Pier 1 2010 Annual Report Download - page 133

Download and view the complete annual report

Please find page 133 of the 2010 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.

Page out of 148

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148

shares that are subject to time-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. Mr. Smith’s performance-based grants of 562,500 shares
to be made in the future (and any corresponding fair value) have not 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.
Outstanding Equity Awards Table for the Fiscal Year Ended February 27, 2010
The following table provides information on the current outstanding stock option and restricted stock awards held by each
named executive officer as of the end of fiscal 2010. Market value was determined using the closing price of Pier 1 Imports’
common stock of $6.11 (the NYSE closing price on February 26, 2010, which was the last business day of fiscal 2010).
Name Grant Date(1)
Option Awards Stock Awards
Number of
Securities
Underlying
Unexercised
Options
(#)
Exercisable
Number of
Securities
Underlying
Unexercised
Options
(#)
Unexercisable(2)
Equity
Incentive
Plan
Awards:
Number of
Securities
Underlying
Unexercised
Unearned
Options
(#)
Option
Exercise
Price
($)
Option
Expiration
Date
Number of
Shares or
Units of
Stock That
Have Not
Vested(4)
(#)
Market
Value of
Shares or
Units of
Stock
That
Have Not
Vested
($)
Equity
Incentive
Plan
Awards:
Number of
Unearned
Shares,
Units or
Other Rights
That Have
Not Vested
(#)
Equity
Incentive
Plan
Awards:
Market or
Payout
Value of
Unearned
Shares,
Units or
Other
Rights That
Have not
Vested
($)
Alexander W. Smith 02/19/2007
02/19/2007
12/15/2009
1,000,000
1,000,000(3)
$ 6.6900
$ 6.6900
02/19/2017
02/19/2017
937,500(5)$4,359,375
Charles H. Turner 10/12/2000
09/27/2001
09/26/2002
09/25/2003
06/28/2004
07/01/2005
06/23/2006
04/13/2007
04/11/2008
60,000
75,000
100,000
100,000
100,000
20,000
22,500
30,000
11,250
7,500
30,000
33,750
$10.4375
$ 8.2600
$20.3800
$19.4000
$17.2500
$14.2500
$ 7.5500
$ 7.7700
$ 7.4500
10/12/2010
09/27/2011
09/26/2012
09/25/2013
06/28/2014
07/01/2015
06/23/2016
04/13/2017
04/11/2018
04/13/2007
04/11/2008
4,080
10,050
$ 24,929
$ 61,406
Michael R. Benkel 09/15/2008 7,500 22,500 $ 4.2400 9/15/2018
N/A N/A
Gregory S. Humenesky 03/03/2005
07/01/2005
06/23/2006
04/13/2007
04/11/2008
5,000
20,000
22,500
30,000
11,250
7,500
30,000
33,750
$18.4900
$14.2500
$ 7.5500
$ 7.7700
$ 7.4500
03/03/2015
07/01/2015
06/23/2016
04/13/2017
04/11/2018
04/13/2007
04/11/2008
4,080
10,050
$ 24,929
$ 61,406
Sharon M. Leite 08/06/2007
04/11/2008
15,000
11,250
15,000
33,750
$ 6.2500
$ 7.4500
08/06/2017
04/11/2018
08/06/2007
04/11/2008
2,040
10,050
$ 12,464
$ 61,406
(1) For better understanding of this table, we have included an additional column showing the accounting grant date of the
stock options and restricted stock awards.
41