UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of
Report (Date of earliest event reported): May 6, 2022 (
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Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol | Name of each exchange on which registered | ||
Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
(e) Compensatory Arrangements of Certain Officers
As part of the ongoing evaluation of its executive compensation programs, the Executive Compensation and Human Resources Committee of the Board of Directors of Boston Scientific Corporation (the "Company"), reviewed the existing form of Change in Control Agreement for executive officers below the chief executive officer level and approved certain modifications to better align executive compensation with increasing stockholder value following a change in control. On May 3, 2022, the Executive Compensation and Human Resources Committee approved changes to the form of Change in Control Agreement for executive officers below the chief executive officer level (“Revised Change in Control Agreements”). The Revised Change in Control Agreements provide for a cash severance payment amount following a change in control (as defined under the Revised Change in Control Agreements) of two times base salary and bonus, as calculated under the agreement, instead of three times base salary and bonus, as provided for under the agreements prior to amendment.
The Company intends to ask each of its eligible executive officers to execute and agree to the terms of the Revised Change in Control Agreements upon the expiration of their existing Change in Control Agreements.
A copy of the form of Revised Change in Control Agreement is filed as Exhibit 10.1 hereto and incorporated 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 Revised Change in Control Agreement.
Item 5.07 | Submission of Matters to a Vote of Security Holders. |
(a) | The Company held the Annual Meeting in a virtual-only format via live webcast. |
(b) The final voting results on each of the matters submitted to a vote of stockholders at the Annual Meeting are set forth below.
(1) All ten director nominees were elected to the Board for a one-year term to hold office until the Company’s 2023 Annual Meeting of Stockholders and until their successors have been elected and qualified.
Nominee | For | Against | Abstain | Broker Non-Votes | ||||||||||||
Nelda J. Connors | 1,184,941,114 | 25,966,939 | 795,391 | 33,421,847 | ||||||||||||
Charles J. Dockendorff | 1,101,021,316 | 109,957,955 | 724,173 | 33,421,847 | ||||||||||||
Yoshiaki Fujimori | 1,188,823,285 | 22,159,948 | 720,211 | 33,421,847 | ||||||||||||
Donna A. James | 1,180,887,240 | 30,080,716 | 735,488 | 33,421,847 | ||||||||||||
Edward J. Ludwig | 1,177,537,388 | 33,454,632 | 711,424 | 33,421,847 | ||||||||||||
Michael F. Mahoney | 1,130,551,001 | 75,373,897 | 5,778,546 | 32,421,847 | ||||||||||||
David J. Roux | 1,164,971,131 | 44,614,802 | 2,117,511 | 33,421,847 | ||||||||||||
John E. Sununu | 1,171,099,286 | 39,832,624 | 771,534 | 33,421,847 | ||||||||||||
David S. Wichmann | 1,191,954,790 | 19,022,372 | 726,282 | 33,421,847 | ||||||||||||
Ellen M. Zane | 1,122,386,967 | 88,625,966 | 690,511 | 33,421,847 |
(2) The advisory vote on the compensation for the Company’s “Named Executive Officers” as disclosed in the Company’s proxy statement for the Annual Meeting was approved.
For | Against | Abstain | Broker Non-Votes | |||
1,085,193,759 | 124,111,318 | 2,398,367 | 33,421,847 |
(3) The appointment of Ernst & Young LLP as the Company’s independent registered public accounting firm for the 2022 fiscal year was ratified.
For | Against | Abstain | |||
1,185,136,735 | 59,317,844 | 670,712 |
(4) The amendment and restatement of the Company’s 2006 Global Employee Stock Ownership Plan to, among other things, rename the plan as the Company’s Employee Stock Purchase Plan and add an additional 10,000,000 shares to the plan, was approved.
For | Against | Abstain | Broker Non-Votes | |||
1,208,792,725 | 2,434,876 | 475,843 | 33,421,847 |
Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
Exhibit No. | Description |
10.1 | Form of EC Non-CEO Change in Control Agreement |
10.2 | Boston Scientific Corporation Employee Stock Purchase Plan, Amended and Restated Effective as of July 1, 2022 |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
May 6, 2022 | BOSTON SCIENTIFIC CORPORATION | |
By: | /s/ Susan Thompson | |
Susan Thompson | ||
Vice President, Chief Corporate Counsel and Assistant Secretary |