This column includes annual incentive compensation earned in 2021 for Mr. Fairweather. This column also includes CIU payouts earned over the 2019-2021 performance cycle and is subject to the maximum that may be awarded to a single participant in any one calendar year. The 2021 annual incentive and CIU award payout amounts in this column are: Mr. Fairweather's annual incentive of $188,833, and CIU of $59,400. These awards were based on the achievement of financial objectives and continued employment through December 31, 2021.
When considering all elements of the table above, the majority of compensation for the NEOs is at-risk and is earned based on company and executive performance against pre-determined financial objectives.
(5)
| This column shows the change in the actuarial present value of the accumulated pension benefit applicable to all eligible employees during 2021 and 2020 for Mr. Catapano and 2021 for Mr. Fairweather. The change in pension value in 2021 was a decrease of $338 for Mr. Fairweather. For purposes of computing the amounts in the table above, negative values were reflected at $0. Mr. Fairweather and Mr. Catapano are the only pension eligible NEOs and are fully vested in their pension benefit. Both the qualified Pension Plan and nonqualified Pension Restoration Plan were frozen to all participants on December 31, 2014. |
(6)
| Amounts shown for 2021 include all other compensation received by the NEOs that is not reported elsewhere. |
For Mr. Lautenbach, 2021 includes: company match of $11,600 and 2% core contribution of $5,800 to the Pitney Bowes 401(k) Plan, company match of $72,734 and 2% core contribution of $36,367 to the Pitney Bowes 401(k) Restoration Plan earned in 2021, financial counseling of $14,150, the company’s actual cost of spousal travel of $13,530, and group basic life insurance premiums for coverage provided by the company.
For Ms. Chadwick, 2021 includes: financial counseling of $12,599, and group basic life insurance premiums for coverage provided by the company. Ms. Chadwick is ineligible for the company match and 2% core contribution to the Pitney Bowes 401(k) Plan and the Pitney Bowes 401(k) Restoration Plan due to her date of hire.
For Mr. Dies, 2021 includes: company match of $11,600 and 2% core contribution of $5,800 to the Pitney Bowes 401(k) Plan, company match of $38,589 and 2% core contribution of $19,294 to the Pitney Bowes 401(k) Restoration Plan earned in 2021, financial counseling of $14,150, and group basic life insurance premiums for coverage provided by the company.
For Mr. Zegras, 2021 includes: company match of $11,600 and 2% core contribution of $5,800 to the Pitney Bowes 401(k) Plan, company match of $9,400 and 2% core contribution of $12,193 to the Pitney Bowes 401(k) Restoration Plan earned in 2021, financial counseling of $14,150, executive physical of $2,400, and group basic life insurance premiums for coverage provided by the company.
For Mr. Fairweather, 2021 includes: company match of $11,600 and 2% core contribution of $5,800 to the Pitney Bowes 401(k) Plan, company match of $16,600 and 2% core contribution of $9,589 to the Pitney Bowes 401(k) Restoration Plan earned in 2021, financial counseling of $14,150, and group basic life insurance premiums for coverage provided by the company.
For Mr. Catapano, 2021 includes: company match of $11,600 and 2% core contribution of $5,800 to the Pitney Bowes 401(k) Plan, company match of $14,400 and 2% core contribution of $7,649 to the Pitney Bowes 401(k) Restoration Plan earned in 2021, financial counseling of $14,150, and group basic life insurance premiums for coverage provided by the company.
(7)
| Under SEC disclosure rules, stock awards are required to be included in the Summary Compensation Table in the year granted, while CIU awards are included at the end of the performance period when actually paid. When the 2020 long term compensation award was issued, we replaced Performance Stock Units (PSUs) with CIUs. This means Stock Awards and Total Compensation appear significantly lower for 2020 and 2021 when compared to 2019, because the CIU’s will not be included in the Summary Compensation Table until actually paid. This difference results from different disclosure rules on timing for different kinds of awards, and not on their value, and should normalize over time. |