DATED

December 30, 2010

 

 

 

 

 

 

 

 

 

PITNEY BOWES LIMITED

 

 

 

 

(1)

 

 

 

 

 

 

PATRICK KEDDY

 

 

 

 

(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compromise Agreement

 

 

 

 

 

 

 

 

 

 

 

(BIRKETTS LLP LOGO) [c64451002_v1.jpg]

 

Brierly Place  New London Road
Chelmsford  Essex  CM2 0AP
dx 89703 Chelmsford 2
t: 01245 211211   f: 01245 354764
www.birketts.co.uk

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THIS AGREEMENT is dated December 30, 2010

 

 

PARTIES

 

 

(1)

Pitney Bowes Limited incorporated and registered in England and Wales with
company number 182037 whose registered office is at Elizabeth Way, The
Pinnacles, Harlow, Essex CM19 5BD (Company)

(2)

Patrick Keddy of Trevonen, The Clump, Rickmansworth WD3 4BD (Employee)

 

 

BACKGROUND

 

 

(A)

The Employee has been employed by the Company from 2 May 1989, most recently as
President of Pitney Bowes International under a service agreement dated 29
January 2003 (Contract).

 

 

(B)

The Employee’s employment with the Company shall terminate on 31 December 2011
unless such date is brought forward following a request from the Employee in
accordance with this agreement.

 

 

(C)

The parties have entered into this agreement to record and implement the terms
on which they have agreed to settle any claims which the Employee has or may
have in connection with his employment or its termination or otherwise against
any Group Company (as defined below) or their officers or employees whether or
not those claims are, or could be, in the contemplation of the parties at the
time of signing this agreement, and including, in particular, the statutory
complaints which the Employee raises in this agreement.

 

 

(D)

The parties intend this agreement to be an effective waiver of any such claims
and to satisfy the conditions relating to compromise agreements in the relevant
legislation.

 

 

(E)

The Company enters into this agreement for itself and as agent and trustee for
all Group Companies and it is authorised to do so. It is the parties’ intention
that each Group Company should be able to enforce any rights it has under this
agreement, subject to and in accordance with the Contracts (Rights of Third
Parties) Act 1999.

 

 

AGREED TERMS

 

 

 

 

 

1.

Interpretation

 

 

 

 

 

 

 

 

1.1

The definitions in this clause apply in this agreement.

 

 

 

 

 

 

Adviser

 

Richard Yeomans of Addleshaw Goddard LLP;

 

 

Board

 

the board of directors of the Company (including any committee of the board duly
appointed by it);

 

 

Confidential Information

 

information in whatever form (including, without limitation, in written, oral,
visual or electronic form or on any magnetic or optical disk or memory and
wherever located) relating to the business, products, affairs and finances of
any Group Company for the time being confidential to any Group Company and trade
secrets including, without limitation, technical data and know-how relating to
the business of any Group Company or any of their suppliers, clients, customers,
agents, distributors, shareholders or management, including (but not limited to)
information that the Employee created, developed, received or obtained in
connection with his employment, whether or not such information (if in anything
other than oral form) is marked confidential;

 

 

Copies

 

copies or records of any Confidential Information in

 

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whatever form (including, without limitation, in written, oral, visual or
electronic form or on any magnetic or optical disk or memory and wherever
located) including, without limitation, extracts, analysis, studies, plans,
compilations or any other way of representing or recording and recalling
information which contains, reflects or is derived or generated from
Confidential Information;

 

 

Group Company

 

the Company, its Subsidiaries or Holding Companies from time to time and any
Subsidiary of any Holding Company from time to time;

 

 

Subsidiary and Holding
Company

 

in relation to a company mean “subsidiary” and “holding company” as defined in
section 1159 of the Companies Act 2006 and a company shall be treated, for the
purposes only of the membership requirement contained in subsections 1159(b) and
(c), as a member of another company even if its shares in that other company are
registered in the name of (a) another person (or its nominee), whether by way of
security or in connection with the taking of security, or (b) a nominee.

 

 

 

 

1.2

The headings in this agreement are inserted for convenience only and shall not
affect its construction.

 

 

 

1.3

A reference to a particular law is a reference to it as it is in force for the
time being taking account of any amendment, extension, or re-enactment and
includes any subordinate legislation for the time being in force made under it.

 

 

 

1.4

A reference to one gender includes a reference to other genders.

 

 

 

1.5

Unless the context otherwise requires, words in the singular include the plural
and in the plural include the singular.

 

 

 

1.6

The schedules to this agreement form part of (and are incorporated into) this
agreement.

 

 

 

2.

Arrangements up to and on Termination

 

 

 

2.1

The Employee’s employment with the Company shall terminate on:

 

 

 

 

2.1.1

31 December 2011; or

 

 

 

 

2.1.2

such earlier date as requested by the Employee on not less than one month’s
written notice to David Denny,

 

 

 

 

such date being the Termination Date.

 

 

 

2.2

The Employee’s last day of work shall be 31 December 2010 and from then until
the Termination Date the Employee will be on Garden Leave in accordance with
clause 12 of this agreement.

 

 

 

2.3

The Company shall pay the Employee his salary up to the Termination Date in the
usual way.

 

 

 

2.4

The Company shall continue to provide benefits including car allowance, pension
contributions, medical insurance for the Employee and his immediate family,
death in service and permanent health insurance to the Employee in the usual way
up to the Termination Date.

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2.5

Subject to clause 3.1, the Company shall pay the Employee a fuel allowance of
£2,500 in twelve equal monthly instalments, the first of which shall be made in
January 2011.

 

 

 

2.6

The Company shall pay the Employee US$88,750 in respect of the balance of the
2008 Retention Award in February 2011.

 

 

 

2.7

The Company agrees to procure that the Employee’s outstanding share awards,
options and long term incentives shall be dealt with as follows as is summarised
in Schedule 5:

 

 

 

 

2.7.1

the Employee’s outstanding stock options shall continue to vest in the usual way
during Garden Leave. Any of the Employee’s outstanding unvested stock options
which do not vest during Garden Leave shall vest on the Termination Date. Vested
options shall be exercisable until the end of the option award term;

 

 

 

 

2.7.2

the three outstanding Cash Incentive Unit (CIU) grant cycles, each grant
totalling 225,000 units, shall be pro-rated based on full calendar months worked
in each cycle and the Employee shall be paid in respect of the CIUs at the end
of each cycle under the plan based on achievement of pre-determined CIU
performance. For the 2008/10 cycle the Employee shall be paid in respect of
225,000 CIUs. For the 2009/11 cycle the Employee shall be paid in respect of
150,000 CIUs. For the 2010/12 cycle the Employee shall be paid in respect of
75,000 CIUs; and

 

 

 

 

2.7.3

the Employee’s 4,545 partially vested RSUs awarded in 2009 and the 5,093
currently unvested RSUs awarded in 2010 shall continue to vest in the usual way
during Garden Leave. Any of the Employee’s unvested RSUs awarded in 2009 or 2010
which do not vest during Garden Leave shall vest on the Termination Date.

 

 

 

2.8

The payments and benefits in this clause 2 shall be subject to the income tax
and national insurance contributions that the Company is obliged by law to pay
or deduct.

 

 

 

2.9

The Employee shall submit on or before 28 February 2011 his expenses claims in
the usual way and the Company shall reimburse the Employee for any expenses
properly incurred in the usual way.

 

 

 

2.10

The Employee shall provide, within 14 days of the Termination Date, a Compromise
Agreement in the form set out at Schedule 4 (“Additional Compromise”) signed by
the Employee together with a copy of the letter from the Adviser set out in
Schedule 2 to the Additional Compromise.

 

 

 

3.

Compensation, PILON and Termination Payment

 

 

 

3.1

The Company shall pay to the Employee:

 

 

 

 

3.1.1

an ex-gratia payment of £283,613 in 12 equal monthly instalments commencing
within 30 days of the Termination Date or receipt by the Company of a copy of
this agreement signed by the Employee, a letter from the Adviser as set out in
Schedule 2 and a copy of the Additional Compromise signed by the Employee and a
letter from the Adviser as set out in Schedule 2 to the Additional Compromise,
whichever is later (the Compensation Payment); and

 

 

 

 

3.1.2

in the event that the Termination Date is earlier than 31 December 2011 in
accordance with clause 2.1.2:

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3.1.2.1

a payment equal to the balance of the Employee’s salary that would have been
paid through to 31 December 2011 in accordance with clause 2 had the Termination
Date not been brought forward (the PILON Payment); and

 

 

 

 

 

 

3.1.2.2

a further ex-gratia payment equal to the balance of the Employee’s car
allowance, Company’s pensions contributions, fuel allowance and private medical
insurance contributions that would have been paid through to 31 December 2011 in
accordance with clause 2 had the Termination Date not been brought forward (the
Termination Payment), and

 

 

 

 

 

 

the PILON Payment and Termination Payment to be paid together in equal monthly
instalments through to 31 December 2011 and commencing within 30 days of the
Termination Date or receipt by the Company of a copy of this agreement signed by
the Employee, a letter from the Adviser as set out in Schedule 2 and a copy of
the Additional Compromise signed by the Employee and a letter from the Adviser
as set out in Schedule 2 to the Additional Compromise, whichever is later; and

 

 

 

 

 

3.1.3

additional ex gratia payments (Ex Gratia Payments) as follows:

 

 

3.1.3.1

£175,203 payable on or before 31 January 2011; and

 

 

3.1.3.2

£175,203 payable on or before 31 January 2012.

 

 

 

 

3.2

The Company and the Employee believe that:

 

 

 

 

 

3.2.1

the first £30,000 of the Compensation Payment and, if applicable, the
Termination Payment in aggregate will be tax free and the Company shall
therefore pay that amount to the Employee without deductions. The remainder
shall be subject to deductions for basic rate income tax;

 

 

 

 

 

3.2.2

the Ex Gratia payments shall be subject to income tax deductions (at basic rate
only if the relevant payment is made after the Termination Date); and

 

 

 

 

 

3.2.3

if applicable, the PILON Payment will be subject to tax and National Insurance
in the normal way and the Company shall therefore pay that amount to the
Employee after those deductions.

 

 

 

 

 

In either case, the Employee shall be responsible for any further tax and
employee’s National Insurance contributions due in respect of the Compensation
Payment, PILON Payment and Termination Payment which shall all be paid to the
Employee after receipt by him of his P45.

 

 

 

 

4.

Pension

 

 

 

 

4.1

The Company confirms that, in its opinion, the Employee is leaving Service on
the grounds of redundancy and confirms that, in its opinion, he should be
entitled to benefits calculated in accordance with Rule 65.3 of the Trust Deed &
Rules of the Pitney Bowes Pension Fund (Pension Fund) (set out at Schedule 6).
The Company will use its reasonable endeavours to procure that the trustees of
the Pension Fund will allow the Employee to draw (at the Employee’s option
exercised at any time within 3 months following the Termination Date or such
longer period as may be agreed) the pension calculated in accordance with Rule
65.3, such pension to be payable with effect from the Employee’s date of ceasing
Pensionable Service as defined under the Rules of the Pension Fund. The Company
confirms that the Employee is retiring from Service with the consent of the
Company and, if and to the extent that early retirement factors apply to the
calculation, the Company consents to the use of the more generous early
retirement factors that are in force at the date of calculation.

