Document:

EX-10.12

 Exhibit 10.12 

PIER 1 IMPORTS, INC. 
 NON-EMPLOYEE DIRECTOR COMPENSATION PLAN 
 ADOPTED JUNE 24, 1999 

AS AMENDED JUNE 22, 2017 
 Cash Compensation:

  

					
	 ➣ Non-Employee Director Annual Retainer
	  	$	150,000	 
	 ➣ Audit Committee Chair Annual Retainer
	  	$	25,000	 
	 ➣ Compensation Committee Chair Annual Retainer
	  	$	25,000	 
	 ➣ Nominating and Corporate Governance Committee Chair Annual Retainer
	  	$	25,000	 
	 ➣ Non-Executive Chairman of the Board Annual
Retainer
	  	$	125,000	 

 Non-Employee Director compensation is payable in equal monthly installments on the
last business day of each fiscal month. 
 Non-Employee Directors are eligible to participate in the following: 

 

	 	•	 	The Director Deferred Stock Unit Awards program set forth in the Pier 1 Imports, Inc. 2015 Stock Incentive Plan. 

 

	 	➣	At the time a Non-Employee Director ceases to be a Director of the Company, any cash compensation which has been paid for the time period following the Director’s service
shall be repaid in cash to the Company. Also, the deferred stock units credited to such Director at that time shall be adjusted by the Company to remove from the credited amount (i) any portion of the deferred stock units applicable to the time
period following the Director’s service, plus (ii) provided that such Director has not repaid the Company for any cash compensation applicable to that time period, then at the discretion of the Company, an amount of deferred stock units
equal to any such cash compensation (such units to be valued as of the date the Director ceases to be a Director). 

  

	 	➣	The amount of deferred stock units, as adjusted if applicable, will be exchanged for shares of the Company’s common stock on a
unit-to-share basis. Provided, however, that the deferred stock units (valued as of the date the Director ceases to be a Director) will be paid in cash to the extent
that applicable plan limitations at such time preclude plan distributions of Pier 1 Imports, Inc. common stock. 

  

	 	•	 	The Pier 1 Imports, Inc. Stock Purchase Plan according to its terms and provisions. 

  

	 	•	 	The Pier 1 Imports, Inc. Deferred Compensation Plan according to its terms and provisions.EX-10.13

 Exhibit 10.13 

FIRST AMENDMENT TO 
 PIER
1 IMPORTS, INC. 2015 STOCK INCENTIVE PLAN 
 (OMNIBUS PLAN) 

WHEREAS, the Pier 1 Imports, Inc. 2015 Stock Incentive Plan (the “2015 Plan”) was approved by shareholders on June 25, 2015; and 

WHEREAS, on April 6, 2017, the Board unanimously approved, subject to shareholder approval, an amendment to the 2015 Plan to increase the number
of shares available for grant under the 2015 Plan by 4,000,000 shares (the “Amendment”); and 
 WHEREAS, shareholders approved the
Amendment at the Company’s annual meeting of shareholders on June 22, 2017. 
 NOW THEREFORE: 

A. Article III. of the 2015 Plan shall be replaced with the following: 

“The Plan was approved and adopted by the Board on April 2, 2015, approved by shareholders on June 25, 2015, and amended
following approval by shareholders on June 22, 2017. No further Awards may be granted under the Plan after ten (10) years from the Effective Date. The Plan shall remain in effect until all Options granted under the Plan have been exercised
or expired, all Restricted Stock Awards and all Restricted Stock Unit Awards granted under the Plan have vested or been forfeited, all Performance Awards and Phantom Stock Awards have been satisfied, expired, or forfeited and all Director Deferred
Stock Unit Awards have been satisfied.” 
 B. The first sentence of Article V.(a) of the 2015 Plan shall be replaced with the
following: 
 “(a) Shares Subject to the Plan and Award Limits. Subject to adjustment in the same manner as provided in Paragraph
XII(b), the aggregate number of shares of Common Stock that may be issued under the Plan shall not exceed (i) 2,500,000 shares approved by shareholders on the Effective Date plus (ii) 2,507,407 shares of Common Stock which remained available for
grant under the Prior Plan as of the Effective Date, increased by the number of shares of Common Stock subject to outstanding awards, as of the Effective Date, under the Prior Plan (which amount was 3,009,974 shares) that on or after the Effective
Date cease for any reason to be subject to such awards (other than by reason of exercise or settlement of the awards to the extent they are exercised for or settled in vested and nonforfeitable shares of Common Stock) plus (iii) 4,000,000 shares
approved by shareholders on June 22, 2017.” 
  

