SUMMARY OF COMPENSATION TO OUR NAMED EXECUTIVE OFFICERS
Exhibit 10.25
SUMMARY OF COMPENSATION TO OUR NAMED EXECUTIVE OFFICERS
On February 20, 2006, after a review of performance, the Compensation Committee of the Board of Directors of Cabela’s Incorporated (“Cabela’s”) established fiscal 2006 base salaries and determined fiscal 2005 cash bonuses under Cabela’s Restated Bonus Plan (the “Plan”) for Cabela’s Named Executive Officers (as defined in Item 402(a)(3) of Reg. S-K).
Fiscal 2006 base salaries for Cabela’s Named Executive Officers are as follows:
| Name | Title | 2006 Base Salary | |||
| Dennis Highby | President and Chief Executive Officer | $ | 670,683 | ||
| Patrick A. Snyder | Senior Vice President of Merchandising | $ | 413,418 | ||
| Michael Callahan | Senior Vice President, Retail Operations and Marketing | $ | 413,418 | ||
| Ralph W. Castner | Vice President and Chief Financial Officer, and interim Chief Executive Officer of World’s Foremost Bank | $ | 322,144 | ||
| Brian J. Linneman | Vice President and Chief Operating Officer | $ | 263,609 | ||
| Fiscal 2005 cash bonuses for Cabela’s Named Executive officers under the Plan are as follows: | |||||
| Name | Title | 2005 Cash Bonus | |||
| Dennis Highby | President and Chief Executive Officer | $ | 1,650,000 | ||
| Patrick A. Snyder | Senior Vice President of Merchandising | $ | 500,000 | ||
| Michael Callahan | Senior Vice President, Retail Operations and Marketing | $ | 500,000 | ||
| Ralph W. Castner | Vice President and Chief Financial Officer, and interim Chief Executive Officer of World’s Foremost Bank | $ | 415,000 | ||
| Brian J. Linneman | Vice President and Chief Operating Officer | $ | 415,000 | ||
Each of Messrs. Highby, Snyder, Callahan, Castner, and Linneman are employed “at will.” Fiscal 2006 base salaries for Cabela’s Named Executive Officers will be effective March 19, 2006, and fiscal 2005 cash bonuses for Cabela’s Named Executive Officers will be payable on March 3, 2006.
Cabela’s Named Executive Officers are parties to respective Management Change of Control Severance Agreements with Cabela’s and are eligible to receive an annual bonus award pursuant to Cabela’s Restated Bonus Plan. Cabela’s Named Executive Officers also are eligible to participate in Cabela’s broad-based benefit plans, including health and life insurance programs, 401(k) Savings Plan, and Employee Stock Purchase Plan, to receive awards under Cabela’s 2004 Stock Plan, and to receive certain perquisites offered by Cabela’s, including discounted prices on merchandise.
Additional information regarding the compensation awarded to Cabela’s Named Executive Officers in respect of and during fiscal 2005 will be set forth in the sections titled “Summary Compensation Table” and “Options Granted in Last Fiscal Year” of the Proxy Statement for Cabela’s 2006 Annual Meeting of Shareholders (the “Proxy Statement”), which sections are incorporated herein by reference. The Proxy Statement is expected to be filed with the SEC in March 2006.
