Document:

EX-10.4

 Exhibit 10.4 

RESTRICTED STOCK AWARD AGREEMENT 

MAY 1, 2017 TIME-BASED AWARD 

THIS RESTRICTED STOCK AWARD AGREEMENT (“Agreement”) is made effective and entered into as of May 1, 2017, by and
between PIER 1 IMPORTS, INC., a Delaware corporation (the “Company”), and Terry E. London (the “Grantee”). 

WHEREAS, pursuant to the provisions of the Pier 1 Imports, Inc. 2015 Stock Incentive Plan (the “Plan”), the Committee
that administers the Plan has the authority to grant Awards under the Plan to members of the Company’s Board of Directors (the “Board”); and 

WHEREAS, in recognition of the Grantee’s past service as Chairman of the Board, and in order to provide additional incentive to continue
to serve as Chairman of the Board during a critical period of transition for the Company, the Committee has determined that the Grantee be granted a Restricted Stock Award under the Plan for the number of shares and upon the terms set forth below;

 NOW, THEREFORE, the Company and the Grantee hereby agree as follows: 

1. Grant of Award. The Grantee is hereby granted a Restricted Stock Award under the Plan (this “Award”), subject to
the terms and conditions hereinafter set forth, with respect to One Hundred Forty-Two Thousand Eight Hundred Fifty-Seven (142,857) restricted shares of Common Stock. Restricted shares of Common Stock covered
by this Award shall be represented by a stock certificate registered in the Grantee’s name, or by uncertificated shares designated for the Grantee in book-entry form on the records of the Company’s transfer agent, subject to the
restrictions set forth in this Agreement. Any stock certificate issued shall bear the following or a similar legend: 
 “The
transferability of this certificate and the shares of Common Stock represented hereby are subject to the terms, conditions and restrictions (including forfeiture) contained in the Pier 1 Imports, Inc. 2015 Stock Incentive Plan and the Restricted
Stock Award Agreement entered into between the registered owner and Pier 1 Imports, Inc. A copy of such plan and agreement is on file in the offices of Pier 1 Imports, Inc., 100 Pier 1 Place, Fort Worth, Texas 76102.” 

Any Common Stock certificates or book-entry uncertificated shares evidencing such shares shall be held in custody by the Company or, if specified by the
Committee, with a third party custodian or trustee, until the restrictions thereon shall have lapsed, and, as a condition of this Award, the Grantee shall deliver a stock power, duly endorsed in blank, relating to any certificated restricted shares
of Common Stock covered by this Award. 
 2. Transfer Restrictions. Except as expressly provided herein, this Award and the restricted
shares of Common Stock issued with respect to this Award are non-transferable otherwise than by will or by the laws of descent and distribution, and may not otherwise be assigned, pledged or hypothecated or
otherwise disposed of and shall not be subject to execution, attachment or similar process. Upon any attempt to effect any such disposition, or upon the levy of any such process, this Award shall immediately become null and void and the restricted
shares of Common Stock relating thereto shall be forfeited. 

  
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 3. Restrictions. 

(a) Regular Vesting. The restrictions on the shares of Common Stock covered by this Award shall lapse and such shares shall vest at the
rate of (i) forty percent (40%) of such shares on first anniversary date of grant of this Award, (ii) forty percent (40%) of such shares on the second anniversary date of grant of this Award, and (iii) twenty percent (20%) of such
shares on the third anniversary of the date of grant of this Award, provided, in each case, that the Grantee is then still serving as a member of the Company’s Board. 

(b) Termination of Service. Upon termination of the Grantee’s services a member of the Board for any reason other than the
Grantee’s voluntary retirement or voluntary decision not to stand for re-election to the Board, the restrictions on any unvested shares of Common Stock covered by this Award shall lapse and such shares
shall become fully vested. Upon termination of the Grantee’s services a member of the Board due to the Grantee’s voluntary retirement or voluntary decision not to stand for re-election to the Board,
the Grantee shall forfeit all rights in shares of Common Stock covered by this Award as to which the restrictions thereon shall not have lapsed, and the ownership of such shares shall immediately vest in the Company. 

