2012 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 the 2012 bonus plan. Joe's bonus is tied to the company's pre-tax profit for the year, with specific percentages of his cumulative salary awarded at various profit milestones. An additional bonus is possible if he meets certain goals and the company is profitable. The bonus period runs from February 2012 to January 2013, and Joe must be an active employee when the bonus is paid to qualify.

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EX-10.5 4 exhibit10_5.htm exhibit10_5.htm

Exhibit 10.5

April 17, 2012

JoeVanderPluym


Dear Joe:

The 2012 bonus plan reflects the goals for our company this coming year.  Your bonus is based on pre-tax profit for the company in 2012.

35.00%
  of your cumulative salary if the company achieves a pre-tax profit of
$               1
42.50%
  of your cumulative salary if the company achieves a pre-tax profit of
$1,000,000
50.00%
  of your cumulative salary if the company achieves a pre-tax profit of
$2,000,000
62.50%
  of your cumulative salary if the company achieves a pre-tax profit of
$3,000,000
75.00%
  of your cumulative salary if the company achieves a pre-tax profit of
$4,000,000

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 and the company makes a pre-tax profit of at least $1.

I will send a quarterly update in conjunction with our earnings announcement to update you on the performance of the company versus the bonus plan.

The 2012 bonus period covers the fiscal months of February 2012 through January 2013.  You must be an active employee of Bakers Footwear Group at the time the bonus is paid to be eligible to receive your bonus.

Sincerely,




Peter Edison

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