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4.2

The Company shall notify the trustees of the Pension Fund of the terms of clause
4.1 above when the Employee’s employment has terminated and request written
confirmation of the Employee’s accrued entitlement under the Pension Fund and
the options available to him, both taking account of the above terms.

 

 

5.

Outplacement

 

 

 

The Company agrees to meet the cost of outplacement consultancy services up to a
maximum of £16,000 plus VAT from a provider to be agreed with the Company.
Payment will be made directly to the outplacement company within 30 days of
receipt by the Company of an appropriate invoice sent under private and
confidential cover to David Denney VP HR International at Pitney Bowes Ltd in
Harlow.

 

 

6.

Legal and Financial Counselling Fees

 

 

6.1

Subject to clause 6.3, the Company shall pay the reasonable legal fees incurred
by the Employee in obtaining advice on the termination of his employment and the
terms of this agreement, such fees to be payable to the Adviser on production of
an invoice.

 

 

6.2

Subject to clause 6.3, the Company shall pay for financial counselling for the
Employee, such payment fees to be payable to an appropriate financial adviser on
production of an invoice sent under private and confidential cover to David
Denney VP HR International at Pitney Bowes Ltd in Harlow.

 

 

6.3

The aggregate of legal and financial counselling fees payable by the Company
under this clause 6 shall not exceed £12,000 which shall be invoiced in 2011
and/or 2012.

 

 

7.

Waiver of Claims

 

 

7.1

The Employee agrees that the terms of this agreement are offered by the Company
without any admission of liability on the part of the Company and are in full
and final settlement of all and any claims or rights of action that the Employee
has or may have against any Group Company or their officers or employees whether
arising out of his employment with the Company or its termination including
events occurring after this agreement has been entered into, whether under
common law, contract, statute or otherwise, whether such claims are, or could
be, known to the parties or in their contemplation at the date of this agreement
in any jurisdiction and including, but not limited to, the claims specified in
Schedule 1 (each of which is hereby intimated and waived).

 

 

7.2

The waiver in clause 7.1 shall not apply to the following:

 

 

 

 

 

 

7.2.1

any claims by the Employee to enforce this agreement;

 

 

 

 

7.2.2

any personal injury claims which have not arisen at the date of this agreement
and any personal injury claims of which the Employee is not aware at the date of
this agreement; and

 

 

 

 

7.2.3

any claims in relation to accrued entitlements under the Pension Scheme.

 

 

7.3

The Employee warrants that:

 

 

 

 

7.3.1

before entering into this agreement he received independent advice from the
Adviser as to the terms and effect of this agreement and, in particular, on its
effect on his ability to pursue any complaint before an employment tribunal or
other court;

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7.3.2

the Adviser has confirmed to the Employee that they are a solicitor of the
Senior Courts of England and Wales holding a current practising certificate and
that there is in force a policy of insurance covering the risk of a claim by the
Employee in respect of any loss arising in consequence of their advice;

 

 

7.3.3

the Adviser shall sign and deliver to the Company a letter in the form attached
as Schedule 2 to this agreement;

 

 

7.3.4

before receiving the advice he disclosed to the Adviser all facts or
circumstances that may give rise to a claim against any Group Company or their
officers or employees and that he is not aware of any other facts or
circumstances that may give rise to any claim against any Group Company or their
officers or employees other than those claims specified in clause 7.1; and

 

 

7.3.5

the only claims that he has or may have against any Group Company or their
officers or employees (whether at the time of entering into this agreement or in
the future) relating to his employment with the Company or its termination are
specified in clause 7.1.

 

 

 

The Employee acknowledges that the Company acted in reliance on these warranties
when entering into this agreement.

 

 

7.4

The Employee acknowledges that the conditions relating to compromise agreements
under section 147 of the Equality Act 2010, section 77(4A) of the Sex
Discrimination Act 1975 (in relation to claims under that Act and the Equal Pay
Act 1970), section 72(4A) of the Race Relations Act 1976, paragraph 2 of
Schedule 3A to the Disability Discrimination Act 1995, paragraph 2(2) of
Schedule 4 to the Employment Equality (Sexual Orientation) Regulations 2003,
paragraph 2(2) of Schedule 4 to the Employment Equality (Religion or Belief)
Regulations 2003, paragraph 2(2) of Schedule 5 to the Employment Equality (Age)
Regulations 2006, section 288(2B) of the Trade Union and Labour Relations
(Consolidation) Act 1992, section 203(3) of the Employment Rights Act 1996,
regulation 35(3) of the Working Time Regulations 1998, section 49(4) of the
National Minimum Wage Act 1998, regulation 41(4) of the Transnational
Information and Consultation etc. Regulations 1999, regulation 9 of the
Part-Time Workers (Prevention of Less Favourable Treatment) Regulations 2000,
regulation 10 of the Fixed-Term Employees (Prevention of Less Favourable
Treatment) Regulations 2002, regulation 40(4) of the Information and
Consultation of Employees Regulations 2004 and paragraph 12 of the Schedule to
the Occupational and Personal Pension Schemes (Consultation by Employers and
Miscellaneous Amendment) Regulations 2006 and have been satisfied.

 

 

7.5

The waiver in clause 7.1 shall have effect irrespective of whether or not, at
the date of this agreement, the Employee is or could be aware of such claims or
have such claims in his express contemplation (including such claims of which
the Employee becomes aware after the date of this agreement in whole or in part
as a result of new legislation or the development of common law or equity).

 

 

7.6

The Employee agrees that, except for the payments and benefits provided for in
this agreement, and subject to the waiver in clause 7.1, he shall not be
eligible for any further payment from any Group Company relating to his
employment or its termination and without limitation to the generality of the
foregoing, he expressly waives any right or claim that he has or may have to
payment of bonuses, any benefit or award programme or grant of equity interest,
or to any other benefit, payment or award he may have received had his
employment not terminated.

 

 

7.7

The Company warrants (insofar as permitted by law or applicable regulations)
that Messrs Martin (CEO), Monaghan (CFO), Torsonne (Chief HR Officer) and
Goldstein (Chief Legal Counsel) have

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confirmed (having undertaken no specific due diligence or enquiries) that as at
the date of this Agreement they are not aware of any claims that the Company or
any Group Company may have against the Employee arising out of his employment,
his directorships or otherwise

 

 

8.

Employee Indemnity and Director’s Liability Insurance

 

 

8.1

The Employee shall indemnify the Company on a continuing basis in respect of any
income tax or national insurance contributions (save for employers’ national
insurance contributions) due in respect of the payments and benefits in clauses
3.1, 4, 5 and 6 (and any related interest, penalties, costs and expenses) over
and above that deducted by the Company in accordance with clause 3.2 (Excess
Tax). Before making any payment to HM Revenue and Customs or other competent
body, the Company shall give the Employee reasonable notice of any demand which
may lead to liabilities on the Employee under this indemnity and shall provide
him with reasonable access to any documentation he may reasonably require to
dispute such a claim (provided that nothing in this clause shall prevent the
Company from complying with its legal obligations with regard to HM Revenue and
Customs or other competent body, and provided that the Employee shall not be
liable under this indemnity for any interest, penalties costs and expenses
caused by the Company’s default in respect of payments of income tax or national
insurance contributions deducted by the Company in accordance with clause 3.2).

 

 

8.2

If the Employee breaches any material provision of this agreement or pursues a
claim against any Group Company arising out of his employment or its termination
other than those excluded under clause 7.2 and save in connection with the
enforcement of this Agreement, he agrees to indemnify the Company for any losses
suffered as a result thereof, including all reasonable legal and professional
fees incurred.

 

 

8.3

The Employee shall remain covered (in the same way as all similarly situated
offices of the Group) under the Company’s or any Group Company’s Directors and
Officers Liability Insurance in place from time to time in respect of past,
present and future officers of the Company or any Group Company subject to the
terms of the insurance scheme and the rules of the relevant policy.

 

 

9.

Return of Company Property

 

 

9.1

Subject to clause 9.4, the Employee shall, before the 31 December 2010 return:

 

 

9.1.1

all Confidential Information and Copies;

 

 

9.1.2

all property belonging to the Company in satisfactory condition including (but
not limited to) any car (together with the keys and all documentation relating
to the car), fuel card, company credit card, keys, security pass, identity
badge, mobile telephone, pager, lap-top computer or fax machine; and

 

 

9.1.3

all documents and copies (whether written, printed, electronic, recorded or
otherwise and wherever located) made, compiled or acquired by him during his
employment with the Company or relating to the business or affairs of any Group
Company their business contacts,

 

 

 

 

 

in the Employee’s possession or under his control to David Denney.

 

 

9.2

The Employee shall, before 31 December 2010, delete irretrievably any
information relating to the business of any Group Company that he has stored on
any magnetic or optical disk or memory and all

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matter derived from such sources which is in his possession or under his control
outside the premises of the Company.

 

 

9.3

The Employee shall, if requested to do so by the Company, provide a signed
statement that he has complied fully with his obligations under clause 9.1 and
clause 9.2 and shall provide it with such reasonable evidence of compliance as
may be requested.

 

 

9.4

The Company and the Employee agree that:

 

 

 

 

9.4.1

subject to the Employee making his company mobile/blackberry, laptop and any
removable storage media available to David Denny to enable all data to be
removed, ownership of the Employee’s Company laptop, printer and mobile
phone/blackberry shall transfer from the Company to the Employee on 31 December
2010 and that the true market value of those goods for this purpose at the date
of this agreement is £100;

 

 

 

 

9.4.2

the Company shall request within 14 days of 31 December 2010 a PAC code in
respect of the Employee’s two company mobile telephone numbers in order that the
Employee may retain those numbers for his personal use; and

 

 

10.

Employee Warranties and Acknowledgments

 

 

10.1

As at the date of this agreement, the Employee warrants and represents to the
Company that there are no circumstances of which the Employee is aware or of
which the Employee ought reasonably to be aware which would amount to a
repudiatory breach by the Employee of any express or implied term of the
Employee’s contract of employment which would entitle (or would have entitled)
the Company to terminate the Employee’s employment without notice or payment in
lieu of notice and any payment to the Employee pursuant to clause 3.1.1 is
conditional on this being so.

 

 

10.2

As at the date of this agreement, the Employee warrants that he has not received
or accepted any offer which will provide him with any form of income or benefits
at any time after the Termination Date.

 

 

10.3

The Employee agrees to make himself available to, and to cooperate with, the
Company or its advisers in any internal investigation or administrative,
regulatory, judicial or quasi-judicial proceedings. The Employee acknowledges
that this could involve, but is not limited to, responding to or defending any
regulatory or legal process, providing information in relation to any such
process, preparing witness statements and giving evidence in person on behalf of
the Company. The Company shall reimburse any reasonable expenses incurred by the
Employee as a consequence of complying with his obligations under this clause,
provided that such expenses are approved in advance by the Company. For the
avoidance of doubt, this clause shall not require the Employee to devote an
amount of time that would interfere with his performance of any paid employment
or engagement undertaken after 31 December 2011.

