REVISED EXHIBIT A to EMPLOYMENT AGREEMENT
Exhibit 10.5
REVISED
EXHIBIT A
to
Dated as of March 1, 2007 between
XXXXX X. XXXXXXXX
AND
MACY’S, INC.
Name: Xxxxx X. Xxxxxxxx
End of Term: February 28, 2011
Annual Base Compensation: $1,500,000.00
Revised Annual Bonus: The annual bonus payable (if any) under the terms of the 1992 Incentive Bonus Plan (as such may be amended from time to time) (the “Plan”) of Macy’s, Inc. (“Macy’s”) will be based on achievement of positive EBIT for the applicable fiscal year. If positive EBIT is achieved, a maximum annual bonus of 0.45% of EBIT is payable to Employee, subject to the per person maximum of $7 million set forth in the Plan. The Board of Directors of Macy’s or a Committee thereof may exercise negative discretion to reduce the maximum annual bonus, utilizing performance goals established for the senior executives of the Employer on an annual basis by the Board of Directors of Macy’s or a Committee thereof, with the amount of bonus payable equal to a sliding percent of Employee’s annual base compensation in effect as of the last day of the performance period based on performance against the targeted annual goals.
Such sliding percent, and the targeted annual goals are set out in Amended Schedule 1 hereto.
XXXXX X. XXXXXXXX |
XXXX’X, INC. |
|
/s/ Xxxxx X. Xxxxxxxx
|
/s/ Xxxxxx X. Xxxxxxxxx Xxxxxx X. Xxxxxxxxx, Executive Vice President |
Dated: March 19, 2010
AMENDED SCHEDULE 1 TO EXHIBIT A TO EMPLOYMENT AGREEMENT DATED AS OF MARCH 1, 2007 BETWEEN XXXXX X. XXXXXXXX AND XXXX’X, INC.
|
Component |
Threshold |
Point at which incremental rate changes
|
Target |
Outstanding |
|
Consolidated EBIT $ |
85% of plan
16% of salary
|
95% of plan
48% of salary |
100% of plan
80% of salary |
120% of plan
240% of salary |
|
Consolidated Sales $ |
98% of plan
16% of salary
|
|
100 % of plan
50% of salary |
101% of plan
110% of salary |
|
Consolidated Cash Flow $ |
$50 million below plan
|
$25 million below plan
|
100% of plan
|
$150 million above plan
|
