2008 Bonus Plan Agreement between Bakers Footwear Group and Joe Vander Pluym

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This agreement outlines the 2008 bonus plan for Joe Vander Pluym, an employee of Bakers Footwear Group. The bonus is tied to the company's Adjusted EBITDA performance, with increasing percentages of Joe's cumulative salary awarded as the company meets higher financial targets. An additional bonus is available if Joe meets specific goals set by the Compensation Committee. The bonus period runs from February 2008 through January 2009, and Joe must be an active employee at the time of payment to qualify.

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EX-10.7 7 exh10-7.htm

Exhibit 10.7

 


 

 

March 13, 2008

 

Joe Vander Pluym

 

Dear Joe:

 

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).

 

15%

of your cumulative salary if the company achieves Adjusted EBITDA of  $  7,300,000

22.5%

of your cumulative salary if the company achieves Adjusted EBITDA of  $  8,300,000

30%

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

37.5%

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

50%

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

62.5%

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

75%

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

87.5%

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/ Peter Edison

 

 

Peter Edison

 

ss

 

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