Pier 1 2009 Annual Report Download - page 157
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Please find page 157 of the 2009 Pier 1 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.-
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Potential Payments upon Termination or Change in Control
The following table shows potential payments to our named executive officers under existing
contracts, agreements, plans or arrangements to which they are a party for various scenarios including a
change in control or termination of employment, assuming the event occurred on February 28, 2009
and, where applicable, using the closing price of Pier 1 Imports’ common stock of $0.21 (the NYSE
closing price on February 27, 2009). The table below does not include normal (versus early) retirement
payout information because as of February 28, 2009 none of the named executive officers who
participate in Pier 1 Imports’ Supplemental Retirement Plan were eligible for normal retirement.
Mr. Walker is excluded from the tabular discussion below as his employment with Pier 1 Imports ended
on August 15, 2008. On March 2, 2009, Mr. Walker was paid $1,666,407 for settlement of the amount
owed to him under the Supplemental Retirement Plan. Retirement benefits and payments to
Mr. Walker are set forth in the Summary Compensation, the Pension Benefits and the Non-Qualified
Deferred Compensation Tables above. For additional information regarding the Supplemental
Retirement Plan, please reference the Pension Benefits discussion above. Potential payments to our
named executive officers upon termination of employment under Pier 1 Imports’ non-qualified deferred
compensation arrangements are discussed in the Non-Qualified Deferred Compensation Table above.
This disclosure is based on the terms and provisions of the plans as they existed at the end of
Pier 1 Imports’ fiscal 2009, and Pier 1 Imports’ interpretation of these terms and provisions at that
time. One or more of the plans identified may allow the administration committee of such plan to
amend the plan or award grant agreements pursuant to the plan subject to certain restrictions, or both.
In such an event, the disclosures shown below would vary depending on the amendment or restriction.
Mr. Smith’s employment agreement contains non-solicitation and non-competition agreements
binding Mr. Smith for one year following termination of employment. Additionally, stock option grants
under the 1999 Plan and 2006 Plan (as described in the footnotes below) are subject to certain
non-competition, non-solicitation and confidentiality agreements which, if violated by an optionee
during employment, or within three years after termination of employment in the event of early
retirement, will result in termination of the option grant.
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