Document:

EX-10.1

 Exhibit 10.1 
  

 
 July 15, 2019 

Mr. Doug Diemoz 
 Via electronic mail 

Dear Doug, 
 This letter confirms the offer of employment by
Pier 1 Imports, Inc., through its subsidiary, Pier 1 Services Company (together, the “Company”), for the position of President, effective July 22, 2019 (“Start Date”) pursuant to the terms of the Employment Term Sheet
attached hereto as Exhibit “A” and made a part hereof. The position reports to the Interim Chief Executive Officer at a starting base salary of $1,000,000 per year ($38,461.54 bi-weekly), subject to
required withholdings for applicable taxes and voluntary pay deductions. This offer of employment is contingent upon the completion, receipt and review of all references and background checks currently underway, each subject to the Company’s
approval and approval of the Board of Directors of Pier 1 Imports, Inc. 
 You represent and warrant to the Company that (a) as of the Start Date with
the Company, you are not subject to any obligation, written or oral, containing any non-competition provision or any other restriction that would result in any restriction on your ability to accept and perform
this or any other position with the Company or any of its affiliates, and (b) you are not (i) a member of any board of directors, board of trustees or similar governing body of any for-profit, non-profit or not-for-profit entity, or (ii) a party to any agreement, written or oral, with any entity under which you would
receive remuneration for your services, except as disclosed to and approved by the Company in advance of the Start Date. You agree that you will not (A) become a member of any board or body described in clause (b)(i) of the preceding sentence
or (B) become a party to any agreement described in clause (b)(ii) of the preceding sentence, in each case without the prior written consent of the Company, such consent not to be unreasonably withheld. Further, you agree you will not disclose
or use, in violation of any obligation of confidentiality, any information that you acquired as a result of any previous employment or otherwise. 
 If this
letter and the attached Employment Term Sheet correctly sets forth your understanding of the Company’s offer of employment, then please sign where indicated below to acknowledge your acceptance and return a copy to me. 

Sincerely, 
  

			
	 Pier 1 Services Company

	 By: Pier 1 Holdings, Inc., its managing trustee

		
	 By:
	 	 /s/ Cheryl A. Bachelder

		 	 Cheryl A. Bachelder, Interim CEO

 

					
	Agreed to:	 		 	
			
	 /s/ Doug Diemoz
	 		 	 7/15/19

	Doug Diemoz	 		 	Date

  

	Cc:	 Christine Murray 

Executive V.P. - Human Resources and 

Chief Human Resources Officer 

 EXHIBIT “A” TO OFFER LETTER 

EMPLOYMENT TERM SHEET 
 This term sheet
summarizes the principal terms and conditions of the proposed employment of Doug Diemoz (“Executive”) by Pier 1 Imports, Inc., through its subsidiary, Pier 1 Services Company (together, the “Company”), effective upon the Start
Date as defined in the offer letter which this Exhibit A is attached to. 
  

			
	Position	  	President
		
	Office Location	  	Company Headquarters, Fort Worth, Texas
		
	Duties and Reporting Relationship	  	Duties commensurate with position description, reporting directly to Interim Chief Executive Officer
		
	Base Salary	  	$1,000,000 per year, subject to annual review by the Compensation Committee.
		
	Sign on Bonus	  	$700,000 payable as cash upon the completion of 60 days of employment; subject to clawback in the event Executive terminates his employment with the Company without Good Reason or is terminated for Cause (each as defined in the
Executive Agreement referenced below) in either case within 12 months following commencement of employment pursuant to the Sign-On Bonus Repayment Agreement.
		
	Annual Short-Term Incentive	  	Participation in the Company’s annual cash incentive program with a target opportunity of 125% of base salary, prorated based on commencement of employment through the remainder of FY20 (2/29/20), and then in FY21 and future
years at a level commensurate with other senior officers, in each case as determined annually by the Compensation Committee in a manner consistent with other senior officers.

			
		
	Initial Time-Vesting Stock Award	  	 One time grant of restricted stock units having a grant date value of $1,500,000 (150% of base salary) awarded as follows:

 
 •  37,500 stock-settled
restricted stock units (the “Stock-Settled RSUs”) granted upon commencement of employment. Vests and settles in shares of stock on a one-for-one basis in equal
annual installments on the first, second and third anniversaries of the grant date, subject to Executive’s continued employment with the Company.
  

