Document:

exv10w02

EXHIBIT 10.02

INDEMNIFICATION AGREEMENT

     THIS INDEMNIFICATION AGREEMENT (this “Agreement”) is made and entered into this ___day of
___, 2009, between Flextronics Corporation (the “Company”), a Delaware corporation and a
direct, wholly-owned Subsidiary of Flextronics International Ltd., a Singapore corporation (“FIL”),
and ___, a director and/or officer of the Company and/or FIL (the “Indemnitee”).

RECITALS

     A. The Indemnitee, an officer and/or director of FIL, performs a valuable service in such
capacity for FIL. The Company, as a direct, wholly-owned Subsidiary of FIL, and FIL, as its
stockholder, derives a significant benefit from such service;

     B. The Board of Directors (the “Board”) of the Company desires to retain highly competent
individuals to serve as directors, officers, employees and agents of the Company and to protect
such individuals against inordinate risks of claims and actions against them arising out of their
services to and activities on behalf of the Company;

     C. It is reasonable, prudent and necessary for the Company to contractually obligate itself to
indemnify, and to advance expenses on behalf of, individuals who serve as directors and officers of
the Company or who serve as directors, officers, employees or agents of FIL or another entity at
the request of the Company, to the fullest extent permitted by applicable law so that they will
serve or continue to serve the Company or such other entity free from undue concern that they will
not be so indemnified;

     D The Singapore Companies Act, Chapter 50, imposes certain restrictions on the ability of FIL
to indemnify and advance expenses to its officers and directors, which restrictions are greater
than those imposed by the applicable laws of the State of Delaware;

     E. Section 145 of the Delaware General Corporation Law (the “Law”), empowers the Company to
indemnify by agreement its officers, directors, employees and agents, and persons who serve, at the
request of the Company, as directors, officers, employees or agents of other corporations or
enterprises, and expressly provides that the indemnification provided by the Law is not exclusive;
and

     F. The Indemnitee does not regard the protection available under the Company’s Certificate of
Incorporation and By-Laws, FIL’s Articles of Association, the Indemnitee’s indemnification
agreement with FIL or insurance as adequate in the present circumstances, and may not be willing to
serve the Company, or another entity at the request of the Company, as a director, officer,
employee or agent without adequate protection, and the Company desires the Indemnitee to serve in
such capacity. The Indemnitee is willing to serve, continue to serve and to take on additional
service for or on behalf of FIL and/or the Company or another such entity on the condition that he
or she be so indemnified.

 

 

     NOW, THEREFORE, in consideration of the foregoing and the other covenants and agreements
contained herein, and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as
follows:

     1. Agreement to Serve. The Indemnitee will serve or continue to serve at the request
of the Company as a director and/or officer of FIL and/or a director and/or officer of the Company
or another Subsidiary of FIL, at the will of the Company (or under separate agreement, if such
agreement exists), so long as he or she is duly appointed or elected and qualified in accordance
with the applicable provisions of the charter documents of FIL, the Company or such other
Subsidiary, as the case may be; provided, however, that the Indemnitee may at any
time and for any reason resign from such position (subject to any contractual obligation that the
Indemnitee may have assumed apart from this Agreement), and FIL, the Company and any such
Subsidiary shall have no obligation under this Agreement to continue the Indemnitee in any such
position. Nothing contained in this Agreement is intended to create any right to continued
employment or other form of service for the Company, FIL or any Subsidiary by the Indemnitee.

     2. Directors’ and Officers’ Insurance. The Company shall obtain and maintain one or
more policies of directors’ and officers’ liability insurance (“D&O Insurance”) customary for
similarly situated companies, providing Agents of the Company with coverage on customary terms and
conditions, and to ensure the Company’s performance of its indemnification obligations under this
Agreement. In all policies of D&O Insurance, the Indemnitee shall be named as an insured in such a
manner as to provide the Indemnitee at least the same rights and benefits as are accorded to the
most favorably insured of the Company’s Agents. The purchase, establishment and maintenance of D&O
Insurance shall not in any way limit or affect the rights and obligations of the Company or the
Indemnitee under this Agreement except as expressly provided herein, and the execution and delivery
of this Agreement by the Company and the Indemnitee shall not in any way limit or affect the rights
and obligations of the Company or any other party or parties under any such D&O Insurance.

     3. Mandatory Indemnification. Subject to Section 8 below:

          3.1 Indemnity in Proceedings Other than Proceedings by or in the Right of the Company.
The Company shall indemnify and hold harmless Indemnitee in accordance with the provisions of this
Section 3.1 if the Indemnitee was or is made, or is threatened to be made, a party to or a
participant in (as a witness or otherwise) any Proceeding (other than a Proceeding by or in the
right of the Company to procure a judgment in its favor) by reason of the fact that he or she is or
was an Agent, or by reason of anything done or not done by him or her in such capacity. The
Indemnitee shall be indemnified under this Section 3.1 against all Expenses and judgments,
liabilities, Fines, penalties, amounts paid in settlement, and all interest, assessments and other
charges paid or payable in connection with or in respect of any of the foregoing (collectively,
“Losses”) actually and reasonably incurred by the Indemnitee or that may be incurred on behalf of
the Indemnitee in connection with such Proceeding, or any action, discovery event, claim, issue or
matter therein or related thereto, if the Indemnitee acted in good faith and in a manner he or she
reasonably believed to be in or not opposed to the best interests of the Company and, with respect
to any criminal Proceeding, had no reasonable cause to believe that his or her conduct was
unlawful;