	 	C.	All terms used in this First Amendment, unless specifically defined herein, have the same meanings attributed to them in the 2015 Plan.  

 

	
	In witness whereof, this First Amendment is executed to be effective as of June 22, 2017.
	
	         Pier 1 Imports, Inc.,

        a Delaware corporation

	
	        By: /s/ Gregory S. Humenesky            
	               Gregory S. Humenesky
	               Executive Vice PresidentExhibit 4.1

 

PHH CORPORATION,

 

as Issuer

 

and

 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

 

as Trustee

 

FOURTH SUPPLEMENTAL INDENTURE

 

Dated as of July 3, 2017

 

to

 

INDENTURE

 

Dated as of January 17, 2012

 

7.375% Senior Notes due 2019

 

 

TABLE OF CONTENTS

 

	
 
    	
 
    	
Page
    
	
 
    	
 
    	
 
    
	
ARTICLE 1
    
	
CAPITALIZED TERMS
    
	
 
    	
 
    	
 
    
	
Section 1.01
    	
Definitions
    	
3
    
	
 
    	
 
    	
 
    
	
ARTICLE II
    
	
AMENDMENTS
    
	
 
    	
 
    	
 
    
	
Section 2.01
    	
Amendments to the   Indenture
    	
3
    
	
 
    	
 
    	
 
    
	
ARTICLE III
    
	
CONSENT AND WAIVER
    
	
 
    	
 
    	
 
    
	
Section 3.01
    	
Consent
    	
4
    
	
Section 3.02
    	
Waiver of Defaults
    	
4
    
	
 
    	
 
    	
 
    
	
ARTICLE IV
    
	
MISCELLANEOUS
    
	
 
    	
 
    	
 
    
	
Section 4.01
    	
Ratification of   Indenture; Fourth Supplemental Indenture Part of Indenture
    	
4
    
	
Section 4.02
    	
Governing Law
    	
5
    
	
Section 4.03
    	
Certain Trustee Matters
    	
5
    
	
Section 4.04
    	
Successors
    	
5
    
	
Section 4.05
    	
Severability
    	
5
    
	
Section 4.06
    	
Counterparts
    	
6
    
	
Section 4.07
    	
Effect of Headings
    	
6
    
	
Section 4.08
    	
Entire Agreement
    	
6
    
	
Section 4.09
    	
No Liability of Directors,   Officers, Employees, Incorporators, Members and Stockholders
    	
6
    
	
Section 4.10
    	
No Adverse   Interpretation Of Other Agreements
    	
6
    

 

 

THIS FOURTH SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), is dated as of July 3, 2017, between PHH CORPORATION, a corporation duly organized and existing under the laws of the State of Maryland (the “Company”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as trustee (the “Trustee”).

 

RECITALS OF THE COMPANY

 

WHEREAS, the Company and the Trustee have previously entered into that certain Indenture, dated as of January 17, 2012 (the “Base Indenture”), by and between the Company and the Trustee, that provides for the issuance from time to time of the Company’s debt securities; and

 

WHEREAS, pursuant to Section 201 of the Base Indenture, the Company and the Trustee established the terms of that certain series of senior unsecured debt securities entitled the “7.375% Senior Notes due 2019” (the “Notes”) pursuant to the Second Supplemental Indenture to the Base Indenture (the “Second Supplemental Indenture” and the Base Indenture, as supplemented by the Second Supplemental Indenture with respect to the Notes, the “Indenture”), dated as of August 23, 2012, between the Company and the Trustee; and

 

WHEREAS, pursuant to the Offer to Purchase and Consent Solicitation Statement of the Company, dated as of June 19, 2017, and any amendments, modifications or supplements thereto (the “Offer to Purchase and Consent Solicitation Statement”), the Company has (a) offered to purchase for cash any and all outstanding Notes (the “Tender Offer”) and (b) requested that holders of the Notes deliver their consents (the “Consent Solicitation”) to (i) eliminate or modify substantially all of the restrictive covenants as well as certain events of default and other provisions contained in the Indenture, (ii) consent to any and all of the transactions relating to or contemplated by the Sales (as defined below), and (iii) waive any potential Default or Event of Default that may have occurred, or that may arise under the Indenture, directly or indirectly, resulting from the Sales, including if the Sales constitute all or substantially all of the Company’s assets; and

 

WHEREAS, Section 9.02 of the Indenture provides that the Company and the Trustee may amend certain provisions of the Indenture or the Notes with the consent of the holders of a majority in principal amount of the Notes then outstanding; and

 

WHEREAS, pursuant to the Consent Solicitation, holders of at least a majority in principal amount of the Notes have duly consented to the proposed amendments, waivers and consents set forth in this Fourth Supplemental Indenture in accordance with Section 9.02 of the Indenture; and

 

WHEREAS, all acts and requirements necessary to make this Fourth Supplemental Indenture a legal, valid and binding obligation of the Company have been done; and

 

WHEREAS, the board of directors of the Company has authorized and approved the execution and delivery of this Fourth Supplemental Indenture.

