REVISED EXHIBIT A to EMPLOYMENT AGREEMENT Dated as of March 1, 2003 between TERRY J. LUNDGREN AND FEDERATED CORPORATE SERVICES, INC.
Exhibit 10.1
REVISED
EXHIBIT A
to
Dated as of March 1, 2003 between
XXXXX X. XXXXXXXX
AND
FEDERATED CORPORATE SERVICES, INC.
|
Name: |
Xxxxx X. Xxxxxxxx |
|
End of Term: |
February 28, 2007 |
|
Revised Annual Base Compensation: |
$1,300,000 |
|
Effective Date of Revision: |
April 1, 2005 |
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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) of Federated Department Stores, Inc. ("Federated") will be based on performance goals established for the senior executives of the Employer on an annual basis by the Board of Directors of Federated or a Committee thereof, with the amount of bonus 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 Schedule 1 hereto. |
|
XXXXX X. XXXXXXXX |
FEDERATED DEPARTMENT STORES, INC. SUCCESSOR IN INTEREST to FEDERATED CORPORATE SERVICES, INC. |
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/s/ Xxxxx X. Xxxxxxxx |
/s/ Xxxxxx X. Xxxxxxxxx |
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Xxxxxx X. Xxxxxxxxx |
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|
Senior Vice President |
SCHEDULE 1 TO EXHIBIT A TO EMPLOYMENT AGREEMENT DATED AS OF MARCH 1, 2003
BETWEEN XXXXX X. XXXXXXXX AND FEDERATED CORPORATE SERVICES, INC.
|
Component |
Threshold |
Point at which incremental rate changes |
Target |
Over Target |
|
Corporate EBIT $ |
85% of plan 18% of salary |
95% of plan 54% of salary |
100% of plan 90% of salary |
Over 100% of plan 9% of salary for each 1% of EBIT over plan plus 90% of salary |
|
Corporate Sales $ |
0 |
0 |
100% of plan 30% of salary |
101% of plan 60% of salary |
|
Corporate Cash Flow |
$50 million below plan
|
$25 million below plan
18% of salary |
100% of plan
30% of salary |
$150 million above plan
60% of salary |
|
Total |
30% of salary |
72% of salary |
150% of salary |
300% of salary 300% bonus calculated based on:
Note: Achieving more than 110% of EBIT $ plan will result in a bonus payment in excess of 180% for that component. Total bonus payment may not exceed $7 million.
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