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          3.2 Indemnity in Proceedings by or in the Right of the Company. The Company shall
indemnify and hold harmless the Indemnitee in accordance with the provisions of this Section 3.2 if
the Indemnitee was or is made, or is threatened to be made, a party to or a participant in (as a
witness or otherwise) any Proceeding by or in the right of the Company to procure a judgment in its
favor by reason of the fact that he is or was an Agent, or by reason of anything done or not done
by him or her in such capacity. The Indemnitee shall be indemnified under this Section 3.2 against
all Expenses actually and reasonably incurred by him or her in connection with such Proceeding, or
any action, discovery event, claim, issue or matter therein or related thereto, if he or she acted
in good faith and in a manner he or she reasonably believed to be in or not opposed to the best
interests of the Company; provided, however, that no indemnification shall be made
under this Section 3.2 (i) in respect of any claim, issue or matter as to which the Indemnitee
shall have been finally adjudged to be liable to the Company, unless and only to the extent that
the court in which the proceeding is or was pending shall have determined upon application that, in
view of all of the circumstances of the case, the Indemnitee is fairly and reasonably entitled to
indemnity for Expenses and then only to the extent that the court shall determine;

          3.3 Additional Indemnification. Notwithstanding any limitations in Sections 3.1 or
3.2 hereof, the Company shall indemnify and hold harmless the Indemnitee in accordance with the
provisions of this Section 3.3 to the fullest extent permitted by law (including, without
limitation (i) to the fullest extent authorized or permitted by the provisions of the Law as in
effect as of the date of this Agreement that authorize or contemplate indemnification by the
Company of the Indemnitee in his or her capacity as an Agent and (ii) to the fullest extent
authorized or permitted by any amendments or additions to or replacements of such provisions which
are adopted after the date of this Agreement that increase the extent to which a corporation may
indemnify such a Person in such a capacity). The Indemnitee shall be indemnified under this
Section 3.3 against all Expenses and Losses actually and reasonably incurred by the Indemnitee or
that may be incurred on behalf of the Indemnitee in connection with any Proceeding, or any action,
discovery event, claim, issue or matter therein or related thereto, by reason of the fact that he
or she is or was an Agent, or by reason of anything done or not done by him or her in such
capacity; and

          3.4 Expenses as a Witness. Notwithstanding the foregoing, to the extent that, by
reason of his or her status as an Agent, the Indemnitee is a witness in any Proceeding to which the
Indemnitee is not a party, the Company shall indemnify and hold harmless the Indemnitee against all
Expenses actually and reasonably incurred by the Indemnitee or on his or her behalf in connection
therewith.

     4. Good Faith; Partial Indemnification and Contribution.

          4.1 Good Faith. For the purposes of any determination of “good faith” hereunder, the
Indemnitee shall be deemed to have acted in good faith if in taking such action the Indemnitee
relied on the records or books of account of the Company, FIL or any Subsidiary of FIL
(collectively, “Flextronics”), including without limitation financial statements, or on
information, opinions, reports or statements provided to the Indemnitee by the officers or other
employees of Flextronics in the ordinary course of their duties, or on the advice of legal counsel
for Flextronics, or on information or records given or reports made to Flextronics by an

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independent certified public accountant or by an appraiser or other expert selected by
Flextronics, or by any other Person (including legal counsel, accountants and financial advisors)
as to matters the Indemnitee reasonably believes are within such other Person’s professional or
expert competence and who has been selected with reasonable care by or on behalf of Flextronics.
In connection with any determination as to whether the Indemnitee is entitled to indemnification
hereunder, the Indemnitee shall be entitled to the presumption that he or she has satisfied the
applicable standard of conduct and is entitled to indemnification, and the burden of proof shall be
on the Company to establish, by clear and convincing evidence, that the Indemnitee is not so
entitled. The provisions of this Section 4.1 shall not be deemed to be exclusive or to limit in
any way the other circumstances in which the Indemnitee may be deemed to have met the applicable
standard of conduct set forth in this Agreement. In addition, the knowledge or actions, or
failures to act, of any other Person serving Flextronics shall not be imputed to the Indemnitee for
the purposes of determining his or her right to indemnification hereunder.

          4.2 Partial Indemnification. If the Indemnitee is entitled under any provision of
this Agreement to indemnification by the Company for some or a portion of any Expenses or Losses
incurred by him or her, but is not entitled to indemnification for all of the total amount thereof,
then the Company shall nevertheless indemnify the Indemnitee for such total amount except as to the
portion thereof to which the Indemnitee is not entitled to indemnification. For the avoidance of
doubt, if the Indemnitee is not wholly successful in any Proceeding but is successful, on the
merits or otherwise, as to one or more but less than all claims, issues or matters in any
Proceeding, the Company shall indemnify the Indemnitee in connection with each successfully
resolved claim, issue or matter. The Indemnitee’s satisfaction of the applicable standard of
conduct described in Section 4.1 with respect to a particular claim, issue or matter shall be
considered a successful resolution as to such claim, issue or matter. Furthermore, subject to the
provisions of the Law, for purposes of this Agreement, and without limitation, the termination of
any claim, issue or matter by dismissal with or without prejudice shall be deemed to be a
successful resolution as to such claim, issue or matter. In any review or Proceeding to determine
the extent of indemnification, the Company shall bear the burden to establish, by clear and
convincing evidence, the lack of a successful resolution of a particular claim, issue or matter and
which amounts sought in indemnity are allocable to claims, issues or matters which were not
successfully resolved.

