Exhibit 10.1

THIRD AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT

This Third Amendment to Amended and Restated Credit Agreement (this “Third
Amendment”) is made as of October 29, 2015, by and among:

PIER 1 IMPORTS (U.S.), INC., a Delaware corporation with its principal executive
offices at 100 Pier 1 Place, Fort Worth, Texas 76102 (the “Borrower”);

The FACILITY GUARANTORS party hereto;

The LENDERS party hereto; AND

BANK OF AMERICA, N.A., a national banking association with offices at 100
Federal Street, Boston, Massachusetts 02110, as administrative agent (in such
capacity, the “Administrative Agent”) and as collateral agent (in such capacity,
the “Collateral Agent”) for its own benefit and the benefit of the other Credit
Parties;

in consideration of the mutual covenants herein contained and benefits to be
derived herefrom.

W I T N E S S E T H:

WHEREAS, reference is made to that certain Amended and Restated Credit
Agreement, dated as of April 4, 2011 (as amended, restated, supplemented or
otherwise modified prior to the date hereof, and as amended hereby, the “Credit
Agreement”), by and between, among others, (i) the Borrower, (ii) the Facility
Guarantors party thereto, (iii) the Lenders party thereto, and (iv) Bank of
America, N.A., as Administrative Agent and Collateral Agent;

WHEREAS, the Borrower has requested that the Agents and the Lenders agree to
amend the Credit Agreement to make certain changes on the terms set forth
herein;

WHEREAS, the Agents and the Lenders are willing to agree to the requests of the
Borrower, in each case on the terms and conditions set forth herein.

NOW, THEREFORE, the parties hereto hereby agree as follows:

 

1. Defined Terms. Unless otherwise defined herein, capitalized terms used in
this Third Amendment shall have the respective meanings assigned to such terms
in the Credit Agreement.

 

2. Amendments to the Credit Agreement. The definition of “Change in Control” is
hereby amended by deleting clause (b) of the definition which reads as follows:

(b) occupation of a majority of the seats for more than thirty (30) days (other
than vacant seats) on the board of directors (or other body exercising similar
management authority) of the Parent by Persons who were neither (i) nominated by
the board of directors of the Parent nor (ii) appointed by directors so
nominated; or

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and replacing such provision with the following:

 

  (b) reserved; or

 

3. Ratification of Loan Documents. Except as otherwise expressly provided
herein, all terms and conditions of the Credit Agreement, the Guarantee and the
other Loan Documents remain in full force and effect. Each of the Facility
Guarantors hereby acknowledges, confirms and agrees that the Guaranteed
Obligations (as defined in the Guarantee) include, without limitation, all
Obligations of the Loan Parties at any time and from time to time outstanding
under the Credit Agreement and the other Loan Documents, as such Obligations
have been amended pursuant to this Third Amendment. The Loan Parties hereby
acknowledge, confirm and agree that the Security Documents and any and all
Collateral previously pledged (except to the extent expressly released prior to
the date hereof) to the Collateral Agent, for the benefit of the Credit Parties,
pursuant thereto, shall continue to secure all applicable Obligations of the
Loan Parties at any time and from time to time outstanding under the Credit
Agreement and the other Loan Documents, as such Obligations have been amended
pursuant to this Third Amendment.

 

4. Representations and Warranties.

 

  (a) The transactions contemplated hereby are within each Loan Party’s
corporate powers and have been duly authorized by all necessary corporate,
membership, partnership or other necessary action. This Third Amendment has been
duly executed and delivered by each Loan Party that is a party hereto and this
Third Amendment and the other Loan Documents constitutes a legal, valid and
binding obligation of such Loan Party, enforceable in accordance with its terms,
subject to applicable bankruptcy, insolvency, reorganization, moratorium or
other laws affecting creditors’ rights generally and subject to general
principles of equity, regardless of whether considered in a proceeding in equity
or at law.

