[Form 4] Flex Ltd. Insider Trading Activity

Rhea-AI Filing Summary

William D. Watkins, identified as a director, was awarded a total of 6,718 restricted share units (RSUs) on 08/06/2025: 4,713 RSUs as the annual non-employee director award and 2,005 RSUs as the additional Chairman award. Each RSU represents a contingent right to receive one unrestricted, fully transferable ordinary share, and the grants show a $0 price.

All 6,718 RSUs vest in full on the date immediately prior to Flex Ltd.'s 2026 annual general meeting. The filing also discloses 121,355 ordinary shares held indirectly by the Denise P. Watkins trust, of which Watkins and his spouse are co-trustees and co-beneficiaries. No derivative transactions or dispositions are reported.

Positive

• 6,718 RSUs awarded (4,713 + 2,005) discloses director and chairman compensation clearly
• RSUs vest in full immediately prior to the 2026 annual general meeting, specifying the vesting timeline
• 121,355 shares held indirectly in the Denise P. Watkins trust are disclosed, showing significant reported family-trust ownership

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Routine director compensation award and family-trust holdings disclosed; no sales or derivative activity reported.

The Form 4 documents standard equity compensation for a non-employee director and chair, describing two RSU grants totaling 6,718 RSUs that vest before the 2026 AGM. The report also records 121,355 shares held indirectly via a family trust where the reporting person is co-trustee. From a governance perspective, the disclosure is complete and granular, showing timing, quantities, and the trust relationship; it does not indicate unusual insider selling or changes in control.

Securities Analyst

TL;DR: Transaction is compensation-related and immaterial to market supply; trust holdings are the largest ownership item disclosed.

The awards are granted at a $0 grant price and convert one-for-one into ordinary shares on vesting, which limits immediate dilution concerns until shares are issued. The filing highlights that 121,355 shares are held indirectly in the Denise P. Watkins trust, a material block relative to individual insider holdings in this disclosure. No purchases, sales, or option exercises were reported that would directly alter short-term free float.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

WATKINS WILLIAM D

(Last) (First) (Middle)

C/O FLEXTRONICS INTERNATIONAL USA, INC.

12515-8 RESEARCH BLVD, SUITE 300

(Street)

AUSTIN TX 78759

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
FLEX LTD. [ FLEX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/06/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Ordinary Shares	08/06/2025		A		4,713(1)	A	$0	4,713	D
Ordinary Shares	08/06/2025		A		2,005(2)	A	$0	6,718(3)	D
Ordinary Shares								121,355	I	By Trust(4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. On August 6, 2025, the Reporting Person was awarded a total of 4,713 restricted share units ("RSUs") pursuant to the terms of the annual equity award to Non-Employee Directors under the Issuer's Amended and Restated 2017 Equity Incentive Plan as more fully described in the section titled "Fiscal Year 2025 Non-Employee Directors' Compensation" beginning on page 24 of the Issuer's Proxy Statement filed with the SEC on June 24, 2025. Each RSU represents a contingent right to receive one unrestricted, fully transferable share for each vested RSU which has not previously forfeited. The award shall vest in full on the date immediately prior to the date of Issuer's 2026 annual general meeting.

2. On August 6, 2025, the Reporting Person was awarded a total of 2,005 RSUs pursuant to the terms of the additional annual equity award to the Chairman of the Board under the Issuer's Amended and Restated 2017 Equity Incentive Plan as more fully described in the section titled "Fiscal Year 2025 Non-Employee Directors' Compensation" beginning on page 24 of the Issuer's Proxy Statement filed with the SEC on June 24, 2025. Each RSU represents a contingent right to receive one unrestricted, fully transferable share for each vested RSU which has not previously forfeited. The award shall vest in full on the date immediately prior to the date of Issuer's 2026 annual general meeting.

3. Consists of 6,718 unvested RSUs which vest in full on the date immediately prior to the date of Issuer's 2026 annual general meeting. Each unvested RSU represents a contingent right to receive one unrestricted, fully transferrable share for each vested RSU which has not been previously forfeited.

4. Shares held by the Denise P. Watkins u/a/d 01-0701994 William D. Watkins Trustee of Watkins Family Trust, of which the Reporting Person and his spouse are co-trustees and co-beneficiaries.

Remarks:

	/s/ William D. Watkins, by Kristine Murphy as attorney-in-fact	08/07/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did William D. Watkins report on Form 4 for FLEX?

The Form 4 reports awards of 6,718 RSUs granted on 08/06/2025 and 121,355 ordinary shares held indirectly in the Denise P. Watkins trust.

How many RSUs did the director receive and how do they convert?

He received 4,713 RSUs as the annual director award and 2,005 RSUs as the Chairman award; each RSU represents a contingent right to one unrestricted share upon vesting.

When do the reported RSUs vest?

All reported RSUs (6,718) vest in full on the date immediately prior to Flex Ltd.'s 2026 annual general meeting.

Are there any reported sales or derivative transactions by Watkins in this filing?

No. The Form 4 discloses only grants of RSUs and indirect trust holdings; it does not report any dispositions or derivative transactions.

What is the nature of the 121,355 shares reported in the filing?

The 121,355 ordinary shares are held by the Denise P. Watkins trust, of which the reporting person and his spouse are co-trustees and co-beneficiaries.