Document:

Exhibit 10.4 
    

    

    

    
      Fiscal Year 2009 Annual Base Salaries for Named Executive Officers
Effective
      April 20, 2008

    

    

    

    	

        	

        	
          
            Fiscal 2009
          

        
	
          
            Name
          

        	
          
            Title
          

        	
          
            Base Salary
          

        
	
          Alexander W. Smith
        	
          President and Chief Executive Officer
        	
          $ 1,050,000
        
	
          Charles H. Turner
        	
          Executive Vice President and Chief Financial Officer
        	
          $ 460,000
        
	
          Jay R. Jacobs
        	
          Executive Vice President, Merchandising
        	
          $ 420,000
        
	
          David A. Walker
        	
          Executive Vice President, Planning and Allocations
        	
          $ 370,000
        

    

    

    
      Effective March 2, 2008 (the beginning of the Company’s fiscal 2009) the
      Company discontinued the payment of allowances for club dues, automobile
      expenses, financial planning and tax preparation, and reimbursement for
      certain medical expenses. In order to maintain a competitive position
      within the retail industry with respect to total compensation and in
      consideration of the discontinuance of these benefits, there was a
      one-time adjustment to the named executive officers’ base salaries;
      otherwise, the base salaries were unchanged from the prior fiscal year.Exhibit 10.5 
    

    

    

    
      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 Jay R. Jacobs (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 November 25, 1995 which
      was subsequently amended by a Supplemental Retirement Plan Participation
      Agreement Amendment dated January 31, 2007 (collectively, 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

    

    
      
        

        

      

      
        
          1
        

        
          

        

      

      
        

        

      

    

    

    

    
      (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:
          

        	
           
        	

        
	

        	

        	
           
        
	
           
        	

        	
           
        
	
          Jay R. Jacobs
        	

        	
          Date
        
	

        	

        	
           
        
	

        	

        	
           
        
	
          
            Pier 1 Imports, Inc.
          

        	

        	

        
	

        	

        	
           
        
	
           
        	

        	
           
        
	
          Gregory S. Humenesky
        	

        	
          Date
        
	
          Executive Vice President – Human Resources
        	

        	

        

    
      

      

      

      2Exhibit 10.6 
    

    

    

    
      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 Charles H. Turner (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 December 28, 1995 (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

    

    
      
        

        

      

      
        
          1
        

        
          

        

      

      
        

        

      

    

    

    

    
      (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:
          

        	
           
        	

        
	

        	

        	
           
        
	
           
        	

        	
           
        
	
          Charles H. Turner
        	

        	
          Date
        
	

        	

        	
           
        
	

        	

        	
           
        
	
          
            Pier 1 Imports, Inc.
          

        	

        	

        
	

        	

        	
           
        
	
           
        	

        	
           
        
	
          Gregory S. Humenesky
        	

        	
          Date
        
	
          Executive Vice President – Human Resources
        	

        	

        

    
      

      

      

      2

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