2006 Bonus Plan 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 his 2006 bonus plan. The bonus is tied to the company's after-tax profit, with specific percentages of his cumulative salary awarded at various profit milestones. An additional bonus may be earned based on meeting certain criteria. The bonus period covers February 2006 through January 2007, and Joe must be an active employee when bonuses are paid to qualify.

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EX-10.10 9 c03631exv10w10.htm LETTER TO JOE VANDER PLUYM OUTLINING 2006 BONUS LEVELS exv10w10  

Exhibit 10.10
March 14, 2006
Joe Vander Pluym
Dear Joe:
     [Introductory language regarding 2005 results, omitted. The Company undertakes to furnish a supplemental copy of such language to the Securities and Exchange Commission upon request.]
     The bonus plan for 2006 is based on the profit after-tax using a standard corporate tax rate.
             
15%
  of your cumulative salary if the company achieves an after-tax profit of   $ 3,000,000  
22.5%
  of your cumulative salary if the company achieves an after-tax profit of   $ 4,000,000  
30%
  of your cumulative salary if the company achieves an after-tax profit of   $ 5,500,000  
37.5%
  of your cumulative salary if the company achieves an after-tax profit of   $ 6,955,000  
50%
  of your cumulative salary if the company achieves an after-tax profit of   $ 8,375,000  
62.5%
  of your cumulative salary if the company achieves an after-tax profit of   $ 9,700,000  
75%
  of your cumulative salary if the company achieves an after-tax profit of   $ 11,000,000  
     In addition, you will earn 12.5% of your cumulative salary if, in my opinion, you have met the criteria outlined on the attached.
     The bonus period will be the fiscal months of February 2006 through January 2007. You must be an active employee of Bakers Footwear Group at the time bonuses are paid to be eligible to receive your bonus.
     We are excited about our business in the coming year. We hope it is profitable for all of our shareholders and us.
     
 
  Sincerely,
 
    
 
  /s/ Peter Edison
 
    
 
  Peter Edison
ss
[Attachment, regarding 2006 goals and objectives, omitted. The Company undertakes to furnish a supplemental copy of such attachment to the Securities and Exchange Commission upon request.]