon and any penalties with respect thereto and any payments made on or in respect thereof; and "<u>Taxation</u>" and "<u>Tax</u>" shall be construed accordingly.

"<u>Term SOFR</u>" means, for any Purchased Receivable, an interest rate per annum equal to the Term SOFR Reference Rate for a tenor comparable to the number of days in the relevant Discount Period, as such rate is published by the Term SOFR Administrator two (2) Business Days prior to the applicable Purchase Date (such day, the "<u>Term SOFR Determination Day</u>"); provided, that if on any Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor is not published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR shall be the Term SOFR Reference Rate for the applicable tenor as most recently published by the Term SOFR Administrator. Notwithstanding the foregoing, (i) if Term SOFR as determined above would be less than 0%, then Term SOFR shall be deemed to be 0% for purposes of the Agreement, and (ii) if the number of days in the relevant Discount Period does not correspond to any available published tenor, then the relevant rate shall be an Interpolated Rate.

"<u>Term SOFR Administrator</u>" means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of Term SOFR selected by the Purchaser in its discretion).

"<u>Term SOFR Reference Rate</u>" means the forward-looking term rate based on SOFR. Each such determination by the Purchaser shall be conclusive absent manifest error. The Purchaser does not accept responsibility for or have any liability with respect to the administration, determination, publication or other matters related to Term SOFR.

"<u>Total Outstanding Amount</u>" means, as of any date of determination, either:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;if such amount is being determined for all Purchased Receivables for all Approved Obligors, the result of (i) the sum of the Net Face Values of all Purchased Receivables (for each Purchased Receivable, such Net Face Value being determined as of the Purchase Date therefor) in respect of which the Purchaser has not received payment in full, <u>minus</u> (ii) all Collections received and deposited in the Purchaser's Account in connection with such Purchased Receivables; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;if such amount is being determined for Purchased Receivables of any particular Approved Obligor, the result of (i) the sum of the Net Face Values of all Purchased Receivables of such Approved Obligor (for each such Purchased Receivable, such Net Face Value being determined as of the Purchase Date therefor) in respect of which the Purchaser has not received payment in full, <u>minus</u> (ii) all Collections received and deposited in the Purchaser's Account in connection with such Purchased Receivables of such Approved Obligor.

"<u>UCC</u>" means the Uniform Commercial Code as from time to time in effect in the State of New York; provided, if by reason of mandatory provisions of Law, the perfection, the effect of perfection or non-perfection or the priority of the security interests of the Purchaser is governed by the Uniform Commercial Code as in effect in a jurisdiction other than New York, the term "UCC" shall mean the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection or non-perfection or priority.

"<u>UCC Information</u>" means the information set forth on <u>Schedule B</u>.

*Section 1.2.Interpretation*. In this Agreement, unless otherwise indicated, (a) defined terms may be used in the singular or the plural and the use of any gender includes all genders, (b) the words "hereof", "herein", "hereto", "hereby" and "hereunder" refer to this entire Agreement, (c) all references to particular Sections, Exhibits or Schedules are references to the Sections, Exhibits or Schedules, as the case may be, of this Agreement, (d) all accounting terms not specifically defined herein shall be construed in accordance with GAAP, except as otherwise stated herein, and (e) reference to any Person includes such Person's successors and legal assigns. For purposes of determining the Total Outstanding Amount at any time or compliance at any time with Dollar monetary thresholds, limits or requirements in this Agreement or any other Purchase Document (including, without limitation, those set forth in Sections 8.5(b) and (c) and in clauses (ii) and (iii) of the third paragraph of each Purchase Request), any Purchased Receivable or the Net Face Value of a Receivable, in each instance, denominated in a currency other than Dollars will be converted to Dollars using the Purchaser's spot rate of exchange for conversion of such currency to Dollars at the relevant time.

**SECTION 2.PURCHASE AND SALE; UNCOMMITTED ARRANGEMENT; TERM.**

*Section 2.1.Offer to Purchase; Purchase and Sale*. On any Business Day during the term of this Agreement, each Seller may submit through the Platform (or deliver a manually executed Purchase Request if the Platform is unavailable) a Purchase Request with respect to the Receivables detailed therein. The submission or delivery of such Purchase Request shall be, and be deemed for all purposes hereunder as, an offer by the Seller of such Receivables to sell to the Purchaser such Receivables. The Purchaser, in its sole and absolute discretion, may elect to accept or reject the offer to purchase such Receivables, in whole or in part. If the Purchaser accepts such offer, in whole or in part, the Purchaser shall notify the applicable Seller and shall identify the Receivables that it has agreed to purchase, and on the Purchase Date

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therefor, subject to the terms and conditions set forth herein, (x) the Purchaser shall purchase from each relevant Seller the accepted Receivables to be sold by such Seller, and (y) each such Seller shall sell and assign to the Purchaser all of such Seller's right, title and interest in and to such Receivables as absolute owner thereof. Notwithstanding the foregoing, if Purchaser has arranged for a participant to fund any of the proposed Receivables included in any Purchase Request, and Purchaser has not received the required funds from such participant prior to 2:00 p.m. (New York City time) on the such Purchase Date, Purchaser shall notify the relevant Seller of such Receivables that such funds have not been received and Purchaser will have no obligation to purchase such Receivables on such Purchase Date (but may purchase the other Receivables included in the relevant Purchase Request); in such event, such Seller may in its discretion submit a new Purchase Request with respect to such Receivables.

*Section 2.2.Purchase Price*. On each Purchase Date, the Purchaser shall pay to the Seller Representative (for distribution by the Seller Representative to the applicable Seller) a purchase price (the "<u>Purchase Price</u>") for each Purchased Receivable purchased on such Purchase Date calculated as follows:

**PP = NFV – Discount, in which "<u>Discount</u>" = NFV x (DR – SF) x (DP / 360), in which:**

**<u>Term</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Definition</u>**

"<u>PP</u>"&nbsp;&nbsp;&nbsp;&nbsp;*equals*&nbsp;&nbsp;&nbsp;&nbsp;Purchase Price of such Receivable

"<u>NFV</u>"&nbsp;&nbsp;&nbsp;&nbsp;*equals*&nbsp;&nbsp;&nbsp;&nbsp;Net Face Value of such Receivable as of such Purchase Date

"<u>DR</u>"&nbsp;&nbsp;&nbsp;&nbsp;*equals*&nbsp;&nbsp;&nbsp;&nbsp;Discount Rate applicable to such Receivable

"<u>SF</u>"&nbsp;&nbsp;&nbsp;&nbsp;*equals*&nbsp;&nbsp;&nbsp;&nbsp;Servicing Fee applicable to such Receivable

"<u>DP</u>"&nbsp;&nbsp;&nbsp;&nbsp;*equals*&nbsp;&nbsp;&nbsp;&nbsp;Discount Period applicable to such Receivable

*Section 2.3.Seller Representative*. Each Seller hereby appoints Plexus as its agent, attorney-in-fact and representative (in such capacity, the "<u>Seller Representative</u>"), and Plexus accepts such appointment, for the purpose of (i) making any purchase requests or other requests required under this Agreement, including, without limitation, the submission or delivery of any Purchase Requests to the Purchaser, except with respect to Purchase Request delivered by Plexus Romania, that will be submitted directly by Plexus Romania, (ii) the receipt of any notice of required repurchase pursuant to Section 11.2, except with respect to any notice of required repurchase of any Purchased Receivables of Plexus Romania, which will shall be sent to Plexus Romania, (iii) the giving and receipt of any other notices to, or demand of, any Seller under this Agreement, (iv) the delivery of all documents, reports, financial statements, and written materials required to be delivered by any Seller under this Agreement, (v) the receipt of all payments owing to the Seller hereunder, together with the subsequent allocation of such payment proceeds between the Sellers, except in respect of payments owing to Plexus Romania hereunder, which will be paid by the Purchaser directly to Plexus Romania, (vi) taking any and all other actions required to be undertaken hereunder by the Seller Representative, and (vii) all other purposes incidental to any of the foregoing, except for, in respect of Plexus Romania, purposes incidental to Purchase Requests delivered by Plexus Romania and payments owned to Plexus Romania under this Agreement.

*Section 2.4.****Uncommitted Arrangement*. EACH SELLER ACKNOWLEDGES THAT THIS IS AN UNCOMMITTED ARRANGEMENT, THAT NO SELLER HAS PAID, OR IS REQUIRED TO PAY, A COMMITMENT FEE OR** 

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**COMPARABLE FEE TO THE PURCHASER, AND THAT THE PURCHASER HAS NO CONTINUING OBLIGATION TO PURCHASE ANY RECEIVABLE FROM ANY SELLER, REGARDLESS OF WHETHER THE CONDITIONS SET FORTH HEREIN ARE SATISFIED.**

*Section 2.5.Term*. Purchases of Receivables under this Agreement may be effected during the period from the Closing Date until October 3, 2017, which date shall be automatically extended for annual one year terms unless the Seller Representative provides written notice to the Purchaser or the Purchaser provides written notice to the Seller Representative not less than 10 Business Days prior to the expiration of the then applicable annual term, that such Person does not intend to extend the term of this Agreement. In addition, either the Purchaser or the Seller Representative may terminate this Agreement for convenience at any time by thirty days prior written notice to the other party. Notwithstanding the foregoing, all covenants, representations and warranties, repurchase obligations and indemnities made herein shall continue in full force and effect so long as any Purchased Receivables remain outstanding.

*Section 2.6.Maximum Facility Amount*. During the term of this Agreement, the Seller Representative may request that the Purchaser increase the Maximum Facility Amount. At the Purchaser's absolute and sole discretion it may deny or agree to such a request. If the Purchaser agrees to increase the Maximum Facility Amount, such increase shall be effected by the delivery of a Maximum Facility Amount Notice to the Seller Representative. If the Purchaser has not responded to a request for an increase within 10 days from receipt thereof, such request shall be deemed to have been denied.

*Section 2.7.Effect of Benchmark Transition Event*. Notwithstanding anything to the contrary in this Agreement, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to any setting of the then-current Benchmark, then the Benchmark Replacement will replace such Benchmark for all purposes hereunder in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to this Agreement or any further action or consent of the Seller.

Purchaser will promptly notify the Seller Representative of (i) the implementation of any Benchmark Replacement and (ii) the effectiveness of any Conforming Changes in connection with the use, administration, adoption or implementation of a Benchmark Replacement. Any determination, decision or election that may be made by the Purchaser pursuant to the provisions hereof, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may be made in Purchaser's sole discretion and without consent from the Seller.

**SECTION 3.FEES; LATE PAYMENT AMOUNT.**

*Section 3.1.Late Payment Amount*. In the event that any amount payable by any Seller hereunder or under any of the other Purchase Documents remains unpaid for any reason for ten (10) Business Days after the Purchaser provides notice to the Seller Representative that such amounts are past due, the Purchaser shall charge, and such Seller shall pay, an amount (the "<u>Late Payment Amount</u>") equal to (x) such unpaid amount due from such Seller to the Purchaser during the period from (and including) the due date thereof to, but excluding the date payment is received by the Purchaser in full, times (y) a rate per annum equal to the Prime Commercial Rate, computed on the basis of a 360 day year, and for actual days elapsed. Late Payment Amounts shall be payable on demand and, if no prior demand is made, on the last Business Day of each calendar month.

*Section 3.2.Payments Generally*. All payments to be made under any Purchase Document or in respect of a Purchased Receivable, shall be made in immediately available funds. Any amounts that would fall due for payment on a day other than a Business Day shall be

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payable on the succeeding Business Day unless such Business Day would fall into a new calendar month, in which case such payment shall be due on the preceding Business Day, and interest calculations, if any, shall be adjusted accordingly for such later or earlier payment. All amounts payable by any Seller or the Seller Representative to the Purchaser pursuant to or in connection with any Purchase Document shall be paid in full, free and clear of all deductions, set-off or withholdings whatsoever except only as may be required by Law, and shall be paid on the date such amount is due no later than 1:00 p.m. (New York City time) to the Purchaser's Account. Any amount to be paid by the Purchaser to any Seller or the Seller Representative under any Purchase Document shall be paid to the Seller Representative by deposit into the Remittance Account.

**SECTION 4.NATURE OF FACILITY.**

*Section 4.1.True Sale*. The parties hereto agree that each purchase and sale of Receivables under this Agreement is intended to be an absolute and irrevocable transfer constituting a "true sale" for bankruptcy law purposes, without recourse by the Purchaser to any Seller, except as expressly set forth in <u>Section 11</u>. The parties hereto have structured the transactions contemplated by this Agreement as a sale, and each party hereto agrees to treat each such transaction as a "true sale" for all purposes under applicable law and accounting principles, including, without limitation, in their respective books, records, computer files, tax returns (federal, state and local), regulatory and governmental filings (and shall reflect such sale in their respective financial statements). Each Seller and the Seller Representative will advise all persons inquiring about the ownership of the Receivables that all Purchased Receivables have been sold to the Purchaser. Against the possibility that, contrary to the mutual intent of the parties, the purchase of any Receivable is not characterized as a sale by any applicable court, each Seller hereby grants to the Purchaser, a security interest in, and right of setoff with respect to, all of the Purchased Receivables to secure the payment and performance of the Seller's payment and performance obligations hereunder and under each other Purchase Document. The grant of this security interest is a supplemental protection to the Purchaser and is not meant to negate or affect in any way the intended sale of the Receivables by the Sellers to the Purchaser. In addition, each Seller hereby grants to the Purchaser a security interest in, and right of setoff with respect to, all of the Seller Account Collateral related to such Seller and all proceeds thereof to secure the payment and performance of the Seller's payment and performance obligations hereunder and under each other Purchase Document. The Purchaser is hereby authorized to file UCC financing statements with respect to the transactions contemplated hereunder, including the security interests granted herein, together with any continuations and amendments relating thereto. Notwithstanding the foregoing provisions of this Section 4.1, Plexus Romania does not grant a security interest hereunder in the Seller Account Collateral related to it. The foregoing provisions of this Section 4.1 and any other provision in the MARPA with respect to the security interest and right of set-off with respect of the Purchased Receivables shall not apply to Plexus Romania

*Section 4.2.No Purchaser Liability*. Notwithstanding anything herein to the contrary, Seller Representative and each Seller hereby acknowledges and agrees that the Purchaser shall not be in any way responsible for the performance of Seller's obligations of any Contract and the Purchaser shall not have any obligation to intervene in any Dispute arising out of the performance of any Contract. All obligations of a Seller as seller of the Goods and provider of any related services, including, without limitation, all obligations of such Seller as seller under the Contracts, all representations and warranty obligations, all servicing obligations, all maintenance obligations, and all delivery, transport and insurance obligations, shall be retained by such Seller (the "<u>Retained Obligations</u>"). Any claim which a Seller may have against an Obligor or any other party, and/or the failure of an Obligor to fulfill its obligations under the applicable Contract, shall not affect the obligations of such Seller to perform its obligations and make payments hereunder, and shall not be used as a defense or as set-off, counterclaim or cross-complaint as against the performance or payment of any of its obligations.

*Section 4.3.Further Assurances*. The Seller Representative and each Seller agrees that from time to time, at its expense, it will promptly execute and deliver all further

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instruments and documents, and take all further action, that the Purchaser may reasonably request in order to perfect, protect or more fully evidence or implement the transactions contemplated hereby, to enable the Purchaser to submit proper claims and related documents to any insurer that has provided insurance with respect to a Purchased Receivable (including, without limitation, providing copies of invoices, purchase orders, and the proof of delivery of products related to such Purchased Receivable), or to enable the Purchaser to exercise or enforce any of its rights with respect to the Purchased Receivables.

**SECTION 5.SERVICER.**

*Section 5.1.Appointment of each Seller (other than Plexus Thailand) as a Servicer; Plexus Thailand Obligations*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Except as provided in <u>Section 5.1(b)</u>, each Seller hereby agrees to service and administer the Purchased Receivables sold by it as agent for the Purchaser, all on the terms set out in this Agreement. Each Seller shall use its commercially reasonable efforts to collect each Purchased Receivable sold by it as if such Purchased Receivable had not been purchased by the Purchaser. Each Seller agrees that such Seller shall cooperate with the Purchaser (at Purchaser's expense, unless a Repurchase Event has occurred with respect to such Purchased Receivable in which case it shall be at Seller's expense) in taking any and all commercially reasonable actions requested by the Purchaser in collecting all amounts owed by any Approved Obligor with respect to such Purchased Receivable. Without limiting the foregoing, each Seller agrees to devote to the servicing of Purchased Receivables at least the same amount of time and attention, and to exercise at least the same level of skill, care and diligence in such servicing, as if each Seller were servicing Receivables legally and beneficially owned by it. In consideration for each Seller performing its obligations under this <u>Section 5.1(a)</u>, the Purchaser shall pay to such Seller the Servicing Fee applicable to each Purchased Receivable, which Servicing Fee shall be off-set from the Applicable Margin in accordance with <u>Section 2.2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The obligations and provisions set forth in <u>Section 5.1(a)</u> shall not apply to Plexus Thailand. Plexus Thailand agrees that it shall take any and all commercially reasonable actions (at Purchaser's Expense, unless a Repurchase Event has occurred with respect to such Purchased Receivable in which case it shall be at Plexus Thailand's expense as Seller) necessary, or requested by Purchaser, to collect Purchased Receivables or assist Purchaser in collecting amounts owed by any Approved Obligor with respect to Purchased Receivables as if such Purchased Receivables were legally owned by Plexus Thailand as Seller. Plexus Thailand shall take such efforts without collecting any Servicing Fee to which a Seller would be otherwise entitled. For the purpose of this <u>Section 5.1(b)</u>, Sections 5.2, 5.3, 5.4, 5.5 and 6 shall be applied to Plexus Thailand mutatis mutandis.

