This excerpt taken from the EYE DEF 14A filed Apr 25, 2008.
Mr. Post
Executive Benefits and Payments Upon Termination
Termination by AMO Without Cause or by the NEO for Good Reason
Termination as a Result of Death
Termination as a Result of Disability
Termination by AMO Without Cause or by NEO for Good Reason (Change in Control)
Cash Payment
$
1,941,301
(1)
$
575,200
$
575,200
$
1,941,301
(4)
Equity Vesting(2)
n/a
n/a
n/a
512,186
Medical and Welfare Plan Coverage(3)
10,431
4,413
10,431
35,640
Transportation Allowance
n/a
n/a
n/a
33,000
Club Dues
n/a
n/a
n/a
27,450
Financial and Tax Planning Benefit
n/a
n/a
n/a
19,200
Outplacement
n/a
n/a
n/a
21,600
Excise Tax Gross-up
n/a
n/a
n/a
0
Total
$
1,951,732
$
579,613
$
585,631
$
2,590,377
(1)
AMO has a severance pay policy that applies to all U.S.-based
employees. If Mr. Post had been involuntarily terminated on 12/31/2007, he would have been eligible for eighteen months of severance equal to $539,250 based on his seniority, were it not for his employment agreement.
(2)
Represents the “in-the-money” value of stock options
accelerated by virtue of a change in control and the market value of restricted stock and restricted stock units vested by virtue of a change in control, assuming an acquisition deal price of $24.53. Options held in a trust are assumed to be
attributable to the executive. All option, restricted stock unit and restricted stock holders would be entitled to vesting on the same terms, except that the employment agreement allows the executive the full term to exercise stock options, whereas
other option holders generally have 90 days after termination of employment to exercise their vested options.
(3)
Represents AMO’s expense in providing benefits.
(4)
Absent the employment agreement, the amount payable under
standard AMO plans would be $754,950.
