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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report: November 9, 2007
(Date of earliest event reported)
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PIER 1 IMPORTS, INC.
(Exact name of registrant as specified in charter)
Delaware 1-7832 75-1729843
(State or other jurisdiction of (Commission (IRS Employer
incorporation or organization) File Number) Identification No.)
100 Pier 1 Place
Fort Worth, Texas 76102
(Address of principal executive offices
and zip code)
(817) 252-8000
(Registrant's telephone
number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the Registrant under any of the
following provisions (see General Instruction A.2. below):
[_] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425).
[_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12).
[_] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b)).
[_] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c)).
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers.
(e) Pursuant to sections 4(d) and 4(e) of the employment
agreement dated February 19, 2007 between Alexander W.
Smith, Chief Executive Officer and President, and Pier 1
Imports, Inc. (the "Company"), the parties agreed that,
among other things, Mr. Smith would receive all perquisites
which the Company provides to its senior executives,
including participation in the Company's 1995 supplemental
retirement plan at the same level as Mr. Smith's accrued
benefits at present value under the supplemental executive
retirement plan of his former employer, or, if it were
unable to do so, the Company would provide Mr. Smith with a
mutually agreeable substitute of equivalent value.
Effective November 9, 2007, based on a recommendation of the
Compensation Committee, and approval of such recommendation
by the Board (other than Mr. Smith), Mr. Smith and the
Company entered into a participation agreement for Mr. Smith
to participate in the Pier 1 Imports, Inc. Supplemental
Retirement Plan (the "Plan"). The Plan is described in
detail in the Company's definitive proxy statement filed
with the Securities and Exchange Commission on May 24, 2007,
which description is incorporated by reference herein.
Pursuant to the participation agreement, which is attached
as an exhibit, Mr. Smith has entered the Plan as of the date
of his employment agreement, has been credited with certain
Years of Plan Participation and Years of Credited Service
(as both terms are defined in the Plan) and has been granted
the right to elect from payment options for his accrued
benefit. Mr. Smith's participation in the Plan and the
calculation of his benefits under the Plan will not be
subject to the Plan's cap on supplemental retirement
benefits paid annually to any participant in the Plan.
Except as otherwise set forth in the participation
agreement, Mr. Smith's participation in the Plan is subject
to all of the terms of the Plan.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
10.1 Participation Agreement dated November 9, 2007 by and
between Alexander W. Smith and Pier 1 Imports, Inc.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PIER 1 IMPORTS, INC.
Date: November 9, 2007 By: /s/ Michael A. Carter
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Michael A. Carter, Senior Vice
President and General Counsel