 

  (b) The transactions to be entered into and contemplated by this Third
Amendment (a) do not require any consent or approval of, registration or filing
with, or any other action by, any Governmental Authority, except for such as
have been obtained or made and are in full force and effect and except filings
and recordings necessary to perfect Liens created under the Loan Documents,
(b) will not violate any Applicable Law or the Charter Documents of any Loan
Party, (c) will not violate or result in a default under any Material Contract,
any indenture or any other agreement, instrument or other evidence of Material
Indebtedness or other material instrument binding upon any Loan Party or its
assets, or give rise to a right thereunder to require any payment to be made by
any Loan Party, except to the extent that such violation or default would not
reasonably be expected to result in a Material Adverse Effect, and (d) will not
result in the creation or imposition of any Lien on any asset of any Loan Party,
except Liens created under the Loan Documents and, subject to the Intercreditor
Agreement, Liens in favor of the Term Agent to secure the Loan Parties’
obligations under the Term Loan Documents.

 

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5. Miscellaneous.

 

  (a) This Third Amendment may be executed in counterparts (and by different
parties hereto on different counterparts), each of which shall constitute an
original, but all of which when taken together shall constitute a single
contract. This Third Amendment and the other Loan Documents constitute the
entire contract among the parties relating to the subject matter hereof and
supersede any and all contemporaneous or previous agreements and understandings,
oral or written, relating to the subject matter hereof. This Third Amendment
shall become effective when it shall have been executed by the applicable Credit
Parties and when the Administrative Agent shall have received counterparts
hereof that, when taken together, bear the signatures of each of the other
parties hereto, and thereafter shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and permitted assigns.
Delivery of an executed counterpart of a signature page of this Third Amendment
by telecopy or e-mail shall be effective as delivery of a manually executed
counterpart of this Third Amendment.

 

  (b) Any provision of this Third Amendment held to be invalid, illegal or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such invalidity, illegality or unenforceability without
affecting the validity, legality and enforceability of the remaining provisions
hereof, and the invalidity of a particular provision in a particular
jurisdiction shall not invalidate such provision in any other jurisdiction.

 

  (c) NOTICE OF INDEMNIFICATION: THE BORROWER AND FACILITY GUARANTORS HEREBY
ACKNOWLEDGE AND AGREE THAT THE CREDIT AGREEMENT AND THE SECURITY DOCUMENTS
CONTAIN CERTAIN INDEMNIFICATION PROVISIONS (INCLUDING, WITHOUT LIMITATION, THOSE
CONTAINED IN SECTION 9.03 OF THE CREDIT AGREEMENT), WHICH IN CERTAIN
CIRCUMSTANCES, COULD INCLUDE AN INDEMNIFICATION OF THE AGENTS AND THE CREDIT
PARTIES FROM CLAIMS OR LOSSES ARISING AS A RESULT OF THE AGENTS’ AND THE CREDIT
PARTIES’ OWN NEGLIGENCE OR ON ACCOUNT OF CLAIMS OF STRICT LIABILITY.

 

  (d) The Loan Parties represent and warrant that they have consulted with
independent legal counsel of their selection in connection with this Third
Amendment and are not relying on any representations or warranties of the Agents
or the Lenders or their counsel in entering into this Third Amendment.

 

  (e)

THIS THIRD AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAWS
PRINCIPLES THEREOF, BUT INCLUDING SECTION 5-1401 OF THE NEW YORK

 

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  GENERAL OBLIGATIONS LAW; PROVIDED, HOWEVER, THAT IF ANY LAWS OF ANY
JURISDICTION OTHER THAN NEW YORK SHALL GOVERN IN REGARD TO THE VALID PERFECTION
OR EFFECT OF PERFECTION OF ANY LIEN OR IN REGARD TO PROCEDURAL MATTERS AFFECTING
ENFORCEMENT OF ANY LIENS IN COLLATERAL, SUCH LAWS OF SUCH OTHER JURISDICTIONS
SHALL CONTINUE TO APPLY TO THAT EXTENT.

