This excerpt taken from the PBI DEF 14A filed Mar 26, 2009.
2008-2011 Performance Awards
In January 2008, the Committee established a three-year performance award program for certain executive officers. In February 2008, the Committee granted these awards to the following named executive officers: Messrs. Martin, Monahan and Keddy and Ms. Abi-Karam. These awards were designed to help drive a turnaround in the business and were tied to the achievement of the following objective:
Based on recommendations from Frederic W. Cook & Co., Inc., the Committee decided that the performance award target amounts would be 100% of base salary for our chief executive officer and would range from approximately 50-60% of base salary for the other named executive officers. The actual 2008 adjusted earnings per share was $2.78, and 71% of the award was earned. The final amount of these awards was calculated by interpolating between threshold and target. Fifty percent of these awards will vest and be payable in August 2009, and the remaining 50% will vest and be payable in February 2011.