Summary
Boston Scientific Corporation (BSX) filed an 8-K on December 15, 2005, reporting on executive compensation decisions made on December 12, 2005. The filing details the approval of merit-based salary increases and annual cash bonuses for the Company's Executive Committee members. These awards were granted under the terms of the 2005 Performance Incentive Plan, which is part of the broader Long-Term Incentive Plans previously approved by stockholders. These plans are designed to align executive compensation with corporate and individual performance. The 2005 Performance Incentive Plan measures corporate achievement against quarterly sales and profitability goals, specifically revenue and net income objectives. Individual executive performance is assessed based on their responsibility for strategic corporate functions relative to the company's business plan. Investors should note that these actions reflect the company's ongoing compensation strategies for its leadership team.
Key Highlights
- 1Boston Scientific Corporation's Compensation Committee approved salary increases and annual cash bonuses for its Executive Committee on December 12, 2005.
- 2The awards are made under the Company's 2005 Performance Incentive Plan, consistent with its overall compensation program.
- 3The Performance Incentive Plan is linked to achieving quarterly Company and individual objectives.
- 4Corporate performance is measured against revenue and net income goals.
- 5Individual executive performance is evaluated based on their oversight of strategic corporate functions.
- 6These compensation adjustments are part of the Company's Long-Term Incentive Plans.
- 7The 2005 Performance Incentive Plan document is included as an exhibit to this filing.