          4.3 Contribution. To the fullest extent permissible under applicable law, if the
indemnification and hold harmless rights provided in Section 3 are unavailable to the Indemnitee in
whole or in part in respect of any Proceeding in which the Company is jointly liable with
Indemnitee (or would be if joined in such Proceeding), the Company shall pay, in the first
instance, the entire amount of any judgment or settlement of such Proceeding without requiring the
Indemnitee to contribute to such payment, and the Company hereby waives and relinquishes any right
of contribution it may have against the Indemnitee. The Company shall not enter into any
settlement in any Proceeding in which the Company is jointly liable with the Indemnitee (or would
be if joined in such Proceeding) unless such settlement provides for a full and final release of
all claims asserted against the Indemnitee. The Company hereby agrees to fully indemnify and hold
harmless the Indemnitee from any claims for contribution which may be brought by any Agent of the
Company other than the Indemnitee who may be jointly liable with the Indemnitee.

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     5. Mandatory Advancement of Expenses. Subject to Section 8 below, to the fullest
extent permitted by law, the Company shall advance all Expenses incurred or to be incurred by the
Indemnitee in connection with any Proceeding, including in connection with the investigation,
defense, settlement or appeal of any such Proceeding, or any action, discovery event, claim, issue
or matter therein or related thereto, to which the Indemnitee was or is made, or is threatened to
be made, a party to or a participant in (as a witness or otherwise) by reason of the fact that he
or she is or was an Agent, or by reason of anything done or not done by him or her in such
capacity. The Indemnitee hereby undertakes to promptly repay such amounts advanced only if, and to
the extent that, it shall ultimately be determined that the Indemnitee is not entitled to be
indemnified by the Company under the provisions of this Agreement, the Certificate of Incorporation
or By-Laws of the Company, the Law or otherwise. The advances to be made hereunder shall be paid
from time to time, whether prior to or after the final disposition of any Proceeding, by the
Company to the Indemnitee within ten (10) days following delivery of a written request therefor by
the Indemnitee to the Company and the presentation to the Company of an invoice or other
substantiation of the specific nature and amount of each Expense to be advanced by the Company.
Such advances shall be unsecured, interest free and shall be made without regard to the
Indemnitee’s ability to repay the Expenses and without regard to the Indemnitee’s ultimate
entitlement to indemnification under the other provisions of this Agreement. In the event that the
Company advances an amount in excess of any properly documented Expense, the Indemnitee shall
return such excess to the Company within ten (10) days of (i) the discovery by the Indemnitee of
the excess of such advance or (ii) the notification by the Company of its discovery of the excess
of such advance. The Indemnitee’s right to advancement of Expenses hereunder is absolute and shall
not be subject to any prior determination by any Person that the Indemnitee has satisfied any
applicable standard of conduct for indemnification.

     6. Notice and Other Indemnification Procedures.

          6.1 Notice and Request for Indemnification. The Indemnitee agrees to promptly notify
the Company in writing upon being served with any summons, citation, subpoena, complaint,
indictment, information or other notice of the commencement of or the threat of the commencement of
any Proceeding, if the Indemnitee believes that indemnification with respect thereto may be sought
from the Company under this Agreement. The failure of the Indemnitee to so notify the Company
shall not relieve the Company of any obligation which it may have to the Indemnitee under this
Agreement or otherwise. The Indemnitee shall at such time or at any time thereafter deliver to the
Company a written request for indemnification in accordance with this Agreement. Any such request
may be delivered at such time or times as the Indemnitee deems appropriate in his or her sole
discretion. Promptly following such request for indemnification, the Indemnitee’s entitlement to
indemnification shall be determined in accordance with the terms and conditions of this Agreement,
including, as applicable, Section 7 hereof.

          6.2 Notice to D&O Insurance Providers. At the time of the receipt of a notice of the
commencement of a Proceeding pursuant to Section 6.1 hereof, the Company shall give prompt notice
of the commencement of such Proceeding to the providers of D&O Insurance then in effect in
accordance with the procedures set forth in the respective policies. The Company shall thereafter
take all necessary or desirable action to cause such insurers to pay, on behalf of

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the Indemnitee, all amounts payable as a result of such Proceeding in accordance with the
terms of such D&O Insurance policies.

          6.3 Assumption of Defense. In the event the Company shall be obligated to advance
Expenses to the Indemnitee and so long as there shall not have occurred a Change in Control, the
Company shall be entitled to assume the defense of such Proceeding, with counsel approved by the
Indemnitee (which approval shall not be unreasonably withheld), upon the delivery to the Indemnitee
of written notice of its election to do so. After delivery of such notice, approval of such
counsel by the Indemnitee and the retention of such counsel by the Company, the Company will not be
liable to the Indemnitee under this Agreement for any fees and Expenses of counsel subsequently
incurred by the Indemnitee with respect to the same Proceeding, provided that: (a) the
Indemnitee shall have the right to employ his or her own counsel in any such Proceeding at the
Indemnitee’s sole expense (not to be reimbursed or otherwise indemnified or paid by the Company);
(b) the Indemnitee shall have the right to employ his or her own counsel in connection with any
such Proceeding, at the expense of the Company, if such counsel serves in a reviewer, observer,
advice and counseling capacity and does not otherwise materially control or participate in the
defense of such Proceeding; and (c) if (i) the employment of counsel by the Indemnitee has been
previously authorized by the Company, (ii) the Indemnitee shall have reasonably concluded that
there may be a conflict of interest between the Company and the Indemnitee in the conduct of any
such defense or (iii) the Company shall not, in fact, have employed counsel to assume the defense
of such Proceeding, then the fees and Expenses of the Indemnitee’s counsel shall be at the expense
of the Company. The Company shall not settle any action, claim or Proceeding (in whole or in part)
which would impose any Expense, Loss or limitation on the Indemnitee without the Indemnitee’s prior
written consent.

