Document:

Exhibit 10.74

 

SANMINA-SCI
CORPORATION

 

DEFERRED
COMPENSATION PLAN

 

Effective January 1,
2009

 

 

TABLE OF CONTENTS

 

	
  ARTICLE I

  	
  PURPOSE

  	
   

  	
  1

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE II

  	
  DEFINITIONS

  	
   

  	
  1

  
	
  2.1

  	
  Account

  	
   

  	
  1

  
	
  2.2

  	
  Beneficiary

  	
   

  	
  2

  
	
  2.3

  	
  Board

  	
   

  	
  2

  
	
  2.4

  	
  Bonus

  	
   

  	
  2

  
	
  2.5

  	
  Change of Control

  	
   

  	
  2

  
	
  2.6

  	
  Code

  	
   

  	
  2

  
	
  2.7

  	
  Code section 409A

  	
   

  	
  2

  
	
  2.8

  	
  Committee

  	
   

  	
  2

  
	
  2.9

  	
  Company

  	
   

  	
  2

  
	
  2.10

  	
  Compensation Committee

  	
   

  	
  2

  
	
  2.11

  	
  Deferral Commitment

  	
   

  	
  2

  
	
  2.12

  	
  Deferral Period

  	
   

  	
  2

  
	
  2.13

  	
  Disability

  	
   

  	
  2

  
	
  2.14

  	
  Elective Deferred Compensation

  	
   

  	
  3

  
	
  2.15

  	
  Eligible Employee

  	
   

  	
  3

  
	
  2.16

  	
  Employer

  	
   

  	
  3

  
	
  2.17

  	
  Initial Election Period

  	
   

  	
  3

  
	
  2.18

  	
  In-Service Distribution Schedule

  	
   

  	
  3

  
	
  2.19

  	
  Investment Funds

  	
   

  	
  3

  
	
  2.20

  	
  Participant

  	
   

  	
  3

  
	
  2.21

  	
  Payment Date

  	
   

  	
  3

  
	
  2.22

  	
  Plan

  	
   

  	
  4

  
	
  2.23

  	
  Retirement

  	
   

  	
  4

  
	
  2.24

  	
  Salary

  	
   

  	
  4

  
	
  2.25

  	
  Specified Employee

  	
   

  	
  4

  
	
  2.26

  	
  Termination Distribution Schedule

  	
   

  	
  4

  
	
  2.27

  	
  Termination of Employment

  	
   

  	
  4

  
	
  2.28

  	
  Unforeseeable Emergency

  	
   

  	
  4

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
  PARTICIPATION
  AND DEFERRAL COMMITMENTS

  	
   

  	
  5

  
	
  3.1

  	
  Eligibility

  	
   

  	
  5

  
	
  3.2

  	
  Deferral Commitments

  	
   

  	
  5

  
	
  3.3

  	
  Revocation of Deferral Commitment upon
  Unforeseeable Emergency

  	
   

  	
  6

  

 

i

 

	
  ARTICLE IV

  	
  DEFERRED
  COMPENSATION ACCOUNTS

  	
   

  	
  6

  
	
  4.1

  	
  Accounts

  	
   

  	
  6

  
	
  4.2

  	
  Investment of Accounts

  	
   

  	
  6

  
	
  4.3

  	
  Vesting

  	
   

  	
  6

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE V

  	
  PLAN BENEFITS

  	
   

  	
  7

  
	
  5.1

  	
  Distribution pursuant to Termination Distribution
  Schedule.

  	
   

  	
  7

  
	
  5.2

  	
  Distribution Pursuant to In-Service
  Distribution Schedule.

  	
   

  	
  7

  
	
  5.3

  	
  Special Payment Elections

  	
   

  	
  8

  
	
  5.4

  	
  Distributions upon Change of Control.

  	
   

  	
  8

  
	
  5.5

  	
  Distributions upon Disability or death

  	
   

  	
  8

  
	
  5.6

  	
  Distributions Upon an Unforeseeable Emergency

  	
   

  	
  8

  
	
  5.7

  	
  Inability to Locate Participant

  	
   

  	
  8

  
	
  5.8

  	
  Tax Withholding

  	
   

  	
  8

  
	
  5.9

  	
  Valuation and Settlement

  	
   

  	
  8

  
	
  5.10

  	
  Payment to Guardian

  	
   

  	
  8

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VI

  	
  BENEFICIARY
  DESIGNATION

  	
   

  	
  9

  
	
  6.1

  	
  Beneficiary Designation

  	
   

  	
  9

  
	
  6.2

  	
  Changing Beneficiary

  	
   

  	
  9

  
	
  6.3

  	
  Community Property

  	
   

  	
  9

  
	
  6.4

  	
  No Beneficiary Designation

  	
   

  	
  9

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  VII

  	
  ADMINISTRATION

  	
   

  	
  10

  
	
  7.1

  	
  Committee

  	
   

  	
  10

  
	
  7.2

  	
  Agents and Delegation

  	
   

  	
  10

  
	
  7.3

  	
  Binding Effect of Decisions

  	
   

  	
  10

  
	
  7.4

  	
  Indemnification of Committee

  	
   

  	
  10

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VIII

  	
  CLAIMS PROCEDURE

  	
   

  	
  10

  
	
  8.1

  	
  Claim

  	
   

  	
  10

  
	
  8.2

  	
  Review of Claim

  	
   

  	
  10

  
	
  8.3

  	
  Notice of Denial of Claim

  	
   

  	
  11

  
	
  8.4

  	
  Reconsideration of Denied Claim.

  	
   

  	
  11

  
	
  8.5

  	
  Employer to Supply Information

  	
   

  	
  11

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IX

  	
  AMENDMENT AND TERMINATION OF PLAN

  	
   

  	
  12

  
	
  9.1

  	
  Amendment

  	
   

  	
  12

  
	
  9.2

  	
  Right to Terminate Plan

  	
   

  	
  12

  

 

ii

 

	
  ARTICLE X

  	
  MISCELLANEOUS

  	
   

  	
  12

  
	
  10.1

  	
  Unfunded Plan

  	
   

  	
  12

  
	
  10.2

  	
  Unsecured General Creditor

  	
   

  	
  12

  
	
  10.3

  	
  Trust Fund

  	
   

  	
  13

  
	
  10.4

  	
  Nonalienability

  	
   

  	
  13

  
	
  10.5

  	
  Not a Contract of Employment

  	
   

  	
  13

  
	
  10.6

  	
  Protective Provisions

  	
   

  	
  13

  
	
  10.7

  	
  Governing Law

  	
   

  	
  13

  
	
  10.8

  	
  Validity

  	
   

  	
  13

  
	
  10.9

  	
  Notice

  	
   

  	
  13

  
	
  10.10

  	
  Successors

  	
   

  	
  14

  

 

iii

 

SANMINA-SCI
CORPORATION

 

DEFERRED
COMPENSATION PLAN

 

ARTICLE I

 

PURPOSE

 

Effective January 1,
2003 Sanmina-SCI Corporation (the “Company”) approved the establishment of the
Sanmina-SCI Corporation Deferred Compensation Plan (the “Plan”). The purpose of
this Plan is to provide current tax planning opportunities as well as
supplemental funds for the retirement or death of certain select employees of
the Company.  It is intended that the
Plan will aid the Company in retaining and attracting employees of exceptional
ability.

 

The provisions of the Plan as amended and restated herein shall be
effective as of January 1, 2009 and will apply to benefits accrued on and
after January 1, 2005. The Plan shall also govern those benefits accrued
under the Deferred Compensation Plan of the SCI Systems, Inc. Employee
Financial Security Program that were transferred to this Plan effective as of March 1,
2008.  During the 2005 - 2008 period, the
Plan was administered in accordance with IRS guidance under section 409A of the
Internal Revenue Code (the “Code”).  The
Plan as amended and restated is intended to reflect the requirements of Code
section 409A and the regulations thereunder, and, in all respects, shall be
administered and construed in accordance with such requirements.

