Pier 1 Imports Announces Employment Inducement Awards Pursuant to NYSE Rule 303A.08
The restricted stock is comprised of two grants. The first grant consists of 71,633 time-based shares which will cliff vest three years from the date of grant. These shares have been granted in reliance on the employment inducement exception to shareholder approval provided under New York Stock Exchange Listing Rule 303A.08. The second grant consists of 544,413 shares at maximum performance with 25% of the target grant (71,633 shares) being time-based shares and 75% of the target grant (214,900 shares) being performance-based shares. The time-based portion of the restricted stock grant – 71,633 shares – have been granted in reliance on the employment inducement exception to shareholder approval provided under New York Stock Exchange Listing Rule 303A.08.
The equity awards not granted as employment inducement awards were
granted to Mr. James under the Company’s 2015 Stock Incentive Plan. The
equity awards to Mr. James contain “double-trigger” provisions that will
cause their vesting following a change in control of the Company if the
awards are not assumed or equitably converted by the successor company,
or if assumed or equitably converted and Mr. James’ employment is
terminated without “cause” or he resigns for “good reason” (as such
terms are defined in the Executive Severance Agreement dated
Pier 1 Imports, Inc.
Bryan Hanley, 817-252-6083