•  A number of cash-settled restricted stock units (the “Cash-Settled RSUs”) granted upon
commencement of employment having a grant date value equal to $1,500,000 less the grant date value of the Stock-Settled RSUs (with the grant date value in each case determined based on the thirty-day
trailing average stock price as of the employment commencement date). Vests and settles in cash (based on the stock price on the vesting date) in equal annual installments on the first, second and third anniversaries of the grant date, subject to
Executive’s continued employment with the Company. Alternatively, the Company may, in its sole and absolute discretion, determine to settle the award in shares of stock on a
one-for-one basis.
  

The restricted stock and cash settled restricted stock shall vest in full in the event Executive’s employment is terminated by the Company without Cause
or by the Executive for Good Reason (each as defined in the Executive Agreement). The awards will be granted pursuant to the award agreements.

		
	Future Equity Awards	  	Eligible for grants of stock awards under the Company’s Long-Term Equity Incentive Plan at a level commensurate with other senior officers. Future fiscal long-term equity incentive plans are subject to Compensation Committee
and Board of Directors authorization and approval.
		
	Executive Agreement	  	The Company and Executive will enter into an Executive Agreement providing for 12 months of salary continuation in the event Executive’s employment with the Company is terminated by the Company without Cause or by Executive for
Good Reason (each as defined in the Executive Agreement), or a lump sum payment equal to 24 months of salary in the event Executive’s employment with the Company is terminated by the Company without Cause or by Executive for Good Reason within
3 months prior to or 18 months following a Change in Control.
		
	Non-Compete, Non-Solicitation and Non-Disclosure	  	Subject to non-compete, non-solicitation and confidentiality provisions for the defined period following termination of employment pursuant to the
Executive Agreement.
		
	Group Insurance Plan	  	 Eligible to participate in Company broad-based health and welfare plans, long-term disability, dental insurance, accident insurance, vision
and life insurance, and a prescription drug plan. Subject to terms of plans.
  
 Pier 1
will reimburse Executive for COBRA costs pending eligibility for Pier 1’s welfare benefit plans.

			
		
	Stock Purchase Plan	  	Eligible to purchase Pier 1 Imports, Inc. common stock through contributions of up to 20% of eligible compensation, plus Company matching contributions of 25% of amounts contributed. Subject to terms of plan.
		
	Deferred Compensation Plan	  	Eligible participation includes company matching contributions equal to 100% of the first 1% of eligible compensation deferred and 50% of the next 4% of eligible compensation deferred. Subject to terms of plan.
		
	40l(k) Retirement Plan	  	Eligible participation includes company matching contributions based on pre-tax contributions to the plan equal to 50% of the first 8% of eligible compensation. Subject to terms of
plan.
		
	Relocation Payment	  	Up to $90,000.00 in accordance with the Company’s standard relocation policy, subject to pro rata clawback in the event Executive terminates his employment with the Company without Good Reason or is terminated for Cause (each
as defined in the Executive Agreement) in either case within 12 months following commencement of employment pursuant to the terms of the Executive Relocation Repayment Agreement.
		
	Reimbursement of Business Expenses	  	In accordance with Company guidelines.
		
	Indemnification	  	The Company will enter into an Indemnification Agreement with Executive, which is consistent with indemnification agreements entered into with certain of its other senior executive officers.
		
	D&O Insurance	  	The Executive will be covered by any directors and officers liability insurance policy (or policies) maintained by the Company during the employment term consistent with the Indemnification Agreement.
		
	Merchandise Discount	  	25% discount on all Pier 1 Imports merchandise, subject to Associate Discount Policy.

 <END>Exhibit 10.1

 

FORM
OF SUBSCRIPTION AGREEMENT

 

This
Subscription Agreement is entered into as of July 17, 2019 between [                             ], an entity whose principal residence is at the address
set forth on the signature page hereto (hereinafter “Subscriber”), and C-Bond Systems, Inc., a Colorado corporation
(the “Company”) concerning an investment in the amount set forth on the signature page hereto (the “Common Stock”).
The Subscriber and the Company agree as follows:

 

1.
Subscription and Method of Payment. Subject to the terms and conditions hereof, Subscriber hereby subscribes the amount
set forth on the signature page hereto to purchase such number of shares of Common Stock of the Company as determined by dividing
the amount subscribed by a price per share of $0.04 (the “Subscription Amount”). To satisfy this subscription, the Subscriber
will tender cash or a wire transfer equal to the Subscription Amount.

