This excerpt taken from the PBI DEF 14A filed Mar 27, 2008.
PATRICK J. KEDDY(1)
of Control with
506,490 - 1,557,912
0 - 214,667
0 - 150,000
0 - 75,000
Medical & other
0 - 42,000
591,636 - 2,124,725
is shown assuming termination on December 31, 2007. Mr. Keddy is
employed in the United Kingdom and has a service agreement which
entitles him to certain benefits. Mr. Keddy is paid in U.K. pounds
sterling. To provide comparability, we have converted his salary
to U.S. dollars using the conversion rate of $1.9947 to £1.00
(which is the average of the monthly average conversion rates for
2007). Mr. Keddys annual incentive was converted using the
actual conversion rate on the first trading day following approval
by the Executive Compensation Committee of the final bonus pool (February
12, 2008) which was $1.951 to £1.00.
variance between Mr. Keddys basic severance plan outlined in
his service agreement and the enhanced severance payment as explained
in the section entitled Explanation of Benefits Payable Upon
Various Termination Events on page 51.
terms of Mr. Keddys service agreement, he would receive a minimum
of one year of base salary if he were terminated involuntarily
and not for cause.
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.
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.
is valued at the targeted amount and is paid upon termination following
a change of control.
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
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.
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.
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.
is the increase in lump-sum actuarial equivalent of the pension age
and service credits for the associated severance period.
is the present value of the companys cost to continue medical
and other health & welfare plans for three years plus the companys
cost for outplacement services.
is not subject to a tax gross-up as he is a U.K. employee.
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