2004 Bonus Plan Letter Agreement between Bakers Footwear Group and Joe Vander Pluym

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This letter from Bakers Footwear Group to Joe Vander Pluym outlines the bonus payments for 2003 and sets the bonus structure for 2004. Joe receives a bonus for 2003 based on the company's pre-tax profit. For 2004, his bonus will depend on the company's after-tax profit, with specific percentages of his salary awarded at various profit milestones. To receive the bonus, Joe must be an active employee when bonuses are paid. The agreement covers the period from January to December 2004.

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EX-10.37 17 c83898exv10w37.txt LETTER OUTLINING 2004 BONUS LEVELS Exhibit 10.37 [LOGO] March 1, 2004 Joe Vander Pluym Dear Joe: The full year 2003 results ended with a pre-tax profit of $5,769,150. This allows the company to pay the 25% bonus level which was the $5,500,000 pre-tax level. Enclosed is a check representing your bonus for 2003. We are thrilled to be able to share the success of the company's recent performance with you in this way. The bonus plan for 2004 has been adjusted to reflect the goals for the company now that we have raised additional capital and become a public entity. Your bonus will be based on the profit after-tax using a standard corporate tax rate. 5% of your cumulative salary if the company achieves an after-tax profit of $1,066,000 10% of your cumulative salary if the company achieves an after-tax profit of $1,566,000 15% of your cumulative salary if the company achieves an after-tax profit of $2,066,000 20% of your cumulative salary if the company achieves an after-tax profit of $2,566,000 25% of your cumulative salary if the company achieves an after-tax profit of $3,066,000 33.3% of your cumulative salary if the company achieves an after-tax profit of $3,766,000 41.7% of your cumulative salary if the company achieves an after-tax profit of $4,666,000 50% of your cumulative salary if the company achieves an after-tax profit of $5,666,000
The bonus period will be the fiscal months of January 2004 through December 2004. You must be an active employee of Bakers Footwear Group at the time bonuses are paid to be eligible to receive your bonus. We are excited about the challenges and prospects in the coming year. We hope it's profitable for all of us and our shareholders. Sincerely, /s/ Peter Edison Peter Edison 2815 Scott Avenue-Saint Louis, Missouri 63103 ###-###-####-Fax ###-###-####