Document:

Exhibit 10.8.2

 

SECOND AMENDMENT TO PIER 1 IMPORTS, INC.

STOCK PURCHASE PLAN

 

WHEREAS, the Pier 1 Imports, Inc. Stock Purchase Plan
(the “Plan”) was established in 1980 and was most recently amended and restated
on June 20, 2008; and

 

WHEREAS, the Plan was amended by an Amendment to Pier 1
Imports, Inc. Stock Purchase Plan effective as of March 28, 2009;

 

NOW THEREFORE:

 

A.                                   Subsection g.
of Article XII of the Plan is replaced with the following:

 

“g.
“Common Stock” shall mean shares of common stock, par value $0.001 per share,
of Pier 1 Imports, Inc.”

 

B.                                     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.

 

Signed
effective as of July 14, 2009.

 

 

	
   

  	
  Pier
  1 Imports, Inc.,

  
	
   

  	
  a
  Delaware corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Gregory
  S. Humenesky

  
	
   

  	
   

  	
  Executive
  Vice PresidentExhibit 10.11.6

 

SECOND
AMENDMENT TO PIER 1 IMPORTS, INC.

2006 STOCK INCENTIVE PLAN (OMNIBUS PLAN)

RESTATED AS AMENDED THROUGH MARCH 25, 2008

 

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 restated as amended through March 25,
2008;

 

WHEREAS, the Plan was amended by a First Amendment
effective December 15, 2008;

 

NOW, THEREFORE, the Plan is amended as
follows:

 

1.                                       Subsection (f) of
Paragraph II of the Plan is replaced with the following:

 

“(f)                              “Common
Stock” means the common stock, par value $0.001 per share,
of the Company or any security into which such common stock may be changed by
reason of any transaction or event of the type described in Paragraph XII.”

 

2.                                       Subsection (p) of
Paragraph II of the Plan is replaced with the following:

 

“(p)                           “Fair
Market Value” of the Common Stock on any date means the closing
sale price per share (or if no closing sale price is reported, the average of
the bid and ask prices or, if more than one in either case, the average of the
average bid and the average ask prices) on that date as reported in the
composite transactions table for the principal U.S. national or regional
securities exchange on which the Common Stock is listed for trading. The Fair
Market Value will be determined without reference to after-hours or extended
market trading. If the Common Stock is not listed for trading on a U.S.
national or regional securities exchange on the relevant date, then the “Fair
Market Value” of the Common Stock will be the average of the bid and ask prices
(or, if more than one in either case, the average of the average bid and the
average ask prices) for the Common Stock in the over-the-counter market on the
relevant date as reported by Pink OTC Markets Inc. or similar organization. If
the Common Stock is not so quoted, the “Fair Market Value” of the Common Stock
will be such other amount as the Committee may ascertain reasonably to
represent such “Fair Market Value.” All such determinations of “Fair Market
Value” shall be in accordance with the requirements of Treasury Regulation
section 1.409A-1(b)(5)(iv), or its successor.

 

3.                                       The first
sentence of subsection (b) of Paragraph IX of the Plan is replaced with
the following:

 

“To
comply with section 162(m) of the Code for any Performance Award granted
to a “covered employee” [within the meaning of Treasury Regulation section
1.162-27 (c)(2)], the Committee shall establish the Performance Measures
applicable to a Performance Award either (i) prior to the beginning of the
performance period or (ii) within ninety (90) days after the beginning of
the performance period if the outcome of the performance targets is
substantially uncertain at the time such targets are established, but not later
than the date that twenty-five percent (25%) of the performance period has
elapsed.”

 

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 August 17,
2009.

 

	
   

  	
  PIER 1 IMPORTS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Michael
  A. Carter

  
	
   

  	
   

  	
  Senior
  V.P. and General Counsel,

  
	
   

  	
   

  	
  SecretaryExhibit 10.1

 

MODIFICATION
LETTER

 

In consideration of your
continued employment at Bed Bath & Beyond Inc. and/or its subsidiaries
(collectively, “BBB”), and for other good and valuable consideration, the
sufficiency of which is acknowledged, this Modification Letter shall evidence
your consent to modify your existing non-solicitation and non-competition
Agreement with BBB (with such Agreement, as modified by this Modification
letter, being hereinafter referred to as the “Agreement”) as follows:

 

1. With respect to those
portions of the Agreement regarding non-competition with BBB after your
employment at BBB ends, the terms “direct competitor” of BBB, an entity which
is “deemed competitive” with BBB, or an entity which is “competitive with the
business” of BBB shall be deemed to include:

 

	
  (i)

  	
  any retail store
  which utilizes (or intends to utilize) more than 30% of the selling space of
  the store for the sale of any combination of: giftware; housewares; linens
  and domestics; home furnishings; and/or health and beauty care products; and/
  or products for infants and young children (including, without limitation,
  cribs and juvenile furniture, toys and games, infant’s and young children’s
  clothing, strollers, car seats, carriers, bedding, bath and safety accessories,
  and feeding and eating accessories); and/or

  
	
  (ii)

  	
  any
  non-traditional retail format (such as, but not limited to, any on-line,
  internet, catalog or television format) which allocates (or intends to
  allocate) more than 30% of such format’s listing space or time slots to the
  sale of any combination of: giftware; housewares; linens and domestics; home
  furnishings; and/or health and beauty care products; and/or products for
  infants and young children (including, without limitation, cribs and juvenile
  furniture, toys and games, infant’s and young children’s clothing, strollers,
  car seats, carriers, bedding, bath and safety accessories, and feeding and
  eating accessories).

  

 

2. The terms of the
Agreement, as modified by this Modification Letter, shall be governed by the
laws of the State of New Jersey.

 

Except as set forth in
this Modification Letter, the terms and conditions of the Agreement regarding
non-competition with BBB shall remain unmodified and in full force and effect.
To the extent of a conflict between the terms of this Modification Letter and
the terms of your existing Agreement, the terms of this Modification Letter
shall govern and control.

 

Accepted and Agreed to

this       day
of                           :

 

 

	
   

  	
   

  
	
  Signature

  	
   

  
	
   

  	
   

  
	
  Print Name:

  	
   

  	
   

  
			

 

1Exhibit 10.1

 

LOAN CONSOLIDATION AGREEMENT

 

THIS LOAN CONSOLIDATION AGREEMENT (this “Agreement”)
is made and entered into as of, but not necessarily on, the 1st day of October,
2009, by and between Arkanova Acquisition
Corporation, a Delaware corporation (the “Company”),
and Aton Select Funds Limited (the “Investor”).

 

 

Background

 

A.                                   The Company is
currently indebted to the Investor in the principal amount of Ten Million
Twelve Thousand Five Hundred and No/100 United States Dollars (US
$10,012,500.00) under the following described promissory notes (collectively,
the “Existing Notes”):

 

(i)                                     Promissory Note from the
Company to Aton Select Fund Limited dated September 3, 2008, in the
original principal amount of Nine Million and No/100 United States Dollars (US
$9,000,000.00);

 

(ii)                                  Promissory Note from the
Company to Aton Select Fund Limited dated April 29, 2009, in the original
principal amount of Six Hundred Thousand and No/100 United States Dollars (US
$600,000); and

 

(iii)                               Promissory Note from the
Company to Aton Select Fund Limited dated April 14, 2009, in the original
principal amount of Four Hundred Twelve Thousand Five Hundred and No/100 United
States Dollars (US $412,500).

 

B.                                     The Company has
requested that the Investor loan an additional One Million One Hundred
Sixty-Eight Thousand Seven Hundred Twenty-Nine and 17/100 United States Dollars
(US $1,168,729.17) (the “Additional Loan Amount”)
and consolidate the outstanding principal balances under the Existing Notes and
the Additional Loan Amount into one new promissory note in the principal amount
of Twelve Million and No/100 United States Dollars (US $12,000,000.00) (the “New Note”), and the Investor has agreed to such new loan and
consolidation of the Existing Notes on the following terms and conditions.

 

Terms and
Conditions

 

In consideration of the
mutual promises made herein and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

 

1.                                       New Loan
Documents.  The Company
and the Investor shall enter into new loan documents in the substantially the
form of the Note Purchase Agreement, Secured Promissory Note, Pledge Agreement
and Guaranty Agreement attached hereto as Annexes “A,” “B,” “C’” and “D”
attached hereto and incorporated herein reference for all purposes (the “New
Loan Documents”).  The New Loan Documents
shall provide for the consolidation and cancellation of the Existing Notes and
the loan of the Additional Loan Amount under a new Secured Promissory Note on
the terms set forth therein, which new Secured Promissory Note will be secured
by a pledge of all of the membership interests of the Company’s wholly owned
subsidiary, Provident Energy Associates of Montana, LLC, a Montana limited
liability 

 

 

company, and the guaranty of
the indebtedness set forth therein by the Company’s parent Corporation,
Arkanova Energy Corporation (“AEC”). 
Interest on the Existing Notes shall be paid in full in unregistered
shares of the common stock of AEC at the time of the signing of the New Loan
Documents on the terms set forth therein. 
At the time of signing of the new Secured Promissory Note and the
issuance of shares of AEC in payment of the accrued interest thereunder, the
Existing Notes shall be deemed cancelled and consolidated into the new Secured
Promissory Note.