     7. Procedure Upon Application for Indemnification.

          7.1 Determination of Right to Indemnification. A determination, if required by
applicable law, with respect to the Indemnitee’s entitlement to indemnification pursuant to this
Agreement shall be made in the specific case by one of the following methods, which shall be at the
election of the Indemnitee:

               (a) By a majority vote of all of the directors who are not parties to the Proceeding for which
indemnification is being sought, even if less than a quorum;

               (b) By a committee of disinterested directors designated by a majority of the disinterested
directors, even if less than a quorum;

               (c) By Independent Counsel in a written opinion to the Board, a copy of which shall be
delivered to the Indemnitee;

               (d) By the stockholder of the Company; or

               (e) By the court in which the Proceeding is or was pending.

     The Indemnitee shall reasonably cooperate with the Person or Persons making such determination
with respect to the Indemnitee’s entitlement to indemnification, including

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providing upon reasonable advance request any documentation or information which is not
privileged or otherwise protected from disclosure and which is reasonably available to the
Indemnitee and which is reasonably necessary to such determination.

          7.2 Payment. If the Indemnitee is entitled to indemnification under this Agreement,
payment to the Indemnitee shall be made within ten (10) days following the request for
indemnification under Section 6.1 (or, if a determination is required by applicable law, following
such determination) and the presentation to the Company of an invoice or other substantiation of
the specific nature and amount of each indemnifiable Expense or Loss, as determined necessary and
appropriate by the Company. In the event that the Company pays or reimburses an amount in excess
of any properly documented indemnifiable Expense or Loss, the Indemnitee shall return such excess
to the Company within ten (10) days of (i) the discovery by the Indemnitee of the excess payment or
reimbursement or (ii) the notification by the Company of its discovery of the excess payment or
reimbursement.

          7.3 Appeals. If the forum selected in accordance with Section 7.1 hereof is not a
court, then after the final decision of such forum is rendered, the Company or the Indemnitee shall
have the right to apply to the court having jurisdiction of such matter and the parties, the court
in which the Proceeding giving rise to the Indemnitee’s claim for indemnification is or was pending
or any other court of competent jurisdiction, for the purpose of appealing the decision of such
forum, provided that such right is executed within [sixty (60)] days after the final
decision of such forum is rendered. If the forum selected in accordance with Section 7.1 hereof is
a court, then the rights of the Company or the Indemnitee to appeal any decision of such court
shall be governed by the applicable laws and rules governing appeals of the decision of such court.

          7.4 Independent Counsel. In the event the determination of entitlement to
indemnification is to be made by Independent Counsel pursuant to Section 7.1 hereof, the
Independent Counsel shall be selected as provided in this Section 7.4. The Independent Counsel
shall be selected by the Indemnitee (unless the Indemnitee shall request that such selection be
made by the Board), and the Indemnitee shall give written notice to the Company advising it of the
identity of the Independent Counsel so selected. If the Independent Counsel is selected by the
Board, the Board shall give written notice to the Indemnitee advising him or her of the identity of
the Independent Counsel so selected. In either event, the Indemnitee or the Company, as the case
may be, may, within ten (10) days after receipt of such written notice, deliver to the Company or
the Indemnitee, as the case may be, a written objection to such selection if the Independent
Counsel does not meet the requirements set forth in the definition of Independent Counsel. In such
event, the objection shall set forth with particularity the factual basis for such objection and
the Person so selected shall not serve as Independent Counsel unless the objection is withdrawn or
a court of competent jurisdiction has determined that such objection is without merit. If, within
twenty (20) days of the election by the Indemnitee under Section 7.1, no Independent Counsel has
been selected and not objected to, either the Company or the Indemnitee may petition a court of
competent jurisdiction for resolution of any objection to a selection of Independent Counsel or for
the appointment of Independent Counsel by the court, and such Person with respect to whom all
objections are so resolved or the Person so appointed shall act as Independent Counsel under
Section 7.1. The Company shall pay all fees and Expenses of Independent Counsel and agrees to
fully indemnify and hold harmless such

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Independent Counsel against any and all Expenses and Losses arising out of or relating to this
Agreement.

          7.5 Enforcement of Agreement. Notwithstanding any other provision in this Agreement
to the contrary, the Company shall indemnify the Indemnitee against all Expenses incurred by the
Indemnitee in connection with the exercise or defense of his or her rights under this Section 7 and
against all Expenses incurred by the Indemnitee in connection with any Proceeding between the
Company and the Indemnitee involving the interpretation or enforcement of the rights of the
Indemnitee under this Agreement, unless a court of competent jurisdiction finds that the
Indemnitee’s claims and/or defenses in any such Proceeding were frivolous or made in bad faith.

