Pep Boys 2008 Annual Report Download - page 29

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(g) Such options became exercisable on February 25, 2009.
(h) One-half of such options became/become exercisable on February 27, 2009 and 2010.
(i) One-third of such options became/become exercisable on each of February 15, 2009, 2010 and 2011.
(j) Such RSUs vested on March 18, 2009.
(k) One-half of such RSUs vested/vest on each of February 27, 2009 and 2010.
(l) One-third of such RSUs vested/vest on each of February 15, 2009, 2010 and 2011.
(m) One-third of such RSUs vested/vest on each of February 28, 2009, 2010 and 2011.
(n) One-third of such RSUs vest on each of July 16, 2009, 2010 and 2011.
(o) One-third of such RSUs vest on each of September 10, 2009, 2010 and 2011.
Option Exercises and Stock Vested Table
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 2008.
Option Awards Stock Awards
Name
Number of Shares
Acquired on
Exercise (#)
Value Realized on
Exercise ($)
Number of Shares
Acquired on
Vesting (#)
Value Realized on
Vesting ($)(a)
Michael R. Odell -- -- 12,806 80,678
Joseph A. Cirelli -- -- 3,125 36,018
Troy E. Fee -- -- 3,173 22,973
Scott A. Webb -- -- 5,573 35,221
Jeffrey C. Rachor -- -- 125,000 1,318,750
Harry F. Yanowitz -- -- 9,250 107,975
(a) 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.
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.
Mr. Cirelli is the only named executive officer who participated in the qualified defined benefit pension plan in
fiscal 2008. His accrued annualized benefit thereunder, at normal retirement age, is $19,162.
Executive Supplemental Retirement Plan. As discussed above, in fiscal 2008, our SERP included a defined
benefit portion for certain participants. Benefits paid to a participant under the qualified defined pension plan are
to 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 vested after four years of participation, which is reflected in the table
below. Normal retirement defined benefits were based upon the average compensation (base salary plus accrued
bonus) of an executive during the five years that yield the highest benefit. On December 13, 2008, we split the
defined benefit portion and defined contribution portion of our SERP into separate stand alone plans, the Legacy
Plan and the Account Plan, respectively. We also amended the Legacy Plan to provide for all amounts payable
thereunder for periods on and after January 1, 2009 to be paid to participants in a single lump sum payment in
January 2009. Mr. Cirelli was the only named executive officer that participated under the Legacy Plan.