Document:

Unassociated Document

 

Exhibit 10.20

INDEMNIFICATION AGREEMENT

This INDEMNIFICATION AGREEMENT, dated as of February 2, 2011, is between R&S Investments, LLC., a Florida limited liability company (the “Indemnitor”); and Hollywood Media Corp., a Florida corporation (the “Indemnitee”).

Recitals

A.           WHEREAS, Hollywood.com (a) is the subject of litigation, as referenced in Exhibit A attached hereto, for alleged copyright infringement for the display by users of certain content, including but not limited to celebrity photographs (collectively, the “Potential Offending Content”) on the Hollywood.com website, which display of such Potential Offending Content occurred prior to the sale of Hollywood.com by Indemnitee to Indemnitor (the “Sale”) when Indemnitee operated Hollywood.com, and (b) may be the subject of additional litigation, claims and/or losses resulting from the display, use or distribution of Potential Offending Content that occurred prior to the Sale (collectively, the “Potential Offending Content Claims”); and

B.           WHEREAS, Indemnitee believes it is in the best interest of the Indemnitee to enter into this Indemnification Agreement with Indemnitor, whereby Indemnitor shall indemnify and hold the Indemnitee harmless from any and all potential liabilities and claims against the Indemnitee arising from any and all Potential Offending Content Claims involving Hollywood.com against Indemnitee in exchange for a cash payment to Indemnitor of three hundred and fifty-thousand dollars ($350,000) and for Indemnitor to indemnify and hold harmless Indemnitee from any and all other copyright liability involving Hollywood.com now and in the future; and

C.          The Indemnitor is willing to indemnify the Indemnitee to the fullest extent permitted by law in accordance with the terms of this Agreement;

NOW, THEREFORE, for and in consideration of the mutual promises and covenants contained herein, the parties hereto, intending to be legally bound, agree as follows:

1. MANDATORY INDEMNIFICATION IN ACTIONS, SUITS OR PROCEEDINGS.  The Indemnitor shall indemnify and hold harmless the Indemnitee from and against any and all claims, damages, expenses (including reasonable attorneys’ fees), judgments, penalties, fines, amounts paid in settlement and all other liabilities actually and reasonably incurred or paid by the Indemnitee in connection with the investigation, defense, prosecution, settlement or appeal of any threatened, pending or completed action, suit or proceeding, whether civil, administrative, investigative or otherwise and to which the Indemnitee was or is a party or is threatened to be made a party in connection with any Potential Offending Content Claims.

2. CONSIDERATION. In exchange for the indemnification obligations set forth herein, and for indemnifying and holding Indemnitee harmless from any and all Potential Offending Content Claims, Indemnitee shall pay Indemnitor three hundred thousand fifty dollars ($350,000).

  

  

  

3. MISCELLANEOUS.

3.1          Notice Provision. Any notice, payment, demand or communication required or permitted to be delivered or given by the provisions of this Agreement shall be deemed to have been effectively delivered or given and received on the date personally delivered to the respective party to whom it is directed, or when deposited by certified mail, with postage and charges prepaid and addressed to the parties at the addresses set forth below their signatures to this Agreement, or to such other address as to which notice is given.

3.2         Entire Agreement. This Agreement constitutes the entire understanding of the parties hereto and supersedes all prior understandings, whether written or oral, between the parties with respect to the subject matter of this Agreement.

3.3          Severability of Provisions.  If any provision of this Agreement is held to be illegal, invalid, or unenforceable under present or future laws effective during the term of this Agreement, such provision shall be fully severable; this Agreement shall be construed and enforced as if such illegal, invalid, or unenforceable provision had never comprised a part of this Agreement; and the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid, or unenforceable provision or by its severance from this Agreement. Furthermore, in lieu of each such illegal, invalid, or unenforceable provision there shall be added automatically as a part of this Agreement a provision as similar in terms to such illegal, invalid or unenforceable provision as may be possible and be legal, valid, and enforceable.

3.4          Applicable Law. This Agreement shall be governed by and construed under the laws of the State of Florida.

3.5          Execution. This Agreement and any amendment may be executed simultaneously or in two or more counterparts, each of which together shall constitute one and the same instrument.  Faxed signatures shall be valid and deemed the same as an original.

3.6          Amendment. No amendment, modification or alteration of the terms of this Agreement shall be binding unless in writing, dated subsequent to the date of this Agreement, and executed by both parties.

3.7         Binding Effect. Each and all of the covenants, terms and provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors.

  

  

  

In Witness Whereof, the undersigned parties have duly executed this Agreement on the dates indicated below.

THE INDEMNITOR:

R&S INVESTMENTS, LLC.

