Summary
This 8-K filing from The Boeing Company (BA) primarily details a compensatory arrangement for its Chief Financial Officer, Gregory D. Smith. Effective July 3, 2017, Mr. Smith was granted 50,000 restricted stock units (RSUs) under the company's 2003 Incentive Stock Plan. This award is tied to an expansion of Mr. Smith's responsibilities, effective July 1, 2017, where he will transition to Chief Financial Officer and Executive Vice President, Enterprise Performance & Strategy. The RSUs are intended to recognize his performance and serve as a retention incentive. The full award will vest and settle in shares of Boeing common stock on July 3, 2021. Investors should note this is a standard executive compensation and retention mechanism.
Key Highlights
- 1Boeing CFO, Gregory D. Smith, receives a grant of 50,000 restricted stock units (RSUs).
- 2The RSU grant is effective July 3, 2017, and vests fully on July 3, 2021.
- 3The award is linked to an expansion of Mr. Smith's role and responsibilities, effective July 1, 2017.
- 4Mr. Smith's new title will be Chief Financial Officer and Executive Vice President, Enterprise Performance & Strategy.
- 5The grant serves as both a performance recognition and a retention incentive for Mr. Smith.
- 6The RSUs were issued under Boeing's 2003 Incentive Stock Plan.
- 7The filing incorporates by reference the form of the Notice of Terms of Supplemental Restricted Stock Units (Exhibit 10.1) and a related press release (Exhibit 99.1).