 

 

10.4

The Employee acknowledges that he is not entitled to any compensation for the
loss of any rights or benefits under any share option, bonus, long-term
incentive plan or other profit sharing scheme operated by any Group Company in
which he may participate other than the payments in clause 2.

 

 

11.

Resignation From Offices

 

 

11.1

The Employee shall, together with a signed copy of this Agreement, provide the
Company with a letter of resignation from any office, trusteeship or position he
holds in or on behalf of the Company or any Group Company in the form attached
at Schedule 3.

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12.

Garden Leave

 

 

12.1

During the period from 1 January 2011 to the Termination Date (Garden Leave),
the Employee shall not perform any services for any Group Company.

 

 

12.2

During Garden Leave the Company shall be under no obligation to provide any work
to, or vest any powers in, the Employee, who shall have no right to perform any
services for the Company or any Group Company save in relation to assisting with
ad hoc queries.

 

 

12.3

During the period of Garden Leave the Employee shall:

 

 

 

 

12.3.1

continue to receive his salary and the contractual benefits as set out in clause
2 of this agreement in the usual way (subject to the rules of the relevant
benefit schemes in force from time to time). The Company will declare these
benefits to HM Revenue and Customs at the appropriate time and the Employee will
be liable for any further tax or national insurance contributions due in
relation to them;

 

 

 

 

12.3.2

remain an employee of the Company and bound by the terms of his employment
contract, save as modified by this clause 12;

 

 

 

 

12.3.3

not, without the prior written consent of David Denney, attend his place of work
or any other premises of any Group Company or access the information technology
systems of any Group Company save as necessary for the Employee to comply with
his obligations under clause 10;

 

 

 

 

12.3.4

not, without the prior written consent of David Denney, have business contact or
business dealings with (or attempt to have business contact or business dealings
with) any officer, employee, consultant, client, customer, supplier, agent,
distributor, shareholder, adviser or other business contact of any Group
Company; and

 

 

 

 

12.3.5

be deemed to take any accrued but unused holiday entitlement.

 

 

 

 

12.3.6

(except during any periods taken as holiday in accordance with the Company’s
usual procedures) be ready and available on reasonable notice to perform such
duties (consistent with his status and experience) as the Company may reasonably
require under clause 12.3, ensuring that David Denney knows where and how he can
be contacted during each working day and complying with any written requests to
contact a specified employee of the Company at specified intervals

 

 

13.

Confidentiality and Announcements

 

 

13.1

The Employee acknowledges that, as a result of his employment, he has had access
to Confidential Information. Without prejudice to his common law duties, the
Employee shall not (except as authorised or required by law or as authorised by
the Company) at any time after the Termination Date:

 

 

 

 

13.1.1

use any Confidential Information; or

 

 

 

 

13.1.2

make or use any Copies; or

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13.1.3

disclose any Confidential Information to any person, company or other
organisation whatsoever.

 

 

13.2

The restrictions in clause 13.1 do not apply to any Confidential Information
which is in or comes into the public domain other than through the Employee’s
unauthorised disclosure.

 

 

13.3

The Employee and the Company confirm that they have kept and agree to keep the
existence and terms of this agreement and the circumstances concerning the
termination of the Employee’s employment confidential, save where such
disclosure is to HM Revenue & Customs, required by law or (where necessary or
appropriate) to the Employee’s spouse, civil partner or partner, immediate
family or legal or professional advisers, provided that they agree to keep the
information confidential.

 

 

13.4

The Company may also disclose the existence and terms of this Agreement to those
of its officers, employees or legal or professional advisers who need to be
aware of its terms in the performance of their duties, provided that they agree
to keep the information confidential.

 

 

13.5

The Employee shall not make any adverse or derogatory comment about the Company,
its directors or employees and the Company shall instruct its executive officers
not to make or authorise any adverse or derogatory comment about the Employee.
The Employee shall not do anything which shall, or may, bring the Company, its
directors or employees into disrepute and the Company shall instruct its
executive officers not to do anything which shall, or may, bring the Employee
into disrepute.

 

 

13.6

Nothing in this clause 13 shall prevent the Employee from making a protected
disclosure under section 43B of the Employment Rights Act 1996 and nothing in
this clause 13 shall prevent the Company from making such disclosure as it is
required by law to make.

 

 

13.7

The Company shall pay £100 to the Employee as consideration for his entering
into the restrictions in this Clause 13, such sum to be paid within 14 days of
the Termination Date or receipt by the Company of a copy of this agreement
signed by the Employee and receipt by the Company of a letter from the adviser
as set out in Schedule 2, whichever is later. The Company shall deduct income
tax and national insurance contributions from this sum.

 

 

13.8

Notwithstanding clause 14 the Employee acknowledges that the post-termination
restrictions in clauses 16 and 20 of the Contract will continue to apply after
the Termination Date save that the period of each will be reduced by the period
that he spends on Garden Leave.

 

 

14.

Entire Agreement and Previous Contracts

 

 

14.1

Each party on behalf of itself and, in the case of the Company, as agent for any
Group Companies acknowledges and agrees with the other party (the Company acting
on behalf of itself and as agent for each Group Company) that:

 

 

 

 

14.1.1

this agreement and any document attached hereto constitutes the entire agreement
and understanding between the Employee and any Group Company and supersedes any
previous arrangement, understanding or agreement (whether in writing or not)
between them relating to his employment by the Company (which shall be deemed to
have been terminated by mutual consent);

 

 

 

 

14.1.2

in entering into this agreement neither party has relied on any statement,
representation, assurance or warranty of any person (whether party to this
agreement or not and whether in writing or not) other than as expressly set out
in this agreement; and

114

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14.1.3

the only rights or remedies available to the parties arising out of any
statement, representation, assurance or warranty shall be for breach of contract
under the terms of this agreement.

 

 

 

14.2

Nothing in this agreement shall, however, operate to limit or exclude any
liability for fraud.

 

 

 

15.

Variation

 

 

 

 

No variation of this agreement shall be valid unless it is in writing and signed
by or on behalf of each of the parties.

 

 

 

16.

Third Party Rights

 

 

 

 

The Contracts (Rights of Third Parties) Act 1999 shall only apply to this
agreement in relation to any Group Company and no person other than the Employee
and any Group Company shall have any rights under it. The terms of this
agreement may be varied, amended or modified or this agreement may be suspended,
cancelled or terminated by agreement in writing between the parties or this
agreement may be rescinded (in each case), without the consent of any third
party.

 

 

 

17.

Governing Law and Jurisdiction

 

 

 

17.1

This agreement shall be governed by and construed in accordance with the law of
England and Wales.

 

 

 

17.2

Each party irrevocably agrees to submit to the exclusive jurisdiction of the
courts of England and Wales over any claim or matter arising under or in
connection with this agreement.

 

 

 

18.

Subject to Contract and Without Prejudice

 

 

 

 

This agreement shall be deemed to be without prejudice and subject to contract
until such time as it is signed and dated by both parties, when it shall be
treated as an open document evidencing a binding agreement.

 

 

 

19.

Counterparts

 

 

 

 

This agreement may be executed in any number of counterparts, each of which,
when executed, shall be an original, and all the counterparts together shall
constitute one and the same instrument.

This agreement has been entered into on the date stated at the beginning of it.

 

 

 

Signed by DAVID DENNEY for

 

 

and on behalf of Pitney Bowes Limited

 

 

 

/s/ David Denny

 

 

 

 

 

Director

 

 

 

 

Signed by Patrick Keddy

 

 

 

/s/ Patrick Keddy

 

 

 

 

115

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SCHEDULE 1

Claims

          Claims:

 

 

1.1

for breach of contract or wrongful dismissal (including but not limited to any
claim in respect of bonus under the Pitney Bowes Incentive Programme);

 

 

1.2

for unfair dismissal and related claims, under sections 93 and 111 of the
Employment Rights Act 1996 or a leading up to the Termination Date;

 

 

1.3

for a statutory redundancy payment, under section 163 of the Employment Rights
Act 1996;

 

 

1.4

in relation to an unauthorised deduction from wages or unauthorised payment,
under section 23 of the Employment Rights Act 1996;

 

 

1.5

for an unlawful detriment under section 48 of the Employment Rights Act 1996;

 

 

1.6

in relation to employment particulars and itemised pay statements, under section
11 of the Employment Rights Act 1996;

 

 

1.7

in relation to guarantee payments, under section 34 of the Employment Rights Act
1996;

 

 

1.8

in relation to suspension from work, under section 70 of the Employment Rights
Act 1996;

 

 

1.9

in relation to parental rights and flexible working, under sections 80 and 80H
of the Employment Rights Act 1996;

 

 

1.10

in relation to time off work, under sections 51, 54, 57, 57B, 60, 63 and 63C of
the Employment Rights Act 1996;

 

 

1.11

in relation to working time or holiday pay, under regulation 30 of the Working
Time Regulations 1998;

 

 

1.12

in relation to the national minimum wage, under sections 11, 18, 19D and 24 of
the National Minimum Wage Act 1998;

 

 

1.13

for equality of terms, under sections 120 and 127 of the Equality Act 2010 and
section 2 of the Equal Pay Act 1970;

 

 

1.14

for direct or indirect discrimination, harassment or victimisation on the
grounds of sex, marital or civil partnership status, gender reassignment,
pregnancy or maternity, under section 120 of the Equality Act 2010 and section
63 of the Sex Discrimination Act 1975;

 

 

1.15

for direct or indirect discrimination, harassment or victimisation on the
grounds of colour, race, nationality or ethnic or national origin, under section
120 of the Equality Act 2010 and section 54 of the Race Relations Act 1976;

 

 

1.16

for discrimination, harassment or victimisation related to disability, under
section 120 of the Equality Act 2010 and section 17A of the Disability
Discrimination Act 1995;

 

 

1.17

for breach of obligations under the Protection of Harassment Act 1997;

116

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1.18

for less favourable treatment on the grounds of part-time status, under
regulation 8 of the Part-Time Workers (Prevention of Less Favourable Treatment)
Regulations 2000;

 

 

1.19

for less favourable treatment on the grounds of fixed-term status, under
regulation 7 of the Fixed-Term Employees (Prevention of Less Favourable
Treatment) Regulations 2002;

 

 

1.20

for direct or indirect discrimination, harassment or victimisation on the
grounds of religion or belief, under section 120 of the Equality Act 2010 and
regulation 28 of the Employment Equality (Religion or Belief) Regulations 2003;

 

 

1.21

for direct or indirect discrimination, harassment or victimisation on the
grounds of sexual orientation, under section 120 of the Equality Act 2010 and
regulation 28 of the Employment Equality (Sexual Orientation) Regulations 2003;

 

 

1.22

for direct or indirect discrimination, harassment or victimisation on the
grounds of age, under section 120 of the Equality Act 2010 and regulation 36 of
the Employment Equality (Age) Regulations 2006;

 

 

1.23

in relation to the duty to consider working beyond retirement, under paragraphs
11 and 12 of Schedule 6 to the Employment Equality (Age) Regulations 2006;

 

 

1.24

under regulations 27 and 32 of the Transnational Information and Consultation
etc. Regulations 1999;

 

 

1.25

under regulations 29 and 33 of the Information and Consultation of Employees
Regulations 2004;

 

 

1.26

under regulations 45 and 51 of the Companies (Cross-Border Mergers) Regulations
2007;

 

 

1.27

under paragraphs 4 and 8 of the Schedule to the Occupational and Personal
Pension Schemes (Consultation by Employers and Miscellaneous Amendment)
Regulations 2006;

 

 

1.28

under sections 68A, 87, 137, 145A, 145B, 146, 168, 168A, 169, 170, 174 and 192
of the Trade Union and Labour Relations (Consolidation) Act 1992;

 

 

1.29

in relation to the obligations to elect appropriate representatives or any
entitlement to compensation, under the Transfer of Undertakings (Protection of
Employment) Regulations 2006;

 

 

1.30

for failure to comply with obligations under the Human Rights Act 1998;

 

 

1.31

for failure to comply with obligations under the Data Protection Act 1998;

 

 

1.32

in relation to existing personal injury claims, whether or not the Employee is
aware of such claims;

 

 

1.33

in relation to the right to be accompanied under section 11 of the Employment
Relations Act 1999;

 

 

1.34

in relation to refusal of employment, refusal of employment agency services and
detriment under regulations 5, 6 and 9 of the Employment Relations Act 1999
(Blacklists) Regulations 2010;

 

 

1.35

in relation to the right to request time off for study or training under section
631 of the Employment Rights Act 1996; and

 

 

1.36

arising as a consequence of the United Kingdom’s membership of the European
Union.

