Document:

exv10w8

 

Exhibit 10.8

PIER 1 EXECUTIVE HEALTH EXPENSE REIMBURSEMENT PLAN

	I.	 	Pier 1:
	 
	 	 	Pier 1 Imports, Inc.
	 
	II.	 	Plan Participants:
	 
	 	 	Pier 1’s President, Chief Executive Officer, Chief Financial Officer,
Executive Vice Presidents, and Senior Vice Presidents.
	 
	III.	 	Plan Year:
	 
	 	 	The Plan Year corresponds to the Pier 1 fiscal year.
	 
	IV.	 	Type of Plan:
	 
	 	 	Self-insured medical expense reimbursements will be paid to each
member of the covered group no more often than once per month during
each Plan Year. This payment will be equal to the verified medical,
dental, and related costs incurred by Plan Participants and their
dependents subject to the maximum described in VI below.
	 
	V.	 	Expenses Covered:

	 	1.	 	For all matters presently covered by the Pier 1 group medical plan, the Plan
will reimburse for deductibles and co-payments required under the group medical plan.
	 
	 	2.	 	The Plan will reimburse all reasonable and customary dental expenses not solely
cosmetic in nature, including 100% of all procedures not covered by Pier 1’s group
dental plan and reimbursement for deductibles and co-payments required under Pier 1’s
group dental plan for those procedures covered under the group dental plan.
	 
	 	3.	 	The Plan will reimburse expenses for eye examinations, lenses and contact
lenses (no frames).
	 
	 	4.	 	The Plan will reimburse expenses for annual physical examinations.
	 
	 	5.	 	For prescribed drugs and medicines, the Plan will reimburse for deductibles and
co-payments required under Pier 1’s group medical plan.

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	VI.	 	Maximum Plan Benefit:
	 
	 	 	The maximum amount of covered expenses that each Plan Participant
may submit to the Plan Administrator for each two consecutive
combined Plan Years is $20,000. This maximum will be applied on a
rolling basis.
	 
	VII.	 	Effective Date of this Restatement of the Plan:
	 
	 	 	March 27, 2007.
	 
	VIII.	 	Plan Administration:
	 
	 	 	No more often than once per month, a Plan Participant may present documents (medical bills,
prescription drug receipts, etc.) in a prescribed reporting format verifying their covered
expenses to the Plan Administrator. The Plan Administrator will communicate the prescribed
reporting format. Within a reasonable period of time after receipt of such documents, the
Plan Administrator will verify expenses and issue the Plan Participant a check equal to the
amount of the verified expenses less applicable taxes. Payments made under this Plan are
considered ordinary income and will be reported to the IRS as such.
	 
	IX.	 	Plan Administrator:
	 
	 	 	The Plan Administrator is the Executive Vice President of Human Resources of Pier 1 or his designee.
The Plan Administrator shall be the “administrator” and the “named fiduciary” with respect to the general administration of
the Plan. The Plan Administrator shall have all powers necessary or proper to administer the Plan and to discharge its duties
under the Plan, including, but not limited to, the following powers:

	 	1.	 	To make and enforce such rules and regulations as it may deem necessary or
proper for the orderly and efficient administration of the Plan;
	 
	 	2.	 	To interpret the Plan, its interpretation thereof in good faith to be final and
conclusive on all persons claiming benefits under the Plan;
	 
	 	3.	 	To authorize the payment of benefits under the Plan;
	 
	 	4.	 	To prepare and distribute information explaining the Plan;
	 
	 	5.	 	To appoint or employ persons to assist in the administration of the Plan; and
	 
	 	6.	 	To obtain such information as is necessary for the proper administration of the
Plan.

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	X.	 	Amendments and Termination:
	 
	 	 	Pier 1 reserves the right to, from time to time, amend this Plan. Pier 1 may make any
amendment it determines to be necessary or desirable, with or without retroactive effect.
Pier 1 hopes and expects to continue this Plan indefinitely. Pier 1 reserves the right at
will and without prior notice to terminate or partially terminate the Plan or any portion
thereof. No such termination shall adversely affect the rights of individuals with respect
to benefits which became payable as a result of medical services provided prior to the date
of such termination.
	 
	XI.	 	General Provisions:

	 	1.	 	No Plan Participant shall have any right to, or interest in, any benefits
provided under this Plan, except as provided under this Plan.
	 
	 	2.	 	No interest in or benefit payable under the Plan shall be subject in any manner
to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge.
	 
	 	3.	 	The Plan shall constitute an unfunded, unsecured obligation of Pier 1 to make
payments in accordance with the provisions of the Plan. The establishment of the Plan
shall not be deemed to create a trust and no Plan Participant shall have any claim
against Pier 1 except with respect to the payment of benefit payments in accordance
with the provisions of the Plan.
	 
