This excerpt taken from the PBI 10-K filed Mar 13, 2006.
For a Participant in Executive Bands E, F, or G, or who is a corporate officer of Pitney Bowes Inc but does not participate in the Long Term Incentive Program, an amount equal to the product of (1) two times (2) the sum of (x) the Participants Annual Salary and (y) the Participants Annual Incentive Award.
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Participant has coverage under the plans or programs of the Company or its affiliates at the Date of Termination as if the Participants employment had not been terminated; provided, however, that if the Participant becomes reemployed with another employer and is eligible to receive a particular benefit described above under another employer-provided plan, the medical and other welfare benefits described herein shall be secondary to those provided under such other plan during such applicable period of eligibility. For purposes of determining eligibility (but not the time of commencement of benefits) of the Participant for retiree medical, dental and life insurance benefits under the Companys plans, practices, programs and policies, the Participant shall be considered to have remained employed during the Separation Period and to have retired or terminated employment on the last day of such period. The COBRA continuation period for a Participant shall commence following the last day of the Separation Period.
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