Document:

6/17/2009

6/17/2009

To:

Joe Battiato and Peter Ubaldi

 

    This is to inform you that I am resigning effective June, 30 2009 from the board of directors of Homeland Security Network Inc.

 

    I am also resigning my position of Treasure and any other positions  I hold in Homeland Security Network Inc. 

 

Thank You,

 /s/ Roy Pardini

Roy PardiniExhibit 10.1

 

Execution Version

 

NOTE PURCHASE
AGREEMENT

 

This
Note Purchase Agreement (this “Agreement”) is made and entered into as
of March [  ], 2009, by and between
(collectively, on behalf of itself and any of its affiliated entities that hold
notes described herein, the “Holder”), and Pier International Limited, a
Hong Kong private limited company (the “Company”).

 

RECITALS

 

WHEREAS,
the Holder currently holds
$                      
principal amount of the 6.375% Convertible Senior Notes due February 15,
2036 (the “Outstanding Notes”) of the Company’s parent, Pier 1 Imports, Inc.,
a Delaware corporation (the “Parent”); and

 

WHEREAS,
the Holder desires to sell and the Company desires to purchase the Outstanding
Notes held by Holder for the Cash Payment (as defined herein), subject to and
on the terms and conditions set forth in this Agreement (the “Transaction”).

 

NOW,
THEREFORE, in consideration of the premises and the agreements set forth below,
and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties agree as follows:

 

ARTICLE I

Purchase of Notes

 

Section 1.1.           Purchase of Outstanding
Notes.

 

Upon
the terms and subject to the conditions of this Agreement, at the Closing (as
defined herein), the Company hereby agrees to purchase from the Holder, and the
Holder hereby agrees to sell to the Company, Outstanding Notes in an aggregate
principal amount of
$                      
(the “Holder’s Notes”) for a cash payment of
$                      
(the “Cash Payment”).

 

Section 1.2.           Closing.

 

The
closing of the Transaction contemplated by this Agreement (the “Closing”)
is anticipated to take place on the third business day after the date hereof at
the offices of Weil, Gotshal & Manges LLP, 767 Fifth Avenue, New York,
NY 10153, or on such other date and at such other place as the parties may
agree in writing (the “Closing Date”). 
At the Closing, the Holder shall deliver or cause to be delivered to the
Company all right, title and interest (free and clear of any mortgage, lien,
pledge, charge, security interest, encumbrance, title retention agreement,
option, equity or other adverse claim thereto) in and to the Holder’s Notes and
all documentation related thereto, and whatever documents of conveyance or
transfer or other authorizations or instructions as may be necessary or
desirable to transfer to and confirm in the Company all right, title 

 

 

and interest (free and clear of any mortgage, lien,
pledge, charge, security interest, encumbrance, title retention agreement,
option, equity or other adverse claim thereto) in and to the Holder’s Notes.

 

Section 1.3.           Conditions to Closing.

 

(i) The
obligation of the Holder hereunder to consummate the Transaction contemplated
hereby at the Closing is subject to the satisfaction, at or before the Closing
Date, of each of the following conditions, provided that these conditions are
for the Holder’s sole benefit and may be waived by the Holder at any time in
its sole discretion by providing the Company with prior written notice thereof:

 

(a)           The Company shall have executed and
delivered this Agreement to the Holder; and

 

(b)           The Company shall have delivered to the
Holder the Cash Payment in the amount set forth in Section 1.1.

