8-KLeadership ChangesExhibits & Filings

BOEING CO 8-K Report, Executive Changes (Dec 14, 2007)

Filed December 14, 2007For Securities:BABA-PA

Summary

The Boeing Company (BA) filed an 8-K report on December 14, 2007, detailing amendments to its Supplemental Executive Retirement Plan (SERP) effective January 1, 2008. These changes were primarily driven by the need to comply with final regulations under Section 409A of the Internal Revenue Code. Additionally, Boeing adjusted the SERP to align executive retirement benefits with those of its peer companies. The key change impacts future executive hires, specifically those hired or rehired on or after January 1, 2008. These new executives will no longer be eligible for a specific additional supplemental benefit that previously ensured a target retirement benefit. Instead, they will receive benefits similar to non-executives. Executives hired before the effective date will retain their current eligibility for the greater of the additional supplemental benefit or an excess benefit. This amendment reflects a strategic decision to standardize executive compensation practices and ensure regulatory compliance.

Key Highlights

  • 1Boeing amends its Supplemental Executive Retirement Plan (SERP) effective January 1, 2008.
  • 2Amendments are primarily to ensure compliance with Section 409A of the Internal Revenue Code.
  • 3A key change eliminates an additional supplemental retirement benefit for executives hired or rehired on or after January 1, 2008.
  • 4New executives will receive excess benefits similar to non-executives, not the previous supplemental benefit.
  • 5Executives hired before January 1, 2008, will retain eligibility for their existing benefit structure.
  • 6The changes aim to align executive retirement benefits with those of peer companies.
  • 7The amended and restated SERP is filed as an exhibit to this 8-K.

Frequently Asked Questions

The primary purpose of the amendments is to ensure compliance with the final regulations under Section 409A of the Internal Revenue Code. Additionally, the company sought to harmonize executive retirement benefits with those offered by its industry peers.

Executives who were hired before January 1, 2008, will continue to be eligible for the existing benefit provisions, including the greater of the additional supplemental benefit or the excess benefit, once they meet the plan's eligibility requirements.

Executives hired or rehired on or after January 1, 2008, will no longer receive the specific additional supplemental benefit. They will be eligible for the same excess benefits as non-executive employees, which may be less than the target benefit previously guaranteed by the supplemental provision.

No, this 8-K filing specifically addresses changes to the company's executive retirement plan (SERP) to comply with tax regulations and align with industry practices. It does not disclose financial results or operational developments.