2003 Bonus Letter Agreement between Bakers Footwear Group and Mark Ianni

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This letter from Bakers Footwear Group to Mark Ianni outlines the bonus structure for 2003. Mark 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, Mark must remain employed for the entire year. The maximum bonus is equal to 100% of his cumulative salary if the highest profit target is met. The agreement sets clear financial targets and conditions for bonus eligibility.

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EX-10.26 12 c80714a3exv10w26.txt LETTER TO MARK IANNI OUTLINING 2003 BONUS LEVELS EXHIBIT 10.26 March 5, 2003 Mark Ianni Dear Mark: 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 100% 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 66.7% of your cumulative salary if the company achieves a pre-tax profit of $7,500,000 83.3% of your cumulative salary if the company achieves a pre-tax profit of $8,500,000 100% 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