 

The provisions of the Plan as of October 3, 2004 (the “2003 Plan
Document”) will continue to apply to benefits accrued prior to 2005.  Set forth in Appendix A for reference only is
a copy of the 2003 Plan Document.  No
provision of the Plan as amended and restated, nor any future amendment to the
Plan, shall amend any provision of the 2003 Plan Document in Appendix A unless
otherwise indicated.

 

ARTICLE II

 

DEFINITIONS

 

For purposes of this
Plan, the following terms shall have the meanings indicated, unless the context
clearly indicates otherwise:

 

2.1           Account.  “Account” means the Account
maintained by the Company in accordance with Article IV with respect to
any deferrals, any amounts transferred to this Plan, and any applicable
earnings.  A Participant’s Account shall
be utilized solely as a device for the determination and measurement of the
amounts to be paid to the Participant pursuant to this Plan and shall not
constitute or be treated as a trust fund of any kind.

 

 

2.2           Beneficiary.  “Beneficiary” means the
person, persons or entity entitled under Article VI to receive any Plan
benefits payable after a Participant’s death.

 

2.3           Board.  “Board” means the Board of Directors of
Sanmina-SCI.

 

2.4           Bonus.  “Bonus” means any
compensation that would qualify as “performance-based compensation” within the
meaning of Code section 409A.  A
Participant’s Bonus for purposes of the Plan shall be determined without regard
to any reductions (1) for any deferral contributions to a plan qualified
under Section 125 or Section 401(k) of the Code or (2) pursuant
to any Deferral Commitment.

 

2.5           Change of Control.  “Change
of Control” means:

 

(a)           A change in the
effective control of the Company as defined under Treasury Regulations section
1.409A-3(i)(5)(vi)(A)(1); or,

 

(b)           A
change in the ownership of the Company as defined under Code section 409A; or,

 

(c)           A
change in the ownership of a substantial portion of the Company’s assets as
defined under Code section 409A.

 

2.6           Code.  “Code” means the Internal Revenue Code, as
amended from time to time.

 

2.7           Code section 409A.  Code section 409A shall refer to,
collectively, section 409A of the Code and the regulations and IRS guidance
issued thereunder.

 

2.8           Committee.  “Committee” means the
management committee established by or at the direction of the Board to
administer the Plan.

 

2.9           Company.  “Company” means Sanmina-SCI
Corporation or any successor thereto.

 

2.10         Compensation Committee.  “Compensation
Committee” means the Compensation Committee of the Board.

 

2.11         Deferral Commitment.  “Deferral
Commitment” means an election to defer Salary and/or Bonus pursuant to Article III.

 

2.12         Deferral Period.  “Deferral
Period” means the period over which a Participant has elected to defer a
portion of his Salary and/or Bonus.  Each
calendar year shall be a separate Deferral Period.  However, for the initial Deferral Period
under the Plan or for a newly eligible employee, the Deferral Period shall be
the portion of the calendar year described in Section 3.2.

 

2.13         Disability.  “Disability” means a mental or
physical condition that satisfies the definition of disability contained in the
Company’s long-term disability plan and would make the 

 

2

 

individual eligible for benefits under that plan; provided that such
condition would also qualify as a “disability” as defined under Code section
409A.

 

2.14         Elective Deferred Compensation.  “Elective
Deferred Compensation” means the amount of Salary and/or Bonus that a
Participant elects to defer pursuant to a Deferral Commitment.

 

2.15         Eligible Employee.  “Eligible
Employee” means a management or highly compensated employee who is named by the
Company’s Chief Executive Officer or his or her designee or the Committee as
eligible to participate in this Plan.  To
be considered for eligibility in a year, the employee must have a projected
base salary equal to at least the compensation amount described under Code
section 414(q).

 

2.16         Employer.  “Employer” means the Company and
each related company or business which is part of the same controlled group
under Code sections 414(b) or 414(c); provided that in applying Code
section 1563(a)(1) — (a)(3) for purposes of determining a controlled
group of corporations under Code section 414(b) and in applying Treasury
Regulations section 1.414(c)-2 for purposes of determining whether trades or
businesses are under common control under Code section 414(c), the phrase “at
least 50 percent” is used instead of “at least 80 percent.”

 

2.17         Initial
Election Period.  “Initial Election Period” for an Eligible
Employee shall mean the period ending thirty (30) days after the date the employee
becomes initially eligible under Section 3.1.

 

2.18         In-Service Distribution Schedule.  “In-Service
Distribution Schedule” means the distribution schedule elected by the
Participant as part of the Deferral Commitment for the Deferral Period which
shall govern any in-service distributions in accordance with Section 5.2.

 

2.19         Investment Funds.  “Investment
Funds” means the portfolios or funds selected by the Committee to be used in
calculating the hypothetical earnings and loses credited to an Account.

 

2.20         Participant.  “Participant” means any
individual who is participating in this Plan as provided in Article III
and any individual who has an Account under this Plan.

 

2.21         Payment Date.  “Payment
Date” shall mean:

 

(a)           with
respect to distributions pursuant to an In-Service Distribution Schedule for a
Deferral Period, the last regularly scheduled pay day in the January of
the calendar year elected by the Participant, and

 

(b)           with
respect to distributions to a Participant other than a Specified Employee
pursuant to a Termination Distribution Schedule, the last regularly scheduled
pay day during the first January or July commencing after the
Participant’s Termination of Employment.

 

3

 

(c)           with respect to distributions to a Specified
Employee pursuant to a Termination Distribution Schedule, the last
regularly scheduled pay day during the first January or July commencing
after the end of the six (6) month period following the Participant’s
Termination of Employment.  In no event
shall the Payment Date pursuant to a Termination Distribution Schedule for any
Participant who is a Specified Employee occur before the end of the six (6) month
period following the Participant’s Termination of Employment.

 

2.22         Plan.  “Plan” means the Sanmina-SCI
Corporation Deferred Compensation Plan.

 

2.23         Retirement.  “Retirement” means Termination of Employment
after the attainment of:

 

(a)           Age
sixty (60), or

 

(b)           Age
fifty-five (55) with seven (7) years of service with the Employer. A
Participant shall be credited with a year of service for each full year in
which the Participant remains employed by the Employer, beginning on the
Participant’s initial hire date and ending on the date of the Participant’s
Termination of Employment.

 

2.24         Salary.  “Salary” means the Participant’s
base salary and quarterly bonus, but excluding any annual bonus, commissions,
or other benefits payable to a Participant during the Deferral Period. A
Participant’s Salary shall be determined without regard to any reductions (1) for
any deferral contributions to a plan qualified under Section 125 or Section 401(k) of
the Code or (2) pursuant to any Deferral Commitment.

 

2.25         Specified Employee.  “Specified Employee” means any
Participant who qualifies as a “specified employee” as defined under Code
section 409A.

 

2.26         Termination Distribution Schedule.  “Termination
Distribution Schedule” means the distribution schedule elected by the
Participant as part of the Deferral Commitment for the Deferral Period, which
shall govern distributions upon Termination of Employment in accordance with Section 5.1.

 

2.27         Termination of Employment.  “Termination
of Employment” means the Participant’s “separation from service” as defined
under Code section 409A.

 

2.28         Unforeseeable Emergency.  “Unforeseeable
Emergency” means a severe financial hardship to the Participant resulting from
an unexpected illness or accident of the Participant or his or her dependent
(as defined in Code section 152(a) (without regard to section 152(b)(1),
(b)(2), and (d)(1)(B)), loss of the Participant’s property due to casualty, or
some other similar extraordinary and unforeseeable circumstances arising as a
result of events beyond the control of the Participant.  An Unforeseeable Emergency will not be deemed
to exist if such emergency may be relieved through reimbursement or
compensation from insurance or otherwise, by liquidation of the service
providers assets (to the extent such liquidation of the such assets would not
cause severe financial hardship) or by cessation of deferrals under this Plan.

