July 12, 2019
Mr. Robert J. Riesbeck
Via electronic mail
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 Executive Vice President, Chief Financial Officer, in Fort Worth, Texas, effective on or before August 5, 2019 (Start Date) based on mutual agreement and pursuant to the terms of the Employment Term Sheet attached hereto as Exhibit A and made a part hereof. The position reports directly to the Interim Chief Executive Officer at a starting base salary of $700,000 per year ($26,923.08 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 Companys approval and approval of the Employment Term Sheet by the Compensation Committee and 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 Companys offer of employment, then please sign where indicated below to acknowledge your acceptance and return a copy to me.
Pier 1 Services Company
By: Pier 1 Holdings, Inc., its managing trustee
| || |
|By: || || |
/s/ Christine Murray
| || ||Christine Murray, Executive V.P. Human Resources|
| || ||and Chief Human Resources Officer|
| || || || |
/s/ Robert J. Riesbeck
| || || ||7/13/2019|
|Robert J. Riesbeck || || || ||Date|
cc: Cheryl Bachelder