Boston Scientific Corporation Deferred Stock Unit Award Agreement February 13, 2007 Employee’s Name
EXHIBIT
10.16
Boston
Scientific Corporation
2003
Long-Term Incentive Plan
February
13, 2007
Employee’s
Name
BOSTON
SCIENTIFIC CORPORATION
INTENT
TO GRANT
This
Agreement, dated as of the 13th
day of
February, 2007 (the “Grant Date”),
is between
Boston Scientific Corporation, a Delaware corporation (the “Company”), and the
“Participant”, an employee of the Company or any of its affiliates or
subsidiaries. All capitalized terms not otherwise defined herein shall have
the
meaning ascribed thereto in the Company’s Long-Term Incentive Plan set forth on
the Signature Page of this Agreement (the “Plan”).
1.
Grant
and Acceptance of Award.
The
Company hereby indicates its intent to award to the Participant that number
of
Deferred Stock Units set forth on the Signature Page of this Agreement (the
“Unit”), each Unit representing the Company’s commitment to issue to Participant
one share of the Company’s common stock, par value $.01 per share (the “Stock”),
subject to certain eligibility and other conditions set forth herein. The award
is intended to be granted pursuant to and is subject to the terms and conditions
of this Agreement and the provisions of the Plan.
2.
Eligibility
Conditions upon Award of Units.
Participant hereby acknowledges the intent of the Company to award Units subject
to certain eligibility and other conditions set forth herein.
3.
Satisfaction
of Conditions.
Except
as otherwise provided in Section 5 hereof (relating to death of the
Participant), Section 6 hereof (relating to Retirement or Disability of the
Participant) and Section 8 hereof (relating to Change in Control of the
Company), the Company intends to award shares of Stock hereunder subject to
the
eligibility conditions described in Section 7 hereof in approximately equal
annual installments on each of five anniversaries of the date first set forth
above, beginning on the first anniversary of the date of grant. No shares of
Stock shall otherwise be issued to Participant prior to the date on which the
Units vest.
4.
Participant’s
Rights in Stock.
The
shares of Stock if and when issued hereunder shall be registered in the name
of
the Participant and evidenced in the manner as the Company may determine. During
the period prior to the issuance of Stock, the Participant will have no rights
of a stockholder of the Company with respect to the Stock, including no right
to
receive dividends or vote the shares of Stock.
5.
Death.
Upon
the death of the Participant while employed by the Company and its affiliates
or
subsidiaries, the Company will issue to the Participant or beneficiary
of
the
Participant as set forth under the provisions of the Company’s program of life
insurance for employees, any shares of Stock to Participant to be awarded
hereunder that remain subject to eligibility conditions.
6.
Retirement
or Disability.
In the
event of the Participant’s Retirement or Disability, the Company will issue to
Participant any shares of Stock to be awarded hereunder that remain subject
to
eligibility conditions.
7.
Other
Termination of Employment -- Eligibility Conditions.
If the
employment of the Participant with the Company and its affiliates or
subsidiaries is terminated or Participant separates from the Company and its
affiliates or subsidiaries for any reason other than death, Retirement or
Disability, any Units that remain subject to eligibility conditions shall be
void and no Stock shall be issued. Eligibility to be issued shares of Stock
is
conditioned on Participant’s continuous employment with the Company through and
on the applicable anniversary of the date as set forth in Section 3
above.
8.
Change
in Control of the Company.
In the
event of a Change in Control of the Company, the Company will issue to
Participant any shares of Stock to be awarded hereunder that remain subject
to
eligibility conditions.
9.
Consideration
for Stock.
The
shares of Stock are intended to be issued for no cash
consideration.
10. Delivery
of Stock.
The
Company shall not be obligated to deliver any shares of Stock to be awarded
hereunder until (i) all federal and state laws and regulations as the Company
may deem applicable have been complied with; (ii) the shares have been listed
or
authorized for listing upon official notice to the New York Stock Exchange,
Inc.
or have otherwise been accorded trading privileges; and (iii) all other legal
matters in connection with the issuance and delivery of the shares have been
approved by the Company’s legal department.
11. Tax
Withholding.
