Pier 1 2016 Annual Report Download - page 125

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COMPENSATION
Potential Payments upon Termination or Change in Control
The following table shows potential payments to the NEOs 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 27, 2016 and, where applicable, using the closing price of Pier 1 Imports common stock of $4.77 (the NYSE closing price on
February 26, 2016). The table below does not include normal (versus early) retirement payout information because as of February 27,
2016 the only NEO participant in Pier 1 Imports’ Supplemental Retirement Plan (the chief executive officer) was not eligible for normal
retirement. For additional information regarding the Supplemental Retirement Plan, see the information above under the caption
“Pension Benefits Table for the Fiscal Year Ended February 27, 2016.” Potential payments to the NEOs upon termination of employment
under Pier 1 Imports’ non-qualified deferred compensation arrangements are discussed above under the caption “Non-Qualified
Deferred Compensation Table for the Fiscal Year Ended February 27, 2016.”
All stock options granted to the NEOs are fully vested. Vested stock options and their exercise prices are shown above in the table
included under the caption “Outstanding Equity Awards Table for the Fiscal Year Ended February 27, 2016.”
These disclosures are based on the terms and provisions of the agreements, plans and arrangements as they existed at the end of Pier
1 Imports’ fiscal 2016 and Pier 1 Imports’ interpretation of those terms and provisions at that time. One or more of the plans identified
may allow the administrative committee of such plan to amend the plan or award agreements pursuant to the plan, subject in particular
situations to certain restrictions. 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 terms binding Mr. Smith for one year following
termination of employment.
Ms. Leite resigned from Pier 1 Imports on January 15, 2016 and received no additional benefits upon her resignation.
PIER 1 IMPORTS, INC. | 2016 Proxy Statement 43