Eddie Bauer Retention Bonus Agreement with Kathy Boyer (March 2007)

Contract Categories: Human Resources › Retention Agreements
Summary

Eddie Bauer offers Kathy Boyer, SVP and Chief Merchandising Officer, a $100,000 retention bonus to be paid over 10 months in three installments, provided she remains actively employed at the company on each payment date. The bonus recognizes her key role as the company transitions to a stand-alone entity. Participation in this program is confidential and limited to select individuals. Payments are subject to CEO approval.

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EX-10.3 4 v30261exv10w3.htm EXHIBIT 10.3 exv10w3  

Exhibit 10.3
March 5, 2007
Kathy Boyer
SVP, Chief Merchandising Officer
Dear Kathy:
As we move forward as a stand-alone company, your leadership and focus on the business is essential. To that end, I am pleased to offer you a retention bonus of $100,000. This bonus is in recognition of the key role you will play in our future success.
We will pay this Retention Bonus over the course of the next 10 months. Please see the table below for your payment schedule.
                 
Payment Date   Percentage of Bonus     Payout  
April 6, 2007
     25 %   $ 25,000  
September 7, 2007
     45 %   $ 45,000  
January 25, 2008
     30 %   $ 30,000  
 
                
Total
     100 %   $ 100,000  
 
                
Each payment above will be paid to you when deemed earned by the CEO. You must be actively employed with Eddie Bauer on the date of payout to receive your bonus payments.
Please note that only a very limited number of individuals have been selected to participate in this program, it is imperative and expected that you keep your participation confidential. If you have any questions on this program, please contact Shannon Brown or Stacey Ragsdale.
Thank you for your continued commitment and leadership to the company and to the Brand.
Sincerely,
/s/ Howard Gross
Howard Gross