<HTML>
<HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV style="font-size: 10pt">
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>


<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P align="center" style="font-size: 18pt"><B>FORM 8-K</B>

<P align="center" style="font-size: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P align="center" style="font-size: 10pt"><B>Date of Report (Date of earliest event reported): May 14, 2009</B>

<P align="center">

<P align="center" style="font-size: 24pt"><B>FLEXTRONICS INTERNATIONAL LTD.<BR></B>
<FONT style="font-size: 10pt">(Exact name of registrant as specified in its charter)
</FONT>

<TABLE border="0" width="100%" cellspacing="0" cellpadding="0" style="font-size: 10pt; text-align: center">
<TR>
    <TD width="32%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="border-bottom: 1px solid #000000"><B>Singapore</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>0-23354</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>Not Applicable</B></TD>
</TR>
<TR valign="top">
    <TD>(State or other Jurisdiction of Incorporation)</TD>
    <TD>&nbsp;</TD>
    <TD>(Commission File Number)</TD>
    <TD>&nbsp;</TD>
    <TD>(IRS Employer Identification No.)</TD>
</TR>
</TABLE>

<TABLE border="0" width="100%" cellspacing="0" cellpadding="0" style="font-size: 10pt; text-align: center">
<TR>
    <TD width="49%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="border-bottom: 1px solid #000000"><B>One Marina Boulevard, # 28-00, Singapore<BR></B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>018989</B></TD>
</TR>
<TR valign="top">
    <TD>(Address of Principal Executive Offices)</TD>
    <TD>&nbsp;</TD>
    <TD>(Zip Code)</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt">Registrant&#146;s telephone number, including area code: <B>(65) 6890-7188</B>


<TABLE border="0" width="30%" cellspacing="0" cellpadding="0" style="font-size: 10pt; text-align: center">
<TR>
    <TD width="100%">&nbsp;</TD>
</TR>
<TR>
    <TD nowrap style="border-bottom: 1px solid #000000"><B>Not Applicable<BR></B></TD>
</TR>
<TR>
    <TD nowrap>(Former name or former address if changed since last report.)</TD>
</TR>
</TABLE>

<P align="left" style="font-size: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:

<P align="left" style="font-size: 10pt">
<FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


<P>
<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>

</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt; display: none">1
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<P align="left" style="font-size: 10pt"><B>Item&nbsp;5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.</B>


<P align="left" style="font-size: 10pt"><B>(e)&nbsp;Executive Compensation</B>


<P align="left" style="font-size: 10pt"><I>Annual Incentive Bonus Plan for Fiscal 2010</I>


<P align="left" style="font-size: 10pt; text-indent: 4%">On May&nbsp;14, 2009, the Board approved the Company&#146;s annual incentive bonus plan for fiscal 2010. The plan provides
its executive officers with the opportunity to earn quarterly cash bonuses based upon the achievement of
pre-established performance goals. Bonus opportunities will be based on achievement of quarterly targets, provided
that the free cash flow performance metric will be measured solely on an annual basis. 50% of the quarterly payouts
(if any) will be held back and will not be payable until after the fiscal year end. In addition, payout levels not
achieved based on quarterly results may be recouped based on annual results. Performance goals under the plan will be:
quarterly earnings per share, operating profit (as a percentage of sales), return on invested capital and SG&#038;A targets,
and annual free cash flow targets, at the Company level; and quarterly, operating profit (as a percentage of sales),
inventory turnover, cash conversion cycle and vertical integration targets at the business unit level for certain
executives. The plan allows awards to provide for different metrics, target levels and weightings for different
executives.


<P align="left" style="font-size: 10pt; text-indent: 4%">Under the annual incentive bonus plan, target award opportunities are set at various percentages of base salary,
which will be: 150% of base salary in the case of the Chief Executive Officer; 100% of base salary in the case of the
Chief Financial Officer; and between 60% and 80% of base salary in the cases of other officers. Actual payout
opportunities for each bonus component will range from 50% of target to a maximum of 300% of target (200% in the cases
of the CEO and CFO) based on achievement of the performance measures. If the Company fails to achieve the threshold
level for any performance measure, no payout is awarded for that measure. For purposes of determining achievement of
award opportunities, the annual bonus plan uses adjusted, non-GAAP measures.


