Summary
Boston Scientific Corporation (BSX) filed an 8-K on February 28, 2008, reporting on executive compensation matters approved on February 26, 2008. The most significant development concerns the compensation package for CEO James R. Tobin. His base salary for 2008 was increased to $994,000, a modest rise of $29,000 from the previous year. Furthermore, the company adjusted its performance incentive plans for Mr. Tobin. He received a performance award of $710,867 for 2007, representing 75% of his target opportunity. For 2008, his performance award opportunity has been enhanced, with the potential to earn up to 120% of his base salary, an increase from the previous 100% opportunity. This filing provides transparency on executive compensation adjustments as of early 2008.
Key Highlights
- 1CEO James R. Tobin received a base salary increase to $994,000 for 2008.
- 2Mr. Tobin's 2008 base salary represents an increase of $29,000 compared to his 2007 salary.
- 3Mr. Tobin received a performance incentive award of $710,867 for the 2007 performance year.
- 4The 2007 performance award was 75% of Mr. Tobin's award opportunity.
- 5Mr. Tobin's performance award opportunity for 2008 was increased.
- 6The 2008 performance award opportunity for Mr. Tobin is now set at 120% of his base salary, up from 100% previously.