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.