Document:

EX-10.12

 Exhibit 10.12 
  

 
  

			
	DATE: 	  	August 7, 2015
		
	TO:	  	Steve Schlecht, Stephanie Pugliese
		
	FROM: 	  	Board of Directors
		
	RE:	  	Chairman and Chief Executive Officer Bonus Plan

 This memorandum will confirm the component parts of the 2015 Chairman and Chief Executive Officer Bonus Plan (the
“Plan”). The Plan is designed to reward the Chairman and Chief Executive Officer for outstanding performance and effort when the Company achieves 80% or more of budgeted Earnings Before Tax and Bonus (“EBT & B”). The
Plan represents compensation that is in addition to base salary. The Plan provides for the following: 
  

	 	•	 	Bonus awards are based upon attainment of budgeted EBT & B established by the Board of Directors 

  

	 	•	 	Bonus award potential is 70% of Eligible Wages (defined below) at the 100% payout level 

  

	 	•	 	Bonus awards begin with a payout equal to 20% of bonus potential when EBT & B reaches 80% of budget 

  

	 	•	 	The maximum award will be 125% of bonus potential, or 87.5% of Eligible Wages 

 Eligible Wages –
Bonus awards will be calculated based on your Eligible Wages, which are defined as regular salary paid between February 2, 2015 and January 31, 2016. 

Budgeted EBT & B – The 2015 budgeted EBT &B are established and maintained by the Board of Directors. 

Eligibility For Bonus Payments – To be eligible for their bonus payout, you must be employed by the Company as of Friday, April 15, 2016. The
2015 bonus payout, if any, will be made by April 15, 2016. 
 The 2015 Plan bonus award will be 90% of bonus potential at budget attainment.
Additionally, the maximum award will be earned when EBT&B reaches 130% of budgeted EBT & B. 

 Bonus award payouts for 2015 are further detailed in the following chart: 

 

													
	Performance
To Budget	 	 	% of
Bonus
Potential	 	 	Your
Bonus
Payout %	 	 	 
	 	80.0%	  	 	 	20.0%	  	 	 	14.00%	  	 	Threshold
	 	82.5%	  	 	 	28.8%	  	 	 	20.16%	  	 	
	 	85.0%	  	 	 	37.5%	  	 	 	26.25%	  	 	
	 	87.5%	  	 	 	46.3%	  	 	 	32.41%	  	 	
	 	90.0%	  	 	 	55.0%	  	 	 	38.50%	  	 	
	 	92.5%	  	 	 	63.8%	  	 	 	44.66%	  	 	
	 	95.0%	  	 	 	72.5%	  	 	 	50.75%	  	 	
	 	97.5%	  	 	 	81.3%	  	 	 	56.91%	  	 	
	 	100.0%	  	 	 	90.0%	  	 	 	63.00%	  	 	Budget
	 	102.0%	  	 	 	92.0%	  	 	 	64.40%	  	 	
	 	104.0%	  	 	 	94.0%	  	 	 	65.80%	  	 	
	 	106.0%	  	 	 	96.0%	  	 	 	67.20%	  	 	
	 	108.0%	  	 	 	98.0%	  	 	 	68.60%	  	 	
	 	110.0%	  	 	 	100.0%	  	 	 	70.00%	  	 	Target
	 	114.0%	  	 	 	105.0%	  	 	 	73.50%	  	 	
	 	118.0%	  	 	 	110.0%	  	 	 	77.00%	  	 	
	 	122.0%	  	 	 	115.0%	  	 	 	80.50%	  	 	
	 	126.0%	  	 	 	120.0%	  	 	 	84.00%	  	 	
	 	130.0%	  	 	 	125.0%	  	 	 	87.50%	  	 	Max Bonus

 Bonus awards for EBT & B results falling in between the levels indicated above will be prorated. 

Bonus Award Examples 
 An individual with a 70%
bonus potential who is paid $300,000 between February 2, 2015 and January 31, 2016 would earn the following bonus awards under the Plan: 
  

	 	1.	If the Company achieves 80% of budgeted EBT & B, this individual will earn a bonus of $42,000 ($300,000 x 14% = $42,000). 

