Document:

WWW.EXFILE.COM, INC. -- 888-775-4789 -- BOSTON SCIENTIFIC CORP. -- EXHIBIT 10.1 TO FORM 8-K

    

      EXHIBIT
10.1

       

      TRANSITION
AND RETIREMENT AGREEMENT

       

      This
Transition and Retirement Agreement (the “Agreement”) is made
and entered into between Boston Scientific Corporation (“Boston Scientific” or
the “Company”)
and James R. Tobin, effective as of the date of completion of
execution of this Agreement (the “Effective
Date”).

       

      WHEREAS, Mr. Tobin has served
the Company effectively as President and Chief Executive Officer of the Company
and as a member of the Company’s Board of Directors (the “Board”);

       

      WHEREAS, Mr. Tobin is retiring
from the Company; and

       

      WHEREAS, the Company seeks Mr.
Tobin’s assistance during most of the remainder of 2009;

       

      NOW, THEREFORE, in
consideration of the mutual covenants and agreements herein contained and other
good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties agree as follows:

       

      1.    Transition to Senior
Advisor.

       

      (a)    Transition from
CEO.  Effective July 13, 2009, Mr. Tobin shall resign from his
positions as President and Chief Executive Officer, member of the Board and
member of the Executive Committee and from any other positions that he then
holds with Boston Scientific or any affiliate.  Immediately
thereafter, Mr. Tobin shall become a Senior Advisor to the
Company.  If so requested by the Company, Mr. Tobin shall sign any
document reasonably requested by the Company to confirm any such
actions.

       

      (b)    Duties as Senior
Advisor.  Mr. Tobin’s duties as a Senior Advisor shall be any
duties reasonably requested of him by his successor as the Company’s President
and Chief Executive Officer (the “New CEO”) or the
Chairman of the Board (the “Chairman”) that are
appropriate for an individual of Mr. Tobin’s knowledge and experience in the
industry; provided
that, unless otherwise directed by the Company, such duties are not expected to
include continued senior management authority.  Mr. Tobin’s
responsibilities may include, by way of illustration, performing special
projects, providing transitional advice or reports or serving as a
representative of the Company.

       

      (c)    Location of Work;
Administrative Support.  Mr. Tobin may perform his
responsibilities as a Senior Advisor away from the Company’s offices, except as
otherwise directed by the Company. The Company shall make
part-time administrative support services available to Mr. Tobin for his
performance of his responsibilities.  The Company shall not be
obligated to maintain a dedicated office for Mr. Tobin but shall provide
reasonable office space as necessary when he performs responsibilities at
Company offices, including the headquarters.  

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      (d)    Full-Time
Status.  Mr. Tobin is expected to have full-time
responsibilities as a Senior Advisor; provided that this shall not
be construed to obligate the Company to provide assigned responsibilities to Mr.
Tobin at all times during his employment as a Senior Advisor; and provided further that in any event Mr.
Tobin will be expected to devote time to performing services during his
employment as a Senior Advisor for no less than 30% of his average hours spent
in the performance of services for the Company over the immediately preceding
36-month period.   If the Company does not assign sufficient
responsibilities to require all of Mr. Tobin’s working time during his
employment as a Senior Advisor, Mr. Tobin’s accrued vacation time shall not be
applied to business hours during which he is not requested to perform services
as a Senior Advisor.  Unless otherwise provided in writing by the New
CEO, Mr. Tobin shall devote all of his working time during his employment as a
Senior Advisor to his requested responsibilities for the Company, except that he
may engage in religious, charitable or other nonprofit activities or serve as an
advisor, consultant, director or trustee of any noncompetitive public or private
for-profit organizations; provided that such services
and activities are disclosed in writing to the New CEO and the Company does not
reasonably object to such services and activities.  

       

      (e)    Classification.  Mr.
Tobin shall continue to be classified as an employee of the Company during the
period of his status as a Senior Advisor.  The transition of
Mr. Tobin from President and Chief Executive Officer to Senior Advisor
shall not be considered to result in a termination of his employment for any
purpose, including without limitation, for employee benefits or equity
acceleration.

       

      2.    Term.

       

      (a)    Length of Term; Forms of
Termination.  The term of Mr. Tobin’s employment as a
Senior Advisor (the “Term”) shall be from
July 13, 2009 to and including November 30, 2009; provided that the Company may
terminate Mr. Tobin’s employment before November 30, 2009 if it determines that
there is Cause for such termination.  The date of any termination of
employment is the “Separation
Date.”  A termination of employment on November 30, 2009 is a
“Retirement.”  A
termination of employment by the Company when Cause exists is a “Termination With
Cause.”  A resignation from employment before November 30, 2009
is an “Early
Resignation.”

       

      (b)    Notice of
Termination.

       

      (i)    Retirement.  If
Mr. Tobin remains employed until November 30, 2009, his employment with the
Company shall end on such date, unless otherwise agreed in
writing.  Such a termination shall take effect without
notice.

       

      (ii)    Termination With
Cause.  The Company shall give Mr. Tobin written notice of
a Termination With Cause.  A Termination With Cause shall be effective
upon notice, unless otherwise specified.

       

      (iii)    Early
Resignation.  Mr. Tobin shall give the Company written notice
of an Early Resignation at least thirty (30) days in advance of the effective
date of such Resignation.  The Company may, in its discretion,
accelerate any such Early 

       

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      Resignation
to any earlier date.  Any acceleration of the date of Early
Resignation shall not affect the treatment of the termination as an Early
Resignation.

       

      (c)    “Cause”
Defined.  For purposes of this Agreement, “Cause” shall have the
same meaning as set forth in the Boston Scientific Corporation Executive
Retirement Plan dated May 9, 2005 and amended effective January 1, 2009
(the “Executive
Retirement Plan”).

       

      (d)    Effect of Termination on
Compensation; Death or Disability.  The effects of a
termination on compensation and the separation pay that may be available are
addressed in Section 4 (“Separation Pay”).  Notwithstanding any
provision of this Agreement to the contrary, in the event of Mr. Tobin’s
inability to perform services as a Senior Advisor due to death or disability,
Mr. Tobin shall be treated thereafter for compensation purposes as if he
remained employed until his Retirement but did not perform any
services.

       

      3.    Compensation as Senior
Advisor.

       

      (a)    Salary.  Mr.
Tobin’s salary as a Senior Advisor (the “Salary”) shall be
paid at the same annual rate as his salary as President and Chief Executive
Officer as in effect upon the effectiveness of this Agreement, i.e., the annual rate of
$994,000.  The Company shall pay the Salary on its regular payroll
dates.

       

      (b)    PIP.  Mr.
Tobin shall remain eligible for an annual Performance Incentive Plan (“PIP”) award for his
employment in 2009, inclusive of the period of his service as a Senior Advisor
(the “PIP
Award”).

       

      (c)    Career Service
Award.  In recognition of Mr. Tobin’s contributions to the
Company over the course of his career with the Company, the Company shall pay
Mr. Tobin an amount equal to 250% of his Salary less the PIP Award (the “Career Service
Award”).