 

4

 

ARTICLE III

 

PARTICIPATION AND DEFERRAL
COMMITMENTS

 

3.1           Eligibility.  An employee shall be eligible to participate
in the Plan as of the later of:  (a) the
date on which the employee becomes an Eligible Employee, or (b) the date
the employee is notified of his or her eligibility to participate by the
Committee and the material terms of such participation.

 

3.2           Deferral Commitments.  An Eligible Employee may elect to defer
receipt of his or her Salary and/or Bonus by filing a Deferral Commitment in
accordance with this Section 3.2. 
The total amount deferred by a Participant shall be limited in any
calendar year, if necessary, to satisfy the applicable employment tax, income
tax and employee benefit plan withholding requirements.  The minimum aggregate amount that may be
deferred by a Participant during a Deferral Period is $2,000.

 

(a)           Salary Deferral Commitments.

 

(1)           Except
as otherwise provided in (2) below, a Participant may elect to defer any
portion of the Participant’s Salary by submitting a Deferral Commitment prior
to the commencement of the Deferral Period for which the election is to apply,
provided that the Committee may require a Participant to submit a Deferral
Commitment at an earlier date. Any election to defer Salary shall be
irrevocable and shall apply only to the Salary payable with respect to services
performed during the Deferral Period for which the election is made.

 

(2)           Notwithstanding
the foregoing, during the Participant’s initial year of eligibility, a
Participant may elect to defer any portion of the Participant’s Salary by
submitting a Deferral Commitment during the Participant’s Initial Election
Period, provided that such Deferral Commitment shall be irrevocable and shall
apply only to the Salary payable with respect to services performed after the
Deferral Commitment is submitted.

 

(b)           Bonus
Deferral Commitments.

 

(1)           Except as otherwise
provided in (2) below, a Participant may elect to defer any portion of the
Participant’s Bonus by submitting a Deferral Commitment no later than six (6) months
preceding the end of the performance period to which the Bonus relates;
provided that the Committee may require a Participant to submit a Deferral
Commitment at an earlier date.  Any
election to defer the Participant’s Bonus shall be irrevocable and shall apply
only to the Bonus payable with respect to services performed during the
Deferral Period for which the election is made.

 

(2)           Notwithstanding the
foregoing, during the Participant’s initial year of eligibility, a Participant
may elect to defer any portion of the Participant’s Bonus by submitting a
Deferral Commitment during the Participant’s Initial Election Period, provided
that the portion of any Bonus deferred shall be prorated in accordance with
Code section 409A.

 

5

 

(c)           Distribution
Election.  A Participant’s Deferral
Commitment shall set forth a Termination Distribution Schedule or an In-Service
Distribution Schedule with respect to the amounts deferred pursuant to such
Deferral Commitment, and any earnings thereon, subject to the limitations
described in Section 5.

 

3.3           Revocation of
Deferral Commitment upon Unforeseeable Emergency.  In the event the Committee determines that a
Participant has suffered an Unforeseeable Emergency or in the event the
Participant will receive a hardship distribution (as defined in Treasury
Regulations section 1.401(k)-1(d)(3) under the Company’s 401(k) plan,
such Participant’s Deferral Commitment with respect to the Deferral Period
during which such Unforeseeable Emergency or hardship distribution occurs shall
be cancelled in accordance with Code section 409A.  The Participant may submit a new Deferral
Commitment with respect to future Deferral Periods to the extent permitted
under Section 3.2.

 

ARTICLE IV

 

DEFERRED
COMPENSATION ACCOUNTS

 

4.1           Accounts.  For record keeping purposes only, a separate
Account shall be maintained for each Participant. Separate sub-accounts shall
be maintained to the extent necessary to properly reflect the Participant’s
election of Investment Funds under Section 4.2.  A Participant’s Account shall be credited
from time to time to reflect a Participant’s Elective Deferred Compensation,
any earnings or losses credited to the Account, and any distributions. The
specific method of valuing the Accounts shall be in the sole discretion of the
Committee.

 

4.2           Investment of
Accounts.  A Participant shall
designate the Investment Funds in which the Participant’s Account shall be
hypothetically invested for purposes of determining the earnings and losses to
be credited to that Account.  The
Committee shall select the Investment Funds made available to Participants in
its sole and absolute discretion, and the Committee may change the Investment
Funds at any time. In the absence of a hypothetical investment election, the
Participant’s Account shall be initially hypothetically invested in the Fixed
Rate Fund.  Changes to existing
hypothetical investment elections shall be effective in accordance with the
procedures established by the Committee.

 

4.3           Vesting.  Each Participant’s Account, including
earnings thereon, shall be 100% vested at all times.

 

6

 

ARTICLE V

 

PLAN BENEFITS

 

5.1           Distribution
pursuant to Termination Distribution Schedule.

 

(a)           In the case of a
Participant who incurs a Termination of Employment, the Participant’s Account
shall be paid to the Participant in the form of a lump sum on the Participant’s
Payment Date, unless the Participant is eligible for Retirement, has an Account
balance of more than $25,000 at the time of such Termination of Employment, and
has properly submitted a Termination Distribution Schedule pursuant to Section 3.2(c).  A Participant’s Termination Distribution
Schedule may provide for one of the following distribution alternatives:

 

(1)           A lump sum distribution
on the Participant’s Payment Date, or

 

(2)           Substantially equal
annual installments over a period of two (2) to fifteen (15) years, as
elected by the Participant, commencing on the Participant’s Payment Date.

 

(b)           In the case of a
Participant who incurs a Termination of Employment and has an Account balance
of $25,000 or less or in the case of a Participant who incurs a Termination of
Employment prior to Retirement, the Participant’s Account shall be paid to the
Participant in a lump sum distribution on the Participant’s Payment Date.

 

5.2           Distribution
Pursuant to In-Service Distribution Schedule.

 

(a)           A
Participant may elect to receive a distribution while still employed by
submitting an In-Service Distribution Schedule pursuant to Section 3.2(c).  An In-Service Distribution Schedule may
provide for payment in the form of a lump sum or annual installments payable
over a period of two (2) to four (4) years beginning on Participant’s
Payment Date.  A Participant’s In-Service
Distribution Schedule shall apply to the amounts specified by the Participant
on his or her Deferral Commitment, and the earnings and losses credited thereto
until the Payment Date, provided that the Participant has not yet incurred a
Termination of Employment.  In the event
a Participant incurs a Termination of Employment prior to the Payment Date, the
Participant’s In-Service Distribution Schedule shall be void and the
Participant’s Account shall be distributed in accordance with Section 5.1
above.

 

(b)           A Participant may modify a previously
submitted In-Service Distribution Schedule provided that:  (i) such modification shall not
take effect until at least twelve (12) months after the date on which such
modification is made, (ii) the
Payment Date under such modification is deferred at least five (5) years
from the previously scheduled Payment Date, and (iii) that such
modification must be made no less than twelve (12) months before the previously
scheduled Payment Date.  For
purposes of modifying a previously submitted In-Service Distribution Schedule,
a series of installment payments shall be treated as a single payment to be
made on the scheduled Payment Date of the first installment.

 

7

 

5.3           Special
Payment Elections.  To the extent
permitted by the Committee, a Participant may modify a previously submitted
In-Service or Termination Distribution Schedule provided that any such
modification is submitted prior to 2009 and complies with the transition
guidance under Code section 409A.

 

5.4           Distributions
upon Change of Control.

 

In
the event of a Change of Control, all Participant Accounts shall be paid in a
lump sum to Participants as soon as practicable.