<P align="center" style="font-size: 10pt">-2-




<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt; display: none">2
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">





<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt; text-indent: 4%">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly authorized.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>FLEXTRONICS INTERNATIONAL LTD.</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date: May&nbsp;20, 2009
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By: <u>/s/ Paul Read</u></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Paul Read<BR>
Title: Chief Financial Officer</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">-3-



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt; display: none">3




</DIV>
</BODY>
</HTML>
[{"type": "8-K", "sequence": "1", "filename": "c85931e8vk.htm", "description": "FORM 8-K", "secsgml_size_bytes": 8645}]
{"company-data": {"conformed-name": "FLEXTRONICS INTERNATIONAL LTD.", "cik": "0000866374", "assigned-sic": "3672", "irs-number": "000000000", "state-of-incorporation": "U0", "fiscal-year-end": "0331"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-23354", "film-number": "09842701"}, "business-address": {"street1": "ONE MARINA BOULEVARD, #28-00", "city": "SINGAPORE", "state": "U0", "zip": "018989", "phone": "(65) 6890 7188"}, "mail-address": {"street1": "ONE MARINA BOULEVARD, #28-00", "city": "SINGAPORE", "state": "U0", "zip": "018989"}, "former-company": [{"former-conformed-name": "FLEXTRONICS INTERNATIONAL LTD", "date-changed": "19940318"}, {"former-conformed-name": "FLEX HOLDINGS PTE LTD", "date-changed": "19940201"}]}
Form 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 14, 2009
FLEXTRONICS INTERNATIONAL LTD.
(Exact name of registrant as specified in its charter)
Singapore
0-23354
Not Applicable
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
One Marina Boulevard, # 28-00, Singapore
018989
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code:
(65) 6890-7188
Not Applicable
(Former name or former address if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.
(e) Executive Compensation
Annual Incentive Bonus Plan for Fiscal 2010
On May 14, 2009, the Board approved the Company's annual incentive bonus plan for fiscal 2010. The plan provides
its executive officers with the opportunity to earn quarterly cash bonuses based upon the achievement of
pre-established performance goals. Bonus opportunities will be based on achievement of quarterly targets, provided
that the free cash flow performance metric will be measured solely on an annual basis. 50% of the quarterly payouts
(if any) will be held back and will not be payable until after the fiscal year end. In addition, payout levels not
achieved based on quarterly results may be recouped based on annual results. Performance goals under the plan will be:
quarterly earnings per share, operating profit (as a percentage of sales), return on invested capital and SG&A targets,
and annual free cash flow targets, at the Company level; and quarterly, operating profit (as a percentage of sales),
inventory turnover, cash conversion cycle and vertical integration targets at the business unit level for certain
executives. The plan allows awards to provide for different metrics, target levels and weightings for different
executives.
Under the annual incentive bonus plan, target award opportunities are set at various percentages of base salary,
which will be: 150% of base salary in the case of the Chief Executive Officer; 100% of base salary in the case of the
Chief Financial Officer; and between 60% and 80% of base salary in the cases of other officers. Actual payout
opportunities for each bonus component will range from 50% of target to a maximum of 300% of target (200% in the cases
of the CEO and CFO) based on achievement of the performance measures. If the Company fails to achieve the threshold
level for any performance measure, no payout is awarded for that measure. For purposes of determining achievement of
award opportunities, the annual bonus plan uses adjusted, non-GAAP measures.
-2-
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly authorized.
FLEXTRONICS INTERNATIONAL LTD.
Date: May 20, 2009
By:
/s/ Paul Read
Name: Paul Read
Title: Chief Financial Officer
-3-