Document:

exv10w1

Exhibit 10.1

Amended and restated as of August 28, 2008

(as further amended effective January 5, 2010)

PLEXUS CORP.

2008 LONG-TERM INCENTIVE PLAN

1. Introduction.

	 	(a)	 	Purposes. The purposes of the 2008 Long-Term Incentive Plan are to
provide a means to attract and retain talented personnel and to provide to
participating directors, officers and other key employees long-term incentives for high
levels of performance and for successful efforts to improve the financial performance
of the corporation. These purposes may be achieved through the grant of options to
purchase Common Stock of Plexus Corp., the grant of Stock Appreciation Rights, the
grant of Restricted Stock, the grant of Performance Stock Awards, the grant of
Unrestricted Stock Awards and the grant of Cash Bonus Awards, as described below.
	 
	 	(b)	 	Effect on Prior Plans. If the 2008 Plan is approved by shareholders,
the Plexus Corp. 2005 Equity Incentive Plan (the “2005 Plan”) will only be used to make
grants to employees covered by the approved sub-plan for United Kingdom employees which
has been established under the 2005 Plan. If and when a sub-plan for United Kingdom
employees under the 2008 Plan is approved, no further awards will be granted under the
Plexus Corp. 2005 Plan. Awards granted previously under the 2005 Plan will remain in
effect until they have been exercised or have expired. The awards shall be
administered in accordance with their terms and the 2005 Plan.

2. Definitions.

	 	(a)	 	“1934 Act” means the Securities Exchange Act of 1934, as it may be amended from
time to time.
	 
	 	(b)	 	“Award” means an Incentive Stock Option, Non-Qualified Stock Option, Stock
Appreciation Right, Restricted Stock grant, Performance Stock Award, Unrestricted Stock
Award or Cash Bonus Award, as appropriate.
	 
	 	(c)	 	“Award Agreement” means the agreement between the Corporation and the Grantee
specifying the terms and conditions as described thereunder.
	 
	 	(d)	 	“Board” means the Board of Directors of Plexus Corp.
	 
	 	(e)	 	“Cash Bonus Award” means a cash bonus award under Article 16 of the Plan.
	 
	 	(f)	 	“Cause” means a violation of the Corporation’s Code of Conduct and Business
Ethics, or substantial and continued failure of the employee to perform, which results
in, or was intended to result in (i) demonstrable injury to the Corporation, monetary
or otherwise or (ii) gain to, or enrichment of, the Grantee at the Corporation’s
expense.
	 
	 	(g)	 	“Change in Control” means an event which shall be deemed to have occurred in
the event that any person, entity or group shall become the beneficial owner of such
number of shares of Common Stock, and/or any other class of stock of the Corporation
then outstanding that is entitled to vote in the election of directors (or is
convertible into shares so entitled to vote) as together possess more than 50% of the
voting power of all of the then outstanding shares of all such classes of stock of the
Corporation so entitled to vote. For purposes of the preceding sentence, “person,
entity or group” shall not include (i) any employee benefit plan of the Corporation, or
(ii) any person, entity or group which, as of the Effective Date of this Plan, is the
beneficial owner of such number of shares of Common Stock and/or such other class of
stock of the Corporation as together possess
5% of such voting power; and for these purposes “group” shall mean persons who act
in concert as described in Section 14(d)(2) of the 1934 Act.

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	 	(h)	 	“Code” means the Internal Revenue Code of 1986, as it may be amended from time
to time.
	 
	 	(i)	 	“Committee” means the committee described in Article 4 or the person or persons
to whom the committee has delegated its power and responsibilities under Article 4.
	 
	 	(j)	 	“Common Stock” or “Stock” means the common stock of the Corporation having a
par value of $.01 per share.
	 
	 	(k)	 	“Corporation” means Plexus Corp., a Wisconsin corporation.
	 
	 	(l)	 	“Fair Market Value” means for purposes of the Plan an amount deemed to be equal
to the mean between the highest and lowest sale prices of Common Stock traded on such
date, or an average of trading days, as determined by the Committee, for sales made and
reported through the National Market System of the National Association of Securities
Dealers or such national stock exchange on which such Stock may then be listed and
which constitutes the principal market for such Stock, or, if no sales of Stock shall
have been reported with respect to that date, on the next preceding date with respect
to which sales were reported. Notwithstanding the foregoing, the Committee may base
the determination of Fair Market Value on an average of trading days only if the
requirements for the use of such methodology prescribed by applicable guidance under
Section 409A of the Code are satisfied.
	 
	 	(m)	 	“Grant Date” means the date on which an Award is deemed granted, which shall be
the date on which the Committee authorizes the Award or such later date as the
Committee shall determine in its sole discretion.
	 
	 	(n)	 	“Grantee” means an individual who has been granted an Award.
	 
	 	(o)	 	“Incentive Stock Option” means an option that is intended to meet the
requirements of Section 422 of the Code and regulations thereunder.
	 
	 	(p)	 	“Non-Qualified Stock Option” means an option other than an Incentive Stock
Option.
	 
	 	(q)	 	“Option” means an Incentive Stock Option or Non-Qualified Stock Option, as
appropriate.
	 