 

5.5           Distributions
upon Disability or death.  In the
event of the death or Disability of the Participant prior to the Participant’s
Payment Date, such Participant’s Account shall be paid to the Participant’s
Beneficiary or the Participant, as applicable, in a lump sum as soon as
administratively feasible following such Participant’s death or
Disability.  In the event of the death or
Disability of the Participant on or after the Participant’s Payment Date, such
Participant’s Account shall continue to be paid in the manner previously
elected.

 

5.6           Distributions
Upon an Unforeseeable Emergency. 
Upon a finding that a Participant has suffered an Unforeseeable
Emergency, the Committee may, in its sole discretion, make distributions from
the Participant’s Account.  A Participant
requesting a distribution on account of an Unforeseeable Emergency shall apply
in the form and manner designated by the Committee and shall provide such
additional information as the Committee may require.  The amount of the distribution under this Section 5.6
shall be limited to the amount reasonably necessary to meet the Participant’s
needs resulting from the Unforeseeable Emergency, including any amounts
necessary to pay federal, state and/or local income taxes reasonably
anticipated to result from the distribution. If a distribution is made due to
Unforeseeable Emergency in accordance with this Section 5.6, the
Participant’s deferrals under this Plan shall cease in accordance with Section 3.3.

 

5.7           Inability
to Locate Participant.  In the event
that the Committee is unable to locate a Participant or Beneficiary within two (2) years
following the required Payment Date, the amount allocated to the Participant’s
Account shall be forfeited.  If, after
such forfeiture, the Participant or Beneficiary later claims such benefit, such
benefit shall be reinstated without interest or earnings.

 

5.8           Tax Withholding.  To the extent required by federal, state, or
local law in effect at the time payments are made, the Employer shall withhold
from any amount that is included in the
Participant’s income hereunder any taxes required to be withheld by such
law(s).

 

5.9           Valuation
and Settlement.  The
amount of a lump sum payment and the amount of installments shall be
based on the value of the Participant’s Account as of the end of the month
preceding the month of payment, in accordance with the procedures established
by the Committee.

 

5.10         Payment to Guardian.  The
Committee may direct payment to the duly appointed guardian, conservator, or
other similar legal representative of a Participant or Beneficiary to whom 

 

8

 

payment is due. 
In the absence of such a legal representative, the Committee may, in its
sole and absolute discretion, make payment to a person having the care
and custody of a minor, incompetent or person incapable of handling the
disposition of property upon proof satisfactory to the Committee of
incompetence, minority, or incapacity. 
Such distribution shall completely discharge
the Committee from all liability with respect to such benefit.

 

ARTICLE VI

 

BENEFICIARY
DESIGNATION

 

6.1           Beneficiary Designation.  Subject to Section 6.3, each Participant
shall have the right, at any time, to designate one (1) or more persons or
an entity as Beneficiary (both primary as
well as secondary) to whom benefits under this Plan shall be paid in the event
of such Participant’s death prior to
complete distribution of the Participant’s Account.  Each Beneficiary
designation shall be in the form prescribed by the Committee and shall be effective only when filed with the Committee
during the Participant’s lifetime.

 

6.2           Changing
Beneficiary.  Subject to Section 6.3, any Beneficiary designation, other than
the Participant’s spouse, may be changed by a Participant without the consent
of the previously named Beneficiary by the filing of a new Beneficiary
designation with the Committee.  The filing of a new properly completed Beneficiary
designation shall cancel all Beneficiary designations previously filed.

 

6.3           Community Property.  If the Participant resides in a community
property state, any Beneficiary designation shall be valid or effective only as
permitted under applicable law.

 

6.4           No Beneficiary Designation.  If any
Participant fails to designate a Beneficiary in the manner provided in Section 6.1
and subject to Section 6.3, if the Beneficiary designation is void, or if the Beneficiary designated by a
deceased Participant dies before the Participant or before complete distribution of the Participant’s
Account, the Participant’s Beneficiary shall be the person in the first of the following classes in which there is a
survivor:

 

(a)           The Participant’s spouse;

 

(b)           The Participant’s
children in equal shares, except that if any of the children predeceases the
Participant but leaves issue surviving, then such issue shall take, by right of
representation, the share the parent would have taken if living; or

 

(c)           The Participant’s estate.

 

9

 

ARTICLE VII

 

ADMINISTRATION

 

7.1           Committee.  This Plan shall be administered by the
Committee, which shall be made of not less than three members appointed by the
Company’s Chief Executive Officer.  The
Committee shall have the discretionary
authority to interpret and enforce all appropriate rules and regulations
for the administration of this Plan
and decide or resolve any and all questions, including interpretations of this Plan, as may arise.  A majority vote of the Committee members
shall control any decision. Members of the Committee may be Participants
under this Plan.

 

7.2           Agents and Delegation.  The Committee may, from time to time, employ
agents and delegate to them such
administrative duties as it sees fit, and may, from time to time, consult with
counsel who may be counsel to the
Company. Any reference in the Plan to the Committee shall be deemed to include
a reference to any delegatee of the Committee.

 

7.3           Binding Effect of Decisions.  The decision or action of the Committee with
respect to any question arising out of or in connection with the
administration, interpretation and application
of this Plan and the rules and regulations promulgated hereunder shall be
final, conclusive and binding upon all persons having any interest in
this Plan.

 

7.4           Indemnification of Committee. 
The Company shall indemnify and hold harmless the members of the Committee against any and all claims, loss, damage,
expense or liability arising from any action or failure to act with
respect to this Plan on account of such member’s service on the Committee, except in the case of gross negligence or
willful misconduct by such member or as expressly provided by statute.

 

ARTICLE VIII

 

CLAIMS PROCEDURE

 

8.1           Claim.  The
Committee shall establish rules and procedures to be followed by Participants
and Beneficiaries in (a) filing claims for benefits, and (b) for
furnishing and verifying proofs necessary
to establish the right to benefits in accordance with this Plan, consistent
with the remainder of this Article VIII. Such rules and procedures
shall require that claims and proofs be
made in writing and directed to the Committee.

 

8.2           Review
of Claim.  The
Committee shall review all claims for benefits. Upon receipt by the
Committee of such a claim, it shall determine all facts which are necessary to establish the right of the claimant to benefits
under the provisions of this Plan and the amount thereof as herein provided
within ninety (90) days of receipt of such claim.  If
prior to the expiration of the
initial ninety (90) day period, the Committee determines additional time is needed to come to a determination on the claim, the
Committee shall provide written notice to the Participant, 

 

10

 

Beneficiary or other claimant of the need for the extension, not to
exceed a total of one hundred eighty (180)
days from the date the application was received.

 

8.3           Notice of Denial of Claim.  In the event that any Participant,
Beneficiary or other claimant claims to be
entitled to a benefit under this Plan, and the Committee determines that such
claim should be denied, in whole or in part, the Committee shall, in writing,
notify such claimant that the claim
has been denied, in whole or in part, setting forth the specific reasons for
such denial.  Such notification shall be
written in a manner reasonably expected to be understood by such claimant, shall refer to the specific
sections of this Plan relied on, shall describe any additional material
or information necessary for the claimant to perfect the claim, shall provide an explanation of why such material or information
is necessary, and, where appropriate, shall include an explanation of how the
claimant can obtain reconsideration of such denial.

 

8.4           Reconsideration
of Denied Claim.

 

(a)           Within
sixty (60) days after receipt of the notice of the denial of a claim,
such claimant or duly authorized representative may request, by mailing or delivery of such written notice to the Committee,
a reconsideration by the Committee
of the decision denying the claim.  If
the claimant or duly authorized representative fails to request such a
reconsideration within such sixty (60) day period, it shall be conclusively
determined for all purposes of this Plan that the denial of such claim by the
Committee is correct.  If such claimant or duly authorized representative requests a reconsideration
within such sixty (60) day period, the claimant or duly authorized
representative shall have thirty (30) days after filing a request for
reconsideration to submit additional written material in support of the claim, review pertinent documents,
and submit issues and comments in writing.

