2009 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 2009 bonus plan. Joe's bonus is tied to the company's Adjusted EBITDA performance, with specific bonus percentages of his cumulative salary awarded at various financial milestones. An additional bonus is available if he meets certain personal goals and the company achieves at least $8 million in Adjusted EBITDA. The bonus period runs from February 2009 through January 2010, and Joe must be an active employee at the time of payment to qualify.

View More
EX-10.6 5 exh10-6.htm VANDER PLUYM LETTER OUTLINING 2009 BONUS LEVELS

Exhibit 10.6

 

 

 

 

 

 

March 17, 2009

 

Joe Vander Pluym

 

Dear Joe:

 

The 2009 bonus plan reflects the goals for our company this coming year. Your bonus is based on Adjusted EBITDA (Earnings Before Income Tax Depreciation Amortization), as reported to our sub-debt lenders.

 

7.50%

of your cumulative salary if the company achieves Adjusted EBITDA of

$  8,000,000

15.00%

of your cumulative salary if the company achieves Adjusted EBITDA of

$  8,800,000

22.50%

of your cumulative salary if the company achieves Adjusted EBITDA of

$  9,600,000

30.00%

of your cumulative salary if the company achieves Adjusted EBITDA of

$10,400,000

37.50%

of your cumulative salary if the company achieves Adjusted EBITDA of

$11,100,000

50.00%

of your cumulative salary if the company achieves Adjusted EBITDA of

$12,100,000

62.50%

of your cumulative salary if the company achieves Adjusted EBITDA of

$13,100,000

75.00%

of your cumulative salary if the company achieves Adjusted EBITDA of

$14,100,000

 

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 achieves at least $8 million in adjusted EBITDA.

 

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 2009 bonus period covers the fiscal months of February 2009 through January 2010. You must be an active employee of Bakers Footwear Group at the time the bonus is paid to be eligible to receive your bonus.

 

I am hopeful that we will make some bonus this year!

 

Sincerely,

 

/s/ Peter Edison

 

Peter Edison