November 16, 2010

USPS Pays 25% Annual Bonus to Executive VP Vegliante
Actually, USPS calls this payment a ‘retention incentive’

PostCom tells…

“On November 10, 2010, the Postal Service entered into an Agreement for Retention Incentive (the “Agreement”) with Anthony J. Vegliante, Executive Vice President and Chief Human Resources Officer, providing for the payment of certain annual retention incentives to induce Mr. Vegliante to remain in his position as Executive Vice President and Chief Human Resources Officer. The Agreement is effective as of November 1, 2010 and provides for payments to Mr. Vegliante of twenty-five percent (25%) of Mr. Vegliante’s basic salary in effect as of November 1,2010 and as of November 1,2011. Mr. Vegliante will be entitled to receive such payment(s) within thirty (30) calendar days after November 1 of each twelve month period as long as he remains employed by the Postal Service as of that date, to the extent allowable by law. The Agreement provides that the parties may mutually agree in writing to extend the Agreement on an annual basis for each twelve month period commencing on November 1 of each year after November 1, 2011, so that the amount ofthe retention incentive for any such future period shall be twenty-five percent (25%) of Mr. Vegliante’s basic salary in effect as of November 1 of the relevant year.”

Also see USPS Form 8-K (PDF)