     8. Exceptions. Any other provision herein to the contrary notwithstanding, the
Company shall not be obligated pursuant to the terms of this Agreement:

          8.1 Claims Initiated by Indemnitee. To indemnify or advance Expenses to the
Indemnitee with respect to Proceedings or claims initiated or brought voluntarily by the Indemnitee
and not by way of defense, except with respect to Proceedings specifically authorized by
the Board or brought to establish or enforce a right to indemnification and/or advancement of
Expenses arising under this Agreement, the charter documents of the Company, or any statute or law
or otherwise;

          8.2 Amounts Covered by Insurance. To indemnify or advance Expenses to the Indemnitee
for any Expenses or Losses to the extent such Expenses or Losses have been paid directly to the
Indemnitee by any D&O Insurance policy or pursuant to any other agreement or otherwise, whether
paid by the Company or any other Person;

          8.3 Unauthorized Settlements. To indemnify the Indemnitee hereunder for any amounts
paid in settlement of a Proceeding unless the Company consents in advance in writing to such
settlement, which consent shall not be unreasonably withheld or delayed;

          8.4 Securities Law Actions. To indemnify the Indemnitee on account of any suit in
which judgment is rendered against the Indemnitee for an accounting of profits made from the
purchase or sale by the Indemnitee of securities pursuant to the provisions of Section 16(b) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”); or

          8.5 Sarbanes-Oxley Act. To indemnify the Indemnitee for any reimbursement by the
Indemnitee of any bonus or other incentive-based or equity-based compensation or of any profits
realized by the Indemnitee from the sale of securities, as required in each case under the Exchange
Act (including any such reimbursements that arise from an accounting restatement pursuant to
Section 304 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), or the payment of profits
arising from the purchase and sale by the Indemnitee of securities in violation of Section 306 of
the Sarbanes-Oxley Act.

     9. Non-Exclusivity. The provisions for indemnification and advancement of Expenses
set forth in this Agreement shall not be deemed exclusive of any other rights which the Indemnitee
may have under any provision of law, the Company’s Certificate of Incorporation or By-Laws, the
vote of the Company’s stockholder or disinterested directors, other agreements or

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otherwise, both as to actions or failures to act in the Indemnitee’s official capacity and to
actions or failures to act in another capacity while occupying his or her position as an Agent, and
the Indemnitee’s rights hereunder shall continue after the Indemnitee has ceased acting as an Agent
of the Company and shall inure to the benefit of the heirs, executors and administrators of the
Indemnitee. No right or remedy herein conferred is intended to be exclusive of any other right or
remedy, and every other right and remedy shall be cumulative and in addition to every other right
and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The
assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the
concurrent assertion or employment of any other right or remedy.

     10. Definitions. In addition to the other terms defined herein, for the purposes of
this Agreement, the following terms have the following meanings when used herein with initial
capital letters:

          10.1 “Agent” means any Person who (i) is or was a director, officer, employee, fiduciary or
other official of the Company; or (ii) is or was serving at the request of, for the convenience of,
or to represent the interests of the Company or FIL as a director, officer, advisory director,
trustee, manager, member, partner, employee, agent, fiduciary, or in any other similar capacity of
another foreign or domestic corporation, partnership, joint venture, trust or other enterprise,
including, without limitation, serving as a director and/or officer of FIL. As used herein, the
term “enterprise” includes any employee benefit plan of the Company, its Subsidiaries, affiliates
and predecessor corporations. A Person who acted in good faith and in a manner he or she
reasonably believed to be in the best interests of the participants and beneficiaries of an
employee benefit plan shall be deemed to have acted in a manner “in the best interests of the
Company” as referred to in this Agreement.

          10.2 A “Change in Control” shall be deemed to occur upon the earliest of the following events:

               (a) Any Person is or becomes the beneficial owner (within the meaning of Rule 13d-3
promulgated under the Exchange Act), directly or indirectly, of securities of FIL representing
twenty percent (20%) or more of the combined voting power of FIL’s then outstanding voting
securities, except that any change in the relative beneficial ownership of FIL’s voting securities
by any Person resulting solely from a reduction in the aggregate number of outstanding shares of
voting securities shall be disregarded.

               (b) During any period of two (2) consecutive years (not including any period prior to the
execution of this Agreement), individuals who at the beginning of such period constitute the board
of directors of FIL, and any new director whose election by the board of directors of FIL or
nomination for election by FIL’s shareholders was approved by a vote of at least two-thirds of the
directors then still in office who either were directors at the beginning of the period or whose
election or nomination for election was previously so approved, cease for any reason to constitute
at least a majority of the members of the board of directors of FIL;

               (c) The effective date of a merger or consolidation of FIL with any other entity, other than a
merger or consolidation which would result in the voting securities of FIL outstanding immediately
prior to such merger or consolidation continuing to represent

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(either by remaining outstanding or by being converted into voting securities of the surviving
entity) more than 51% of the combined voting power of the voting securities of the surviving entity
outstanding immediately after such merger or consolidation and with the power to elect at least a
majority of the board of directors or other governing body of such surviving entity;

               (d) The approval by the shareholders of FIL of a complete liquidation of FIL or an agreement
for the sale or disposition by FIL of all or substantially all of its assets; and

               (e) There occurs any other event of a nature that would be required to be reported in response
to Item 6(e) of Schedule 14A of Regulation 14A (or a response to any similar item on any similar
schedule or form) promulgated under the Exchange Act, whether or not FIL is then subject to such
reporting requirement.

          10.3 “Expenses” means (i) all attorney’s fees and costs, retainers (as an advance for services
to be rendered or expenses to be incurred), court costs, transcript costs, fees of experts, witness
fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage,
delivery service fees, and all other disbursements or costs incurred in connection with
prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a
witness in, otherwise participating in any Proceeding, or any action, discovery event, claim issue
or matter therein or related thereto, or establishing or enforcing a right to indemnification or
advancement of Expenses under this Agreement, Section 317 of the Law or otherwise and (ii) any such
Expenses incurred in connection with any appeal resulting from any Proceeding, including without
limitation, the premium, security for, and other costs relating to any cost bond, supersedeas bond,
or other appeal bond or its equivalent.

          10.4 “Fines” shall include any excise tax assessed with respect to any employee benefit plan.

