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This excerpt taken from the PBG DEF 14A filed Mar 31, 2006. Individual Long-Term
Incentives. In connection with
Mr. Rebolledo becoming an employee of PBG, in January 2004,
the Committee granted him a stock option award and a restricted
stock award. As a result of these awards, Mr. Rebolledo was
not eligible to receive any other award under the LTIP. These
awards vested on December 31, 2005. Also in connection with
his commencing employment with PBG, the Committee established a
special three-year cash incentive for Mr. Rebolledo. Under
this special incentive program, Mr. Rebolledo could earn a
target award of $500,000 per year based on the achievement
of specific performance targets established by the Committee
each year for fiscal 2004, 2005 and 2006. The targets are based
solely on the performance of the Company’s business in
Mexico and are satisfied only through superior performance that
is above the Company’s annual operating plan for Mexico.
For 2004, the targets were not satisfied and there was no payout
of a bonus. For 2005, if specific volume and cash flow targets
were met, a bonus would be paid based on the achievement of
certain profit and non-financial targets. In February 2006, the
Committee determined that the volume and cash flow targets for
2005 had been satisfied. In determining the amount of the bonus
payable for 2005, the Committee determined that the profit
target had not been satisfied and that two of five non-financial
targets had been achieved. As a result, the Committee approved a
2005 bonus of $50,000 payable to Mr. Rebolledo under this
special incentive program. This amount is reflected in the Bonus
column of the Summary Compensation Table on page 11.
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