4. Voting and Dividend Rights. With respect to the Common Stock covered by this Award for which the restrictions have not lapsed, the
Grantee shall have the right to vote such shares, but shall not receive any cash dividends paid with respect to such shares. Any dividend or distribution payable with respect to restricted shares of Common Stock covered by this Award that shall be
paid in shares of Common Stock shall be subject to the same restrictions provided for herein. Any other form of dividend or distribution payable on shares of the restricted shares of Common Stock covered by this Award, and any consideration
receivable for or in conversion of or exchange for the restricted shares of Common Stock covered by this Award, unless otherwise determined by the Committee, shall be subject to the terms and conditions of this Restricted Stock Award Agreement or
with such modifications thereof as the Committee may provide in its absolute discretion. 
 5. Distribution Following End of
Restrictions. Upon the expiration of the restrictions provided in Section 3 hereof as to any portion of the restricted shares of Common Stock covered by this Award, the Company in its sole discretion will either cause a certificate
evidencing such amount of Common Stock to be delivered to the Grantee (or, in the case of his death after such events, cause such certificate to be delivered to Grantee’s legal representative, beneficiary or heir) or provide book-entry
uncertificated shares designated for the Grantee (or, in the case of his death after such events, provide book-entry uncertificated shares designated for Grantee’s legal representative, beneficiary or heir) on the records of the Company’s
transfer agent free of the legend or restriction regarding transferability, as the case may be; provided, however, that the Company shall not be obligated to issue any fractional shares of Common Stock. All shares of Common Stock covered by
this Award which do not vest as provided in Section 3 above, shall be forfeited by the Grantee along with all rights thereto, and the ownership of such shares shall immediately vest in the Company. 

6. Securities Laws Requirements. The Company shall not be required to issue shares pursuant to this Award unless and until (a) such
shares have been duly listed upon each stock exchange on which the Company’s Common Stock is then listed; and (b) the Company has complied with applicable federal and state securities laws. The Committee may require the Grantee

  
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to furnish to the Company, prior to the issuance of any shares of Common Stock in connection with this Award, an agreement, in such form as the Committee may from time to time deem appropriate,
in which the Grantee represents that the shares acquired by Grantee under this Award are being acquired for investment and not with a view to the sale or distribution thereof. 

7. Incorporation of Plan Provisions; Definitions. This Restricted Stock Award Agreement is made pursuant to the Plan and is subject to
all of the terms and provisions of the Plan as if the same were fully set forth herein, and receipt of a copy of the Plan is hereby acknowledged. Capitalized terms not otherwise defined herein shall have the same meanings set forth for such terms in
the Plan. 
 8. Miscellaneous. This Restricted Stock Award Agreement (a) shall be binding upon and inure to the benefit of any
successor of the Company, (b) shall be governed by the laws of the State of Delaware, and any applicable laws of the United States, and (c) may not be amended without the written consent of both the Company and the Grantee. No contract or
right of continued service shall be implied by this Agreement, nor shall this Agreement lessen or affect the Company’s rights to terminate the services of the Grantee. The terms and provisions of this Agreement shall constitute an instruction
by the Grantee with respect to any uncertificated restricted shares of Common Stock covered by this Award. 
 IN WITNESS WHEREOF, the
parties hereto have executed this Restricted Stock Award Agreement on the date first above written. 
  

					
	COMPANY:	 	GRANTEE:
	Pier 1 Imports, Inc.	 	
			
	By:	 	 /s/ Gregory S. Humenesky
	 	 /s/ Terry E. London

	Gregory S. Humenesky	 	Terry E. London
	EVP – Human Resources	 	

  
 -3-EX-10.5

 Exhibit 10.5 

NON-QUALIFIED STOCK OPTION AGREEMENT 

PURSUANT TO THE PIER 1 IMPORTS, INC. 2015 STOCK INCENTIVE PLAN 

May 2, 2017 
 THIS NON-QUALIFIED STOCK OPTION AGREEMENT (the “Agreement”) is made effective and entered into as of May 2, 2017, by and between PIER 1 IMPORTS, INC., a Delaware corporation (the
“Company”), and Alasdair B. James (the “Optionee”). 
 WHEREAS, this Option (as defined below) is granted
under the Pier 1 Imports, Inc. 2015 Stock Incentive Plan (the “Stock Plan”); and 
 WHEREAS, the Compensation Committee
(the “Committee”) of the Board of Directors of the Company (the “Board”) has determined that the Optionee be granted this Option for the number of shares and upon the terms set forth below; 

NOW, THEREFORE, the Company and the Optionee hereby agree as follows: 