          10.5 “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in
matters of Delaware corporation law and, unless otherwise consented to in writing by the Company
and the Indemnitee, neither presently is, nor in the past five years has been, retained to
represent: (i) Flextronics or the Indemnitee in any matter material to either such party (other
than with respect to matters concerning the Indemnitee under this Agreement, or of other
indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding
giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, unless
otherwise consented to in writing by the Company and the Indemnitee, the term “Independent Counsel”
shall not include any person who, under the applicable standards of professional conduct then
prevailing, would have a conflict of interest in representing either the Company or the Indemnitee
in an action to determine Indemnitee’s rights under this Agreement.

          10.6 “Person” means any individual, corporation, partnership, limited liability company, joint
venture, association, other entity or organization or any group (within the meaning of Section
13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated thereunder).

10

 

          10.7 “Proceeding” means any threatened, pending or completed action, suit arbitration,
proceeding, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing
or any other actual threatened, or completed proceeding, whether brought in the right of the
Company or otherwise and whether of a civil (including intentional or unintentional tort claims),
criminal, administrative or investigative nature, or in any bankruptcy case or related proceeding,
in which the Indemnitee was, is or will be involved as a party, a witness or otherwise by reason of
the fact that the Indemnitee is or was an Agent.

          10.8 “Subsidiary” means, in respect of any Person, any corporation, partnership or other
business entity of which more than fifty percent (50%) of the outstanding voting power of shares of
capital stock or other interests (including partnership interests) entitled (without regard to the
occurrence of any contingency) to vote in the election of directors, managers or trustees thereof
is at the time owned or controlled, directly or indirectly, by such Person, by such Person and one
or more of its other subsidiaries or by one or more of such Person’s other subsidiaries.

     11. General Provisions.

          11.1 Interpretation of Agreement. It is understood that the parties hereto intend
this Agreement to be interpreted and enforced so as to provide indemnification and advancement of
Expenses to the Indemnitee to the fullest extent now or hereafter permitted by law, except as
expressly limited herein. The Company expressly confirms and agrees that it has entered into this
Agreement and assumed the obligations imposed on it hereby in order to induce the Indemnitee to
serve as an Agent, and the Company acknowledges that the Indemnitee is relying upon this Agreement
in serving as an Agent.

          11.2 Severability. If any provision or provisions of this Agreement shall be held to
be invalid, illegal or unenforceable for any reason whatsoever, then: (a) the validity, legality
and enforceability of the remaining provisions of this Agreement (including, without limitation,
all portions of any paragraphs of this Agreement containing any such provision held to be invalid,
illegal or unenforceable that are not themselves invalid, illegal or unenforceable) shall not in
any way be affected or impaired thereby; (b) such provision or provisions shall be deemed reformed
to the extent necessary to conform to applicable law; and (c) to the fullest extent possible, the
provisions of this Agreement (including, without limitation, all portions of any paragraphs of this
Agreement containing any such provision held to be invalid, illegal or unenforceable, that are not
themselves invalid, illegal or unenforceable) shall be construed so as to give effect to the intent
manifested by the provision held invalid, illegal or unenforceable and to give effect to the intent
manifested hereby.

          11.3 Duration of Agreement. This Agreement shall continue until and terminate upon
the later of (a) ten (10) years after the date that the Indemnitee shall have ceased to serve as an
Agent, or (b) one (1) year after the final termination of any Proceeding then pending in respect of
which the Indemnitee is granted rights of indemnification or advancement of Expenses hereunder and
of any Proceeding commenced by the Indemnitee pursuant to enforce the Indemnitee’s rights under
this Agreement.

11

 

          11.4 Modification and Waiver. No supplement, modification or amendment of this
Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of
any of the provisions of this Agreement shall be deemed to be or shall constitute a waiver of any
other provision hereof (whether or not similar), nor shall such waiver constitute a continuing
waiver.

          11.5 Subrogation. In the event of any payment under this Agreement, the Company shall
be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee, who
shall execute all papers required and take all action necessary to secure such rights, including
execution of such documents as are necessary to enable the Company to bring suit to enforce such
rights.

          11.6 Counterparts. This Agreement may be executed by facsimile and in one or more
counterparts, each of which shall for all purposes be deemed to be an original and all of which
shall together constitute one and the same agreement.

          11.7 Entire Agreement. Except as expressly set forth in this Agreement, this
Agreement constitutes the entire agreement between the parties hereto with respect to the subject
matter hereof and supersedes all prior agreements and understandings, oral, written and implied,
between the parties hereto with respect to the subject matter hereof.

          11.8 Successors and Assigns. The terms of this Agreement shall bind, and shall inure
to the benefit of, the successors and assigns of the parties hereto. The Company shall require and
cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to
all, substantially all or a substantial part, of the business and/or the assets of the Company, by
written agreement in form and substance satisfactory to the Indemnitee, expressly to assume and
agree to perform this Agreement in the same manner and to the same extent that the Company would be
required to perform if no such succession had taken place.

          11.9 Notice. All notices, requests, demands and other communications under this
Agreement shall be in writing and shall be deemed duly given if (i) delivered by hand and signed
for by the party addressee, (ii) mailed by certified or registered mail, with postage prepaid, on
the third business day after the mailing date or (iii) sent by prepaid overnight mail, signature
required for delivery on the next business day:

               (a) If to the Indemnitee, at the address indicated on the signature page of this Agreement, or
such other address as Indemnitee shall provide in writing to the Company; and

               (b) If to the Company, to

                    Flextronics Corporation

                    305 Interlocken Parkway

                    Broomfield, CO 80021

                    Attention: General Counsel

or to any other address as may have been furnished by the Company to the Indemnitee in writing.