 

(ii) The obligation of the Company hereunder to
consummate the Transaction contemplated hereby at the Closing is subject to the
satisfaction, at or before the Closing Date, of each of the following
conditions, provided that these conditions are for the Company’s sole benefit
and may be waived by the Company at any time in its sole discretion by
providing the Holder with prior written notice thereof:

 

(a)           The Holder shall have executed and
delivered this Agreement to the Company;

 

(b)           The Holder (i) shall have delivered,
or caused to be delivered, to the Company all documentation related to the
right, title and interest in and to such Holder’s Notes, and whatever documents
of conveyance or transfer as may be necessary or reasonably desirable, as
determined by the Company, to transfer to and confirm in the Company all right,
title and interest (free and clear of any mortgage, lien, pledge, charge,
security interest, encumbrance, title retention agreement, option, equity or
other  adverse claim thereto) in and to
such Holder’s Notes, and (ii) shall have provided, or caused to be
provided, all instructions or authorizations required to transfer ownership of
the Holder’s Notes to the account of the Company at The Depository Trust
Company (the “DTC”) and to permit the Holder’s Notes to be eligible for clearance
and settlement through the DTC; and

 

(c)           The representations and warranties of the
Holder in this Agreement shall be true and correct in all material respects on
and as of the Closing Date with the same effect as if made on and as of the
Closing Date and that the Holder shall have complied in all material respects
with all the agreements and satisfied all the conditions on its part to be
performed or satisfied hereunder at or prior to the Closing Date.

 

2

 

ARTICLE II

Representations, Warranties and Covenants of the Holder

 

The
Holder hereby covenants and makes the following representations and warranties
to the Company, Lazard Frères & Co. LLC and Lazard Capital Markets
LLC, each of which is true and correct on the date hereof and the Closing Date
and shall survive the Closing Date and the Transaction contemplated hereby to
the extent set forth herein.

 

Section 2.1.           Existence and Power.

 

(a)           The Holder is duly organized, validly
existing and in good standing under the laws of the jurisdiction of its
organization and has the power, authority and capacity to execute and deliver
this Agreement, to perform its obligations hereunder, and to consummate the
Transaction contemplated hereby.

 

(b)           The execution of this Agreement by the
Holder and the consummation by the Holder of the Transaction do not and will
not constitute or result in a breach, violation, conflict or default under any
note, bond, mortgage, deed, indenture, lien, instrument, contract, agreement,
lease or license to which the Holder is a party, whether written or oral,
express or implied, or any charter or other organizational document of the
Holder, or any statute, law, ordinance, decree, order, injunction, rule,
directive, judgment or regulation of any court, administrative or regulatory
body, governmental authority, arbitrator, mediator or similar body on the part
of the Holder or on the part of any other party thereto or cause the
acceleration or termination of any obligation or right of the Holder, except
for such breaches, conflicts, defaults, rights or violations, conflicts,
defaults or rights that would not, individually or in the aggregate, reasonably
be expected to have a material adverse effect on the ability of the Holder to
perform its obligations hereunder.

 

Section 2.2.           Valid and Enforceable
Agreement; Authorization.

 

This
Agreement has been duly executed and delivered by the Holder and constitutes a
legal, valid and binding obligation of the Holder, enforceable against the
Holder in accordance with its terms, except that such enforcement may be
subject to (a) bankruptcy, insolvency, reorganization, moratorium or other
similar laws affecting or relating to enforcement of creditors’ rights
generally, and (b) general principles of equity.

 

Section 2.3.           Title to Holder’s Notes.

 

The
Holder is the sole legal and beneficial owner of and has good, valid and
marketable title to the Holder’s Notes, free and clear of any mortgage, lien,
pledge, charge, security interest, encumbrance, title retention agreement,
option, equity or other adverse claim thereto. 
The Holder has not, in whole or in part, (i) assigned, transferred,
hypothecated, pledged or otherwise disposed of any interest in the Holder’s
Notes or its rights in such Holder’s Notes, or (ii) given any person or
entity any transfer order, power 

 

3

 

of attorney or other authority of any nature
whatsoever with respect to such Holder’s Notes. 
Upon delivery of the Holders’ Notes, accompanied by instruments of
conveyance thereof, to the Company at the Closing, the Company shall be the
sole legal and beneficial owner of, and will have good, valid and marketable
title to the Holder’s Notes, free and clear of any mortgage, lien, pledge,
charge, security interest, encumbrance, title retention agreement, option,
equity or other adverse claim thereto, except those arising solely as a result
of conduct by the Company.

