Pier 1 Announces Employment Inducement Award Pursuant to NYSE Rule 303A.08

Pier 1 Imports, Inc. PIR today announced that Donna Noce Colaco has joined the Company as Executive Vice President and Chief Customer Officer, effective December 3, 2018.

Pursuant to the terms of her employment, on December 3, 2018, Ms. Colaco received a one-time award of restricted stock having a value of $600,000. The award consists of 384,615 shares, based on the 30-day trailing average of the closing price of Pier 1 Imports, Inc. common stock as of December 3, 2018. The shares will vest in equal annual installments on the second and third anniversaries of the grant date, subject to Ms. Colaco's continued employment with the Company. These shares have been granted in reliance on the employment inducement exception to shareholder approval provided under New York Stock Exchange Listing Rule 303A.08.

The award to Ms. Colaco contains "double-trigger" provisions that will cause the shares to vest following a change in control of the Company if the awards are not assumed or equitably converted by the successor company, or if assumed or equitably converted and Ms. Colaco's employment is terminated without "cause" or she resigns for "good reason" (as such terms are defined in the Restricted Stock Award Agreement dated December 3, 2018 between Ms. Colaco and the Company) within one year of the change in control.

About Pier 1

Pier 1 Imports is proud to offer one-of-a-kind-gotta-have-it-seriously-love-it products that help our customers tell their stories through home décor. Over the past 50 years we've grown from a single store to an omni-channel retailer reaching the whole of North America. Our customers shop us online and in store, and interact with us on social media. From the launch of our Pier 1 PICKS to our world renowned Papasan, we bring uniqueness and fun to the world of home décor. We are the perfect place for all your versions of "This is me." To get inspired or simply get to know us a little better, visit pier1.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20181203005737/en/