12

 

          11.10 Governing Law. This Agreement shall be governed exclusively by and construed
according to the laws of the State of Delaware, without giving effect to any conflict of laws
principle which would result in the application of the laws of any other jurisdiction.

          11.11 Consent to Jurisdiction. The Company and the Indemnitee each hereby irrevocably
and unconditionally (i) consent to the jurisdiction of the courts of the State of Delaware for all
purposes in connection with any action or Proceeding that arises out of or relates to this
Agreement, (ii) waive any objection to the laying of venue of any such action or Proceeding in such
courts and (iii) waive, and agree not to plead or to make, any claim that any such action or
Proceeding brought in such courts has been brought in an improper or inconvenient forum.

          11.12 Injunctive Relief. The Company and the Indemnitee agree herein that a monetary
remedy for breach of this Agreement, at some later date, may be inadequate, impracticable and
difficult to prove, and further agree that such breach may cause the Indemnitee irreparable harm.
Accordingly, the parties hereto agree that the Indemnitee may enforce this Agreement by seeking
injunctive relief and/or specific performance hereof, without any necessity of showing actual
damage or irreparable harm and that by seeking injunctive relief and/or specific performance, the
Indemnitee shall not be precluded from seeking or obtaining any other relief to which he or she may
be entitled, and shall not be required to post bonds or make any other undertaking in connection
therewith.

          11.13 Miscellaneous. The section headings of this Agreement are inserted for
convenience only and shall not be deemed to constitute a part of this Agreement or to affect the
construction thereof.

[The remainder of this page is intentionally left blank.]

13

 

     IN WITNESS WHEREOF, the parties hereto have entered into this Agreement effective as of the
date first written above.

	 	 	 	 	 
	 	FLEXTRONICS CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	INDEMNITEE

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Address: 

 
 	 
	 

[SIGNATURE PAGE TO INDEMNIFICATION AGREEMENT]

14exv10w23

Exhibit 10.23

July 31, 2007

Mr. Michael Clarke

President FlexInfastructure

Flextronics International USA, Inc.

2090 Fortune Drive

San Jose, CA 95131

Award Agreement for Michael Clarke Deferred Compensation Plan

Dear Michael:

     I am pleased to confirm that Flextronics International USA, Inc. (the “Company”) has agreed to
provide you with a deferred long term incentive bonus in return for services to be rendered in the
future as an employee of the Company (the “Deferred Bonus”). The Deferred Bonus will equal an
amount up to thirty percent (30%) of your annual base salary in effect on July 1, 2008, and on July
1st of each subsequent year. Thus, on July 1, 2008, subject to the limitations below,
and on each subsequent July 1st on which you are eligible to earn the Deferred Bonus,
you will earn a Deferred Bonus up to 30% of your annual base salary in effect on that day.

     Before each July 1st, the Company will make a determination, in its sole and
absolute discretion, of your eligibility to earn all or any portion of the Deferred Bonus for that
July 1st. From time to time, the Company may, in its sole and absolute discretion, make
additional contributions to your Deferred Bonus. The Company will make an initial discretionary
contribution to your Deferred Bonus of $366,355 as soon as practical after July 31, 2007. The
Company reserves the right to amend or terminate the Deferred Bonus at any time for all amounts of
the Deferred Bonus that have not been earned on the date of the amendment or termination. If your
employment with the Company is terminated for any reason, you will no longer be eligible to earn
the Deferred Bonus.

     The Deferred Bonus will not be paid currently to you. Instead, the amount of the Deferred
Bonus will be credited to the account (the “Deferral Account”) established on your behalf under the
Flextronics International USA, Inc. Amended and Restated 2005 Senior Management Deferred
Compensation Plan (the “Deferred Compensation Plan”). (This agreement will constitute the Award
Agreement referred to in Section 3 of your Deferral Agreement entered into pursuant to the Deferred
Compensation Plan.)

     The Deferred Account will vest as follows: One-third of the unvested balance of the Deferral
Account will vest on the first July 1st that occurs at least one year after the day that
(i) the sum of your age and your years of service with the Company equals or exceeds 60 and (ii)
you have fulfilled at least five years of service with the Company (the “First Vesting Day”).
One-half of the remaining unvested balance of the Deferral Account will vest one year after the
First Vesting Day (the “Second Vesting Day”). Accordingly, 2/3rds of the Deferral
Account will be vested on the Second Vesting Day (assuming no accelerated vesting has occurred as a
result

 

 

Mr. Michael Clarke

July 31, 2007

Page 2

of a Change of Control, as addressed below). The remaining unvested portion of the Deferral
Account will vest one year after the Second Vesting Day (the “Third Vesting Day”). Thus, the
Deferred Account will be 100% vested on the Third Vesting Day.

     In particular, we understand that, on July 1, 2007 you will be 52 years old and will have 1
year of service with the Company, so that the sum of your age and years of service will be 53.
Therefore, if you remain continuously employed with the Company until July 1, 2012, that day will
be the first July 1st that occurs at least one year after the day on which your years of
service plus your age will equal or exceed 60. Accordingly, that day will be the First Vesting
Day, and 1/3rd of the unvested balance of your Deferral Account will vest on that day.
One-half of the remaining unvested balance of your Deferral Account will vest on July 1, 2013,
i.e., the Second Vesting Day; and the remaining unvested portion of your Deferral Account
will vest on July 1, 2014, i.e., the Third Vesting Day.

