|
|
 | | | |
- close
- close
- close
- close
This excerpt taken from the GIS DEF 14A filed Aug 12, 2008. Payments and
Benefits Triggered in Fiscal 2008
During the fiscal year, Mr. Sanger and Mr. Lawrence
retired as Chairman and Chief Executive Officer and Vice
Chairman and Chief Financial Officer, respectively. In addition
to their Earned Benefits, they received the following payments
and benefits, which are valued on the basis described above.
Mr. Lawrence retired at the end of October 2007. At that
time, vesting accelerated on 59,463 restricted stock units worth
$3,432,799. Mr. Lawrence was awarded a final financial
counseling allowance worth $8,000 and purchased his company
vehicle at a $8,214 discount from the wholesale value.
Mr. Lawrence also became eligible for executive retiree
medical benefits with an incremental actuarial present value of
$833,521.
Mr. Sanger retired May 23, 2008. On that date, vesting
accelerated on 163,782 restricted stock units worth $10,005,442.
Mr. Sanger was awarded a final $15,000 financial counseling
allowance and purchased his company vehicle at a $40,200
discount from the wholesale value. Mr. Sanger also became
eligible for executive retiree medical benefits with an
incremental actuarial present value of $519,384. Starting in
fiscal 2009, Mr. Sanger has the use of office space and an
executive assistant for ten years, with an actuarial value of
$817,200.
The company vehicle discounts for both executives are included
in All Other Compensation in the Summary Compensation Table.
Both executives have one year to use their respective financial
counseling allowances before the allowances expire.
Table of Contents
|
| |||||||
