PIER 1 IMPORTS, INC. (NYSE:PIR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) In a Form 8-K filed on January 3, 2018 (the “Prior 8-K”), Pier 1 Imports, Inc. (the “Company”) reported its intent to grant an award of restricted stock to Nancy A. Walsh upon the commencement of her employment with the Company. On January 25, 2018, Ms. Walsh joined the Company as Executive Vice President and Chief Financial Officer, and received a grant of 182,481 shares of restricted stock with a value of $750,000 based on the 30-day trailing average closing price of the Company’s common stock on the date of commencement of her employment. The restricted stock was granted to the Pier 1 Imports, Inc. 2015 Stock Incentive Plan and will vestin substantially equal annual installments on each of the first three anniversaries of the grant date, subject to her continued employment with the Company and subject to the “double trigger” provision described in the Prior 8-K, which description is incorporated herein by reference. The restricted stock award agreement between Ms. Walsh and the Company is attached as Exhibit 10.1 to this Form 8-K, and the description of the restricted stock award incorporated herein is qualified in its entirety by reference to the text of the agreement.
The Company also entered into a standard Indemnity Agreement with Ms. Walsh dated January 25, 2018, in substantially the form of Exhibit 10.1 to the Company’s Form 10-K for the fiscal year ended February 26, 2011.
Also in the Prior 8-K, the Company reported its intent to enter into an Executive Severance Agreement (the “Severance Agreement”) with Ms. Walsh, the terms and conditions of which were described therein and a form of which was filed as Exhibit 10.2 to the Prior 8-K. The form of Severance Agreement filed with the Prior 8-K contained an immaterial error in the definition of “good reason” in Section 2(d) thereof. A corrected Severance Agreement dated January 25, 2018, is being filed as Exhibit 10.2 to this Form 8-K solely to correct such definition. The description of the Severance Agreement contained in the Prior 8-K remains unchanged in all other respects.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
PIER 1 IMPORTS INC/DE ExhibitEX-10.1 2 a51751636ex10_1.htm EXHIBIT 10.1 Exhibit 10.1 RESTRICTED STOCK AWARD AGREEMENT JANUARY 25,…To view the full exhibit click here
About PIER 1 IMPORTS, INC. (NYSE:PIR)
Pier 1 Imports, Inc. is an importer of home decor and furniture. The Company’s operations consist of retail stores and an e-commerce Website conducting business under the name Pier 1 Imports, which sells a range of decorative accessories, furniture, candles, housewares, gifts and seasonal products. The Company’s categories of merchandise include decorative accessories and furniture. The decorative accessories category includes decorative accents and textiles, such as rugs, wall decorations and mirrors, candles, fragrance, gifts and seasonal items. The furniture category includes furniture and furniture cushions to be used in living, dining, office, sunrooms and patios. This merchandise group is generally made of metal or handcrafted natural materials, including rattan, pine, acacia, oak and other woods with either natural, stained, painted or upholstered finishes.