  

	 	2.	If the Company achieves 100% of budgeted EBT & B, this individual will earn a bonus of $189,000 ($300,000 x 63% = $189,000). 

 

	 	3.	If the Company achieves 130% of budgeted EBT & B, this individual will earn a bonus of $262,500 ($300,000 x 87.5% = $262,500). 

 
  

This policy is administered at the discretion of the Company and may be modified at any time with the authorization of the Board of Directors.EX-10.13

 Exhibit 10.13 
  

 
  

			
	DATE:	  	August 7, 2015
		
	TO:	  	Al Dittrich and Mark DeOrio
		
	From:	  	Stephanie Pugliese
		
	RE:	  	Senior Vice President Bonus Plan

 This memo will confirm the component parts of the 2015 Senior Vice President Bonus Plan for Al Dittrich and Mark DeOrio (the
“Plan”). The Plan is designed to reward the Senior Vice Presidents for outstanding performance and effort when the Company achieves 80% or more of budgeted Earnings Before Tax and Bonus (“EBT & B”). The Plan represents
compensation that is in addition to base salary. The Plan provides for the following: 
  

	 	•	 	Bonus awards are based upon attainment of budgeted EBT & B established by the Board of Directors 

  

	 	•	 	Bonus award potential is 40% of Eligible Wages (defined below) at the 100% payout level 

  

	 	•	 	Bonus awards begin with a payout equal to 20% of bonus potential when EBT & B reaches 80% of budget 

  

	 	•	 	The maximum award will be 125% of bonus potential, or 50.0% of Eligible Wages 

 Eligible Wages –
Bonus awards will be calculated based on the employee’s Eligible Wages, which are defined as regular salary paid between February 2, 2015 and January 31, 2016. 

Budgeted EBT & B – The 2015 budgeted EBT & B are established and maintained by the Company’s Board of Directors. 

Eligibility For Bonus Payments – To be eligible for their bonus payout, employees must be employed by the Company as of Friday, April 15,
2016. The 2015 bonus payout, if any, will be made by April 15, 2016. 
 The 2015 Plan bonus award will be 90% of bonus potential at budget attainment.
Additionally, the maximum award will be earned when EBT&B reaches 130% of budgeted EBT & B. 

 Bonus award payouts for 2015 are further detailed in the following chart: 

 

													
	Performance
To Budget	 	 	% of
Bonus
Potential	 	 	Your
Bonus
Payout %	 	 	 
	 	80.0	% 	 	 	20.0	% 	 	 	8.00	% 	 	Threshold
	 	82.5	% 	 	 	28.8	% 	 	 	11.52	% 	 	
	 	85.0	% 	 	 	37.5	% 	 	 	15.00	% 	 	
	 	87.5	% 	 	 	46.3	% 	 	 	18.52	% 	 	
	 	90.0	% 	 	 	55.0	% 	 	 	22.00	% 	 	
	 	92.5	% 	 	 	63.8	% 	 	 	25.52	% 	 	
	 	95.0	% 	 	 	72.5	% 	 	 	29.00	% 	 	
	 	97.5	% 	 	 	81.3	% 	 	 	32.52	% 	 	
	 	100.0	% 	 	 	90.0	% 	 	 	36.00	% 	 	Budget
	 	102.0	% 	 	 	92.0	% 	 	 	36.80	% 	 	
	 	104.0	% 	 	 	94.0	% 	 	 	37.60	% 	 	
	 	106.0	% 	 	 	96.0	% 	 	 	38.40	% 	 	
	 	108.0	% 	 	 	98.0	% 	 	 	39.20	% 	 	
	 	110.0	% 	 	 	100.0	% 	 	 	40.00	% 	 	Target
	 	114.0	% 	 	 	105.0	% 	 	 	42.00	% 	 	
	 	118.0	% 	 	 	110.0	% 	 	 	44.00	% 	 	
	 	122.0	% 	 	 	115.0	% 	 	 	46.00	% 	 	
	 	126.0	% 	 	 	120.0	% 	 	 	48.00	% 	 	
	 	130.0	% 	 	 	125.0	% 	 	 	50.00	% 	 	Max Bonus

 Bonus awards for EBT & B results falling in between the levels indicated above will be prorated. 

