2011 Bonus Plan Letter Agreement between Bakers Footwear Group and Joe VanderPluym
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Summary
This letter from Bakers Footwear Group to Joe VanderPluym outlines the 2011 bonus plan. Joe's 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. To receive any bonus, Joe must be an active employee when the bonus is paid. The plan covers February 2011 through January 2012.
EX-10.9 3 c63825exv10w9.htm EX-10.9 exv10w9
Exhibit 10.9
March 16, 2011
Joe VanderPluym
Dear Joe:
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.
| 30.00 | % | of your cumulative salary if the company achieves a pre-tax profit of | $ | 1 | ||||
| 37.50 | % | 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 2011 bonus period covers the fiscal months of February 2011 through January 2011. 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/ Peter Edison Peter Edison |
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