All data is shown assuming termination
on December 31, 2006.
(2)
Ranges represent variance between Ms.
Mayes’ basic severance plan and enhanced severance payment as
explained in the section entitled “Explanation of Benefits Payable
Upon Various Termination Events” on page 59.
(3)
Under the terms of the Pitney Bowes
Severance Pay Plan, Ms. Mayes would receive a minimum of 4 weeks of
base salary if she were terminated involuntarily and not for cause.
(4)
Includes three years of salary and
three years of annual incentive. Salary used is the base rate as of
December 31, 2006 and average annual incentive used is the incentive
earned for service in 2003, 2004, and 2005.
(5)
Annual incentive is prorated for time
worked during the year of termination and is shown with actual amount
earned for 2006. This amount was paid in February 2007 under the normal
distribution of annual incentives.
(6)
Units for 2004-2006 cycle are valued
at $1.71 per unit based upon actual achievement of performance
metrics for the 2004-2006 cycle. This amount was paid in February 2007
under the normal distribution of CIUs.
(7)
Units for 2005-2007 cycle and 2006-2008
cycle are estimated to be $1.57 per unit based upon the average
CIU payment for the most recent three-year cycles (those ending in
2004, 2005, and 2006). 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.
(8)
Units for 2005-2007 cycle are valued
at $1.54 and 2006-2008 cycle are valued at $1.23 per unit based
on actual performance metrics realized as of December 31, 2006. Payment
is prorated based upon time worked through the end of each cycle period
and is paid upon termination following a change of control.
(9)
Value calculated is the gain based
on $46.19 per share, the closing market price of a share of common
stock on December 29, 2006, net of exercise prices.
(10)
Amount shown is the increase in lump-sum
actuarial equivalent of the pension age and service credits for the
associated severance period.
(11)
Amount shown is the present value
of the company’s cost to continue medical and other health & welfare
plans for three years plus the company’s cost for outplacement
services.
(12)
Amount shown is the gross-up value
for excise tax due on parachute payments and their gross-up payments.
57
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