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This excerpt taken from the PCG 10-Q filed Nov 6, 2008. Salary continuation and bonus
payment. Subject to his compliance with the terms and
conditions of this Agreement, from the Resignation Date and continuing until
January 31, 2009, the Company shall continue to pay the Executive monthly
payments equal to the same monthly base salary that it would have paid him had
he continued to be employed through January 31, 2009, at the same time and on
the same conditions as though he had continued to be employed by the
Company. In addition, the Company will pay the Executive his target
participation in PG&E Corporation�s Short-Term Incentive Plan (�STIP�) of
$584,375 for 2008, multiplied by the final 2008 STIP rate as determined by the
PG&E Corporation�s Compensation Committee of the Board of Directors, less
applicable withholdings and deductions, payable in or about March 2009 in
accordance with the Company�s current pay practices.
b. Continued Service Credit for Equity
Awards. Subject to his
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compliance with the terms and conditions of this Agreement, the Company shall provide the Executive service credit from the Resignation Date to January 31, 2009 for purposes of vesting in restricted stock grants and performance share grants provided to the Executive under PG&E Corporation�s 2006 Long-Term Incentive Plan (�LTIP�) (including, without limitation, the restricted stock grants vesting on January 2, 2009 and January 29, 2009) in accordance with the terms of the restricted stock agreements and performance share agreements relating to such grants, provided, however, that all restricted stock grants and performance share grants that would not have vested as of January 31, 2009 based upon the vesting schedules set forth in such restricted stock agreements and performance share agreements shall be forfeited effective as of the Effective Date. The Executive shall not be eligible to receive (i) any incentive compensation for any period after December 31, 2008 or (ii) any additional equity awards from and after the Resignation Date. |
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