       

      (d)    Employee
Benefits.

       

      (i)    General.  Mr.
Tobin shall be entitled to participate in all Company Benefit Plans during his
employment as a Senior Advisor, provided that his working hours permit such
participation.  For purposes of this Agreement, “Company Benefit
Plans” means all “employee benefit plans,” as defined in 29 U.S.C.
§1002(3), that are generally available to regular full-time employees, except
that Mr. Tobin’s accrual of vacation time under the Company’s vacation policy
shall cease effective on July 13, 2009.  If the Company terminates any
premium payments for Mr. Tobin during his employment as a Senior Advisor due to
a reduction in his working hours, the Company shall pay Mr. Tobin an amount
equivalent to any such ceased premium payments.

       

      (ii)    Executive Allowance
Plan.  Notwithstanding anything in the Company’s Executive
Allowance Plan to the contrary, Mr. Tobin’s participation in the Executive
Allowance Plan shall continue to the Separation Date.

       

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      (e)    Equity.

       

      (i)    Summary of Equity Rights Not
Fully Vested.  For the avoidance of doubt, the following are
Mr. Tobin’s existing equity awards that are not fully vested:

       

      (A)    Time-Based DSU
Award.  Pursuant to an agreement between the Company and Mr.
Tobin dated February 28, 2006 (the “Time-Based DSU
Agreement”), the Company granted Mr. Tobin 250,000 Deferred Stock Units
pursuant to the Company’s 2000 Long-Term Incentive Plan, which were subject to
vesting 50% on December 31, 2008 and 50% on December 31, 2009 (the “Time-Based DSU
Award”).

       

      (B)    Performance-Based DSU
Award.  On February 28, 2006, the Company granted Mr.
Tobin 2,000,000 Deferred Stock Units pursuant to the Company’s 2003 Long-Term
Incentive Plan, which were subject to the Company’s satisfaction of certain
share price criteria as of December 31, 2008 and December 31, 2009 (the
“Performance-Based DSU
Award”).

       

      (C)    Stock Option
Award.  Pursuant to an agreement between the Company and Mr.
Tobin dated February 24, 2009 (the “Stock Option
Agreement”), the Company granted Mr. Tobin a non-qualified option to
acquire 2,000,000 shares of the Company’s common stock, subject to vesting, with
the vesting schedule subject to acceleration under certain circumstances (the
“Stock Option
Award”).

       

      (ii)    Amendment of Time-Based DSU
Award.  The “Vesting Schedule” set forth at the end of the
Time-Based DSU Agreement is amended by replacing the text under the “Vesting
Schedule” heading with the following:

       

      50%
December 31, 2008

       

      50%
November 30, 2009

       

      The
Time-Based DSU Award as amended pursuant to this provision is referred to as the
“Amended Time-Based
DSU Award.”

       

      (iii)    Amendment of Stock Option
Award.  The Stock Option Agreement is amended by inserting the
following at the end of the first paragraph of Section IV (“Termination of
Employment”):  “In addition, the Option shall immediately vest
effective upon the Effective Date of the Transition and Retirement Agreement
between the Company and the Optionee (the “Retirement Agreement”).  If
the Optionee’s employment ends due to a Retirement as defined in the Retirement
Agreement, the Option shall be exercisable by the Optionee or the Optionee’s
appointed representative, as the case may be, until February 24, 2019, subject
to Section VI.  If the Optionee’s employment ends for any other
reason, the exercise period shall be as otherwise provided below.” The Stock
Option Award as amended pursuant to this provision is referred to as the “Amended Stock Option
Award.”

       

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

      (iv)    Continuity of
Employment.  For the avoidance of doubt, the transfer of Mr.
Tobin from President and Chief Executive Officer to Senior Advisor shall not be
considered to terminate his employment or otherwise interrupt his service
relationship with the Company for purposes of the Amended Time-Based DSU Award,
the Performance-Based DSU Award or the Amended Stock Option Award (together, the
“Pending Equity
Awards”).  Termination of employment shall be effective as of
the Separation Date.  Notwithstanding anything in this Agreement to
the contrary, Mr. Tobin shall not be eligible for further grants of stock
options, deferred stock units or other forms of equity or equity rights; provided that this shall not
be construed to affect Mr. Tobin’s eligibility to participate in the
Company’s Global Employee Stock Ownership Plan, known as GESOP.

       

      (v)    Effect of Termination on
November 30, 2009.  For the avoidance of doubt, pursuant to the
terms of the Pending Equity Awards, if Mr. Tobin’s Separation Date is November
30, 2009, the Amended Time-Based DSU Award and the Amended Stock Option Award
shall be fully vested.  The Performance-Based DSU Award shall be
forfeited.

       

      (vi)    Additional Equity
Rights.  Nothing in this Agreement shall be construed to affect
Mr. Tobin’s rights or obligations with respect to outstanding fully vested
equity rights, all of which shall remain subject to the terms of the applicable
plans and agreements, except as provided in the next sentence.  To the
extent the exercise period for any of the fully vested equity rights identified
below can be shortened by determination of the Committee or Administrator (as
defined in the applicable plan identified in the applicable non-qualified
option) after grant, other than on a Change in Control or Covered Transaction
(as defined in the applicable plans), the Committee and/or Administrator has
conclusively and irrevocably determined to waive such provision.  The
parties agree that the following identifies all outstanding fully vested equity
rights:

       

      
        	
                ·  

              	
                May
      9, 2000 grant of a non-qualified option to purchase 180,000 shares of the
      Company’s common stock at $14.563 per share, which remains exercisable for
      180,000 shares;

              

      

       

      
        	
                ·  

              	
                July
      25, 2000 grant of a non-qualified option to purchase 180,000 shares of the
      Company’s common stock at $8.50 per share, which remains exercisable for
      130,000 shares;

              

      

       

      
        	
                ·  

              	
                December
      17, 2001 grant of a non-qualified option to purchase 90,000 shares of the
      Company’s common stock at $12.50 per share, which remains exercisable for
      90,000 shares;

              

      

       

      
        	
                ·  

              	
                February
      25, 2003 grant of a non-qualified option to purchase 200,000 shares of the
      Company’s common stock at $21.78 per share, which remains exercisable for
      200,000 shares;

              

      

       

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

      
        	
                ·  

              	
                December
      16, 2003 grant of a non-qualified option to purchase 200,000 shares of the
      Company’s common stock at $33.80 per share, which remains exercisable for
      200,000 shares; and

              

      

       

      
        	
                ·  

              	
                January
      3, 2005 grant of a non-qualified option to purchase 225,000 shares of the
      Company’s common stock at $34.29 per share, which remains exercisable for
      225,000 shares.

              

      

       

      The
foregoing are together referred to as the “Fully Vested Equity
Rights.”