 

After
the Subscription Amount is paid timely and received in full by the Company will cause a stock certificate to be issued totaling
[                             ] shares of the Company’s common stock, par value $0.001 (the “Common Stock”).

 

2.
Representations and Warranties of the Company. The Company hereby represents and warrants to Subscriber as follows:

 

(a)
Organization. The Company is a corporation duly organized, validly existing and in good standing under the laws of the
State of Colorado and has all requisite corporate power and authority to own and lease its properties, to carry on its business
as presently conducted and as proposed to be conducted and to carry out the transactions contemplated hereby.

 

(b)
Authority. The Company has all requisite power and authority to enter into this Agreement and perform Company’s obligations
hereunder. The execution, delivery and performance by the Company of this Agreement have been duly authorized by all requisite
corporate action. This Agreement has been duly executed and delivered by the Company and is a legal, valid and binding obligation
of the Company, enforceable against the Company in accordance with its terms (except as enforceability may be limited by laws
of bankruptcy or insolvency and general equitable principles).

 

(c)
No Conflicts. The execution, delivery and performance by the Company of this Agreement, and the issuance, sale and delivery
of the shares of Common Stock being subscribed for, will not violate any law, statute, rule, regulation, order, judgment or decree
of any court, arbitrator, administrative agency or other governmental body applicable to the Company, or conflict with or result
in any breach of any of the terms, conditions or provisions of, or constitute a default under, or result in the creation of any
encumbrance upon any of the properties or assets of the Company pursuant to, the charter documents of the Company or any note,
indenture, mortgage, lease agreement or other agreement, contract or instrument to which the Company is a party or by which it
or any of its property is bound or affected.

 

    1

     

    

 

(d)
Approvals. Except for the filing of any notice as may be required under applicable securities laws, no permit, authorization,
notice, consent or approval is required in connection with the execution, delivery or performance of this Agreement by the Company.

 

3.
Representations and Warranties of Subscriber. The Subscriber represents and warrants to the Company as follows:

 

(a)
Subscriber is an “accredited investor” as such term is defined in Section 2(15) of the Securities Act of 1933, as amended
(the “Act”) and Rule 501 of Regulation D promulgated thereunder pursuant to the categories checked by the Subscriber
on the signature page hereto. Subscriber is aware of the significance to the Company of the foregoing representation, and they
are made with the intention that the Company will rely on them.

 

(b)
Subscriber has had an opportunity to ask questions of and receive answers from duly designated representatives of the Company
concerning the terms and conditions of the offering and has been afforded an opportunity to examine such documents and other information
which Subscriber has requested for the purpose of answering any questions Subscriber may have concerning the business and affairs
of the Company.

 

(c)
Subscriber is not subscribing for the Common Stock as a result of, or subsequent to, an advertisement, article, notice or other
communication published in any newspaper, magazine or similar media or broadcast over television or radio or presented at any
seminar or meeting or any other public solicitation.

 

(d)
Subscriber acknowledges and understands that the Common Stock has not been registered under the Securities Act of 1933, as amended
(the “Act”) or the securities laws of any state (“State Law”) and must be held indefinitely unless they are
subsequently registered under the Act and/or applicable State Law, or exemptions from such registration are available. Subscriber
agrees that the Common Stock will not be sold without registration under applicable securities laws (including the Act and State
Law) or exemptions there from. The Company is the only entity which may register its Common Stock under the Act and State Law.

 

(e)
Subscriber acknowledges that Subscriber has such knowledge and experience in financial business matters that it is capable of
evaluating the merits and risks of the prospective investment and to make an informed investment decision based upon the information
provided by the Company.

 

(f)
Subscriber further represents that Subscriber can bear the economic risk of loss of its entire investment; that the address set
forth herein is its principal residence (if an individual) or place of business (if an entity); that Subscriber intends to purchase
the Common Stock for Subscriber’s own account and not, in whole or in part, for the account of any other person; that Subscriber
is purchasing the Common Stock for investment and not with a view to public resale or distribution; and that Subscriber has not
formed any entity for the purpose of purchasing the Common Stock; and that this Subscription Agreement has been duly authorized
by all necessary action on the part of the Subscriber and is a legal, valid and binding obligation of the Subscriber enforceable
in accordance with its terms.