*Section 5.2.Servicing Covenants*. Each Seller covenants and agrees, in connection with its applicable servicing obligations pursuant to <u>Section 5.1</u> (it being agreed that Plexus Thailand's obligations shall only be pursuant to <u>Section 5.1(b)</u>), (i) that the payment instructions currently in force and provided to each Approved Obligor specify that each such Approved Obligor shall pay all amounts owing under the Purchased Receivables to the applicable Seller Account, (ii) not to change such payment instructions while any Purchased Receivable remains outstanding, (iii) not to give instructions to any other person to pay any amounts into a Seller Account other than the instructions given to an Approved Obligor to make payments on Receivables payable by such Approved Obligor to the Seller and the Purchaser, and (iv) to take any and all other commercially reasonable actions, including such commercially reasonable actions as may be requested by the Purchaser from time to time, to ensure that all amounts owing under the Purchased Receivables will be deposited exclusively to the applicable Seller Account. Each Seller further covenants and agrees (x) that within three Business Days of receipt in the applicable Seller Account of any payment by an Approved Obligor of any amount owing under any Purchased Receivable sold by such Seller to the Purchaser, such Seller shall identify and transfer such paid amount in immediately available funds to the Purchaser's

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Account, and (y) to take any and all other commercially reasonable actions, including commercially reasonable actions as may be requested by the Purchaser from time to time, to ensure that all amounts owing under the Purchased Receivables sold by such Seller to the Purchaser will be transferred from the applicable Seller Account to the Purchaser's Account within such three Business Day period. Any payment by an Approved Obligor of any amount owing under any Purchased Receivable that is not paid to the applicable Seller Account and is received by the applicable Seller directly shall be held in trust by such Seller as the Purchaser's exclusive property, such funds shall be safeguarded for the benefit of the Purchaser, and such funds shall promptly, and in any event within two Business Days following identification thereof, be transferred by wire transfer to the Purchaser's Account. No Seller shall, directly or indirectly, utilize such funds for its own purposes, nor shall any Seller have any right to pledge such funds as collateral for any obligations of any Seller or any other party. For the avoidance of doubt, Collections shall not be deemed received by the Purchaser for purposes of this Agreement until credited to the Purchaser's Account as immediately available funds or otherwise actually received by the Purchaser.

Notwithstanding the foregoing, the following terms shall apply to the Approved Obligors of Plexus Romania:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;The Approved Obligors of Plexus Romania shall be instructed to pay all amounts owing to Plexus Romania under the Purchased Receivables directly to the MUFG Collection Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;The obligations set out in clauses (i) through (iv) of the first sentence of this Section 5.2 shall apply to Plexus Romania, provided, the references therein to "Seller Account" shall, with respect to Plexus Romania, be deemed to be references to the "MUFG Collection Account".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;The Purchaser shall provide to Plexus Romania on each Business Day an account statement (the "<u>PR Account Statement</u>") with respect to activity in the MUFG Collection Account during the preceding Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;&nbsp;&nbsp;On each PR Settlement Date (as defined below), Plexus Romania shall deliver to the Purchaser a servicing report (the "<u>PR Servicing Report</u>") setting forth in reasonable detail information with respect to all Collections received in the MUFG Collection Account during the applicable PR Settlement Period, including identifying any Collections with respect to Receivables that are not Purchased Receivables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)&nbsp;&nbsp;&nbsp;&nbsp;As used herein, (i) "PR Settlement Date" means the Tuesday and Friday of each week, and (ii) "PR Settlement Period" means (x) with respect to a PR Settlement Date that is a Tuesday, the period of time constituting the immediately preceding Thursday and Friday before such date, and (y) with respect to a PR Settlement Date that is a Friday, the period of time constituting the immediately preceding Monday, Tuesday and Wednesday before such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F)&nbsp;&nbsp;&nbsp;&nbsp;Within three Business Days after receipt of the necessary internal approvals to do so, the Purchaser shall transfer to the applicable account of Plexus Romania based on the currency of such Collections as set forth on Annex A to the PR Servicing Report all amounts in the MUFG Collection Account that are identified on such

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PR Servicing Report as being Collections with respect to Receivables that are not Purchased Receivables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G)&nbsp;&nbsp;&nbsp;&nbsp;Any reference in the foregoing clauses (C) through (F), inclusive, to a date that does not occur on a Business Day shall be deemed to be a reference to the next succeeding Business Day.

There shall be no "<u>Seller Account</u>" with respect to Plexus Romania and any provision in this Agreement with respect to the Seller Account, Account Control Account Collateral shall not apply to Plexus Romania.

*Section 5.3.Unidentified Collections on Receivables; Return of Collections*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)If any payment is received by a Seller from an Approved Obligor, and such payment is not identified by such Approved Obligor as relating to a particular Receivable or Purchased Receivable and cannot otherwise be reasonably identified as relating to a particular Receivable or Purchased Receivable, such payment shall be applied first to the unpaid Receivables that are Purchased Receivables of such Approved Obligor in chronological order (beginning with the oldest unpaid Purchased Receivable of such Approved Obligor), and then to Receivables that are not Purchased Receivables of such Approved Obligor, also in chronological order. To the extent the preceding sentence results in collections received by a Seller being deemed collections on a Purchased Receivable, such Seller shall promptly, and in any event within one Business Day, deposit such collections into the Purchaser's Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If following receipt of any payment by the Purchaser which is deemed to be collections on a Purchased Receivable pursuant to this Section, such payment is identified by the applicable Seller to the reasonable satisfaction of the Purchaser as being payment on a Receivable which is not a Purchased Receivable (including at any time after the Purchaser has exercised its right to take exclusive control over the Seller Account), then the Purchaser shall promptly, and in any event within two Business Days following such identification, repay such amount to the applicable Seller, in immediately available funds, to such Seller's Seller Account, or to the Remittance Account for the benefit of such Seller.

*Section 5.4.Past Due Receivables*. In the event a Purchased Receivable has not been paid in full by the date that is five (5) days after the Maturity Date therefor (an "<u>Overdue Receivable</u>"), the applicable Seller shall determine the cause of such payment delay or non-payment, including whether it is due to a Dispute, and it shall deliver to the Purchaser by no later than ten (10) days after such Maturity Date, a certification and report (a "<u>Non-Payment Report</u>") identifying the Overdue Receivable and the Approved Obligor thereof and describing in reasonable detail the cause of such non-payment, including whether a Dispute exists with respect to such Overdue Receivable, or certifying that such cause is unknown. In the event a Purchased Receivable has not been paid in full by the date that is thirty (30) days after the Maturity Date therefor and no Non-Payment Report with respect thereto has been delivered or the Non-Payment Report delivered with respect thereto does not report a Dispute or states that the cause of such payment delay or non-payment is unknown (a "<u>Non-Payment Event</u>"), the Purchaser may in its sole discretion (a) contact such Approved Obligor by phone or in person to discuss the status of such Overdue Receivable and to inquire whether such payment delay or non-payment is due to a Dispute and when payment can be expected and/or (b) take any other lawful action to collect such Purchased Receivable directly from such Approved Obligor and/or (c) terminate the appointment of such Seller as its servicer and agent for the servicing of such Purchased Receivable. If the Approved Obligor advises the Purchaser of the existence of a Dispute, the Purchaser shall advise the applicable Seller of such Overdue Receivable that the Approved Obligor has asserted a Dispute.

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*Section 5.5.Termination of Appointment*. Upon the occurrence of the earliest to occur of (a) any event, condition, change or effect that has a material adverse effect on (w) the Purchased Receivables, (x) the business, assets, property, operations or financial condition of a Seller, (y) the validity or enforceability of this Agreement or any other Purchase Document as against a Seller or the Seller Representative or the rights and remedies of the Purchaser hereunder or thereunder as against a Seller, or (z) the ability of any Seller to perform its obligations hereunder, (b) an Insolvency Event with respect to any Seller, or (c) breach by a Seller or the Seller Representative of its obligations hereunder (including any representation or warranty made by any Seller or the Seller Representative being inaccurate, incorrect or untrue on any date as of which it is made or deemed to be made), the Purchaser may, in its discretion, (i) take any lawful action to collect any Purchased Receivable directly from the respective Approved Obligors, and/or (ii) terminate the appointment of each Seller as its servicer and agent for the servicing of the Purchased Receivables, and/or (iii) take any steps required to obtain or exercise exclusive control over any Seller Account. In addition, if an Insolvency Event or Non-Payment Event occurs with respect to any Approved Obligor, the Purchaser may, in its discretion, (i) take any lawful action to collect any Purchased Receivable directly from such Approved Obligor, and/or (ii) terminate the applicable Seller as its servicer and agent for the servicing of the Purchased Receivables of such Approved Obligor. In the event of any termination of any Seller as servicer with respect to any Purchased Receivable, (A) the Purchaser may, but shall not be obligated to, notify each Approved Obligor of the transfers hereunder and direct each Approved Obligor to make payments as the Purchaser may elect or desire, and (B) no Seller shall interfere with such servicing or collection of such Purchased Receivable or attempt to receive or make collection from any Approved Obligor in respect of such Purchased Receivable. In addition, each Seller hereby grants to the Purchaser an irrevocable power of attorney (coupled with an interest) authorizing and permitting the Purchaser, at its option, with or without notice to any Seller, to do any one of the following that are necessary, in the determination of the Purchaser, to collect amounts due with respect to any Purchased Receivable: (I) endorsing the name of such Seller upon any check or other instrument, document or agreement with respect to any Purchased Receivable, (II) endorsing the name of such Seller on any freight or express bill or bill of lading relating to any Purchased Receivable; and (III) taking all action as the Purchaser deems reasonably appropriate in connection with the foregoing. Each Seller agrees that the Purchaser will not be liable for any acts of commission or omission or for any error of judgment or mistake of fact or Law in connection with the exercise of such power of attorney except to the extent the same constitutes gross negligence or willful misconduct.

**SECTION 6.SERVICING REPORTS.**

*Section 6.1.Servicing Reports*. Each Seller shall, pursuant to its servicing obligations, be responsible for providing a Servicing Report to the Purchaser concurrently with (a) each transfer of funds by such Seller to the Purchaser's Account pursuant to <u>Section 5.2</u> or <u>Section 5.3</u> and (b) each request by such Seller for a transfer of funds from the Purchaser's Account to the Seller on account of collections received in the Purchaser's Account related to a Receivable which is not a Purchased Receivable in accordance with <u>Section 5.3(b)</u>.

**SECTION 7.OTHER INFORMATION; THE SELLERS' BOOKS AND RECORDS; INSPECTION; THE PURCHASER'S RECORDS.**

*Section 7.1.Other Information*. Each Seller will provide the Purchaser with such other reports, information, documents, books and records related to a Purchased Receivable as the Purchaser may reasonably request or any other information that the Purchaser may require for capital or regulatory purposes and which may be lawfully disclosed or provided to the Purchaser, including, without limitation, promptly after request by the Purchaser (a) a copy of the purchase order or sales order and Invoices relating to each Purchased Receivable; (b) a copy of the bill of lading and any other shipping document relating to the Purchased Receivable; and (c) all billings, statements, correspondence and memoranda directed to the Obligor in relation to each Purchased Receivable.

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*Section 7.2.The Sellers' Books and Records*.&nbsp;&nbsp;&nbsp;&nbsp; Each Seller shall maintain its books and records, including but not limited to any computer files and master data processing records, so that such records that refer to Purchased Receivables sold hereunder shall indicate clearly that such Seller's right, title and interest in such Receivables have been sold to the Purchaser.

*Section 7.3.Inspection*. Each Seller shall (a) at any time reasonably convenient to such Seller during regular business hours and upon reasonable prior notice, permit the Purchaser or any of its agents or representatives, (i) to examine and make copies of and abstracts from such Seller's Sales Records and the Invoices in respect of Purchased Receivables at any time and permit the Purchaser to take such copies and extracts from the Sales Records and to provide the Purchaser with copies or originals (as required by the Purchaser) of the Invoices relating to Purchased Receivables as it may require and generally allow the Purchaser to review, check and audit each Seller's credit control procedures, and (ii) to visit the offices and properties of each Seller for the purpose of examining such records and to discuss matters relating to Purchased Receivables or each Seller's performance hereunder with any of the officers or employees of each Seller having knowledge of such matters; and (b) without limiting the provisions of <u>clause (a)</u>, from time to time on request of the Purchaser and upon reasonable prior notice and subject to the Seller Representative receiving acceptable confidentiality undertakings thereof, permit certified public accountants or other auditors acceptable to the Purchaser to conduct a review of each Seller's books and records to the extent related to the Purchased Receivables.

*Section 7.4.The Purchaser's Records*. The Purchaser is irrevocably authorized by each Seller to keep records of all purchases, which records shall be consistent with all information set forth in the Purchase Requests delivered to the Purchaser, and evidence the dates and amounts of purchases and the applicable Discount in effect from time to time.

**SECTION 8.CONDITIONS PRECEDENT.**

*Section 8.1.Conditions Precedent to the Closing Date*. The occurrence of the Closing Date was subject to the satisfaction of the following conditions, each to the satisfaction of the Purchaser in its sole discretion and, as to any agreement, document or instrument specified below, each in form and substance satisfactory to the Purchaser in its sole discretion:

The Purchaser shall have received each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;An executed counterpart of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Certified copies of resolutions of each Seller authorizing this Agreement and the other Purchase Documents and authorizing a person or persons to sign those documents including any subsequent notices and acknowledgements to be executed or delivered pursuant to this Agreement, the other Purchase Documents and any other documents to be executed or delivered by each Seller pursuant hereto or thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;An officer incumbency and specimen signature certificate for each Seller Organizational documents of each Seller certified by the applicable governmental authority (as applicable), and evidence of good standing (as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;Lien search reports as the Purchaser shall deem advisable with respect to each Seller, and releases of any Adverse Claim on the Receivables that are or will be Purchased Receivables shown in such reports (other than the financing statement filed against Plexus with filing number 090012903116 filed with the Wisconsin Department of Financial Institutions).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;Acknowledgement copies or other evidence of filing of such UCC financing statements or other filings or perfection measures as are required hereunder, including, with respect to Plexus Malaysia, any filings or other measures necessary or advisable under Malaysian law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;Opinions of counsel to the Sellers, including opinions with respect to due organization and good standing of each Seller, due authorization, execution and delivery of this Agreement by each Seller, validity and enforceability of this Agreement with respect to each Seller, non-contravention of organizational documents, agreements and law, no consents, creation of security interest and perfection of security interest (including, if applicable, perfection by control with respect to each Seller Account), true sale and such other matters as Purchaser may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;Evidence of the establishment of a Seller Account for each Seller.

*Section 8.2.Conditions Precedent to the A&R Closing Date*. The occurrence of the A&R Closing Date is subject to the satisfaction of the following conditions, each to the satisfaction of the Purchaser in its sole discretion and, as to any agreement, document or instrument specified below, each in form and substance satisfactory to the Purchaser in its sole discretion:

The Purchaser shall have received each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)An executed counterpart of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)certified copies of resolutions of Plexus Thailand authorizing this Agreement and the other Purchase Documents and authorizing a person or persons to sign those documents including any subsequent notices and acknowledgements to be executed or delivered pursuant to this Agreement, the other Purchase Documents and any other documents to be executed or delivered by each such Seller pursuant hereto or thereto,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)officer incumbency and specimen signature certificate for Plexus Thailand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)(A) Organizational documents of Plexus Thailand certified by the applicable governmental authority (as applicable), and (B) evidence of good standing (as applicable) with respect to Plexus Thailand

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)Lien search reports as the Purchaser shall deem advisable with respect to Plexus Thailand and releases of any Adverse Claim on the Receivables that are or will be Purchased Receivables shown in such reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)Opinions of counsel to Plexus Thailand, including opinions with respect to due organization and good standing of Plexus Thailand, due authorization, execution and delivery of this Agreement by Plexus Thailand, validity and enforceability of this Agreement with respect to Plexus Thailand, non-contravention of organizational documents, agreements and law, no consents, creation of security interest and perfection of security interest (including, if applicable, perfection by control with respect to each Seller Account), true sale and such other matters as Purchaser may reasonably request, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)Acknowledgement copies or other evidence of filing with respect to Plexus Thailand of (A) a UCC financing statement with the DC Recorder of Deeds, and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)With respect to each other Seller hereunder, officer incumbency and specimen signature certificate for such Seller.

