Summary
This Form 8-K filing by Boston Scientific Corporation (BSX) on June 3, 2005, primarily discloses the entry into a material definitive agreement related to executive compensation. Specifically, the Compensation Committee of the Board of Directors approved an award of 30,000 deferred stock units to Lucia L. Quinn upon her appointment as Executive Vice President, Human Resources. These deferred stock units represent a commitment to issue shares of common stock at a later date, contingent upon Ms. Quinn's continued employment with the company. The shares will be issued in three equal annual installments starting May 31, 2006. This award highlights the company's strategy to retain key executive talent through equity-based compensation, aligning executive interests with long-term shareholder value.
Key Highlights
- 1Boston Scientific approved an award of 30,000 deferred stock units to Lucia L. Quinn, Executive Vice President, Human Resources.
- 2The award is part of Ms. Quinn's compensation in connection with her new role.
- 3Deferred stock units represent a commitment to issue shares of common stock in the future.
- 4Issuance of shares is contingent upon Ms. Quinn's continued employment with Boston Scientific.
- 5The shares will be issued in three equal annual installments, starting on May 31, 2006.
- 6This executive compensation award is filed as a material definitive agreement.
- 7The filing includes the form of the Deferred Stock Unit Agreement as an exhibit.