Pier 1 Announces Employment Inducement Award Pursuant to NYSE Rule 303A.08
December 03 2018 - 4:15PM
Business Wire
Pier 1 Imports, Inc. (NYSE:PIR) today announced that Donna Noce
Colaco has joined the Company as Executive Vice President and Chief
Customer Officer, effective December 3, 2018.
Pursuant to the terms of her employment, on December 3, 2018,
Ms. Colaco received a one-time award of restricted stock having a
value of $600,000. The award consists of 384,615 shares, based on
the 30-day trailing average of the closing price of Pier 1 Imports,
Inc. common stock as of December 3, 2018. The shares will vest in
equal annual installments on the second and third anniversaries of
the grant date, subject to Ms. Colaco’s continued employment with
the Company. 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 award to Ms. Colaco contains “double-trigger” provisions
that will cause the shares to vest 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 Ms.
Colaco’s employment is terminated without “cause” or she resigns
for “good reason” (as such terms are defined in the Restricted
Stock Award Agreement dated December 3, 2018 between Ms. Colaco and
the Company) within one year of the change in control.
About Pier 1
Pier 1 Imports is proud to offer
one-of-a-kind-gotta-have-it-seriously-love-it products that help
our customers tell their stories through home décor. Over the past
50 years we’ve grown from a single store to an omni-channel
retailer reaching the whole of North America. Our customers shop us
online and in store, and interact with us on social media. From the
launch of our Pier 1 PICKS to our world renowned Papasan, we bring
uniqueness and fun to the world of home décor. We are the
perfect place for all your versions of “This is me.” To get
inspired or simply get to know us a little better, visit
pier1.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20181203005737/en/
Christine GreanyThe Blueshirt Group(858)
523-1732christine@blueshirtgroup.com
Pier 1 Imports (NYSE:PIR)
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