Supplemental Retirement Plan PARTICIPATION AGREEMENT AMENDMENT
Exhibit 10.7
Supplemental Retirement Plan
PARTICIPATION AGREEMENT
AMENDMENT
This Participation Agreement Amendment (“Amendment”) is made and entered
into as of this 20th day of April, 2008, by and between Pier 1 Imports,
Inc. (“Pier 1”) and Xxxxx X. Xxxxxx (the “Participant”). Except as
otherwise set forth herein, this Amendment 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 Amendment,
unless specifically defined herein, have the same meanings attributed to
them in the Plan.
The Participant and Pier 1 previously entered into a Supplemental
Retirement Plan Participation Agreement dated April 20, 2000 (the
“Agreement”). The Agreement permitted the Participant to elect an
alternative form of benefit payment. Pursuant to the terms of the
Agreement, the form of benefit payment election under the Plan was
irrevocable. The form of benefit payment election is no longer
irrevocable under the Plan except as otherwise set forth below. In
addition, the Committee recommended and the Board approved on January
24, 2008 a lump-sum time and form of benefit payment election for the
Participant. Pier 1 and the Participant agree to the following terms and
conditions:
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 payment which is the Actuarial Equivalent of the basic
form of the Supplemental Retirement Benefit determined under Article IV
of the Plan.
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 the Participant.
* The “survivor” is the “Beneficiary” as defined in the Plan.
The Participant may change such election to another form of payment
allowed under the Plan up until December 31, 2008 by executing an
amendment form similar to this Amendment. As of January 1, 2009, the
payment election in effect on December 31, 2008 shall be irrevocable
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 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 will be deferred for a period of 5 years after the date such
payment is originally scheduled to occur (or in the case of a life
annuity or installment payments treated as a single payment, 5 years
from the date the first amount was scheduled to be paid); 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, in the case of a life annuity
or installment payments treated as a single payment, 12 months before
the date the first amount was scheduled to be paid).
|
Participant: |
||
| Xxxxx X. Xxxxxx | Date | |
|
Pier 1 Imports, Inc. |
||
| Xxxxxxx X. Xxxxxxxxx | Date | |
| Executive Vice President – Human Resources |
2