*Section 8.3.[Reserved].*

*Section 8.4.[Reserved].*

*Section 8.5.Conditions Precedent to Each Purchase*. The Purchaser's purchase of any Receivable on each Purchase Date, including the initial Purchase Date, is subject to the satisfaction of the following conditions, each to the satisfaction of the Purchaser in its sole discretion: The Purchaser shall have received a fully executed and completed Purchase Request no later than three (3) Business Days prior to such Purchase Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)After giving effect to such purchase, the Total Outstanding Amount of all Purchased Receivables of all Approved Obligors as of such date will not exceed the Maximum Facility Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)After giving effect to such purchase, the Total Outstanding Amount of all Purchased Receivables of any Approved Obligor will not exceed the applicable Approved Obligor Sublimit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The representations and warranties made by each Seller in <u>Section 9.1</u> of this Agreement are true and correct in all material respects as of such Purchase Date to the same extent as though made on and as of that date (except for those representations and warranties that are conditioned by materiality, which shall be true and correct in all respects), except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date (except for those representations and warranties that are conditioned by materiality, which shall be true and correct in all respects).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The representations and warranties made by each Seller in <u>Section 9.2</u> of this Agreement with respect to the Purchased Receivables purchased on such Purchase Date are true and correct in all material respects as of such Purchase Date to the same extent as though made on and as of that date (except for those representations and warranties that are conditioned by materiality, which shall be true and correct in all respects), except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date (except for those representations and warranties that are conditioned by materiality, which shall be true and correct in all respects).

*Section 8.6.Conditions Subsequent to Each Purchase from Plexus Romania*.

No later than five (5) Business Days after each Purchase Date on which Receivables are purchased from Plexus Romania, Plexus Romania shall (a) register such purchase with the Romanian Electronic Archive for Security Interests in Movable Property and provide evidence to the Purchaser of such filing in form and substance satisfactory to the Purchaser and (b) deliver to the applicable Approved Obligor a duly completed and executed notification to such Approved Obligor substantially in the form of Exhibit E attached hereto and deliver evidence thereof to the Purchaser in form and substance acceptable to the Purchaser.

**SECTION 9.REPRESENTATIONS AND WARRANTIES.**

*Section 9.1.Generally*. Each Seller (and in the case of Plexus in its capacities as Seller and Seller Representative) hereby makes the following representations and warranties

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for the benefit of the Purchaser as of the Closing Date, the A&R Closing Date and on each Purchase Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Such Seller is (i) duly organized, validly existing, and, to the extent applicable under the Laws of its jurisdiction of organization, in good standing under the Laws of its jurisdiction of organization and has all organizational powers and all material governmental licenses, authorizations, consents, and approvals required to carry on its business as now conducted and (ii) is qualified to do business in every jurisdiction where the nature of its business requires it to be so qualified, except, with respect to <u>clause (ii)</u>, to the extent that failure to so qualify would not reasonably be expected to adversely affect its ability to perform its obligations hereunder or under the other Purchase Documents and would not have an adverse effect on the collectibility of any Purchased Receivable or on the interests of the Purchaser under the Purchase Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Such Seller has the requisite power and authority to enter into and deliver this Agreement and the other Purchase Documents and to assign and sell the Receivables being sold by it on the applicable Purchase Date in the manner herein contemplated, and it has taken all necessary corporate or other action required to authorize the execution, delivery and performance of this Agreement, the other Purchase Documents and the assignment and sale of such Receivables. This Agreement and the other Purchase Documents to which such Seller is a party have been duly executed and delivered by such Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)This Agreement, the other Purchase Documents and the sale, assignment and transfer of the Purchased Receivables hereunder constitutes, subject to, with respect to Plexus Romania only, the fulfilment of the conditions in Section 8.6, the legal, valid and binding obligations of such Seller, enforceable in accordance with their terms, subject to bankruptcy, insolvency, reorganization, moratorium and other Laws of general application affecting the rights and remedies of creditors and general principles of equity, regardless of whether enforcement is sought in proceedings in equity or at Law. Subject to, with respect to Plexus Romania only, Section 4.1, this Agreement creates a valid security interest in each Purchased Receivable. Upon the filing of a UCC financing statement in the applicable state, listing such Seller, as debtor, and the Purchaser, as secured party, and covering Purchased Receivables from time to time purchased hereunder, the Purchaser shall have a first priority perfected security interest in each such Purchased Receivable; provided, however, that Plexus Romania shall have no obligation to take any action, except as set out in Section 8.6, required under Romanian law to perfect any such security interest. The representations and warranties stipulated herein are true in respect of Plexus Romania upon the fulfillment of the conditions in Section 8.6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The UCC Information provided by such Seller to the Purchaser is true and correct in all respects. All other data, materials and information provided by it to the Purchaser in connection herewith and with each Contract, each Receivable being sold by it hereunder, each Approved Obligor, the relationship between it and each Approved Obligor, and each Approved Obligor's payment history (including timeliness of payments), is true and correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Neither the execution nor the delivery of this Agreement, the other Purchase Documents or any of the other documents related hereto or thereto, nor the performance of or compliance with the terms and provisions hereof or thereof will conflict with or result in a breach of or give rise to a default under (i) any Laws, (ii) any indenture, loan agreement, security agreement, instrument or other material agreement binding upon such Seller or any of its properties, or (iii) any provision of such Seller's organizational documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)No authorization, consent or approval or other action by, and no notice to or filing (other than the UCC financing statements required to be filed hereunder and the actions described in Section 8.6) with, any Governmental Authority is required to be obtained or made

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by such Seller for the due execution, delivery and performance by it of this Agreement or any other Purchase Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)No Insolvency Event with respect to such Seller has occurred and is continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)There is no pending or, to its knowledge, threatened action, proceeding, investigation or injunction, writ or restraining order affecting such Seller or any of its Affiliates before any court, governmental entity or arbitrator, which could reasonably be expected to have an adverse effect on the enforceability of this Agreement (including, without limitation, the enforceability of the Purchaser's ownership interest in the Purchased Receivables) or the ability of such Seller to perform its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)No effective financing statement or other instrument similar in effect covering any Purchased Receivable is on file in any recording office, except those filed in favor of the Purchaser relating to this Agreement, and no competing notice or notice inconsistent with the transactions contemplated in this Agreement remains in effect. Such Seller has not pledged or granted any security interest in any Purchased Receivable to any person except pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)No Seller, any Affiliate or Subsidiary of a Seller or, to the knowledge of Sellers, any director, officer, employee or agent of any Seller or any of its Affiliates or Subsidiaries or any person acting on behalf of any Seller or any Affiliate thereof that will act in any capacity in connection with or benefit from this Agreement is a Person that is, or is owned or controlled by Persons that are, a Sanctioned Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)Each Seller and its Subsidiaries, and to each Seller's knowledge, such Seller's directors, officers, agents, and employees, are in compliance with all applicable Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)The information included in the Certification of Beneficial Owner(s) with respect to such Seller or any of its Subsidiaries is true and correct in all respects.

*Section 9.2.Purchased Receivables*. Each Seller hereby makes the following representations and warranties with respect to each Purchased Receivable sold by it for the benefit of the Purchaser as of the applicable Purchase Date with respect to such Purchased Receivable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Prior to giving effect to the sale of such Purchased Receivable, such Seller has a valid ownership interest therein, free and clear of any Adverse Claim. Such Purchased Receivable is a valid, current and freely assignable trade account receivable and the assignment of such Purchased Receivable is not subject to a consent requirement by any third party to the sale or other transfer of such Purchased Receivable or the grant of a security interest or other lien in such Purchased Receivable other than consents previously obtained in writing by such Seller and that remain in effect as of the Purchase Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The sale of such Purchased Receivable by such Seller to the Purchaser under the Purchase Documents constitutes a true sale or other absolute transfer of such Purchased Receivable by such Seller to the Purchaser and upon purchase by the Purchaser, such Purchased Receivable will have been validly and absolutely assigned, transferred and sold to the Purchaser and the Purchaser shall acquire a legally valid ownership interest in such Purchased Receivable, free and clear of any Adverse Claim without any need on the part of such Seller or the Purchaser to (i) notify the applicable Approved Obligor or (ii) other than the UCC financing statements required to be filed hereunder, file, register or record any Purchase Document or the sale of such Purchased Receivable under the Laws applicable to such Seller. All of such Seller's

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right, title and interest in and to such Purchased Receivable will have been validly sold and absolutely assigned and transferred to the Purchaser, and the Purchaser will have the legal and beneficial right to be paid the face amount of such Purchased Receivable free of any Adverse Claim. Such Purchased Receivable is sold hereunder in good faith and without actual intent to hinder, delay or defraud present or future creditors of such Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Such Purchased Receivable and the applicable Contract (i) constitutes a bona fide, existing and enforceable legal, valid and binding obligation of the applicable Approved Obligor, (ii) arose out of an arm's-length sale by such Seller of Goods and the provision of any related services, in each case, in the ordinary course of its and, to the knowledge of such Seller, such Approved Obligor's businesses. The applicable Contract constitutes an existing and enforceable legal, valid and binding obligation of such Seller. Such Purchased Receivable and the related Contract under which it arises comply with, and the Goods with respect thereto have been manufactured in compliance with, and any related services have been provided in compliance with, in each case, in all material respects, the requirements of all applicable laws, rules, regulations or orders of any Governmental Authority and do not contravene any agreement binding upon such Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Goods deliverable to and any related services provided to the applicable Approved Obligor in connection with such Purchased Receivable were received by such Approved Obligor not later than the applicable Purchase Date. The representations and warranties stipulated herein are true in respect of Plexus Romania upon the fulfillment of the conditions in Section 8.6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Seller has instructed each Approved Obligor in writing to pay all amounts owing on Purchased Receivables only to the applicable Seller Account, which instructions have not been revoked or otherwise modified. The applicable Seller Account has been established and is in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)As of the applicable Purchase Date, such Purchased Receivable is not subject to any Dilution except to the extent specifically included in the determination of the Net Face Value for the calculation of the applicable Purchase Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)No note, account, instrument, document, contract right, general intangible, chattel paper or other form of obligation other than that which has been assigned to the Purchaser exists which evidences such Purchased Receivable, and such Purchased Receivable is not evidenced by and does not constitute an "instrument" or "chattel paper" as such terms are defined in the UCC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)The applicable Approved Obligor is not an Affiliate or Subsidiary of any Seller and is not a Sanctioned Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Such Purchased Receivable has not been sold or assigned to any Person other than the Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)Neither such Seller, nor, to the best of such Seller's knowledge, the applicable Approved Obligor, is in default of the applicable Contract or is in breach of its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)Neither such Seller nor the applicable Approved Obligor has asserted any Dispute with respect to such Purchased Receivable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)Such Purchased Receivable is denominated in a Designated Currency.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)Such Purchased Receivable does not represent a progress billing or a sale on a bill-and-hold, guaranteed sale, sale-and-return, sale on approval, consignment, cash-on-delivery or any other repurchase or return basis, does not relate to payments of interest and has not been invoiced more than once.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)The Maturity Date for such Purchased Receivable is not more than one hundred eighty (180) days after the issuance date of the Invoice with respect thereto; provided, that if the Approved Obligor of such Purchased Receivables is any of Covidien AG, Covidien LP, Medtronic - Cryocath LP, Medtronic Europe S.A.R.L, Medtronic Inc., Medtronic International Trading SARL, Medtronic Japan Co LTD, Medtronic Navigation, or Medtronic Singapore Operations Pte Ltd., the Maturity Date for such Purchased Receivable is not more than ninety (90) days after the issuance date of the Invoice with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)There are no facts known to such Seller concerning such Approved Obligor, such Purchased Receivable or the applicable Contract which might have an adverse impact on the ability or willingness of such Approved Obligor to pay the Net Face Value for such Purchased Receivable when due, including information concerning any existing or potential Disputes, except as otherwise previously disclosed to the Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)To Seller's knowledge, no Insolvency Event with respect to the applicable Approved Obligor has occurred and is continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)There are no actions, claims or proceedings now pending between such Seller and the applicable Approved Obligor. There are no pending or to Seller's knowledge, threatened actions or proceedings before any court or administrative agency related to or in any way connected to such Purchased Receivable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)In the case of any Purchased Receivable that arises under a Contract between (i) a Seller and an Approved Honeywell Subsidiary Obligor, Honeywell International, Inc. is obligated to pay all amounts owing on such Purchased Receivable, and (ii) a Seller and an Approved Abbott Subsidiary Obligor, Abbott Laboratories is obligated to pay all amounts owing on such Purchased Receivable.

**SECTION 10.COVENANTS.**

*Section 10.1.The Sellers' Covenants*. Each Seller hereby agrees, at all times prior to the Final Collection Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)To take all necessary steps and actions to preserve its corporate (or other organization) existence and comply in all material respects with all Laws applicable to such Seller in the operation of its business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)To duly perform and comply in all material respects with all terms, provisions, and obligations under each Contract and refrain from taking any action or omitting to take any action which might prejudice or limit the Purchaser's rights to payment with respect to the Purchased Receivables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Promptly to notify the Purchaser in writing of (i) such Seller's knowledge of any material event or occurrence, including, without limitation, any material breach, or default by such Seller or by any Approved Obligor of any of the terms or provisions of any Contract with respect to any Purchased Receivable, any Dispute, or any governmental action affecting the ability of it or such Approved Obligor to perform its obligations under the applicable Contract to which it is a party; or (ii) any change to the UCC Information at least thirty (30) days prior to such change.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)To not modify the terms of any Contract in any manner which would adversely affect the collectability of any Purchased Receivables or any rights of the Purchaser as the owner of the Purchased Receivables or would otherwise reduce the amount due thereunder or delay the Maturity Date thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)To make all disclosures required by any applicable Law with respect to the sale of the Purchased Receivables hereunder to the Purchaser, and account for such sale in accordance with GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)To not create or permit to exist any Adverse Claim over all or any of such Seller's or the Purchaser's rights, title and interest in and to the Purchased Receivables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)To not sell, assign or otherwise transfer the Purchased Receivables except as specifically provided for herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)To not close its applicable Seller Account and not to instruct any Approved Obligor to pay any amounts owing under the Purchased Receivables to a bank account other than the applicable Seller Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)That it (i) has implemented and will maintain in effect and enforce policies and procedures designed in good faith and in a commercially reasonable manner to promote and achieve compliance, by such Seller, its Subsidiaries and its directors, officers, employees and agents with applicable Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions and (ii) will not engage in, or permit any of its Subsidiaries, Affiliates or any director, officer, employee or agent to engage in, or to conspire to engage in, any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)That it will not, and each will procure that its Affiliates and its respective directors, officers, employees, agents, and joint venture partners shall not directly or indirectly, (i) use the proceeds of any purchase hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person, to fund, finance, or facilitate any activities or business or transaction of any Sanctioned Person or in any Sanctioned country or territory, or in any other manner that would result in violation of Sanctions or Anti-Money Laundering Laws or in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of Anti-Corruption Laws Anti-Corruption Laws applicable to any party hereto, and (ii) fund all or part of, any repayment of obligations under this Agreement out of proceeds derived from dealings with or property of a Sanctioned Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)Promptly following any change in the information included in the Certification of Beneficial Owner(s) with respect to such Seller that would result in a change to the list of Beneficial Owners or control party identified in such Certification of Beneficial Owner(s), or a change in the address of any Beneficial Owners or control party, to execute and deliver to the Purchaser an updated Certification of Beneficial Owner(s).

**SECTION 11.REPURCHASE OF PURCHASED RECEIVABLES.**

*Section 11.1.Repurchase Price*. As used herein, the "<u>Repurchase Price</u>" with respect to any Purchased Receivable shall be calculated as follows:

**RP = PP + AD + AO, <u>in which</u>:**

**<u>Term</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Definition</u>**

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"<u>RP</u>"&nbsp;&nbsp;&nbsp;&nbsp;*equals*&nbsp;&nbsp;&nbsp;&nbsp;Repurchase Price for such Purchased Receivable as of the applicable Repurchase Date

"<u>PP</u>"&nbsp;&nbsp;&nbsp;&nbsp;*equals*&nbsp;&nbsp;&nbsp;&nbsp;Purchase Price for such Purchased Receivable, net of any Collections received by the Purchaser with respect to such Purchased Receivable

"<u>AD</u>"&nbsp;&nbsp;&nbsp;&nbsp;*equals*&nbsp;&nbsp;&nbsp;&nbsp;Discount applicable to such Receivable and accrued for the period from the applicable Purchase Date to the applicable Repurchase Date

"<u>AO</u>"&nbsp;&nbsp;&nbsp;&nbsp;*equals*&nbsp;&nbsp;&nbsp;&nbsp;All other amounts then payable by the applicable Seller under the Purchase Documents with respect to such Purchased Receivable as of such Repurchase Date

*Section 11.2.Repurchase*. Upon the occurrence of a Repurchase Event with respect to any Purchased Receivable, the Purchaser may, upon written notice to the Seller Representative, require the applicable Seller to repurchase such Purchased Receivable on the Proposed Repurchase Date specified in such notice for an amount equal to the Repurchase Price of such Purchased Receivable.

