Summary
This 8-K filing from The Boeing Company, filed on February 29, 2012, primarily reports on a compensation matter related to a key executive. The Compensation Committee of the Board of Directors approved a grant of 40,000 restricted stock units (RSUs) to J. Michael Luttig, Executive Vice President and General Counsel. This award was granted as a recognition of his performance and as a retention incentive for the company. The RSUs are set to vest fully and settle in company common stock on a one-for-one basis on February 27, 2016, which is four years from the grant date. The grant falls under the company's 2003 Incentive Stock Plan. This type of compensation arrangement is common for senior leadership to align their interests with shareholders and encourage long-term commitment.
Key Highlights
- 1Grant of 40,000 Restricted Stock Units (RSUs) to Executive Vice President and General Counsel, J. Michael Luttig.
- 2The RSU award is intended as recognition for Mr. Luttig's performance.
- 3The award also serves as a retention vehicle to encourage long-term commitment from the executive.
- 4The RSUs will fully vest and settle on February 27, 2016, four years after the grant date.
- 5Vesting and settlement will occur on a one-for-one basis, meaning each RSU converts into one share of Boeing common stock.
- 6The grant is made under The Boeing Company's 2003 Incentive Stock Plan.
- 7The filing includes the Form of Notice of Terms of Restricted Stock Units as an exhibit.