Pier 1 2013 Annual Report Download - page 137

Name
Voluntary
Termination
($)
Early
Retirement
($)
Voluntary
Good Reason
Termination
($)
Involuntary
Without
Cause
Termination
($)
For Cause
Termination
($)
Change
in
Control
($)
Death
($)
Disability
($)
Michael R. Benkel
Restricted Stock Awards
Time-based $ 0(2) N/A(3) $ 0(2) $ 433,997(4) $ 0(2) $ 433,997(5) $ 433,997(6) $ 433,997(6)
Performance-based
Profit Goal Shares $ 0(2) N/A(3) $ 0(2) $ 0(4) $ 0(2) $ 412,507(5) $ 0(6) $ 0(6)
TSR Shares $ 0(2) N/A(3) $ 0(2) $ 0(4) $ 0(2) $ 268,571(5) $ 0(6) $ 0(6)
Catherine David
Restricted Stock Awards
Time-based $ 0(2) N/A(3) $ 0(2) $ 559,263(4) $ 0(2) $ 559,263(5) $ 559,263(6) $ 559,263(6)
Performance-based
Profit Goal Shares $ 0(2) N/A(3) $ 0(2) $ 0(4) $ 0(2) $ 532,586(5) $ 0(6) $ 0(6)
TSR Shares $ 0(2) N/A(3) $ 0(2) $ 0(4) $ 0(2) $ 333,672(5) $ 0(6) $ 0(6)
Sharon M. Leite
Restricted Stock Awards
Time-based $ 0(2) N/A(3) $ 0(2) $ 482,412(4) $ 0(2) $ 482,412(5) $ 482,412(6) $ 482,412(6)
Performance-based
Profit Goal Shares $ 0(2) N/A(3) $ 0(2) $ 0(4) $ 0(2) $ 459,614(5) $ 0(6) $ 0(6)
TSR Shares $ 0(2) N/A(3) $ 0(2) $ 0(4) $ 0(2) $ 284,852(5) $ 0(6) $ 0(6)
(1) The amounts shown for voluntary termination, voluntary good reason termination, and involuntary without cause
termination represent a lump-sum amount of the actuarial equivalent of benefits under the Supplemental Retirement Plan
for Messrs. Smith and Turner given their eligibility for early retirement under the plan. The amount shown for change in
control represents the present value of the lump-sum amount of the actuarial equivalent of the benefits for Messrs. Smith
and Turner assuming the executive officer is involuntarily terminated other than for cause, or leaves the employment of
Pier 1 Imports for good reason (as defined in the plan), on March 2, 2013, and that such date is within 24 months of a
change in control (as defined in the plan) of Pier 1 Imports.
(2) Generally, under grant agreements pursuant to the 2006 plan, termination of employment for any reason results in a
forfeiture to Pier 1 Imports of all unvested restricted stock awards. However, as discussed in footnote 7 below, all shares
of Mr. Smith’s restricted stock awards awarded pursuant to his employment agreement vest in the event of a voluntary
good reason termination or an involuntary without cause termination. The amounts shown in the table assume that the
acceleration of vesting discussed in footnote 4 or 5 below does not occur upon a voluntary termination of employment.
(3) Under the 2006 plan the administrative committee may, in its discretion, notwithstanding the grant agreement, upon a
participant’s retirement fully vest any and all Pier 1 Imports’ common stock awarded pursuant to a restricted stock award.
Although the plan does not define retirement, for the purposes of this table, eligibility for early retirement assumes
attainment of age 55 plus 15 years of service with Pier 1 Imports, and eligibility for normal retirement assumes age 65
regardless of years of service. These are the same parameters for early retirement and normal retirement used in Pier 1
Imports’ stock option awards. As of March 2, 2013, Messrs. Smith, Turner and Benkel and Mses. David and Leite are
respectively ages 60, 55, 44, 49 and 50. Although Mr. Smith has attained the age of 55, he does not have 15 years of
service with Pier 1 Imports to be eligible for early retirement under the above assumption. Mr. Turner has 22 years of
service and is eligible for early retirement under the above assumption. The amount shown assumes the administrative
committee fully vested Mr. Turner’s time-based and performance-based restricted stock grants under the 2006 plan.
Value shown is the NYSE closing price on March 1, 2013, of $22.55 per share times the number of shares.
(4) Under the 2006 plan the administrative committee may, in its discretion, notwithstanding the grant agreement, upon
termination without cause, fully vest any and all Pier 1 Imports’ common stock awarded pursuant to a restricted stock
award, unless the award was granted to a “covered employee” (as defined in the applicable Treasury Regulations) and the
award was designed to meet the exception for performance-based compensation under Section 162(m) of the Internal
Revenue Code. The chief financial officer, Mr. Turner, is not included as a “covered employee” under the applicable
Treasury Regulations. The amount shown assumes the administrative committee fully vested any and all time-based
restricted stock grants and Mr. Turner’s performance-based restricted stock grants under the 2006 plan. Value shown is
the NYSE closing price on March 1, 2013, of $22.55 per share times the number of shares.
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