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 Officers
Item 5.02.Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) Effective December 28, 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 Bhargav Shah, the Company’s former Senior Vice President and Chief Information Officer, whose employment with the Company was terminated effective November 30, 2018.The Agreement provides for a lump sum payment in the amount of $130,768 (less applicable taxes and withholding amounts) following the expiration of the revocation period, which expired on December 27, 2018, based on the date of Mr. Shah’s execution and delivery of the Agreement.The Company also agreed to forgo any rights to seek reimbursement of relocation expenses provided to Mr. Shah in connection with his hiring.In addition, Mr. Shah is entitled to his vested benefits under 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 Mr. Shah’s outstanding unvested time-based and performance-based restricted stock grants as of November 30, 2018 were forfeited in connection with his resignation.
to the Agreement, Mr. Shah is subject to agreements regarding non-disclosure of the Company’s confidential information and trade secrets and non-disparagement, and will continue to be subject to previous agreements regarding non-solicitation.
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.