       

      (f)    Certain Personal
Expenses.  The Company shall pay Mr. Tobin $40,000 in
recognition of expenses that he shall incur in connection with the negotiation
and implementation of this Agreement, including without limitation financial
planning expenses and attorney’s fees.  The Company shall pay such
amount on or before November 30, 2009.  In addition, Mr. Tobin may use
the corporate aircraft for personal purposes during the Term; provided that:  (i)
consistent with the practice during his service as Presidential Chief Executive
Officer and Section 5 (“Taxation of Payments and Benefits”), Mr. Tobin shall
bear the adverse tax consequences associated with any such personal use; (ii)
any such personal use shall be subject to the Company’s needs for such aircraft;
and (iii) any use of the aircraft for personal purposes beyond five (5)
occasions during the Term shall be subject to the approval of the New CEO or the
Executive Vice President, Human Resources (“EVP-HR”).

       

      (g)    Business
Expenses.  Mr. Tobin shall be entitled to receive prompt
reimbursement for all reasonable expenses incurred by him in performing services
as a Senior Advisor, in accordance with the Company’s business expense
reimbursement policies and procedures then in effect.  To the extent
that Mr. Tobin’s responsibilities as Senior Advisor require business travel, Mr.
Tobin may make travel arrangements consistent with his prior practice in
2009.

       

      4.    Separation
Pay.

       

      (a)    General.  As
a result of any termination of employment as a Senior Advisor, Mr. Tobin shall
be entitled to payment of all Salary and PIP payments accrued through the
Separation Date and all accrued but unused vacation pay.  For purposes
of this Agreement, Mr. Tobin shall be considered to accrue the PIP Award
ratably, daily, over the course of his employment during 2009.  Mr.
Tobin’s PIP Award and Career Service Award shall be paid at such time as the
Company makes PIP award payments to other PIP participants; provided that any PIP Award
and Career Service Award shall be paid no later than March 15,
2010.  Effective upon any termination of employment, Mr. Tobin’s
right to Salary and PIP payments shall end, except as specified
below.  In addition, Mr. Tobin’s Company Benefit Plan
participation rights shall end.

       

      (b)    Executive Retirement
Plan.  Notwithstanding any provision of the Executive
Retirement Plan to the contrary, Mr. Tobin’s employment as Senior Advisor shall
be treated as if he is actively serving on the Company’s Executive Committee
during such employment for purposes of continued Executive Retirement Plan
eligibility, for crediting “Years of Service” for purposes of the Executive
Retirement Plan and for determining the 

       

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

      amount of
benefits under the Executive Retirement Plan; provided that this shall not
be construed to entitle Mr. Tobin to serve on the Executive Committee during
such period.  This Agreement shall be considered to be the separation
agreement referenced in Section 5 of the Executive Retirement Plan (“Amount
of Benefit”); provided
that such separation agreement shall not be considered to have been executed for
purposes of the Executive Retirement Plan until both this Agreement has been
fully executed and the release agreement in the form of Exhibit A (the
“Release
Agreement”) has been executed and has become effective.  The
Release Agreement shall be considered to be offered to Mr. Tobin on the
Separation Date (other than in the event of a Termination With Cause, in which
case Mr. Tobin would not be otherwise eligible for benefits under the Executive
Retirement Plan).  For the avoidance of doubt, in the event of a
Retirement, the Release Agreement shall be considered to be offered to
Mr. Tobin on November 30, 2009.  As set forth in the Release
Agreement, Mr. Tobin may consider the Release Agreement for up to
twenty-one (21) days after the Separation Date and may revoke the Release
Agreement within seven (7) days after signing the Release
Agreement.  If the Release Agreement is signed within the twenty-one
(21) day period and is not revoked within the seven (7) day period, it shall
become effective on the first business day after the expiration of the seven (7)
day period.  Benefits payable under the Executive Retirement Plan
shall be paid in a lump sum in the first payroll period after the last day of
the six-month period following Mr. Tobin’s “separation from service” within the
meaning of Section 1.409A-1(h) of the Treasury Regulations.

       

      (c)    Consulting
Services.  Nothing in this Agreement shall be construed to
restrict the right of the parties to reach an agreement for the provision of
Consulting Services after the Separation Date pursuant to Section 13 of the
Executive Retirement Plan (“Consulting Services”).

       

      (d)    Effect on Severance Pay
Plan.  Mr. Tobin acknowledges and agrees that he shall not
have any right to payments or benefits under the Company’s Severance Pay and
Layoff Notification Plan.

       

      (e)    Release by the
Company.  In exchange for, among other terms, the requirement
for Mr. Tobin to agree to a Release Agreement as a condition of receiving
payments pursuant to the Executive Retirement Plan, the Company and its
subsidiaries, affiliated companies, successors and assigns (the “Company Releasors”)
hereby release and forever discharge Mr. Tobin and his heirs, administrators,
executors and assigns (the “Tobin Releasees”)
from any and all claims, agreements, obligations, injuries, damages, causes of
action, debts or liabilities (together “Claims”) that any of
them may have or may have ever had, whether known or unknown, against any of the
Tobin Releasees as a result of any facts or circumstances that occurred or
existed or of which any such Company Releasor had notice at any time to the date
of the Company’s execution of this Agreement; provided that notwithstanding
the foregoing, the Company Releasors do not release the Tobin Releasees from any
civil Claims based on any acts and/or omissions that satisfy the elements of a
criminal offense.  The foregoing proviso shall not be construed as an
implication that any Company Releasor believes that Mr. Tobin has committed a
criminal offense.  To the contrary, the Company represents that no one
involved in the authorization or preparation of this Agreement has reason to
believe that Mr. Tobin has committed any criminal
offense.  Furthermore, nothing in this paragraph shall be construed to
limit Mr. Tobin’s obligations under this Agreement.

       

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

      5.    Taxation of Payments and
Benefits.  Boston Scientific shall undertake to make
deductions, withholdings and tax reports with respect to payments and benefits
under this Agreement to the extent that it reasonably and in good faith believes
that it is required to make such deductions, withholdings and tax
reports.  Payments under this Agreement shall be in amounts net of any
such deductions or withholdings.  Except to the extent otherwise
specified, nothing in this Agreement shall be construed to require Boston
Scientific to make any payments to compensate Mr. Tobin for any adverse tax
effect associated with any payments or benefits or for any deduction or
withholding from any payment or benefit.  Each payment pursuant to
this Agreement that is due at a different time shall be considered to be a
separate payment for purposes of Section 409A of the Internal Revenue
Code.