117

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SCHEDULE 2
Adviser’s Certificate

[ON HEADED NOTEPAPER OF ADVISER]

For the attention of [DETAILS]

[DATE]

Dear Sirs,

I am writing in connection with the agreement between my client, Patrick Keddy,
and Pitney Bowes Limited (Company) of today’s date (Agreement) to confirm that:

1. I, [NAME] of [FIRM], whose address is [ADDRESS], am a Solicitor of the Senior
Courts of England and Wales who holds a current practising certificate.

2. I have given Patrick Keddy legal advice on the terms and effect of the
Agreement and, in particular, its effect on his ability to pursue the claims
specified in Schedule 1 of the Agreement.

3. I gave the advice to Patrick Keddy as a relevant independent adviser within
the meaning of the above acts and regulations referred to at clause 7.4.

4. There is now in force (and was in force at the time I gave the advice
referred to above) a policy of insurance or an indemnity provided for members of
a profession or professional body covering the risk of claim by Patrick Keddy in
respect of loss arising in consequence of the advice I have given him.

Yours faithfully,

[NAME]
Employee’s Adviser

118

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SCHEDULE 3
Resignation Letter

[On headed notepaper of director]

To the Directors:

Pitney Bowes SA (Pty) Ltd, PB Australia Funding Pty Limited, Pitney Bowes
Australia FAS Pty Limited, Pitney Bowes Australia Pty Limited, Pitney Bowes
Credit Australia Limited, Pitney Bowes Austria Ges.m.b.H, Pitney Bowes Belgium
NV, Pitney Bowes Mail and Messaging Systems (Shanghai) Co., Ltd, Pitney Bowes
Danmark A/S, Pitney Bowes Holdings Denmark ApS, Pitney Bowes Oy, Pitney Bowes
Asterion Direct SAS, Pitney Bowes Asterion SAS, Pitney Bowes SAS, Pitney Bowes
Software SAS, Pitney Bowes Deutschland GmbH, Pitney Bowes Management Services
Deutschland GmbH, Pitney Bowes Hong Kong Limited, Pitney Bowes Italia S.r.l,
Pitney Bowes Management Services Italia, S.r.l., Pitney Bowes Japan K.K., Pitney
Bowes Luxembourg SARL, Pitney Bowes (Malaysia) Sdn Bhd, Pitney Bowes Holdings
B.V., Pitney Bowes Management Services Netherlands B.V., Pitney Bowes
Netherlands B.V., Pitney Bowes New Zealand Limited, Pitney Bowes Norge AS,
Pitney Bowes Polska Sp. z.o.o., Pitney Bowes Portugal Sociedade Unipessoal, Lda,
PBDorm Ireland Limited, Pitney Bowes Ireland Limited, Pitney Bowes (Asia
Pacific) Pte Ltd, Pitney Bowes (Dormant) Pte Ltd, Pitney Bowes (Singapore) Pte
Ltd, Pitney Bowes Espana, S.A., Pitney Bowes Management Services Sweden AB,
Pitney Bowes Svenska Aktiebolag, Horizon Management AB, Horizon Scandinavia
Aktiebolag, Pitney Bowes (Switzerland) AG, Addressing Systems International
Holdings Limited, Alternative Mail & Parcels Investments Limited, Archiver
Limited, International Imaging Limited, P. Technical Services Limited , Pitney
Bowes Document Messaging Technologies Limited, Pitney Bowes Europe Limited,
Pitney Bowes Finance plc, Pitney Bowes Global Limited, Pitney Bowes Holdings
Limited, Pitney Bowes International Mail Services Limited, Pitney Bowes Limited,
Secap Technologies Limited, Universal Postal Frankers Ltd (together “the
Companies”)

Dear Sirs

I hereby resign from my office as a director and, in the case of Pitney Bowes
Asterion Direct SAS and Pitney Bowes Asterion SAS my role as Chairman/President,
of the Companies, as well as any subsidiary and subsidiary undertaking of any of
the Companies of which I am a director or officer or employee (where subsidiary
and subsidiary undertaking for these purposes shall have the meanings as set out
in Sections 1159 and 1162 of the Companies Act 2006 in relation to any
subsidiaries or subsidiary undertakings in England, and which references shall,
in respect of any jurisdiction other than England, be deemed to include a
reference to what most nearly approximates to the English legal term in that
jurisdiction (each a Subsidiary)) with effect immediately upon the acceptance of
such resignation by the various companies and entities noted above but in no
event later than December 31, 2010, and acknowledge and confirm that, save in
relation to the enforcement of an agreement between me and the Company dated
[date], I have no claim or right of action of any kind outstanding for
compensation or otherwise against any of the Companies or any subsidiary or any
of its, or their officers or employees in respect of the termination of my
office or otherwise. To the extent that any such claim exists or may exist, I
irrevocably waive such claim and release the Companies and any subsidiary, its
or their officers and employees from any liability in respect thereof.

I agree to sign, execute or complete any further documentation required to give
effect to my resignations.

 

 

 

Yours faithfully

 

 

 

 

 

Signed and Delivered as a Deed

 

 

by Patrick Keddy

 

 

 

 

 

 

 

 

In the presence of:

 

 

119

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SCHEDULE 4
Additional Compromise Agreement

 

 

 

 

 

  DATED

2011  

 

 

   

 

 

 

 

 

 

PITNEY BOWES LIMITED

 

 

(1)

 

 

 

 

 

 

 

 

PATRICK KEDDY

 

 

(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional Compromise Agreement

 

 

 

 

 

 

 

(BIRKETTS LLP LOGO) [c64451002_v1.jpg]

Brierly Place New London Road
Chelmsford Essex CM2 0AP
dx 89703 Chelmsford 2
t: 01245 211211   f: 01245 354764
www.birketts.co.uk

120

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THIS AGREEMENT is dated [DATE]

PARTIES

 

 

(1)

Pitney Bowes Limited incorporated and registered in England and Wales with
company number 182037 whose registered office is at Elizabeth Way, The
Pinnacles, Harlow, Essex CM19 5BD (Company)

 

 

(2)

Patrick Keddy of [ADDRESS] (Employee)

 

 

BACKGROUND

 

 

(A)

The Employee has been employed by the Company from 2 May 1989, most recently as
President of Pitney Bowes International under a service agreement dated 29
January 2003 (Contract).

 

 

(B)

The Employee entered into a Compromise Agreement with the Company on [date]
(Compromise) following which he has served his notice on Garden Leave in
accordance with clause 2.2 of the Compromise.

 

 

(C)

The Employee’s employment with the Company terminated on [date] 2011.

 

 

(D)

The parties have entered into this agreement to record and implement the terms
on which they have agreed to settle any claims which the Employee has or may
have in connection with his employment or its termination or otherwise against
any Group Company (as defined below) or their officers or employees whether or
not those claims are, or could be, in the contemplation of the parties at the
time of signing this agreement, and including, in particular, the statutory
complaints which the Employee raises in this agreement.

 

 

(E)

The parties intend this agreement to be an effective waiver of any such claims
and to satisfy the conditions relating to compromise agreements in the relevant
legislation.

 

 

(F)

The Company enters into this agreement for itself and as agent and trustee for
all Group Companies and it is authorised to do so. It is the parties’ intention
that each Group Company should be able to enforce any rights it has under this
agreement, subject to and in accordance with the Contracts (Rights of Third
Parties) Act 1999.

 

 

AGREED TERMS

 

 

1.

Interpretation

 

 

1.1

The definitions in this clause apply in this agreement.

 

 

 

 

 

Adviser

[NAME] of [FIRM];

 

 

Board

the board of directors of the Company (including any committee of the board duly
appointed by it);

 

 

Group Company

the Company, its Subsidiaries or Holding Companies from time to time and any
Subsidiary of any Holding Company from time to time;

 

 

Subsidiary and Holding
Company

in relation to a company mean “subsidiary” and “holding company” as defined in
section 1159 of the Companies Act 2006 and a company shall be treated, for the
purposes only of the membership requirement contained in subsections 1159(b) and
(c), as a member of another company even if its shares in that other company are
registered in the name of (a) another person (or its nominee), whether by way of
security or in connection with the taking of security, or (b) a nominee.

 

121

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2.

Waiver of Claims

 

 

 

2.1

The Employee agrees that the terms of this agreement and the Compensation
Payment and Termination Payment under clause 3.1 of the Compromise are offered
by the Company without any admission of liability on the part of the Company and
are in full and final settlement of all and any claims or rights of action that
the Employee has or may have against any Group Company or their officers or
employees whether arising out of his employment with the Company or its
termination including events occurring after this agreement has been entered
into, whether under common law, contract, statute or otherwise, whether such
claims are, or could be, known to the parties or in their contemplation at the
date of this agreement in any jurisdiction and including, but not limited to,
the claims specified in Schedule 1 (each of which is hereby intimated and
waived).

 

 

 

2.2

The waiver in clause 2.1 shall not apply to the following:

 

 

 

 

2.2.1

any claims by the Employee to enforce this agreement or the Compromise;

 

 

 

 

2.2.2

any personal injury claims which have not arisen at the date of this agreement
and any personal injury claims of which the Employee is not aware at the date of
this agreement; and

 

 

 

 

2.2.3

any claims in relation to accrued entitlements under the Pension Scheme.

