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EXHIBIT 10.15

Ultimate Electronics, Inc.
Bonus Plans
for Fiscal Years ended
January 31, 2003 and January 31, 2004

        Fiscal 2003.    Under our 2003 bonus plan, our executive officers may be
awarded bonuses from an annual bonus pool, quarterly performance bonuses and
discretionary bonuses determined by the Board. In fiscal 2003, the annual bonus
pool was equal to 8.43% of pretax earnings, prior to any bonus accrual, in
excess of $20,832,773 up to $27,953,778, plus 14% of pretax earnings, prior to
any bonus accrual, in excess of $27,953,778.

        Fiscal 2004.    For fiscal 2004, executives are eligible for an annual
bonus targeted at 50% of the executive's salary for all executives except the
chief executive officer; the chief executive officer is eligible for an annual
bonus targeted at 60% of his salary. The amount of the bonus is based on a
payout matrix with a comparable store sales goal of between 2.0% and 3.1% and
pre-bonus operating income goal of between $17.7 million and $18.4 million. If
operating income is below the goal, the matrix is designed to encourage
executives to achieve income targets before focusing on sales growth. Once the
income goal is exceeded, the matrix is designed to balance the effect of sales
and profit increases and rewards increasing performance on both measures with
additional payouts. The bonuses will be calculated using the matrix below:

Pre-Bonus Operating Income Attainment ($MM)

% of Income Goal:   <80%   80% - 90%   90% - 98%   98% - 102%   102% - 110%  
110% - 125%   125% - 150%   >150% Dollar Amount:   <$15.1   $15.1 - $17.0  
$17.0 - $18.5   $18.5 - $19.3   $19.3 - $20.8   $20.8 - $23.6   $23.6 - $28.4  
>$28.4 Same Store Sales Growth

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                                <0%   0%   30%   50%   70%   85%   90%   100%  
110% 0% - 1.3%   0%   35%   55%   80%   90%   100%   110%   120% 1.3% - 2.0%  
0%   40%   60%   90%   100%   110%   120%   130% 2.0% - 3.1%   0%   45%   65%  
100%   110%   120%   130%   140% 3.1% - 3.8%   0%   50%   70%   110%   115%  
125%   140%   150% 3.8% - 6.4%   0%   50%   75%   115%   125%   135%   150%  
160% >6.4%   0%   50%   80%   120%   130%   140%   160%   170%

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EXHIBIT 10.15