	 	(r)	 	“Performance Goal” means a performance goal established by the Committee prior
to the grant of any Award of Restricted Stock or Performance Stock that is based on the
attainment of goals relating to one or more of the following business criteria measured
on an absolute basis or in terms of growth or reduction: income (pre-tax or after-tax
and with adjustments as stipulated), earnings per share, return on equity, return on
capital employed, return on assets, return on tangible book value, operating income,
earnings before depreciation, interest, taxes and amortization (EBIDTA), expense ratio,
increase in stock price, return on invested capital (ROIC), total shareholder return,
shareholder value added (or a derivative thereof) and operating cash flow. Such
performance goals may be based solely by reference to the Corporation’s performance or
the performance of an affiliate, division, business segment or business unit of the
Corporation or any of its subsidiaries, or based upon the relative performance of other
companies or upon comparisons of any of the indicators of performance relative to other
companies. The Committee may also exclude charges related to an event or occurrence
which the Committee determines should appropriately be excluded, including (i)
restructurings, discontinued operations, impairment of goodwill or long-lived assets,
extraordinary items, and other unusual or non-recurring charges, (ii) an event either
not directly related to the operations of the Corporation or not within the reasonable
control of the Corporation’s management, or (iii) the cumulative effects of tax or
accounting changes in accordance with generally accepted accounting principles.

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	 	(s)	 	“Performance Stock Award” means an Award under Article 16 of the Plan that is
conditioned upon the satisfaction of pre-established Performance Goals.
	 
	 	(t)	 	“Plan” means the Plexus Corp. 2008 Long-Term Incentive Plan as set forth
herein, as it may be amended from time to time.
	 
	 	(u)	 	“Rule 16b-3” means Rule 16b-3 promulgated under the 1934 Act, and any future
regulation amending or superseding such regulation.
	 
	 	(v)	 	“Restricted Stock” means shares or units of Common Stock which are subject to
restrictions established by the Committee. Restricted Stock Awards may consist of
 shares issued subject to forfeiture if specified conditions are not satisfied
(“Restricted Stock Shares”) or agreements to issue shares of Common Stock in the future
if specified conditions are satisfied (“Restricted Stock Units”).
	 
	 	(w)	 	“Stock Appreciation Right” or “SAR” means the right to receive cash or shares
of Common Stock in an amount equal to the excess of the Fair Market Value of one share
of Common Stock on the date the SAR is exercised over (1) the Fair Market Value of one
share of Common Stock on the Grant Date (the “exercise price”) or (2) if the SAR is
related to an Option, the purchase price of a share of Common Stock specified in the
related Option. An SAR settled in cash may be referred to as a “Cash Settled Stock
Appreciation Right” and an SAR settled in stock may be referred to as a “Stock Settled
Stock Appreciation Right.”
	 
	 	(x)	 	“Deferred Stock Unit” means an agreement to issue an unrestricted share of
Common Stock at a time determined in accordance with the Grantee’s election and the
terms of the Director Deferred Compensation Plan.
	 
	 	(y)	 	“Director Deferred Compensation Plan” means the Plexus Corp. Non-Employee
Directors Deferred Compensation Plan.
	 
	 	(z)	 	“Unrestricted Stock Award” means an Award described in Article 16A.

3. Shares Subject to Award.

     Subject to adjustment as provided in Article 19 hereunder, the number of shares of Common
Stock of the Corporation that may be issued under the Plan shall not exceed five million five
hundred thousand (5,500,000) shares (the “Share Limit”), all of which may be issued in the form of
Incentive Stock Options. No Plan Participant may receive Awards for more than 1,000,000 Shares in
any calendar year. Shares issued under the Plan may come from authorized but unissued shares, from
treasury shares held by the Corporation, from shares purchased by the Corporation or an independent
agent in the open market for such purpose, or from any combination of the foregoing. The Share
Limit shall be subject to the following rules and adjustments:

	 	(a)	 	If an SAR is exercised pursuant to Article VI, only the number of shares of
Common Stock issued upon exercise shall be counted against the Share Limit (not the
number of shares subject to the SAR).
	 
	 	(b)	 	If any Award granted under this Plan is canceled, terminates, expires, or
lapses for any reason, any shares subject to such Award again shall be available for
the grant of an Award under the Plan. Any Awards or portions thereof that are settled
in cash and not in shares of Common Stock shall not be counted against the foregoing
Share Limit.

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	 	(c)	 	Following the approval of the 2008 Plan by shareholders, the 2005 Plan may be
used to make grants to employees covered by the approved sub-plan for United Kingdom
employees under the 2005 Plan. Any shares of Common Stock subject to options which are
granted to United Kingdom
employees after the 2008 Plan has been approved by shareholders shall be counted
against the 2008 Plan Share Limit as one share for every one share subject thereto.

4. Administration of the Plan.

     For purposes of the power to grant Awards to directors, the Committee shall consist of the
entire Board. For other Plan purposes, the Plan shall be administered by the Compensation and
Leadership Development Committee of the Board, or any other committee the Board may subsequently
appoint to administer the Plan, as herein described. The Committee shall have full and final
authority, in its discretion, but subject to the express provisions of the Plan to:

	 	(a)	 	grant Awards, to determine the terms of each Award, the individuals to whom,
the number of shares subject to, and the time or times at which, Awards shall be
granted;
	 
	 	(b)	 	interpret the Plan;
	 
	 	(c)	 	prescribe, amend and rescind rules and regulations relating to the Plan;
	 
	 	(d)	 	determine the terms and provisions of the respective agreements (which need not
be identical) by which Awards shall be evidenced;
	 
	 	(e)	 	make all other determinations deemed necessary or advisable for the
administration of the Plan;
	 
	 	(f)	 	require withholding from or payment by a Grantee of any federal, state or local
taxes;
	 
	 	(g)	 	impose, on any Grantee, such additional conditions, restrictions and
limitations upon exercise and retention of Awards as the Committee shall deem
appropriate;
	 
	 	(h)	 	treat any Grantee who retires as a continuing employee for purposes of the
Plan; and
	 
	 	(i)	 	modify, extend or renew any Award previously granted; provided, however, that
this provision shall not provide authority to reprice Awards to a lower exercise price.

