Pier 1 2007 Annual Report Download - page 124

Trusts have been established for the purpose of setting aside funds to be used to settle obligations under
the benefit restoration plans. The trusts assets are consolidated in Pier 1’s financial statements and consist of
interest yielding investments aggregating $1,507,000 at March 3, 2007. The trusts also own and are the
beneficiaries of a number of insurance policies on the lives of current and past key executives. At March 3,
2007, the cash surrender value of these policies was $6,906,000. These investments are restricted and may
only be used to satisfy BRP obligations. Any future contributions will be made at the discretion of the board
and may be made in the form of cash or other assets such as life insurance policies.
•Deferred Compensation Agreement dated June 26, 1997 — Pursuant to this agreement, Mr. Girouard
elected to defer all compensation which exceeded the 162(m) deductibility limits in any fiscal year. On
February 4, 2004, Mr. Girouard, elected to terminate future deferrals pursuant to the agreement effective
February 29, 2004. Deferred amounts pursuant to this agreement accrue interest. The annual interest
rates during the term of the agreement have ranged from 6.63% to 8.70%. During fiscal 2007, the
interest rates were 6.63% through December 31, 2006 and 7.05% January 1, 2007 through March 3,
2007. Amounts deferred under this agreement included cash compensation, restricted stock for which
the forfeiture restrictions had lapsed, common stock and dividends on each such stock. All cash
deferred amounts continue to accrue interest at a rate equal to the then annual BRP II rate.
Approximately 90 days after Mr. Girouard’s retirement the deferred amounts plus interest will be paid
in a lump sum to Mr. Girouard.
•Deferred Compensation Agreement dated December 20, 2002 — Pursuant to this agreement, Mr. Giro-
uard elected to defer all of his fiscal 2003 cash bonus paid by Pier 1. Amounts deferred pursuant to this
agreement accrue interest. The annual interest rates during the term of the agreement have ranged from
6.63% to 8.31%. During fiscal 2007, the interest rates were 6.63% through December 31, 2006 and
7.05% January 1, 2007 through March 3, 2007. Amounts deferred continue to accrue interest at a rate
equal to the then annual BRP II rate. Approximately 90 days after Mr. Girouard’s retirement the
deferred amounts plus interest will be paid in a lump sum to Mr. Girouard.
Name
Executive
Contributions in
Last Fiscal Year(1)
($)
Registrant
Contributions in
Last Fiscal Year(2)
($)
Aggregate
Earnings in Last
Fiscal Year(3)
($)
Aggregate
Withdrawals /
Distributions(4)
($)
Aggregate
Balance at Last
Fiscal Year End(5)
($)
Marvin J. Girouard
BRPI................ $ 0 $ 0 $257,239 $0 $3,981,358
BRPII ............... $200,127 $30,019 $ 26,517 $0 $ 532,397
Deferred Compensation
Agreement dated June 26,
1997(5) ............. $ 15,943 $ 0 $ 96,739 $0 $2,035,397
Deferred Compensation
Agreement dated
December 20, 2002. . .... $ 0 $ 0 $123,899 $0 $1,914,064
Charles H. Turner
BRPI................ $ 0 $ 0 $ 22,375 $0 $ 346,300
BRPII ............... $ 7,687 $ 5,765 $ 1,896 $0 $ 36,594
Jay R. Jacobs
BRPI................ $ 0 $ 0 $ 41,599 $0 $ 643,846
BRPII ............... $ 19,223 $11,534 $ 7,442 $0 $ 131,756
Phil E. Schneider
BRPI................ $ 0 $ 0 $ 41,060 $0 $ 635,497
BRPII ............... $ 29,037 $ 8,711 $ 4,159 $0 $ 84,765
David A. Walker
BRPI................ $ 0 $ 0 $ 29,135 $0 $ 450,928
BRPII ............... $ 17,422 $ 8,711 $ 2,872 $0 $ 58,562
E. Mitchell Weatherly
BRPI................ $ 0 $ 0 $ 36,647 $0 $ 567,202
BRPII ............... $ 14,607 $ 8,764 $ 6,518 $0 $ 111,729
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