2011 Bonus Plan Letter Agreement between Bakers Footwear Group and Stan Tusman

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This letter from Bakers Footwear Group to Stan Tusman outlines the 2011 bonus plan, which ties Stan's bonus to the company's pre-tax profit for the year. Depending on the profit achieved, Stan can earn a bonus ranging from 30% to 75% of his cumulative salary, with additional potential for a 12.5% bonus if specific goals are met and the company is profitable. Stan must be an active employee when the bonus is paid to qualify. The bonus period covers February 2011 through January 2012.

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EX-10.11 5 c63825exv10w11.htm EX-10.11 exv10w11
Exhibit 10.11
March 16, 2011
Stan Tusman
Dear Stan:
     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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