Expeditors International of Washington (EXPD)

EXPD » Topics » Scenario 3: Named Executive Officer resigns subsequent to a change in control.

This excerpt taken from the EXPD DEF 14A filed Mar 30, 2007.
Scenario 3:  Named Executive Officer resigns subsequent to a change in control.   The Named Executive Officer would be entitled to the realized gain on the acceleration of unvested of stock options under Column 1. The Executive Officer would not be entitled to any cash compensation. The Company could, in its sole discretion, pay the Named Executive Officer a lump sum amount under Column 3 in exchange for invoking the non-competition provisions in the employment agreement. In a change in control situation, the Named Executive Officer has the option to reject or to accept this lump sum payment. By rejecting the payment, the Executive will no longer be subject to the non-competition provisions of the employment agreement.

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