2007 Bonus Plan Letter Agreement between Bakers Footwear Group and Larry Spanley

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This letter from Bakers Footwear Group to Larry Spanley outlines the 2007 bonus plan. Larry's bonus is tied to the company's after-tax profit, with specific percentages of his cumulative salary awarded at various profit milestones. An additional bonus may be earned based on separate performance criteria. The bonus period covers February 2007 through January 2008, and Larry must be an active employee at the time of payment to qualify.

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EX-10.11 10 c13453exv10w11.htm LETTER TO LARRY SPANLEY exv10w11  

Exhibit 10.11
March 16, 2007
Larry Spanley
Dear Larry:
          [Introductory language regarding 2006 bonus results omitted. The Company undertakes to furnish a supplemental copy of such language to the Securities and Exchange Commission upon request.]
          The bonus plan for 2007 has been adjusted to reflect the goals for our company this coming year. Your bonus is based on the profit after-tax using a standard corporate tax rate.
             
15%
  of your cumulative salary if the company achieves an after-tax profit of   $ 750,000  
22.5%
  of your cumulative salary if the company achieves an after-tax profit of   $ 1,500,000  
30%
  of your cumulative salary if the company achieves an after-tax profit of   $ 2,500,000  
37.5%
  of your cumulative salary if the company achieves an after-tax profit of   $ 3,500,000  
50%
  of your cumulative salary if the company achieves an after-tax profit of   $ 5,000,000  
62.5%
  of your cumulative salary if the company achieves an after-tax profit of   $ 6,500,000  
75%
  of your cumulative salary if the company achieves an after-tax profit of   $ 8,000,000  
          In addition, you will earn 12.5% of your cumulative salary if, in my opinion, you have met the criteria outlined in a document to be provided to you separately.
          The bonus period will be the fiscal months of February 2007 through January 2008. You must be an active employee of Bakers Footwear Group at the time the bonus is paid to be eligible to receive your bonus.
          We are excited about the challenges and prospects in the coming year. We hope it is profitable for all of our shareholders and us.
         
  Sincerely,
 		  
  /s/ Peter Edison
 		  
  Peter Edison   
     
 
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