Pier 1 2014 Annual Report Download - page 120

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EXECUTIVE COMPENSATION
(4) This column represents the sum of the change in pension value and above-market earnings on non-qualified deferred compensation earnings. There were no above-market earnings paid in
fiscal 2012, 2013 and 2014 on the non-qualified deferred compensation plan. Mr. Benkel and Mmes. David and Leite do not participate in a Pier 1 Imports defined benefit plan.
The change in pension values were:
Name Fiscal
2014 Fiscal
2013 Fiscal
2012
Alexander W. Smith $1,838,855 $3,746,136 $3,442,284
Charles H. Turner $ 474,128 $1,580,227 $ 575,464
These amounts include the change in the value of retiree medical insurance premiums. For Mr. Turner, the value of the medical insurance premiums was not included prior to fiscal 2013
because he was not eligible for early retirement under the plan.
See “Pension Benefits Table for the Fiscal Year Ended March 1, 2014” below for additional information.
(5) The following table describes each component of All Other Compensation for fiscal 2014:
Fiscal 2014 All Other Compensation
Name
Payments
Relating to
Employee
Savings
Plans (a)
Dividends
Paid on
Restricted
Stock (b)
Disability
Insurance
Premiums (c)
Life
Insurance
Premiums (d)
Other
Expenses (e)
Total
All Other
Compensation
Alexander W. Smith $163,425 $3,125 $4,676 $3,564 — $174,790
Charles H. Turner $ 50,259 $ 408 $4,302 $2,322 — $ 57,291
Michael R. Benkel $ 36,943 $ 230 $2,977 $ 801 — $ 40,951
Catherine David $ 44,756 $ 306 $3,608 $1,242 — $ 49,912
Sharon M. Leite $ 10,405 $ 264 $3,861 $1,242 — $ 15,772
(a) This column reports Pier 1 Imports’ aggregate matching contributions to the NEO’s 401(k) savings account, Deferred Compensation Plan account and Stock Purchase Plan account.
Those contributions were as follows:
Name 401(k) DCP SPP Total
Alexander W. Smith $7,972 $84,750 $70,703 $163,425
Charles H. Turner $7,616 $11,839 $30,804 $ 50,259
Michael R. Benkel $7,636 $20,685 $ 8,622 $ 36,943
Catherine David $7,689 $26,252 $10,815 $ 44,756
Sharon M. Leite $7,692 $ 0 $ 2,713 $ 10,405
Pier 1 Imports’ 401(k) and Stock Purchase Plan are broad based plans available to all eligible employees on a non-discriminatory basis.
(b) This column reports dividends paid on unvested restricted stock awarded in fiscal 2011 held by the NEOs. Subsequent awards of restricted stock did not provide for dividends on
unvested shares.
(c) This column reports premiums paid on behalf of the NEOs for supplemental disability insurance coverage.
(d) This column represents premiums paid on behalf of the NEOs for basic term life insurance.
(e) Perquisites and personal benefits aggregating less than $10,000 are not shown.
(6) Pursuant to the renewal and extension of Mr. Smith’s employment agreement on June 13, 2012, Mr. Smith received 375,000 shares of restricted stock on March 3, 2013 and 375,000 shares
of restricted stock on March 2, 2014. Forty-eight percent of the shares of restricted stock issued to Mr. Smith on March 3, 2013 and March 2, 2014 were time-based and the remainder was
performance-based. An additional 375,000 shares of restricted stock will be issued to Mr. Smith on March 1, 2015, provided Mr. Smith is employed on such date, with the same percentage
allocation between time-based and performance-based shares. In accordance with FASB ASC Topic 718, all 540,000 shares of the time-based restricted stock had a grant date for accounting
purposes as of the date of the agreement of June 13, 2012, which was 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. The aggregate grant date fair value of these awards (540,000 X $15.58 = $8,413,200) was included in the table last year as fiscal 2013 compensation,
even though none of the shares were issued to Mr. Smith during fiscal 2013.
The fiscal 2013 compensation amount in the table also included 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.
(7) Mr. Benkel was not an NEO in fiscal 2012.
42 PIER 1 IMPORTS, INC. 2014 Proxy Statement