Bonus Award Examples 
 An individual with a 40%
bonus potential who is paid $200,000 between February 2, 2015 and January 31, 2016 would earn the following bonus awards under the Plan: 
  

	 	1.	If the Company achieves 80% of budgeted EBT & B, this individual will earn a bonus of $16,000 ($200,000 x 8% = $16,000). 

  

	 	2.	If the Company achieves 100% of budgeted EBT & B, this individual will earn a bonus of $72,000 ($200,000 x 36% = $72,000). 

  

	 	3.	If the Company achieves 130% of budgeted EBT & B, this individual will earn a bonus of $100,000 ($200,000 x 50% = $100,000). 

 
  

This policy is administered at the discretion of the Company and may be modified at any time with the authorization of the Company’s Chief Executive
Officer and/or Board of Directors. 14097615.2EX-10.14

 Exhibit 10.14 

Summary of Outside Director Compensation Program 

Annual Retainers 
  

					
	Director	 	$40,000	 	Paid quarterly at beginning of quarter
			
	Chair of Audit Committee	 	+$15,000	 	Paid quarterly
			
	Chair of Compensation Committee	 	+$10,000	 	Paid quarterly
			
	Non-chair committee member	 	+$5,000	 	Paid quarterly

 Note: All travel expenses paid based on voucher; pro-rated payment for the quarter during which the initial public offering is
consummated. 
  

			
	STOCK COMPENSATION:	    	$40,000/year; each grant subject to one year vesting; first year value based on initial public offering price and granted upon consummation of initial public offering; subsequent years’ stock compensation granted in May of
year.

 Note: For subsequent new Board members who join Board mid-year, cash and stock compensation is pro-rated.EX-10.15

 Exhibit 10.15 
  

 
 March 6, 2015 

To: Roger Lewis 
 From: Stephanie Pugliese 

cc: Steve Schlecht 
 RE: Agreement for consulting services
for March, 2015 – February, 2016 
 Dear Roger: 

As a follow up to our phone conversation on February 23, 2015 I am sending you this proposal of services for the coming year. 

We have agreed to a one-time payment of $60,000.00 to be paid to you on March 6, 2015. This amount reflects acknowledgement of work done in 2014 and your
contributions to the successful year we had. In addition, we agree to a fee of $5,000.00 to be billed monthly for consulting services in the following areas: 
  

	 	1.	Continued regular consultations with our VP of Marketing, Suz Harms as you have been for the past several years 

  

	 	2.	Involvement in planning of marketing strategy, including media spend, direct interaction with our media planner and advertising agency partners and analysis of market opportunities 

 

	 	3.	Guidance in several strategic planning discussions for the total business, with dates to be determined throughout the year. These discussions will include input from several areas of the business outside of marketing,
including merchandising and product development 

  

	 	4.	Participation in the opportunity assessment and budgeting for 2016 and involvement in discussions around a 3-5 year plan for growth 

Roger, I value your partnership and know that you will continue to counsel our internal team with great diligence and attention to the opportunities that this
Brand has ahead of us. I look forward to working with you closely this year. 
 Please sign and date on the line below and return this to me. 

Sincerely, 
  

					
	Stephanie Pugliese	 		 	/s/ Roger Lewis
	President and CEO	 		 	Roger Lewis
	Duluth Trading CompanyEX-10.17

 Exhibit 10.17 

[Form for Non-Employee Directors] 

DULUTH HOLDINGS INC. 

RESTRICTED STOCK AGREEMENT 

This Restricted Stock Agreement (this “Agreement”) is executed as of
                by and between Duluth Holdings Inc., a Wisconsin corporation (the “Company”), and
                    (the “Director”). 