1. Grant of Option. The Company hereby grants to the Optionee an Option (the “Option”), subject to the execution
of this Option Agreement, on the Date of Grant (as defined below) to purchase from the Company upon the terms and conditions hereinafter set forth 277,220 shares (the “Option Shares”) of the Company’s Common Stock, par
value $0.001 per share (the “Common Stock”). 
 2. Date of Grant. This Option is granted to Optionee on
May 2, 2017 (the “Date of Grant”). 
 3. Exercise Price. The exercise price is $6.68 for each of the
Option Shares (the “Exercise Price”). 
 4. Expiration Date: The expiration date of this Option is
May 2, 2027 (the “Expiration Date”). 
 5. Vesting of Option; Exercisability. This
Option shall become vested and exercisable as to 25% of the Option Shares respectively on the third and fourth anniversaries of the Date of Grant, and as to 50% of the Option Shares on the fifth anniversary of the Date of Grant, provided that
Optionee is employed by the Company on each vesting date (unless it is sooner terminated as hereinafter provided). This Option shall be exercisable in full or in part and shall remain exercisable until the Expiration Date (unless it is sooner
terminated as hereinafter provided), at which time this Option shall expire. 
 6. Corporate Change. Notwithstanding the vesting
schedule set forth in Section 5 above, the vesting of Option Shares shall be accelerated and occur in full upon (i) a Corporate Change (as defined in the Stock Plan) AND (ii) the occurrence of one of the following: (a) the Option
is not assumed by the surviving or acquiring entity or otherwise equitably converted or substituted in connection with the Corporate Change, or (b) the Option is assumed by the surviving or acquiring entity or otherwise equitably converted or
substituted in connection with a Corporate Change and the termination of Optionee’s employment by the Company (or the surviving or acquiring entity) without Cause or Optionee’s resignation for Good Reason (as such capitalized terms are
defined in the Executive Severance Agreement between the Company and Optionee, dated March 30, 2017) occurs within one year after the effective date of the Corporate Change. 

  
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 7. Exercise of Option. Notice of the exercise of this Option or any portion thereof
shall be given to the Company, or any other employee of the Company or an affiliate who is designated by the Company to accept such notices on its behalf, specifying the number of shares for which it is exercised; provided, that no partial exercise
of this Option may be for fewer than 100 shares unless the remaining shares purchasable are fewer than 100 shares. 
  

	 	(a)	Exercise Price and Delivery of Shares. Payment of the Exercise Price may be satisfied in full at the time the Option is exercised through a “net” exercise,” whereby the Company shall withhold from
the shares deliverable upon exercise of the Option a number of shares having a Fair Market Value (as defined in the Stock Plan) as of the last trading day preceding the date of exercise equal to the exercise price, and shall issue or transfer to the
Optionee the number of shares of Common Stock to which he is entitled, net of shares to be withheld to satisfy the exercise price as specified in this subsection (a) and the tax withholding requirements as specified in subsection
(b) below. 

  

	 	(b)	Tax Withholding. The Company has the authority and the right to deduct or withhold, or require the Optionee to remit to the Company, an amount sufficient to satisfy federal, state, and local taxes (including
Optionee’s FICA obligation) required by law to be withheld with respect to any taxable event arising as a result of the exercise of the Option. Unless otherwise determined by the Committee, the withholding requirement will be satisfied by
withholding Option Shares otherwise deliverable to the Optionee upon exercise of the Option a number of shares having a Fair Market Value as of the last trading day preceding the date of exercise equal to the amount required to be withheld for tax
purposes. 

  

	 	(c)	Automatic Exercise. If the closing price of the Company’s Common Stock exceeds the Exercise Price of the Option on the last trading day prior to the Expiration Date, any outstanding and unexercised portion
of the Option, if any, shall be automatically exercised without further action or notice by the Company or the Optionee (an “Automatic Exercise”), and the Company shall issue or transfer to the Optionee the number of shares of
Common Stock to which he is entitled based on such Automatic Exercise, net of shares to be withheld by the Company to satisfy the exercise price and the tax withholding requirements as specified above. 

8. Termination of Option. The term of the Option is for a period of ten (10) years, expiring at 5:00 p.m., Central Time, on
the Expiration Date. To the extent not previously exercised, the Option will terminate prior to the Expiration Date upon the earliest to occur of the following circumstances: 

  
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	 	(a)	Three (3) months after the date of Optionee’s termination of employment with the Company for any reason other than (i) for Cause (as previously defined), or (ii) by reason of Optionee’s death or
disability. 

  

	 	(b)	One (1) year after the date of Optionee’s termination of employment with the Company by reason of Optionee’s disability. 

 

	 	(c)	One (1) year after the date of Optionee’s death, if Optionee dies while employed or during the three-month period described in subsection (a) above and before the Option otherwise expires (upon
Optionee’s death, the Option may be exercised by Optionee’s estate or other designated beneficiary). 