       

      6.    Confidential Information,
Restrictive Covenants and Other Obligations.

       

      (a)    Confidential
Information.  Mr. Tobin shall not, except in the performance of
his obligations to the Company hereunder or as may otherwise be approved in
advance by the New CEO, directly or indirectly, disclose or use (except for the
direct benefit of the Company) any Confidential Information that Mr. Tobin may
learn or have learned by reason of his association with the Company, any
customer or client of the Company or any of their respective subsidiaries and
affiliates.  The term “Confidential
Information” means all data, analyses, reports, interpretations,
forecasts, documents and information in any form concerning or otherwise related
to the Company and its affairs, that the Company intends to treat as
confidential (including information that may be expected to be disclosed in the
future that has not yet been disclosed) including, without limitation,
information with respect to customers, clients, products, policies, procedures,
methodologies, trade secrets and other intellectual property, systems,
personnel, confidential reports, technical information, financial information,
business transactions, business plans, prospects or opportunities, but shall
exclude any portion of such information that (i) was acquired by Mr. Tobin prior
to his employment by, or other association with, the Company or any affiliated
or predecessor entity, (ii) is or becomes generally available to the public or
is generally known in the industry or industries in which the Company or any
customer or client of the Company operates, in each case other than as a result
of disclosure by Mr. Tobin in violation of this paragraph, or (iii) Mr. Tobin is
required to disclose under any applicable laws, regulations or directives of any
government agency, tribunal or authority having jurisdiction in the matter or
under subpoena or other process of law.  Mr. Tobin acknowledges
that this Agreement and the negotiations leading to this Agreement constitute
Confidential Information; provided that (i) Mr.
Tobin may communicate information concerning this Agreement and the negotiations
leading to it to his immediate family, attorneys and financial advisors
(provided that he shall direct such individuals not to make any disclosures of
such information), (ii) Mr. Tobin may disclose such information to the
extent that such information is publicly disclosed by the Company, and
(iii) Mr. Tobin may disclose such information to the extent that he is
responding to information that has entered the public domain other than due to
his violation of this paragraph.  As used in this Agreement, an “affiliate” of a
person or entity is a person or entity in control of, controlled by, or in
common control with, such first person or entity.

       

      (b)    Return of Property; Home
Office Equipment.  All documents, records, data, equipment and
other physical property, whether or not pertaining to Confidential Information,
that have been or are in the future furnished to Mr. Tobin by the Company or are

       

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

      produced
by Mr. Tobin in connection with his employment shall be and remain the sole
property of the Company.  Mr. Tobin shall return to the Company
all such materials and property as and when requested by the
Company.  In any event, Mr. Tobin shall return all such materials and
property immediately upon termination of his employment for any
reason.  Notwithstanding the foregoing, Mr. Tobin may retain and
purchase home office equipment provided to him by the Company to the extent that
he specified such equipment that he elects to retain (the “Home Office
Equipment”) in the written notice that he provided to the EVP-HR on June
18, 2009.  The Company shall transfer ownership of the Home Office
Equipment to Mr. Tobin effective on the Separation Date.  The purchase
price for the Home Office Equipment shall be the market value of the Home Office
Equipment as of the Separation Date as determined reasonably and in good faith
by the Company.  Mr. Tobin shall pay such amount no later than thirty
(30) days after the later of the Separation Date or the Company’s notice to Mr.
Tobin of the purchase price.

       

      (c)    Nonsolicitation and
Noncompetition.  Mr. Tobin agrees that the terms of Section 12
of the Executive Retirement Plan (“Restrictive Covenants”) shall apply to
him.  For purposes of such Section 12, the “Retirement date” shall be
construed to mean the Separation Date.  Mr. Tobin acknowledges that in
his capacity as President and Chief Executive Officer, he does not have the
authority to exempt himself from any obligations under Section 12 of the
Executive Retirement Plan or to exercise any other rights of the Chief Executive
Officer under the Executive Retirement Plan with respect to
himself.  The Company agrees that in exercising discretion with
respect to Mr. Tobin under Section 12 of the Executive Retirement Plan, the New
CEO or designee shall not withhold consent to Mr. Tobin’s employment or
other activities that would otherwise violate Section 12, unless the New CEO or
designee reasonably concludes that such employment or other activities are
reasonably likely to be inconsistent with the Company's legitimate business
interests.  For purposes of the Executive Retirement Plan, the EVP-HR
shall be considered a designee of the Chief Executive Officer. Without limiting the
foregoing, Mr. Tobin acknowledges that the remedial provisions set forth in
Section 12(c) of the Executive Retirement Plan shall apply in the event of his
breach of Section 12 of the Executive Retirement Plan.  The Company
agrees that this Agreement supersedes in all respects the March 17, 1999
Employee Agreement between Mr. Tobin and the Company and further agrees that Mr.
Tobin is not subject to any contractual obligations to the Company concerning
nonsolicitation, noncompetition, confidential information or assignment of
developments other than those set forth in this Agreement or the Executive
Retirement Plan.

       

      (d)    Mutual
Nondisparagement.  Mr. Tobin shall not at any time, either
before or after the Separation Date, make or cause to be disclosed any negative,
adverse, derogatory or otherwise disparaging statement to anyone about the
Company, its products or services, its financial condition or proposals, any
member of the Board, any officer or any employee, except as required by
law.  Mr. Tobin acknowledges that any statement made at his
specific and explicit direction by anyone, including but not limited to any of
his family members or his attorney or other agent, shall be deemed to be a
statement by him for purposes of this paragraph.  Notwithstanding the
foregoing, this shall not be construed to apply to statements made on a
confidential basis to the Chairman, the New CEO or the Chair of any committee of
the Board or to any statements in legally compelled testimony.  Boston
Scientific agrees that promptly after the Effective Date, it shall direct its
officers and directors not to make any negative, adverse, derogatory or
otherwise disparaging statements to anyone about Mr. Tobin or his personal or
professional reputation, except as required by law.

       

      
        
           

        

        
          9

          
            

          

        

        
           

        

      

      (e)    Developments.  Within
sixty (60) days following the Separation Date, Mr. Tobin shall report and
disclose to Boston Scientific all improvements to Boston Scientific’s products
and/or services tested and/or evaluated by him during the term of his employment
by Boston Scientific, to the extent that (i) such improvements were under active
consideration in the six months preceding the Separation Date and (ii) Mr. Tobin
has reason to believe that no other senior manager currently in Boston
Scientific’s employ has full knowledge of such improvements.  All such
improvements, and all other inventions, discoveries, developments, methods,
processes, ideas and concepts relating to any Company Business Area (as defined
below) that are or were developed or conceived by him, alone or with others
during the term of his employment (collectively, “Developments”), and
intellectual property rights (including patents, patent applications, and other
intellectual property rights in all countries and territories worldwide and
under any international conventions) that are related to any and all
Developments shall be the sole and exclusive property of Boston Scientific and
are hereby assigned, and will be assigned, to Boston Scientific without any
additional payments by Boston Scientific.  It is understood that
Boston Scientific shall have the right but not the obligation to initiate,
prosecute, maintain and defend any and all patentable
Developments.  Mr. Tobin shall provide reasonable assistance to Boston
Scientific with respect to any such patents and patent applications, and shall
execute all appropriate documents and assignments with respect to any such
patents and patent applications.  Mr. Tobin agrees not to assert any
rights in law or in equity in any Developments.  For purposes of this
Agreement, the term “Company Business
Area” means an area of business that the Company conducted at any time
during the period from the Effective Date to the Separation Date or that was in
development by the Company or was under active consideration by the Company’s
senior management at any time during the one year period before the Separation
Date.

