ex10-48formbonusagmtgj.htm


    
      	
              Borders
      Group, Inc.

              100
      Phoenix Drive

              Ann
      Arbor, MI  48108

               

               

            	
               

            
	
               

               

            	 
      


    

    




    
      	
              date

            	 
      
	
              re

            	
              2008 Additional Bonus

            
	
              to

            	
              George Jones

            


    

    As a key
employee who is critical to the strategic alternative evaluation process,
Borders Group, Inc. (the “Company”) is pleased to inform you that you have been
selected to participate in the Company’s 2008 enhanced annual bonus program (the
“Program”).  Your participation in the Program is contingent upon your
signature below acknowledging your acceptance of the terms of the Program set
forth below.

     

    
      	
              1.  

            	
              For
      purposes of the Company’s Annual Bonus Incentive Plan (the “Bonus Plan”),
      your “target” bonus for this year will be 80% of your base salary (your
      “Target Bonus”), your “threshold” bonus for this year will be 20%  (your “Threshold
      Bonus”), and your “maximum” bonus for this year under the Bonus Plan will
      be 240% (your “Maximum Bonus”).  For levels of performance goal
      achievement between threshold and target levels, the amount of your annual
      bonus under the Bonus Plan will be straight-line interpolated between your
      Threshold Bonus and your Target Bonus, and for levels of performance goal
      achievement between target and maximum levels, the amount of your annual
      bonus under the Bonus Plan will be straight-line interpolated between your
      Target Bonus and your Maximum Bonus (in all cases, applied proportionally
      to each performance objective on a per-objective basis).  Notwithstanding
      the foregoing, the maximum bonus that you can be paid under the Bonus Plan
      is the lesser of (x) $900,000 and (y) three times the salary midpoint for
      your salary grade (such lesser amount, your “Plan
      Limit”).   Eligibility for an annual bonus under the Bonus
      Plan remains subject to the continued service requirements and other terms
      of the Bonus Plan.

            


    

     

    
      	
              2.  

            	
              Subject
      to your continued employment with the Company and its affiliates through
      the date (the “Bonus Payment Date”) that bonuses are paid under the Bonus
      Plan, you will receive an additional bonus payment (the “Additional
      Bonus”) equal to your Target Bonus, payable on the Bonus Payment
      Date.  The Additional Bonus will be paid regardless of the
      amount, if any, earned under the Bonus Plan, and will be paid
      independently of the Bonus Plan.  Further, in the event that you
      would have earned a bonus under the Bonus Plan pursuant to paragraph 1
      above that would have exceeded your Plan Limit, the amount of your
      Additional Bonus will be increased by the excess of (x) the amount that
      you would have earned pursuant to paragraph 1 above absent the Plan Limit
      over (y) the Plan Limit.  Notwithstanding the foregoing, in the
      event of a Change of Control (as defined in the Bonus Plan) prior to the
      conclusion of the fiscal year, the Additional Bonus (which will in such
      case equal your Target Bonus) will be paid to you (in full satisfaction of
      the Company’s obligations under this paragraph) as soon as practicable
      following the date of such Change of Control, so long as you had remained
      employed with the Company and its affiliates through the date of such
      Change of Control.

            


    

     

    
      	
              3.  

            	
              You
      acknowledge that the Program is in place only for the Company’s 2008
      fiscal year.  You further acknowledge and agree that (i) for
      purposes of any employment or severance agreement, plan, or program that
      uses a target bonus amount as a component for calculation of severance or
      any other compensation item or benefit, your target bonus for the 2008
      fiscal year is the Target Bonus, (ii) for purposes of any employment or
      severance agreement, plan, or program that uses an actual bonus amount as
      a component for calculation of severance or any other compensation item or
      benefit, your actual bonus for the 2008 fiscal year shall be deemed to
      equal (x) the amount, if any, that is actually payable to you pursuant to
      the Bonus Plan minus (y) 50% of the portion, if any, of such amount that
      exceeds your Target Bonus, and (iii) the Additional Bonus under the
      Program is a one-time benefit that will not be taken into account as an
      annual bonus for purposes of other Company
  programs.

            


    

     

    If you
wish to participate in the Program, please confirm your agreement to the terms
set forth above by your signature below.

    


    Acknowledged
and Agreed:

    


    __________________________                                                                           __________________

    George
Jones                                                                           Date