     Any action of the Committee with respect to the administration of the Plan shall be taken
pursuant to a majority vote or by the unanimous written consent of its members. The Committee may
delegate all or any part of its responsibilities and powers to any executive officer or officers of
the Corporation selected by it. Any such delegation may be revoked by the Board or by the
Committee at any time.

5. Option Participation.

     Options may be granted to directors, officers and key employees of the Corporation and any of
its subsidiaries. In selecting the individuals to whom Options shall be granted, as well as in
determining the number of Options granted, the Committee shall take into consideration such factors
as it deems relevant pursuant to accomplishing the purposes of the Plan. A Grantee may, if
otherwise eligible, be granted an additional Option or Options if the Committee shall so determine.

6. Granting of Options.

     The officers of the Corporation are authorized and directed, upon receipt of notice from the
Committee of the granting of an Option, to deliver on behalf of the Corporation, by mail or
otherwise, to the Grantee an Option upon the terms and conditions specified under the Plan and in
the form of the Award Agreement. The Award Agreement shall be dated as of the date of approval of
the granting of an Option by the Committee. If the Grantee fails to accept the Award within 30
days after the date of its delivery to Grantee, the Option grant may be deemed withdrawn.

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     Where an Option has been granted under the provisions of the HM Revenue & Customs Approved
Rules for UK Employees (the “Sub-Plan”) and the number of shares of Common Stock subject to that
Option is limited by virtue of Rule 17 of the Sub-Plan, there shall be deemed to have been granted
a separate Option (for the avoidance of doubt, not granted under the provisions of the Sub-Plan) on
the same date and time and under the same terms for the number of shares of Common Stock in excess
of the limit set out in Rule 17 of the Sub-Plan.

7. Option Exercise Price.

     The purchase price of the Common Stock covered by each Option shall be not less than the Fair
Market Value of such Stock on the Grant Date. Such price shall be subject to adjustment as
provided in Article 19 hereof.

8. Option Designation.

     At the time of the grant of each Option, the Committee shall designate the Option as (a) an
Incentive Stock Option or (b) a Non-Qualified Stock Option, as described in Sections (a) and (b)
below, respectively.

	 	(a)	 	Incentive Stock Options: Any Option designated as an Incentive Stock
Option shall comply with the requirements of Section 422 of the Code, including the
requirement that incentive stock options may only be granted to individuals who are
employed by the Corporation, a parent or a subsidiary corporation of the Corporation.
If an Option is so designated, the Fair Market Value (determined as of the Grant Date)
of the shares of Stock with respect to which that and any other Incentive Stock Option
first becomes exercisable during any calendar year under this Plan or any other stock
option plan of the Corporation or its affiliates shall not exceed $100,000; provided,
however, that the time or times of exercise of an Incentive Stock Option may be
accelerated pursuant to Article 12, 13 or 19 hereof, terms of the Plan and, in the
event of such acceleration, such Incentive Stock Option shall be treated as a
Non-Qualified Option to the extent that the aggregate Fair Market Value (determined as
of the Grant Date) of the shares of stock with respect to which such Option first
becomes exercisable in the calendar year (including Options under this Plan and any
other Plan of the corporation or its affiliates) exceeds $100,000, the extent of such
excess to be determined by the Committee taking into account the order in which the
Options were granted, or such other factors as may be consistent with the requirements
of Section 422 of the Code and rules promulgated thereunder. Furthermore, no Incentive
Stock Option shall be granted to any individual who, immediately before the Option is
granted, directly or indirectly owns (within the meaning of Section 425(d) of the Code,
as amended) shares representing more than 10% of the total combined voting power of all
classes of stock of the Corporation or its subsidiaries, unless, at the time the
option is granted, and in accordance with the provisions of Section 422, the option
exercise price is 110% of the Fair Market Value of shares of Stock subject to the
Option and the Option must be exercised within 5 years of the Grant Date.
	 
	 	(b)	 	Non-Qualified Stock Options: All Options not subject to or in
conformance with the additional restrictions required to satisfy Section 422 shall be
designated Non-Qualified Stock Options.

9. Stock Appreciation Rights.

     The Committee may, in its discretion, grant SARs to directors, officers and key employees of
the Corporation and any of its subsidiaries. If any unexercised SAR for any reason terminates or
expires in whole or in part prior to termination of the Plan, such unexercised SARs shall become
available for granting under the Plan. The Committee may grant SARs at any time and from time to
time to any Grantee, designate such SARs as related to Options then being granted or granted within
six months prior to the Grant Date of the SAR, and set such terms and conditions upon the exercise
of the SARs as it may determine in its discretion, provided that the written agreement evidencing
such SARs shall comply with and be subject to the following terms and conditions:

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	 	(a)	 	No SAR granted hereunder shall be exercisable until the expiration of six
months from the Grant Date of the SAR unless the Grantee terminates employment by
reason of death or disability prior to the expiration of such six-month period.
	 
	 	(b)	 	A Grantee’s right to exercise an SAR shall terminate when the Grantee is no
longer an employee of the Corporation or any of its subsidiaries unless such right is
extended as provided under Article 13 hereunder.
	 
	 	(c)	 	In the event adjustments are made to the number of shares, exercise price, or
time or times of exercise of outstanding Options upon the occurrence of an event
described in Article 19 hereunder, appropriate adjustments shall be made in the number
of SARs available for future grant, the number of SARs under existing grants, the
exercise price of the existing SARs, and the time or times of exercise of such SARs.
	 