       

      (f)    Litigation and Regulatory
Cooperation.  During and after Mr. Tobin’s employment, Mr.
Tobin shall cooperate reasonably with the Company in the defense or prosecution
of any claims or actions now in existence or which may be brought in the future
against or on behalf of the Company that relate to events or occurrences that
transpired while Mr. Tobin was employed by the Company.  Mr.
Tobin’s reasonable cooperation in connection with such claims or actions shall
include, but not be limited to, being available to meet with counsel to prepare
for discovery or trial and to testify truthfully as a witness on behalf of the
Company at mutually convenient times or at such other times as may be required
by the court.  During and after Mr. Tobin’s employment, Mr. Tobin
also shall cooperate reasonably with the Company in connection with any
investigation or review of any federal, state or local regulatory authority as
any such investigation or review relates to events or occurrences that
transpired while Mr. Tobin was employed by the Company.  To the extent
reasonably practicable, cooperation shall be provided at mutually convenient
times and places and shall not be scheduled at times that would unreasonably
interfere with employment or board of directors commitments that Mr. Tobin may
have; provided that it
is acknowledged this sentence shall not apply to the time or location of
testimony scheduled by the court or another party.  The Company shall
compensate Mr. Tobin at the rate of $500 per hour for all time that he
reasonably expends after the Separation Date performing cooperation services
requested by the Company including without limitation his travel time; provided that Mr. Tobin shall
not be entitled to compensation for time spent testifying in any
proceeding.  Mr. Tobin shall also be entitled to receive prompt
reimbursement for all reasonable expenses incurred by him in activities
performed pursuant to 

       

      
        
           

        

        
          10

          
            

          

        

        
           

        

      

      this
paragraph, in accordance with the Company’s business expense reimbursement
policies and procedures then in effect.  

       

      7.    Arbitration of
Disputes.  Any controversy or claim arising out of or relating
to this Agreement or the breach thereof or otherwise arising out of
Mr. Tobin’s employment, the termination of that employment (including,
without limitation, any claims of unlawful employment discrimination whether
based on age or otherwise) or either party’s other rights or obligations under
this Agreement shall, to the fullest extent permitted by law, be settled by
arbitration in any forum and form agreed upon by the parties or, in the absence
of such an agreement, under the auspices of the American Arbitration Association
(“AAA”) in
Boston, Massachusetts in accordance with the Employment Arbitration Rules of the
AAA, including, but not limited to, the rules and procedures applicable to the
selection of arbitrators.  Judgment upon the award rendered by the
arbitrator may be entered in any court having jurisdiction
thereof.  This paragraph shall be specifically enforceable.
Notwithstanding the foregoing, this paragraph shall not preclude either party
from pursuing a court action for the sole purpose of obtaining a temporary
restraining order or a preliminary injunction in circumstances in which such
relief is appropriate; provided that any other relief shall be pursued through
an arbitration proceeding pursuant to this paragraph.

       

      8.    Jurisdiction.  To
the extent that any court action is permitted consistent with or to enforce
Section 7 of this Agreement, the parties hereby agree that the Superior Court of
the Commonwealth of Massachusetts and the United States District Court for the
District of Massachusetts shall have exclusive jurisdiction of such
dispute.  Accordingly, with respect to any such court action, Mr.
Tobin submits to the personal jurisdiction of such courts.

       

      9.    Integration.  This
Agreement constitutes the entire agreement between the parties with respect to
the subject matter hereof and supersedes all prior agreements between the
parties concerning such subject matter.  Mr. Tobin acknowledges that
this Agreement resolves all matters concerning negotiation of employment terms
and compensation, including without limitation separation compensation, that
have previously been discussed between the parties.  Mr. Tobin
further acknowledges that the Retention Agreement between him and the Company
dated December 17, 2008 and all previous Retention Agreements shall have no
further force or effect.  Notwithstanding the foregoing, nothing in
this Agreement shall affect either party’s rights under the Directors and
Officers Indemnification Agreement dated March 17, 1999; provided that it is
acknowledged that Mr. Tobin shall not be an officer of the Company after
July 13, 2009, nor shall this Agreement supersede any of the Pending Equity
Rights or Fully Vested Equity Rights.

       

      10.    Assignment; Successors and
Assigns, etc.  The Company may assign its rights under this
Agreement in the event that it shall effect reorganization, consolidate with or
merge into any other corporation, partnership, organization or other entity, or
transfer all or substantially all of its properties or assets to any other
corporation, partnership, organization or other entity.  This
Agreement shall inure to the benefit of and be binding upon Mr. Tobin and
the Company and each party’s respective successors, executors, administrators,
heirs and permitted assigns.

       

      
        
           

        

        
          11

          
            

          

        

        
           

        

      

      11.    Enforceability.  If
any portion or provision of this Agreement (including, without limitation, any
portion or provision of any section of this Agreement) shall to any extent be
declared illegal or unenforceable by a court of competent jurisdiction, then the
remainder of this Agreement, or the application of such portion or provision in
circumstances other than those as to which it is so declared illegal or
unenforceable, shall not be affected thereby, and each portion and provision of
this Agreement shall be valid and enforceable to the fullest extent permitted by
law.

       

      12.    Waiver.  No
waiver of any provision hereof shall be effective unless made in writing and
signed by the waiving party.  The failure of either party to require
the performance of any term or obligation of this Agreement, or the waiver by
either party of any breach of this Agreement, shall not prevent any subsequent
enforcement of such term or obligation or be deemed a waiver of any subsequent
breach.

       

      13.    Notices.  Any
notices, requests, demands and other communications provided for by this
Agreement shall be sufficient if in writing and delivered in person or sent by a
nationally recognized overnight courier service or by registered or certified
mail, postage prepaid, return receipt requested, to Mr. Tobin at the last
address he has filed in writing with the Company or, in the case of the Company,
at its main offices, attention of the Chairman.  Delivery by overnight
courier service shall be effective on the first business day after
mailing.  Delivery by registered or certified mail shall be effective
three (3) days after mailing.  Delivery in person shall be effective
upon delivery.

       

      14.    Amendment.  This
Agreement may be amended or modified only by a written instrument signed by Mr.
Tobin and by a duly authorized representative of the Company.

       

      15.    Governing
Law.  This is a Massachusetts contract and shall be construed
under and be governed in all respects by the laws of the Commonwealth of
Massachusetts, without giving effect to the conflict of laws principles of such
Commonwealth.  With respect to any disputes concerning federal law,
such disputes shall be determined in accordance with the law as it would be
interpreted and applied by the United States Court of Appeals for the First
Circuit.

       

      
        
           

        

        
          12

          
            

          

        

        
           

        

      

      16.    Counterparts.  This
Agreement may be executed in any number of counterparts, each of which when so
executed and delivered shall be taken to be an original.  Such
counterparts shall together constitute one and the same document.

       

      IN WITNESS WHEREOF, the
parties have executed this Agreement effective as of the Effective
Date.

