Summary
Boeing Company (BA) filed an 8-K report on September 2, 2005, detailing material definitive agreements related to executive compensation. The most significant aspect for investors is the granting of a restricted stock unit award to Chief Financial Officer James A. Bell. This award, totaling 22,433.26 units, was made to recognize his performance as interim CEO and to incentivize long-term commitment. The award vests over three and five years, with dividend equivalents also vesting alongside the principal units. Additionally, the report discloses a fully vested stock award of 7,398 shares granted to Lead Director Lewis E. Platt. This award acknowledges his increased responsibilities during the interim CEO period. Both awards were made under the company's 2003 Incentive Stock Plan, and investors should note that these disclosures primarily concern executive remuneration rather than operational or financial performance updates.
Key Highlights
- 1Boeing granted 22,433.26 restricted stock units to CFO James A. Bell, effective August 29, 2005.
- 2The award to Mr. Bell is a recognition of his performance as interim CEO and an incentive for long-term commitment.
- 3Mr. Bell's award vests over three years (50%) and five years (50%), subject to continued service.
- 4Cash dividends on the restricted stock units will be credited as additional units and vest concurrently.
- 5Lead Director Lewis E. Platt received a fully vested stock award of 7,398 shares.
- 6Mr. Platt's award recognizes his increased responsibilities during the interim CEO period.
- 7Both awards were granted under Boeing's 2003 Incentive Stock Plan.