 

(b)           After
such reconsideration request, the Committee shall determine within sixty
(60) days of receipt of the claimant’s request for reconsideration whether such
denial of the claim was correct and shall notify such claimant in writing of its determination.  The written notice of the Committee’s
decision shall be in writing and shall
include specific reasons for the decision, shall be written in a manner reasonably calculated to be understood by
the claimant, and shall identify
specific references to the pertinent Plan provisions on which the decision is based. In the event of special circumstances
determined by the Committee, the time for the Committee to make a
decision may be extended by an additional sixty (60) days upon written notice
to the claimant prior to the commencement of the extension.

 

8.5           Employer to Supply
Information.  To enable the Committee
to perform its duties, the Employer shall supply full and timely information to
the Committee of all matters relating to the
Retirement, Disability, death, or other cause for Termination of Employment of
all Participants, and such other
pertinent facts as the Committee may require.

 

11

 

ARTICLE IX

 

AMENDMENT AND TERMINATION OF PLAN

 

9.1           Amendment.  The Committee may at any time amend this Plan by
written instrument, notice of which
is given to all Participants and to any Beneficiaries to whom a benefit
is due. No amendment shall reduce the amount accrued in any Accounts as of the
date such notice of the amendment is given.
Material changes to this Plan will be effective immediately, but must be ratified and approved at the Compensation
Committee meeting immediately
following the effective date of such amendment. After a Change of Control of
the Company, this Plan may not be
amended without the consent of at least 75% of the Participants.

 

9.2           Right
to Terminate Plan.  Subject to 9.2(c) the
Compensation Committee may partially or completely terminate this Plan if, in
its judgment, the tax, accounting, or other effects of the continuance of this
Plan would not be in the best interests of the Employer.

 

(a)           Partial
Termination.  The Compensation
Committee may partially terminate this Plan by instructing the Committee not to
accept any additional Deferral Commitments. 
If such a partial termination occurs, this Plan shall continue to
operate and be effective with regard to Deferral Commitments entered into prior
to the effective date of such partial termination.

 

(b)           Complete
Termination.  The Compensation
Committee may completely terminate this Plan by choosing not to accept any
additional Deferral Commitments, and by terminating all ongoing Deferral
Commitments, provided that such termination complies with Code section 409A.  If such a complete termination occurs, this
Plan shall cease to operate and the Employer shall pay out all Accounts in a
lump sum in accordance with Code section 409A.

 

(c)           Termination
After Change of Control. After a Change of Control, this Plan may not be
completely or partially terminated without the consent of at least 75% of the
Participants.

 

ARTICLE X

 

MISCELLANEOUS

 

10.1         Unfunded Plan.  This Plan
is an unfunded plan maintained primarily to provide deferred
compensation benefits for a select group of management or highly compensated
employees within the meaning of Sections 201, 301 and 401 of the Employee
Retirement Income Security Act of 1974, as
amended (“ERISA”), and, therefore, is exempt from the provisions of Parts 2, 3 and 4 of Title I of ERISA.

 

10.2         Unsecured General Creditor.  Participants and Beneficiaries shall be
unsecured general creditors, with no secured or preferential right to any
assets of the Company or any other 

 

12

 

party for payment of benefits under this Plan.  Any insurance contracts, mutual fund shares,
stocks, bonds or other property purchased by the Company in connection with
this Plan shall remain the Company’s
general, unpledged, and unrestricted assets. 
The Company’s obligation under
this Plan shall be an unfunded and unsecured promise to pay money in the
future.

 

10.3         Trust Fund.  At its discretion, the Company may establish
one (1) or more trusts, with such trustees as the Committee may approve,
for the purpose of providing for the payment of benefits owed under this
Plan.  Although such a trust shall be
irrevocable, its assets shall be held for
payment of all the Company’s general creditors in the event of the Company’s insolvency or bankruptcy.  To the extent any benefits provided under
this Plan are paid from any such
trust, the Company shall have no further obligation to pay them.  If not paid from the trust, such benefits shall remain the obligation of the
Company.  After the occurrence of a
Change of Control, the Company will deposit an amount in trust at least
equal to the amount necessary to cause the trust’s assets to equal the total of
all Accounts under this Plan.  Thereafter, the Company will make additional deposits, no less often than monthly, as
required to maintain trust assets at
a level at least equal the total of all Accounts under this Plan.

 

10.4         Nonalienability.  Except as required under applicable federal, state, or local laws
concerning the withholding of tax, rights to benefits payable under this Plan are not subject in any
manner to anticipation, alienation, sale, transfer, assignment, pledge, attachment or other legal
process, or encumbrance of any kind.  Any
attempt to alienate, sell, transfer, assign, pledge, or otherwise
encumber any such supplemental benefit, whether
currently or thereafter payable, shall be void. 
Notwithstanding any provision of the Plan to the contrary, the Plan
shall not recognize or give effect to any domestic relations order attempting
to alienate, transfer or assign any Participant benefits.

 

10.5         Not a Contract of Employment.  This Plan shall not constitute a contract of
employment between the Employer and the Participant.  Nothing in
this Plan shall give a Participant
the right to be retained in the service of the Employer or to interfere with
the right of the Employer to discipline or discharge a Participant at
any time.

 

10.6         Protective Provisions.  A Participant shall cooperate with the
Employer by furnishing any and all information and taking other actions as
requested by the Employer in order to
facilitate the administration of this Plan and the payment of benefits
hereunder.

 

10.7         Governing
Law.  The provisions of this Plan shall be
construed and interpreted according to the
laws of the state of California, except as preempted by federal law.

 

10.8         Validity.  In case any provision of this Plan shall be
held illegal or invalid for any reason, said illegality or invalidity shall not
affect the remaining parts hereof, but this Plan shall be construed and enforced as if such illegal and invalid provision had
never been inserted herein.

 

10.9         Notice.  Any notice required or
permitted under this Plan shall be sufficient if in writing and hand delivered
or sent by registered or certified mail. Such notice shall be deemed as given
as of the date of delivery or, if delivery is made by mail, as of the date
shown on the 

 

13

 

postmark on the receipt for registration or certification. Mailed
notice to the Committee shall be directed to the Company’s address. Mailed
notice to a Participant or Beneficiary shall be directed to the individual’s last known address in the Employer’s
records.

 

10.10       Successors.  The provisions of this Plan shall bind and inure to the benefit of the Company and its successors and assigns.  The terms “successor” and “successors” as
used herein shall include any corporate or other business entity which
shall, whether by merger, consolidation, purchase or otherwise, acquire all or substantially all of the business and assets of
the Company, and successors of any such corporation or other business
entity.

 

IN WITNESS WHEREOF, the
Company has caused its duly authorized officers to execute this Plan as of the
9th day of June, 2008.

