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This excerpt taken from the PBG DEF 14A filed Mar 31, 2006. Long-Term Incentive.
The Committee awarded Mr. Cahill 621,239 stock options
under the LTIP for 2005. As validated by the Committee’s
independent, external advisor, these awards are reflective of
his performance, role and responsibilities and the
Committee’s goal of targeting long-term compensation within
the third quartile of the peer group companies.
Mr. Cahill’s stock option award is subject to the same
terms and conditions as the awards to other executives. The
Committee also awarded Mr. Cahill a special grant of
179,598 performance – based RSUs in connection with
the Company’s executive retention and succession planning
objectives. Mr. Cahill’s RSU award vests 33% on
December 31, 2006, 33% on December 31, 2007 and 34% on
December 31, 2008 provided he is employed through each such
vesting date and provided further that the performance-based
vesting condition based on the achievement of a pre-established
2006 earnings per share target, approved by the Committee, has
been met. In addition, no vested RSUs are payable until two
years following the vesting date except in the event of
disability or death.
19
Table of Contents
Mr. Cahill’s awards are set out in the
Restricted Stock/ Unit Awards column of the Summary Compensation
Table on page 11 and the Option Grants in Last Fiscal Year
Table on page 14.
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