       

      

       

      
        
          	      
                  By:

                        
                    
      

                  James
      R. Tobin 

                	
                   

                  
                    
      

                  Date 

                
	
                   

                   

                  Boston
      Scientific
      Coporation

                   

                   

                	 
	      
                  By:

                        
                    
      

                  Lucia
      Luce Quinn

                  Its
      Executive Vice President,

                  Human
      Resources 

                	
                   

                        
                    
      

                  Date 

                

        

      

       

                                                                             

      

       

      

      

      
        
           

        

        
          13

          
            

          

        

        
           

        

      

      EXHIBIT
A

       

      RELEASE
AGREEMENT

       

      I am a
party to an agreement with Boston Scientific Corporation (“BSC” or the “Company”) entitled
Transition and Retirement Agreement (the “Retirement
Agreement”).  I acknowledge that this is the Release Agreement
that is required by the Company pursuant to Section 4(b) of the Retirement
Agreement as a condition of my eligibility for any payment under the Company’s
Executive Retirement Plan (together, the “Consideration”).

       

      
        	
                1.  

              	
                Release of
      Claims.  In consideration of and in exchange for the
      commitment of the Company to provide the Consideration, I, for myself, my
      heirs, administrators, executors and assigns agree to release and forever
      discharge the Company and its subsidiaries, affiliated companies,
      successors  and assigns, and the current and former employees,
      officers, directors, shareholders (but only in their capacity as
      shareholders of the Company) and agents of each of the foregoing (the
      “Released
      Parties”) from any and all claims, agreements, obligations,
      injuries, damages, causes of action, debts or liabilities (together “Claims”) that I
      may have or may have ever had, whether known or unknown, against any of
      the Released Parties as a result of any facts or circumstances that
      occurred or existed or of which I had notice at any time to the date of my
      execution of this Release
Agreement.

              

      

       

      This
release of Claims includes, without limitation, all Claims based on any facts or
circumstances arising out of or in any way connected with or relating to my
employment with BSC or the termination of that employment, including but not
limited to, the release of Claims of breach of contract, impairment of economic
opportunity, defamation, misrepresentation, intentional infliction of emotional
harm or other tort, or violation of the Civil Rights Act of 1866, Title VII of
the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the
Civil Rights Act of 1991, the Americans with Disabilities Act, the Family and
Medical Leave Act and any other federal, state or municipal statute, ordinance
or the common law relating to employment or employment discrimination, and
Claims arising out of any legal restrictions on the rights of BSC to take
employment actions, that I now have or claim to have, or which I heretofore had,
or which I may have or claim to have at any time hereafter based on actions or
omissions that occurred on or before the date of my execution of this Release
Agreement.  I also expressly waive any and all remedies that may be
available under any statute or the common law, including, without limitation,
back pay, front pay, other damages, attorney’s fees, court costs and
reinstatement.

       

      Notwithstanding
the foregoing, if an individual who is a Released Party initiates a legal
proceeding against me with respect to any Claim that accrued before this Release
Agreement became effective, this Release Agreement shall not limit my right to
file a counterclaim against such individual.

       

      
        	
                2.  

              	
                Continuing Rights and
      Obligations.  This Release Agreement does not affect any
      rights to which I may be entitled under any Company Benefit Plans, the
      Executive Retirement Plan, any Pending Equity Awards or any Fully Vested
      Equity Rights, each as defined in

              

      

      
         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        
          	
                   

                	
                  the
      Retirement Agreement, nor does it affect my rights under the Retirement
      Agreement or the Directors and Officers Indemnification Agreement between
      the Company and me dated March 17, 1999 or under any Company insurance
      agreement or bylaw.  It also does not affect any rights I have
      under COBRA or the Workers’ Compensation Act.  I acknowledge and
      agree that nothing in this Release Agreement affects the ongoing
      obligations that I may have under the Retirement Agreement.  I
      acknowledge that my rights to future payments from the Company are
      conditioned on my continued compliance with such
    agreements.

                

        

         

      

      
        	
                3.  

              	
                Receipt of
      Payment.  I acknowledge that I have received payment for
      all salary, vacation pay and other compensation due to me based on my
      employment with BSC to and including the most recent regular payroll date
      of BSC preceding the date of my signing of this Release
      Agreement.  This shall not be construed to waive my right, if
      applicable, to payment of salary, vacation pay and any other employment
      compensation that was not yet due to be paid to me as of the most recent
      regular payroll date of BSC preceding the date of my signing of this
      Release Agreement.

              

      

       

      
        	
                4.  

              	
                No
      Admission.  I understand and agree that this Release
      Agreement is not to be construed as an admission of liability by the
      Released Parties.

              

      

       

      
        	
                5.  

              	
                Consideration of
      Release Agreement.  I understand that I have had the
      opportunity, if I so desired, to take up to twenty-one (21) days to
      consider this Release Agreement.  I agree that any
      modifications, material or otherwise, made to this Release Agreement do
      not restart or affect in any manner the original twenty-one (21) day
      consideration period.  I further acknowledge that I have been
      advised to consult with an attorney prior to executing this Release
      Agreement.

              

      

       

      
        	
                6.  

              	
                Revocation
      Period.  I understand that I will have seven (7) days
      following my signing of this Release Agreement in which to revoke this
      Release Agreement by a written notice to be received by the Company’s
      Executive Vice President of Human Resources no later than the end of such
      seven-day period.  I understand that at this Release Agreement
      shall not become effective until the revocation period has
      expired.

              

      

       

      
        	
                7.  

              	
                Governing
      Law.  I agree that this Release Agreement shall be
      interpreted and enforced in accordance with the internal laws of the
      Commonwealth of Massachusetts.

              

      

       

      
        	
                8.  

              	
                Full Review of Release
      Agreement.  My signature below confirms that I have
      carefully read and reviewed this Release Agreement.  I fully
      understand all of its terms and conditions and have not relied upon any
      other representations by the Company or the employees or agents of the
      Company concerning the terms of this Release Agreement.  I
      execute and deliver this Release Agreement freely and
      voluntarily.

              

      

       

      UNDERSTOOD,
ACCEPTED AND AGREED

       

      

       

      
        	
                      
                  
      

                James R.
      Tobin

              	
                      
                  
      

                Date 

              

      

       

       

      
        
           

        

        
          2WWW.EXFILE.COM, INC. -- 888-775-4789 -- BOSTON SCIENTIFIC CORP. -- EXHIBIT 10.2 TO FORM 8-K

     

    EXHIBIT
10.2

    

    June 22,
2009

    
 

    J.
Raymond Elliott

    54595
County Road 8

    Middlebury,
IN  46540

    

    Dear
Ray:

    

    On behalf
of Boston Scientific Corporation, we are very pleased to confirm our offer of
employment to you.  Your initial position of employment with Boston
Scientific, commencing June 23, 2009 (the “Commencement Date”), will be in the
part-time role of Senior Advisor, reporting to the Chairman of the Board of
Directors.  Thereafter, effective no later than July 13, 2009, you
will become the full-time President and Chief Executive Officer of Boston
Scientific.  As part of this offer, we are recommending your
nomination (subject to Board approval) as a member of Boston Scientific’s Board
of Directors and Executive Committee. We look forward to a productive and
successful working relationship and to your formal acceptance of this offer of
employment.

