Pier 1 2012 Annual Report Download - page 121

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Also, and as set forth in the Compensation Discussion and Analysis above, Mr. Smith received a grant of 187,500 shares
of performance-based restricted stock under the Pier 1 Imports, Inc. 2006 Stock Incentive Plan on February 27, 2011, which
vest 62,500 shares upon Pier 1 Imports satisfying the Profit Goal target established by the compensation committee for fiscal
year 2012 and 62,500 shares in each of the following two fiscal years upon Pier 1 Imports satisfying the Profit Goal target
established by the compensation committee for the respective fiscal year, such achievement to be determined upon the filing of
Pier 1 Imports’ annual report on Form 10-K for the applicable fiscal year and, provided that for each fiscal year Mr. Smith is
employed on the last day of each such fiscal year. If a Profit Goal target for a particular fiscal year is partially met, then the
number of shares that could vest is adjusted as follows (with interpolation between the target levels):
100% of the Profit Goal target – 62,500 shares (100%);
96% of the Profit Goal target – 56,250 shares (90%);
92% of the Profit Goal target – 50,000 shares (80%);
88% of the Profit Goal target – 43,750 shares (70%);
84% of the Profit Goal target – 37,500 shares (60%); and
80% of the Profit Goal target – 31,250 shares (50%).
Over each three-year performance (vesting) period, if the targeted Profit Goal is not satisfied in any fiscal year, those
performance-based shares that do not vest may still vest if the sum of consecutive years’ Profit Goals equals or exceeds the
sum of the individual consecutive fiscal years’ Profit Goal targets.
The table below also includes 62,500 of the performance-based restricted shares granted to Mr. Smith on February 28,
2010, which vest upon Pier 1 Imports satisfying the Profit Goal target established by the compensation committee for fiscal
2012.
Mr. Smith’s February 27, 2011, restricted stock awards (time-based and performance-based shares) are not eligible to
receive cash dividends prior to vesting should cash dividends be paid on Pier 1 Imports’ common stock. Pier 1 Imports did not
pay cash dividends in fiscal 2012.
The following table sets forth information relating to grants of plan-based awards during the fiscal year ended
February 25, 2012 to the executive officers named above in the table included under the caption “Summary Compensation
Table for the Fiscal Years Ended February 25, 2012, February 26, 2011 and February 27, 2010.”
Name
Grant
Date
Meeting
Date
Estimated Future Payouts
Under Non-Equity
Incentive Plan Awards(1)
Estimated Future Payouts
Under Equity Incentive
Plan Awards(2)
All
other
Stock
Awards:
Number
of
Shares
of Stock
or Units
(#)
All Other
Option
Awards:
Number of
Securities
Underlying
Options
(#)
Exercise
or Base
Price of
Option
Awards
($/Share)
Grant
Date Fair
Value of
Stock and
Option
Awards(3)
($)
Threshold
($)
Target
($)
Maximum
($)
Threshold
(#)
Target
(#)
Maximum
(#)
Alexander W. Smith 05/19/2011
02/28/2010
02/27/2011
03/25/2011
12/15/2009
12/15/2009
$52,500
–
–
$1,050,000
–
–
$2,625,000
–
–
–
31,250
31,250
N/A
62,500
62,500
–
62,500
62,500
–
–
–
N/A
N/A
N/A
N/A
N/A
N/A
N/A
$613,125
$613,125
Charles H. Turner 05/19/2011
04/09/2010
04/08/2011
04/08/2011
03/25/2011
03/25/2011
03/25/2011
03/25/2011
$17,250
–
–
–
$ 345,000
–
–
–
$ 862,500
–
–
–
–
3,960
2,805
–
N/A
7,920
5,610
N/A
–
7,920
5,610
–
–
–
–
17,000
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
$ 77,695
$ 64,347
$194,990
Catherine David 05/19/2011
04/09/2010
04/08/2011
04/08/2011
03/25/2011
03/25/2011
03/25/2011
03/25/2011
$15,000
–
–
–
$ 300,000
–
–
–
$ 750,000
–
–
–
–
2,970
2,268
–
N/A
5,940
4,537
N/A
–
5,940
4,537
–
–
–
–
13,750
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
$ 58,271
$ 52,039
$157,713
Gregory S. Humenesky 05/19/2011
04/09/2010
04/08/2011
04/08/2011
03/25/2011
03/25/2011
03/25/2011
03/25/2011
$12,375
–
–
–
$ 247,500
–
–
–
$ 618,750
–
–
–
–
2,062
1,567
–
N/A
4,125
3,135
N/A
–
4,125
3,135
–
–
–
–
9,500
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
$ 40,466
$ 35,958
$108,965
Sharon M. Leite 05/19/2011
04/09/2010
04/08/2011
04/08/2011
03/25/2011
03/25/2011
03/25/2011
03/25/2011
$13,125
–
–
–
$ 262,500
–
–
–
$ 656,250
–
–
–
–
2,557
1,980
–
N/A
5,115
3,960
N/A
–
5,115
3,960
–
–
–
–
12,000
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
$ 50,178
$ 45,421
$137,640
39