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Exhibit 10.3
Certain identified information has been excluded from the exhibit because (i) it is not material and (ii) is the type of information that the Company treats as private or confidential.  Bracketed asterisks denote omissions.

FY22 Executive Incentive Plan

1.Purpose: The FY22 Executive Incentive Plan (the “FY22 Plan”) is designed to reward key management for achieving certain financial and business objectives.
2.Plan Period: The FY22 Plan covers the Company’s fiscal year 2022 (i.e., October 2, 2021, through September 30, 2022). There will be two performance periods, the first consisting of the first half of the fiscal year (i.e., October 2, 2021, through April 1, 2022), and the second consisting of the second half of the fiscal year (i.e., April 2, 2022, through September 30, 2022).
3.Eligibility: This program applies to the Chief Executive Officer and his direct reporting senior executives. Other key employees may be added based upon the recommendation of the Chief Executive Officer and subsequent approval of the Compensation Committee. Those employees not covered by this FY22 Plan may be eligible for other programs established by Skyworks.
4.Incentive Targets: Participants are eligible to earn an incentive bonus equal to a percentage of their base salary based on the Company’s achievement of certain performance metrics as set forth below. Nominal, target and stretch incentive awards have been established as follows (shown as a percentage of the participant’s base salary):

												
	

Title
	Incentive At Nominal
	Incentive At Target
	Incentive At Stretch

	CEO
	80%
	160%
	320%

	CFO
	50%
	100%
	200%

	Other SVP/VPs
	40%
	80%
	160%

5.Metrics: The performance metrics for FY22 are as follows:

												
	Metric
	Nominal
	Target
	Stretch

	1st Half Metrics ($M)
			
	Corporate Operating Income Dollars1
	[**]
	[**]
	[**]

	Corporate Revenue
	[**]
	[**]
	[**]

	2nd Half Metrics ($M)2
		
	Corporate Operating Income Dollars1
	TBD
	TBD
	TBD

	Corporate Revenue
	TBD
	TBD
	TBD

1 Non-GAAP operating income plus depreciation and amortization
 2 2nd Half targets will be reassessed, and approved, in May 2022

Each performance metric above anticipates normal operations. Any changes or adjustments to the performance metrics (or metric weightings) to take account of extraordinary, unusual, or special items 

(e.g., restructurings, acquisitions and/or dispositions), or such other items as the Compensation Committee may determine in its sole discretion, will be made in the sole discretion of the Compensation Committee. Payments to be made with respect to the metrics will be weighted based on performance as follows, with percentages representing percentages of the participant’s target award:

															
		1st Half Operating Income $
	2nd Half Operating Income $
	

1st Half Revenue
	

2nd Half Revenue

	All Participants
	25%
	25%
	25%
	25%

6.How the Plan Works: Upon completion of the applicable performance period, the Chief Executive Officer will provide the Compensation Committee with recommendations for incentive award payments to all named participants of the plan except himself. The Chief Executive Officer may recommend awards below a participant’s nominal incentive award or above a participant’s stretch incentive award. The Chief Executive Officer may also recommend modifications to incentive payments (including, but not limited to, the delivery of equity awards in lieu of cash) to ensure an equitable distribution of incentives. The Committee will review the recommendations and approve the actual amount (and form) of the payment to be made to each participant, including the Chief Executive Officer. All incentive award payments under the FY22 Plan, if earned, will be paid by March 15th of the calendar year following the end of the calendar year in which the performance period ends.
7.Administration: If actual performance achieved for the applicable performance period falls between the applicable Nominal and Target levels, or between the Target and Stretch levels, the achievement with respect to such metric shall be calculated based on a straight-line, mathematical interpolation between the applicable vesting percentages.
In order to fund the incentive plans and ensure the Company’s overall financial performance, the following terms apply:
•Payments with respect to the 1st Half metrics will be capped at 100% of the target level attributed to such metric, with any amounts over such level to be paid out after the end of the fiscal year provided that the Company meets its minimum operating income goal (in dollars) after accounting for any incentive award payments (“Minimum Operating Level of Performance”).  Similarly, no incentive payments will be made with respect to the 2nd Half metrics unless the Company meets the Minimum Operating Level of Performance.
•Any payment shall be conditioned upon the Participant’s employment by the Company on the date of payment; provided, however, that the Compensation Committee may make exceptions to this requirement, in its sole discretion, including, without limitation, in the case of a participant’s termination of employment, retirement, death or disability.
•Any payments made under this FY22 Plan will be subject to the provisions of any compensation clawback policy that Skyworks has in effect or may adopt in the future.
8.Taxes: All awards are subject to applicable taxes, including federal, state, local, and social security taxes. Payments under this FY22 Plan will not affect the participant’s base salary, which is used as the basis for Skyworks’ benefits program.Document

