FORT WORTH, Texas--(BUSINESS WIRE)--Pier 1 Imports, Inc. (NYSE:PIR) today announced that on May 1, 2017, Alasdair James joined Pier 1 Imports as its President and Chief Executive Officer.
On May 2, 2017, pursuant to the terms of his employment, Mr. James received grants of stock options and shares of restricted stock. The stock options provide Mr. James with the right to purchase 310,969 shares of Pier 1 Imports common stock at an exercise price of $6.68 per share, have a ten-year term, and will vest 25% on the third anniversary of the grant date, 25% on the fourth anniversary of the grant date and 50% on the fifth anniversary of the grant date. A portion of these stock options – 33,749 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 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 March 30, 2017 between Mr. James and the Company) within one year of the change in control.
About Pier 1 Imports
Pier 1 Imports is dedicated to offering customers exclusive, one-of-a-kind products that reflect high quality at a great value. Starting with a single store in 1962, Pier 1 Imports products are now available in retail stores throughout the U.S. and Canada and online at pier1.com. For more information about Pier 1 Imports or to find the nearest store, please visit pier1.com.