Summary
This 8-K filing from Stryker Corporation (SYK) on January 5, 2005, primarily details a material definitive agreement concerning a special bonus awarded to former CEO John W. Brown. The Compensation Committee approved a $1,000,000 bonus, payable on April 1, 2005, as recognition for Mr. Brown's exceptional leadership over his 27-year tenure as CEO. This bonus underscores the company's appreciation for his contributions and the outstanding performance achieved under his guidance.
Key Highlights
- 1Stryker Corp awarded a special bonus of $1,000,000 to former CEO John W. Brown.
- 2The bonus is a recognition of Mr. Brown's outstanding performance and leadership over 27 years as CEO.
- 3Payment of the bonus is scheduled for April 1, 2005.
- 4The net bonus amount, after taxes, will be donated to the John and Rosemary Brown Family Foundation.
- 5The Foundation was established to support educational initiatives.
- 6John W. Brown retired as CEO effective December 31, 2004.
- 7Mr. Brown continues to serve as nonexecutive Chairman of the Board.
Frequently Asked Questions
The bonus was awarded by the Compensation Committee of the Board of Directors to recognize John W. Brown's outstanding performance and leadership during his 27 years as Chief Executive Officer of Stryker Corporation.
The special bonus of $1,000,000 is scheduled to be paid on April 1, 2005.
In accordance with Mr. Brown's wishes, the net amount of the bonus, after applicable federal and state withholding taxes, will be paid directly to the John and Rosemary Brown Family Foundation.
The Foundation was created by Mr. and Mrs. Brown to benefit individuals interested in furthering their education.
Mr. Brown retired as Chief Executive Officer effective December 31, 2004, but continues to serve as the nonexecutive Chairman of the Board.