By: /s/ Mitchell Rubenstein                                            

Mitchell Rubenstein, as Managing Member

Date: February 3, 2011

Address:

R&S Investments, LLC.

560 Broadway, Suite 404

New York, NY  10012

Attn.:  Mitchell Rubenstein

THE INDEMNITEE:

HOLLYWOOD MEDIA CORP.

By: /s/ Robert Epstein                                                      

Name:  Robert Epstein, on behalf of the

Special  Committee of the Board of Directors, on behalf of Hollywood Media Corp.

Date: February 3, 2011

Address:

Hollywood Media Corp.

2255 Glades Road, Suite 221A

Boca Baton, Florida 33431

Attn.:  Legal Department

  

  

  

Exhibit A

Hollywood.com has been sued by X17, Inc. in the United States District Court, Central District of California for copyright infringement for the alleged display of celebrity photographs on the hollwood.com website, which display of celebrity photographs occurred as early as November 9, 2007 which was prior to the Sale of Hollywood.com.a6682818ex10-1.htm

EXHIBIT 10.1

 

 

Named Executive Officers Long-Term Equity Incentive Fiscal Year 2012 Awards

 

 

	  	
Restricted Stock*

	
Restricted Stock*

	
Executive Officer

	
(Performance-Based Vesting) (#)

	
(Time-Based Vesting) (#)

	  	  	  
	
Charles H. Turner

	  	  
	
Executive Vice President,

	  	  
	
Chief Financial Officer

	
17,000

	
17,000

	  	  	  
	  	  	  
	
Michael R. Benkel

	  	  
	
Senior Vice President,

	  	  
	
Planning and Allocations

	
10,500

	
10,500

	  	  	  
	  	  	  
	
Gregory S. Humenesky

	  	  
	
Executive Vice President,

	  	  
	
Human Resources

	
9,500

	
9,500

	  	  	  
	  	  	  
	
Sharon M. Leite

	  	  
	
Executive Vice President,

	  	  
	
Stores

	
12,000

	
12,000

	
*

	
All equity awards were granted under the Pier 1 Imports, Inc. 2006 Stock Incentive Plan, restated as amended.  The grants were effective April 8, 2011.  The form of grant agreements for these awards provide that the shares of common stock governed by such awards for which the restrictions have not lapsed are not entitled to receive cash dividends, if any, paid on such shares.a6682818ex10-2.htm

EXHIBIT 10.2

 

 

RESTRICTED STOCK AWARD AGREEMENT

April 8, 2011 Performance-Based Award

 

 

THIS RESTRICTED STOCK AWARD AGREEMENT (this “Agreement”) is made effective and entered into as of April 8, 2011, by and between PIER 1 IMPORTS, INC., a Delaware corporation (the “Company”), and ______________________ (the “Grantee”).

 

WHEREAS, pursuant to the provisions of the Pier 1 Imports, Inc. 2006 Stock Incentive Plan, as restated and amended (the “Plan”), the Committee that administers the Plan has the authority to grant Awards under the Plan to employees of the Company and its Affiliates; and

 

WHEREAS, 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 __________________________________________________(__________) restricted shares of Common Stock (the “Performance-Based Shares”).  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. 2006 Stock Incentive Plan, as restated and amended, 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.

 

3.           Restrictions.  The restrictions on ____________________________(__________) shares of the Performance Based Shares shall lapse and such shares shall vest provided that (x) the Company satisfies the EBITDA (as hereinafter defined) target for the fiscal year of the Company ending February 25, 2012, and (y) the Grantee is employed by the Company or an Affiliate on the date of filing of the Company’s Annual Report on Form 10-K with the Securities  and Exchange Commission (the “SEC”) for the fiscal year ending February 25, 2012.

  

  

  

The restrictions on __________________________________(_________) shares of the Performance Based Shares shall lapse and such shares shall vest provided that (x) the Company satisfies the EBITDA target for the fiscal year of the Company ending March 2, 2013, and (y) the Grantee is employed by the Company or an Affiliate on the date of filing of the Company’s Annual Report on Form 10-K with the SEC for the fiscal year ending March 2, 2013.

 

The restrictions on ___________________________________(________) shares of the Performance Based Shares shall lapse and such shares shall vest provided that (x) the Company satisfies the EBITDA target for the fiscal year of the Company ending March 1, 2014, and (y) the Grantee is employed by the Company or an Affiliate on the date of filing of the Company’s Annual Report on Form 10-K with the SEC for the fiscal year ending March 1, 2014.

 

An EBITDA target for a fiscal year is the target established by the Board or the Committee prior to or within the first quarter of each applicable fiscal year (the “Performance Measure”).  “EBITDA” shall mean the Company's adjusted consolidated operating cash earnings before interest, taxes, depreciation and amortization from all domestic and international operations, but not including discontinued operations, unusual or non-recurring charges nor recurring non-cash items.