 

 

 

2.3

The Employee warrants that:

 

 

 

 

2.3.1

before entering into this agreement he received independent advice from the
Adviser as to the terms and effect of this agreement and, in particular, on its
effect on his ability to pursue any complaint before an employment tribunal or
other court;

 

 

 

 

2.3.2

the Adviser has confirmed to the Employee that they are a solicitor of the
Senior Courts of England and Wales holding a current practising certificate and
that there is in force a policy of insurance covering the risk of a claim by the
Employee in respect of any loss arising in consequence of their advice;

 

 

 

 

2.3.3

the Adviser shall sign and deliver to the Company a letter in the form attached
as Schedule 2 to this agreement;

 

 

 

 

2.3.4

before receiving the advice he disclosed to the Adviser all facts or
circumstances that may give rise to a claim against any Group Company or their
officers or employees and that he is not aware of any other facts or
circumstances that may give rise to any claim against any Group Company or their
officers or employees other than those claims specified in clause 2.1; and

 

 

 

 

2.3.5

the only claims that he has or may have against any Group Company or their
officers or employees (whether at the time of entering into this agreement or in
the future) relating to his employment with the Company or its termination are
specified in clause 2.1.

122

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The Employee acknowledges that the Company acted in reliance on these warranties
when entering into this agreement.

 

 

 

2.4

The Employee acknowledges that the conditions relating to compromise agreements
under section 147 of the Equality Act 2010, section 77(4A) of the Sex
Discrimination Act 1975 (in relation to claims under that Act and the Equal Pay
Act 1970), section 72(4A) of the Race Relations Act 1976, paragraph 2 of
Schedule 3A to the Disability Discrimination Act 1995, paragraph 2(2) of
Schedule 4 to the Employment Equality (Sexual Orientation) Regulations 2003,
paragraph 2(2) of Schedule 4 to the Employment Equality (Religion or Belief)
Regulations 2003, paragraph 2(2) of Schedule 5 to the Employment Equality (Age)
Regulations 2006, section 288(2B) of the Trade Union and Labour Relations
(Consolidation) Act 1992, section 203(3) of the Employment Rights Act 1996,
regulation 35(3) of the Working Time Regulations 1998, section 49(4) of the
National Minimum Wage Act 1998, regulation 41(4) of the Transnational
Information and Consultation etc. Regulations 1999, regulation 9 of the
Part-Time Workers (Prevention of Less Favourable Treatment) Regulations 2000,
regulation 10 of the Fixed-Term Employees (Prevention of Less Favourable
Treatment) Regulations 2002, regulation 40(4) of the Information and
Consultation of Employees Regulations 2004 and paragraph 12 of the Schedule to
the Occupational and Personal Pension Schemes (Consultation by Employers and
Miscellaneous Amendment) Regulations 2006 and have been satisfied.

 

 

 

2.5

The waiver in clause 2.1 shall have effect irrespective of whether or not, at
the date of this agreement, the Employee is or could be aware of such claims or
have such claims in his express contemplation (including such claims of which
the Employee becomes aware after the date of this agreement in whole or in part
as a result of new legislation or the development of common law or equity).

 

 

 

2.6

The Employee agrees that, except for the payments and benefits provided for in
this agreement, and subject to the waiver in clause 2.1, he shall not be
eligible for any further payment from any Group Company relating to his
employment or its termination and without limitation to the generality of the
foregoing, he expressly waives any right or claim that he has or may have to
payment of bonuses, any benefit or award programme or grant of equity interest,
or to any other benefit, payment or award he may have received had his
employment not terminated.

 

 

 

2.7

If the Employee breaches any material provision of this agreement or pursues a
claim against any Group Company arising out of his employment or its termination
other than those excluded under clause 2.2 and save in connection with the
enforcement of this Agreement and the Compromise, he agrees to indemnify the
Company for any losses suffered as a result thereof, including all reasonable
legal and professional fees incurred.

 

 

 

3.

Entire Agreement and Previous Contracts

 

 

 

3.1

Each party on behalf of itself and, in the case of the Company, as agent for any
Group Companies acknowledges and agrees with the other party (the Company acting
on behalf of itself and as agent for each Group Company) that:

 

 

 

 

 

3.1.1

this agreement and the Compromise constitutes the entire agreement and
understanding between the Employee and any Group Company and supersedes any
previous arrangement, understanding or agreement (whether in writing or not)
between them relating to his employment by the Company (which shall be deemed to
have been terminated by mutual consent);

123

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3.1.2

in entering into this agreement neither party has relied on any statement,
representation, assurance or warranty of any person (whether party to this
agreement or not and whether in writing or not) other than as expressly set out
in this agreement or the Compromise; and

 

 

 

 

 

3.1.3

the only rights or remedies available to the parties arising out of any
statement, representation, assurance or warranty shall be for breach of contract
under the terms of this agreement or the Compromise.

 

 

3.2

Nothing in this agreement shall, however, operate to limit or exclude any
liability for fraud.

 

 

4.

Variation

 

 

 

No variation of this agreement shall be valid unless it is in writing and signed
by or on behalf of each of the parties.

 

 

5.

Third Party Rights

 

 

 

The Contracts (Rights of Third Parties) Act 1999 shall only apply to this
agreement in relation to any Group Company and no person other than the Employee
and any Group Company shall have any rights under it. The terms of this
agreement may be varied, amended or modified or this agreement may be suspended,
cancelled or terminated by agreement in writing between the parties or this
agreement may be rescinded (in each case), without the consent of any third
party.

 

 

6.

Governing Law and Jurisdiction

 

 

6.1

This agreement shall be governed by and construed in accordance with the law of
England and Wales.

 

 

6.2

Each party irrevocably agrees to submit to the exclusive jurisdiction of the
courts of England and Wales over any claim or matter arising under or in
connection with this agreement.

 

 

7.

Subject to Contract and Without Prejudice

 

 

 

This agreement shall be deemed to be without prejudice and subject to contract
until such time as it is signed and dated by both parties, when it shall be
treated as an open document evidencing a binding agreement.

 

 

8.

Counterparts

 

 

 

This agreement may be executed in any number of counterparts, each of which,
when executed, shall be an original, and all the counterparts together shall
constitute one and the same instrument.

 

 

This agreement has been entered into on the date stated at the beginning of it.

Executed as a deed by Pitney Bowes Limited
acting by DAVID DENNEY
a director

 

 

 

 

Signature of Director

 

 

 

In the presence of:

 

 

 

 

 

124

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Signature of witness:

 

 

 

Name, Address and occupation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signed as a Deed by Patrick Keddy
in the presence of:

 

 

 

 

 

Signature of witness:

 

 

 

Name, Address and occupation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

125

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SCHEDULE 1
Claims

 

 

 

Claims:

 

 

1.37

for breach of contract or wrongful dismissal (including but not limited to any
claim in respect of bonus under the Pitney Bowes Incentive Programme);

 

 

1.38

for unfair dismissal and related claims, under sections 93 and 111 of the
Employment Rights Act 1996 or a leading up to the Termination Date;

 

 

1.39

for a statutory redundancy payment, under section 163 of the Employment Rights
Act 1996;

 

 

1.40

in relation to an unauthorised deduction from wages or unauthorised payment,
under section 23 of the Employment Rights Act 1996;

 

 

1.41

for an unlawful detriment under section 48 of the Employment Rights Act 1996;

 

 

1.42

in relation to employment particulars and itemised pay statements, under section
11 of the Employment Rights Act 1996;

 

 

1.43

in relation to guarantee payments, under section 34 of the Employment Rights Act
1996;

 

 

1.44

in relation to suspension from work, under section 70 of the Employment Rights
Act 1996;

 

 

1.45

in relation to parental rights and flexible working, under sections 80 and 80H
of the Employment Rights Act 1996;

 

 

1.46

in relation to time off work, under sections 51, 54, 57, 57B, 60, 63 and 63C of
the Employment Rights Act 1996;

 

 

1.47

in relation to working time or holiday pay, under regulation 30 of the Working
Time Regulations 1998;

 

 

1.48

in relation to the national minimum wage, under sections 11, 18, 19D and 24 of
the National Minimum Wage Act 1998;

 

 

1.49

for equality of terms, under sections 120 and 127 of the Equality Act 2010 and
section 2 of the Equal Pay Act 1970;

 

 

1.50

for direct or indirect discrimination, harassment or victimisation on the
grounds of sex, marital or civil partnership status, gender reassignment,
pregnancy or maternity, under section 120 of the Equality Act 2010 and section
63 of the Sex Discrimination Act 1975;

 

 

1.51

for direct or indirect discrimination, harassment or victimisation on the
grounds of colour, race, nationality or ethnic or national origin, under section
120 of the Equality Act 2010 and section 54 of the Race Relations Act 1976;

 

 

1.52

for discrimination, harassment or victimisation related to disability, under
section 120 of the Equality Act 2010 and section 17A of the Disability
Discrimination Act 1995;

 

 

1.53

for breach of obligations under the Protection of Harassment Act 1997;

126

--------------------------------------------------------------------------------

 

 

1.54

for less favourable treatment on the grounds of part-time status, under
regulation 8 of the Part-Time Workers (Prevention of Less Favourable Treatment)
Regulations 2000;

 

 

1.55

for less favourable treatment on the grounds of fixed-term status, under
regulation 7 of the Fixed-Term Employees (Prevention of Less Favourable
Treatment) Regulations 2002;

 

 

1.56

for direct or indirect discrimination, harassment or victimisation on the
grounds of religion or belief, under section 120 of the Equality Act 2010 and
regulation 28 of the Employment Equality (Religion or Belief) Regulations 2003;

 

 

1.57

for direct or indirect discrimination, harassment or victimisation on the
grounds of sexual orientation, under section 120 of the Equality Act 2010 and
regulation 28 of the Employment Equality (Sexual Orientation) Regulations 2003;

 

 

1.58

for direct or indirect discrimination, harassment or victimisation on the
grounds of age, under section 120 of the Equality Act 2010 and regulation 36 of
the Employment Equality (Age) Regulations 2006;

 

 

1.59

in relation to the duty to consider working beyond retirement, under paragraphs
11 and 12 of Schedule 6 to the Employment Equality (Age) Regulations 2006;

 

 

1.60

under regulations 27 and 32 of the Transnational Information and Consultation
etc. Regulations 1999;

 

 

1.61

under regulations 29 and 33 of the Information and Consultation of Employees
Regulations 2004;

 

 

1.62

under regulations 45 and 51 of the Companies (Cross-Border Mergers) Regulations
2007;

 

 

1.63

under paragraphs 4 and 8 of the Schedule to the Occupational and Personal
Pension Schemes (Consultation by Employers and Miscellaneous Amendment)
Regulations 2006;

 

 

1.64

under sections 68A, 87, 137, 145A, 145B, 146, 168, 168A, 169, 170, 174 and 192
of the Trade Union and Labour Relations (Consolidation) Act 1992;

 

 

1.65

in relation to the obligations to elect appropriate representatives or any
entitlement to compensation, under the Transfer of Undertakings (Protection of
Employment) Regulations 2006;

 

 

1.66

for failure to comply with obligations under the Human Rights Act 1998;

 

 

1.67

for failure to comply with obligations under the Data Protection Act 1998;

 

 

1.68

in relation to existing personal injury claims, whether or not the Employee is
aware of such claims;

 

 

1.69

in relation to the right to be accompanied under section 11 of the Employment
Relations Act 1999;

 

 

1.70

in relation to refusal of employment, refusal of employment agency services and
detriment under regulations 5, 6 and 9 of the Employment Relations Act 1999
(Blacklists) Regulations 2010;

 

 

1.71

in relation to the right to request time off for study or training under section
631 of the Employment Rights Act 1996; and

 

 

1.72

arising as a consequence of the United Kingdom’s membership of the European
Union.

