ABBOTT LABORATORIES (NYSE:ABT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 28, 2017, Abbott Laboratories’ (“Abbott”) shareholders approved the adoption of the Abbott Laboratories 2017 Incentive Stock Program (the “2017 Program”) at the Annual Meeting of Shareholders. The 2017 Program was adopted by Abbott’s Board of Directors on February 17, 2017, subject to shareholder approval at the Annual Meeting. The 2017 Program replaces the Abbott Laboratories 2009 Incentive Stock Program, as amended and restated (the “2009 Program”), under which Abbott makes all of its equity-related incentive compensation awards.
The 2017 Program, which is administered by the Compensation Committee of Abbott’s Board of Directors, permits Abbott to grant nonqualified stock options, restricted stock awards, restricted stock units, performance awards, other share-based awards (including stock appreciation rights, dividend equivalents and recognition awards), awards to non-employee directors, and awards to employees of Abbott and its subsidiaries who reside in foreign jurisdictions. Subject to adjustment in the event of changes in capitalization, the maximum number of Abbott common shares that may be issued under the 2017 Program is 170,000,000, plus shares subject to awards previously granted under the 2009 Program that are not issued due to forfeiture, expiration, cancellation, or cash settlement and shares withheld to satisfy tax withholding obligations under outstanding 2009 Program full value awards. The 2017 Program has a term of ten years.
For a more detailed description of the 2017 Program, see pages 66 through 73 of Abbott’s Definitive Proxy Statement on Schedule 14A, filed with the Securities and Exchange Commission on March 17, 2017. The foregoing descriptions are qualified in their entirety by the full text of the 2017 Program, which was included as Exhibit B to the proxy statement and is incorporated by reference into this Current Report on Form 8-K as Exhibit 10.1.
Item 9.01 Financial Statements and Exhibits
See Exhibit Index on pages 4 and 5 of this Form 8-K, which is incorporated herein by reference.