Document:

Exhibit 10.28 

CABELA’S INCORPORATED 

SECOND AMENDMENT OF THE
THIRD AMENDED AND RESTATED DEFERRED COMPENSATION PLAN 

     THIS SECOND AMENDMENT OF THE THIRD AMENDED AND RESTATED DEFERRED COMPENSATION PLAN is hereby adopted this 14th day of December, 2006, by Cabela’s Incorporated (the “Employer”) in its capacity as Sponsoring Employer of the Cabela’s Incorporated Third Amended and Restated Deferred Compensation Plan (the “Plan”). 

     WHEREAS, the Employer desires to amend the Plan to reduce the interest rate paid on applicable deferred compensation amounts so that the Employer shall not pay any interest on deferred compensation amounts that would constitute “above-market interest” under Item 402 of Securities and Exchange Commission (“SEC”) Regulation S-K to any of the Employer’s officers who are “named executive officers” under Item 402 of SEC Regulation S-K, effective as of January 1, 2007;

     WHEREAS, the Employer does not intend this Amendment to the Plan to be a material modification of the Plan so as to jeopardize the grandfathered deferred compensation amounts under Section 409A of the Internal Revenue Code of 1986, as amended; and 

     WHEREAS, Section 8.1 of the Plan allows for the amendment of the Plan by the Employer. 

     NOW, THEREFORE, the Employer hereby amends the Plan as follows: 

     1. Declared Rate. Section 2.7 of the Plan is hereby deleted in its entirety and replaced with the following:

““Declared Rate” means an interest rate equal to the following: 

1. For named executive officers under Item 402 of Securities and Exchange Commission (“SEC”) Regulation S-K: one hundred twenty percent (120%) of the applicable federal long-term rate as published by the Internal Revenue Service (“IRS”) and in effect on January 1st and July 1st of each calendar year. The interest rate shall be adjusted semi-annually on each January 1st and July 1st to reflect changes in the applicable federal long-term rate. In no event shall the interest rate exceed 120% of the applicable federal long-term rate, with compounding (as prescribed under section 1274(d) of the Internal Revenue Code) at the rate that corresponds most closely to the rate under the Plan at the time the interest rate or formula is set. The foregoing notwithstanding, in the event that the definition of “above-market interest” is changed from the
current definition under SEC Regulation S-K by subsequent law, regulation or other guidance, the interest rate applied to any deferred compensation of named executive officers shall automatically be reduced to conform to any such subsequent law, regulation or other guidance so that any interest applied to any deferred compensation of named executive officers under the Plan shall not be above-market interest for purposes of SEC Regulation S-K.

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2. For all non-named executive officers: the Prime Rate plus one and seventy-five hundreds percent (1.75%). “Prime Rate” shall mean the prime rate as published in the Wall Street Journal, Midwest Edition on the third Tuesday of the month of June and on the third Tuesday of the month of December or, in the event that the Wall Street Journal, Midwest Edition does not carry said rate, then the prime rate as published in a comparable newspaper. The Prime Rate shall be adjusted semi-annually effective each July 1st and each January 1st to reflect the prime rate determined on the third Tuesday of the month of June and on the third Tuesday of the month of December of each calendar year.”

     2. Effective Date. The effective date of this Second Amendment shall be January 1, 2007.

     3. Continuing Effect. Except as hereby amended, the Plan shall be administered in accordance with the terms of the Plan as in effect prior to this Amendment.

     DATED THIS 14th day of December, 2006.

	 	CABELA’S INCORPORATED, 
		Sponsoring Employer, 
	 	   
		 
		By:  	/s/ Ralph W. Castner 	 
			Ralph W. Castner, 
			Vice President and 
			Chief Financial Officer 

PARTICIPATING EMPLOYER CONSENTS TO THE SECOND AMENDMENT OF THE THIRD
AMENDED AND RESTATED DEFERRED COMPENSATION PLAN

     The undersigned Participating Employer of the Cabela’s Incorporated Third Amended and Restated Deferred Compensation Plan hereby consents to the foregoing Second Amendment of said Plan.

     DATED THIS 14th day of December, 2006.

	 	WORLD’S FOREMOST BANK, 
	 	A Nebraska State Chartered Bank,    
		Participating Employer, 
		 
		 
		By:  	/s/ Thomas M. Boatman                   	 
			Thomas M. Boatman, President 

2Exhibit 10.29 

SUMMARY OF NON-EMPLOYEE DIRECTOR COMPENSATION

During fiscal 2006, the Board of Directors (the “Board”) of Cabela’s Incorporated (the “Company”) determined to increase the compensation paid to our non-employee directors based upon the recommendation of the Compensation Committee. For fiscal 2007, the Company will pay its non-employee directors an annual retainer of $35,000 and a fee of $2,500 for each Board meeting attended ($1,000 for meetings attended by telephone). The Company also will pay the Lead Director of the Board an annual retainer of $10,000, the Chairman of the Audit Committee an annual retainer of $15,000, the Chairman of the Compensation Committee an annual retainer of $10,000, and the Chairman of the Nominating and Corporate Governance Committee an annual retainer of $10,000. In addition, each member of the Audit Committee (including the Chairman) will be paid an annual retainer of $15,000, each member of the Compensation Committee (including the Chairman) will be
paid an annual retainer of $10,000, and each member of the Nominating and Corporate Governance Committee (including the Chairman) will be paid an annual retainer of $10,000. Gerald E. Matzke, as an emeritus director, will receive an annual retainer of $35,000 and will not receive any meeting fees.

