Gymboree Corporation Annual Bonus Plan for Home Office and Dixon Distribution Center Management
This agreement outlines Gymboree Corporation's annual bonus plan for its Home Office and Dixon Distribution Center management team. Eligible employees can earn cash bonuses based on the company's quarterly and annual earnings performance, with payouts ranging from 25% to 150% of a target amount tied to base salary. Bonuses are paid quarterly if performance goals are met, with additional payments possible after year-end if targets are exceeded or met through a 'catch-up' provision. The company may change the bonus plan at any time.
Exhibit 10.56
The Gymboree Corporation
Annual Bonus Plan
Home Office and the Dixon Distribution Center Management Team
The annual bonus plan is based on the Company’s quarterly earnings expectations and provides for payment of cash bonuses at specified target payout amounts calculated as a percentage of a participant’s base salary, subject to eligibility requirements. If at least the minimum applicable performance goals are met, bonus payments will range from 25% to 150% of the target payout amounts, depending on how actual performance compares to the established performance goals. Following the end of each fiscal quarter, the management team will discuss variances to performance targets at the company meeting. If the applicable quarterly earnings expectations are met, a bonus will be paid quarterly to eligible employees. Bonus amounts above 100% of the target payout amount for any quarter will be paid after the end of the fiscal year. If quarterly expectations are not met, there is an opportunity for eligible employees to earn a “catch-up” bonus at the end of the fiscal year if the Company’s annual earnings expectations are met. The Company reserves the right to change the bonus methodology at any time.
