Schedule 14A


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Table of Contents

SCHEDULE 14A

INFORMATION REQUIRED IN PROXY STATEMENT

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

Filed by the Registrant þ

Filed by a Party other than the Registrant o

Check the appropriate box:

 

 

 

o     Preliminary Proxy Statement

 

o     Confidential, for Use of the Commission Only

        (as permitted by Rule 14a-6(e)(2))

 

 

 

þ     Definitive Proxy Statement

 

 

 

 

 

o     Definitive Additional Materials

 

 

 

 

 

o     Soliciting Material Pursuant to §240.14a-12

 

 

JABIL CIRCUIT, INC.

 

(Name of Registrant as Specified in its Charter)

 

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check the appropriate box):

þ

 

No fee required.

 

 

 

o

 

Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.




 

(1)

 

Title of each class of securities to which transaction applies:

 

 

 

 

 

 

 

 

 

 

 

 

 

(2)

 

Aggregate number of securities to which transaction applies:

 

 

 

 

 

 

 

 

 

 

 

 

 

(3)

 

Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):

 

 

 

 

 

 

 

 

 

 

 

 

 

(4)

 

Proposed maximum aggregate value of transaction:

 

 

 

 

 

 

 

 

 

 

 

 

 

(5)

 

Total fee paid:

 

 

 

 

 

 

 

 




o

 

Fee paid previously with preliminary materials.

 

 

 

 

 

 




o

 

Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.




 

(1)

 

Amount Previously Paid:

 

 

 

 

 

 

 

 

 

 

 

 

 

(2)

 

Form, Schedule or Registration No.:

 

 

 

 

 

 

 

 

 

 

 

 

 

(3)

 

Filing Party:

 

 

 

 

 

 

 

 

 

 

 

 

 

(4)

 

Date Filed:

 

 

 

 

 

 

 

 

Table of Contents

JABIL CIRCUIT, INC.

 

NOTICE OF ANNUAL MEETING OF STOCKHOLDERS

To Be Held on January 21, 2010

 

TO THE STOCKHOLDERS:

     NOTICE IS HEREBY GIVEN that the Annual Meeting of Stockholders of Jabil Circuit, Inc., a Delaware corporation (“Jabil”), will be held on Thursday, January 21, 2010, at 10:00 a.m., local time, in the Sunset Ballroom at the Renaissance Vinoy Golf Club located at 600 Snell Isle Boulevard, St. Petersburg, Florida 33704 for the following purposes:

     1. To elect nine directors to serve for the ensuing year or until their successors are duly elected and qualified;

     2. To approve an amendment to increase the size of the Jabil Circuit, Inc. 2002 Stock Incentive Plan by 8,200,000 shares;

     3. To ratify the appointment of KPMG LLP as Jabil’s independent registered public accounting firm for the fiscal year ending August 31, 2010; and

     4. To transact such other business as may properly come before the Annual Meeting, including any adjournment thereof.

     Only stockholders of record at the close of business on November 24, 2009 are entitled to notice of and to vote at the Annual Meeting.

     A list of all stockholders entitled to vote at the 2009 Annual Meeting will be available for examination at the Office of the General Counsel of Jabil Circuit, Inc., at 10560 Dr. Martin Luther King, Jr. Street North, St. Petersburg, Florida 33716, for the ten days before the meeting between 9:00 a.m. and 5:00 p.m., local time, and at the place of the Annual Meeting during the Annual Meeting.

     You have the option to receive future proxy materials electronically via the Internet. You may choose to do so by following the instructions contained in this mailing. Offering electronic delivery of future annual reports and proxy statements is not only cost-effective for Jabil but is also friendlier to the environment.

     All stockholders are cordially invited to attend the Annual Meeting in person. However, to ensure your representation at the Annual Meeting, you are urged to vote your shares using one of the following methods: (1) vote through the Internet at the website shown on the proxy card; or (2) mark, date, sign and return the enclosed proxy as promptly as possible in the postage-prepaid envelope enclosed for that purpose. If you elected to receive the 2009 proxy materials over the Internet, you will not receive a paper proxy card and you should vote online, unless you cancel your enrollment or we discontinue the availability of our proxy materials on the Internet. YOU MAY REVOKE YOUR PROXY IN THE MANNER DESCRIBED IN THE ACCOMPANYING PROXY STATEMENT AT ANY TIME BEFORE IT HAS BEEN VOTED AT THE ANNUAL MEETING. ANY STOCKHOLDER ATTENDING THE ANNUAL MEETING MAY VOTE IN PERSON EVEN IF HE OR SHE HAS RETURNED A PROXY.

FOR THE BOARD OF DIRECTORS OF JABIL CIRCUIT, INC.

Robert L. Paver

General Counsel and Secretary

St. Petersburg, Florida

December 11, 2009

Important Notice Regarding the Availability of Proxy Materials for the Stockholder Meeting

to be Held on January 21, 2010

The Proxy Statement and Annual Report to Stockholders are available at

http://jbl.client.shareholder.com/annuals.cfm .

