This excerpt taken from the PBI DEF 14A filed Mar 27, 2008.
KEVIN S. WEISS(1)
Involuntary
Not for
Change
of Control with
Death
or Disability
Cause
Termination ($)(2)
Termination
(CIC) ($)
($)
Severance
237,210 - 795,800
(3)
1,878,148
(4)
0
Annual
Incentive
0 - 82,365
(5)
274,551
(6)
82,365
(5)
CIUs
2005-2007
cycle(7)
0 - 224,000
(7)
224,000
(8)
224,000
(7)
2006-2008
cycle
0 - 150,000
(9)
225,000
(8)
150,000
(9)
2007-2009
cycle
0 - 75,000
(9)
225,000
(8)
75,000
(9)
Stock
Options Accelerated(10)
0
0
0
Restricted
Stock Accelerated
0
133,140
133,140
Change
of Control
Pension
Benefit(11)
0
256,251
0
Medical & other
benefits(12)
0
84,817
0
Financial
Counseling
0 - 42,000
0
0
Tax-gross
up(13)
0
1,292,939
0
Total
237,210 - 1,369,165
4,593,846
664,505
(1)
All data
is shown assuming termination on December 31, 2007. As of December
31, 2007, Mr. Weiss was not eligible for early retirement. However,
as of the date of this proxy statement, Mr. Weiss was eligible for
early retirement.
(2)
Ranges represent
variance between Mr. Weiss’ basic severance plan and enhanced
severance payment as explained in the section entitled “Explanation
of Benefits Payable Upon Various Termination Events” on page
51.
(3)
Under the
terms of the Pitney Bowes Severance Pay Plan, Mr. Weiss would receive
a minimum of 31 weeks of base salary if he were terminated involuntarily
and not for cause.
(4)
Includes
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.
(5)
Annual incentive
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.
(6)
Annual incentive
is valued at the targeted amount and is paid upon termination following
a change of control.
(7)
Units for
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
CIUs.
(8)
Units for
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.
(9)
Units for
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.
(10)
Vesting of
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.
(11)
Amount shown
is the increase in lump-sum actuarial equivalent of the pension age
and service credits for the associated severance period.
(12)
Amount shown
is the present value of the company’s cost to continue medical
and other health & welfare plans for three years plus the company’s
cost for outplacement services.
(13)
Amount shown
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.
50
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