	 	(d)	 	Unless the written agreement expressly provides otherwise, if and to the extent
an SAR is granted in relation to an Option, exercise of the SAR or Option shall result
in the extinguishment of the related right to the extent such SAR or Option for shares
is exercised.
	 
	 	(e)	 	Unless the written agreement expressly provides otherwise, any SARs granted
shall be exercisable in accordance with Article 12.
	 
	 	(f)	 	Upon the exercise of SARs, the Grantee shall be entitled to receive an amount
determined by multiplying (1) the difference obtained by subtracting the Fair Market
Value of the share of Common Stock as of the Grant Date of the SAR or, in the case of a
SAR which is related to an Option, the purchase price per share of Common Stock under
such Option, from the Fair Market Value of a share of Common Stock on the date of
exercise, by (2) the number of SARs exercised. At the discretion of the Committee, the
payment upon the exercise of the SARs may be in cash, in shares of Common Stock of
equivalent value, or in some combination thereof. The number of available shares under
Award shall not be affected by any cash payments.

10. Non-transferability of Options and SARs.

     Any Option or SAR granted hereunder shall, by its terms, be non-transferable by a Grantee
other than by will or the laws of descent and shall be exercisable during the Grantee’s lifetime
solely by the Grantee or the Grantee’s duly appointed guardian or personal representative.
Notwithstanding the foregoing, the Committee may permit a Grantee to transfer a Non-Qualified Stock
Option or SAR to a family member or a trust or partnership for the benefit of a family member, in
accordance with rules established by the Committee.

11. Substituted Options or SARs.

     In the event the Committee cancels any Option or SAR granted under this Plan, and a new Option
or SAR is substituted therefore, the Grant Date of the canceled Option or SAR (except to the extent
inconsistent with the restrictions described in Article 8, if applicable) shall be the date used to
determine the earliest date for exercising the new substituted Option under Article 12 hereunder so
that the Grantee may exercise the substituted Option or SAR at the same time as if the Grantee had
held the substituted Option or SAR since the Grant Date of the canceled Option. Except in
connection with a corporate transaction involving the Corporation (including, without limitation,
any stock dividend, stock split, extraordinary cash dividend, recapitalization, reorganization,
merger, consolidation, split-up, spin-off, combination, or exchange of shares), the terms of
outstanding Awards may not be amended to reduce the exercise price of outstanding Options or SARs
or cancel outstanding Options or SARS in exchange for cash, other awards or Options or SARs with an
exercise price that is less than the exercise price of the original Options or SARs without
stockholder approval. Nothing in this Section 11 shall provide authority to substitute Awards in a
manner which will have the effect of repricing Awards to a lower exercise price.

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12. Vesting of Options and SARs.

     The Committee shall have the power to set the time or times within which each Option and SAR
shall be exercisable, and to accelerate the time or times of exercise. If an SAR is related to an
Option, the Grant Date of such SAR for purposes of this Article 12 shall be the Grant Date of the
related Option. No Option or SAR may be exercised if in the opinion of counsel for the Corporation
the issuance or sale of Stock or payment of cash by the corporation, as appropriate, pursuant to such exercise shall be unlawful for any reason, nor
after the expiration of 10 years from the Grant Date. In no event shall the Corporation be
required to issue fractional shares upon the exercise of an Option.

13. Exercise Period for Options and SARs.

     Unless otherwise provided herein or in a specific Option or SAR Agreement which may provide
longer or shorter periods during which the Award may be exercised, no Option or SAR shall be
exercisable after the earliest of:

	 	(a)	 	in the case of an Incentive Stock Option:

	 	(i)	 	10 years from the date the option is granted, or five years
from the date the option is granted to an individual owning (after the
application of the family and other attribution rules of Section 424(d) of the
Code) at the time such option was granted, more than 10% of the total combined
voting power of all classes of stock of the Corporation,
	 
	 	(ii)	 	three months after the date the Grantee ceases to perform
services for the Corporation or its subsidiaries, if such cessation is for any
reason other than death, disability (within the meaning of Code Section
22(e)(3)), retirement or Cause,
	 
	 	(iii)	 	three years after the date the Grantee ceases to perform
services for the Corporation or its subsidiaries, if such cessation is by
reason of the Grantee’s death, disability (within the meaning of Code Section
22(e)(3)) or retirement in accordance with normal Corporation retirement
practices, as determined by the Committee in its sole discretion (provided that
such Option must be exercised within the time period prescribed by Section 422
of the Code to be treated as an Incentive Stock Option); or
	 
	 	(iv)	 	the date the Grantee ceases to perform services for the
Corporation or its subsidiaries, if such cessation is for Cause, as determined
by the Corporation or the Committee in its sole discretion;

	 	(b)	 	in the case of a Nonqualified Stock Option:

	 	(i)	 	ten (10) years from the date of grant,
	 
	 	(ii)	 	ninety days after the date the Grantee ceases to perform
services for the Corporation or its subsidiaries, if such cessation is for any
reason other than death, permanent disability, retirement or Cause,
	 
	 	(iii)	 	three years after the date the Grantee ceases to perform
services for the Corporation or its subsidiaries, if such cessation is by
reason of the Grantee’s death, permanent disability or retirement in accordance
with normal Corporation retirement practices, as determined by the Committee in
its sole discretion; or
	 
	 	(iv)	 	the date the Grantee ceases to perform services for the
Corporation or its subsidiaries, if such cessation is for Cause, as determined
by the Corporation or the Committee in its sole discretion;

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	 	(c)	 	in the case of an SAR:

