This excerpt taken from the PBI DEF 14A filed Mar 27, 2008.
BRUCE P. NOLOP(1)
of Control with
92,385 - 2,173,810
0 - 194,562
0 - 616,000
0 - 366,667
Medical & other
0 - 42,000
92,385 - 3,393,039
is shown assuming termination on December 31, 2007.
variance between Mr. Nolops basic severance plan and enhanced
severance payment as explained in the section entitled Explanation
of Benefits Payable Upon Various Termination Events on page
terms of the Pitney Bowes Severance Pay Plan, Mr. Nolop would receive
a minimum of 8 weeks of base salary if he were terminated involuntarily
and not for cause.
three years of salary and three years of annual incentive. Salary
used is the base rate as of December 31, 2007 and average annual
incentive award used is the incentive earned for service in 2004,
2005 and 2006.
is prorated for time worked during the year of termination and is
shown with actual amount earned for 2007. This amount was paid in
February 2008 under the normal distribution of annual incentives.
is valued at the targeted amount and is paid upon termination following
a change of control.
2005-2007 cycles are valued at $1.12 per unit based upon actual
achievement of performance metrics for the 2005-2007 cycle. This
amount was paid in February 2008 under the normal distribution of
2005-2007 cycle are valued at $1.12 per unit based upon actual
achievement of performance metrics for the 2005-2007 cycle. Units
for 2006-2008 and 2007-2009 cycles are valued at the targeted amount
which is $1.00 per unit. Payment is paid upon termination following
a change of control.
2006-2008 and 2007-2009 cycles are valued at the targeted amount
which is $1.00 per unit. Payment is prorated based upon time
worked through the end of each cycle period, however, payment is
not made until the end of the performance period.
options is accelerated upon certain termination events. As of December
31, 2007, there were no in-the-money unvested employee stock options
to purchase the common stock of Pitney Bowes.
is the increase in lump-sum actuarial equivalent of the pension age
and service credits for the associated severance period.
is the present value of the companys cost to continue medical
and other health & welfare plans for three years plus the companys
cost for outplacement services.
is the gross-up value for excise tax due on parachute payments and
their gross-up payments. Gross-up payments are subject to a safe-harbor
amount described on pages 52 and 53.
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