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This excerpt taken from the PBI DEF 14A filed Mar 26, 2009. Annual Incentives Our target annual incentive compensation is competitive in the markets in which we operate. We pay annual performance-based incentive compensation, or short-term incentives, to reward named executive officers for achieving certain goals over the course of the year. The factors considered in determining the annual incentive target award levels for each member of this group are:
22 Named executive officers are eligible for annual incentives for achieving challenging financial and strategic objectives that are established at the beginning of each year. The Committee determined that the annual incentive targets would be 150% of base salary for our chief executive officer and would range from approximately 70-115% of base salary for the other named executive officers. Annual incentive payments for 2008 were subject to the company first achieving a threshold income from continuing operations objective of $480,891,000 excluding all one-time items. Actual 2008 income from continuing operations was $583,233,000. The maximum annual incentive a named executive officer could receive under our stockholder approved plan, the Key Employees Incentive Plan (the “KEIP”), is $4,000,000 and the Committee applies “negative discretion” to reduce annual awards such that individual payouts are in line with financial and strategic enterprise, business unit and individual performance. |
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