Summary
Boston Scientific Corporation (BSX) filed an 8-K report on December 21, 2007, detailing amendments to its 401(k) Retirement Savings Plan. The primary focus of this filing is the Compensation Committee's approval of a special one-time 401(k) contribution from 2004, which will become fully vested for all active employees as of December 31, 2007. This action aims to provide immediate benefit and vesting to employees regarding this specific prior contribution. In addition to the vesting of the 2004 contribution, the filing also notes technical amendments to the plan's Trust Agreement. These amendments address the voting of non-responsive participant shares in the event of a tender offer, ensuring a defined process for such situations. While these are administrative in nature, they are important for the proper governance and operation of the retirement plan.
Key Highlights
- 1Boston Scientific's Compensation Committee approved amendments to the 401(k) Retirement Savings Plan on December 18, 2007.
- 2A 2004 special one-time 401(k) contribution will be fully vested for all active employees as of December 31, 2007.
- 3The vesting applies to the specific 2004 contribution, enhancing employee benefits.
- 4Technical amendments were made to the Trust Agreement for the 401(k) plan.
- 5These technical amendments concern the voting of non-responsive participant shares during a tender offer.
- 6The filing includes the forms of the Sixth Amendment to the 401(k) Plan and the Third Agreement and Amendment to Trust Agreement as exhibits.