This excerpt taken from the GPS DEF 14A filed Apr 26, 2007.
Paul S. Pressler
Mr. Pressler ceased to be our President and Chief Executive Officer on January 22, 2007. Pursuant to his 2002 employment agreement with the Company, he will remain a non-executive employee for a period of 24 months (the Continuation Period) and receive the following payments and benefits (Continuation Pay and Benefits):
Payments and benefits described above are subject to the following conditions:
In addition, pursuant to Mr. Presslers 2002 employment agreement with the Company, the vesting of the remaining portion of the options granted to him in 2002 that were scheduled to vest during the Continuation Period were accelerated to the date of his termination as an executive officer. All stock options with vesting dates two years beyond that date were cancelled. The estimated value of Mr. Presslers accelerated options was $9,378,750 on the date of his termination, based on the difference between the exercise price of those options and the closing price of our stock on that date.