	 	(i)	 	seven (7) years from the date of grant,
	 
	 	(ii)	 	ninety days after the date the Grantee ceases to perform
services for the Corporation or its subsidiaries, if such cessation is for any
reason other than death, permanent disability, retirement or Cause,
	 
	 	(iii)	 	one year after the date the Grantee ceases to perform services
for the Corporation or its subsidiaries, if such cessation is by reason of
death or permanent disability,
	 
	 	(iv)	 	three years after the date the Grantee ceases to perform
services for the Corporation or its subsidiaries, if such cessation is by
reason of the Grantee’s retirement in accordance with normal Corporation
retirement practices, as determined by the Committee in its sole discretion; or
	 
	 	(v)	 	the date the Grantee ceases to perform services for the
Corporation or its subsidiaries, if such cessation is for Cause, as determined
by the Corporation or the Committee in its sole discretion;

provided, that, unless otherwise provided in a specific grant agreement or determined by the
Committee, an Option or SAR shall only be exercisable for the periods above following the date an
optionee ceases to perform services to the extent the option was exercisable on the date of such
cessation. Notwithstanding the foregoing, no Option or SAR shall be exercisable after the date of
expiration of its term.

14. Method of Exercise.

     To the extent that the right to purchase shares pursuant to an Option or to exercise an SAR
has accrued hereunder, such Option or SAR may be exercised as follows:

	 	(a)	 	Options: Options may be exercised in whole or in part from time to
time as specified in the Option agreement. The exercise notice shall state the number
of shares being purchased and be accompanied by the payment in full of the exercise
price for such shares. Such payment shall be made in cash, outstanding shares of the
Common Stock which the Grantee, the Grantee’s spouse or both have beneficially owned
for at least six months prior to the time of exercise, or in combinations thereof. If
 shares of Common Stock are used in part or full payment for the shares to be acquired
upon exercise of the Option, such shares shall be valued for the purpose of such
exchange as of the date of exercise of the Option at the Fair Market Value of the
shares.
	 
	 	(b)	 	SARs: SARs may be exercised in whole or in part from time to time as
specified in the SAR agreement.

15. Restricted Stock Awards.

     The Committee may, in its discretion, grant Restricted Stock to directors, officers and key
employees of the Corporation and any of its subsidiaries. Restricted Stock Awards may consist of
shares issued subject to forfeiture if specified conditions are not satisfied (“Restricted Stock
Shares”) or agreements to issue shares of Common Stock in the future if specified conditions are
satisfied (“Restricted Stock Units”). The Committee may condition the grant of Restricted Stock
upon the attainment of Performance Goals so that the grant qualifies as “performance-based
compensation” within the meaning of Section 162(m) of the Code. The Committee may also condition
the grant of Restricted Stock upon such other conditions, restrictions and contingencies as the
Committee may determine. The provisions of Restricted Stock Awards need not be the same with
respect to each recipient. Restricted Stock Awards shall be subject to the following terms and
conditions:

	 	(a)	 	Each Restricted Stock Award shall be confirmed by, and be subject to the terms
of, an Award Agreement identifying the restrictions applicable to the Award.

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	 	(b)	 	Until the applicable restrictions lapse or the conditions are satisfied, the
Grantee shall not be permitted to sell, assign, transfer, pledge or otherwise encumber
the Restricted Stock Award.
	 
	 	(c)	 	Except to the extent otherwise provided in the applicable Award Agreement and
(d) below, the portion of the Restricted Stock Award still subject to restriction shall
be forfeited by the Grantee upon termination of the Grantee’s service for any reason.
	 
	 	(d)	 	In the event of hardship or other special circumstances of a Grantee whose
service is terminated (other than for Cause), the Committee may waive in whole or in
part any or all remaining restrictions with respect to such Grantee’s Restricted Stock
Award.
	 
	 	(e)	 	If and when the applicable restrictions lapse, unrestricted shares of Common
Stock shall be issued to the Grantee.
	 
	 	(f)	 	A Grantee receiving an Award of Restricted Stock Shares shall have all of the
rights of a shareholder of the Corporation, including the right to vote the shares and
the right to receive any cash dividends. Unless otherwise determined by the Committee,
cash dividends shall be paid in cash and dividends payable in stock shall be paid in
the form of additional Restricted Stock Shares.
	 
	 	(g)	 	A Grantee receiving an Award of Restricted Stock Units shall not be deemed the
holder of any shares covered by the Award, or have any rights as a shareholder with
respect thereto, until such shares are issued to him/her.

16. Performance Stock Awards.

     The Committee may grant Performance Stock Awards either alone or in addition to other Awards
granted under the Plan. The Committee anticipates that the Performance Stock Awards will be
subject to both a performance condition and a condition related to the Grantee’s continued
employment. The Committee shall determine the eligible employees to whom and the time or times at
which Performance Stock Awards will be made, the number of shares subject to the Award, the time or
times within which such Awards will be subject to forfeiture and any other terms and conditions of
the Awards. Performance Stock Awards shall be subject to the following terms and conditions:

	 	(a)	 	The Performance Stock Awards will be conditioned upon the attainment of one or
more preestablished, objective corporate Performance Goals so that the Award qualifies
as “performance-based compensation” within the meaning of Section 162(m) of the Code.
Performance Goals shall be based on one or more business criteria that apply to the
individual, a business unit, or the Corporation as a whole. It is intended that any
Performance Goal will be in a form that relates the Performance Stock Award to an
increase in the value of the Corporation to its shareholders.
	 
	 	(b)	 	Performance Goals shall be established in writing by the Committee not later
than 90 days after the commencement of the period of service to which the Performance
Goal relates. The preestablished Performance Goal must state, in terms of an objective
formula or standard, the method for computing the number of shares earned or subject to
further vesting conditions if the goal is attained.
	 
