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Re: Pier 1 sinks.- some of these folks there very ST- BOD was part of the problem-egregious $Retention Awards On February 12, 2020, the board of directors (the “Board”) of Pier 1 approved a Pre-Paid Retention Program, pursuant to which certain executive officers of Pier 1, including the individuals listed below (the “Executives”), received one-time cash retention awards (“Retention Awards”). The Retention Award amounts for the Executives are listed below:
The Retention Awards were paid on February 12, 2020 and are subject to the terms of the corresponding Retention Bonus Repayment Agreements, each substantially in the form filed as Exhibit 10.1 to this Current Report on Form 8-K (the “Retention Agreement”). Pursuant to the Retention Agreement, if the Executive’s employment is terminated by Pier 1 for “Cause” or the Executive terminates his or her employment without “Good Reason” (as such terms are defined in the Retention Agreement), in each case, on or before February 14, 2021, the Executive must repay the entire Retention Award to Pier 1. As
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a condition to receiving the Retention Award, each Executive agreed that he or she will not, absent assumption of his or her employment agreement as part of the underlying chapter 11 case of Pier 1, file any claims in the underlying chapter 11 case of Pier 1 related to any severance obligations each such Executive may otherwise assert against Pier 1 for a termination of employment that occurs prior to the Retention Date. The foregoing description of the Retention Agreement is not complete and is qualified in its entirety by reference to the full text of the form of Retention Agreement, a copy of which is filed herewith as Exhibit 10.2 and is incorporated herein by reference. Amendment to Non-Employee Director Compensation Plan On February 12, 2020, the Board approved certain amendments to Pier 1’s Non-Employee Director Compensation Plan, with such amendments to be retroactively effective as of January 1, 2020 (as amended, the “Plan”). Pursuant to the Plan, each non-employee director will receive an annual cash retainer of $185,000, except that certain non-employee directors who are determined by the Board to be “disinterested directors” for purposes of the Plan will receive an annual cash retainer of $300,000 |
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