Pier 1 2009 Annual Report Download - page 151

Option Awards Stock Awards
Equity
Incentive
Equity Plan
Incentive Awards:
Equity Plan Market or
Incentive Awards: Payout
Plan Market Number of Value of
Awards: Value of Unearned Unearned
Number of Number of Number of Number of Shares or Shares, Shares,
Securities Securities Securities Shares or Units of Units or Units or
Underlying Underlying Underlying Units of Stock Other Rights Other
Unexercised Unexercised Unexercised Option Stock That That That Have Rights That
Options Options Unearned Exercise Option Have Not Have Not Not Have not
Grant (#) (#) Options Price Expiration Vested(4) Vested Vested(5) Vested(5)
Name Date(1) Exercisable Unexercisable(2) (#) ($) Date (#) ($) (#) ($)
David A. Walker(6) ..... 03/25/1999 3,500 $ 8.1875 03/25/2009
(Employment ended 09/14/1999 25,000 $ 5.8125 09/14/2009
August 15, 2008) 10/12/2000 60,000 $10.4375 10/12/2010
09/27/2001 100,000 $ 8.2600 08/15/2011
09/26/2002 100,000 $20.3800 08/15/2011
09/25/2003 100,000 $19.4000 08/15/2011
06/28/2004 100,000 $17.2500 08/15/2011
07/01/2005 20,000 $14.2500 08/15/2011
06/23/2006 30,000 $ 7.5500 08/15/2011
04/13/2007 60,000 $ 7.7700 08/15/2011
04/11/2008 35,000 $ 7.4500 08/15/2011
N/A N/A N/A N/A
(1) For better understanding of this table, we have included an additional column showing the grant date of the stock options
and restricted stock awards.
(2) Stock options become exercisable in accordance with the vesting schedule below:
Grant Date Vesting
03/03/2005, 07/01/2005, 06/23/2006, 25% per year beginning on the anniversary of grant date.
04/13/2007, 08/06/2007 and 04/11/2008
02/19/2007 As described and discussed in the Compensation Discussion
and Analysis above, Option 1 for Mr. Smith vested in full on
February 19, 2008.
(3) Refer to the Compensation Discussion and Analysis above on Option 2 granted to Mr. Smith for a discussion of its vesting.
(4) Time-based restricted stock awards vest according to the following schedule:
Grant Date Vesting
06/23/2006, 04/13/2007, 33%, 33% and 34%, respectively, on each anniversary of the
08/06/2007 and 04/11/2008 grant date provided that the participant is employed at the
vesting date.
(5) Performance-based restricted stock awards vest according to the following schedule:
Grant Date Vesting
06/23/2006 Cliff vest on date of filing 2009 Form 10-K if three-year
cumulative adjusted consolidated EBITDA is at least
$331,000,000 provided that the participant is employed at the
end of the three fiscal years. These awards did not vest and
were forfeited as of that date given Pier 1 Imports’ three-year
cumulative adjusted consolidated EBITDA being below the
stated amount.
(6) Upon the termination of Mr. Walker’s employment on August 15, 2008, all unvested restricted stock awards (time and
performance-based) were forfeited. Given Mr. Walker’s age and years of service as of the date his employment ended, Mr.
Walker’s unvested options became 100% vested. Mr. Walker’s stock options are exercisable until the earlier of expiration of
the option term of 10 years from the grant date, or August 15, 2011.
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