2003 Bonus Letter Agreement between Bakers Footwear Group and Michele Bergerac

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This letter from Bakers Footwear Group to Michele Bergerac outlines the terms of her 2003 bonus. Michele is eligible for a bonus based on the company's pre-tax profit for the year, with specific bonus percentages tied to profit milestones. To receive the bonus, she must remain employed for the entire year. The maximum bonus is 114.3% of her annual salary if the highest profit target is met. The agreement sets clear profit thresholds and corresponding bonus amounts for the 2003 fiscal year.

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EX-10.25 11 c80714a3exv10w25.txt LETTER TO MICHELE BERGERAC OUTLINING 2003 BONUS EXHIBIT 10.25 March 5, 2003 Michele Bergerac Dear Michele: The full year 2002 results ended with a pre-tax profit of $4,109,882. Unfortunately, this was well below the lowest level where bonus is paid in our 2002 bonus program. I have adjusted the bonus levels as follows for 2003 in accordance with our new plans. The bonus period will be the fiscal months of January 2003 through December 2003. You must be an employee of Bakers Footwear Group for the full year to earn your bonus. Your maximum bonus will be 114.3% of your cumulative salary for this time period. Your bonus will be earned based on the pre-tax profit (adding back depreciation and bonus) as follows: 10% of your cumulative salary if the company achieves a pre-tax profit of $4,000,000 20% of your cumulative salary if the company achieves a pre-tax profit of $4,250,000 30% of your cumulative salary if the company achieves a pre-tax profit of $4,500,000 40% of your cumulative salary if the company achieves a pre-tax profit of $5,000,000 50% of your cumulative salary if the company achieves a pre-tax profit of $5,500,000 71.4% of your cumulative salary if the company achieves a pre-tax profit of $7,500,000 92.7% of your cumulative salary if the company achieves a pre-tax profit of $8,500,000 114.3% of your cumulative salary if the company achieves a pre-tax profit of $9,500,000
Needless to say, we are looking for a strong rebound in profits and bonus for everyone. Thank you for all your hard work and commitment. Sincerely, Peter Edison ss