2011 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 2011 bonus plan for Peter Edison. His bonus is tied to the company's pre-tax profit for the year, with specific percentages of his 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 2011 to January 2012, and Peter must be an active employee when the bonus is paid to qualify.

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EX-10.8 2 c63825exv10w8.htm EX-10.8 exv10w8
Exhibit 10.8
March 16, 2011
Peter Edison
Dear Peter:
     The 2011 bonus plan reflects the goals for our company this coming year. Your bonus is based on pre-tax profit for the company in 2011.
                 
  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  
  57.50 %  
of your cumulative salary if the company achieves a pre-tax profit of
   $ 2,000,000  
  85.83 %  
of your cumulative salary if the company achieves a pre-tax profit of
   $ 3,000,000  
  99.17 %  
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 2011 bonus period covers the fiscal months of February 2011 through January 2012. 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,    
 
        
 
  /s/ Timothy Finley
 

Timothy Finley 		   
 
  Chairman, Compensation Committee    
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