2008 Bonus Plan Letter Agreement between Bakers Footwear Group and Peter Edison

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This letter from Bakers Footwear Group outlines the 2008 bonus plan for Peter Edison. His bonus is tied to the company's Adjusted EBITDA performance, with specific payout percentages of his cumulative salary based on different financial targets. An additional bonus is available if he meets certain goals set by the Compensation Committee. The bonus period runs from February 2008 to January 2009, and Peter must be an active employee at the time of payment to qualify.

Read More Arrow
EX-10.4 3 exh10-4.htm

Exhibit 10.4

 


 

 

March 13, 2008

 

Peter Edison

 

Dear Peter:

 

The 2008 bonus plan reflects the goals for our company this coming year. Your bonus is based on Adjusted EBITDA (Earnings Before Income Tax Depreciation Amortization).

 

35.00%

of your cumulative salary if the company achieves Adjusted EBITDA of  $  9,300,000

42.50%

of your cumulative salary if the company achieves Adjusted EBITDA of  $10,400,000

57.50%

of your cumulative salary if the company achieves Adjusted EBITDA of  $11,500,000

85.83%

of your cumulative salary if the company achieves Adjusted EBITDA of  $12,500,000

99.17%

of your cumulative salary if the company achieves Adjusted EBITDA of  $13,500,000

112.50%

of your cumulative salary if the company achieves Adjusted EBITDA of  $14,500,000

 

In addition, you will earn 12.5% of your cumulative salary if, in the opinion of the Compensation Committee, you meet the goals outlined in the document provided to you separately.

 

A quarterly update will be sent in conjunction with our earnings announcement to update you on the performance of the company versus the bonus plan.

 

The 2008 bonus period covers the fiscal months of February 2008 through January 2009. 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 a good year for all of our shareholders and us.

 

 

Sincerely,

 

 

/s/ Andrew Baur

 

 

Andrew Baur

 

Chairman, Compensation Committee

 

ss

 

2815 Scott Avenue • Saint Louis, Missouri 63103 •  ###-###-#### • Fax ###-###-####