Pier 1 2011 Annual Report Download - page 131

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Option Exercises and Stock Vested Table for the Fiscal Year Ended February 26, 2011
The following table provides information for each named executive officer about (a) stock option exercises
during fiscal 2011, including the number of shares acquired upon exercise and the value realized, and (b) the
number of shares for which forfeiture restrictions lapse upon the vesting of time-based restricted stock awards and
the value realized. In each event the value realized is before payment of any applicable withholding tax and broker
commissions.
Name
Option Awards Stock Awards(1)
Number of Shares
Acquired on
Exercise
(#)
Value
Realized on
Exercise
($)
Grant
Date
Number of Shares
Acquired on
Vesting
(#)
Value
Realized
on
Vesting
($)
Alexander W. Smith 0 $0 12/18/2009
02/28/2010
125,000
62,500
$1,286,250
$ 611,250
Charles H. Turner 0 $0 04/11/2008
04/13/2007
4,950
4,080
$ 42,768
$ 34,966
Catherine David 0 $0 N/A N/A N/A
Gregory S. Humenesky 0 $0 04/11/2008
04/13/2007
4,950
4,080
$ 42,768
$ 34,966
Sharon M. Leite 0 $0 04/11/2008
08/06/2007
4,950
2,040
$ 42,768
$ 14,382
(1) On December 18, 2009, Mr. Smith was granted 375,000 shares of restricted stock that vest one-third per year on
each anniversary of the grant date, provided Mr. Smith is employed on the vesting date. On February 28, 2010,
Mr. Smith was granted 187,500 shares of restricted stock that vest one-third per year on the last day of the fiscal
year in which the grant occurred and on the last day of the following two fiscal years, provided Mr. Smith is
employed on the last day of each such fiscal year. As discussed in footnote #1 to the “Summary Compensation
Table for the Fiscal Years Ended February 26, 2011, February 27, 2010 and February 28, 2009” above, the
December 18, 2009 and February 28, 2010 grants of time-based restricted stock have a grant date for accounting
purposes of December 15, 2009. On December 18, 2010, the forfeiture restrictions lapsed on 125,000 shares
with a market price of $10.29 as of that date. On February 26, 2011, the forfeiture restrictions lapsed on 62,500
shares with a market price of $9.78 as of that date. On April 11, 2008 and April 13, 2007, Messrs. Turner and
Humenesky were each granted 15,000 shares and 12,000 shares, respectively, of restricted stock that vest 33%,
33% and 34% on each anniversary of the grant date provided that the participant is employed at the vesting date.
On April 11, 2010, the forfeiture restrictions lapsed on 4,950 shares with a market price of $8.64 as of that date.
On April 13, 2010, the forfeiture restrictions lapsed on 4,080 shares with a market price of $8.57 as of that date.
On April 11, 2008 and August 6, 2007, Ms. Leite was granted 15,000 shares and 6,000 shares, respectively, of
restricted stock that vest 33%, 33% and 34% on each anniversary of the grant date provided that the participant
is employed at the vesting date. On April 11, 2010, the forfeiture restrictions lapsed on 4,950 shares with a
market price of $8.64 as of that date. On August 6, 2010, the forfeiture restrictions lapsed on 2,040 shares with a
market price of $7.05 as of that date.
Pension Benefits Table for the Fiscal Year Ended February 26, 2011
Pier 1 Imports’ named executive officers other than Mses. David and Leite participate in a plan which was
adopted by Pier 1 Imports in 1995 and is known as the Supplemental Retirement Plan. The plan provides that upon
death, disability, retirement, or termination of employment (including termination of employment in certain
circumstances as a result of a change in control, commonly referred to as a “double-trigger”) for reasons other than
cause (as defined in the plan) each participant will receive a life annuity based on an annual benefit which generally
equals 60% of the participant’s highest three-year average of annual salary and bonus offset by Social Security
retirement benefits. Messrs. Smith, Turner and Humenesky are each entitled to a lump-sum payment of the actuarial
equivalent of their respective benefit. For the named executive officers that participate in the plan other than
Mr. Smith, the annual life annuity amount cannot exceed $500,000. Mr. Smith’s benefit calculation is not subject to
this limitation. For certain participants the plan also provides that in the event of disability or retirement, those
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