    

    This
letter, the enclosed Employee Agreement (attached as Appendix 1) and our Code of
Conduct summarize our understanding of the terms of your employment and provide
you the means to accept our offer as described.

    

    COMPENSATION

    Through
annual and long-term programs, Boston Scientific's compensation programs provide
our employees with significant compensation opportunities on a pay for
performance basis.  The objective of these programs is to recognize
and reward both individual and company performance.

    

    Sign-on
Bonus:  Within ten days following your becoming Chief Executive
Officer, you will be paid a sign-on bonus of $1.5 million.

    

    Base Salary:  While
you serve as Senior Advisor, you will be paid a base salary at the annualized
rate of $600,000.  Base annualized gross salary for the position of
President and Chief Executive Officer will be $1.2 million, currently payable in
bi-weekly installments.  Your performance and compensation will
generally be reviewed on an annual basis.  The Boston Scientific
performance year currently runs from January 1 through December 31 of each
year.

     

    Performance Incentive
Plan:  The Performance Incentive Plan provides employees with
the opportunity for a variable financial incentive in recognition of individual
and company performance in a given year.  You are eligible to
participate in the annual Performance Incentive Plan beginning this year and you
will be eligible to receive a prorated bonus amount for 2009.  Per the
current plan, your annual target incentive is 120% of base
salary.  Your actual award will be based on your achievement of
individual goals and the company's achievement of corporate performance
goals.  With respect to your bonus for 2009, 100% will be paid in the
form of Deferred Stock Units under Boston Scientific’s 2003 Long-Term Incentive
Plan (“DSUs”), valued at the closing price of our common stock on the date on
which your bonus is determined by the Compensation Committee of the Boston
Scientific Board of Directors (the “Compensation Committee”).  These
DSUs will be fully vested upon issuance and payable on the fourth anniversary of
issuance.  With respect to your bonus for each subsequent year, you
will be given the opportunity to elect, no later than May 31 of the year for
which the bonus is paid (but in no event after the time in which the bonus has
become “readily ascertainable” within the meaning of Section 409A of the
Internal Revenue Code of 1986) the portion of the bonus that will be paid in
cash and the portion that will be paid in DSUs.  Under the current
plan, you must be an active employee on December 31 of the then current year to
be eligible for payment. A copy of the 2009 Performance Incentive Plan has
already been provided to you.

     

    Equity:  As part of
this offer of employment, the Compensation Committee has determined that you be
granted on the Commencement Date, (a) one million shares of restricted DSUs
(“Restricted DSUs”), and (b) non-qualified options to purchase 3.4 million
shares of Boston Scientific common stock (1.4 million shares from the 2000
Long-Term Incentive Plan and two million shares from the 2003 Long-Term
Incentive Plan).  In addition, you will be granted a non-qualified
option to acquire 600,000 shares of Boston Scientific common stock in 2010
on the date that long-term incentive awards are made to senior executives of
Boston Scientific generally.  Further, 1.250 million DSUs (the
“Performance Shares”) will be granted to you on the Commencement Date, which
Performance Shares will be earned 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    and
settled in shares of our common stock in 250,000 increments on each of the dates
(occurring prior to December 31, 2012) on which, while you remain employed by
Boston Scientific, Boston Scientific common stock’s average closing price for
any ten consecutive trading days equals or exceeds $20.00, $22.50, $25.00,
$27.50 and $30.00.  In applying the foregoing trading price
thresholds, the relevant Performance Shares will be earned and settled only on
the first occasion on which the corresponding ten-day price target is attained,
but if a higher price target is attained before one or more lower price targets
have been attained, not only the Performance Shares corresponding to such higher
target, but also those corresponding to such previously unattained lower
targets, shall be earned and settled.  (By way of illustration, but
not limitation, if as of a given date Boston Scientific common stock’s average
closing price for the previous ten consecutive trading days equals $27.50,
without the $20.00, $22.50 or $25.00 targets previously having been attained,
one million Performance Shares will be earned and settled as of such
date.)  Any Performance Shares that have not been earned by December
31, 2012 shall be forfeited.  Our Long Term Incentive Plans are designed to
share the rewards of the business with individuals who most significantly
contribute to the achievement of the company’s strategic and operating
goals.  Except for the awards specifically provided for
herein, no additional grants of equity-based awards are expected to be made
to you prior to the third anniversary of the Commencement Date.

    

    Restricted
DSUs.  Each tranche of Restricted DSUs will be payable (through
delivery of unrestricted shares of Boston Scientific common stock) on the
December 31 of the year in which such Restricted DSUs vest.  One-third
of the Restricted DSUs will vest on the first anniversary of the Commencement
Date, and thereafter on each monthly anniversary of such date 1/36th of the
Restricted DSUs will vest until the Restricted DSUs are fully vested on the
third anniversary of grant, in each case contingent on your continued employment
through such date.  If you are involuntarily terminated (except for
Cause), all the Restricted DSUs will vest in full.  In all other
respects the Restricted DSUs will be subject to the terms of the applicable
Long-Term Incentive Plan and Restricted DSU Award Agreement, a form of which has
been provided to you.  “Cause” is defined for purposes of every aspect
of this letter to mean:  (a) conduct constituting a material act of
misconduct in connection with the performance of your duties; or (b) criminal or
civil conviction, a plea of nolo contendere or conduct that would reasonably be
expected to result in material injury to the reputation of Boston Scientific if
you were retained in your position with Boston Scientific.  In
addition, in accordance with the applicable Long-Term Incentive Plan, the
Restricted DSUs will vest in full and become immediately payable upon your
Disability, death or a Change in Control of Boston Scientific (as those terms
are defined in the applicable Long-Term Incentive Plan).

    

    Non-Qualified Stock
Options.  The option grants will provide you with the
opportunity to purchase shares of Boston Scientific common stock.  The
grant date and exercise price per share for the initial option grant will be set
on the Commencement Date, with the exercise price per share for the initial
option grant being the closing price of Boston Scientific common stock on the
Commencement Date.  The 2010 option grant will have an exercise price
per share equal to the closing price of Boston Scientific common stock on the
date of grant.  The initial option grant and the 2010 option grant
each will vest as to one quarter of the shares subject thereto on each of the
first four anniversaries of grant until the option is fully vested on the fourth
anniversary of grant, in each case contingent on your continued employment
through such date.  The options may be exercised on a net
exercise basis, with shares withheld to pay the exercise price and applicable
taxes.  The options will expire on the 10th
anniversary of the grant date.  In all other respects the option
grants will be subject to the provisions of the applicable Long Term Incentive
Plan and Non-Qualified Stock Option Agreement, a form of which has been provided
to you.  If you are involuntarily terminated (except for Cause) the
options will vest in full.  In addition, in accordance with the
applicable Long Term Incentive Plan, your unvested stock options will accelerate
upon your Disability, Retirement, death or a Change in Control of Boston
Scientific (as those terms are defined in the applicable Long Term Incentive
Plan) and remain exercisable until the expiration of the stated term of the
stock option.

