Exhibit 99.2
CEO Employment Term Sheet
This term sheet summarizes the principal terms and conditions of the proposed employment of Robert J. Riesbeck (“Executive”) by Pier 1 Imports, Inc., through its subsidiary, Pier 1 Services Company (together, the “Company”), as its Chief Executive Officer effective upon the close of business, November 4, 2019.
| |
Position | Chief Executive Officer and Chief Financial Officer (service as Chief Financial Officer to continue until a replacement is elected by the Board) |
Office Location | Company Headquarters, Fort Worth, Texas |
Duties and Reporting Relationship | Duties commensurate with position description |
Base Salary | $1,250,000 per year, subject to annual review by the Compensation Committee. |
Promotion Bonus | $500,000 payable immediately; 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 the promotion date pursuant to the Promotion 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 | No change from initial hire |
Future Equity Awards | No change from initial hire |
Executive Agreement | No change from initial hire |
| |
Non-Compete, Non- Solicitation and Non- Disclosure | No change from initial hire |
Group Insurance Plan | No change from initial hire |
Stock Purchase Plan | No change from initial hire |
Deferred Compensation Plan | No change from initial hire |
40l(k) Retirement Plan | No change from initial hire |
Relocation Payment | No change from initial hire |
Reimbursement of Business Expenses | No change from initial hire |
Indemnification | No change from initial hire |
D&O Insurance | No change from initial hire |
Merchandise Discount | No change from initial hire |