[SIGNATURE PAGES FOLLOW]

 

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IN WITNESS WHEREOF, the parties have hereunto caused this Third Amendment to be
executed and their seals to be hereto affixed as of the date first above
written.

 

PIER 1 IMPORTS (U.S.), INC., as Borrower By:  

/s/ Jeffrey N. Boyer

Name:   Jeffrey N. Boyer Title:   Executive V.P. and CFO PIER 1 IMPORTS, INC.,
as a Facility Guarantor By:  

/s/ Jeffrey N. Boyer

Name:   Jeffrey N. Boyer Title:   Executive V.P. and CFO PIER 1 ASSETS, INC., as
a Facility Guarantor By:  

/s/ Jeffrey N. Boyer

Name:   Jeffrey N. Boyer Title:   Executive V.P. and CFO PIER 1 LICENSING, INC.,
as a Facility Guarantor By:  

/s/ Jeffrey N. Boyer

Name:   Jeffrey N. Boyer Title:   Executive V.P. and CFO PIER 1 HOLDINGS, INC.,
as a Facility Guarantor By:  

/s/ Jeffrey N. Boyer

Name:   Jeffrey N. Boyer Title:   Executive V.P. and CFO

 

Signature Page to Third Amendment to Amended and Restated Credit Agreement

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PIER 1 SERVICES COMPANY, as a Facility Guarantor By:   Pier 1 Holdings, Inc.,
Managing Trustee By:  

/s/ Jeffrey N. Boyer

Name:   Jeffrey N. Boyer Title:   Executive V.P. and CFO PIER 1 VALUE SERVICES,
LLC, as a Facility Guarantor By:      Pier 1 Imports (U.S.), Inc., its sole
member and manager By:  

/s/ Jeffrey N. Boyer

Name:   Jeffrey N. Boyer Title:   Executive V.P. and CFO

 

Signature Page to Third Amendment to Amended and Restated Credit Agreement

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BANK OF AMERICA, N.A., as Administrative Agent, as Collateral Agent, as
Swingline Lender, and as Lender By:  

/s/ Andrew Cerussi

Name:   Andrew Cerussi Title:   Director

 

Signature Page to Third Amendment to Amended and Restated Credit Agreement

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WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender and Issuing Bank By:  

/s/ Emily Abrahamson

Name:   Emily Abrahamson Title:   Vice President

 

Signature Page to Third Amendment to Amended and Restated Credit Agreement

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JPMORGAN CHASE BANK, N.A., as a Lender By:  

/s/ Candice Brooks

Name:   Candice Brooks Title:   Authorized Officer

 

Signature Page to Third Amendment to Amended and Restated Credit Agreement

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SUNTRUST BANK, as a Lender By:  

/s/ Virginia S. Singletary

Name:   Virginia S. Singletary Title:   VP

 

Signature Page to Third Amendment to Amended and Restated Credit Agreement

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REGIONS BANK, as a Lender By:  

/s/ Daniel Wells

Name:   Daniel Wells Title:   Vice President

 

Signature Page to Third Amendment to Amended and Restated Credit Agreement

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U.S. BANK NATIONAL ASSOCIATION, as a Lender By:  

/s/ Lisa Freeman

Name:   Lisa Freeman Title:   SVP

 

Signature Page to Third Amendment to Amended and Restated Credit Agreement

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COMPASS BANK, as a Lender By:  

/s/ Michael R Sheff

Name:   Michael R Sheff Title:   SVP

 

Signature Page to Third Amendment to Amended and Restated Credit Agreement

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ROYAL BANK OF CANADA, as a Lender By:  

/s/ Dan Mascioli

Name:   Dan Mascioli Title:   Attorney in Fact By:  

/s/ Michael Petersen

Name:   Michael Petersen Title:   Attorney in Fact

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HSBC BANK USA, NATIONAL ASSOCIATION, as a Lender By:  

/s/ Brian B. Myers

Name:   Brian B. Myers Title:   SVP Corporate Banking

 

Signature Page to Third Amendment to Amended and Restated Credit Agreement