Pep Boys 2007 Annual Report Download - page 32

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(c) One-third of such RSUs vested/vest on each of March 13, 2008, 2009 and 2010.
(d) One-quarter of such options become exercisable on each of September 17, 2008, 2009, 2010 and 2011.
(e) One quarter of such RSUs vest on each of September 17, 2008, 2009, 2010 and 2011.
(f) All of such options became exercisable on March 3, 2008.
(g) One-half of such options became/become exercisable on February 25, 2008 and 2009.
(h) One-third of such options became/become exercisable on February 27, 2008, 2009 and 2010.
(i) One-quarter of such options became/become exercisable on each of February 15, 2008, 2009, 2010 and
2011.
(j) All of such RSUs vested on March 19, 2008.
(k) One-half of such RSUs vested/vest on each of March 18, 2008 and 2009.
(l) One-third of such RSUs vested/vest on each of February 27, 2008, 2009 and 2010.
(m) One-quarter of such RSUs vested/vest on each of February 15, 2008, 2009, 2010 and 2011.
(n) One-quarter of such RSUs vest on each of September 10, 2008, 2009, 2010 and 2011.
(o) All of such RSUs vested on March 3, 2008.
The following table shows information regarding stock options exercised by the named executive officers and
RSUs held by the named executive officers that vested, during fiscal 2007.
Option Exercises and Stock Vested Table
Option Awards Stock Awards
Name
Number of Shares
Acquired on
Exercise (#)
Value Realized on
Exercise ($)
Number of Shares
Acquired on
Vesting (#)(a)
Value Realized on
Vesting ($)(b)
Jeffrey C. Rachor -- -- 125,000 1,875,000
Joseph A. Cirelli 15,500 240,605 2,250 36,294
Harry F. Yanowitz -- -- 7,250 111,823
Hal Smith(c) 50,000 294,494 94,000 1,421,800
Mark L. Page 35,900 501,525 1,000 15,540
(a) Messrs. Rachor, Yanowitz and Page defer/deferred the issuance of vested shares underlying RSUs.
(b) Based upon the closing price of a share of PBY Stock on the vesting date(s) not the SFAS No. 123(R)
recognized compensation expense reflected elsewhere in this proxy statement.
(c) Pursuant to the terms of Mr. Smith’s Non-Competition Agreement, upon separation from the Company, all
then unvested RSUs (76,000) held by Mr. Smith were accelerated.
Pension Plans
Qualified Defined Benefit Pension Plan. We have a qualified defined benefit pension plan for all employees
hired prior to February 2, 1992. Future benefit accruals on behalf of all participants were frozen under this plan as
of December 31, 1996. Benefits payable under this plan are calculated based on the participant’s compensation
(base salary plus accrued bonus) over the last five years of the participant’s employment by Pep Boys and the
number of years of participation in the plan. Benefits payable under this plan are not subject to deduction for
Social Security or other offset amounts. The maximum annual benefit for any employee under this plan is $20,000.
Messrs. Cirelli and Page were the only named executive officers who participated in the qualified defined benefit
pension plan in fiscal 2007. Their accrued annualized benefits thereunder, at normal retirement age, were $15,063
and $19,162, respectively.
Executive Supplemental Retirement Plan. As discussed above, our SERP includes a defined benefit portion for
certain participants. Messrs. Cirelli and Page were the only named executive officers participating in the defined
benefit portion of the SERP in fiscal 2007. Benefits paid to a participant under the qualified defined pension plan
will be deducted from the benefits otherwise payable under the SERP. Except as described in the immediately
preceding sentence, benefits under the SERP are not subject to deduction for Social Security or other offset
amounts. Benefits under the SERP generally vest after four years of participation.
Proxy