127

--------------------------------------------------------------------------------

SCHEDULE 2

Adviser’s Certificate

[ON HEADED NOTEPAPER OF ADVISER]

For the attention of [DETAILS]

[DATE]

Dear Sirs,

I am writing in connection with the agreement between my client, Patrick Keddy,
and Pitney Bowes Limited (Company) of today’s date (Agreement) to confirm that:

1. I, [NAME] of [FIRM], whose address is [ADDRESS], am a Solicitor of the Senior
Courts of England and Wales who holds a current practising certificate.

2. I have given Patrick Keddy legal advice on the terms and effect of the
Agreement and, in particular, its effect on his ability to pursue the claims
specified in Schedule 1 of the Agreement.

3. I gave the advice to Patrick Keddy as a relevant independent adviser within
the meaning of the above acts and regulations referred to at clause 2.4.

4. There is now in force (and was in force at the time I gave the advice
referred to above) a policy of insurance or an indemnity provided for members of
a profession or professional body covering the risk of claim by Patrick Keddy in
respect of loss arising in consequence of the advice I have given him.

Yours faithfully,

 

[NAME]
Employee’s Adviser

128

--------------------------------------------------------------------------------

Schedule 5

Share Options, Awards and Long Term Incentives

 

 

 

Pitney Bowes Stock Options

Grant Detail

 

 

Grants Issued All Grant Dates
As of Dec 14, 2010

 

 

Exercises to Include: Completed Exercises Only

 

 

--------------------------------------------------------------------------------

PATRICK JOHN KEDDY ID: 00279021

 

TREVONEN

THE CLUMP

CHORLEYWOOD, HT WD3 4BD

United Kingdom

--------------------------------------------------------------------------------

Stock Class: PBI | Currency: USD ($)

 

Plan: 1991 ISO, NQ, & RES-Pre 1/1/99

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

--------------------------------------------------------------------------------

Grant Date /
ID

 

Expiration
Date

 

Grant
Type

 

Shares
Granted

 

Exercise
Price

 

Shares
Outstanding

 

Shares
Vested

 

Shares
Exercisable

 

Future
Exercisability
Increments

 

Future
ISO
Split

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jun 14, 1993

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0000000001223

 

Jun 13, 2003

 

NQSO

 

1,100

 

21.19

 

0

 

0

 

0

 

Not Exercisable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Date/ID

 

Type

 

 

 

Shares

 

Rights

 

Price

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cancellation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mar 05, 1997

 

Currency

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0000.144745

 

translation

 

 

 

1,100

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jun 14, 2003

 

Cancellation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0000.99967

 

EXPIRATION

 

 

 

0

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grant Date /
ID

 

Expiration
Date

 

Grant
Type

 

Shares
Granted

 

Exercise
Price

 

Shares
Outstanding

 

Shares
Vested

 

Shares
Exercisable

 

Future
Exercisability
Increments

 

Future
ISO
Split

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jun 14, 1993

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0000000002712

 

Jun 14, 2003

 

NQSO

 

1,100

 

21.19

 

0

 

0

 

0

 

Not Exercisable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Date/ID

 

Type

 

 

 

Shares

 

Rights

 

Price

 

 

 

 

 

 

 

 

 

Jun 15, 2003

 

Cancellation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0000.100478

 

EXPIRATION

 

 

 

0

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cancellation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mar 09, 1997

 

currency

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0000.144744

 

translation

 

 

 

1,100

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grant Date /
ID

 

Expiration
Date

 

Grant
Type

 

Shares
Granted

 

Exercise
Price

 

Shares
Outstanding

 

Shares
Vested

 

Shares
Exercisable

 

Future
Exercisability
Increments

 

Future
ISO
Split

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jun 14, 1993

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0000000002713

 

Jun 14, 2003

 

NQSO

 

1,100

 

22.38

 

0

 

0

 

0

 

Not Exercisable

 

 

 

 

 

--------------------------------------------------------------------------------

 

Page 1 of 11

TOPTIONS\gbrereton

129

--------------------------------------------------------------------------------

 

 

 

Pitney Bowes Stock Options

Grant Detail

 

 

Grants Issued All Grant Dates

 

 

As of Dec 14, 2010

 

 

Exercises to Include: Completed Exercises Only

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Date/ID

 

Type

 

 

 

Shares

 

Rights

 

Price

 

 

 

 

 

 

 

 

 

Jun 15, 2003

 

Cancellation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0000.100482

 

EXPIRATION

 

 

 

0

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mar 05, 1997
01205

 

Cashless Exercise

 

 

 

1,100

 

0

 

31.38

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grant Date /
ID

 

Expiration
Date

 

Grant
Type

 

Shares
Granted

 

Exercise
Price

 

Shares
Outstanding

 

Shares
Vested

 

Shares
Exercisable

 

Future
Exercisability
Increments

 

Future
ISO
Split

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jun 13, 1994

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0000000017451

 

Jun 12, 2004

 

NQSO

 

1,600

 

20.57

 

0

 

0

 

0

 

Not Exercisable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Date/ID

 

Type

 

 

 

Shares

 

Rights

 

Price

 

 

 

 

 

 

 

 

 

Jun 13, 2004

 

Cancellation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0000.105810

 

EXPIRATION

 

 

 

0

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mar 08, 2000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0000000001532

 

Cash Exercise

 

 

 

1,600

 

0

 

49.09

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grant Date /
ID

 

Expiration
Date

 

Grant
Type

 

Shares
Granted

 

Exercise
Price

 

Shares
Outstanding

 

Shares
Vested

 

Shares
Exercisable

 

Future
Exercisability
Increments

 

Future
ISO
Split

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb 13, 1995

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0000000017452

 

Feb 12, 2005

 

NQSO

 

2,000

 

16.91

 

0

 

0

 

0

 

Not Exercisable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Date/ID

 

Type

 

 

 

Shares

 

Rights

 

Price

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb 13, 2005

 

Cancellation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0000.105814

 

EXPIRATION

 

 

 

0

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mar 08, 2000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0000000001531

 

Cash Exercise

 

 

 

2,000

 

0

 

49.09

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grant Date /
ID

 

Expiration
Date

 

Grant
Type

 

Shares
Granted

 

Exercise
Price

 

Shares
Outstanding

 

Shares
Vested

 

Shares
Exercisable

 

Future
Exercisability
Increments

 

Future
ISO
Split

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb 12, 1996

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0000000001226

 

Feb 11, 2006

 

NQSO

 

2,000

 

24.59

 

0

 

0

 

0

 

Not Exercisable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

--------------------------------------------------------------------------------

 

Page 2 of 11

TOPTIONS\gbrereton

130

--------------------------------------------------------------------------------

 

 

 

Pitney Bowes Stock Options

Grant Detail

 

 

Grants Issued All Grant Dates

 

 

As of Dec 14, 2010

 

 

Exercises to Include: Completed Exercises Only

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Date/ID

 

Type

 

 

 

Shares

 

Rights

 

Price

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dec 03, 2001

 

Cancellation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0000.144886

 

Spin-Off

 

 

 

2,000

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb 12, 2006

 

Cancellation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0000.99969

 

EXPIRATION

 

 

 

0

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grant Date /
ID

 

Expiration
Date

 

Grant
Type

 

Shares
Granted

 

Exercise
Price

 

Shares
Outstanding

 

Shares
Vested

 

Shares
Exercisable

 

Future
Exercisability
Increments

 

Future
ISO
Split

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb 12, 1996

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

No00000017124

 

Feb 11, 2006

 

NQSO

 

2,050

 

24.00

 

0

 

0

 

0

 

Not Exercisable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Date/ID

 

Type

 

 

 

Shares

 

Rights

 

Price

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb 12, 2006

 

Cancellation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0000.113195

 

EXPIRATION

 

 

 

0

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nov 03, 2004

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

No00000006394

 

Cashless Exercise

 

 

 

2,050

 

0

 

43.98

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grant Date /
ID

 

Expiration
Date

 

Grant
Type

 

Shares
Granted

 

Exercise
Price

 

Shares
Outstanding

 

Shares
Vested

 

Shares
Exercisable

 

Future
Exercisability
Increments

 

Future
ISO
Split

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb 10, 1997

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0000000003054

 

Feb 09, 2007

 

NQSO

 

5,400

 

29.31

 

0

 

0

 

0

 

Not Exercisable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Date/ID

 

Type

 

 

 

Shares

 

Rights

 

Price

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb 10, 2007

 

Cancellation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0000.100578

 

EXPIRATION

 

 

 

0

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dec 03, 2001

 

Cancellation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0000.145119

 

Spin-Off

 

 

 

5,400

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grant Date /
ID

 

Expiration
Date

 

Grant
Type

 

Shares
Granted

 

Exercise
Price

 

Shares
Outstanding

 

Shares
Vested

 

Shares
Exercisable

 

Future
Exercisability
Increments

 

Future
ISO
Split

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb 10, 1997

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

No00000017611

 

Feb 09, 2007

 

NQSO

 

5,534

 

28.61

 

0

 

0

 

0

 

Not Exercisable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Date/ID

 

Type

 

 

 

Shares

 

Rights

 

Price

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

--------------------------------------------------------------------------------

 

Page 3 of 11

TOPTIONS\gbrereton

131

--------------------------------------------------------------------------------

 

 

 

Pitney Bowes Stock Options

Grant Detail

 

 

Grants Issued All Grant Dates

 

 

As of Dec 14, 2010

 

 

Exercises to Include: Completed Exercises Only

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb 10, 2007

 

Cancellation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0000.113506

 

EXPIRATION

 

 

 

0

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nov 03, 2004

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

No00000006395

 

Cashless Exercise

 

 

 

5,534

 

0

 

43.98

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grant Date /
ID

 

Expiration
Date

 

Grant
Type

 

Shares
Granted

 

Exercise
Price

 

Shares
Outstanding

 

Shares
Vested

 

Shares
Exercisable

 

Future
Exercisability
Increments

 

Future
ISO
Split

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb 09, 1998

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0000000003201

 

Feb 08, 2008

 

NQSO

 

6,000

 

45.31

 

0

 

0

 

0

 

Not Exercisable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Date/ID

 

Type

 

 

 

Shares

 

Rights

 

Price

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb 09, 2008

 

Cancellation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0000.100624

 

EXPIRATION

 

 

 

0

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dec 03, 2001

 

Cancellation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0000.145157

 

Spin-Off

 

 

 

6,000

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grant Date /
ID

 

Expiration
Date

 

Grant
Type

 

Shares
Granted

 

Exercise
Price

 

Shares
Outstanding

 

Shares
Vested

 

Shares
Exercisable

 

Future
Exercisability
Increments

 

Future
ISO
Split

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb 09, 1998

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

No00000017690

 

Feb 08, 2008

 

NQSO

 

6,149

 

44.22

 

0

 

0

 

0

 

Not Exercisable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Date/ID

 

Type

 

 

 

Shares

 

Rights

 

