Duluth Trading Company Senior Vice President of IT & Logistics Offer Letter – Chris Teufel
Duluth Trading Company offers Chris Teufel the position of Senior Vice President of IT & Logistics, effective February 3, 2020, with an annual base salary of $325,000, paid bi-weekly and subject to standard deductions. Chris is also eligible for a bonus targeted at 50% of his base salary for fiscal year 2020, payable in spring 2021 if the company meets certain financial goals. The offer is accepted by Chris Teufel and outlines key compensation terms and the effective date of his promotion.
Exhibit 10.17
January 24, 2020
Dear Chris:
It is my pleasure to extend the following promotion to you on behalf of Duluth Trading Company.
Position Title: Senior Vice President of IT & Logistics
Effective Date: February 3, 2020
Base Salary: Your annual base salary will be $325,000 annual, which is paid bi-weekly and is subject to deductions for taxes and other withholdings that are required by law. Your salary will be reviewed for merit consideration in April of 2020.
Bonus: For Fiscal 2020, your bonus target is 50% of your base salary wages earned. You will be eligible for payout in the spring of 2021 and is contingent upon the Company meeting certain financial thresholds that are established annually.
I look to your continued contributions at Duluth Trading Company.
Sincerely,
/s/ Steve Schlecht
Steve Schlecht, CEO
Duluth Trading Company
ACCEPTED:
/s/ Christopher Teufel 1/24/2020
Chris Teufel Date
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