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) Effective May 17, 2018, Pier 1 Services Company, a wholly-owned subsidiary of Pier 1 Imports, Inc. (collectively referred to as the “Company”), entered into an Agreement for Severance Benefits and for Release, Waiver and Non-Disclosure (the “Agreement”) with Catherine David, the Company’s former Executive Vice President, Merchandising, who resigned from the Company effective May 1, 2018.The Agreement provides for a lump sum payment in the amount of $504,927 (less applicable taxes and withholding amounts) following the expiration of the revocation period, which expired on May 16, 2018, based on the date of Ms. David’s execution and delivery of the Agreement.In addition, Ms. David is entitled to her vested benefits under the Pier 1 Benefit Restoration Plan II, the Pier 1 Imports, Inc. Deferred Compensation Plan, the Pier 1 Associates’ 401(k) Plan and the Pier 1 Imports, Inc. Stock Purchase Plan.All of Ms. David’s outstanding unvested time-based and performance-based restricted stock grants as of May 1, 2018 were forfeited in connection with her resignation.
to the Agreement, Ms. David is subject to agreements regarding non-disclosure of the Company’s confidential information and trade secrets and non-disparagement.
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.