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PBI » Topics » Enhanced Severance

This excerpt taken from the PBI DEF 14A filed Mar 26, 2009.

     Enhanced Severance

The company may offer enhanced severance to executives upon termination, conditioned upon signing a waiver and release, which could include the following payments:

 

 

 

 

•

Severance pay based on an employee’s years of service and level within the company up to a maximum of two years of pay, less any basic severance. All named executive officers would be eligible for two years of pay, which includes current base salary plus current target annual incentive.

 

 

 

 

•

A prorated annual incentive award.

 

 

 

 

•

Prorated CIU payments calculated and paid at the end of each three-year cycle.

 

 

 

 

•

Any stock options outstanding for one year at the date of termination will continue to vest up to 24 months following termination and will expire at the end of this period.

 

 

 

 

•

The board of directors has the discretion to accelerate vesting of restricted stock that would otherwise be forfeited.

 

 

 

 

•

Financial counseling will continue through the severance period.
This excerpt taken from the PBI DEF 14A filed Mar 27, 2008.

Enhanced Severance

The company may offer enhanced severance to executives upon termination, conditioned upon signing a waiver and release, which could include the following payments:

  • Severance pay based on an employee’s years of service and level within the company up to a maximum of two years of pay, less any basic severance. All executive officers would be eligible for two years of pay, which includes current base salary plus current target annual incentive.

  • A prorated annual incentive award.

  • Prorated CIU payments calculated and paid at the end of each three-year cycle.

  • Any stock options outstanding for one year at the date of termination will continue to vest up to 24 months following termination and options will expire at the end of this period.

  • The board of directors has the discretion to accelerate vesting of restricted stock that would otherwise be forfeited.

  • Financial counseling will continue through the severance period.

This excerpt taken from the PBI DEF 14A filed Apr 3, 2007.

Enhanced Severance

The enhanced severance payment entitles executive officers to the following upon termination:

  • Severance pay is based on an employee’s years of service and level within the company up to a maximum of two years of pay, including any basic severance. Each of the named executive officers would be eligible for two years of pay, which includes base salary plus target annual incentive.

  • A prorated annual incentive award.

  • Prorated CIU payments at the end of each three-year cycle.

  • Any stock options outstanding for one year at the date of termination will continue to vest up to 24 months following termination and options will expire at the end of this period.

  • The board of directors has the discretion to accelerate vesting of restricted stock that would otherwise be forfeited.

  • Financial Counseling will continue for up to 12 months.

EXCERPTS ON THIS PAGE:

DEF 14A
Mar 26, 2009
DEF 14A
Mar 27, 2008
DEF 14A
Apr 3, 2007

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