2003 Bonus 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 terms of his 2003 bonus. The bonus is based on the company's pre-tax profit for the year, with specific profit targets tied to increasing percentages of Joe's annual salary, up to a maximum of 50%. Joe must remain employed for the entire year to qualify. The agreement sets clear profit thresholds and corresponding bonus percentages, encouraging strong company performance.

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EX-10.28 14 c80714a3exv10w28.txt LETTER TO JOE VANDER PLUYM OUTLINING 2003 BONUS EXHIBIT 10.28 March 5, 2003 Joe Vander Pluym Dear Joe: 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 50% 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: 5% of your cumulative salary if the company achieves a pre-tax profit of $4,000,000 10% of your cumulative salary if the company achieves a pre-tax profit of $4,250,000 15% of your cumulative salary if the company achieves a pre-tax profit of $4,500,000 20% of your cumulative salary if the company achieves a pre-tax profit of $5,000,000 25% of your cumulative salary if the company achieves a pre-tax profit of $5,500,000 33.3% of your cumulative salary if the company achieves a pre-tax profit of $7,500,000 41.7% of your cumulative salary if the company achieves a pre-tax profit of $8,500,000 50% 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