 

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NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, and for the equal and proportionate benefit of the holders of the Notes, the Company and the Trustee hereby agree as follows:

 

ARTICLE 1
 CAPITALIZED TERMS

 

Section 1.01                             Definitions.  Section 1.02 of the Indenture is hereby amended by adding the following definition. Except as otherwise expressly provided herein, capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to them in the Indenture.

 

“Sales” means the following sales of certain of the Company’s assets:

 

·                                          the sale (the “MSR Sale”) of the Company’s portfolio of MSRs as of October 31, 2016 (excluding the Company’s Ginnie Mae MSRs that were part of a sale transaction with Lakeview Loan Servicing, LLC announced in November 2016 (the “MSR Portfolio”)), together with all servicing advances related to the MSR Portfolio, to New Residential Mortgage LLC; and

 

·                                          the sale (the “Home Loans Sale”) of certain assets and liabilities of PHH Home Loans, LLC to Guaranteed Rate Affinity, LLC.

 

The terms of the MSR Sale are set forth in the agreement for the purchase and sale of servicing rights, dated as of December 28, 2016, and the terms of the Home Loans Sale are set forth in the asset purchase agreement dated as of February 15, 2017, and the JV interests purchase agreement dated as of February 15, 2017.

 

ARTICLE II
 AMENDMENTS

 

Section 2.01                             Amendments to the Indenture.

 

(i)                                     The Indenture is hereby amended to delete Section 3.02 (Repurchase of Notes upon a Change of Control), Section 4.02 (Existence), Section 4.03 (Payment of Taxes and other Claims), Section 4.04 (Maintenance of Properties and Insurance), Section 4.05 (Limitation on Subsidiary Debt), Section 4.06 (Limitation on Restricted Payments), Section 4.07 (Limitation on Liens), Section 4.08 (Financial Reports), Section 4.09 (Debt/Tangible Equity Ratio) and clauses (iii)(2), (3) and (4) of Section 5.02(a) (Consolidation, Merger or Sale of Assets) in their entirety and all references thereto contained in the Indenture in their entirety;

 

(ii)                                  The failure to comply with the terms of any of the Sections of the Indenture set forth in clause (i) above shall no longer constitute a Default

 

3

 

or an Event of Default under the Indenture with respect to the Notes and shall no longer have any other consequence under the Indenture with respect to the Notes;

 

(iii)                               The Indenture is hereby amended to delete clauses (iii) and (iv) of Section 6.02(a) (Events of Default) in their entirety and, solely with respect to the Material Subsidiaries, clauses (v) and (vi) of Section 6.02(a) (Events of Default) in their entirety and all references thereto contained in Section 6.02(a) and elsewhere in the Indenture in their entirety, and the occurrence of the events described in clauses (iii) and (iv) of Section 6.02(a) and, solely with respect to the Material Subsidiaries, clauses (v) and (vi) of Section 6.02(a) shall no longer constitute Events of Default with respect to the Notes and shall no longer have any other consequences under the Indenture with respect to the Notes;

 

(iv)                              All definitions set forth in Section 101 of the Base Indenture and Section 1.02 of the Second Supplemental Indenture that relate to defined terms used solely in  the Sections deleted pursuant to the terms of this Fourth Supplemental Indenture are no longer applicable to the Notes; and

 

(v)                                 All references to Sections of the Indenture amended by this Fourth Supplemental Indenture shall be to such Sections as amended by this Fourth Supplemental Indenture.

 

ARTICLE III
 CONSENT AND WAIVER

 

Section 3.01                             Consent.  Any and all of the transactions relating to or contemplated by the Sales are hereby irrevocably consented to in all respects.

 

Section 3.02                             Waiver of Defaults.  Any and all Defaults, Events of Default or other defaults that may have occurred, or that may arise under the Indenture, directly or indirectly, resulting from the Sales, including if the Sales constitute all or substantially all of the Company’s assets, are hereby irrevocably waived in all respects.