 

	
   

  	
  SANMINA-SCI CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jure Sola

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Its: Chief Executive Officer

  

 

14Exhibit 10.75

 

SANMINA-SCI CORPORATION

 

DEFERRED COMPENSATION PLAN

 

FOR OUTSIDE DIRECTORS

 

 

(Originally effective June 1,
2002)

 

Amended
and restated effective January 1, 2009

 

 

TABLE  OF  CONTENTS

 

	
  ARTICLE I

  	
  PURPOSE

  	
   

  	
  1

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE II

  	
  DEFINITIONS

  	
   

  	
  1

  
	
  2.1

  	
  Account

  	
   

  	
  1

  
	
  2.2

  	
  Beneficiary

  	
   

  	
  1

  
	
  2.3

  	
  Board

  	
   

  	
  1

  
	
  2.4

  	
  Change of Control

  	
   

  	
  1

  
	
  2.5

  	
  Code

  	
   

  	
  2

  
	
  2.6

  	
  Code section 409A

  	
   

  	
  2

  
	
  2.7

  	
  Committee

  	
   

  	
  2

  
	
  2.8

  	
  Compensation Committee

  	
   

  	
  2

  
	
  2.9

  	
  Common Stock

  	
   

  	
  2

  
	
  2.10

  	
  Company

  	
   

  	
  2

  
	
  2.11

  	
  Compensation

  	
   

  	
  2

  
	
  2.12

  	
  Deferral Commitment

  	
   

  	
  2

  
	
  2.13

  	
  Deferral Period

  	
   

  	
  2

  
	
  2.14

  	
  Deferred Compensation

  	
   

  	
  2

  
	
  2.15

  	
  Eligible Director

  	
   

  	
  2

  
	
  2.16

  	
  Market Value

  	
   

  	
  2

  
	
  2.17

  	
  Participant

  	
   

  	
  2

  
	
  2.18

  	
  Participation Agreement

  	
   

  	
  3

  
	
  2.19

  	
  Plan Year

  	
   

  	
  3

  
	
  2.20

  	
  Share Units

  	
   

  	
  3

  
	
  2.21

  	
  Separation from
  Service

  	
   

  	
  3

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
  DEFERRAL COMMITMENTS

  	
   

  	
  3

  
	
  3.1

  	
  Participation

  	
   

  	
  3

  
	
  3.2

  	
  Initial Year of Participation

  	
   

  	
  3

  
	
  3.3

  	
  Elective Deferrals

  	
   

  	
  3

  
	
  3.4

  	
  Limitations on Deferral Commitments

  	
   

  	
  3

  
					

 

i

 

	
  ARTICLE IV

  	
  DEFERRED COMPENSATION
  ACCOUNTS

  	
   

  	
  4

  
	
  4.1

  	
  Accounts

  	
   

  	
  4

  
	
  4.2

  	
  Deferred Compensation

  	
   

  	
  4

  
	
  4.3

  	
  Share Units

  	
   

  	
  4

  
	
  4.4

  	
  Dividends

  	
   

  	
  4

  
	
  4.5

  	
  Determination of Accounts

  	
   

  	
  4

  
	
  4.6

  	
  Vesting of Accounts

  	
   

  	
  4

  
	
  4.7

  	
  Statement of Accounts

  	
   

  	
  4

  
	
  4.8

  	
  Adjustment of Share Units

  	
   

  	
  5

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE V

  	
  PLAN BENEFITS

  	
   

  	
  5

  
	
  5.1

  	
  After Separation from Service

  	
   

  	
  5

  
	
  5.2

  	
  Change of Control

  	
   

  	
  5

  
	
  5.3

  	
  Tax Withholding

  	
   

  	
  5

  
	
  5.4

  	
  Payment to Guardian

  	
   

  	
  5

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VI

  	
  BENEFICIARY DESIGNATION

  	
   

  	
  6

  
	
  6.1

  	
  Beneficiary Designation

  	
   

  	
  6

  
	
  6.2

  	
  Changing Beneficiary

  	
   

  	
  6

  
	
  6.3

  	
  Community Property

  	
   

  	
  6

  
	
  6.4

  	
  No Beneficiary
  Designation

  	
   

  	
  6

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VII

  	
  ADMINISTRATION

  	
   

  	
  6

  
	
  7.1

  	
  Committee

  	
   

  	
  6

  
	
  7.2

  	
  Agents and Delegation

  	
   

  	
  7

  
	
  7.3

  	
  Binding Effect of Decisions

  	
   

  	
  7

  
	
  7.4

  	
  Indemnification of
  Committee

  	
   

  	
  7

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VIII

  	
  AMENDMENT AND TERMINATION
  OF PLAN

  	
   

  	
  7

  
	
  8.1

  	
  Amendment

  	
   

  	
  7

  
	
  8.2

  	
  Right to Terminate Plan

  	
   

  	
  7

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IX

  	
  MISCELLANEOUS

  	
   

  	
  8

  
	
  9.1

  	
  Unfunded Plan

  	
   

  	
  8

  
	
  9.2

  	
  Trust Fund

  	
   

  	
  8

  
	
  9.3

  	
  Nonalienability

  	
   

  	
  8

  
					

 

ii

 

	
  9.4

  	
  Governing Law

  	
   

  	
  9

  
	
  9.5

  	
  Validity

  	
   

  	
  9

  
	
  9.6

  	
  Notice

  	
   

  	
  9

  
	
  9.7

  	
  Successors

  	
   

  	
  9

  

 

iii

 

SANMINA-SCI CORPORATION

 

DEFERRED COMPENSATION PLAN FOR
OUTSIDE DIRECTORS

 

ARTICLE I

 

PURPOSE

 

Effective June 1, 2002 the Board of
Directors of Sanmina-SCI Corporation (“Sanmina-SCI”) approved the
establishment of the Sanmina-SCI Corporation Deferred Compensation Plan for Outside
Directors (the “Plan”).  The Plan is intended to provide eligible
Sanmina-SCI Directors an opportunity to
defer payment of all or part of the Compensation
which is payable to them for acting as Directors of Sanmina-SCI.  Sanmina-SCI
now approves the amendment and
restatement of the Plan effective January 1, 2009.  The Plan
is intended to reflect the requirements of section 409A of the Internal Revenue
Code and the regulations issues thereunder, and, in all respects, shall be
administered and construed in accordance with such requirements.  Prior to 2009, the Plan was administered in
accordance with Code section 409A.

 

ARTICLE II

 

DEFINITIONS

 

For purposes of this Plan, the following
terms shall have the meanings indicated, unless the context clearly
indicates otherwise:

 

2.1           Account.  “Account” means the account
established for a Participant pursuant to Article IV.
A Participant’s Account shall be utilized solely as a device for the
determination and measurement of the
amounts to be paid to the Participant pursuant to this Plan and shall not constitute
or be treated as a trust fund of any kind.

 

2.2           Beneficiary.  “Beneficiary” means the person, persons
or entity entitled under Article VI to
receive any Plan benefits payable under Article V after a Participant’s
death.

 

2.3           Board.  “Board” means the Board of
Directors of Sanmina-SCI.

 

2.4           Change of
Control.  “Change of
Control” means:

 

(a)           A change in the effective control of the Company as defined under Treasury
Regulations section 1.409A-3(i)(5)(vi)(A)(1);
or,

 

(b)           A change in the ownership of the Company as defined under Code section 409A; or,

 

 

(c)           A change in the ownership of a substantial portion
of the Company’s assets as defined under Code section 409A.

 

2.5           Code.  “Code” means the Internal Revenue
Code, as amended from time to time.

 

2.6           Code section 409A.  Code section 409A shall refer to,
collectively, section 409A of the Code and the regulations and IRS guidance
issued thereunder.

 

2.7           Committee.  “Committee” means the management committee
established by or at the direction of the Board to adminster the Plan.

 

2.8           Compensation Committee.  “Compensation
Committee” means the Compensation Committee of the Board.

 

2.9           Common Stock.  “Common Stock” means the shares of
common stock of the Company.

 

2.10         Company.  “Company” means Sanmina-SCI Corporation and
any successor thereto.

 

2.11         Compensation.  “Compensation” means all fees
payable to such Director during the year, including the retainer for service as
a member of the Board or any committees
thereof and meeting fees. Fees payable
in the form of Common Stock and any expense
reimbursements for attending Board or committee meetings shall not be included
in the definition of Compensation.

 

2.12         Deferral Commitment.  “Deferral Commitment” means an election to
defer Compensation made by a Participant
pursuant to Article III and submitted in a Participation Agreement.

 

2.13         Deferral
Period.  “Deferral
Period” means the period over which a Director has elected to defer his
Compensation. Each calendar year shall be a separate Deferral Period.

