Pep Boys 2010 Annual Report Download - page 35

Download and view the complete annual report

Please find page 35 of the 2010 Pep Boys annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 160

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160

29
Potential Payments Upon Termination or Change of Control
The following table shows information regarding the payments and benefits that each named executive officer
would have received under his Non-Competition Agreement assuming that he was terminated without cause as of
January 29, 2011.
Name
Cash Payment
($)
Michael R. Odell 800,000
Raymond L. Arthur 500,000
William E. Shull III 320,000
Scott A. Webb 400,000
Joseph A. Cirelli 303,020
The following table shows information regarding the payments and benefits that each named executive officer
would have received under his Change of Control Agreement assuming that he was terminated immediately upon a
change of control as of January 29, 2011. In accordance with the terms of our Change of Control Agreements, the
two times multiple set forth in the following table is reduced by 1/24th for each month that a named executive officer
remains employed by the Company following a change of control (e.g., a named executive terminated twelve months
following a change of control would receive half of the amounts set forth in the table).
Name
2X
Base
Salary
($)
2X
Target
Bonus
($)
2X
Account
Plan
Contri-
butions
($)
2X
Health
and
Welfare
Benefits
($)
Value of
Accelerated
Vesting of
Outstanding
Equity Awards
($)(a)
Total
($)
Michael R. Odell 1,600,000 1,600,000 320,000 75,451 4,239,355 7,834,806
Raymond L. Arthur 1,000,000 750,000 280,000 65,526 800,521 2,896,047
William E. Shull 640,000 416,000 105,600 68,568 505,981 1,736,149
Scott A. Webb 800,000 520,000 132,000 70,595 681,800 2,204,395
Joseph A. Cirelli 606,040 272,718 140,601 55,421 339,284 1,414,064
(a) Represents the value of the accelerated vesting of all “in the money” stock options and RSUs at the closing
price of a share of PBY Stock on January 28, 2011 ($13.98).