*Section 11.3.Repurchase Date*. Upon delivery of any notice referred to in <u>Section 11.2</u>, (a) the Repurchase Price together with all other amounts under this Agreement and the other Purchase Documents with respect to the applicable Purchased Receivable shall become due and payable immediately, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the Sellers; (b) the applicable Seller shall pay to the Purchaser by deposit in the Purchaser's Account such Repurchase Price on the Proposed Repurchase Date specified in such notice, which, in any event, shall not be sooner than two (2) and not later than five (5) Business Days from the date of the delivery of such notice; and (c) on receipt of such Repurchase Price, the Purchaser shall (at the cost and expense of the applicable Seller) execute such documents as may be necessary to re-assign, without recourse, representation or warranty, and at no further cost to the Purchaser, such Purchased Receivable to the applicable Seller.

*Section 11.4.Guaranty*. The Guarantor, as the owner, directly or indirectly, of at least 50.1% of the outstanding shares of each Subsidiary Seller, acknowledges and agrees that it derives benefit from the purchase of Receivables from such Subsidiary Seller by the Purchaser pursuant to this Agreement. The Guarantor hereby unconditionally and irrevocably guarantees to the Purchaser, as primary obligor and not merely as surety, the complete and timely performance on demand (after notice thereof by the Purchaser) of all obligations of each Subsidiary Seller arising under or pursuant to this Agreement, including, without limitation, regardless of the nature of the transactions contemplated hereby, the obligations set forth in <u>Section 5.2</u> (Servicing Covenants), <u>Section 11.2</u> (Repurchase), <u>Section 12.1</u> (Taxes), <u>Section 13.1</u> (Indemnification) and <u>Section 13.2</u> (Expenses); provided, however, that the Guarantor shall have no obligations hereunder with respect to any non-payment of any Purchased Receivable resulting solely from an Insolvency Event of the applicable Approved Obligor or the financial inability of such Approved Obligor to pay such Purchased Receivable on the applicable Maturity Date. This guaranty is an irrevocable, absolute, present and continuing guaranty of prompt performance, and is in no way conditional or contingent upon any attempt to collect from or bring action against any Subsidiary Seller, or perfect or enforce any security or upon any other action, occurrence or circumstance whatsoever. The liability of the Guarantor hereunder is independent of and not in consideration of or contingent upon the liability of any other person under this or any similar instrument and the release of, or cancellation by, any party to this or a similar instrument shall not act to release or otherwise affect the liability of the Guarantor hereunder. It shall not be necessary for the Purchaser (and the Guarantor hereby waives any rights which the Guarantor may have to require the Purchaser), in order to enforce the obligations of the Guarantor hereunder, first to (i) institute suit or exhaust its remedies against any Subsidiary Seller or any other person, (ii) enforce the

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Purchaser's rights against any collateral which shall ever have been given to secure performance under this Agreement, (iii) exhaust any remedies available to the Purchaser against any collateral which shall ever have been given to secure performance under this Agreement, or (iv) resort to any other means of obtaining payment of the obligations of any Subsidiary Seller hereunder. The liability of the Guarantor hereunder shall be absolute and unconditional irrespective of: (i) any lack of validity or enforceability of any obligation of any Subsidiary Seller hereunder or of this Agreement or any other Purchase Document as against any Subsidiary Seller; (ii) any amendment or waiver of this Agreement or any other Purchase Document executed by any Subsidiary Seller; or (iii) any challenge to, or lack of validity of, any Subsidiary Seller's ownership interest (immediately prior to each purchase hereunder) in the Purchased Receivables.

**SECTION 12.TAXES, ETC.**

*Section 12.1.Taxes*. All payments to be made by any Seller under this Agreement shall be made free and clear of and without deduction for or on account of all Taxes, except to the extent that such Seller is required by law to make payment subject to any Taxes. All Taxes required to be deducted or withheld from any amounts paid or payable by a Seller under this Agreement shall be paid by such Seller within the time allowed under the relevant law. In addition, if any Taxes or amounts in respect of Taxes must be deducted from any amounts payable by a Seller under this Agreement, such Seller shall pay such additional amounts as may be necessary to ensure that the Purchaser receives a net amount equal to the full amount which the Purchaser would have received had payment not been made subject to deduction of Tax by such Seller. Within 30 days of each payment to the relevant taxation authority by a Seller under this <u>Section 12.1</u> of Tax or in respect of Taxes, such Seller shall deliver to the Purchaser if the same is available an original receipt or other appropriate evidence issued by the authority to whom the payment was made that the Tax has been duly remitted to the appropriate authority. Nothing contained in this Agreement shall interfere with the right of the Purchaser to arrange its Tax affairs in whatever manner it thinks fit and, in particular, the Purchaser shall not be under any obligation to claim credit, relief, remission, repayment or other benefit from or against its corporate profits or similar Tax liability in respect of the amount of any deduction in priority to any other claims, reliefs, credits or deductions available to it, nor shall any Seller be entitled to make any enquiries of the Purchaser in relation to the Purchaser's Tax affairs. The Purchaser shall (if and to the extent that it is entitled to do so under applicable law) submit in duplicate (i) to the Seller Representative within 21 days after the Closing Date, and, in any event, prior to the date of the first payment by any Seller to the Purchaser, duly completed and signed copies of either Form W-8BEN (relating to the Purchaser and claiming complete or partial exemption from withholding on all amounts (to which such withholding would otherwise apply) to be received by the Purchaser including fees, from such Seller pursuant to this Agreement) or Form W-8ECI (relating to all amounts (to which such withholding would otherwise apply) to be received by the Purchaser, including fees, from such Seller pursuant to this Agreement). In addition and from time to time the Purchaser shall (if and to the extent that it is entitled to do so under applicable law) submit to the Seller Representative such additional duly completed and signed copies of one or the other of such Forms (or such successor forms as shall be adopted from time to time by the relevant United States taxation authorities) and any additional information as may be required under then current United States law, regulations or any income tax treaty to which the United States is a party to claim the inapplicability of, or exemption or partial exemption from, United States withholding (including backup withholding) taxes on payments in respect of all amounts (to which such withholding would otherwise apply) to be received by the Purchaser including fees, from such Seller pursuant to this Agreement.

*Section 12.2.Duties and Taxes*. All stamp, documentary, registration or other like duties or Taxes (excluding Taxes upon or measured by the net income of the Purchaser and any Taxes that are the subject of <u>Section 12.1</u>), including Taxes and any penalties, additions, fines, surcharges or interest relating thereto, or any notarial fees which are imposed or chargeable on or in connection with this Agreement or any other Purchase Document or any other document executed pursuant hereto or thereto shall be paid by each of the Sellers, it being understood and

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agreed that the Purchaser shall be entitled but not obligated to pay any such duties or Taxes (whether or not they are its primary responsibility), and each of the Sellers shall on demand indemnify the Purchaser against those duties or Taxes and against any costs and expenses so incurred by it in discharging them. Without prejudice to the survival of any other provision hereof, the terms of this <u>Section 12.2</u> shall survive the termination of this Agreement and payment of all other amounts payable hereunder.

**SECTION 13.MISCELLANEOUS.**

*Section 13.1.Indemnity*. Each Seller agrees to indemnify, defend and save harmless the Purchaser (including each of its branches) and its affiliates, officers, directors, employees or other agents (each, an "<u>Indemnified Party</u>"), forthwith on demand, from and against any and all liabilities, obligations, losses, damages, penalties, claims, actions, judgments, suits, costs, expenses and disbursements of any kind or nature whatsoever (including the reasonable fees and disbursements of counsel for each Indemnified Party in connection with any investigative, administrative or judicial proceeding or hearing commenced or threatened by any Person, regardless of whether any such Indemnified Party shall be designated as a party or a potential party thereto, and any fees or expenses incurred by each Indemnified Party in enforcing this indemnity), whether direct, indirect, special or consequential and whether based on any federal, state or foreign Laws, on common law or equitable cause or on contract or otherwise, that may be imposed on, incurred by, or asserted against any such Indemnified Party, in any manner relating to or arising out of or incurred in connection with this Agreement, the other Purchase Documents, any Purchased Receivable or any of the transactions contemplated hereby or thereby, including, without limitation, with respect to (i) any representation or warranty or statement made or deemed made by such Seller under or in connection with this Agreement or any of the other Purchase Documents which shall have been incorrect as of the date when made or any failure of such Seller to comply with its covenants and other agreements contained in this Agreement or any other Purchase Document (including, without limitation, (x) the failure to deliver a Non-Payment Report with respect to any Overdue Receivable on or prior to the date such report is required to be delivered pursuant to <u>Section 5.4</u> and (y) a breach of its obligations under <u>Section 4.3</u> with respect to a Purchased Receivable), and (ii) any Retained Obligations of such Seller, and (iii) any civil penalty or fine assessed by OFAC or any other Governmental Authority administering any Anti-Money Laundering Law, Anti-Corruption Law or Sanctions, and all reasonable costs and expenses (including reasonable documented legal fees and disbursements) incurred in connection with defense thereof by, any Indemnified Party in connection with the Purchase Documents as a result of any action of any Seller or any of its respective Affiliates (collectively, the "<u>Indemnified Liabilities</u>"); provided, no Seller shall have any obligation to any Indemnified Party hereunder with respect to (i) any Indemnified Liabilities to the extent such Indemnified Liabilities arise from the gross negligence or willful misconduct of that Indemnified Party, in each case, as determined by a final, non-appealable judgment of a court of competent jurisdiction, or (ii) any non-payment of any Purchased Receivable resulting from the credit worthiness of the Approved Obligor, including without limitation, an Insolvency Event of the applicable Approved Obligor or the financial inability of the Obligor to pay such Purchased Receivable on the applicable Maturity Date. Without prejudice to the survival of any other provision hereof, the terms of this <u>Section 13.1</u> shall survive the termination of this Agreement and payment of all other amounts payable hereunder.

*Section 13.2.Expenses*. Each of the Sellers agree to pay promptly on demand (a) all actual and reasonable and documented costs and expenses (including due diligence expenses) incurred by the Purchaser in connection with the negotiation, preparation and execution of the Purchase Documents and any consents, amendments, waivers or other modifications thereto and the transactions contemplated thereby, including, without limitation, the reasonable fees, expenses and disbursements of counsel to the Purchaser in connection therewith (with respect to such fees of counsel incurred on or before December 31, 2016, in an amount not to exceed $25,000); and (b) all costs and expenses, including reasonable attorneys' fees and costs of settlement, incurred by the Purchaser in enforcing any obligations of any of the

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Sellers under any Purchase Document or in collecting any payments due from any Seller hereunder or under the other Purchase Documents or in connection with any refinancing or restructuring of the purchase arrangements provided hereunder in the nature of a "work-out" or pursuant to any insolvency or bankruptcy cases or proceedings. Without prejudice to the survival of any other provision hereof, the terms of this Section shall survive the termination of this Agreement and payment of all other amounts payable hereunder.

*Section 13.3.Setoff*. In addition to any rights now or hereafter granted under applicable Law and not by way of limitation of any such rights, the Purchaser is hereby authorized by each Seller at any time or from time to time, upon notice to Seller Representative (which notice may be up to two (2) Business Days after Purchaser has exercised its rights hereunder), to set off and to appropriate and to apply any and all deposits (general or special, including indebtedness evidenced by certificates of deposit, whether matured or unmatured, but not including trust accounts) and any other indebtedness at any time held or owing by the Purchaser to or for the credit or the account of any Seller against and on account of the obligations and liabilities of such Seller to the Purchaser hereunder and under the other Purchase Documents, including all claims of any nature or description arising out of or connected hereto or with any other Purchase Document, irrespective of whether or not (a) the Purchaser shall have made any demand hereunder or (b) any amounts payable hereunder shall have become due and payable pursuant hereto and although such obligations and liabilities, or any of them, may be contingent or unmatured.

*Section 13.4.Notices, Addresses*. All notices, requests and demands given or made under the Purchase Documents shall be given or made in writing and unless otherwise stated shall be made by telefax, email or letter using the address as specified below or such other address as the party may designate to the other party in accordance with the provisions of this <u>Section 13.4</u>:

<u>If to the Purchaser</u>:

If to the Purchaser (other than

Purchase Requests):&nbsp;&nbsp;&nbsp;&nbsp;MUFG Bank, Ltd.

1221 Avenue of the Americas

New York, New York 10020

Attention: SCF Implementation

Email: <u>SCFImplementation@us.mufg.jp</u>

With a copy to: &nbsp;&nbsp;&nbsp;&nbsp;MUFG Bank, Ltd.

1251 Avenue of the Americas

New York, New York 10020-1104

Attention: [\*\*\*\*]

Tel: [\*\*\*\*]

Email: [\*\*\*\*]

If to the Purchaser

(Purchase Requests only)

also add:&nbsp;&nbsp;&nbsp;&nbsp;MUFG Bank, Ltd.

1221 Avenue of the Americas

New York, New York 10020

Attention: SCF Operations

Email: TSOSupplyChainInstructions@us.mufg.jp

With a copy to :

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Email: SCFImplementation@us.mufg.jp

If to the Sellers:

c/o Plexus Corp., as Seller Representative<br>One Plexus Way Neenah, WI 54956

Attn: Treasury<br>Email: plxs-ghq.treasury.team@plexus.com

All notices, requests and demands shall be deemed to have been duly given or made (a) when dispatched by telefax or email during the recipient's normal business hours when the confirmation showing the completed transmission has been received, or (b) if mailed via a reputable international courier, when it has been left at the relevant address or five (5) Business Days after being delivered to such reputable international courier, in an envelope addressed to the applicable person at that address and to the attention of the person(s) set forth above. Each Seller, the Seller Representative and the Purchaser shall promptly inform each other of any changes in their respective addresses, facsimile number or email address specified herein.

*Section 13.5.Certificates and Determinations*. Any certification or determination by the Purchaser of a rate or amount under any Purchase Document shall be, absent manifest error, conclusive evidence of the matters to which it relates.

*Section 13.6.Assignments and Transfers*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Purchaser may at any time assign, transfer or participate any of its rights under the Purchase Documents to another bank or financial institution. Neither the Seller Representative nor any Seller may assign or otherwise transfer its rights, benefits or obligations under the Purchase Documents without the prior written consent of the Purchaser. Subject to the foregoing, this Agreement shall be binding on and shall inure to the benefit of each party hereto and its successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Notwithstanding anything herein to the contrary, the Purchaser may assign or pledge a security interest in all or any portion of its rights under this Agreement to secure obligations of the Purchaser, including any pledge or assignment to secure obligations to a Federal Reserve Bank or any other central bank. No such assignment and/or pledge shall release the Purchaser from its obligations hereunder.

*Section 13.7.Waivers, Remedies Cumulative*. No failure to exercise, nor any delay in exercising, on the part of the Purchaser, any right or remedy under the Purchase Documents shall operate as a waiver thereof, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise thereof or the exercise of any other right or remedy. The rights and remedies herein provided are cumulative and not exclusive of any rights or remedies provided by Law.

*Section 13.8.Accounting Treatment; Non-Reliance*. Each Seller and the Seller Representative agrees and acknowledges that (i) it is a sophisticated party in relation to this Agreement; (ii) it has made its own independent decision to enter into the Agreement, the other Purchase Documents to which it is a party and the transactions contemplated hereby and thereby and, in connection therewith, has obtained such independent accounting, legal, tax, financial and other advice as it deems necessary and appropriate (including, without limitation, as to the appropriate treatment of such transactions for accounting, legal, tax and other purposes) and (iii) it has not relied upon any representation or advice from Purchaser, Purchaser's affiliates or any

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of their respective directors, officers, employees, contractors, counsel, advisors or other representatives in this regard.

*Section 13.9.Third Party Rights*. Other than as specifically provided in this Agreement, no Person not a party to this Agreement shall be deemed a third party beneficiary hereof.

*Section 13.10.Counterparts*.&nbsp;&nbsp;&nbsp;&nbsp; Each Purchase Document may be executed in any number of counterparts, and by the different parties thereto on separate counterparts; each such counterpart shall be deemed an original and all of such counterparts taken together shall be deemed to constitute one and the same instrument. A facsimile or electronic copy of an executed counterpart of this Agreement shall be effective as an original for all purposes.

*Section 13.11.Entire Agreement*. The Purchase Documents constitute the entire agreement between the parties hereto in relation to the transactions contemplated hereby, and supersede all previous proposals, agreements and other written and oral communications in relation thereto.

*Section 13.12.Exclusion of Liability*. To the extent permitted by applicable Law, none of the parties hereto shall assert, and each party hereby waives, any claim against each of the other parties and their respective affiliates, members of the board of directors, employees, attorneys, agents or sub-agents, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) (whether or not the claim therefor is based on contract, tort or duty imposed by any applicable legal requirement) arising out of, in connection with, as a result of, or in any way related to, this Agreement or any other Purchase Document or any agreement or instrument contemplated hereby or thereby or referred to herein or therein, the transactions contemplated hereby or thereby, any purchase or the use of the proceeds thereof or any act or omission or event occurring in connection therewith, and each party hereby waives, releases and agrees not to sue upon any such claim or any such damages, whether or not accrued and whether or not known or suspected to exist in its favor.