 

    2

     

    

 

(g)
Subscriber is aware that the Common Stock is and will be when issued “restricted securities” as that term is defined
in Rule 144 of the General Rules and Regulations under the Act.

 

(h)
Subscriber is fully aware of the applicable limitations on the resale of the Common Stock according to law.

 

4.
Subscription Not Revocable. The Subscriber hereby acknowledges and agrees that the Subscriber is not entitled to cancel,
terminate or revoke this Subscription Agreement or any agreements of the Subscriber herein and that this Subscription Agreement
shall survive the death, disability, dissolution, bankruptcy or insolvency of the Subscriber.

 

5.
Shares. Company agrees to cause the shares of Common Stock of the Company to be issued hereunder to be duly authorized,
validly issued, fully paid and nonassessable.

 

6.
Miscellaneous.

 

(a)
Subscriber agrees not to transfer or assign this Subscription Agreement, or any of the Subscriber’s interest herein, and further
agrees that the transfer or assignment of the Common Stock acquired pursuant hereto shall be made only in accordance with all
applicable laws.

 

(b)
This Subscription Agreement constitutes the entire agreement among the parties hereto with respect to the subject matter hereof
and may be amended only by a written execution by all parties.

 

(c)
The Subscription Agreement is being delivered and is intended to be performed in the State of Texas, and shall be construed and
enforced in accordance with, and the rights of parties shall be governed by, the law of such state. Jurisdiction and venue for
any action hereunder shall be in Harris county, Texas.

 

(d)
Any controversy or claim arising out of this Agreement, or the breach thereof, shall be settled by arbitration in accordance with
the rules of the American Arbitration Association, and judgment upon the award rendered by the arbitration may be entered in any
court having jurisdiction thereof. The arbitration agreement set forth herein shall not limit a court from granting a temporary
restraining order or preliminary injunction in order to preserve the status quo of the parties pending arbitration. Further, the
arbitrator(s) shall have power to enter such orders by way of interim award, and they shall be enforceable in court. The place
of such arbitration shall be in Harris County, Texas.

 

(e)
This Subscription Agreement shall become effective upon execution and delivery hereof by all the parties hereto; delivery of this
Subscription Agreement may be made by facsimile or electronic transmission such as portable document format (“PDF”)
or similar format to the parties.

 

    3

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed this agreement as of the dates below.

 

	SUBSCRIBER:

         

         

        _____________________________

        Name

         
	Address
        for Notice:

        ____________________________________

        ____________________________________

        ____________________________________

        ____________________________________

         

         

        Date:
        _______________________________

         

         

        Subscription
        Amount: $[                         ] for [                     ] shares of Common Stock of C-Bond Systems, Inc.

 

By
executing above, the Subscriber also hereby certifies that the Subscriber is an “accredited investor” as that term
is defined in Rule 501(a) of Regulation D promulgated under the Securities Act of 1933, as amended. The specific category(s) of
accredited investor applicable to the undersigned is checked below.

 

PLEASE
CHECK ONE OF THE BOXES BELOW – REQUIRED TO OBTAIN SHARES

 

	_____	a.	Any
    director or executive officer of the Company;
	 	 	 
	 	 	 
	_____	b.	Any
    natural person whose individual net worth, or joint net worth with that person’s spouse, at the time of his purchase exceeds
    $1,000,000;
	 	 	 
	_____
    	c.
    	Any
    natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income with
    that person’s spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income
    level in the current year;
	 	 	 
	_____	d.	Any
    organization described in Section 501(c)(3) of the Internal Revenue Code, corporation, Massachusetts or similar business trust,
    or partnership, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000;
	 	 	 
	 	 	 
	_____	e.	Any
    trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the securities offered,
    whose purchase is directed by a sophisticated person as described in Section 506(b)(2)(ii) of Reg D; or

 

	_____
    	f.
    	an
    entity in which all of the equity owners are “accredited investors.”
	 	 	 
	_____
    	g.
    	Other
    (explain) __________________________________________________________

 

ACCEPTED
BY C-Bond systems, INC.

 

	By:
    	_________________________________	 
	Name:
    	_________________________________	 
	Title:
    	_________________________________	 
	Date:
    	_________________________________	 

 

 

4

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