8-KMaterial AgreementsExhibits & Filings

BOSTON SCIENTIFIC CORP 8-K Report, Material Agreement (Jul 7, 2005)

Filed July 7, 2005For Securities:BSX

Summary

Boston Scientific Corporation (BSX) filed an 8-K on July 7, 2005, reporting on material agreements entered into on July 1, 2005. The primary focus of this filing is the approval of special accelerated equity incentive awards by the Compensation Committee of the Board of Directors. These awards are designed to aid in the retention of key executive committee members and senior management personnel. The awards consist of stock options and deferred stock units, both with a five-year vesting schedule beginning on July 1, 2007. The filing details the specific stock option and deferred stock unit grants for several named executive officers, including the Chief Financial Officer, Chief Technology Officer, and Chief Operating Officer. These grants are made under the company's 2003 Long-Term Incentive Plan and are contingent upon continued employment through the vesting dates. Investors should note that this filing primarily concerns executive compensation and retention strategies, with no new financial results or significant business operations updates.

Key Highlights

  • 1Boston Scientific approved special accelerated equity incentive awards for executive and senior management on July 1, 2005.
  • 2The awards are designed to enhance employee retention within key leadership positions.
  • 3Grants include Non-Qualified Stock Options with a five-year vesting period, starting July 1, 2007.
  • 4Grants also include Deferred Stock Units, to be issued in five equal annual installments beginning July 1, 2007.
  • 5Specific awards are detailed for 12 named executive officers, including the CFO and COO.
  • 6All awards are subject to continued employment with the company through the vesting dates.
  • 7The awards are made under the Boston Scientific 2003 Long-Term Incentive Plan.

Frequently Asked Questions

The main purpose of this 8-K filing is to report on the approval of special equity incentive awards, including stock options and deferred stock units, granted to certain executive committee members and senior management to ensure their retention within the company.

The awards were granted to specific members of the executive committee and senior management. The filing lists individuals such as the Chief Financial Officer, Chief Technology Officer, Chief Operating Officer, and other senior vice presidents.

Both the stock options and deferred stock units have a five-year vesting schedule. Vesting begins on July 1, 2007, which is the second anniversary of the grant date, and continues in annual installments thereafter. Continued employment through these dates is required for vesting.

No, this 8-K filing does not contain any new financial statements or financial results. It specifically reports on the entry into a material agreement related to executive compensation and retention.