*Section 13.13.Invalidity*. If at any time any provision of the Purchase Documents shall be adjudged by any court or other competent tribunal to be illegal, invalid or unenforceable, the validity, legality, and enforceability of the remaining provisions hereof shall not in any way be affected or impaired, and the parties hereto will use their best efforts to revise the invalid provision so as to render it enforceable in accordance with the intention expressed in this Agreement.

*Section 13.14.Governing Law*. THIS AGREEMENT, INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT WITHOUT REGARD TO ANY OTHER CONFLICTS OF LAW PROVISIONS THEREOF, EXCEPT TO THE EXTENT THAT THE PERFECTION, THE EFFECT OF PERFECTION OR PRIORITY OF THE INTERESTS OF THE PURCHASER IN THE PURCHASED RECEIVABLES OR ANY SELLER ACCOUNT IS GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEW YORK)..

*Section 13.15.Consent to Jurisdiction*. Any litigation based hereon, or arising out of, under or in connection with this Agreement or any other Purchase Document, shall be brought and maintained in the courts of the State of New York sitting in New York County, New York or in the United States district court for the Southern District of New York; provided, any suit seeking enforcement against any Receivables or other property may be brought, at the Purchaser's option, in the courts of any jurisdiction where such Receivables or other property may be found. Each Seller and the Seller Representative hereby expressly and irrevocably submits to the jurisdiction of the courts of the State of New York sitting in New York County, New York and of the United States district court for the Southern District of New York for the purpose of any such litigation. Each Seller and the Seller Representative further irrevocably consents to the service of process by registered mail, postage prepaid, to the address specified in <u>Section 13.4</u> or by personal service within or without the State of New York. Further, each Seller

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hereby irrevocably and unconditionally appoints the Seller Representative as its authorized agent (in such capacity with its successors, the "<u>Process Agent</u>") to receive, accept and acknowledge for and on behalf of such Seller and its property, service of any and all legal process, summons, complaints, notices and documents which may be served in any suit, action or proceeding based on this Agreement or any other Purchase Document. Each Seller and the Seller Representative expressly and irrevocably waives, to the fullest extent permitted by Law, any objection which it may now or hereafter have to the laying of venue of any such litigation brought in any such court and any claim that any such litigation has been brought in an inconvenient forum.

*Section 13.16.****WAIVER OF JURY TRIAL*. EACH SELLER, THE&nbsp;&nbsp;&nbsp;&nbsp;SELLER REPRESENTATIVE AND THE PURCHASER HEREBY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS AGREEMENT, ANY OTHER PURCHASE DOCUMENT OR ANY APPLICATION, INSTRUMENT, DOCUMENT, AMENDMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH OR THEREWITH OR ARISING FROM ANY BANKING RELATIONSHIP EXISTING IN CONNECTION WITH THIS AGREEMENT AND THE OTHER PURCHASE DOCUMENTS, AND AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.**

*Section 13.17.USA Patriot Act*. The Purchaser hereby notifies each Seller and the Seller Representative that pursuant to the requirements of the USA PATRIOT Improvement and Reauthorization Act, Title III of Pub. L. 109-177 (signed into law March 9, 2009), as amended from time to time (the "<u>PATRIOT Act</u>"), it is required to obtain, verify, and record information that identifies each Seller and the Seller Representative, which information includes the name and address of each Seller and the Seller Representative and other information that will allow the Purchaser to identify each Seller and the Seller Representative in accordance with the PATRIOT Act.

*Section 13.18.Confidentiality*. Each party hereto agrees to hold the Purchase Documents, the transactions contemplated thereby and all non-public information received by it in connection therewith from any other party hereto or its agents or representatives in confidence and agrees not to provide any Person with copies of this Agreement or such non-public information other than to (a) its affiliates and any officers, directors, members, managers, employees or outside accountants, auditors or attorneys of such party or its affiliates, (b) any prospective or actual assignee or participant which (in each case) has signed a confidentiality agreement containing provisions substantively identical to this Section 13.18 or has agreed to be subject to the terms of this <u>Section 13.18</u>, (c) credit support providers if they agree to hold it confidential pursuant to customary commercial terms, (d) Governmental Authorities with appropriate jurisdiction (including filings required under securities Laws) and (e) appropriate filings under the UCC. Notwithstanding the above stated obligations, the parties hereto will not be liable for disclosure or use of such information which: (i) was required by Law, including pursuant to a valid subpoena or other legal process, (ii) is disclosed or used in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or any other Purchase Document or the enforcement of rights hereunder or thereunder, (iii) was in such Person's possession or known to such Person prior to receipt or (iv) is or becomes known to the public through disclosure in a printed publication (without breach of any of such Person's obligations hereunder).

*Section 13.19.Communication Through the Platform*. Each party hereto consents to the communication and delivery of offers, acceptances, Purchase Requests and other communications and the creation of binding contracts through the Platform, although such communications are by electronic means rather than in writing on paper. Each party hereto waives any claim or defense that any such offers, acceptances, Purchase Requests or other communications and any contracts arising therefrom are not binding or enforceable as a result of their being communicated electronically rather than in writing on paper.

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*Section 13.20.Additional Sellers*. The Seller Representative may from time to time request to have any of its Subsidiaries or Affiliates become a party hereto as a "Seller". The Purchaser may agree to or reject any such request in its sole discretion. To the extent the Purchaser agrees to have such Person become a Seller hereunder, such Person shall deliver the following, in each case in form and substance satisfactory to the Purchaser, to the Purchaser: (a) a joinder agreement duly executed by such Person and the Seller Representative, pursuant to which such Person shall agree to be bound by this Agreement as a "Seller" and shall appoint Plexus to act as its Seller Representative hereunder and which joinder agreement shall, among other things, include the details of the "Seller Account" and the UCC Information of such Person, (b) such documents, certificates, opinions and certifications set out in Section 8 hereof as requested by the Purchaser, and (c) all documentation and other information necessary for satisfactory compliance clearance, including, without limitation, in respect of applicable know your customer and anti-money laundering rules and regulations and the PATRIOT Act.

*Section 13.21.Judgment Currency*. If, for the purposes of obtaining or enforcing judgment in any court in any jurisdiction, it becomes necessary to convert into the currency of the country in which such court is located (the "<u>Judgment Currency</u>") any obligation denominated in another currency, then the date on which the rate of exchange for conversion is selected by the court is referred to herein as the "<u>Conversion Date</u>". If there is a change in the rate of exchange between the Judgment Currency and the other currency between the Conversion Date and the actual receipt by the Purchaser of the amount of such obligation or under any such judgment, the relevant Seller will, notwithstanding any such judgment, pay all such additional amounts as may be necessary to ensure that the amount received by the Purchaser in the Judgment Currency, when converted at the rate of exchange prevailing on the date of receipt, will produce the amount due in the other currency. Each Seller's liability hereunder constitutes a separate and independent liability which shall not merge with any judgment or any partial payment or enforcement of payment of sums due under this Agreement or any other Purchase Document.

*Section 13.22.Effect of Amendment and Restatement*. Upon the execution and delivery of this Agreement, the obligations and other liabilities governed by the Existing Agreement (collectively, the "<u>Existing Obligations</u>") shall continue to be in full force and effect, but shall be governed by the terms and conditions set forth in this Agreement. Each Seller hereby reaffirms their respective obligations under each Purchase Document (as defined in the Existing Agreement, collectively, the "<u>Existing Purchase Documents</u>") to which it is party, as amended, supplemented or otherwise modified by this Agreement and by any other Purchase Document delivered on the date hereof. Each Seller further agrees that each such Existing Purchase Document (other than the Existing Agreement) shall remain in full force and effect following the execution and delivery of this Agreement and that all references to this Agreement in such Existing Purchase Documents shall be deemed to refer to this Agreement, as amended and restated on the date hereof. The execution and delivery of this Agreement shall constitute an amendment, replacement and restatement, but not a novation, of the Existing Obligations.

[Remainder of page intentionally left blank]

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**IN WITNESS WHEREOF**, the parties have executed this Agreement by their undersigned, duly authorized officers on the date first above written:

**<u>SELLERS</u>**:

**PLEXUS CORP.**, as a Seller, Seller Representative and Guarantor

By: <u>/s/ Patrick Jermain&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Patrick Jermain<br>Title: Executive Vice President and Chief Financial Officer

**PLEXUS MANUFACTURING SDN. BHD.**

By: <u>/s/ Patrick Jermain&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Patrick Jermain<br>Title: Director

**PLEXUS INTL. SALES & LOGISTICS, LLC**

By: <u>/s/ Patrick Jermain&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Patrick Jermain<br>Title: Vice President, Treasurer and Asst. Secretary

**PLEXUS CORP. (UK) LIMITED**

By: <u>/s/ Patrick Jermain&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Patrick Jermain<br>Title: Director

**PLEXUS SERVICES RO SRL**

[Signature Page to

Second Amended and Restated Master Accounts Receivable Purchase Agreement]

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By: <u>/s/ Angelo Ninivaggi&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Angelo Ninivaggi<br>Title: Administrator/Director

**PLEXUS (THAILAND) CO., LTD.**

By: <u>/s/ Patrick Jermain&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Patrick Jermain<br>Title: Director

[Signature Page to

Second Amended and Restated Master Accounts Receivable Purchase Agreement]

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**<u>PURCHASER</u>**:

**MUFG BANK, LTD.** 

By: <u>/s/ Matthew Hillman&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Matthew Hillman<br>Title:

[Signature Page to

Second Amended and Restated Master Accounts Receivable Purchase Agreement]

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**Schedule A to <br>Second Amended and Restated Master Accounts Receivable Purchase Agreement**

**<u>Approved Obligors</u>**

[\*\*\*\*]

\*subject to adjustment as set forth in the definition thereof

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**Schedule B To Second Amended And Restated Master Accounts Receivable Purchase Agreement**

**<u>UCC Information</u>**

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| | |
|:---|:---|
| (a) Name: | Plexus Corp. |
| (b) Chief Executive Office: | One Plexus Way<br>Neenah, WI 54956 |
| (c) Jurisdiction of Organization: | Wisconsin, USA |
| (d) Organizational Number: | N/A |
| (e) FEIN: | 39-1344447 |
| (f) Tradenames: | Plexus |
| (g) Changes in Location, Name and Corporate Organization in the last 5 years: |  |
| (a) Name: | Plexus Manufacturing Sdn. Bhd. |
| (b) Chief Executive Office: | Plot 87 Lebuhraya Kampung Jawa |
|  | 11900 Bayan Lepas |
|  | Penang, Malaysia |
| (c) Jurisdiction of Organization: | Malaysia |
| (d) Organizational Number: | 399136-M |
| (e) FEIN: | N/A |
| (f) Tradenames: | Plexus |
| (g) Changes in Location, Name and Corporate Organization in the last 5 years: |  |
| (a) Name: | Plexus Services Ro SRL |
| (b) Chief Executive Office: | Str. Eugeniu Carada, nr. 2-4, Oreada, Bihor, |
|  | Romania 410610 |
| (c) Jurisdiction of Organization: | Romania |
| (d) Organizational Number: | ORC J05/261/19.02.2009; CUI 25152581; |
|  | VAT number: |
| RO25152581 |  |
| (e) FEIN: | 96-0618894 |
| (f) Tradenames: | N/A |
| (g) Changes in Location, Name and Corporate Organization in the last 5 years: | Previous address: 34/A Calea Borsului St., Oradea, Bihor county, Romania 410605. |
| Prior address (2013): Santion Village, Bors commune (Bors Land Book no. 36, cadastral number 5, 6 and 91), Oradea, Bihor county, Romania |  |
| (a) Name: | Plexus Services RO SRL |

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| | |
|:---|:---|
| (b) Chief Executive Office: | Str. Eugeniu Carada, nr. 2 – 4 , Oreada, Bihor Romania 410610 |
| (c) Jurisdiction of Organization: | Romania |
| (d) Organizational Number: | ORC J05/261/19.02.2009; CUI 25153581; VAT number: RO25153581 |
| (e) FEIN: | 96-0618894 |
| (f) Tradenames: | N/A |
| (g) Changes in Location, Name and Corporate Organization in the last 5 years: | Previous address: 34/A Calea Borsului St., Oradea, Bihor county, Romania 410605. |
|  | Prior address (2013): Santion Village, Bors commune (Bors Land Book no. 36, cadastral number 5, 6 and 91), Oradea, Bihor county, Romania |
| (a) Name: | Plexus Corp. (UK) Limited |
| (b) Chief Executive Office: | Pinnacle Hill Industrial Estate, Kelso, Roxburghshire, Scotland TD5 8XX |
| (c) Jurisdiction of Organization: | Scotland (UK) |
| (d) Organizational Number: | Coy Registration #: SC146948 |
| (e) FEIN: | VAT number: GB 634817526 |
| (f) Tradenames: | N/A |
| (g) Changes in Location, Name and Corporate Organization in the last 5 years: | N/A |
| (a) Name: | **Plexus Thailand Co., Ltd.** |
| (b) Chief Executive Office: | No. 8/8, Moo 5, Tambol Tha Sa an, Amphur Bang Pakong, Chachoengsao Province, 24130 Thailand |
| (c) Jurisdiction of Organization: | Thailand |
| (d) Organizational and VAT Number: | Business Registration #: 0105553146312 |
| (e) Tradenames: |  |
| (f) Changes in Location, Name and Corporate Organization in the last 5 years: |  |
| Prior address: | N/A |
|  | N/A |

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**SCHEDULE C TO SECOND AMENDED AND RESTATED MASTER ACCOUNTS RECEIVABLE PURCHASE AGREEMENT**

**PURCHASER'S ACCOUNT**

"<u>Purchaser's Account</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;with respect to payments in Dollar:

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| | |
|:---|:---|
| Account Number | [\*\*\*\*] |
| Bank Address: | MUFG Bank, Ltd., 1221 Avenue of the Americas, New Yor, NY 10020 |
| Account Name: | MUFG Bank, Ltd. |
| Bank Swift Address: | Swift address BOTKUS33 |
| ABA Number: | 26009632 |
| Reference: | Trade Services Ops – Plexus |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;with respect to payments in Euro:

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| | |
|:---|:---|
| Account Number | [\*\*\*\*] |
| Bank Address : | MUFG Bank, Ltd., London, UK |
| Account Name: | BOTKGB2L |
| Bank Swift Address: | BOTKUS33 |
| ABA number | 26009632 |
| Attention | Loan Operations Department |
| Reference | Plexus |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;with respect to payments in Sterling:

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| | |
|:---|:---|
| Account Number | [\*\*\*\*] |
| Bank Address : | MUFG Bank, Ltd., London, UK |
| Account Name: | BOTKGB2L |
| Bank Swift Address: | BOTKUS33 |
| ABA number | 26009632 |
| Attention | Loan Operations Department |
| Reference | Plexus |

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**SCHEDULE D TO SECOND AMENDED AND RESTATED MASTER ACCOUNTS RECEIVABLE PURCHASE AGREEMENT**

**REMITTANCE ACCOUNT**

Bank of America<br>100 West 33rd Street<br>New York, NY 10001<br>ABA: 026009593<br>Account: [\*\*\*\*]<br>Swift Code: BOFAUS3N<br>Account Name: Plexus Corp.

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**EXHIBIT A TO SECOND AMENDED AND RESTATED MASTER ACCOUNTS RECEIVABLE PURCHASE AGREEMENT**

**______________, 20___**

MUFG Bank, Ltd.<br>1251 Avenue of the Americas<br>New York, NY 10020<br>Attn:

Ladies and Gentlemen:

<u>Purchase Request</u>

We refer to the Second Amended and Restated Master Accounts Receivable Purchase Agreement, dated as of November 6, 2025 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Purchase Agreement</u>"), among Plexus Corp., Plexus Manufacturing Sdn. Bhd., Plexus Intl. Sales & Logistics, LLC, Plexus Services Ro SRL, Plexus Corp. (UK) Limited, Plexus Thailand Co., Ltd., and each Additional Seller party thereto from time to time (each, a "<u>Seller</u>", and collectively, the "<u>Sellers</u>"), Plexus Corp., as seller representative (in such capacity, "<u>Seller Representative</u>"), and MUFG BANK, LTD.

Terms defined in the Purchase Agreement shall have the same meaning herein as defined in such Purchase Agreement.

The Seller Representative hereby requests that the Purchaser purchase on __________, 20__, the Receivables set forth on Schedule A attached hereto (the "<u>Proposed Receivables</u>"), in accordance with, and subject to, the terms and provisions of the Purchase Agreement.