In addition, non-employee directors are eligible to receive option grants under the Company’s 2004 Stock Plan (the “Plan”). Under the Plan, each of the Company’s non-employee directors is automatically granted an initial option to purchase 2,000 shares of the Company’s common stock upon the date the non-employee director first joins the Board. In addition, subject to certain restrictions in the Plan, each non-employee director also will be automatically granted an annual option to purchase 2,000 shares of the Company’s common stock on the date immediately following the Company’s annual meeting of shareholders. The exercise price for each of these options will be the fair market value of the stock underlying the option on the date of the grant. The initial and annual option grants to non-employee directors vest on the first anniversary of the grant date.

The Company promptly reimburses its non-employee directors for reasonable expenses incurred to attend Board meetings. In addition, non-employee directors are parties to respective Indemnification Agreements with the Company. Additional information regarding the compensation of the Company’s non-employee directors will be set forth in the section titled “Director Compensation” of the Proxy Statement for the Company’s 2007 Annual Meeting of Shareholders (the “Proxy Statement”), which section is incorporated herein by reference. The Proxy Statement is expected to be filed with the SEC in April 2007.Exhibit 10.30 

SUMMARY OF NAMED EXECUTIVE OFFICER COMPENSATION 

Fiscal 2006 Cash Bonuses

On February 13, 2007, after a review of performance, the Compensation Committee of the Board of Directors (the “Compensation Committee”) of Cabela’s Incorporated (the “Company”) determined fiscal 2006 cash bonuses under the Company’s Restated Bonus Plan (the “Plan”) for the following executive officers of the Company (the “named executive officers”): Dennis Highby, President and Chief Executive Officer, $1,825,000; Ralph W. Castner, Vice President and Chief Financial Officer, $457,500; Patrick A. Snyder, Senior Vice President of Merchandising, $550,000; Michael Callahan, Senior Vice President, Retail Operations and Marketing, $550,000; and Brian J. Linneman, Vice President and Chief Operating Officer, $457,500. Each of Messrs. Highby, Castner, Snyder, Callahan, and Linneman are employed “at will.” Fiscal 2006 cash bonuses for the named executive officers will be payable on March 9, 2007.

Fiscal 2007 Base Salaries

On February 13, 2007, the Compensation Committee established fiscal 2007 base salaries for the named executive officers. Fiscal 2007 base salaries, effective April 1, 2007, for the named executive officers will be as follows: Mr. Highby, $697,511; Mr. Castner, $375,000; Mr. Snyder, $429,955; Mr. Callahan, $429,955; and Mr. Linneman, $325,000.

Fiscal 2007 Cash Bonus Opportunities 

On February 13, 2007, the Compensation Committee set the targets and criteria for the fiscal 2007 cash bonus opportunities for the named executive officers. These targets and criteria were set pursuant to the Plan. The following table sets forth the threshold, target, and maximum cash bonus opportunity for each of the named executive officers for fiscal 2007. 

	  	Threshold Bonus  	Target Bonus  	Maximum Bonus  
	Dennis Highby  	$ 	1,500,000  	$ 	2,000,000  	$ 	3,000,000  
	Ralph W. Castner  	$ 	375,000  	$ 	500,000  	$ 	750,000  
	Patrick A. Snyder  	$ 	450,000  	$ 	600,000  	$ 	900,000  
	Michael Callahan  	$ 	450,000  	$ 	600,000  	$ 	900,000  
	Brian J. Linneman  	$ 	375,000  	$ 	500,000  	$ 	750,000  

For fiscal 2007, 50% of each named executive officer’s target cash bonus opportunity is based upon the achievement of corporate financial objectives relating to earnings per share, return on invested capital, and increased comparable store sales. The remaining 50% of each named executive officer’s target cash bonus opportunity is based upon the achievement of pre-established individual performance goals. Any fiscal 2007 cash bonuses paid in excess of the target bonus amounts will be paid as a result of one or more target corporate financial objectives being exceeded. The named executive officers will receive no payment for a corporate financial objective unless the Company achieves the threshold performance goal for that objective. 

Following the completion of fiscal 2007, the Compensation Committee will assess (i) the performance of the Company for each corporate financial objective to determine the corporate financial portion of the fiscal 2007 cash bonuses payable to the named executive officers, and (ii) the individual performance of each of the named executive officers and compare actual fiscal 2007 individual performance to the pre-determined individual performance goals to determine the individual performance goals portion of the fiscal 2007 cash bonuses payable to the named executive officers. The actual bonuses payable for fiscal 2007, if any, will vary depending on the extent to which actual Company and individual performance meets, exceeds, or falls short of the corporate financial objectives and individual performance goals approved by the Compensation Committee. The Compensation Committee retains discretion to make downward adjustments to the bonuses yielded by the corporate
financial objectives and individual performance goals, but cannot make upward adjustments.

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The named executive officers are parties to respective Management Change of Control Severance Agreements and Indemnification Agreements with the Company. The named executive officers are also eligible to participate in the Company’s broad-based benefit plans, including health and life insurance programs, 401(k) Savings Plan, and Employee Stock Purchase Plan, and to receive awards under the Company’s 2004 Stock Plan.

Additional information regarding the compensation of the named executive officers will be set forth in the section titled “Executive Compensation” of the Proxy Statement for the Company’s 2007 Annual Meeting of Shareholders (the “Proxy Statement”), which section is incorporated herein by reference. The Proxy Statement is expected to be filed with the SEC in April 2007.

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