	 	(c)	 	Following the close of the performance period, the Committee shall determine
whether the Performance Goal was achieved, in whole or in part, and determine the
number of shares earned or subject to further vesting conditions.
	 
	 	(d)	 	The Performance Stock Awards may be conditioned upon such other conditions,
restrictions and contingencies as the Committee may determine, including the Grantee’s
continued employment. The provisions of Performance Stock Awards need not be the same
with respect to each recipient.

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	 	(e)	 	Until all conditions for a Performance Stock Award have been satisfied, the
Grantee shall not be permitted to sell, assign, transfer, pledge or otherwise encumber
the Award.
	 
	 	(f)	 	Except to the extent otherwise provided by the Committee and (g) below, the
portion of the Award still subject to restriction shall be forfeited by the Grantee
upon termination of a Grantee’s service for any reason.
	 
	 	(g)	 	In the event of hardship or other special circumstances of a Grantee whose
employment is terminated (other than for Cause), the Committee may waive in whole or in
part any or all remaining restrictions with respect to such Grantee’s Performance Stock
Award.
	 
	 	(h)	 	If and when the applicable restrictions lapse, unrestricted shares of Common
Stock for such shares shall be issued to the Grantee.

     A Grantee receiving a Performance Stock Award shall not be deemed the holder of any shares
covered by the Award, or have any rights as a shareholder with respect thereto, until such shares
are issued to him/her following the lapse of the applicable restrictions.

16A. Unrestricted Stock Awards.

	 	(a)	 	The Committee may grant Unrestricted Stock Awards, either alone or in addition
to other Awards granted under the Plan. Except as otherwise provided in Section
16A(b), an Unrestricted Stock Award shall consist of unrestricted shares of Common
Stock.
	 
	 	(b)	 	To the extent permitted by the Committee in its discretion and in accordance
with Section 409A of the Code, a Grantee who is a non-employee director of the
Corporation may elect to defer receipt of the Stock covered by an Unrestricted Stock
Award pursuant to a valid election under the Director Deferred Compensation Plan, in
which event such Grantee’s Award shall consist of Deferred Stock Units. A Grantee
receiving an Award of Deferred Stock Units shall not be deemed the holder of any Shares
covered by the Award, or have any rights as a shareholder with respect thereto, until
such Shares are issued to him/her in payment of such Deferred Stock Units. The timing
of the issuance of such Shares, and the timing of payment of any dividends payable with
respect to the Shares underlying the Deferred Stock Units, shall be determined in
accordance with the terms of the Director Deferred Compensation Plan and the Grantee’s
election thereunder.
	 
	 	(c)	 	Unrestricted Stock Awards shall be evidenced in such manner as the Committee
shall determine.

17. Cash Bonus Awards.

     The Committee may establish Cash Bonus Awards either alone or in addition to other Awards
granted under the Plan. The Committee shall determine the employees to whom and the time or times
at which Cash Bonus Awards shall be granted, and the conditions upon which such Awards will be
paid. The maximum Cash Bonus Award payable to an employee in any fiscal year shall not exceed
$1,500,000. Cash Bonus Awards shall be subject to the following terms and conditions:

	 	(a)	 	A Cash Bonus Award under the Plan shall be paid solely on account of the
attainment of one or more preestablished, objective Performance Goals. Performance
Goals shall be based on one or more business criteria that apply to the individual, a
business unit, or the Corporation as a whole. It is intended that any Performance Goal
will be in a form that relates the bonus to an increase in the value of the Corporation
to its shareholders.
	 
	 	(b)	 	Performance Goals shall be established in writing by the Committee not later
than 90 days after the commencement of the period of service to which the Performance
Goal relates The pre-established Performance Goal must state, in terms of an
objective formula or standard, the method for computing the amount of compensation
payable to any employee if the goal is attained.

-10-

 

	 	(c)	 	Following the close of the performance period, the Committee shall determine
whether the Performance Goal was achieved, in whole or in part, and determine the
amount payable to each employee.

     This Plan does not limit the authority of the Corporation, the Board or the Committee, or any
Subsidiary to award bonuses or authorize any other compensation to any person.

18. Withholding.

     The Corporation shall have the power and the right to deduct or withhold, or require a Grantee
to remit to the Corporation, an amount sufficient to satisfy Federal, state, and local taxes
(including the Grantee’s FICA obligation) required by law to be withheld with respect to any
taxable event arising or as a result of this Plan. With respect to withholding required upon the
exercise of Options or SARs, upon the lapse of restrictions on Restricted Stock or the payment of
Performance Stock Awards, Grantees may elect, subject to the approval of the Committee, to satisfy
the withholding requirement, in whole or in part, by having the Corporation withhold shares having
a Fair Market Value on the date the tax is to be determined equal to the minimum statutory total
tax which could be imposed on the transaction.

