8-KLeadership ChangesExhibits & Filings

BOSTON SCIENTIFIC CORP 8-K Report, Executive Changes (Jan 13, 2011)

Filed January 13, 2011For Securities:BSX

Summary

Boston Scientific Corporation (BSX) filed an 8-K on January 13, 2011, primarily to disclose an amendment to its 2011 Performance Incentive Plan (2011 PIP). The key change alters the eligibility requirement for receiving payments under the plan. Previously, employees needed to be employed through December 31, 2011. The amendment now links eligibility to the actual date payments are made, rather than a fixed end-of-year employment date. This change is significant as it could impact the compensation structure and employee retention incentives for the performance period spanning January 1, 2011, to December 31, 2011. Payment timelines for the 2011 PIP have also been clarified. Payments within the United States are expected by March 15, 2012, while international payments will be processed as soon as administratively feasible following December 31, 2011. Investors should note that the 2011 PIP is effective for the entire 2011 calendar year and the amendment aims to provide flexibility while still incentivizing continued employment through the payout period.

Key Highlights

  • 1Amendment to the 2011 Performance Incentive Plan (2011 PIP) approved by the Board of Directors.
  • 2Eligibility for 2011 PIP payments changed from requiring employment through December 31, 2011, to requiring employment on the payment date.
  • 3The 2011 PIP covers the performance period from January 1, 2011, to December 31, 2011.
  • 4Payments under the 2011 PIP for US employees are expected by March 15, 2012.
  • 5International payments under the 2011 PIP will be made as soon as administratively possible after December 31, 2011.
  • 6The amended 2011 PIP document is filed as Exhibit 10.1 to the 8-K.

Frequently Asked Questions

The main purpose of this 8-K filing is to inform investors about an amendment to Boston Scientific's 2011 Performance Incentive Plan (2011 PIP). The amendment primarily changes the employment requirement for employees to be eligible for incentive payments.

Previously, employees needed to remain employed by the company until December 31, 2011, to be eligible for payments under the 2011 PIP. The amendment removes this fixed end-of-year requirement, and now employees only need to be employed on the date the payments are actually made to be eligible.

For employees in the United States, payments are expected to be made by March 15, 2012. For employees outside the United States, payments will be processed as soon as administratively possible following December 31, 2011.

No, this specific filing does not report any departures, elections, or appointments of directors or officers. The sole focus is on the modification of the 2011 Performance Incentive Plan, which is a compensation arrangement for employees.