 

With respect to the number of Performance-Based Shares that vest based on satisfying an EBITDA target for a given Company fiscal year as set forth above, vesting shall occur pursuant to the following schedule:

 

	 	
100% of the EBITDA target – 100% of the shares;

	 	 
	 	
96% of the EBITDA target – 90% of the shares;

	 	 
	 	
92% of the EBITDA target – 80% of the shares;

	 	 
	 	
88% of the EBITDA target – 70% of the shares;

	 	 
	 	
84% of the EBITDA target – 60% of the shares; and

	 	 
	 	
80% of the EBITDA target – 50% of the shares.

 

Additionally, vesting of shares between the fixed percentage points of the EBITDA target for a given Company fiscal year shall be interpolated.  For example, if 94% of the EBITDA target is achieved, then 85% of the shares would vest.  Any fractional shares created by such vesting will be rounded down to a whole share number.

 

If the Company’s aggregate consolidated EBITDA for any two consecutive fiscal years occurring during the three-fiscal year period beginning February 27, 2011, applicable to the grant of the Performance-Based Shares equals or exceeds the sum of the EBITDA targets for those two fiscal years, then any portion of any Performance-Based Shares that did not vest in the first fiscal year shall vest at the time the Performance-Based Shares vest for the second fiscal year.  Further, if the Company’s aggregate consolidated EBITDA for the three-fiscal year period beginning February 27, 2011, applicable to the grant of the Performance-Based Shares equals or exceeds the sum of the EBITDA targets for those three fiscal years, then all of the shares subject to that grant that did not vest shall vest at the time the Performance-Based Shares vest for the third fiscal year.

  

  

  

The determination by the Company with respect to the achieving of the EBITDA targets for vesting of the Performance-Based Shares shall occur upon the filing of the Company's Annual Report on Form 10-K with the SEC for each respective Company fiscal year.

 

Upon termination of employment of the Grantee with the Company or any Affiliate of the Company (or the successor of any such company) for any reason, the Grantee shall forfeit all rights in the Performance Based Shares to the extent not vested, and the ownership of such shares shall immediately vest in the Company.  For purposes of this Award, no termination of Grantee’s employment shall occur as a result of the transfer of Grantee between the Company and any Affiliate or as a result of the transfer of the Grantee between two Affiliates.  The cessation of a relationship between the Company and an Affiliate with which the Grantee is employed whereby such company is no longer an Affiliate shall constitute a termination of employment of the Grantee.

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 attainment of the Performance Measure and the expiration of the restrictions provided in Section 3 hereof as to 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 his or her 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.

6.           Tax Withholding.  The obligation of the Company to deliver any certificate or book-entry uncertificated shares to the Grantee pursuant to Section 5 hereof shall be subject to the receipt by the Company from the Grantee of any minimum withholding taxes required as a result of the grant of the Award or lapsing of restrictions thereon.  The Grantee may satisfy all or part of such withholding tax requirement by electing to require the Company to purchase that number of unrestricted shares of Common Stock designated by the Grantee at a price equal to the Fair Market Value on the date of lapse of the restrictions or, if the Common Stock did not trade on such day, on the first preceding day on which trading occurred.  The Company shall have the right, but not the obligation, to sell or withhold such number of unrestricted shares of Common Stock distributable to the Grantee as will provide assets for payment of any tax so required to be paid by the Company for Grantee unless, prior to such sale or withholding, Grantee shall have paid to the Company the amount of such tax.  Any balance of the proceeds of such a sale remaining after the payment of such taxes shall be paid over to Grantee.  In making any such sale, the Company shall be deemed to be acting on behalf and for the account of Grantee.

  

  

  

7.           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 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 him under this Award are being acquired for investment and not with a view to the sale or distribution thereof.

8.           Incorporation of Plan Provisions.  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.

9.           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 employment shall be implied by this Agreement, nor shall this Agreement interfere with or restrict in any way the rights of the Grantee’s employer to discharge the Grantee at any time for any reason whatsoever, with or without cause.

 

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first above written.

 

	

COMPANY:

	

GRANTEE:

	 	 
	

Pier 1 Imports, Inc.

	 
	 	 
	 	 
	

By: __________________________________________

	__________________________________________
	

Alexander W. Smith

	 
	

President and CEO

	 
	 	

Address:

	 	 
	 	___________________________________
	 	 
	 	___________________________________
	 	 
	 	___________________________________
	 	 
	 	Email:  ___________________________________
	 	 
	 	SS#:  ___________________________________

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