     Any amounts of the Deferred Bonus that are earned when any portion of your Deferral Account
has already vested will vest as if they had been earned before any portion was vested. That is,
the percentage of any such Deferred Bonus that equals the vested percentage of your Deferral
Account on the earning day will be credited to the vested portion of the Deferral Account, and the
remainder will be credited to the unvested portion of your Deferral Account, which will vest in
accordance with the normal vesting schedule. The entire amount of any Deferred Bonus earned on or
after the Third Vesting Day will be credited to the vested portion of the Deferral Account when
earned, since the Deferral Account will be 100% vested on and after that date.

     Special vesting rules apply in the event of your death or a “Change in Control” as defined in
the Deferred Compensation Plan. Specifically, your account shall be 100% vested upon your death,
if you are employed with the Company at that time. Upon a “Change in Control” as defined in the
Deferred Compensation Plan, if you are still employed with the Company you will be deemed to have
vested in that percentage of any unvested portion of the Deferred Account equal to the number of
complete months during which you have remained continuously employed with the company during the
seven-year period from July 1, 2007 through July 1, 2014 divided by 84. Any portion of your
Deferral Account that remains unvested after a Change in Control shall continue to vest in
accordance with the schedule described above. For example, if a Change of Control occurs on July
1, 2010, and you are still employed with the Company, then 3/7ths of your Deferral
Account will vest on the Change in Control; 1/3rd of the 4/7ths portion of
your Deferral Account that remained unvested immediately after the Change in Control will vest on
the First Vesting Day (so that 13/21sts will then be vested); an additional 1/2 of the
8/21sts portion of your Deferral Account that remained unvested immediately after the
First Vesting Day will vest on the Second Vesting Day (so that 17/21sts will then be
vested); and the remaining unvested portion of your Deferral Account will vest on the Third Vesting
Day. If, instead, a Change of Control occurs on July 1, 2012, and you are still employed with the
Company, 1/3rd of your account will have vested prior to the Change of Control; 47.62%
of your account balance will vest on Change of Control (5/7ths times your
2/3rds unvested account balance) so that 80.95% of your account balance will be vested;
on July 1, 2013, an additional 9.53% will vest (1/2 times 19.05% unvested account balance
immediately after Change of Control) so that a total of 90.48% will be vested; and on July 1, 2014,
the remaining 9.52% will vest so that 100% of your account balance will be vested.

 

 

Mr. Michael Clarke

July 31, 2007

Page 3

     If your employment with the Company is terminated for any reason before the entire Deferred
Bonus has vested, the unvested percentage of your Deferral Account (as determined at the end of the
day of your termination) will be terminated and forfeited for no consideration. For example, if
your employment is terminated before the First Vesting Day, you will be entirely unvested on that
date, and your entire Deferral Account will be forfeited; and if your employment is terminated on
or after the First Vesting Day but before the Second Vesting Day, you will be 1/3rd
vested on that date, and 2/3rds of your entire Deferral Account will be forfeited.
(These examples assume that no Change in Control occurs at any relevant time and your employment is
not terminated by reason of death.)

     After your separation from service with the Company, you will receive a distribution of any
vested balance (less applicable tax withholdings) in accordance with the provisions of the Deferred
Compensation Plan and your Deferral Agreement.

     You understand and acknowledge that your account balance under the Deferred Compensation Plan
will be reachable by the Company’s general creditors upon the insolvency of the Company. You also
understand and acknowledge that you will not be entitled to accelerate distributions from the
Deferred Compensation Plan except in the event of your Disability or Unforeseeable Emergency as
defined under the Deferred Compensation Plan.

     The Deferred Bonus will be in addition to any rights that you have under any other agreement
with the Company. Any Deferred Bonus will not be deemed to be salary or other compensation for the
purpose of computing benefits under any employee benefit plan or other arrangement of the Company
for the benefit of its employees.

     If a future change in law would, in the judgment of the Compensation Committee or Plan
Administrator, likely accelerate taxation to you of amounts that would be credited to your account
under the Deferred Compensation Plan in the future, you and the Company will attempt to amend the
Deferred Compensation Plan to satisfy the requirements of the change in law and, unless and until
such an amendment is agreed to, the Company will cease to credit Deferred Bonuses to your account
established under the Deferred Compensation Plan.

     The Deferred Bonus does not give you any right to be retained by the Company, and does not
affect the right of the Company to dismiss any employee. The Company may withhold from any payment
of the Deferred Bonus as may be required pursuant to applicable law.

     Enclosed are:

	 	(1)	 	Flextronics International USA, Inc. Amended and Restated 2005 Senior Management
Deferred Compensation Plan;
	 
	 	(2)	 	Deferral Agreement Form for 2006 and Beneficiary Form; and
	 
	 	(3)	 	Summary of the 2005 Amended and Restated Deferred Compensation Plan.

By signing below, you represent that you have read and understand these documents and have had
adequate opportunity to ask any questions about the documents. You understand that

 

 

Mr. Michael Clarke

July 31, 2007

Page 4

although the Company has attempted to structure a plan to accomplish the tax results discussed in
the documents, the Company cannot warrant that the tax effect on you will be as expected. You also
understand that the Company and its representatives are not attempting to give you tax advice. We
strongly advise you to seek any tax advice from your own tax adviser.

     If any provision of this agreement is determined to be unenforceable, the remaining provisions
shall nonetheless be given effect. This agreement shall be construed in accordance with the laws
of the State of California without regard to conflict of law rules.

Sincerely,

FLEXTRONICS INTERNATIONAL USA, INC.

By:  /s/ Thomas J. Smach_

	 	 	Thomas J. Smach,

Chief Financial Officer

Accepted and agreed on this 31st day of July, 2007.

 /s/ Michael Clarke

Michael Clarke

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