Pre-Paid Retention Program
Retention Bonus Repayment Agreement
February 12, 2020
By signing this Retention Bonus Repayment Agreement (Agreement) below, I, , acknowledge that, as further consideration for my continued employment with Pier 1 Services Company, a Delaware statutory trust, or any of its subsidiaries or affiliates (collectively, Pier 1), I am being offered a one-time cash award bonus in the amount of $ (Retention Bonus), under the following terms and conditions.
The Retention Bonus will be paid through payroll on or before February 14, 2020, subject to all applicable deductions and withholdings. My right to receive the Retention Bonus payment is contingent upon my active employment with Pier 1 at the time of payment. Additionally, to be eligible to retain the Retention Bonus, I must satisfactorily perform the tasks and responsibilities that are assigned to me through the Retention Date (as defined below).
In consideration of Pier 1s payment of the Retention Bonus, I hereby agree as follows:
If, on or before February 14, 2021 (the Retention Date), I terminate my employment with Pier 1 without Good Reason, or my employment is terminated by Pier 1 for Cause (each, as defined in that certain Executive Agreement by and between Pier 1 Imports, Inc. and me), I agree that, within ten (10) business days of the separation of my employment from Pier 1, I will repay the entire Retention Bonus amount to Pier 1. I further agree that I will make my repayment to Pier 1 in the form of a check or money order made payable to Pier 1 Imports, Inc.
In the event I am obligated to repay or reimburse Pier 1 for any portion of the Retention Bonus as provided in this Agreement, I authorize Pier 1 to deduct any portion of the Retention Bonus which I am obligated to repay or reimburse from any wages due and owing to me, including, but not limited to, my final paycheck. I understand and agree that, if such monies are not sufficient to repay the full amount I owe, I will remain obligated to reimburse or pay the balance to Pier 1.
I understand that this Agreement does not constitute a contract of employment or a guarantee of employment for any length of time, through the Retention Date or otherwise. Except where expressly superseded by state law, Pier 1 is an at-will employer and reserves the right to terminate the employment of any employee for any or no reason, with or without past record of corrective action. Any employee also has the right to terminate his or her employment with Pier 1 for any or no reason and at any time.