 

Section 2.4.           Professional Advice.

 

With
respect to the tax, accounting and other economic considerations involved in
the Transaction, the Holder is not relying on the Company or any of the Company’s
affiliates or advisors, and the Holder has carefully considered and has, to the
extent the Holder believes such discussion is necessary, discussed with the
Holder’s professional legal, tax, accounting and financial advisors the
implications of the Transaction for the Holder’s particular tax, accounting and
financial situation.

 

Section 2.5.           Illegal Transactions.

 

The Holder has not, directly or indirectly, and no
person acting on behalf of or pursuant to any understanding with the Holder
has, engaged in any transactions in the securities of the Company (including,
without limitation, any Short Sales (as defined below) involving any of the
Company’s securities) since the time that such Holder was first contacted by
either the Company, Lazard Frères & Co. LLC or Lazard Capital Markets
LLC or any other person regarding the sale of the Holder’s Notes to the
Company.  Such Holder covenants that
neither it nor any person acting on its behalf or pursuant to any understanding
with such Holder will engage, directly or indirectly, in any transactions in
the securities of the Parent (including Short Sales), or in securities that
derive their value from the value of the securities of the Parent, prior to the
time the transactions contemplated by this Agreement are publicly
disclosed.  “Short Sales” include,
without limitation, all “short sales” as defined in Rule 200 of Regulation
SHO promulgated under the Securities Exchange Act of 1934, as amended, and all
types of direct and indirect stock pledges, forward sale contracts, options,
puts, calls, short sales, swaps, derivatives and similar arrangements
(including on a total return basis), and sales and other transactions executed
through non-U.S. broker-dealers or foreign regulated brokers.

 

ARTICLE III

Miscellaneous Provisions

 

Section 3.1.           Notice.

 

Any
notice provided for in this Agreement shall be in writing and shall be either
personally delivered, or mailed first class mail (postage prepaid) with return
receipt requested or sent by reputable overnight courier service (charges
prepaid):

 

4

 

(1) if
to the Holder, at the address set forth below the Holder’s signature on this
Agreement; and

 

(2) if
to the Company, at its address, as follows:

 

Pier International
Limited

7th Floor, Alexandra
House

18 Chater Road

Central, Hong Kong

Attention: Alexander W.
Smith

 

with a
copy to:

 

Pier 1 Imports, Inc.

100 Pier 1 Place

Fort Worth, Texas 76102

Attention:  Michael A. Carter, Esq.

 

Weil, Gotshal &
Manges LLP

200 Crescent Court, Suite 300

Dallas, Texas 75201

Attention: Glenn D. West, Esq.

R. Jay
Tabor, Esq.

 

The
Company by notice to the Holder may designate additional or different addresses
for subsequent notices or communications. 
Notices will be deemed to have been given hereunder when delivered
personally, three business days after deposit in the U.S. mail postage prepaid
with return receipt requested and two business days after deposit postage
prepaid with a reputable overnight courier service for delivery on the next
business day.

 

Section 3.2.           Entire Agreement.

 

This
Agreement and the other documents and agreements executed in connection with
the Transaction embody the entire agreement and understanding of the parties
hereto with respect to the subject matter hereof and supersede all prior and
contemporaneous oral or written agreements, representations, warranties,
contracts, correspondence, conversations, memoranda and understandings between
or among the parties or any of their agents, representatives or affiliates
relative to such subject matter, including, without limitation, any term
sheets, emails or draft documents.

 

Section 3.3.           Assignment; Binding
Agreement.

 

This Agreement
and the various rights and obligations arising hereunder shall inure to the
benefit of and be binding upon the parties hereto and their successors and
assigns.

 

5

 

Section 3.4.           Counterparts.

 

This
Agreement may be executed in multiple counterparts, and on separate
counterparts, each of which shall be deemed an original, but all of which taken
together shall constitute one and the same instrument.  Any counterpart or other signature hereupon
delivered by facsimile shall be deemed for all purposes as constituting good
and valid execution and delivery of this Agreement by such party.