19. Effect of Change in Stock Subject to Plan.

     In the event of a reorganization, recapitalization, stock split, stock dividend, merger,
consolidation, rights offering or like transaction, the Committee will make such adjustment in the
number of and class of shares which may be delivered under the Plan, and in the number and class of
and/or price of shares subject to outstanding Options, SARs, Restricted Stock, Performance Stock
and Unrestricted Stock Awards granted under the Plan as it may deem to be equitable. While the
Committee must make such an adjustment, the determination by the Committee as to what is equitable
shall be at its discretion. Notwithstanding, in the event of the merger or consolidation of the
Corporation with or into another corporation or corporations in which the Corporation is not the
surviving corporation, the adoption of any plan for the dissolution of the Corporation, or the
sale or exchange of all or substantially all the assets of the Corporation for cash or for shares
of stock or other securities of another corporation, the Committee may, subject to the approval of
the Board of Directors of the Corporation, or the board of directors of any corporation assuming
the obligations of the Corporation hereunder, take action regarding each outstanding and
unexercised Option and SAR pursuant to either clause (a) or (b) below:

	 	(a)	 	Appropriate provision may be made for the protection of such Option and SAR by
the substitution on an equitable basis of appropriate shares of the surviving or
related corporation, provided that the excess of the aggregate Fair Market Value of the
 shares subject to such Award immediately before such substitution over the exercise
price thereof is not more than the excess of the aggregate fair market value of the
substituted shares made subject to Award immediately after such substitution over the
exercise price thereof; or
	 
	 	(b)	 	The Committee may cancel such Award. In the event any Option or SAR is
canceled, the Corporation, or the corporation assuming the obligations of the
Corporation hereunder, shall pay the Grantee an amount of cash (less normal withholding
taxes) equal to the excess of the Fair Market Value per share of the Stock immediately
preceding the cancellation over the exercise price, multiplied by the number of shares
subject to such Option or SAR. In the event any other Award is canceled, the
Corporation, or the corporation assuming the obligations of the Corporation hereunder,
shall pay the Grantee an amount of cash or stock, as determined by the Committee, based
upon the value, as determined by the Committee, of the property (including cash)
received by the holder of a share of Common Stock as a result of such event. No payment
shall be made to a Grantee for any Option or SAR if the exercise price for such Option
or SAR exceeds the value, as determined by the Committee, of the property (including
cash) received by the holder of a share of Common Stock as a result of such event.

     Notwithstanding anything to the contrary, in the event a Change in Control should occur, all
Options, SARs, Restricted Stock Shares and Restricted Stock Units then outstanding shall become
immediately vested or exercisable upon the date of the Change in Control. Further, the Committee shall have the
right to cancel such Options or SARs and pay the Grantee an amount determined under (b) above.

-11-

 

20. Liquidation.

     Upon the complete liquidation of the Corporation, any unexercised Options and SARs theretofore
granted under this Plan shall be deemed canceled.

21. No Employment or Retention Agreement Intended.

     Neither the establishment of, nor the awarding of Awards under this Plan shall be construed to
create a contract of employment or service between any Grantee and the Corporation or its
subsidiaries; nor does it give any Grantee the right to continued service in any capacity with the
Corporation or its subsidiaries or limit in any way the right of the Corporation or its
subsidiaries to discharge any Grantee at any time and without notice, with or without Cause, or to
any benefits not specifically provided by this Plan, or in any manner modify the Corporation’s
right to establish, modify, amend or terminate any profit sharing or retirement plans.

22. Shareholder Rights.

     Grantee shall not, by reason of any Options granted hereunder, have any right of a shareholder
of the Corporation with respect to the shares covered by the Options until shares of Stock have
been issued to Grantee.

23. Controlling Law.

     The law of the State of Wisconsin, except its law with respect to choice of law, shall be
controlling in all matters relating to the Plan.

24. Indemnification.

     In addition to such other rights of indemnification as they may have, the members of the
Committee and other Corporation employees administering the Plan and the Board members shall be
indemnified by the Corporation against the reasonable expenses, including attorneys’ fees actually
and necessarily incurred in connection with the defense of any action, suit or proceeding, or in
connection with any appeal therein, to which they or any of them may be a party by reason of any
action taken or failure to act under or in connection with the Plan or any Option granted
thereunder, and against all amounts paid by them in settlement thereof (provided such settlement is
approved by independent legal counsel selected by the Corporation) or paid by them in satisfaction
of a judgment in any such action, suit or proceeding, except in relation to matters as to which it
shall be adjudged in such action, suit or proceeding that such member acted in bad faith in the
performance of his duties; provided that within 20 days after institution of any such action, suit
or proceeding, the member shall in writing offer the Corporation the opportunity, at its own
expense, to handle and defend the same.

25. Use of Proceeds.

     The proceeds from the sale of shares of Common Stock pursuant to Options granted under the
Plan shall constitute general funds of the Corporation.

26. Amendment of the Plan.

     The Board may from time to time amend, modify, suspend or terminate the Plan; provided,
however, that no such action shall be made without shareholder approval where such change would be
required in order to comply with Rule 16b-3 or the Code.

-12-

 

27. Effective Date of Plan.

     The Plan shall become effective on the date it approved by the shareholders of the Corporation
(the “Effective Date”).

28. Termination of the Plan.

     The Plan will expire ten (10) years after the Effective Date, solely with respect to the
granting of Incentive Stock Options or such later date as may be permitted by the Code for
Incentive Stock Options; provided, however, that the Plan shall terminate at such earlier time as
the Board may determine. Any such termination, either partially or wholly, shall not affect any
Awards then outstanding under the Plan.

-13-exv10w2

Exhibit 10.2

PLEXUS CORP.

NON-QUALIFIED STOCK OPTION AGREEMENT

	TO: 	 	 <<FIRST_NAME>> <<LAST_NAME>>
	 
	DATE: 	 	 <<OPTION DATE>>

     In order to provide additional incentive through stock ownership for certain directors,
officers and key employees of Plexus Corp. (the “Corporation”) and its subsidiaries, you (the
“Grantee”) are hereby granted a Non-Qualified Stock Option (“Option”) effective as of
<<OPTION DATE>> (the “Grant Date”), to purchase <<TOTAL SHARES GRANTED>>
shares of the Corporation’s Common Stock at a price per share of <<OPTION PRICE>>.

