Pier 1 2015 Annual Report Download - page 137

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EXECUTIVE COMPENSATION
(2) Time-based restricted stock awards to the NEOs, other than Mr. Smith, vest according to the following schedule:
Grant Date Vesting
04/06/2012, 04/12/2013, and 04/11/2014 33%, 33%, and 34%, respectively, on each anniversary of the grant
date provided that the participant is employed on the vesting date.
10/16/2014 50% on October 16, 2019 and 50% on October 16, 2020.
(3) See footnote #6 to the “Summary Compensation Table for the Fiscal Years Ended February 28, 2015, March 1, 2014, and March 2, 2013” above for more information regarding these awards.
The time-based restricted stock awards received by Mr. Smith on March 3, 2013, March 2, 2014 and March 1, 2015 vest 60,000 shares per year on the last day of the fiscal year in which
they were issued and on the last day of each of the following two fiscal years, provided Mr. Smith is employed on the last day of each such fiscal year.
(4) Performance-based restricted stock awards to the NEOs, other than Mr. Smith, vest according to the following schedule, provided that the participant is employed on the vesting date, which
is the date of filing of Pier 1 Imports’ Annual Report on Form 10-K for the applicable fiscal year for Profit Goal performance-based shares and is within 30 days of the end of the measurement
period for TSR performance-based shares.
Grant Date Shares Vest Performance
Measure Measurement Periods
04/06/2012 33%, 33% and 34% Profit Goal Fiscal 2013, 2014, 2015
04/12/2013 33%, 33% and 34% Profit Goal Fiscal 2014, 2015, 2016
04/11/2014 33%, 33% and 34% Profit Goal Fiscal 2015, 2016, 2017
04/06/2012 100% (cliff vest) TSR v. peers End of fiscal 2015
04/12/2013 100% (cliff vest) TSR v. peers End of fiscal 2016
04/11/2014 100% (cliff vest) TSR v. peers End of fiscal 2017
04/11/2014 100% (cliff vest) e-Commerce sales End of fiscal 2017
Number of shares shown for TSR performance-based shares and e-Commerce sales performance-based shares is the maximum amount. Number of shares for Profit Goal performance-based
shares is the target and maximum amount. The threshold, target, and maximum amount of performance-based shares for fiscal 2015 is shown above in the table included under the caption
“Grants of Plan-Based Awards for the Fiscal Year ended February 28, 2015.”
(5) Performance-based restricted stock awards awarded to Mr. Smith vest according to the schedule below, provided that he is employed on the last day of the applicable fiscal year for Profit
Goal performance-based shares and on the vesting date for TSR performance-based shares. Achievement for Profit Goal performance-based shares is determined upon filing of Pier 1
Imports’ Annual Report on Form 10-K for the applicable fiscal year and vesting for TSR performance-based shares is within 30 days of the end of the measurement period.
Grant Date Shares Vesting Annually Performance Measure Measurement Periods
02/26/2012 62,500 Profit Goal Fiscal 2013, 2014, 2015
03/03/2013 40,000 Profit Goal Fiscal 2014, 2015, 2016
03/02/2014 40,000 Profit Goal Fiscal 2015, 2016, 2017
03/03/2013 75,000 (cliff vest) TSR v. peers End of fiscal 2016
03/02/2014 75,000 (cliff vest) TSR v. peers End of fiscal 2017
Number of shares shown for TSR performance-based shares is the maximum amount. Number of shares shown for Profit Goal performance-based shares is the target and maximum amount.
The threshold, target and maximum amount of performance-based shares for fiscal 2015 is shown above in the table included under the caption “Grants of Plan-Based Awards for the Fiscal
Year ended February 28, 2015.”
Option Exercises and Stock Vested Table for the Fiscal Year Ended
February 28, 2015
The following table provides information for each NEO about (a) stock option exercises during fiscal 2015, including the number
of shares acquired upon exercise and the value realized, and (b) the number of shares for which forfeiture restrictions lapsed
upon the vesting of 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 (1) Stock Awards (2)
Number of
Shares Acquired
on Exercise
(#)
Value
Realized on
Exercise
($)
Number of
Shares Acquired
on Vesting
(#)
Value
Realized on
Vesting
($)
Alexander W. Smith 0 — 306,910 $4,463,968
Charles H. Turner
(retired February 10, 2015) 0 — 21,322 $ 387,030
PIER 1 IMPORTS, INC. 2015 Proxy Statement 55