The
Participant shall be responsible for the payment of any taxes of any kind
required by any national or local law to be paid with respect to the Units
or
the shares of Stock to be awarded hereunder, including, without limitation,
the
payment of any applicable withholding, income, social and similar taxes or
obligations. Except as otherwise provided in this Section, upon the issuance
of
Stock or the satisfaction of any eligibility condition with
respect to the Stock to be issued hereunder, the Company shall hold back from
the total number of shares of Stock to be delivered to the Participant, and
shall cause to be transferred to the Company, whole shares of Stock having
a
Fair Market Value on the date the shares are subject to issuance an amount
as
nearly as possible equal to (rounded to the next whole share) the Company’s
withholding, income, social and similar tax obligations
with respect to the Stock. To the extent of the Fair Market Value of the
withheld shares, Participant shall be deemed to have satisfied Participant’s
responsibility under this Section 11 to pay these obligations. The Participant
shall
satisfy Participant’s responsibility to pay any other withholding, income,
social or similar tax obligations with respect to the Stock, and (subject to
such rules as the Committee may prescribe) may satisfy Participant’s
responsibility to pay the tax obligations described in the immediately preceding
sentence, by so indicating to the Company in writing at least thirty (30) days
prior to the date the shares of Stock are subject to issuance and paying the
amount of these tax obligations in cash to the Company within ten (10) business
days following the date the Units vest or by making other arrangements
satisfactory to the Committee for payment of these obligations. In no event
shall whole shares be withheld by or delivered to the Company in satisfaction
of
tax withholding requirements in excess of the maximum statutory tax withholding
required by law. The Participant agrees to indemnify the Company against any
and
all liabilities, damages, costs and expenses that the Company may hereafter
incur, suffer or be required to pay with respect to the payment or withholding
of any taxes. The obligations of the Company under this Agreement and the Plan
shall be conditional upon such payment or arrangements, and the Company shall,
to the extent permitted by law, have the right to deduct any such taxes from
any
payment of any kind otherwise due to the Participant.
12. Investment
Intent.
The
Participant acknowledges that the acquisition of the Stock to be issued
hereunder is for investment purposes without a view to distribution
thereof.
13. Limits
on Transferability.
Until
the eligibility conditions of this award have been satisfied and shares of
Stock
have been issued in accordance with the terms of this Agreement or by action
of
the Committee, the Units awarded hereunder are not transferable and shall not
be
sold, transferred, assigned, pledged, gifted, hypothecated or otherwise disposed
of or encumbered by the Participant. Transfers of shares of Stock by the
Participant are subject to the Company’s Stock Trading Policy.
14. Award
Subject to the Plan.
The
award to be made pursuant to this Agreement is made subject to the Plan. The
terms and provisions of the Plan as it may be amended from time to time are
hereby incorporated herein by reference. In the event of a conflict between
any
term or provision contained in this Agreement and a term or provision of the
Plan, the applicable terms and conditions of the Plan will govern and prevail.
However, no amendment of the Plan after the date hereof may adversely alter
or
impair the issuance of the Stock to be made pursuant to this
Agreement.
15. No
Rights to Continued Employment.
The
Company’s intent to grant the shares of Stock hereunder shall not confer upon
the Participant any right to continued employment or other association with
the
Company or any of its affiliates or subsidiaries; and this Agreement shall
not
be construed in any way to limit the right of the Company or any of its
subsidiaries or affiliates to terminate the employment or other association
of
the Participant with the Company or to change the terms of such employment
or
association at any time.
16. Legal
Notices.
Any
legal notice necessary under this Agreement shall be addressed to the Company
in
care of its General Counsel at the principle executive offices of the Company
and to the Participant at the address appearing in the personnel records of
the
Company for such Participant or to either party at such other address as either
party may designate in writing to the other. Any such notice shall be deemed
effective upon receipt thereof by the addressee.
17. Governing
Law.
The
interpretation, performance and enforcement of this Agreement shall be governed
by the laws of The Commonwealth of Massachusetts (without regard to the conflict
of laws principles thereof) and applicable federal laws.
18. Headings.
The
headings contained in this Agreement are for convenience only and shall not
affect the meaning or interpretation of this Agreement.
19. Counterparts.
This
Agreement may be executed in any number of counterparts, each of which shall
be
deemed to be an original and all of which together shall be deemed to the one
and the same instrument.
