DELAWARE
|
1-11083
|
04-2695240
|
(State
or other
|
(Commission
|
(IRS
employer
|
jurisdiction
of
|
file
number)
|
identification
no.)
|
incorporation)
|
One
Boston Scientific Place, Natick,
Massachusetts
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01760-1537
|
(Address
of principal executive offices)
|
(Zip
code)
|
¨
|
Written
communication pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
¨
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
¨
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
|
¨
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c))
|
ITEM
5.02.
|
DEPARTURE
OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT
OF
CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN
OFFICERS.
|
·
|
an
annual base salary of $600,000;
|
·
|
an
opportunity to participate in our Performance Incentive
Plan. Mr. Leno’s target incentive is 75 percent of his base
salary and he is eligible to receive a full-year’s bonus amount for
2007;
|
·
|
an
option to purchase 1,500,000 shares of Boston Scientific common
stock to
be granted under our 2003 Long-Term Incentive Plan, with an
exercise price
equal to the fair market value on his first date of employment
(June 5,
2007) and which will vest in four equal annual installments
beginning on
the first anniversary of his start date. Under the terms and
conditions of the stock option grant, Mr. Leno will be deemed
to have met
Retirement eligibility (i) upon his termination from employment
at Boston
Scientific for any reason (other than for Cause) and assuming
a period of
employment of at least three years, or (ii) upon his involuntarily
termination of employment at Boston Scientific for any reason
(except for
Cause) before completing a three year period of
employment.
|
·
|
an
award of 500,000 deferred stock units which will be issued
in five equal
annual increments beginning on the first anniversary of his
start date and
subject to the same Retirement eligibility criterion;
and
|
·
|
executive
relocation benefits under Boston Scientific’s relocation program,
including the sale of both of Mr. Leno’s residences and the relocation of
all of his personal effects. The Company will guarantee that
Mr. Leno will receive net (after tax) proceeds of a minimum
of $1.3
million for each residence.
|
ITEM
9.01.
|
FINANCIAL
STATEMENTS AND EXHIBITS.
|
10.1
|
Form
of Offer Letter
|
BOSTON SCIENTIFIC CORPORATION | ||
|
|
|
Date: May 7, 2007 | By: | /s/ Lawrence J. Knopf |
Lawrence J. Knopf |
||
Vice
President and Assistant General
Counsel
|
Exhibit
No.
|
Description
|
10.1 |
Form
of Offer Letter
|