	 	4.	 	Except to the extent that preemptive federal laws apply to this Plan, the Plan
shall be construed, enforced and administered according to the laws of the State of
Texas. Pier 1 intends that the terms of the Plan, including those relating to coverage
and benefits, are legally enforceable. In case any provision of the Plan is held to be
illegal or invalid for any reason, it shall not affect the remaining provisions of the
Plan, but the Plan shall be construed and enforced as if such illegal or invalid
provision had not been included therein.
	 
	 	5.	 	The Plan is to be maintained for the exclusive benefit of the Plan
Participants.

          IN WITNESS WHEREOF, Pier 1 has caused this instrument to be executed by its duly authorized
officer effective as of March 27, 2007.

	 	 	 	 	 	 	 
	 	 	Pier 1 Imports, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:

Title:

Date:
	 	 

Gregory S. Humenesky

Executive Vice President

March 27, 2007
	 	 

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Exhibit 10.21.7

SECOND AMENDMENT TO

PIER 1 IMPORTS, INC.

2006 STOCK INCENTIVE PLAN

     WHEREAS, Pier 1 Imports, Inc. has heretofore adopted the Pier 1 Imports, Inc. 2006 Stock
Incentive Plan (the “Plan”) effective March 23, 2006;

     WHEREAS, the Plan was amended by a First Amendment to the Pier 1 Imports, Inc. 2006 Stock
Incentive Plan effective June 22, 2006;

     NOW, THEREFORE, the Plan is amended as follows:

     1. The term “Director Annual Retainer Payment” means the portion of a Director Compensation
Payment that includes the Director’s base annual retainer payment, excluding any payments for
meeting fees and/or retainer payments for any committee chair position or the chairman of the board
position.

     2. Each Director who is not an employee currently receives a percentage of such Director’s
Director Compensation Payment in the form of deferred stock units in lieu of cash (for purposes of
this Amendment, such percentage is referred to as the “2007 Percentage”). The 2007 Percentage for
each Director is fifty percent (50%) of the Director Compensation Payment plus any additional
portion of the remaining fifty percent (50%) of such payment as elected by the Director prior to
January 1, 2007 for deferral in 2007. Effective as of March 4, 2007, the amount of deferred stock
units credited a Director for 2007 shall be in an amount equal to (i) 1.25 times the 2007
Percentage of the Director’s Director Annual Retainer Payment divided by the Fair Market Value of a
share of Common Stock determined as of the date that such deferred Director Annual Retainer Payment
amount would otherwise have been paid to the Director in cash, plus (ii) the 2007 Percentage of the
Director’s Director Compensation Payment (less the portion attributable to the Director Annual
Retainer Payment) divided by the Fair Market Value of a share of Common Stock determined as of the
date that such portion of the Director Compensation Payment amount would otherwise have been paid
to the Director in cash.

     3. Effective as of January 1, 2008, subsection (a) of Paragraph XI of the Plan is replaced
with the following:

          “(a) Director Deferred Stock. A Director Deferred Stock Unit Award provides
deferral of part or all of a Director’s Director Compensation Payment into deferred stock
units. Director Deferred Stock Unit Awards shall only be available to Directors who are not
employees. A Director Deferred Stock Unit Award is a right to receive shares of Common
Stock based upon a bookkeeping entry referencing a value expressed by reference to shares of
Common Stock. Each Director who is not an employee (other than certain Directors who made
irrevocable elections in 1999 not to participate under the Pier 1 Imports, Inc. Deferred
Stock Program) may elect, in lieu of being paid any portion of a Director Compensation
Payment in

 

 

cash, to be awarded deferred stock units in an amount equal to the dollar amount
of such Director Compensation Payment divided by the Fair Market Value of a share of Common
Stock determined as of the date that such deferred Director Compensation Payment amount
would otherwise have been paid to the Director in Cash. Any such election shall be made in
whole percentages, on a form prescribed by the Company, at the same percentage for all
components of the Director Compensation Payment (i.e., such percentage would apply equally
to the Director Annual Retainer Payment and any other fees included in the Director
Compensation Payment). Any such election must be made on or before the December 31 of the
calendar year prior to the calendar year in which the services for the Director Compensation
Payment which such Director is deferring into deferred stock units will be rendered, and any
such election shall be irrevocable as of such December 31. Any Director who elects to have
all or any portion of such Director Compensation Payment credited to such Director in the
form of deferred stock units, in lieu of being paid to such Director in cash, shall be
awarded additional deferred stock units in an amount equal to .25 times the dollar amount of
the deferred portion of the Director Annual Retainer Payment divided by the Fair Market
Value of a share of Common Stock determined as of the date that such deferred Director
Compensation Payment amount would otherwise have been paid to the Director in cash.

     4. All terms used in this Second Amendment, unless specifically defined herein, have the same
meanings attributed to them in the Plan. As amended hereby, the Plan is specifically ratified and
reaffirmed.

     IN WITNESS WHEREOF, the party hereto has caused this Second Amendment to be executed
effective as of March 4, 2007.

	 	 	 	 	 	 	 
	 	 	PIER 1 IMPORTS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Gregory S. Humenesky

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