Price

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb 09, 2008

 

Cancellation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0000.113550

 

EXPIRATION

 

 

 

6,149

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grant Date /
ID

 

Expiration
Date

 

Grant
Type

 

Shares
Granted

 

Exercise
Price

 

Shares
Outstanding

 

Shares
Vested

 

Shares
Exercisable

 

Future
Exercisability
Increments

 

Future
ISO
Split

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sep 14, 1998

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0000000004848

 

Sep 13, 2008

 

NQSO

 

6,000

 

53.13

 

0

 

0

 

0

 

Not Exercisable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Date/ID

 

Type

 

 

 

Shares

 

Rights

 

Price

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sep 14, 2008

 

Cancellation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0000.101165

 

EXPIRATION

 

 

 

0

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dec 03, 2001

 

Cancellation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0000.145685

 

Spin-Off

 

 

 

6,000

 

0

 

 

 

 

 

 

 

 

 

 

 

--------------------------------------------------------------------------------

 

Page 4 of 11

TOPTIONS\gbrereton

132

--------------------------------------------------------------------------------

 

 

 

Pitney Bowes Stock Options

Grant Detail

 

 

Grants Issued All Grant Dates

 

 

As of Dec 14, 2010

 

 

Exercises to Include: Completed Exercises Only

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grant Date /
ID

 

Expiration
Date

 

Grant
Type

 

Shares
Granted

 

Exercise
Price

 

Shares
Outstanding

 

Shares
Vested

 

Shares
Exercisable

 

Future
Exercisability
Increments

 

Future
ISO
Split

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sep 14, 1998

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

No00000018915

 

Sep 13, 2008

 

NQSO

 

6,149

 

51.84

 

0

 

0

 

0

 

Not Exercisable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Date/ID

 

Type

 

 

 

Shares

 

Rights

 

Price

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sep 14, 2008

 

Cancellation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0000.114175

 

EXPIRATION

 

 

 

6,149

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

Total for 1991 ISO, NQ, & RES-Pre 1/1/99

 

46,182

 

 

 

0

 

0

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plan: 1991 ISO, NQ, & RES-Post 1/1/99

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

Grant Date /
ID

 

Expiration
Date

 

Grant
Type

 

Shares
Granted

 

Exercise
Price

 

Shares
Outstanding

 

Shares
Vested

 

Shares
Exercisable

 

Future
Exercisability
Increments

 

Future
ISO
Split

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb 14, 2005

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

No00000062176

 

Feb 13, 2015

 

NQSO

 

22,000

 

46.93

 

22,000

 

22,000

 

22,000

 

Fully Exercisable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grant Date /
ID

 

Expiration
Date

 

Grant
Type

 

Shares
Granted

 

Exercise
Price

 

Shares
Outstanding

 

Shares
Vested

 

Shares
Exercisable

 

Future
Exercisability
Increments

 

Future
ISO
Split

Feb 13, 2006

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

No00000064318

 

Feb 12, 2016

 

NQSO

 

31,557

 

42.62

 

31,557

 

31,557

 

31,557

 

Fully Exercisable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

Total for 1991 ISO, NQ, & RES-Post 1/1/99

 

53,557

 

 

 

53,557

 

53,557

 

53,557

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plan: 2007 RSU Plan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

Grant Date /
ID

 

Expiration
Date

 

Grant
Type

 

Shares
Granted

 

Exercise
Price

 

Shares
Outstanding

 

Shares
Vested

 

Shares
Exercisable

 

Future
Exercisability
Increments

 

Future
ISO
Split

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb 09, 2009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

No.8525

 

Feb 08, 2019

 

RSU

 

4,545

 

.00

 

3,409

 

0

 

0

 

1,136 Feb 01, 2011

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,136 Feb 07, 2012

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,137 Feb 05, 2013

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

 

Page 5 of 11

TOPTIONS\gbrereton

133

--------------------------------------------------------------------------------

 

 

 

Pitney Bowes Stock Options

Grant Detail

 

 

Grants Issued All Grant Dates

 

 

As of Dec 14, 2010

 

 

Exercises to Include: Completed Exercises Only

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Date/ID

 

Type

 

 

 

Shares

 

Rights

 

Price

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb 02, 2010

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

No.192046

 

Cash Exercise

 

 

 

1,136

 

0

 

21.33

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grant Date /
ID

 

Expiration
Date

 

Grant
Type

 

Shares
Granted

 

Exercise
Price

 

Shares
Outstanding

 

Shares
Vested

 

Shares
Exercisable

 

Future
Exercisability
Increments

 

Future
ISO
Split

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb 08, 2010

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

No.11381

 

Feb 07, 2020

 

RSU

 

5,093

 

.00

 

5,093

 

0

 

0

 

1,273 Feb 01, 2011

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,274 Feb 07, 2012

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,273 Feb 05, 2013

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,273 Feb 04, 2014

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

Total for 2007 RSU Plan

 

9,638

 

 

 

8,502

 

0

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plan: 2007 Stock Options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

Grant Date /
ID

 

Expiration
Date

 

Grant
Type

 

Shares
Granted

 

Exercise
Price

 

Shares
Outstanding

 

Shares
Vested

 

Shares
Exercisable

 

Future
Exercisability
Increments

 

Future
ISO
Split

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb 12, 2007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

No00000070925

 

Feb 11, 2017

 

NQSO

 

32,374

 

48.03

 

32,374

 

24,280

 

24,280

 

8,094 Feb 12, 2011

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grant Date /
ID

 

Expiration
Date

 

Grant
Type

 

Shares
Granted

 

Exercise
Price

 

Shares
Outstanding

 

Shares
Vested

 

Shares
Exercisable

 

Future
Exercisability
Increments

 

Future
ISO
Split

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb 11, 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

No00000072281

 

Feb 10, 2018

 

NQSO

 

69,231

 

36.96

 

69,231

 

34,615

 

34,615

 

17,308 Feb 11, 2011

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17,308 Feb 11, 2012

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grant Date /
ID

 

Expiration
Date

 

Grant
Type

 

Shares
Granted

 

Exercise
Price

 

Shares
Outstanding

 

Shares
Vested

 

Shares
Exercisable

 

Future
Exercisability
Increments

 

Future
ISO
Split

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb 09, 2009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

No.5709

 

Feb 08, 2019

 

NQSO

 

37,007

 

24.75

 

37,007

 

12,336

 

12,336

 

12,335 Feb 09, 2011

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,336 Feb 09, 2012

 

N/A

 

 

 

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

 

Page 6 of 11

TOPTIONS\gbrereton

134

--------------------------------------------------------------------------------

 

 

 

Pitney Bowes Stock Options

Grant Detail

 

 

Grants Issued All Grant Dates

 

 

As of Dec 14, 2010

 

 

Exercises to Include: Completed Exercises Only

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grant Date /
ID

 

Expiration
Date

 

Grant
Type

 

Shares
Granted

 

Exercise
Price

 

Shares
Outstanding

 

Shares
Vested

 

Shares
Exercisable

 

Future
Exercisability
Increments

 

Future
ISO
Split

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb 08, 2010

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

No.11369

 

Feb 07, 2020

 

NQSO

 

39,894

 

22.09

 

39,894

 

0

 

0

 

13,298 Feb 08, 2011

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13,298 Feb 08, 2012

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13,298 Feb 08, 2013

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

Total for 2007 Stock Options

 

 

 

178,506

 

 

 

178,506

 

71,231

 

71,231

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plan: Pitney Bowes Stock Plan (RES)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grant Date /
ID

 

Expiration
Date

 

Grant
Type

 

Shares
Granted

 

Exercise
Price

 

Shares
Outstanding

 

Shares
Vested

 

Shares
Exercisable

 

Future
Exercisability
Increments

 

Future
ISO
Split

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oct 07, 2004

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

No00000061815

 

Oct 07, 2014

 

RSA

 

6,500

 

.00

 

0

 

0

 

0

 

Not Exercisable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Date/ID

 

Type

 

 

 

Shares

 

Rights

 

Price

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oct 07, 2008

 

Restricted Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

No.87504

 

Exercise

 

 

 

6,500

 

0

 

29.64

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

Total for Pitney Bowes Stock Plan (RES)

 

 

 

6,500

 

 

 

0

 

0

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plan: UK Plan - 10/20/2000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grant Date /
ID

 

Expiration
Date

 

Grant
Type

 

Shares
Granted

 

Exercise
Price

 

Shares
Outstanding

 

Shares
Vested

 

Shares
Exercisable

 

Future
Exercisability
Increments

 

Future
ISO
Split

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oct 20, 2000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

No00000013093

 

Oct 19, 2010

 

NQSO

 

24,000

 

27.66

 

0

 

0

 

0

 

Not Exercisable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Date/ID

 

Type

 

 

 

Shares

 

Rights

 

Price

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oct 20, 2010

 

Cancellation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0000.111288

 

EXPIRATION

 

 

 

0

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dec 03, 2001

 

Cancellation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0000.155768

 

Spin-Off

 

 

 

24,000

 

0

 

 

 

 

 

 

 

 

 

 

 

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

 

Page 7 of 11

TOPTIONS\gbrereton

135

--------------------------------------------------------------------------------

 

 

 

Pitney Bowes Stock Options

Grant Detail

 

 

Grants Issued All Grant Dates

 

 

As of Dec 14, 2010

 

 

Exercises to Include: Completed Exercises Only

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grant Date /
ID

 

Expiration
Date

 

Grant
Type

 

Shares
Granted

 

Exercise
Price

 

Shares
Outstanding

 

Shares
Vested

 

Shares
Exercisable

 

Future
Exercisability
Increments

 

Future
ISO
Split

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oct 20, 2000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

No00000041385

 

Oct 19, 2010

 

NQSO

 

24,593

 

26.99

 

0

 

0

 

0

 

Not Exercisable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Date/ID

 

Type

 

 

 

Shares

 

Rights

 

Price

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oct 20, 2010

 

Cancellation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0000.124863

 

EXPIRATION

 

 

 

0

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb 03, 2005

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

No00000007505

 

Cashless Exercise

 

 

 

24,593

 

0

 

45.95

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

Total for UK Plan - 10/20/2000

 

 

 

48,593

 

 

 

0

 

0

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plan: UK Plan - Post 1/1/99

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grant Date /
ID

 

Expiration
Date

 

Grant
Type

 

Shares
Granted

 

Exercise
Price

 

Shares
Outstanding

 

Shares
Vested

 

Shares
Exercisable

 

Future
Exercisability
Increments

 

Future
ISO
Split

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb 08, 1999

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0000000009658

 

Feb 07, 2009

 

NQSO

 

12,000

 

65.72

 

0

 

0

 

0

 

Not Exercisable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Date/ID

 

Type

 

 

 

Shares

 

Rights

 

Price

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb 08, 2009

 

Cancellation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0000.102812

 

EXPIRATION

 

 

 

0

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dec 03, 2001

 

Cancellation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0000.147320

 

Spin-Off

 

 

 

12,000

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grant Date /
ID

 

Expiration
Date

 

Grant
Type

 

Shares
Granted

 

Exercise
Price

 

Shares
Outstanding

 

Shares
Vested

 

Shares
Exercisable

 

