Offer Letter for Promotion to Senior Vice President at Duluth Trading Company – Ricker Schlecht
Duluth Trading Company has offered Ricker Schlecht a promotion to Senior Vice President of Product Development, Visual Merchandising and Creative, effective February 3, 2020. The position includes an annual base salary of $300,000, paid bi-weekly, with a merit review in April 2020. For fiscal year 2020, Ricker is eligible for a bonus target of 50% of base salary, payable in spring 2021 if the company meets certain financial goals. The letter is signed by CEO Steve Schlecht and accepted by Ricker Schlecht.
Exhibit 10.19
January 24, 2020
Dear Ricker:
It is my pleasure to extend the following promotion to you on behalf of Duluth Trading Company.
Position Title: Senior Vice President of Product Development, Visual Merchandising and Creative
Effective Date: February 3, 2020
Base Salary: Your annual base salary will be $300,000 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/ Ricker Schlecht 1/24/2020
Ricker Schlecht Date
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