     This Option is subject to the terms and conditions set forth in this Agreement and in the
Plexus Corp. 2008 Long-Term Incentive Plan (the “Plan”), the terms of which are incorporated herein
by reference.

     [One of the following alternatives shall be designated. If no alternative is designated,
Alternative 1 shall apply]:

	o 	 	 Alternative 1: This Option shall become exercisable in accordance with the schedule
set forth below:

	 	 	 	 	 
	Years After 

Grant Date

	 	Percentage of Grant

Which May Be Exercised

	 
	 	 	 	 
	Less than 1

	 	 	0	%
	 
	 	 	 	 
	1 but less than 2

	 	Fifty percent (50%)

	 
	 	 	 	 
	2 or more

	 	One hundred percent (100%)

	o 	 	 Alternative 2: This Option shall become exercisable on the Grant Date.

	o 	 	 Alternative 3: This Option shall become exercisable in accordance with the schedule
established by the Committee at the time of grant and set forth below:
                                                                  
                                                                                 
                                 
           
           

.

     This Option will lapse after ten (10) years from the Grant Date and thus may not be exercised
thereafter. No part of this Option is transferable or assignable, in whole or in part, unless
otherwise provided for in the Plan.

     You may exercise this Option provided that it meets all vesting requirements, by logging on to
www.etrade.com/stockplans or by calling E*Trade Executive Services at 800.775.2793. The website
provides you with detailed instructions on how to exercise stock options as well as other
relevant information pertaining to your grant. Keep in mind that if you are considered an
“insider” you are subject to blackout restrictions which may prevent exercise during certain time
periods referred to as the ‘blackout period”. If you are considered an “insider” you have been
notified of the restrictions via email.

 

 

     If you received this Option because of your employment with the Corporation, this Option shall
terminate on the date you cease to be employed by the Corporation or its subsidiaries, except that
(i) during the ninety day period following the date of such termination of employment and if such
termination is not for cause, you shall be entitled to exercise the Option granted hereunder to the
extent such Option was exercisable on the date of the termination of your employment, and (ii)
during the three-year period following the date of termination of employment due to death,
permanent disability or retirement in accordance with normal Corporation retirement practices, as
determined by the Committee in its sole discretion, you or your representative shall be entitled to
exercise the Option granted hereunder to the extent such Option was exercisable on the date of the
termination of your employment due to death, permanent disability or retirement (to the extent not
previously exercised). Such ninety-day or three-year period shall not, however, extend the term of
any Option beyond the date such Option would otherwise have lapsed.

     If you received this Option because of your service on the Board, this Option shall terminate
on the date you cease to be a director, except that you shall be entitled to exercise the Option
granted hereunder to the extent such Option was exercisable on the date of your termination of
service until the earlier of (a) ten (10) years from the Grant Date, or (b) two (2) years from the
date you cease to be a director.

     Prior to the exercise of an Option you should consult your tax advisor regarding the tax
consequences thereof. No shares shall be issued upon exercise of an Option until withholding
taxes, if any and if applicable, and any other withholding obligation, if any and if applicable,
have been satisfied (as applicable). The Committee may provide that, if and to the extent
withholding of any federal, state or local tax is required in connection with the exercise of an
Option, the Grantee may elect, at such time and in such manner as the Committee may prescribe, to
satisfy this withholding requirement, in whole or in part, by having the Corporation withhold
shares having a Fair Market Value on the date the tax is to be determined equal to the minimum
marginal total tax which could be imposed on the transaction.

     Under applicable securities laws, you may not be able to sell any shares for a period of time
after your purchase, and you must comply with the Company’s Insider Trading Restrictions and
Policies. The Corporation’s counsel should be consulted on your ability to sell your shares under
the 1934 Act.

     The Plan provides that no Option may be exercised unless the Plan is in full compliance with
all laws and regulations applicable thereto.

     No amendment, modification or waiver of this Agreement, in whole or in part, shall be binding
unless consented to in writing by the Corporation and no amendment may cause any Grantee to be
unfavorably affected with respect to any Option already granted hereunder.

 

 

     Neither the establishment of, nor the awarding of Options under this Plan shall be construed
to create a contract of employment or service between any Grantee and the Corporation or its
subsidiaries; nor does it give any Grantee the right to continue in the employment or service of
the Corporation or its subsidiaries or limit in any way the right of the Corporation or its
subsidiaries to discharge any Grantee at any time and without notice, with or without cause, or to
any benefits not specifically provided by this Plan, or in any manner modify the Corporation’s
right to establish, modify, amend or terminate any profit sharing, retirement or other benefit
plans.

     To accept this grant, agreement and other linked materials please logon with your user name
and password to www.etrade.com/stockplans and select the Stock Options page. This grant will be
listed at the bottom of all prior grants and will be labeled in the status column as “Requires
Acceptance”. Clicking on this link will take you to the Grant Acceptance page which will allow you
to view and print (recommended) all applicable documents related to this grant. To accept the
grant and all applicable documents you will type in your password and click accept. By accepting
this grant online you acknowledge and accept this grant and the terms and conditions. You also
acknowledge receipt of this Stock Option Agreement, a copy of the 2008 Long-Term Incentive Plan,
and a copy of the Insider Trading Restrictions and Policies. If this grant is not accepted online
within thirty (30) days from the grant date of this Agreement, this Option will be deemed refused
and may be withdrawn.

	 	 	 	 	 
	 	PLEXUS CORP.

 	 
	 	/s/ Angelo M. Ninivaggi
 	 
	 	By: Angelo M. Ninivaggi, Secretary

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