Information on our website, other than this Proxy Statement, is not a part of this Proxy Statement.

 
Table of Contents

JABIL CIRCUIT, INC.

 

PROXY STATEMENT

Table of Contents

 


 

 

 

 

 

INFORMATION CONCERNING SOLICITATION AND VOTING

 

 

1

 

General

 

 

1

 

Record Date and Measurement Date

 

 

1

 

Revocability of Proxies

 

 

1

 

Voting and Solicitation

 

 

1

 

Quorum; Abstentions; Broker Non-Votes

 

 

2

 

Voting Results

 

 

2

 

Voting Electronically via the Internet

 

 

2

 

Deadline for Receipt of Stockholder Proposals

 

 

3

 

Fiscal Year End

 

 

3

 

BENEFICIAL OWNERSHIP

 

 

4

 

Share Ownership by Principal Stockholders and Management

 

 

4

 

Section 16(a) Beneficial Ownership Reporting Compliance

 

 

6

 

CORPORATE GOVERNANCE AND BOARD OF DIRECTORS MATTERS

 

 

7

 

Current Members of the Board of Directors

 

 

7

 

Role of the Board of Directors’ Committees

 

 

7

 

Executive Sessions

 

 

8

 

Corporate Governance Guidelines

 

 

8

 

Selection of Nominees for the Board of Directors

 

 

8

 

Majority Voting for Directors

 

 

10

 

Determinations of Director Independence

 

 

10

 

Board of Directors Meetings During Fiscal Year 2009

 

 

12

 

Policy Regarding Attendance at Annual Meeting of Stockholders

 

 

12

 

Communication with the Board of Directors

 

 

12

 

Code of Business Conduct and Ethics and Senior Code

 

 

12

 

Compensation Committee Interlocks and Insider Participation

 

 

13

 

Related Party Transactions Policy

 

 

13

 

Related Party Transactions/Certain Transactions

 

 

13

 

Director Compensation

 

 

14

 

PROPOSAL NO. 1 — ELECTION OF DIRECTORS

 

 

15

 

PROPOSAL NO. 2 — AN AMENDMENT TO THE 2002 STOCK INCENTIVE PLAN TO INCREASE SHARES AVAILABLE FOR ISSUANCE

 

 

17

 

PROPOSAL NO. 3 — RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

 

24

 

PROPOSAL NO. 4 — TRANSACTION OF OTHER BUSINESS

 

 

26

 

COMPENSATION DISCUSSION & ANALYSIS

 

 

27

 

Executive Summary

 

 

27

 

Contents of Compensation Discussion and Analysis

 

 

30

 

Guiding Principles of the Executive Compensation Program

 

 

30

 

 
Table of Contents

 

 

 

 

 

Elements and Philosophy of Our Executive Compensation Program

 

 

31

 

Balance of Elements

 

 

31

 

Our Executive Compensation Process

 

 

31

 

Role of Consultants

 

 

32

 

Role of Management

 

 

32

 

Role of Compensation Committee

 

 

32

 

Competitive Benchmarking

 

 

32

 

Our Equity-Based Compensation Award Practices

 

 

33

 

Other Compensation, Policies and Considerations

 

 

34

 

Severance Arrangements

 

 

34

 

Retirement and Pension Plan

 

 

34

 

Change in Control Arrangements

 

 

34

 

Additional Compensation Programs in Which NEOs May Participate

 

 

35

 

Other Compensation

 

 

35

 

Nonqualified Deferred Compensation

 

 

35

 

Recovery of Executive Compensation

 

 

35

 

Insider Trading Policy

 

 

36

 

Tax Deductibility of Executive Compensation

 

 

36

 

Accounting for Share-Based Compensation

 

 

36

 

Fiscal Year 2009 Compensation

 

 

36

 

NEO Total Direct Compensation Mix

 

 

36

 

Salary

 

 

37

 

Annual Cash Incentives

 

 

38

 

Long-Term, Equity-Based Compensation

 

 

40

 

COMPENSATION COMMITTEE REPORT

 

 

41

 

SUMMARY COMPENSATION TABLE

 

 

42

 

GRANTS OF PLAN-BASED AWARDS IN FISCAL YEAR 2009

 

 

44

 

OUTSTANDING EQUITY AWARDS AT FISCAL 2009 YEAR END

 

 

45

 

OPTION EXERCISES AND STOCK VESTED IN FISCAL YEAR 2009

 

 

47

 

POTENTIAL PAYMENTS UPON TERMINATION OR A CHANGE IN CONTROL

 

 

48

 

OTHER PROCEDURAL MATTERS

 

 

48

 

APPENDIX A - 2002 STOCK INCENTIVE PLAN

 

 

A-1

 

 
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