  

	 	(d)	Immediately upon the date of Optionee’s termination of employment by the Company for Cause (as previously defined). 

If Optionee or his or her beneficiary exercises the Option after termination of employment with the Company, the Option may be exercised only
with respect to the Option Shares that were otherwise vested as of Optionee’s termination of employment. 
 9. Not an Incentive
Stock Option. No portion of this Option is intended to qualify as an incentive stock option within the meaning of Section 422 of the Code and shall be so construed. 

10. Incorporation of Plan and Agreement to Terms. The Option is granted under the Stock Plan and shall be subject to the terms and
conditions of the Stock Plan. The terms and conditions of the Stock Plan are hereby incorporated into this Agreement. Capitalized terms not otherwise defined herein shall have the same meanings set forth for such terms in the Stock Plan. By
accepting the Option, Optionee shall be deemed to have agreed to the terms and conditions of this Agreement and the Stock Plan. 

11. Subdivision or Consolidation of Shares; Stock Dividends; and Recapitalizations. Whenever, prior to the earlier of (i) the
Expiration Date or (ii) the termination of the Option pursuant to Section 8 hereof, the Company shall effect a subdivision or consolidation of shares of Common Stock or the payment of a stock dividend on Common Stock without receipt of
consideration by the Company, the number of shares of Common Stock covered by this Option (i) in the event of an increase in the number of outstanding shares, shall be proportionately increased, and the purchase price per share shall be
proportionately reduced, and (ii) in the event of a reduction in the number of outstanding shares, shall be proportionately reduced, and the purchase price per share shall be proportionately increased. Any fractional share resulting from such
adjustment shall be rounded up to the next whole share. If the Company recapitalizes, reclassifies its capital stock, or otherwise changes its capital structure (a “recapitalization”), the number and class of shares of Common Stock covered
by this Option shall be adjusted so that this Option shall thereafter cover the number and class of shares of stock and securities to which Optionee would have been entitled pursuant to the terms of the recapitalization if, immediately prior to the
recapitalization, Optionee had been the holder of record of the number of shares of Common Stock then covered by this Option. 

  
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 12. [intentionally omitted] 

13. Non-Assignability of Option. This Option shall not be transferable by the Optionee
otherwise than by will or the laws of descent and distribution. During the Optionee’s lifetime, this Option shall be exercisable only by the Optionee or by his guardian or legal representative. This Option shall not be subject to execution,
attachment or similar process. 
 14. Compliance with Laws. The obligation of the Company to sell and issue Option Shares
pursuant to this Option is subject to such compliance as the Company deems necessary or advisable with federal and state laws, rules and regulations applying to the authorization, issuance, sale or listing of securities. 

15. No Rights as Stockholder. The Optionee shall have no rights as a stockholder of the Company, including any voting rights or any
claim to dividends with respect to any Option Shares until such Option Shares are issued to the Optionee by the Company pursuant to an exercise of the Option. 

16. Notices. Any notice to be provided hereunder shall be in writing and addressed to the Company at the Company’s principal
executive offices or to the Optionee at their address shown on the Company’s records, or such other address provided to the Company by the Optionee in accordance herewith. Notice shall be given by hand delivery, overnight courier service,
facsimile transmission (promptly confirmed in writing), or certified mail (postage prepaid, return receipt requested). Notices given by hand delivery, overnight courier or facsimile transmission shall be deemed given upon delivery and notices given
by mail shall be deemed given on the earlier of three days after deposit in the U.S. mail or on the first date delivery is refused. 

17. Entire Agreement. This Agreement, together with the documents incorporated herein by reference, represents the entire agreement
between the parties with respect to the subject matter hereof and this Agreement may not be modified by any oral or written agreement unless same is in writing, signed by both parties and has been approved by the Committee. 

18. Governing Law. This Option Agreement shall be governed by and construed in accordance with the laws of the State of Texas
without giving effect to the principles of conflict of laws. 
 19. Successors and Assigns. This Option shall be binding upon and
shall inure to the benefit of the Company and its successors and assigns. 
 20. Counterparts. This Agreement may be executed in
one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this
Non-Qualified Stock Option Agreement on the date first above written. 
  

					
	COMPANY:	 	 OPTIONEE:

		
	 Pier 1 Imports, Inc.
	 	
			
	By:	 	 /s/ Gregory S. Humenesky
	 	 /s/ Alasdair B. James

		 	Gregory S. Humenesky	 	 Alasdair B. James

		 	Executive VP—Human Resources	 	 President and CEO

  
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