 

2.14         Deferred Compensation.  “Deferred Compensation,” means the amount of Compensation that a Participant elects to defer
pursuant to a Deferral Commitment.

 

2.15         Eligible
Director.  “Eligible Director” means any individual who
is a member of the Board and who is not an employee of the Company or any of
its subsidiaries.  An individual shall
become an Eligible Director only upon notification of his eligibility to
participate and the material terms of participation.

 

2.16         Market Value.  “Market Value” means, with respect
to one share of Common Stock on any date, the closing price for Common Stock
listed in the composite tables in the “Wall
Street Journal” for the applicable date.

 

2.17         Participant.  “Participant” means any Eligible
Director who has made an election under Article III
to defer any portion of his or her Compensation for any Plan Year.

 

2

 

2.18         Participation
Agreement. 
“Participation Agreement” means the Deferral Commitment agreement
submitted by a Participant to the Committee pursuant to Article III.

 

2.19         Plan Year.  “Plan Year” means the calendar
year.

 

2.20         Share Units.  “Share
Units” means a unit of measurement equivalent to one share of Common
Stock, with none of the attendant rights of a holder of such share, including,
without limitation, the right to vote such
share and the right to receive dividends thereon, except to the extent otherwise specifically provided herein.

 

2.21         Separation from Service.  “Separation from Service”
shall have the meaning as set forth in Code section 409A.

 

ARTICLE III

 

DEFERRAL COMMITMENTS

 

3.1           Participation.  An Eligible Director may elect to
participate in this Plan with respect to any Deferral Period by submitting a
Participation Agreement to the Committee, prior to the date established by the Committee, in the calendar year
immediately preceding the Deferral
Period.

 

3.2           Initial Year
of Participation.  In the
event that an Eligible Director first becomes eligible to participate during a calendar year, a
Participation Agreement must be submitted to the Committee no later than
thirty (30) days following the date the Director becomes an Eligible
Director.  Such Participation Agreement shall be effective only with regard to
Compensation earned following the
submission of the Participation Agreement to the Committee.

 

3.3           Elective
Deferrals.  An Eligible Director’s Deferral Commitment may
defer all or part of the Compensation payable
to the Director during the Plan Year.  Once
made, a Deferral Commitment shall be
irrevocable for the Plan Year.

 

3.4           Limitations
on Deferral Commitments.  The following limitations shall apply to
Deferral Commitments:

 

(a)           Minimum.  The minimum
Deferral Commitment shall be two thousand dollars ($2,000) per Deferral
Period.

 

(b)           Maximum.  The maximum
Deferral Commitment shall be one hundred percent (100%) of the
Participant’s Compensation.

 

(c)           Changes in Minimum or Maximum.  The
Committee may amend the Plan to change the minimum or maximum deferral amounts
from time to time by giving 

 

3

 

written notice to all Participants.
No such change may affect a Deferral Commitment made prior to the Committee’s action.

 

ARTICLE IV

 

DEFERRED
COMPENSATION ACCOUNTS

 

4.1           Accounts.  For record keeping purposes only,
separate accounts shall be maintained on the
Company’s books and records for each Participant to reflect the Participant’s interest
under the Plan.

 

4.2           Deferred Compensation.  The amount of Compensation
deferred by each Participant shall be credited to his or her Account as of the
date the Deferred Compensation would otherwise have been payable.  Any withholding of taxes or other amounts
which is required by state, federal or local
law with respect to Deferred Compensation shall be withheld from the Participant’s non-deferred Compensation
to the maximum extent possible with any excess reducing the amount deferred.

 

4.3           Share Units.  The amounts credited to a Participant’s
Account shall be converted into Share Units. The number of Share Units shall be
determined by dividing the Compensation deferred
by the Market Value of one share of Common Stock on the date as of which the
amount is credited.

 

4.4           Dividends.  On each dividend record date, the
Participant’s Accounts shall be credited with the cash equivalent of any
dividends which the Company would have otherwise paid on Common Stock shares equal to the number of Share Units credited
to the Accounts. Such contributions
shall be converted into additional Share Units based on the valuation method
provided in Section 4.3. In
addition, the stock equivalent of any stock dividends paid on Common Stock shall be credited to the Participant’s
Account on the record date and will be reflected
as additional Share Units. Dividends shall continue to be credited to a
Participant’s Account until the final
payment is made from the Account.

 

4.5           Determination
of Accounts.  The value of each Participant’s Account shall
be determined at the end of each trading day. The value shall be based on the
Market Value for that day times the number
of Share Units credited to the Account.

 

4.6           Vesting of Accounts.  Participants
shall be 100% vested in their Accounts at all  times.

 

4.7           Statement of
Accounts.  The Committee shall submit to each
Participant, within thirty (30) days after the close of each calendar quarter
and at such other time as determined by the
Committee, a statement setting forth the balance of and the credits to the
Accounts maintained for such
Participant.

 

4

 

4.8           Adjustment
of Share Units.  In the
event of any change in the Common Stock occurring by reason of any stock dividend, recapitalization,
reorganization, merger, consolidation,
split-up, combination or exchange of shares, or any rights offering to purchase
such shares at a price substantially
below fair market value, or any similar change affecting the Common Stock, the number and kind of shares
represented by the Share Units shall be appropriately adjusted consistent with such change in such manner as the
Committee, in its sole discretion,
may deem equitable to prevent substantial dilution or enlargement of the rights
granted to, or available for, the
Participants hereunder.  The Committee
shall give notice to each Participant
of any adjustment made pursuant to this Section and, upon such notice;
such adjustment shall be effective
and binding for all purposes of the Plan.

 

ARTICLE V

 

PLAN BENEFITS

 

5.1           After Separation
from Service.  Upon a Participant’s Separation from Service, the Participant shall become entitled to
receive the payment of the Participant’s
Account.  The value of the Participant’s
Account as of such date shall be payable in whole shares of Common Stock
(and cash to the extent of any fractional shares) in a single payment no later
than sixty (60) days thereafter.  In the
event the Participant is a “specified employee” (as defined under Code section
409A) at the time of such Separation from Service, payment of the Participant’s
Account shall not commence any earlier than six months following the
Participant’s Separation from Service (except in the event of death).  In the event of the Participant’s Separation
from Service because of his or her death, payment will be made to the
Participant’s Beneficiary within sixty (60)
days of Participant’s death.

 

5.2           Change of Control.  Notwithstanding the foregoing, in the event of
the occurrence of a Change of Control, the
value of each Participant’s Account, determined as of the date of the Change of Control, shall be paid to each
Participant in cash in a single payment no later than ten (10) days
following such Change of Control.

 

5.3           Tax Withholding.  To the extent required by federal, state, or
local law in effect at the time payments are
made, the Company shall withhold from any amount that is included in the
Participant’s income hereunder any taxes required to be withheld by such
law(s).

 

5.4           Payment to Guardian.  The
Committee may direct payment to the duly appointed guardian, conservator, or other similar legal
representative of a Participant or Beneficiary to whom payment is due. In the absence of such a legal
representative, the Committee may, in its sole and absolute discretion, make payment to a person having the care
and custody of a minor, incompetent or
person incapable of handling the disposition of property upon proof
satisfactory to the Committee of
incompetence, minority, or incapacity.  Such
distribution shall completely discharge
the Committee from all liability with respect to such benefit.

 

5

 

ARTICLE VI

 

BENEFICIARY DESIGNATION

 

6.1           Beneficiary
Designation.  Subject to Section 6.3, each Participant
shall have the right, at any time, to designate one (1) or more persons or
an entity as Beneficiary (both primary as
well as secondary) to whom benefits under this Plan shall be paid in the event
of such Participant’s death prior to
complete distribution of the Participant’s Accounts.  Each Beneficiary
designation shall be in a written form prescribed by the Committee and shall be
effective only when filed with the
Committee during the Participant’s lifetime.