The Seller Representative hereby represents and warrants to the Purchaser that the following statements are true and correct as of the applicable Purchase Date for such Proposed Receivables:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Each of the conditions precedent set forth in Section 8 of the Purchase Agreement has been satisfied or otherwise waived by the Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;After giving effect to the purchase of such Proposed Receivables, the Total Outstanding Amount of all Purchased Receivables of all Approved Obligors as of such date will not exceed the Maximum Facility Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;After giving effect to the purchase of such Proposed Receivables, the Total Outstanding Amount of all Purchased Receivables of any Approved Obligor will not exceed any applicable Approved Obligor Sublimit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;The representations and warranties made by the Sellers in Section 9.1 of the Purchase Agreement are true and correct in all material respects to the

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same extent as though made on and as of that date (except for those representations and warranties that are conditioned by materiality, which shall be true and correct in all respects), except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date (except for those representations and warranties that are conditioned by materiality, which shall be true and correct in all respects).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;The representations and warranties made by the applicable Seller in Section 9.2 of the Purchase Agreement with respect to the Proposed Receivables are true and correct in all material respects to the same extent as though made on and as of that date (except for those representations and warranties that are conditioned by materiality, which shall be true and correct in all respects), except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date (except for those representations and warranties that are conditioned by materiality, which shall be true and correct in all respects).

Executed and delivered by the Seller Representative as of the date first above written.

**PLEXUS CORP.**

By:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name:<br>Title:

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**Schedule A to Purchase Request**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **[Name of Seller]** | **Approved Obligor** | **Invoice Number** | **Invoice Amount** | **Invoice Date** | **Maturity Date** | **Purchase Date** | **Days to Maturity from Purchase** |
| 1. | | | | | | | | |
| 2. | | | | | | | | |
| 3. | | | | | | | | |

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**EXHIBIT B TO<br>SECOND AMENDED AND RESTATED MASTER ACCOUNTS RECEIVABLE PURCHASE AGREEMENT**

**______________, 20___**

MUFG Bank, Ltd.<br>1251 Avenue of the Americas<br>New York, NY 10020<br>Attn:

Ladies and Gentlemen:

<u>Servicing Report</u>

We refer to the Second Amended and Restated Master Accounts Receivable Purchase Agreement, dated as of November 5, 2025 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Purchase Agreement</u>"), among Plexus Corp., Plexus Manufacturing Sdn. Bhd., Plexus Intl. Sales & Logistics, LLC, Plexus Services Ro SRL, Plexus Corp. (UK) Limited, Plexus Thailand Co., Ltd., and each Additional Seller party thereto from time to time, as Sellers, Plexus Corp., as seller representative (in such capacity, "<u>Seller Representative</u>"), and MUFG BANK, LTD., as Purchaser. Terms defined in the Purchase Agreement shall have the same meaning herein as defined in such Purchase Agreement.

Please find attached hereto the latest Servicing Report.

Executed and delivered by the Seller Representative as of the date first above written.

PLEXUS CORP.

By:<br>Name:<br>Title:

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**Exhibit C-1 to Amended and Restated Master Accounts Receivable Purchase Agreement**

**TERMS OF USE OF PRIMEREVENUE SYSTEM**

**Electronic Services Schedule**

This Electronic Services Schedule (this "<u>Schedule</u>") is attached and made a part of the Agreement (as defined herein). In the event of any conflict between the terms and conditions of the Agreement and the terms and conditions of this Schedule, the terms and conditions of this Schedule shall control. Capitalized terms used herein not otherwise defined herein shall have the meanings ascribed thereto in the Agreement.

**Section 1.**&nbsp;&nbsp;&nbsp;&nbsp;As used herein:

"<u>Agreement</u>" means the Second Amended and Restated Master Accounts Receivable Purchase Agreement, dated as of August [__], 2025, among Plexus Corp., Plexus Manufacturing Sdn. Bhd., Plexus Intl. Sales & Logistics, LLC, Plexus Services Ro SRL, Plexus Corp. (UK) Limited, Plexus Thailand Co., Ltd., and each Additional Seller party thereto (the "<u>Sellers</u>" and each a "<u>Seller</u>") and MUFG Bank, Ltd. (the "<u>Purchaser</u>"), including this Schedule, as such agreement may be amended, restated, supplemented or otherwise modified from time to time in accordance with its terms.

"<u>Message</u>" means all messages or other information sent by a Seller under the Agreement using the Program web portal.

"<u>PrimeRevenue</u>" means PrimeRevenue, Inc., which is a Service Provider hereunder.

"<u>Program web portal</u>" means the system interface of the Service Provider to be used by Purchaser and the Sellers so as to operate the Agreement or any updated or replacement system from time to time.

"<u>Service Provider</u>" means any person with whom an agreement has been entered into by the Purchaser and to whom the performance of certain obligations or exercise of certain rights in respect of the giving and receiving of Messages, and not in respect of any purchase of Receivables, is from time to time sub-contracted by the Purchaser.

**Section 2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Service Provider</u>**

The parties to the Agreement agree that the Service Provider is and will be the service provider solely for the Purchaser and not the sub-contractor or agent of the Sellers. The Sellers consent to the Purchaser outsourcing to the Service Provider the management of certain

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administrative functions under the Agreement, it being understood that only the rights and obligations issuing from this Schedule shall be outsourced.<sup>1</sup>

**Section 3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Service Provider's Systems and Platform</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.&nbsp;&nbsp;&nbsp;&nbsp;To operate this Agreement, the Sellers and the Purchaser shall use the Program web portal, subject to Section 4.9 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.&nbsp;&nbsp;&nbsp;&nbsp;Program related data will be updated and available for view access by the Sellers and the Purchaser on a day to day basis in the Program web portal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.&nbsp;&nbsp;&nbsp;&nbsp;The Sellers will upload and download information pertaining to Purchase Requests from the Program web portal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.&nbsp;&nbsp;&nbsp;&nbsp;As of the date of this Schedule, the Service Provider means PrimeRevenue. The Purchaser may replace the Service Provider at any time or terminate this Schedule, and will give written notice thereof to the Seller Representative.

**Section 4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Use of Service Provider's Systems and Platform</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.&nbsp;&nbsp;&nbsp;&nbsp;The Sellers shall have the right to use the content of the Program web portal to print and use reports downloaded from the Program web portal, and to save reasonable copies to its hard drive, in each case solely for the purposes contemplated by the Agreement. Any copying, distribution, or commercial use of any of the content of the Program web portal not in furtherance of or related to the commercial purposes of the Agreement is strictly forbidden. Notwithstanding the foregoing, the Sellers are entitled to share any such content with its affiliates and its and such affiliates' attorneys, accountants, and tax advisors, or any governmental authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.&nbsp;&nbsp;&nbsp;&nbsp;Service Provider retains all right, title, and interest in and to its Program web portal, including all software and other intellectual property underlying the Program web portal and associated therewith, all derivative works thereof, and in all media, but specifically excluding any materials, intellectual property or information provided by the Sellers or the Purchaser (collectively, "<u>Member Content</u>"), all of which shall remain the property of the contributing party. Other than a royalty-free license to use the Program web portal during the term of this Schedule, nothing contained herein shall be construed as the grant of a license or other right by Service Provider to the Sellers of the Program web portal or any intellectual property underlying or associated with the Program web portal. The Sellers grant to Service Provider for the term of this Schedule a royalty free, non-exclusive license to use, reproduce, display and modify the Seller's Member Content for the purpose of allowing Service Provider to render the contracted-for services to the Purchaser.

<sup>1</sup> Services with respect to Messages are only being offered as an accommodation and not as a requirement for any Seller's use of the facility. As such, in the event the service provider cannot or does not perform, the Purchaser's liability is limited to the Purchaser performing under the Purchaser's obligations stated in the Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.&nbsp;&nbsp;&nbsp;&nbsp;All of the design, text, graphics and the selection and arrangement thereof included in the Program web portal are protected by the copyright laws of the United States and other countries. The Program web portal and all associated intellectual property rights are owned by Service Provider and its licensors. All rights not expressly granted to the Sellers are reserved to Service Provider and its licensors. Each Seller acknowledges that (a) the Program web portal incorporates confidential and proprietary information developed or acquired by Service Provider, including the software underlying the Program web portal; (b) it shall use such information solely for the purposes set forth herein; and (c) it shall not disclose any such information to third parties except to its affiliates, and its and their employees, officers, legal counsel, financial advisors and auditors, so long as such parties are bound by written or fiduciary obligations no less stringent than those set forth herein, and the Sellers remain primarily responsible for any unauthorized use or disclosure of the information by such third parties. This Section 4.3 shall survive the termination of this Schedule for a period of one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.&nbsp;&nbsp;&nbsp;&nbsp;Service Provider may access and use the non-public financial, transactional and other information that is processed under this Agreement or otherwise acquired by Service Provider in connection with the Program web portal ("<u>Seller Data</u>") for the purposes of providing and operating the Program web portal. In addition, Service Provider may access and use Seller Data on an aggregate basis for the purpose of preparing statistical analyses, reports, and benchmarking statistics for Service Provider's own use and for general marketing purposes related to trends and overall use of the Program web portal and related services. Each Seller represents that it has the right to permit Service Provider to use Seller Data as described in this Agreement and that such use will not violate any third person's rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.&nbsp;&nbsp;&nbsp;&nbsp;Each Seller acknowledges that Service Provider may transfer Seller Data to a third person, in connection with: (a) any assignment arising from the acquisition of all or substantially all of its assets or equity interests; or (b) a delegation of hosting or other duties, provided that such third party service provider agrees to abide by appropriate confidentiality obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.&nbsp;&nbsp;&nbsp;&nbsp;The parties may disclose Seller Data if required by applicable law to any government body, or duly authorized representatives thereof, upon an audit or other inspection by any of the same of the records or facilities of Service Provider. The Sellers will be notified promptly upon receipt of any order and upon the implementation of any change in laws which requires disclosure of Seller Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.&nbsp;&nbsp;&nbsp;&nbsp;Each Seller hereby acknowledges that Service Provider reserves the right to: (a) terminate the Sellers' access to and use of the Program web portal if any Seller permits any unauthorized third person or entity to access and use the Program web portal; and (b) interrupt or disable access to and use of all or any part of the Program web portal if necessary to prevent or protect against fraud, hacking, or illegal conduct or otherwise protect Service Provider's personnel or the Program web portal, in Service Provider's sole discretion and without notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8.&nbsp;&nbsp;&nbsp;&nbsp;EACH SELLER ACKNOWLEDGES THAT NO WARRANTIES OR CONDITIONS, WHETHER EXPRESS, IMPLIED OR STATUTORY, INCLUDING THE

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IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE ARE MADE BY SERVICE PROVIDER WITH RESPECT TO THE PROGRAM WEB PORTAL, THE UNDERLYING SOFTWARE, OR ANY SERVICES PROVIDED BY SERVICE PROVIDER, AND SUCH PROGRAM WEB PORTAL, SOFTWARE, AND SERVICES ARE PROVIDED ON AN "<u>AS IS, WHERE IS, AND AS AVAILABLE</u>" BASIS. SERVICE PROVIDER EXPRESSLY DISCLAIMS LIABILITY AND SPECIFICALLY DENIES ANY RESPONSIBILITY FOR (A) THE COMPLETENESS, ACCURACY OR QUALITY OF INFORMATION OR ANY MEMBER CONTENT OBTAINED THROUGH THE PROGRAM WEB PORTAL, AND (B) THE SELLERS' USE OF OR INABILITY TO USE THE PROGRAM WEB PORTAL. THE USE OF THE PROGRAM WEB PORTAL, AND ANY MEMBER CONTENT OR INFORMATION OBTAINED VIA THE PROGRAM WEB PORTAL, IS AT THE SELLERS' RISK.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9.&nbsp;&nbsp;&nbsp;&nbsp;The Purchaser has the obligation to view the Messages sent in accordance with this Schedule and to act upon them under the terms of the Agreement, and, during any unavailability of the Program web portal for the purposes hereof, or following the change of Service Provider, accept or receive Purchase Requests and other notices as otherwise provided in the Agreement.

**Section 5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Security</u>.** Each Seller agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.&nbsp;&nbsp;&nbsp;&nbsp;such Seller's authorized employees may access the Program web portal using a unique user ID and password issued by System Provider. The Sellers and each authorized employee shall not allow any other individual to use such employee's unique user ID and password to access the Program web portal. The Sellers and each authorized employee shall remain responsible for maintaining the strict confidentiality of the user IDs and passwords created for the Sellers' authorized employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.&nbsp;&nbsp;&nbsp;&nbsp;it will not intentionally or knowingly interfere with, defeat, disrupt, circumvent or tamper with or attempt to gain unauthorized access to the Program web portal or other information or instruction that is, by the terms of the Agreement to be transmitted through the Program web portal, or with the restrictions on use of functionality or access to information on any portion of the Program web portal, or attempt to do so; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.&nbsp;&nbsp;&nbsp;&nbsp;it will not intentionally or knowingly introduce into any portion of the Program web portal any device, software or routine, including but not limited to viruses, Trojan horses, worms, time bombs and cancelbots or other data or code that harms, or may adversely affect, the operation of the Program web portal.

**Section 6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations, Warranties and Covenants of the Sellers</u>.** Each Seller hereby represents, warrants and covenants to and with the Purchaser as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.&nbsp;&nbsp;&nbsp;&nbsp;The Sellers' use of the Program web portal is solely to settle genuine and lawful commercial trade transactions, arising in the ordinary course of business, for the purchase or sale of goods (including Receivables as defined under the Agreement) and/or services by or to a Seller from or to the Purchaser or other third parties. The Sellers shall not use the Program web

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portal for investment or arbitrage functions or purposes, or for any money laundering purpose, or in contravention of any law or regulation, and any activity undertaken via the Program web portal shall not be used in furtherance of any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.&nbsp;&nbsp;&nbsp;&nbsp;Information provided by the Sellers to the Purchaser or Service Provider from time to time in connection with this Schedule is and shall be true and accurate in all material respects at the time given.

**Section 7.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Implied Duties</u>.** Without limiting the liabilities of the Purchaser under the Agreement, the Purchaser shall be obliged to perform such duties and only such duties as are specifically set forth herein, and no implied duties or responsibilities shall be read or implied into this Schedule against the Purchaser. The Purchaser shall have no duties or obligations under this Schedule to any person or entity other than the Sellers and, without limiting the foregoing, does not assume any obligation or relationship of agency or trust under this Schedule for, or with any other person or entity.

**Section 8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Third Party Beneficiary Rights</u>.** The Sellers and the Purchaser agree that Service Provider is an intended third party beneficiary of, and entitled to rely on Sections 2, 4, 5, and 6 of this Schedule and Section 13.18 (Confidentiality) of the Agreement.

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**Exhibit C-2 To<br>Second Amended and Restated Master Accounts Receivable Purchase Agreement**

<u>Electronic Services Schedule</u>

This Electronic Services Schedule (this "<u>Schedule</u>") is attached and made a part of the Agreement (as defined herein). In the event of any conflict between the terms and conditions of the Agreement and the terms and conditions of this Schedule, the terms and conditions of this Schedule shall control. Capitalized terms used herein not otherwise defined herein shall have the meanings ascribed thereto in the Agreement.

**Section 1.&nbsp;&nbsp;&nbsp;&nbsp;Definitions.** As used herein:

"<u>Administrator</u>" means the individual(s) designated by the Seller Representative to the Purchaser in writing pursuant to the Seller Representative's completion of Exhibit C-3 to the Agreement, with authority to: (1) grant and cancel User access rights to the MUFG Platform and set up User entitlements for the MUFG Platform as designated to the Purchaser in writing or through the Administrator's self-administration on the MUFG Platform; (2) accept modifications of the Terms (as hereinafter defined) on behalf of such Seller; and (3) perform such other functions as the Purchaser communicates in writing to the Administrator. The Seller Representative must notify the Purchaser in writing of any change to an Administrator by providing the Purchaser with a new Exhibit C-3 that will replace the existing Exhibit C-3. Any new Exhibit C-3 will need to be executed by the Seller Representative. Any change to an Administrator will be effective when the Purchaser has received such notice and had a reasonable opportunity to act upon it.

"<u>Bank Provider</u>" means any direct or indirect service provider, licensor or subcontractor of the Purchaser.

"<u>Credentials</u>" mean a unique User password, unique User ID and an additional verification factor determined by the Purchaser from time to time in its sole discretion.

"<u>Equipment</u>" means any hardware, telecommunications equipment, internet connections, web browser software and other equipment that Users may use to access the MUFG Platform and use the Service.

"<u>Instruction</u>" means any instruction, communication, interaction, file or other tangible item provided through the MUFG Platform in accordance with the Agreement using the Security Procedures.

"<u>Personal Information</u>" means all information that identifies, relates to, describes, is capable of being associated with, or could reasonably be linked, directly or indirectly, with a particular individual, including any information that constitutes "personally identifiable information", "non-public personal information", "personal data", "protected data", or any similar category of information or data protected under applicable data protection laws.

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"<u>Security Procedures</u>" means the multi-factor authentication process utilizing the Credentials of the relevant User in order for such User to access the MUFG Platform and use the Service.