 

2.                                       General Provisions.  The following general terms and provisions
shall apply to this Agreement:

 

(a)                                  Amendment.  This Agreement may not be modified, altered,
amended, or terminated except by the mutual written agreement of the parties
hereto.

 

(b)                                 Severability.  If a court of competent jurisdiction
determines that any provision contained in this Agreement is void, illegal or
unenforceable, the other provisions shall remain in full force and effect and
the provision held to be void, illegal or unenforceable shall be limited so
that it shall remain in effect to the extent permissible by law.

 

(c)                                  Choice of Law
and Venue.  THIS
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF TEXAS.  ANY LITIGATION, SPECIAL
PROCEEDING OR OTHER PROCEEDING AS BETWEEN THE PARTIES THAT MAY BE BROUGHT,
OR ARISE OUT OF, IN CONNECTION WITH OR BY REASON OF THIS AGREEMENT SHALL BE
BROUGHT IN THE APPLICABLE FEDERAL OR STATE COURT IN AND FOR HARRIS COUNTY,
TEXAS, WHICH COURTS SHALL BE THE EXCLUSIVE COURTS OF JURISDICTION AND VENUE.

 

(d)                                 Preparation of Agreement.  Each party to this Agreement acknowledges
that:  (i) the party had the advice
of, or sufficient opportunity to obtain the advice of, legal counsel separate
and independent of legal counsel for any other party hereto; (ii) the
terms of the transactions contemplated by this Agreement are fair and
reasonable to such party; and (iii) such party has voluntarily entered into the
transactions contemplated by this Agreement without duress or coercion.  Each party further acknowledges that such
party was not represented by the legal counsel of any other party hereto in
connection with the transactions contemplated by this Agreement, nor was he or
it under any belief or understanding that such legal counsel was representing
his or its interests.  Each party agrees
that no conflict, omission or ambiguity in this Agreement, or the
interpretation thereof, shall be presumed, implied or otherwise construed
against any other party to this Agreement on the basis that such party was
responsible for drafting this Agreement.

 

(e)                                  Nonwaiver.  Unless otherwise expressly provided herein,
no waiver by a party of any provision hereof shall be deemed to have been made
unless expressed in writing and signed by the other party.  No delay or omission in the exercise of any
right or remedy accruing to a party upon any breach under this Agreement by the
other party shall impair such right or remedy or be construed as a waiver of
any such breach theretofore or thereafter occurring.  The waiver by a party of any breach of any
term, covenant or condition herein stated shall not be deemed to be a waiver of
any other breach, or of a subsequent breach of the same or any other term,
covenant or condition herein contained.

 

(f)                                    Entire
Agreement.  This
Agreement sets forth the entire understanding of the parties with respect to
the subject matter hereof and supersedes all prior or contemporaneous 

 

2

 

representations,
understandings and agreements, oral or written, made between the parties
effecting the subject matter hereof, and all such prior or contemporaneous
representations, understandings and agreements are hereby terminated.

 

(g)                                 Parties Bound.  This Agreement shall be binding upon and
inure to the benefit of the parties and their respective successors, assigns,
heirs and personal representatives.

 

(h)                                 Counterpart
Execution.  This
Agreement may be executed in two or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute but one and the
same instrument.

 

Signatures

 

To evidence the binding effect of the foregoing terms and condition,
the parties have executed and delivered this Agreement as of, but not
necessarily on, the date first above written.

 

 

	
   

  	
  ARKANOVA
  ACQUISITION CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/Pierre
  Mulacek

  
	
   

  	
   

  	
  Pierre Mulacek, President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ATON
  SELECT FUNDS LIMITED

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/David
  Dawes

  
	
   

  	
   

  	
  David Dawes,
  Director

  

 

3

 

ANNEX
“A”

 

Note Purchase Agreement

 

Attached

 

4

 

ANNEX
“B”

 

Secured Promissory Note

 

Attached

 

5

 

ANNEX
“C”

 

Pledge Agreement

 

Attached

 

6

 

ANNEX
“D”

 

Guarantyton Agreement

 

Attached

 

7

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