2003 Bonus 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 terms of his 2003 bonus. The bonus is based on the company's pre-tax profit for the fiscal year January to December 2003. To qualify, Larry must remain employed for the full year. The bonus amount is a percentage of his cumulative salary, increasing as company profits rise, with a maximum bonus of 50% of his salary if pre-tax profits reach $9.5 million. The agreement sets clear profit targets and corresponding bonus percentages.

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EX-10.29 15 c80714a3exv10w29.txt LETTER TO LARRY SPANLEY OUTLINING 2003 BONUS EXHIBIT 10.29 March 5, 2003 Larry Spanley Dear Larry: 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