"<u>Service</u>" means the following capabilities that may be provided to Users with the appropriate entitlements: (1) certain functionalities in respect of the purchase and sale of Receivables by the Purchaser and the Sellers including the uploading of files relating to the Receivables; (2) the giving and receiving of any Instruction between the Purchaser and the Sellers; (3) access to information relating to the Agreement that the Purchaser may, in its sole discretion, provide through the MUFG Platform to the Sellers; (4) the ability for the Sellers to download and print certain information relating to the Agreement provided through the MUFG Platform; and (5) any other service that the Purchaser may, in its sole discretion, provide to Users with the appropriate entitlements through the MUFG Platform.

"<u>Terms</u>" means the terms initially set forth in this Schedule and modified from time to time by the Purchaser pursuant to Section 6.7.

"<u>Third-Party Websites</u>" mean websites that third parties own, control, develop, or maintain.

"<u>Users</u>" mean individual(s) designated by the Sellers to the Purchaser in writing or through self-administration by the Administrator on the MUFG Platform to have access to and use of the MUFG Platform. The Administrator will notify MUFG of any change to a User in the manner designated by the Purchaser (and/or enable or disable any User through self-administration on the MUFG Platform).

**Section 2.**&nbsp;&nbsp;&nbsp;&nbsp;Sellers' Usage of the MUFG Platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1**<u>Rights to Access and Use</u>. Subject to such Seller's compliance with the terms and provisions of the Terms and the Agreement, the Purchaser hereby grants each Seller a limited, revocable, non-sublicensable, non-exclusive, non-transferable right to access and use the MUFG Platform for the sole and exclusive purpose of receiving the Service, which license shall terminate automatically upon termination of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2**<u>Copyright and Trademarks Rights</u>. All of the design, text, graphics and the arrangement thereof on the MUFG Platform constitute property owned or controlled by or licensed to MUFG and/or its Subsidiaries, Affiliates and licensors and are protected by the copyright laws of the United States and foreign countries. The names and logos of MUFG or any of its Subsidiaries and Affiliates displayed on the MUFG Platform are trademarks belonging to MUFG and/or its Subsidiaries and Affiliates. Users may not remove any copyright or trademark notices from any copies Users make from any information or materials accessed through the MUFG Platform. All rights not expressly granted to the Sellers pursuant to the Terms and the Agreement are expressly reserved.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3**<u>Confidentiality</u>. Each Seller acknowledges that: (1) the MUFG Platform, including the software underlying the MUFG Platform, incorporates confidential and proprietary information developed by or for the Purchaser, or acquired by the Purchaser and/or its Subsidiaries and Affiliates from third parties; (2) such Seller will use such information solely for the purposes described in the Agreement (including this Schedule); and (3) such information is subject to the "Confidentiality" clause set forth in Section 13.18 of the Agreement and shall be handled and protected accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4**<u>Security Procedures and Credentials</u>. The Administrator and Users will be provided with instructions regarding the Security Procedures, including creation and use of the Credentials. The Administrator and Users will be responsible for the confidentiality and use of the Credentials and will be responsible for safeguarding the Credentials. Any Seller shall immediately notify the Purchaser in writing if such Seller becomes aware of any unauthorized use, loss or theft of any User's Credentials or if such Seller becomes aware or suspects that any User's Credentials have become known by an unauthorized Person. The Purchaser may suspend or disable any Credentials if, in its sole discretion, the Purchaser has reason to suspect their improper use. Each Seller acknowledges that the Purchaser reserves the right to: (1) terminate the Administrator's and Users' and any other Person's access to and use of the MUFG Platform if such Seller permits any unauthorized Person to access and use the MUFG Platform; and (2) interrupt or disable access to and use of the MUFG Platform if necessary or advisable to prevent or protect against fraud, hacking or illegal conduct or otherwise protect the MUFG Platform, in the Purchaser's sole discretion and without prior notice. The designation of an Administrator or a User shall be deemed to constitute a representation and warranty by the relevant Seller that such Administrator or User is located in the jurisdiction associated with that Person in the Purchaser's records. The Purchaser reserves the right to block any Administrator or User or access from a particular internet address that originates from or reaches the MUFG Platform from a jurisdiction that is the subject of Sanctions or with respect to which trade or commerce are otherwise restricted pursuant to applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5**<u>Equipment</u>. Each Seller is responsible for obtaining and maintaining the Equipment, and the Purchaser disclaims all risks relating thereto. Each Seller acknowledges that certain security, corruption, transmission error and access availability risks are associated with using open networks such as the internet. Each Seller acknowledges that it has made an independent assessment of the adequacy of the internet and the Equipment in connection with such Seller's access to and use of the MUFG Platform. Each Seller agrees to take all reasonable measures to maintain effective protections against security risks relating to the Equipment or any Person's use of the Equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6**<u>Instruction</u>. Each Seller is responsible for any Instruction provided through the MUFG Platform using the Security Procedures and agrees that the Security

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Procedures will be used each time an Instruction is provided through the MUFG Platform. Each Seller agrees to be legally bound by each Instruction, whether or not authorized by such Seller, that is provided through the MUFG Platform using the Security Procedures, and such Seller waives any claim or defense that any Instruction is unenforceable due to it being provided electronically rather than in a manual writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7**<u>Permitted Usage</u>. The MUFG Platform is made available to the Sellers solely for the purposes described in this Agreement and the Terms. No Seller may: (1) access the MUFG Platform except for the purposes described in the Agreement and the Terms; (2) log into a server or an account that such Seller is not authorized to access; (3) sell, distribute, re-transmit, assign, time-share, lease, convey or in any other way transfer use of the MUFG Platform or the Service to any Person except as expressly permitted herein; (4) reverse engineer, decompile, reverse compile, disassemble or in any other way attempt to derive the source code of any software used in connection with the MUFG Platform; (5) use any tools, programs, robotic algorithms or products to automatically download or "spider" the MUFG Platform or any part thereof; (6) attempt to probe, scan or test the vulnerability of a system or network or circumvent any security or authentication measure or other technological measure contained in the MUFG Platform or any software, technology or other systems used or provided in connection with the MUFG Platform without prior written authorization from the Purchaser; or (7) engage any third party on the Seller's behalf to use any such tools or products or take any such actions in connection with the MUFG Platform. Any access to or use of the MUFG Platform not in accordance with this paragraph is expressly unauthorized and prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.8**<u>Prohibited Activities</u>. No Seller shall use the MUFG Platform for, or in connection with, any of the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.8.1.**Spoofing or otherwise impersonating any Person, including the Administrator or any User, or otherwise misrepresenting such Seller's, the Administrator's or any User's identity in any way or the location from which such Person is accessing the MUFG Platform;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.8.2.**Any fraudulent or unlawful purpose, or any use that violates the accepted norms of the internet community, whether or not expressly mentioned in the Terms, or any activity that could damage the Purchaser's reputation and goodwill or the commercial reputation and goodwill of its Subsidiaries and Affiliates or other Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.8.3.**Uploading, or otherwise transmitting through the MUFG Platform any unlawful, harmful, defamatory, tortious, libelous, abusive or otherwise objectionable material of any kind, or any material that is invasive of another Person's privacy or exploits children;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.8.4.**Transmitting material that damages, destroys, disrupts, overloads, floods, mailbombs, crashes or otherwise impairs the MUFG Platform, or

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surreptitiously intercepts or expropriates any information or material from the MUFG Platform;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.8.5.**Developing a competitive product offering; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.8.6.**Transmitting material that otherwise violates the Purchaser's rules or policies.

Violations of the foregoing restrictions and any other prohibitions set forth in the Terms, including, without limitation, the prohibitions set forth in Section 2.7, may result in civil or criminal liability and/or suspension or termination of access to the MUFG Platform and use of the Service. The Purchaser reserves the right to investigate occurrences that may involve such violations, and the Purchaser may involve, and cooperate with, law enforcement or regulatory authorities in prosecuting Persons who have participated in such violations.

**Section 3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Sellers' Representations and Warranties</u>**. Each Seller represents and warrants that: (1) any information such Seller provides to the Purchaser in connection with the MUFG Platform and any Instruction submitted through the MUFG Platform is accurate and complete in all respects; (2) each individual designated as an Administrator is duly authorized by the relevant Seller to accept the Terms on behalf of such Seller and by so doing to bind such Seller and the relevant Users to the Terms; (3) each individual designated as an Administrator or a User is authorized on behalf of such Seller to access the MUFG Platform and use the Service (in the case of a User, in accordance with the User's entitlements); (4) such Seller has obtained the consent of all individuals whose Personal Information will be disclosed to the Purchaser prior to designating such individuals as an Administrator or a User and providing their Personal Information to the Purchaser; and (5) in accessing and using the MUFG Platform, such Seller will at all times comply with all applicable Law, and neither the Seller nor any of its Subsidiaries or Affiliates nor any of its or their respective directors, officers, employees, agents or other representatives will take any action in connection with the MUFG Platform that violates Anti-Corruption Laws or Sanctions.

**Section 4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Disclaimer of Warranties</u>**. The information on the MUFG Platform is believed to be reliable, but the Purchaser does not warrant its completeness, timeliness or accuracy and expressly disclaims liability for any errors or omissions it may contain. Any dated information is published as of its date only, and the Purchaser disclaims any obligation or responsibility to update or amend it. By providing access to the MUFG Platform and any information or materials accessible on or through the MUFG Platform, MUFG is not distributing the MUFG Platform or its contents to any Person or soliciting any Person to use the MUFG Platform or its contents where doing so is prohibited by law.

THE MUFG PLATFORM AND THE SERVICE ARE PROVIDED ON AN "AS-IS", "AS AVAILABLE" BASIS WITH NO REPRESENTATIONS OR WARRANTIES OF ANY KIND. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, THE PURCHASER DOES NOT WARRANT THE TIMELINESS, VALIDITY, SEQUENCE, COMPLETENESS, ACCURACY OR CONTINUED AVAILABILITY OF ANY INFORMATION OR MATERIALS CONTAINED ON, OR ACCESSIBLE THROUGH, THE MUFG PLATFORM

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OR THE PERFORMANCE, SETTINGS, FEATURES, COMPATIBILITY, LACK OF CONFLICT, FUNCTIONALITY OR CONTINUED AVAILABILITY OF THE MUFG PLATFORM OR THE SERVICE OR ANY SOFTWARE MADE AVAILABLE ON THE MUFG PLATFORM. THE PURCHASER DOES NOT WARRANT THAT THE OPERATION OF THE MUFG PLATFORM WILL BE UNINTERRUPTED, ERROR-FREE, FREE OF VIRUSES, WORMS OR OTHER HARMFUL PROGRAMMING OR CODES OR OTHER SECURITY RISKS OR THAT THE MUFG PLATFORM WILL MEET THE SELLER'S NEEDS. THE PURCHASER EXPRESSLY DISCLAIMS ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, WITHOUT LIMITATION, THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT.

IN NO EVENT WILL THE PURCHASER OR ANY OF ITS SUBSIDIARIES OR AFFILIATES OR THEIR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES, AGENTS OR OTHER REPRESENTATIVES BE LIABLE FOR ANY LOST PROFITS, LOST OPPORTUNITY OR ANY INDIRECT, CONSEQUENTIAL, INCIDENTAL, SPECIAL, PUNITIVE OR EXEMPLARY DAMAGES ARISING OUT OF THE ACCESS AND USE OR INABILITY TO ACCESS OR USE THE MUFG PLATFORM OR THE SERVICE, REGARDLESS OF WHETHER THE PURCHASER HAS BEEN APPRISED OF THE LIKELIHOOD OF SUCH DAMAGES OCCURRING.

The Purchaser will not be responsible for any loss or damage that could result from the interception by third parties of any information made available through the MUFG Platform. Neither the Purchaser nor any of its Subsidiaries or Affiliates or any of their respective directors, officers, employees, agents or other representatives will be liable or have any responsibility of any kind for any loss or damage that any Seller may incur in the event of any failure or interruption of the MUFG Platform or the Service, or resulting from the act or omission of any Person involved in making the MUFG Platform or the Service available to Users, whether or not the circumstances giving rise to such cause may have been within the Purchaser's control. Without limiting the generality of the foregoing, the Purchaser has the right to shut down temporarily the MUFG Platform and/or suspend the Service whenever, in the Purchaser's reasonable judgment, such action is necessary or advisable for general maintenance or emergency purposes. The Purchaser will use commercially reasonable efforts to schedule any non-emergency maintenance so as not to disrupt any Seller's business or operations.

**Section 5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnity</u>.** Each Seller agrees to indemnify, defend and hold harmless each Indemnified Party and/or the Bank Provider, as applicable, from and against all Indemnified Liabilities arising out of or relating to: (1) any breach of the Security Procedures; (2) any viruses or other harmful or malicious programming or codes introduced to the MUFG Platform by any Seller, the Administrator or a User (or any other Person acting on behalf of any of the foregoing Persons) or any impairment to the integrity of the MUFG Platform caused by any Seller, the Administrator or a User (or any other Person acting on behalf of any of the foregoing Persons); (3) the submission of any Instruction through the MUFG Platform by any Person, whether or not authorized by the relevant Seller, using the Security Procedures, or (4) any other breach of such

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Seller's obligations under the Terms, including any representations or warranties being untrue in any material respect.

**Section 6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Miscellaneous</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1<u>Third-Party Websites</u>. The MUFG Platform may contain links to Third-Party Websites. The Purchaser does not review, monitor, operate or control the Third-Party Websites, and the Purchaser makes no guarantees, representations or warranties as to, and shall have no liability for, the content available on or through or the functioning of the Third-Party Websites. By providing access to Third-Party Websites, the Purchaser is not recommending or otherwise endorsing the products or services provided by the sponsors or owners of the Third-Party Websites. Each Seller's access or use of the Third-Party Websites, including providing information, materials or other content to the Third-Party Websites, is entirely at such Seller's own risk. The Purchaser has the right to discontinue links to any Third-Party Websites at any time and for any reason, without notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2<u>Screen Views</u>. Some of the screens on the MUFG Platform do not automatically refresh themselves. Information may change at any time while a User is viewing a screen, but the User's screen views may not be updated to reflect such change. The User is responsible for ensuring that it is viewing the most current information posted on the MUFG Platform on the User's screens. The User should be mindful that the default viewing preferences of the User's browser or the User's access device may not show entire pages. The User should be aware at all times of the possibility of, and be responsible for, incomplete screen views or printouts. The User is responsible for scrolling the User's viewing screens up, down and sideways to ensure that the User is viewing or printing all portions of pertinent pages. Each Seller or Administrator shall inform the relevant Users of the screen view issues described above and the Purchaser disclaims all responsibilities with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3<u>Disclosure and Monitoring</u>. Each Seller acknowledges that the Purchaser may disclose and transfer information a User or Administrator provides on the MUFG Platform (provided that such activities are managed in compliance with the Agreement and the relevant privacy notice that may be accessed through the MUFG Platform). Each Seller's use of the MUFG Platform constitutes its consent to the Purchaser taking such actions and monitoring how the MUFG Platform is used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4<u>No Implied Duties</u>. With respect to matters relating to the MUFG Platform and the Service, the Purchaser will be obligated to perform only those duties specifically set forth herein, and no implied duties or responsibilities of the Purchaser shall be read into the Terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5<u>Force Majeure</u>. The Purchaser will have no responsibility if MUFG Platform access or performance or Service delivery is adversely impacted, directly or indirectly by government action, embargoes, acts of war or terrorism, strikes, work stoppages, civil unrest, epidemics, acts of God, fire, flood or other natural catastrophe, or interruptions, loss or malfunctions of utilities, telecommunications equipment, computer hardware or software systems or other causes or events beyond MUFG's or its subcontractors' control.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6<u>Technical Disruptions</u>: In the event of technical difficulties and disruptions, access to the MUFG Platform and delivery of Service may be suspended or interrupted. If any Seller's access to the MUFG Platform and delivery of Service is suspended or interrupted, the Purchaser may agree with such Seller on alternative arrangements until such time as the suspension or interruption ends which may include conducting activities in connection with the Agreement via electronic mail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7<u>Acceptance of Changes in Terms</u>. The current version of the Terms will be available through the "Terms of Use" link on the MUFG Platform. The Terms set forth in this Schedule will be deemed to have been accepted by the relevant Seller pursuant to the Seller's execution of the Agreement. The Purchaser reserves the right to modify the Terms or scope of Service at any time without prior notice. If the Terms are modified, a notification will appear on the MUFG Platform that will require the Administrator to accept the current version of the Terms on behalf of the relevant Seller in order for such Seller's Users to continue to use the Service. The Administrator may then accept the modified Terms electronically by scrolling through the modified Terms and clicking-through its acceptance at the end of the modified Terms or the Administrator may accept the modified Terms manually by downloading, printing and returning a signed copy of the modified Terms to MUFG. The Service cannot continue to be used until the modified Terms are accepted by the Administrator. If more than one Administrator has been designated by the relevant Seller, only one such Administrator is required to accept the modified Terms on behalf of such Seller. By either electronically accepting the modified Terms by clicking-through the modified Terms or returning a manually signed copy of the modified Terms, the Administrator confirms on behalf of the relevant Seller that the Administrator understands and accepts the modified Terms. If, for any reason, the Administrator cannot click-through the modified Terms or download and print a copy of the modified Terms, the Administrator will notify the Purchaser who will arrange for the Terms to be provided to, and accepted by, the Administrator in an alternative manner. Without limiting the generality of the foregoing, where the Administrator elects to click-through the modified Terms to acknowledge its acceptance of the modified Terms, the Administrator may, at any time before or after the Administrator clicks-through the modified Terms, download and print a copy of the modified Terms. Each Seller and its designated Users agree to be bound by the current version of the Terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8<u>Application of Terms</u>. The Terms supplement the terms and provisions of the Agreement with respect to matters relating to the MUFG Platform and the Service. The Terms are not intended to amend or replace any term or provision of the Agreement. In the event of any conflict between the Terms and the terms and provisions of the Agreement regarding matters other than any Seller's access to the MUFG Platform and use of the Service, the terms and provisions of the Agreement shall govern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9<u>Communications</u>. By accepting the Terms, each Seller consents to receive electronically all communications, agreements, notices, documents and disclosures relating to the Terms and such Seller's access to the MUFG Platform and use of the Service as permitted by the Electronic Signatures in Global and National Commerce Act, 15 USC §7001, et seq. and the Uniform Electronic Transactions Act. Such communications include updates to the Terms and any other transaction information or other information related to the MUFG Platform. If a Seller is located outside of the United States, then, in addition to the

------

foregoing, such Seller also consents to receive electronically all communications, agreements, notices, documents and disclosures relating to the Terms and such Seller's access to the MUFG Platform and use of the Service, including any updates thereto and any other transaction information or other information related to the MUFG Platform, as permitted by the laws and regulations in respect of electronic communications in effect in the jurisdiction of such Seller. Each Seller has the right to withdraw its consent at any time. To withdraw its consent, such Seller must send a written notice to the Purchaser indicating that such Seller's consent is withdrawn. Such written notice shall be sent in accordance with the "Notices" provision of the Agreement. If consent is withdrawn, the Purchaser reserves the right to discontinue a Seller's access to the MUFG Platform and use of the Service or to charge the relevant Seller an additional fee for paper copies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10<u>Enforceability; Governing Law; Jurisdiction; Waiver of Jury Trial; Survival; Electronic Signatures</u>. If any portion of the Terms is held to be unenforceable, the other terms and provisions of the Terms shall remain in full force and effect. The Terms shall be governed by and construed in accordance with the governing law of the Agreement, and the terms and provisions set forth therein with respect to jurisdiction, enforcement of judgments, waiver of jury trial, survival and electronic signatures shall also apply to the Terms.

