PBI » Topics » OPTIONS EXERCISED IN 2005 AND 2005 YEAR-END OPTION VALUES
This excerpt taken from the PBI 10-K filed Aug 14, 2006.
OPTIONS EXERCISED IN 2005 AND 2005 YEAR-END OPTION VALUES
Net Value of
at Year-End (#)(1)
Options at Year-End ($)(2)
Michael J. Critelli
Murray D. Martin
Bruce P. Nolop
Michele Coleman Mayes
Johnna G. Torsone
These columns show the total number of securities underlying unexercised options that were outstanding at the end of 2005. The number of shares subject to the options has been adjusted to reflect the two-for-one stock split
effected in 1997 and the spin-off of Imagistics International Inc. (Imagistics) in 2001. The outstanding options granted prior to 2005 vest over three-year periods. The outstanding options granted in 2005 vest over four-year
These values are based on $42.25 per share (the
closing market price of a share of common stock on December 30, 2005) net of
exercise prices, which range from $24.0008 to $40.68 per share (adjusted
to reflect the 1997 stock split and the 2001 spin-off of Imagistics). In all
cases, the exercise price equaled the market price of a share at the date of
Shown in Table IV below is detailed
information regarding long-term incentives (other than options) granted under
the Key Employees Incentive Plan in 2005. Long-term incentives are
contingent upon the attainment of one or more specified performance objectives.
Specified payments, if any, under the terms of these incentives are paid
only to the extent that the stated performance objectives are achieved.
In 2005 a committee of the board of directors, consisting solely of independent directors, granted CIUs as long-term incentives. CIUs represent a right to receive cash, the receipt and amount of which are contingent upon
the extent to which specified performance objectives are attained during the related three-year period.
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