 

ARTICLE IV
 MISCELLANEOUS

 

Section 4.01                             Ratification of Indenture; Fourth Supplemental Indenture Part of Indenture.

 

(i)                                     This Fourth Supplemental Indenture shall be effective and binding immediately upon its execution by the Company and the Trustee, and thereupon this Fourth Supplemental Indenture shall form a part of the Indenture for all purposes.  In the event of a conflict between the terms and conditions of the Indenture and the terms and conditions of this Fourth Supplemental Indenture, then the terms and conditions of this Fourth Supplemental Indenture shall prevail.

 

4

 

(ii)                                  Notwithstanding an earlier execution date, the provisions of this Fourth Supplemental Indenture (including the amendments, waivers and consents), shall not become operative until the time of payment or deposit (the “operative date”) with DTC by the Company of an amount of money sufficient to pay for all Notes validly tendered and accepted pursuant to the Tender Offer and Consent Solicitation and to pay all early tender premiums required under the Tender Offer and Consent Solicitation, following the receipt of the Requisite Consents (as defined in the Offer to Purchase and Consent Solicitation Statement).

 

(iii)                               The Notes include certain of the foregoing provisions from the Indenture. Upon the operative date of this Fourth Supplemental Indenture, every Note heretofore or hereafter authenticated and delivered under the Indenture shall be bound hereby, and such provisions from the Notes shall be deemed deleted or amended as applicable.

 

(iv)                              If the Tender Offer and Consent Solicitation is terminated or withdrawn, or the Notes are not accepted for payment for any reason, this Fourth Supplemental Indenture will not become operative.  In that case, the amendments to the Indenture effected by the Fourth Supplemental Indenture will be deemed to be revoked retroactive to the date of the Fourth Supplemental Indenture, and the Indenture will remain in its current form.

 

(v)                                 Except as modified and amended by this Fourth Supplemental Indenture, all provisions of the Indenture shall remain in full force and effect.

 

Section 4.02                             Governing Law. This Fourth Supplemental Indenture and the Notes shall be governed by, and construed in accordance with, the laws of the State of New York.

 

Section 4.03                             Certain Trustee Matters. The Recitals of the Company contained herein shall be taken as the statements of the Company, and the Trustee assumes no responsibility for their correctness.  The Trustee makes no representations as to the validity or sufficiency of this Fourth Supplemental Indenture or the Notes or the proper authorization or the due execution hereof or thereof by the Company.

 

Section 4.04                             Successors. All the covenants, stipulations, promises and agreements in this Fourth Supplemental Indenture and the Notes shall bind the Company’s successors and assigns whether so expressed or not.

 

Section 4.05                             Severability. To the extent permitted by applicable law, in case any one or more of the provisions contained in this Fourth Supplemental Indenture or in the Notes shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Fourth Supplemental Indenture or of the Notes.

 

5

 

Section 4.06                             Counterparts. This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument.

 

Section 4.07                             Effect of Headings. The Article and Section headings herein and in the Table of Contents are for convenience only and shall not affect the construction hereof.

 

Section 4.08                             Entire Agreement. This Fourth Supplemental Indenture, together with the Indenture as amended hereby and the Notes, contains the entire agreement of the parties with respect to the Notes, and supersedes all other representations, warranties, agreements and understandings between the parties hereto and thereto, oral or otherwise, with respect to the matters contained herein and therein.

 

Section 4.09                             No Liability of Directors, Officers, Employees, Incorporators, Members and Stockholders.  No director, officer, employee, incorporator, member or stockholder of the Company or any Subsidiary Guarantor, as such, will have any liability for any obligations of the Company or any Subsidiary Guarantor under the Notes, any Note Guarantee or the Indenture or for any claim based on, in respect of, or by reason of, such obligations.  Each holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes.

 

Section 4.10                             No Adverse Interpretation Of Other Agreements.  The Indenture may not be used to interpret another indenture or loan or debt agreement of the Company or any Subsidiary of the Company and no such indenture or loan or debt agreement may be used to interpret the Indenture.

 

[Signature Page Follows]

 

6

 

IN WITNESS WHEREOF, the parties hereto have caused this Fourth Supplemental Indenture to be duly executed as of the day and year first above written.

 

	
 
    	
PHH CORPORATION
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/Hugo Arias
    
	
 
    	
 
    	
Hugo Arias
    
	
 
    	
 
    	
Sr. Vice   President & Treasurer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
THE   BANK OF NEW YORK MELLON TRUST COMPANY, N.A.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/Karen Yu
    

 

[Signature Page of Fourth Supplemental Indenture]

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