**Section 7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Third-Party Beneficiary Rights</u>**. Each Seller and the Purchaser agree that each Bank Provider is an intended third-party beneficiary of, and entitled to rely on Sections 2, 3, 4, 5 and 7 of this Schedule and Section 13.18 (Confidentiality) of the Agreement.

------

**Exhibit C-3 To<br>Second Amended and Restated Master Accounts Receivable Purchase Agreement**

<u>Administrator Setup Form</u>

Pursuant to Exhibit C of this Agreement, the Seller Representative may designate certain individual(s) as an Administrator.

The below individual(s) are hereby designated as Administrator:

---

| | | |
|:---|:---|:---|
| **Administrator(s)** | **Administrator(s)** | **Administrator(s)** |
| Name | | |
| Email Address | | |
| Phone Numbers | Office: | Cell: |
| Name | | |
| Email Address | | |
| Phone Numbers | Office: | Cell: |
| Name | | |
| Email Address | | |
| Phone Numbers | Office: | Cell: |
| Name | | |
| Email Address | | |
| Phone Numbers | Office: | Cell: |

---

This Exhibit C-3 may be updated from time-to-time by the Seller Representative providing the Purchaser with a new Exhibit C-2 that will replace the existing Exhibit C-3. Any updated Exhibit C-3 should be sent to the Purchaser at <u>scfclientsupport@us.mufg.jp</u>.

[SELLER REPRESENTATIVE]

By: _______________________________

Name: _____________________________

Title: ______________________________

Date: ______________________________

------

**EXHIBIT D TO SECOND AMENDED AND RESTATED MASTER ACCOUNTS RECEIVABLE PURCHASE AGREEMENT**

**______________, 20___**

Plexus Corp.<br>One Plexus Way<br>Neenah, WI 54956<br>Attn: Florence Makope

Ladies and Gentlemen:

<u>Maximum Facility Amount Notice</u>

We refer to the Second Amended and Restated Master Accounts Receivable Purchase Agreement, dated as of November 5, 2025 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Purchase Agreement</u>"), among Plexus Corp., Plexus Manufacturing Sdn. Bhd., Plexus Intl. Sales & Logistics, LLC, Plexus Services Ro SRL, Plexus Corp. (UK) Limited, Plexus Thailand Co., Ltd., and each Additional Seller party thereto from time to time, as Sellers, Plexus Corp., as seller representative, and MUFG BANK, LTD., as Purchaser. Terms defined in the Purchase Agreement shall have the same meaning herein as defined in such Purchase Agreement.

We hereby notify you that, as of the date hereof and until you receive from us a subsequently dated Maximum Facility Amount Notice, the amount under item (i) of the definition of Maximum Facility Amount in the Purchase Agreement shall be $[ ].

Executed and delivered by the Purchaser as of the date first above written.

**MUFG BANK, LTD.**

By:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name:<br>Title:

------

**EXHIBIT E TO SECOND AMENDED AND RESTATED MASTER ACCOUNTS RECEIVABLE PURCHASE AGREEMENT**

**NOTICE OF ASSIGNMENT OF RECEIVABLES**

---

| | |
|:---|:---|
| To: | [Name of the Approved Obligor] |
| | [Address of the Approved Obligor] |
| | Attention: [Name of an authorized person of the Approved Obligors] |
| Date: | [●] |
| Re: | Invoice(s) listed in the Annex (the "Invoices") |

---

Dear Sir,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;In accordance with, and subject to, the terms and provisions of the Second Amended and Restated Master Accounts Receivable Purchase Agreement dated as of November 5, 2025, concluded between, among others, PLEXUS SERVICES RO SRL, a Romanian limited liability company with headquarters at 2 - 4 Eugeniu Carada Street, Bihor County, registered with the Trade Registry under no.: J5/261/2009, sole registration no.: 25153581 as a seller (the "<u>Seller</u>") and MUFG BANK, LTD., with headquarters at 1251 Avenue of the Americas, 12th floor, New York, NY 10020, as purchaser (the "<u>Purchaser</u>"), the Seller assigned in favour of the Purchaser the receivables arising from the invoices against [please include the name and details of the relevant Approved Obligor] listed in the Annex (Invoices) attached herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;As of the date of receipt of the notice herein, any payment related to the Invoices shall be performed exclusively in the following account:

Account:&nbsp;&nbsp;&nbsp;&nbsp;[•]

Account Number:&nbsp;&nbsp;&nbsp;&nbsp;[•]

Reference:&nbsp;&nbsp;&nbsp;&nbsp;[•]

or such other account notified to you from time to time.

***[Note: Please include the details of the relevant Seller Accounts in accordance with the Master Accounts Receivables Purchase Agreement.]***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;However, you shall continue to deal with the Seller, acting as servicer on behalf of the Purchaser in respect of all the receivables arising from the Invoices until you receive written notice to the contrary from the Purchaser. Upon notice to you from the Purchaser, you shall fully comply with the instructions of the Purchaser as it may notify to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;As of the date of receipt of the notice herein, any amounts due under the Invoices shall be owed to the Purchaser, the Seller acting solely as servicer for the benefit of the Purchaser and any set-off mechanism with debts against the Seller is unenforceable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;Any payment not made in accordance with the above instructions will have no debt discharging effect.

Yours faithfully,

By:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u><br>[signature(s) and stamp of Plexus Services Ro SRL]<br>Mr. [●]<br>duly authorised for and on behalf of PLEXUS SERVICES RO SRL

------

**ANNEX**

**Invoices**

---

| | | | |
|:---|:---|:---|:---|
| **Approved Obligor** | **Invoice Number** | **Invoice Amount** | **Invoice Date** |

---

## Ex-21

---

| | |
|:---|:---|
| **Plexus Corp.** | **Exhibit 21** |
| **List of Subsidiaries of Plexus Corp.** | Plexus Corp. 2025 Form 10-K |
| Entity Name | Incorporation Jurisdiction |
| Plexus Aerospace, Defense and Security Services, LLC | USA - Wisconsin |
| Plexus Asia, Ltd. | British Virgin Islands |
| Plexus Corp. (UK) Limited | UK - Scotland |
| Plexus Corp. Limited | UK - Scotland |
| Plexus Corp. Services (UK) Limited | UK - Scotland |
| Plexus Deutschland GmbH | Germany |
| Plexus Electronica S. de R.L. de C.V. | Mexico |
| Plexus Europe, Limited | British Virgin Islands |
| Plexus International Services, Inc. | USA - Nevada |
| Plexus Intl. Sales & Logistics, LLC | USA - Delaware |
| Plexus Management Services Corporation | USA - Nevada |
| Plexus Manufacturing Sdn. Bhd. | Malaysia |
| Plexus QS, LLC | USA - Delaware |
| Plexus Services Polska sp. z o. o. | Poland |
| Plexus Services RO S.R.L. | Romania |
| Plexus Services Americas S. de R.L. de C.V. | Mexico |
| Plexus (Thailand) Co., Ltd. | Thailand |
| Plexus (Xiamen) Co., Ltd. | China |
| Plexus Corp (Singapore) Pte. Ltd. | Singapore |
| Plexus Electronic (Zhejiang) Co., Ltd. | China |
| Plexus Technology Group, LLC | USA - Wisconsin |
| Omits inactive and dormant subsidiaries. |  |

---

## Ex-23

**Exhibit 23**

<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>

We hereby consent to the incorporation by reference in the Registration Statements on Form S-8 (Nos. 333-279097, 333-76728 and 333-211236) of Plexus Corp. of our report dated November 14, 2025, relating to the financial statements, financial statement schedule and the effectiveness of internal control over financial reporting, which appears in this Form 10-K.

/s/ PricewaterhouseCoopers LLP

Milwaukee, Wisconsin

November 14, 2025

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION**

I, Todd P. Kelsey, certify that:

1. I have reviewed this annual report on Form 10-K of Plexus Corp.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 14, 2025

---

| |
|:---|
| /s/ Todd P. Kelsey |
| Todd P. Kelsey |
| President and Chief Executive Officer |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION**

I, Patrick J. Jermain, certify that:

1. I have reviewed this annual report on Form 10-K of Plexus Corp.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 14, 2025

---

| |
|:---|
| /s/ Patrick J. Jermain |
| Patrick J. Jermain |
| Executive Vice President and Chief Financial Officer |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report of Plexus Corp. (the "Company") on Form 10-K for the fiscal year ended September 27, 2025, as filed with the Securities and Exchange Commission on or about the date hereof (the "Report"), I, Todd P. Kelsey, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| /s/ Todd P. Kelsey |
| Todd P. Kelsey |
| President and Chief Executive Officer |
| November 14, 2025 |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Plexus Corp. and will be retained by Plexus Corp. and furnished to the Securities and Exchange Commission or its staff upon request.

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report of Plexus Corp. (the "Company") on Form 10-K for the fiscal year ended September 27, 2025, as filed with the Securities and Exchange Commission on or about the date hereof (the "Report"), I, Patrick J. Jermain, Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| /s/ Patrick J. Jermain |
| Patrick J. Jermain |
| Executive Vice President and Chief Financial Officer |
| November 14, 2025 |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Plexus Corp. and will be retained by Plexus Corp. and furnished to the Securities and Exchange Commission or its staff upon request.

## Exhibit 99.1

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Exhibit 99.1** | **Exhibit 99.1** |
| **Return on Invested Capital ("ROIC") and Economic Return Calculations GAAP to non-GAAP reconciliation (dollars in thousands):** | **Return on Invested Capital ("ROIC") and Economic Return Calculations GAAP to non-GAAP reconciliation (dollars in thousands):** | **Return on Invested Capital ("ROIC") and Economic Return Calculations GAAP to non-GAAP reconciliation (dollars in thousands):** | **Return on Invested Capital ("ROIC") and Economic Return Calculations GAAP to non-GAAP reconciliation (dollars in thousands):** | **Return on Invested Capital ("ROIC") and Economic Return Calculations GAAP to non-GAAP reconciliation (dollars in thousands):** | **Return on Invested Capital ("ROIC") and Economic Return Calculations GAAP to non-GAAP reconciliation (dollars in thousands):** | **Return on Invested Capital ("ROIC") and Economic Return Calculations GAAP to non-GAAP reconciliation (dollars in thousands):** |
| | | **Fiscal year ended** | **Fiscal year ended** | **Fiscal year ended** | | |
|  |  | September 27, | September 28, | September 30, |  |  |
|  |  | 2025 | 2024 | 2023 |  |  |
| Operating income, as reported |  | $202371 | $167732 | $195820 |  |  |
| Restructuring and other charges |  | 4683 | 20257 | 23094 |  |  |
| Accelerated stock-based compensation (1) |  |  | 5063 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating income |  | 207054 | 193052 | 218914 |  |  |
| Tax rate |  | 8.0% | 13.0% | 13.0% |  |  |
| Adjusted operating income (tax-effected) |  | $190490 | $167955 | $190455 |  |  |
| Average invested capital |  | $1303575 | $1418698 | $1425626 |  |  |
| ROIC |  | 14.6% | 11.8% | 13.4% |  |  |
| WACC |  | 8.9% | 8.2% | 9.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Economic Return |  | 5.7% | 3.6% | 4.4% |  |  |
| **Average Invested Capital** | **Fiscal 2025** | **Fiscal 2025** | **Fiscal 2025** | **Fiscal 2025** | **Fiscal 2025** | **Fiscal 2025** |
|  | September 27, | June 28, | March 29, | December 28, | September 28, | Average invested capital |
|  | 2025 | 2025 | 2025 | 2024 | 2024 | Average invested capital |
| Equity | $1454588 | $1419085 | $1351675 | $1319069 | $1324825 |  |
| Plus: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt and finance lease obligations - current | 45793 | 50678 | 121014 | 121977 | 157325 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease obligations - current (2) | 8253 | 8470 | 9968 | 14875 | 14697 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt and finance lease obligations - long-term | 91987 | 92215 | 88761 | 88728 | 89993 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease obligations - long-term | 29422 | 31192 | 32720 | 35124 | 32275 |  |
| Less: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | (306464) | (237567) | (310531) | (317161) | (345109) |  |
|  | $1323579 | $1364073 | $1293607 | $1262612 | $1274006 | $1303575 |
| **Average Invested Capital** | **Fiscal 2024** | **Fiscal 2024** | **Fiscal 2024** | **Fiscal 2024** | **Fiscal 2024** | **Fiscal 2024** |
|  | September 28, | June 29, | March 30, | December 30, | September 30, | Average invested capital |
|  | 2024 | 2024 | 2024 | 2023 | 2023 | Average invested capital |
| Equity | $1324825 | $1266360 | $1259762 | $1266755 | $1214382 |  |
| Plus: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt and finance lease obligations - current | 157325 | 258175 | 245964 | 251119 | 240205 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease obligations - current (2) | 14697 | 7990 | 8281 | 9172 | 8363 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt and finance lease obligations - long-term | 89993 | 90715 | 192025 | 192118 | 190853 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease obligations - long-term | 32275 | 31923 | 33915 | 35989 | 38552 |  |
| Less: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | (345109) | (269868) | (265053) | (231982) | (256233) |  |
|  | $1274006 | $1385295 | $1474894 | $1523171 | $1436122 | $1418698 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Average Invested Capital** | **Fiscal 2023** | **Fiscal 2023** | **Fiscal 2023** | **Fiscal 2023** | **Fiscal 2023** | **Fiscal 2023** |
|  | September 30, | July 1, | April 1, | December 31, | October 1, | Average invested capital |
|  | 2023 | 2023 | 2023 | 2022 | 2022 | Average invested capital |
| Equity | $1214382 | $1184362 | $1182382 | $1150259 | $1095731 |  |
| Plus: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt and finance lease obligations - current | 240205 | 304781 | 294011 | 329076 | 273971 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease obligations - current (2) | 8363 | 8772 | 8358 | 8878 | 7948 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt and finance lease obligations - long-term | 190853 | 187468 | 188730 | 187272 | 187776 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease obligations - long-term | 38552 | 40515 | 31257 | 32149 | 33628 |  |
| Less: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | (256233) | (252965) | (269664) | (247880) | (274805) |  |
|  | $1436122 | $1472933 | $1435074 | $1459754 | $1324249 | $1425626 |

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*(1)* *During the twelve months ended September 28, 2024, $5.1 million of accelerated stock-based compensation expense was recorded in selling and administrative expense in the accompanying Consolidated Statement of Operations as a result of a previously announced executive retirement agreement.*

*(2)* *Included in other accrued liabilities on the Consolidated Balance Sheets.*

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