Exhibit 10.1
PIER 1 IMPORTS
Supplemental Retirement Plan
PARTICIPATION AGREEMENT
This Participation Agreement ("Agreement") is made and entered into as of this
________ day of November, 2007, by and between Pier 1 Imports, Inc. ("Pier 1")
and Xxxxxxxxx X. Xxxxx (the "Participant"). Except as otherwise set forth
herein, this Agreement is subject to all of the terms of the Pier 1 Imports,
Inc. Supplemental Retirement Plan restated as of January 1, 2005 (the "Plan").
All terms used in this Agreement, unless specifically defined herein, have the
same meanings attributed to them in the Plan. The Committee and the Board have
approved the Participant as a Plan Participant. The Participant elects to
participate in the Plan. Pier 1 and the Participant agree to the following terms
and conditions:
A. Notwithstanding the terms of the Plan, the Participant's (i) Years of
Credited Service shall be deemed to be an additional 6.67 as of
February 19, 2007, and (ii) Years of Plan Participation shall be deemed
to be 10.
B. The $500,000.00 cap set forth in Subsection 4.1 of the Plan shall not
apply to the Participant.
C. The Plan provides that the Supplemental Retirement Benefit shall be
paid in a monthly single life annuity for the Participant's life unless
an alternate form of payment is elected. Notwithstanding the terms of
the Plan, the Participant shall be entitled to elect in writing that
the Supplemental Retirement Benefit be paid in a lump sum. The
Participant hereby elects to receive benefits from the Plan in the
following form payable at the time or commencing payment at the time
specified in the Plan:
[_] A lump sum.
[_] A monthly joint and survivor annuity with payment continued
to the survivor* at one hundred percent (100%).
[_] A monthly joint and survivor annuity with payment continued
to the survivor* at fifty percent (50%) of the amount paid to
Participant.
* The "survivor" is the "Beneficiary" as defined in the Plan.
The payment election made pursuant to this paragraph C shall be
irrevocable following Participant's initial execution of this Agreement
except that the Participant may by written notice to Pier 1 change such
election to another form of payment allowed under the Plan (a "Change
Election") subject to the following conditions:
(i) The Change Election will not take effect until at
least 12 months after the date on which the
election is made;
(ii) If the Change Election relates to a payment other
than a payment on account of disability or death
(as such terms are defined under the regulations
promulgated pursuant to Section 409A of the Code),
the payment or commencement of payment will be
deferred for a period of 5 years after the date
such payment or commencement of payment is
originally scheduled to occur; and
(iii) If the Change Election relates to a payment which
is defined as a payment at a specified time or
pursuant to a fixed schedule under the regulations
promulgated pursuant to Section 409A of the Code,
the Change Election may not be made less than 12
months before the date the payment was originally
scheduled to be paid or, if applicable, was
originally scheduled to commence payment.
D. If the Participant elects a lump sum payment in paragraph C above, then
the lump sum payment shall be the Actuarial Equivalent of the basic
form of benefit payment of the Supplemental Retirement Benefit
determined under Article IV of the Plan.
Participant:
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Xxxxxxxxx X. Xxxxx Date
Pier 1 Imports, Inc.
By:
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Date
Its:
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Printed name:
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