|
Quotes & Info
|
| BSX > SEC Filings for BSX > Form 8-K on 6-Mar-2013 | All Recent SEC Filings |
6-Mar-2013
Change in Directors or Principal Officers, Financial Statements and Exhibi
(e) Compensatory Arrangements of Certain Officers.
On February 28, 2013, the Executive Compensation and Human Resources Committee of Boston Scientific Corporation (the Company) approved the Company's entering into new Change in Control Agreements with our executive officers and certain other key members of senior management as their existing Change in Control Agreements near expiration of their three-year terms.
The terms and conditions of the new form of executive-level Change in Control Agreement are substantially the same as the terms and conditions of the previous form of executive-level agreement, except that the new form does not include an "executive allowance" amount in the calculation of severance payment under the agreement as the Company's historic program under which the executive allowance had previously been provided was terminated effective December 31, 2012.
The form of executive-level Change in Control Agreement has a three-year term
and provides that if both a change in control occurs during the term of the
agreement and the executive's employment is terminated either by us without
"cause" or by the executive for "good reason" (each as defined in the form of
agreement) during the two-year period following the "change in control" (as
defined in the form of agreement), then the executive would be entitled to
receive (i) a lump sum payment of three times the sum of the executive's base
salary and assumed target incentive bonus (or prior year's bonus, if higher);
(ii) a prorated target incentive bonus for the year in which his or her
termination occurred; (iii) continued health, life insurance and other welfare
benefits for up to three years; and (iv) reimbursement of up to $100,000 in
legal fees and expenses incurred by the executive in disputing termination or
enforcing rights under the agreement. Further, if both a change in control
occurs during the term of the agreement and the executive's employment is
terminated either by us without cause or by the executive for good reason during
the two-year period following the change in control, then all of the executive's
outstanding stock options, restricted stock and deferred stock unit awards shall
vest or otherwise become free from restrictions; provided, however, that if the
surviving or acquiring entity in a change in control transaction does not
provide for the substitution or assumption of the executive's outstanding stock
options, restricted stock and deferred stock unit awards, such outstanding
equity awards will immediately vest or otherwise become free from restrictions
up the change in control. The Change in Control Agreement also includes certain
non-disclosure restrictions and a two-year non-solicitation obligation as well
as a requirement that the executive sign (and not revoke) a release in favor of
the Company.
A copy of the form of executive-level Change in Control Agreement is filed as Exhibit 10.1 hereto and incorporated herein by reference. This summary does not purport to be complete and is subject to and qualified in its entirety by reference to the full text of the form of executive-level Change in Control Agreement.
(d) Exhibits (# compensatory plan or arrangement)
Exhibit No. Description
10.1 Boston Scientific Corporation Form of Executive-Level Change in
Control Agreement effective February 28, 2013#
|
|
|