Future
Exercisability
Increments

 

Future
ISO
Split

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb 08, 1999

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

No00000022762

 

Feb 07, 2009

 

NQSO

 

12,297

 

64.13

 

0

 

0

 

0

 

Not Exercisable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Date/ID

 

Type

 

 

 

Shares

 

Rights

 

Price

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb 08, 2009

 

Cancellation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0000.116048

 

EXPIRATION

 

 

 

12,297

 

0

 

 

 

 

 

 

 

 

 

 

 

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

 

Page 8 of 11

TOPTIONS\gbrereton

136

--------------------------------------------------------------------------------

 

 

 

Pitney Bowes Stock Options

Grant Detail

 

Grants Issued All Grant Dates

As of Dec 14, 2010

Exercises to Include: Completed Exercises Only

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Future

 

Future

Grant Date /

 

Expiration

 

Grant

 

Shares

 

Exercise

 

Shares

 

Shares

 

Shares

 

Exercisability

 

ISO

ID

 

Date

 

Type

 

Granted

 

Price

 

Outstanding

 

Vested

 

Exercisable

 

Increments

 

Split

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb 14, 2000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0000000017457

 

Feb 13, 2010

 

NQSO

 

12,000

 

47.53

 

0

 

0

 

0

 

Not Exercisable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Date/ID

 

Type

 

 

 

Shares

 

Rights

 

Price

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb 14, 2010

 

Cancellation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0000.105813

 

EXPIRATION

 

 

 

0

 

0

 

 

 

 

 

 

 

 

 

 

 

Dec 03, 2001

 

Cancellation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0000.150321

 

Spin-Off

 

 

 

12,000

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Future

 

Future

Grant Date /

 

Expiration

 

Grant

 

Shares

 

Exercise

 

Shares

 

Shares

 

Shares

 

Exercisability

 

ISO

ID

 

Date

 

Type

 

Granted

 

Price

 

Outstanding

 

Vested

 

Exercisable

 

Increments

 

Split

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb 14, 2000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

No00000029355

 

Feb 13, 2010

 

NQSO

 

12,297

 

46.38

 

0

 

0

 

0

 

Not Exercisable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Date/ID

 

Type

 

 

 

Shares

 

Rights

 

Price

 

 

 

 

 

 

 

 

 

Feb 14, 2010

 

Cancellation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0000.119308

 

EXPIRATION

 

 

 

12,297

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Future

 

Future

Grant Date /

 

Expiration

 

Grant

 

Shares

 

Exercise

 

Shares

 

Shares

 

Shares

 

Exercisability

 

ISO

ID

 

Date

 

Type

 

Granted

 

Price

 

Outstanding

 

Vested

 

Exercisable

 

Increments

 

Split

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb 11, 2002

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

No00000050117

 

Feb 10, 2012

 

NQSO

 

3,000

 

40.68

 

3,000

 

3,000

 

3,000

 

Fully Exercisable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Future

 

Future

Grant Date /

 

Expiration

 

Grant

 

Shares

 

Exercise

 

Shares

 

Shares

 

Shares

 

Exercisability

 

ISO

ID

 

Date

 

Type

 

Granted

 

Price

 

Outstanding

 

Vested

 

Exercisable

 

Increments

 

Split

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sep 05, 2002

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

No00000052737

 

Sep 04, 2012

 

NQSO

 

10,000

 

34.73

 

10,000

 

10,000

 

10,000

 

Fully Exercisable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Future

 

Future

Grant Date /

 

Expiration

 

Grant

 

Shares

 

Exercise

 

Shares

 

Shares

 

Shares

 

Exercisability

 

ISO

ID

 

Date

 

Type

 

Granted

 

Price

 

Outstanding

 

Vested

 

Exercisable

 

Increments

 

Split

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb 10, 2003

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

No00000056292

 

Feb 09, 2013

 

NQSO

 

15,000

 

32.10

 

15,000

 

15,000

 

15,000

 

Fully Exercisable

 

 

 

 

 

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

 

Page 9 of 11

TOPTIONS\gbrereton

137

--------------------------------------------------------------------------------

 

 

 

Pitney Bowes Stock Options

Grant Detail

 

Grants Issued All Grant Dates

As of Dec 14, 2010

Exercises to Include: Completed Exercises Only

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Future

 

Future

Grant Date /

 

Expiration

 

Grant

 

Shares

 

Exercise

 

Shares

 

Shares

 

Shares

 

Exercisability

 

ISO

ID

 

Date

 

Type

 

Granted

 

Price

 

Outstanding

 

Vested

 

Exercisable

 

Increments

 

Split

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb 09, 2004

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

No00000061413

 

Feb 08, 2014

 

NQSO

 

20,000

 

40.08

 

20,000

 

20,000

 

20,000

 

Fully Exercisable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

Total for UK Plan - Post 1/1/99

 

96,594

 

 

 

48,000

 

48,000

 

48,000

 

 

 

 

 

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

Total for PBI

 

 

 

439,570

 

 

 

288,565

 

172,788

 

172,788

 

 

 

 

 

 

 

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

 

Page 10 of 11

TOPTIONS\gbrereton

138

--------------------------------------------------------------------------------

 

 

 

Pitney Bowes Stock Options

Grant Detail

 

Grants Issued All Grant Dates

As of Dec 14, 2010

Exercises to Include: Completed Exercises Only

 

 

 

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

 

Page 11 of 11

TOPTIONS\gbrereton

139

--------------------------------------------------------------------------------

Schedule 6

Rule 65.3 of Trust Deed & Rules of Pitney Bowes Pension Fund

 

 

 

 

65

Incapacity Pension and Redundancy

 

 

 

 

65.1

If an Active Member who has completed at least five years’ Pensionable Service
leaves Service before Normal Retirement Date on account of either:

 

 

 

 

 

(a)

Incapacity; or

 

 

 

 

 

(b)

in the opinion of the Principal Employer, redundancy where he is aged at or over
his Normal Minimum Pension Age;

 

 

 

 

 

he may elect, subject to rule 65.6, to receive the aggregate of:

 

 

 

 

 

(i)

an immediate annual pension equal to his Scale Pension calculated using:

 

 

 

 

 

 

(A)

his Final Pensionable Salary at the date of he leaves Pensionable Service; and

 

 

 

 

 

 

(B)

his Pensionable Service up to the date he left Pensionable Service; and

 

 

 

 

 

 

(C)

adjusted to take account of its early payment in accordance with the terms of
this Rule 65; and

 

 

 

 

 

(ii)

in respect of a Member entitled to a Top-Up Account, a benefit derived from the
application of the Member’s Top-Up Account under Rule 59.

 

 

 

 

65.2

Subject to Rule 65.5, where Rule 65.1(a) applies:

 

 

 

 

 

(a)

the Scale Pension will be calculated on the basis of the Pensionable Service
which the Member would have completed had he remained in Pensionable Service to
Normal Retirement Date (“the notional period”); and

 

 

 

 

 

(b)

no actuarial reduction will be applied to a Scale Pension.

 

 

 

 

65.3

Subject to Rule 65.5, where Rule 65.1(b) applies the Scale Pension will be
calculated on the basis that the Trustees will:

 

 

 

 

 

(a)

not actuarially reduce that part of the Scale Pension payable under Rule 65.1(b)
which is attributable to Pensionable Service completed before 1 July 1998; and

 

 

 

 

 

(b)

actuarially reduce that part of the Scale Pension payable under Rule 65.1(b)
which is attributable to Pensionable Service completed after 30 June 1998 to
take account of the period (if any) that it is paid early between the date the
Member’s pension starts to be paid and the date of his 65th birthday.

 

 

 

 

65.4

The amount of the actuarial reduction applied under Rule 65.3(b) will be
determined by the Trustees on a basis advised by the Actuary.

 

 

 

 

65.5

The Trustees must be reasonably satisfied that value of the immediate pension
payable under this Rule 65 (ignoring any part of the pension derived from the
application of the Member’s Top-Up Account) is at least equal to the value of
any benefits which have accrued to and in respect of the Member under the
Defined Benefit Section of the Fund on the date it starts to be paid:

 

 

 

 

 

(a)

ignoring the Member’s Top-Up Account (if any); and

 

 

 

 

 

(b)

taking into account the Preservation Requirements.

 

 

 

 

65.6

Where a Member of the Defined Benefit Section has requested the early payment of
his benefits due to Incapacity, the Trustees must be satisfied that the Member
meets the ill-health condition as required by paragraph 1 of schedule 28 of the
Finance Act 2004.

 

 

 

 

 

140

--------------------------------------------------------------------------------

 

 

 

 

65.7

Rules 71 to 75 [exchange of pension for cash] and 76 [exchange of pension for a
dependant’s pension] apply.

 

 

 

 

65.8

The payment of the Scale Pension is subject to compliance with the
Contracting-out Requirements set out in Schedule 2.

 

 

 

 

65.9

The pension will commence in payment on the day after the date of the Member
ceasing to be in Service.

 

 

 

 

65.10

In the case of the payment of a pension before Normal Retirement Date under this
Rule due to Incapacity, the Trustees may review the payment as such a pension
under the terms of Rule 66.

 

 

 

 

66

Review of Incapacity Pensions

 

 

 

 

66.1

A pension which is paid under either Rule 65.1(a) or Rule 70.2(b) due to the
Incapacity of the Active Member or Early Leaver (as applicable) may be reviewed
by the Trustees every three (3) years after the date his pension starts to be
paid or such other period as the Trustees determine. No reviews will be made
once the Member attains his Normal Retirement Date.

 

 

 

 

66.2

At each review of the payment of pension due to Incapacity, the Trustees may ask
the Pensioner to:

 

 

 

 

 

(a)

attend a medical with the registered medical practitioner of the Trustees
selection; and / or

 

 

 

 

 

(b)

provide any information and other co-operation to allow the Trustees to complete
their review.

 

 

 

 

66.3

If the Trustees are satisfied that the Pensioner:

 

 

 

 

 

(a)

is no longer suffering from Incapacity to the same degree as gave rise to the
entitlement to pension under Rule 65.1(a) or 70.2(b); or

 

 

 

 

 

(b)

has failed to co-operate with the review to such a degree that the Trustees are
not able to determine if the Pensioner continues to suffer from Incapacity

 

 

 

 

 

the Trustees may either:

 

 

 

 

 

(i)

reduce the Scale Pension entitlement of the Pensioner:

 

 

 

 

 

 

(A)

so as to ignore the notional period; and

 

 

 

 

 

 

(B)

treat him as if he has left Service and started to receive a pension under Rule
65.1(a) or 70.2(b); or

 

 

 

 

 

(ii)

stop the payment of the Scale Pension to the Pensioner.

 

 

 

 

66.4

If the pension is reduced or stopped, the Pensioner must remain entitled to
receive the Scale Pension to which he would have been entitled from his Normal
Retirement Date at least equal to an amount calculated in accordance with the
Preservation Requirements.

 

 

 

 

66.5

The payment of the Scale Pension is subject to compliance with the
Contracting-out Requirements set out in Schedule 2.

 

 

 

 

66.6

This Rule 66 only applies to pensions payable due to Incapacity which start to
be paid after

 

141

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