Pier 1 2010 Annual Report Download - page 128

Summary Compensation Table for the Fiscal Years Ended February 27, 2010, February 28, 2009 and
March 1, 2008
The following table sets forth a summary of the compensation in the past three fiscal years for services rendered
in all capacities to Pier 1 Imports and its subsidiaries by the chief executive officer, chief financial officer and the three
other most highly compensated executive officers.
Name &
Principal
Position
Fiscal
Year
Salary(3)
($)
Bonus(4)
($)
Stock
Awards(5)
($)
Option
Awards(6)
($)
Non-Equity
Incentive
Plan
Compensation(7)
($)
Change in
Pension
Value and
Non-Qualified
Deferred
Compensation
Earnings(8)
($)
All Other
Compensation(9)
($)
Total
($)
Alexander W. Smith 2010 $1,050,000 $42,525 $4,359,375(1) $328,800 $1,417,500 $764,759 $38,966 $8,001,925
President and 2009 $1,049,039 $0 N/A N/A $0 $681,873 $6,996 $1,737,908
Chief Executive Officer 2008 $1,000,000 $750,000 N/A N/A $0 $2,518,685 $637,144 $4,905,829
Charles H. Turner 2010 $460,000 $14,490 N/A N/A $568,000 $347,281 $6,112 $1,395,883
Executive Vice President 2009 $459,423 $0 $117,750 $156,375 $0 $654,707 $22,138 $1,410,393
and Chief Financial 2008 $425,231 $0 $93,240 $199,950 $387,000 $385,998 $65,920 $1,557,339
Officer
Michael R. Benkel(2) 2010 $300,000 $6,750 N/A N/A $275,000 $0 $224,795 $806,545
Senior Vice President,
Planning and Allocations
Gregory S. Humenesky 2010 $330,000 $10,395 N/A N/A $401,500 $104,083 $7,350 $853,328
Executive Vice President, 2009 $329,423 $0 $111,750 $156,375 $0 $68,365 $9,300 $675,213
Human Resources 2008 $296,923 $0 $93,240 $199,950 $270,000 $12,034 $28,252 $900,399
Sharon M. Leite(2) 2010 $330,000 $10,395 N/A N/A $398,613 $0 $86,985 $825,993
Executive Vice President, 2009 $329,423 $0 $111,750 $156,375 $0 N/A $24,066 $621,614
Stores
(1) Pursuant to the renewal and extension of Mr. Smith’s employment agreement, he received a grant of 375,000
shares of time-based restricted stock on December 18, 2009. Additional grants of 375,000 shares of restricted stock
are to be made to Mr. Smith on each of February 28, 2010, February 27, 2011 and February 26, 2012, provided
Mr. Smith is employed on such dates. One-half of each of the additional grants will be time-based and the other
half will be performance-based. In accordance with FASB ASC Topic 718, all 937,500 shares of the time-based
restricted stock granted and to be granted pursuant to the renewed and extended employment agreement have a
grant date for accounting purposes as of the date of the agreement of December 15, 2009, which is also the service
inception date, and the aggregate grant date fair value of these awards has been included in the table above. Fair
value is calculated using the closing price of Pier 1 Imports’ common stock on the grant date. These amounts
reflect Pier 1 Imports’ accounting expense for these awards, and do not necessarily correspond to the actual value
that will be recognized by the named executive officer.
As of February 27, 2010, only 375,000 of the shares subject to time-based vesting have been legally granted to
Mr. Smith; however, the Company is obligated to grant the remaining 562,500 shares subject to time-based
vesting (in addition to the 562,500 shares subject to performance-based vesting) in the future in accordance with
his employment agreement. The time-based awards will vest over a period of more than five years. No fair value
for Mr. Smith’s performance-based grants has been included in the table above because the performance targets
for each of these respective grants had not been set as of February 27, 2010, and therefore, no accounting grant
date had been established. The accounting grant date for these performance-based awards will be the date on
which the respective targets are established for each fiscal year. Based on the closing price of Pier 1 Imports’
common stock of $6.50 when the performance targets were set on March 26, 2010, the aggregate grant date fair
value of the fiscal 2011 performance-based grant under Mr. Smith’s agreement is estimated to be $406,250 for the
fiscal year ended February 26, 2011.
(2) Mr. Benkel’s employment began in fiscal 2009 and he was not a named executive officer in fiscal 2009.
Ms. Leite’s employment began in fiscal 2008 and she was not a named executive officer in fiscal 2008.
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