 
SUSPENSION OF RIGHTS AGREEMENT 
 
To:          JPMorgan Chase Bank, N.A., as Administrative Agent 
From:      Plexus Corp. 
Date:          December 1, 2021 
Ladies & Gentlemen 
Reference is made to that certain Credit Agreement, dated as of May 15, 2019, among Plexus Corp. (the “Company”), the Subsidiary Borrowers from time to time party thereto (together with the Company, the “Borrowers”), the Lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”) (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). 
 
1We are writing to you in your capacity as Administrative Agent under the Credit 
Agreement.  Unless otherwise defined in this letter, terms defined in the Credit Agreement have the same meaning when used in this letter.  The term “Non-USD Currency” in this letter shall mean collectively or individually:  
☒ Pounds Sterling 
☒ EUR 
☐ CHF 
☐ JPY 
 
2The Borrowers each acknowledge that from December 31, 2021, panel submissions for all Non-USD Currency LIBOR tenors and 1-week and 2-month Dollar denominated LIBOR tenors shall cease, following which representative LIBOR rates for such currencies and tenors shall cease to be available (the “2021 LIBOR Cessation”). As used herein, (a) “LIBOR” means, for any currency, the London interbank offered rate for such currency, and (b) “Cessation Date” means December 31, 2021; provided that (i) if the Financial Conduct Authority issues a public statement (each, an “Extension Statement”) extending the deadline date for the cessation of publishing Pounds Sterling LIBOR and/or EUR LIBOR for certain tenors that is representative of underlying market conditions and is recommended for continued use in business loans to a date that is after December 31, 2021, then “Cessation Date” with respect to Pounds Sterling denominated Loans and Advances and/or EUR denominated Loans and Advances, as applicable, with such tenors shall mean such later date of cessation specified in the applicable Extension Statement or (ii) if the Financial Conduct Authority issues an Extension Statement extending the deadline date for the cessation of publishing a one-week or two-month Dollar LIBOR that is representative of underlying market conditions and is recommended for continued use in business loans to a date that is after December 31, 2021, then “Cessation Date” with respect to such one-week and/or two-month Dollar denominated Loans and Advances, as applicable, shall mean such later date of cessation specified in the applicable Extension Statement. 
 

3For good and valuable consideration, including delaying the incurrence of costs required to update the terms of the Credit Agreement in connection with the 2021 LIBOR Cessation, and in lieu of amending or waiving any term of the Credit Agreement, each of the Borrowers agrees with effect from December 1, 2021 to suspend its following rights under the Credit Agreement: 
 
(a)Each Borrower agrees that, notwithstanding anything to the contrary in the Loan Documents, (i) from and after the Cessation Date, (A) the Non-USD Currency shall no longer be an Eligible Currency under the Credit Agreement, (B) the Non-USD Currency shall not be available as an Agreed Currency for Facility LCs issued under the Credit Agreement and (C) the Non-USD Currency shall not be available as an Agreed Currency for Loans under the Credit Agreement and no Lender shall be obligated to participate in any Advance under the Credit Agreement in the Non-USD Currency, and (ii) any and all outstanding Non-USD Currency Loans and Advances shall be repaid or prepaid by the Borrowers on or before the Cessation Date;  
 
(b)Each Borrower agrees that, notwithstanding anything to the contrary in the Loan Documents, from and after the Cessation Date, it shall no longer be permitted to select an Interest Period of one week or two months for any Advance denominated in Dollars, in each case, without consent of the Required Lenders under the Credit Agreement (the preceding clause (a) and this clause (b) together, the “Suspension of Rights”); and 
 