W I T N E S S E T H: 
 WHEREAS
the Board of Directors of the Company has established the 2015 Equity Incentive Plan of Duluth Holdings Inc. (the “Plan”) with the approval of the shareholders of the Company; 

WHEREAS, the Company has adopted the Outside Director Compensation Program for its non-employee directors effective for service for periods
beginning on or after the consummation of the Company’s initial public offering pursuant to which the Director is entitled to receive Restricted Stock under the Plan; and 

WHEREAS, the Director has been granted Restricted Stock under the Plan subject to the terms provided in this Agreement and the Plan. 

NOW, THEREFORE, the Company and the Director hereby agree as follows: 

1. Provisions of Plan Control. This Agreement shall be governed by the provisions of the Plan, the terms and conditions of which
are incorporated herein by reference. The Plan empowers the Committee to make interpretations, rules and regulations thereunder, and, in general, provides that determinations of such Committee with respect to the Plan shall be binding upon the
Director. Unless otherwise provided herein, all capitalized terms in this Agreement shall have the meanings ascribed to them in the Plan. A copy of the Plan will be delivered to the Director upon reasonable request. 

2. Terms of Award. The Director has been granted
                    1 shares of Restricted Stock under the Plan. The Committee has determined
that the Restricted Period, for one hundred percent of such shares (                    shares), shall end on
                    , the first anniversary of the date of the grant of the Restricted Stock. The Director shall forfeit all Restricted Stock if his
or her service with the Company ends prior the expiration of the Restricted Period. Notwithstanding the foregoing, if the Director’s service with the Company ends prior to the expiration of the Restricted Period due to his or her death or
Disability, all restrictions applicable to any Restricted Stock granted under this Agreement shall immediately lapse. 
 4. Dividends and
Voting Rights. The Director shall be entitled to receive any dividends that become payable with respect to such shares of Restricted Stock and shall be entitled to voting rights with respect to such shares of Restricted Stock. 

5. Compliance with Laws and Regulations. The issuance and transfer of Shares in accordance with this Agreement and the Plan will be
subject to compliance by the Company and Director with all applicable requirements of federal and state securities laws and with all applicable requirements of any 

 

	1 	 The number of shares of Restricted Stock the Director is granted is equal to $40,000 divided by the per Share price at which Shares are sold in the
initial public offering. 

 
stock exchange on which the Company’s common stock may be listed at the time of such issuance or transfer. The Company shall have the right to delay the issue or delivery of any Shares under
the Plan until (i) the completion of such registration or qualification of such Shares under any federal or state law, ruling or regulation as the Company shall determine to be necessary or advisable, and (ii) receipt from the Director of
such documents and information as the Committee may deem necessary or appropriate in connection with such registration or qualification. 

6. Taxes. The Company may require payment or reimbursement of or may withhold any tax that it believes is required as a result of the
grant or vesting of such Restricted Stock or any payments in connection with the Restricted Stock, and the Company may defer making delivery of any Restricted Stock or Shares in respect of Restricted Stock until arrangements satisfactory to the
Company have been made with regard to any such payment, reimbursement, or withholding obligation. 
 7. No Right to Service. The
granting of Restricted Stock under this Agreement shall not be construed as granting to the Director any right with respect to continued service with the Company, nor shall it interfere in any way with the right of the Company to terminate the
Director’s service at any time. 
 8. Counterparts. This Agreement may be executed in any number of counterparts, each of which
shall be deemed an original, but all of which shall constitute one and the same agreement providing for a single grant of shares of Restricted Stock.; and any counterpart may be delivered to another party by e-mail or facsimile transmission. A
facsimile (“fax”) signature to this Agreement, or a signature to this Agreement electronically transmitted in “pdf” format or by email, shall be considered a binding signature and shall have the same force and effect as an
original signature. 
 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed as of the date and year first above written.

  

	
	DULUTH HOLDINGS INC.
	
	By:                                     
                                         
                 
	
	Name:                                     
                                         
           
	
	Its:                                     
                                         
                 

 The undersigned Director hereby accepts the foregoing grant of Restricted Stock and agrees to the
several terms and conditions hereof and of the Plan. 
  

	
	                                      
                                         
                      
	Director

  
 2

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