[remainder
of page intentionally left blank]
SIGNATURE
PAGE
IN
WITNESS WHEREOF, the Company, by its duly authorized officer, and the
Participant have executed and delivered this Agreement as a sealed instrument
as
of the date and year first above written.
PLAN:
2003 LONG-TERM INCENTIVE PLAN
Number
of
Deferred Stock Units:
Issuance
Schedule
20% February
13, 2008
20% February
13, 2009
20% February
13, 2010
20% February
13, 2011
20% February
13, 2012
|
PARTICIPANT:
Signature
_____________________________
<<Employee
Name>> |
|
BOSTON SCIENTIFIC CORPORATION
Xxxxx X. Xxxxx
President and Chief Executive
Officer
|
APPENDIX
A
Nature
of Grant.
In
accepting the grant, I acknowledge that:
(1) the
Plan
is established voluntarily by the Corporation, is discretionary in nature and
may be modified, amended, suspended or terminated by the Corporation at any
time;
(2) this
Award is does not create any contractual or other right to receive future
awards, or other benefits in lieu of an award, even if awards have been given
repeatedly in the past, and all decisions with respect to future awards, if
any,
will be at the sole discretion of the Corporation;
(3) this
Award is not part of normal or expected compensation or salary for any purposes,
including, but not limited to, calculating any severance, termination, bonuses,
retirement benefits or similar payments;
(4) the
future value of the Stock is unknown and cannot be predicted with certainty;
and
(5) in
consideration of the Award, no claim or entitlement to compensation or damages
shall arise from termination of the Award resulting from termination of my
employment by the Corporation (for any reason whatsoever and whether or not
in
breach of local labor laws) and I irrevocably release the Corporation from
any
such claim that may arise; if, notwithstanding the foregoing, any such claim
is
found by a court of competent jurisdiction to have arisen, then, by accepting
this Award, I shall be deemed irrevocably to have waived my entitlement to
pursue such claim.
Data
Privacy.
I
hereby explicitly and unambiguously consent to the collection, use and transfer,
in electronic or other form, of my personal data as described herein by and
among, as applicable, the Corporation and its subsidiaries and affiliates for
the exclusive purpose of implementing, administering and managing my
participation in the Plan.
I
understand that the Corporation holds certain personal information about me,
including, but not limited to, my name, home address and telephone number,
date
of birth, social insurance number or other identification number, salary,
nationality, job title, any shares of stock or directorships held in the
Corporation, details of all options or any other entitlement to shares of stock
awarded, canceled, exercised, vested, unvested or outstanding in my favor,
for
the purpose of implementing, administering and managing the Plan (“Data”). I
understand that Data may be transferred to any third parties assisting in the
implementation, administration and management of the Plan, that these recipients
may be located in my country or elsewhere, and that the recipient’s country may
have different data privacy laws and protections than my country. I understand
that I may request a list with the names and addresses of any potential
recipients of the Data by contacting my local human resources representative.
I
authorize the recipients to receive, possess, use, retain and transfer the
Data,
in electronic or other form, for the purposes of implementing, administering
and
managing my participation in the Plan, including any requisite transfer of
such
Data as may be required to a broker or other third party with whom I may elect
to deposit any shares of stock acquired upon exercise of the option. I
understand that Data will be held only as long as is necessary to implement,
administer and manage my participation in the Plan. I understand that I may,
at
any time, view Data, request additional information about the storage and
processing of Data, require any necessary amendments to Data or refuse or
withdraw the consents herein, in any case without cost, by contacting in writing
my local human resources representative. I understand, however, that refusing
or
withdrawing my consent may affect my ability to participate in the Plan. For
more information on the consequences of my refusal to consent or withdrawal
of
consent, I understand that I may contact my local human resources
representative.
Electronic
Delivery of Documents.
The
Corporation may, in its sole discretion, decide to deliver any documents related
to the option granted under and participation in the Plan or future options
that
may be granted under the Plan by electronic means or to request my consent
to
participate in the Plan by electronic means. I hereby consent to receive such
documents by electronic delivery and, if requested, to agree to participate
in
the Plan through an on-line or electronic system established and maintained
by
the Corporation or another third party designated by the
Corporation.
