Pier 1 2016 Annual Report Download - page 122

COMPENSATION
Option Exercises and Stock Vested Table
for the Fiscal Year Ended February 27, 2016
The following table provides information for each NEO about 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. None of the NEOs exercised any stock options in fiscal 2016.
OPTION AWARDS STOCK AWARDS (1)
NAME
NUMBER OF
SHARES ACQUIRED
ON EXERCISE
(#)
VALUE
REALIZED ON
EXERCISE
($)
NUMBER OF
SHARES ACQUIRED
ON VESTING
(#)
VALUE
REALIZED ON
VESTING
($)
Alexander W. Smith 0 - 180,000 $858,600
Jeffrey N. Boyer
(appointed July 27, 2015) 0- 0 -
Laura A. Coffey 0 - 3,831 $ 52,132
Michael R. Benkel 0 - 6,998 $ 95,140
Catherine David 0 - 8,632 $117,329
EricW. Hunter 0 - 9,091 $ 93,648
Sharon M. Leite
(resigned January 15, 2016) 0 - 7,605 $103,475
(1) The value realized on the vesting of restricted stock awards, if any, is equal to the closing market price of Pier 1 Imports common stock on the date of vesting (or the last trading day before vesting, if
applicable) times the number of shares acquired upon vesting. The number of shares and value realized on vesting includes shares that were withheld at the time of vesting to satisfy tax withholding
requirements.
Pension Benefits Table for the Fiscal Year Ended February 27, 2016
Mr. Smith participates in the Pier 1 Imports, Inc. Supplemental Retirement Plan which was adopted in 1995. The plan provides that upon
death, disability, retirement, or termination of employment (including termination of employment in certain circumstances within 24
months of a change in control, commonly referred to as a “double-trigger”) for reasons other than cause (as defined in the plan) each
participant will receive a life annuity based on an annual benefit which generally equals 60% of the participant’s highest three-year
average of annual salary and bonus offset by Social Security retirement benefits. Mr. Smith is entitled to a lump-sum payment of the
actuarial equivalent of his benefit. For certain participants the plan also provides that in the event of disability or retirement, those
participants and their dependents have the lifetime right to participate in comparable major medical and hospitalization insurance
coverage as made available generally to Pier 1 Imports employees and their dependents. If the executive elects such coverage, he or
she must pay a portion of the total premium. In the event of termination of employment for reasons other than cause and prior to
retirement eligibility, the participant and his or her dependents have the right to participate in such comparable major medical and
hospitalization insurance coverage during the 15 years immediately after the date the participant attains age 65. If the participant elects
such coverage, he or she must pay the total premium associated with the coverage.
The following table shows the present value of Mr. Smith’s total accumulated benefit under Pier 1 Imports’ Supplemental Retirement
Plan as of the fiscal year ended February 27, 2016.
NAME
NUMBER OF YEARS
CREDITED SERVICE (1)
(#)
PRESENT VALUE OF
ACCUMULATED
BENEFIT (2)
($)
PAYMENTS DURING
LAST FISCAL YEAR
($)
Alexander W. Smith 16.67 $21,751,045 $0
(1) Pursuant to his initial employment agreement, Mr. Smith was entitled to participate in the Supplemental Retirement Plan so as to achieve the same level of benefit as his accrued benefit under the
supplemental executive retirement plan of his former employer. Therefore, in fiscal 2008 Mr. Smith was credited with 10 years of plan participation upon enrollment in the plan and 6.67 years of credited
service as of his employment date with Pier 1 Imports. The additional 6.67 years of credited service accounts for $8,703,028 of his total present value of accumulated benefit of $21,751,045. As of the end
of fiscal 2016, Mr. Smith has achieved ten additional years of credited service based upon his employment date.
(2) Includes the present value of medical insurance premiums payable in the event of early retirement.
Benefits under the plan for each participant are prorated for years of credited service with Pier 1 Imports of less than 20 years. In
addition, each participant becomes vested in that benefit based on years of plan participation and is fully vested at 10 years. Mr. Smith
has more than 10 years of plan participation.
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