Profitability will be measured by the Company’s achievement of established consolidated earnings before interest and taxes (“EBIT”). The Committee established specific liquidity, profitability and strategic performance objectives for fiscal 2020, 20 and assigned a weighting to each objective. The Base Bonus Calculation for each of the Executive Officers for 2020 is determined by multiplying the 2020 Base Bonus Payout Target (set forth below) by his or her eligible base salary that was in effect prior to the Salary Reductions (which excludes items such as relocation allowances, bonuses, stock options exercises, vesting of restricted stock, performance-based long-term cash program payments, and compensation not received during a leave of absence): Due to the unique financial challenges caused by COVID-19, the Company and each of the Executive Officers entered into letter agreements reducing the 2020 Base Bonus Payout Target by 70% in the case of Sharon John, President and Chief Executive Officer, and by 40% in the case of each of the other Executive Officers, as compared to the typical Base Bonus Payout Target provided in each of the Executive Officers’ employment agreements and indicated in the table below. 2020 Omnibus Incentive Plan (the “Omnibus Plan”) to each of the Executive Officers in accordance with the terms of the Company’s cash bonus program for its Executive Officers (the “Cash Bonus Program”). The Committee established the 2020 performance objectives for the range of cash bonuses that may be paid under the Build-A-Bear Workshop, Inc.
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