 

6.2           Changing Beneficiary.  Subject to Section 6.3, any Beneficiary
designation, other than the Participant’s spouse,
may be changed by a Participant without the consent of the previously named Beneficiary by the filing of a new
Beneficiary designation with the Committee.
 The filing of a new properly completed
Beneficiary designation shall cancel all Beneficiary designations
previously filed.

 

6.3           Community
Property.  If the Participant resides in a community
property state, any Beneficiary designation shall be valid or effective only as
permitted under applicable law.

 

6.4           No Beneficiary Designation.  If any Participant
fails to designate a Beneficiary in the
manner provided in Section 6.1 and subject to Section 6.3, if the
Beneficiary designation is void, or if
the Beneficiary designated by a deceased Participant dies before the
Participant or before complete distribution
of the Participant’s Accounts, the Participant’s Beneficiary shall be the person in the first of the following classes
in which there is a survivor:

 

(a)           The Participant’s spouse;

 

(b)           The Participant’s children in equal shares, except that
if any of the children predeceases the Participant
but leaves issue surviving, then such issue shall
take, by right of representation, the share the parent would have taken if living; or

 

(c)           The Participant’s estate.

 

ARTICLE VII

 

ADMINISTRATION

 

7.1           Committee.  This Plan shall be administered by the
Committee, which shall be made of not less than three members appointed by the
Company’s Chief Executive Officer.  The
Committee shall have the discretionary
authority to interpret and enforce all appropriate rules and regulations
for the administration of this Plan
and decide or resolve any and all questions, including interpretations of this Plan, as may arise.  A majority vote of the Committee 

 

6

 

members shall control any decision. Members
of the Committee may be Participants under this Plan.

 

7.2           Agents and Delegation.  The Committee may, from time to time, employ
agents and delegate to them such
administrative duties as it sees fit, and may, from time to time, consult with
counsel who may be counsel to the
Company. Any reference in the Plan to the Committee shall be deemed to include
a reference to any delegatee of the Committee.

 

7.3           Binding Effect of Decisions.  The decision or action of the Committee with
respect to any question arising out of or in connection with the
administration, interpretation and application
of this Plan and the rules and regulations promulgated hereunder shall be
final, conclusive and binding upon all persons having any interest in
this Plan.

 

7.4           Indemnification of Committee.  The Company shall indemnify and
hold harmless the members of the Committee
against any and all claims, loss, damage, expense or liability arising
from any action or failure to act with respect to this Plan on account of such
member’s service on the Committee, except
in the case of gross negligence or willful misconduct by such member or as
expressly provided by statute.

 

ARTICLE VIII

 

AMENDMENT AND
TERMINATION OF PLAN

 

8.1           Amendment.  The
Committee may at any time amend this Plan by written instrument, notice of which is given to all
Participants and to any Beneficiaries to whom a benefit is due. No
amendment shall reduce the amount accrued in any Accounts as of the date such notice of the amendment is given. Material
changes to this Plan will be effective immediately,
but must be ratified and approved at the Compensation Committee meeting immediately following the effective date of such
amendment. After a Change of Control of the Company, this Plan may not be amended without the consent of at least
75% of the Participants.

 

8.2           Right to Terminate Plan.  Subject to 8.2(c) the Compensation
Committee may partially or completely terminate this Plan if, in its judgment,
the tax, accounting, or other effects of the continuance of this Plan would not
be in the best interests of the Company.

 

(a)           Partial Termination.  The Compensation Committee may partially
terminate this Plan by instructing the Committee not to accept any additional
Deferral Commitments.  If such a partial
termination occurs, this Plan shall continue to operate and be effective with
regard to Deferral Commitments entered into prior to the effective date of such
partial termination.

 

(b)           Complete Termination.  The Compensation Committee may completely
terminate this Plan by choosing not to accept any additional Deferral
Commitments, and by 

 

7

 

terminating all ongoing Deferral Commitments, provided that such
termination complies with Code section 409A. 
If such a complete termination occurs, this Plan shall cease to operate
and the Company shall pay out all Accounts in a lump sum in accordance with
Code section 409A.

 

(c)           Termination After Change of
Control. After a Change of Control, this Plan may not be completely or
partially terminated without the consent of at least 75% of the Participants.

 

ARTICLE IX

 

MISCELLANEOUS

 

9.1           Unfunded
Plan.  A Participant
shall have the status of a general unsecured creditor of the Company with
respect to his or her right to receive any payment under the Plan.  The Plan shall
constitute a mere promise by the Company to make payments in the future of the
benefits provided for herein. It is
intended that the arrangements reflected in this Plan be treated as unfunded
for tax purposes.

 

9.2           Trust Fund.  The
Company may, but shall not be required to, establish a trust to assist it in providing for any of its payment
obligations under the Plan.  If any such
trust is established, all of the assets of the trust shall, at all times
prior to payment to Participants, remain subject
to the claims of the Company’s creditors; and no Participant or Beneficiary
shall have any preferred claim on, or any beneficial ownership interest
in, any assets of the trust. Any trust so
established shall also contain such other terms and provisions as will permit
the trust to be treated as a “grantor
trust” under the Internal Revenue Code of 1986, of which the Company is the grantor.  If any such trust is established, the Company
shall be relieved of its obligation hereunder
to pay any amounts or shares of Common Stock to any Participant or Beneficiary,
to the extent that such amounts or
shares are paid to the Participant or Beneficiary from such trust.

 

9.3           Nonalienability.  The
Committee may recognize the right of an alternate payee named in a domestic relations order to receive all
or a portion of a Participant’s benefit under this Plan, provided that (a) the
domestic relations order would be a “qualified domestic relations order” within the meaning of Code Section 414(p) if
Code Section 414(p) were applicable to this Plan; and (b) the
domestic relations order does not purport to give the alternate payee any right
to assets of the Company or its affiliates.  Except
as set forth in the preceding two sentences with respect to domestic
relations orders, and except as required under applicable federal, state, or local laws concerning the withholding of tax,
rights to benefits payable under this Plan are not subject in any manner to anticipation,
alienation, sale, transfer, assignment, pledge, attachment or other legal process, or encumbrance of any kind.  Any attempt to alienate, sell, 

 

8

 

transfer, assign, pledge, or otherwise encumber any such supplemental
benefit, whether currently or thereafter payable,
shall be void.

 

9.4           Governing
Law.  The provisions
of this Plan shall be construed and interpreted according to the laws of the state of California.

 

9.5           Validity.  In case any provision of this Plan shall be
held illegal or invalid for any reason, said illegality or invalidity shall not
affect the remaining parts hereof, but this Plan shall be construed and
enforced as if such illegal and invalid provision had never been inserted
herein.

 

9.6           Notice.  Any notice required or permitted under this
Plan shall be sufficient if in writing and hand delivered or sent by registered
or certified mail.  Such notice shall be
deemed as given as of the date of delivery or, if delivery is made by mail, as
of the date shown on the postmark on the receipt for registration or
certification.  Mailed notice to the
Committee shall be directed to the Company’s address.  Mailed notice to a Participant or Beneficiary
shall be directed to the individual’s last known address in the Company’s
records.

 

9.7           Successors. The obligations of the Company
under the Plan shall be binding upon any successor corporation or organization
resulting from the merger, consolidation or other reorganization of the Company,
or upon any successor corporation or organization succeeding to substantially
all of the assets and business of the Company.

 

IN WITNESS
WHEREOF, the Company has caused its duly authorized officers to
execute this Plan as of the 9th day of June, 2008.

 

	
   

  	
  SANMINA-SCI CORPORATION

  
	
   

  	
   

  
	
   

  	
  By 

  	
  /s/ Jure Sola

  
	
   

  	
   

  
	
   

  	
  Its Chief Executive Officer

  

 

9

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