 

Section 3.5.           Remedies Cumulative.

 

Except
as otherwise provided herein, all rights and remedies of the parties under this
Agreement are cumulative and without prejudice to any other rights or remedies
available at law.

 

Section 3.6.           Governing Law.

 

This
Agreement shall in all respects be construed in accordance with and governed by
the substantive laws of the State of New York, without reference to its choice
of law rules.

 

Section 3.7.           No Third Party
Beneficiaries or Other Rights.

 

Nothing
herein shall grant to or create in any person not a party hereto, or any such
person’s dependents or heirs, any right to any benefits hereunder other than
the rights of Lazard Frères & Co. LLC and Lazard Capital Markets LLC
to rely on the representations of the Holder set forth herein, and no such
party (other than Lazard Frères & Co. LLC and Lazard Capital Markets
LLC) shall be entitled to sue any party to this Agreement with respect thereto.

 

Section 3.8.           Waiver; Consent.

 

This
Agreement may not be changed, amended, terminated, augmented, rescinded or
discharged (other than in accordance with its terms), in whole or in part,
except by a writing executed by the parties hereto.  No waiver of any of the provisions or
conditions of this Agreement or any of the rights of a party hereto shall be
effective or binding unless such waiver shall be in writing and signed by the
party claimed to have given or consented thereto.  Except to the extent otherwise agreed in
writing, no waiver of any term, condition or other provision of this Agreement,
or any breach thereof shall be deemed to be a waiver of any other term,
condition or provision or any breach thereof, or any subsequent breach of the
same term, condition or provision, nor shall any forbearance to seek a remedy
for any noncompliance or breach be deemed to be a waiver of a party’s rights
and remedies with respect to such noncompliance or breach.

 

Section 3.9.           Word Meanings.

 

The
words such as “herein”, “hereinafter”, “hereof”, and “hereunder” refer to this
Agreement as a whole and not merely to a subdivision in which such words appear

 

6

 

unless the context otherwise requires.  The singular shall include the plural, and
vice versa, unless the context otherwise requires.  The masculine shall include the feminine and
neuter, and vice versa, unless the context otherwise requires.  Neither party, nor its respective counsel,
shall be deemed the drafter of this Agreement for purposes of construing the
provisions of this Agreement, and all language in all parts of this Agreement
shall be construed in accordance with its fair meaning, and not strictly for or
against either party.

 

Section 3.10.        No Broker.

 

Holder
has not engaged any third party as broker or finder or incurred or become
obligated to pay any broker’s commission or finder’s fee in connection with the
Transaction contemplated by this Agreement other than such fees and expenses
for which it shall be solely responsible.

 

Section 3.11.        Further Assurances.

 

The
Holder and the Company each hereby agree to execute and deliver, or cause to be
executed and delivered, such other instructions, documents, instruments and
agreements, and take such other actions, as either party may reasonably request
in connection with the Transaction contemplated by this Agreement.

 

Section 3.12.        Costs and Expenses.

 

The
Holder and the Company shall each pay their own respective costs and expenses
incurred in connection with the negotiation, preparation, execution and
performance of this Agreement, including, but not limited to, attorneys’ fees.

 

Section 3.13.        Headings.

 

The
headings in this Agreement are for convenience of reference only and shall not
limit or otherwise affect the meaning hereof.

 

Section 3.14.        Severability.

 

If any
one or more of the provisions contained herein, or the application thereof in
any circumstance, is held invalid, illegal or unenforceable, the validity,
legality and enforceability of any such provision in every other respect and of
the remaining provisions contained herein shall not be affected or impaired
thereby.

 

[THE REMAINDER
OF THIS PAGE IS INTENTIONALLY LEFT BLANK.]

 

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IN
WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be
executed as of the date first above written.

 

	
   

  	
  THE COMPANY:

  
	
   

  	
   

  
	
   

  	
  PIER INTERNATIONAL
  LIMITED

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  HOLDER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  Address:

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