Pier 1 2013 Annual Report Download - page 123

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Summary Compensation Table for the Fiscal Years Ended March 2, 2013, February 25, 2012 and February 26,
2011
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)
($)
Bonus
($)
Stock
Awards(4)
($)
Option
Awards
($)
Non-Equity
Incentive
Plan
Compensation(5)
($)
Change in
Pension
Value and
Non-Qualified
Deferred
Compensation
Earnings(6)
($)
All Other
Compensation(7)
($)
Total
($)
Alexander W. Smith
President and
Chief Executive Officer
2013 $1,050,000 $ 0 $11,842,575(1) N/A $1,837,500 $3,746,136 $279,712 $18,755,923
2012 $1,050,000 $ 0 $ 1,226,250 N/A $2,625,000 $3,442,284 $135,631 $ 8,479,165
2011 $1,050,000 $248,719 $ 406,250 N/A $2,100,000 $2,597,628 $ 62,172 $ 6,464,769
Charles H. Turner
Senior Executive Vice
President and Chief
Financial Officer
2013 $ 472,692 $ 0 $ 730,361 N/A $ 654,792 $1,580,227 $ 71,092 $ 3,509,164
2012 $ 460,000 $ 0 $ 337,032 N/A $ 947,500 $ 575,464 $ 58,003 $ 2,377,999
2011 $ 460,000 $ 81,722 $ 431,309 N/A $ 775,000 $ 942,011 $ 22,864 $ 2,712,906
Michael R. Benkel(2)
Executive Vice President,
Planning and Allocations
2013 $ 326,923 $ 0 $ 479,764 N/A $ 413,748 $ 0 $ 48,418 $ 1,268,853
Catherine David
Executive Vice President,
Merchandising
2013 $ 408,462 $ 0 $ 607,945 N/A $ 527,185 $ 0 $ 56,531 $ 1,600,123
2012 $ 400,000 $ 0 $ 268,023 N/A $ 808,333 $ 0 $214,509 $ 1,690,865
2011 $ 400,000 $ 71,063 $ 206,842 N/A $ 657,583 $ 66 $100,361 $ 1,435,915
Sharon M. Leite
Executive Vice President,
Stores
2013 $ 350,000 $ 0 $ 521,418 N/A $ 456,340 $ 0 $ 16,001 $ 1,343,759
2012 $ 350,000 $ 0 $ 233,239 N/A $ 709,609 $ 0 $ 17,394 $ 1,310,242
2011 $ 346,923 $ 61,588 $ 178,114 N/A $ 575,000 $ 26 $ 13,486 $ 1,175,137
(1) Pursuant to the second renewal and extension of Mr. Smith’s employment agreement on June 13, 2012, Mr. Smith
will receive 375,000 shares of restricted stock on each of the first day of fiscal 2014, 2015 and 2016, provided
Mr. Smith is employed on such dates. Forty-eight percent of the shares of restricted stock will be time-based and
the remainder will be performance-based. In accordance with FASB ASC Topic 718, all 540,000 shares of the
time-based restricted stock to be issued pursuant to the second renewed and extended employment agreement have
a grant date for accounting purposes as of the date of the agreement of June 13, 2012, which is also the service
inception date, as both Pier 1 Imports and Mr. Smith had a mutual understanding of the key terms and conditions of
the award on that date. Therefore, the aggregate grant date fair value of these awards (540,000 X $15.58 =
$8,413,200) has been included in the table above for 2013 even though the shares will not be issued to Mr. Smith
until the first day of fiscal 2014, 2015 and 2016. As described above, if the second renewal and extension of
Mr. Smith’s employment agreement had been terminated prior to the first day of fiscal 2014, Mr. Smith would not
have been entitled to any of these shares.
As of March 2, 2013, the last day of fiscal 2013, none of the time-based shares mentioned above had been issued
to Mr. Smith; however, Pier 1 Imports is obligated to issue 540,000 shares subject to time-based vesting (in
addition to the 585,000 shares subject to performance-based vesting) in the future in accordance with the
employment agreement. The time-based awards will vest over a period of five years. No fair value for Mr. Smith’s
performance-based shares has been included in the table above because the performance measures for each of
these respective awards had not been established as of March 2, 2013, and therefore, an accounting grant date had
not yet occurred. The accounting grant date for these performance-based awards will be the date on which the
respective measures are established.
The table above also includes 187,500 shares of performance-based restricted stock that Mr. Smith received
pursuant to the first renewal and extension of his employment agreement dated December 15, 2009 and effective
the first day of fiscal 2011. The accounting grant date for these performance-based awards occurred during fiscal
2013 when Pier 1 Imports established the respective performance measures.
41