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PBI » Topics » 2008 Long-Term Incentive Payout (Cash Incentive Units 2006-2008 Performance Period)

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

2008 Long-Term Incentive Payout (Cash Incentive Units 2006-2008 Performance Period)

For the named executive officers, CIU payments for 2008 were subject to the company first achieving a threshold three-year (2006-2008) average of income from continuing operations objective of $464,729,000 excluding all one-time items. Actual income from continuing operations for the 2006-2008 CIU cycle was $597,037,000.

The targets for the 2006-2008 CIU cycles were adjusted three-year earnings per share of $8.74 and adjusted three-year free cash flow of $2.088 billion and actual performance was adjusted three-year earnings per share of $8.19 and adjusted three-year free cash flow of $2.518 billion. The Committee compared actual performance to the predetermined targets and interpolated these results between threshold and target, or target and maximum, to determine the resulting performance factor. The TSR modifier decreased the payout level by 4.2% resulting in a final payout of $0.86 per unit, which represents a below-target level of performance.

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