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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

   
Number of 
   
Shares 
Securities Underlying 
Net Value of 
   
Acquired 
Net Value 
Unexercised Options 
Unexercised in-the-Money 
   
on Exercise 
Realized 
at Year-End (#)(1) 
Options at Year-End ($)(2) 
             Name   
# 
$ 
Exercisable 
Unexercisable 
Exercisable 
Unexercisable 
Michael J. Critelli    —    —    1,086,082    391,666   
7,323,757 
  881,413 
Murray D. Martin    —    —    419,033    175,000   
2,856,936 
  362,250 
Bruce P. Nolop    —    —    215,707    120,000   
1,398,705 
  228,200 
Michele Coleman Mayes    —    —    63,333    96,667   
563,030 
  314,070 
Johnna G. Torsone    20,077    317,326    178,283    60,833   
1,177,072 
  153,355 

(1)      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 periods.
 
(2) 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 grant.
 
  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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