    

    RELOCATION

    Boston
Scientific will acquire your home in Indiana at a price (not to exceed $1.5
million) equal to the sum of the original purchase price plus the cost of
documented improvements.  The Indiana property will be purchased no
earlier than September 15, 2009.  Boston Scientific will pay all
reasonable and customary moving and relocation expenses with dispersal to
Rosseau, Ontario or Boston, Massachusetts.  Upon any involuntary
termination of your employment without Cause prior to the fifth anniversary of
the Commencement Date or upon your Retirement (as defined in the Executive
Retirement Plan), death, Disability or a Change in Control of Boston Scientific,
Boston Scientific agrees at your election to repurchase your then Boston area
residence at a purchase price equal to your original purchase price plus the
cost of documented improvements.

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    At an
appropriate time, please contact Boston Scientific’s U.S. Domestic Relocation
Manger to arrange for the particulars of your relocation.

     

    BENEFITS

    Enclosed
is descriptive literature regarding Boston Scientific’s current benefit
programs.  You should review this information prior to your start date
so you are prepared to enroll within your first 31 days of employment. Please
understand that the company reserves the right to unilaterally amend or
terminate any of these programs, or to require or change employee premium
contributions toward any benefits.  Please note that at this time you
will not be eligible to participate in the Executive Allowance
Plan.

    

    Executive Retirement
Plan:  You will be eligible to participate in the Executive
Retirement Plan once you satisfy the five-year service
requirement.  Among other things, if you satisfy the service
requirement you will be eligible to receive certain benefits provided in that
Plan, including a lump sum payment equal to 2.5 months of base salary times your
years of actual service, subject to a maximum benefit of 36 months.  A
copy of Boston Scientific’s Executive Retirement Plan has already been provided
to you.  Following the third anniversary of the Commencement Date, but
prior to your eligibility to participate in the Executive Retirement Plan, you
will be entitled to a lump sum benefit upon  termination of
employment  other than for Cause equivalent to that available to an
eligible participant in the Executive Retirement Plan, calculated using your
actual years of service (rather than the five years’ minimum service required
under such plan) and otherwise subject to the same terms and conditions as would
apply under such plan.

    

    Aircraft
Use:  Boston Scientific will provide you with reasonable and
customary personal use of corporate-owned aircraft in accordance with the
company’s current practice with respect to the Chief Executive Officer,
including (a) round-trip weekend home visits when required, (b) Margaret
Elliott’s visits to Boston one or two weeks per month and generally accompanied
by you, (c) occasional visits to children combined with normal and required
business trips and (d) for standard annual vacations.  All personal
use of aircraft will result in imputed income based on U.S. Department of
Transportation SIFL rates as required by law, and you will not be reimbursed for
any taxes resulting from such imputed income.

    

    Boston Scientific Retention and
Indemnification Agreements:  Boston Scientific also provides
retention and indemnification agreements to its key executives.  In
general, the retention agreement entitles you as a member of our Executive
Committee to a lump sum payment of three times your base salary and assumed
on-plan incentive bonus if either your employment is terminated (other than for
cause) or if your duties are diminished following a change in control of Boston
Scientific.  Notwithstanding the provisions of the retention
agreements applicable to other executives, you have agreed that the retention
agreement applicable to you will not provide for any “gross-up” of excise taxes
that may be imposed on you pursuant to Section 4999 of the Internal Revenue
Code.  Indemnification by Boston Scientific is also extended to key
executives for liability arising in the proper performance of one’s
responsibilities as an executive officer of Boston Scientific.  A form
of each agreement has already been provided to you (in the case of the retention
agreement, not yet reflecting the elimination of gross-up provisions agreed by
you).

    

    AUTHORIZATION TO
WORK

    Please
note that this offer of employment is contingent upon your ability to provide,
on your first day of employment, a completed I-9 form and acceptable original
documents that will establish your identity and authorization to work in the
U.S. in compliance with the Immigration Reform and Control Act of 1986, a
federal law.  Please see the enclosed document “Orientation for New
Hires” for a list of acceptable identification documents.  It is Boston
Scientific’s practice to require that these
original identification documents be presented on the first day of employment,
so please remember to bring them.

    

    TAX WITHHOLDING

    All
amounts of compensation hereunder shall be subject to withholding for applicable
income and employment taxes and all Boston Scientific policies related to
withholding.

    

    BACKGROUND
VERIFICATION

    A
background verification and reference check satisfactory to Boston Scientific
shall be a condition to this offer, and by signing in the space provided below
you consent to Boston Scientific conducting such background verification and
reference check.

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    EMPLOYMENT AT
WILL

    Although
you have made a five year employment commitment to Boston Scientific, upon
acceptance of this offer and your active start of employment, you will become an
“at will” employee of Boston Scientific.  This means that you will be
free to resign at any time; provided, that you
give Boston Scientific at least four months’ prior written notice of any such
resignation.  Likewise, Boston Scientific will have the right to
terminate your employment at any time for any or no reason; provided, however, that, except
in the case of an involuntary termination for Cause, Boston Scientific will
provide you with four months’ prior written notice of termination (or payment of
compensation in lieu of such notice).  Acceptance of this offer
acknowledges your understanding and acceptance of the “at will” nature of your
employment.

    

    

    

    

    

    (The
remainder of this page is left intentionally blank.)

    
 

    
 

    
 

    
 

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    ACCEPTANCE

    This
offer letter is contingent upon the following:

     

    
      	
              ·  

            	
              Successful
      completion of reference and background
checks;

            

    

    
      	
              ·  

            	
              An
      acceptance no later than June 23,
2009

            

    

    
      	
              ·  

            	
              A
      start date to be mutually agreed upon, but no later than June 23, 2009;
      and

            

    

    
      	
              ·  

            	
              Your
      return of all completed, signed paperwork listed on the enclosed New
      Employee Checklist, including but not limited to the Employee Agreement,
      so that Boston Scientific receives it four (4) business days before your
      start date.

            

    

    

    Please
indicate your acceptance of this offer of employment and agreement with the
terms described in the enclosed documents by completing, signing and returning
all enclosed paperwork
at least four (4) business days before your start date.  The
Code of Conduct, Benefits Literature and policy documents should be retained by
you for your records.

    

    Ray, we
believe that the opportunity here with Boston Scientific will be a mutually
rewarding one and we look forward to your acceptance of this offer.

    

    

    Sincerely,

    

     

    

    ________________________

    Pete M.
Nicholas

    Chairman
of the Board

    

    Agreed to
and Accepted by
___________________________________   Date:_____________

                                               J.
Raymond Elliott

    
 

    
 

    Enclosures:

    Employee
Agreement

    Benefits
Literature

    Code of
Conduct

    New
Employee Checklist/Forms/Equal Employment Policy Statement

    Policy
Against Harassment

    Orientation
for New Hires

    

     

    
      
        
        

      

      
        5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00160-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00160-of-00352.parquet"}]]