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This excerpt taken from the PBI DEF 14A filed Mar 26, 2009. Tally Sheets Management provides the Committee with tally sheets which demonstrate the total mix of compensation for executive officers. The tally sheets are prepared by our human resources department and reviewed with the Committee’s independent consultant. The tally sheets show the dollar amount of the elements of each executive officer’s compensation, including total cash compensation (base salary and annual incentive), long-term incentive grants (stock options, restricted stock and CIUs awarded at grant), benefits, long-term incentive payouts, savings plan balances, equity and long-term cash plan balances and amounts that would be payable under various termination scenarios, including involuntary termination, termination following a change of control, or due to death or disability. The purpose of these tally sheets is to bring together all of the elements of compensation so that the Committee may analyze both the individual elements of compensation as well as the aggregate total amount of actual and projected compensation. The Committee uses the information in the tally sheets as an additional resource for determining whether any changes in compensation need to be made. This excerpt taken from the PBI DEF 14A filed Mar 27, 2008. Tally Sheets In making its recommendations, management provides the Committee with tally sheets which demonstrate the total mix of compensation for executive officers. The tally sheets are prepared by our human resources department and reviewed with the Committee’s independent consultant. The tally sheets show the dollar amount of the elements of each executive officer’s compensation, including total cash compensation (base salary and annual incentive), long-term incentive grants (stock options and CIUs awarded at grant), benefits, long-term incentive payouts, savings plan balances, equity and long-term cash plan balances and amounts that would be payable under various termination scenarios, including involuntary termination, termination following a change of control and termination due to death or disability. The purpose of these tally sheets is to bring together all of the elements of compensation so that the Committee may analyze both the individual elements of compensation as well as the aggregate total amount of actual and projected compensation. The Committee uses the information in the tally sheets as an additional resource for determining whether any changes in compensation need to be made. In reviewing the tally sheets, the Committee considers factors such as:
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In reviewing the tally sheets, the Committee reviews the competitiveness of each individual element of compensation with a view towards determining the optimal mix of compensation components. In reviewing the tally sheets, the Committee determined that, due to the change in his position and the resulting change to his ownership requirement, awards to Mr. Critelli, our current executive chairman and former chief executive officer, were too heavily weighted in stock compensation, and therefore the Committee reallocated his 2007 long-term incentive grant from 50% stock options and 50% CIUs to 25% stock options and 75% CIUs. In reviewing the tally sheets, the Committee noted that although the compensation for Messrs. Martin and Critelli was significantly higher than the compensation for other executive officers, these amounts were in line with market data. | EXCERPTS ON THIS PAGE:
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