Summary
This 8-K filing from Abbott Laboratories (ABT) on April 28, 2017, primarily concerns the shareholder approval of the new Abbott Laboratories 2017 Incentive Stock Program. This program replaces the previous 2009 plan and is designed to provide equity-based compensation to officers, employees (including foreign subsidiaries), and non-employee directors. The 2017 Program allows for a variety of awards, including stock options, restricted stock, restricted stock units, and performance-based awards. A significant pool of 170,000,000 common shares will be available for issuance under this new program, plus any unused shares from the prior plan and shares used for tax withholding. The program has a ten-year term, indicating a long-term commitment to equity-based incentives.
Key Highlights
- 1Shareholders approved the Abbott Laboratories 2017 Incentive Stock Program.
- 2The new program replaces the Abbott Laboratories 2009 Incentive Stock Program.
- 3The 2017 Program is administered by the Compensation Committee of the Board of Directors.
- 4A maximum of 170,000,000 common shares can be issued under the 2017 Program.
- 5The program allows for various equity awards including stock options, restricted stock, restricted stock units, and performance awards.
- 6Awards can be granted to officers, employees (including foreign subsidiaries), and non-employee directors.
- 7The 2017 Program has a term of ten years.