(c)Each Borrower agrees that, if any Borrower gives a notice or instruction under the Credit Agreement (i) after the Cessation Date that selects a Non-USD Currency as the currency of a Facility LC, such notice or instruction shall be deemed to be amended to select Dollars as the currency of that Facility LC or (ii) after the Cessation Date that selects (x) a Non-USD Currency as the currency of a Loan, such notice or instruction shall be deemed to be amended to select Dollars as the currency of that Loan, or (y) an Interest Period under the Credit Agreement that uses a 2-month LIBOR for Dollars to calculate interest (unless with the consent of the Required Lenders as contemplated by clause (b) above), such notice or instruction shall be deemed to be amended to select an Interest Period of 1 month and, in each case, agrees that only such amended notice or instruction will have effect under the Credit Agreement. 
 
4The Suspension of Rights shall cease to have effect (and all rights of the Borrowers under the Credit Agreement in respect of the terms set out in paragraph 3 above in effect immediately prior to the Suspension of Rights shall be in full force and effect) following notice from the Company to the Administrative Agent that the Suspension of Rights is terminated, provided that, such notice shall only be effective if, prior to or contemporaneously with the date of such notice, amendments to the Credit Agreement to take account of the 2021 LIBOR Cessation and to replace LIBOR with an alternative benchmark with respect to Non-USD Currency Loans and Facility LCs have become effective pursuant to and in accordance with the terms of the Credit Agreement. 
 

5Each of the Borrowers agrees to indemnify and hold harmless the Administrative Agent and each other indemnified person for any damage, loss, cost, liability, claim or reasonable expense whatsoever incurred (A) in connection with a breach, or reasonably in anticipation of a potential breach, of any Borrower’s agreements in paragraphs 3(a) and 3(b) above or (B) giving effect to the instruction of any Borrower in paragraph 3(c) above; provided that such indemnity shall not, as to the Administrative Agent and each other indemnified person, be available to the extent that such damage, loss, cost, liability, claim or reasonable expense (i) is determined in a final non-appealable judgment by a court of competent jurisdiction to have resulted from (A) the Administrative Agent’s or such indemnified person’s gross negligence or willful misconduct or (B) a material breach by the Administrative Agent or such indemnified person of its express obligations under the applicable Loan Document, or (ii) results from claims of any indemnified person solely against one or more other indemnified persons (other than any claims against an indemnified person in its capacity as the Administrative Agent, a Syndication Agent, a Co-Documentation Agent, an Arranger, an LC Issuer or the Swing Line Lender) that have not resulted from the action, inaction, participation or contribution of any Borrower or their respective Subsidiaries or any of their respective officers, directors, stockholders, partners, members, employees, agents, representatives or advisors. 
6This letter is hereby designated as a Loan Document and we acknowledge that this letter will be posted to the Syndtrak site established for Lenders for the Credit Agreement. We acknowledge and agree that each Lender under the Credit Agreement may rely on and shall be a third party beneficiary of this letter. 
 
7Please sign and return to us the enclosed copy of this notice by way of your acknowledgement to the contents set out in this letter.  This letter may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument. The words “execution,” “signed,” “signature,” and words of like import in any Loan Document shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, or any other state laws based on the Uniform Electronic Transactions Act 
 
8This letter has been duly executed and delivered by the Company, on behalf itself and each other Borrower, and constitutes a legal, valid and binding obligation of each of the Borrowers, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 
 
9The provisions of Section 15.1 (Governing Law),  Section 15.2 (Jurisdiction) and Section 
15.3 (Waiver of Jury Trial) shall apply, mutatis mutandis, to this letter. 
 
[Signature pages follow] 

 

Very truly yours, 
PLEXUS CORP.
As the Company:
By: /s/ Patrick J. Jermain
Name: Patrick J. Jermain
Title: Executive Vice President & Chief Financial Officer 

Agreed and accepted by:
JPMorgan Chase Bank, N.A.
as Administrative Agent
By: /s/ David Tepper
Name: David Tepper
Title Vice President

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