Exhibit 10.1

LaCrosse Footwear, Inc.

2012 Annual Incentive Compensation Plan Document

Objective/Overview

The LaCrosse Footwear, Inc. Incentive Compensation Plan (the “Plan”) is designed to reward performance based on the achievement of desired annual corporate results. The Plan seeks to drive positive performance by targeting our greatest opportunity to increase shareholder value, which we’ve identified as profitable sales growth. The financial metrics for 2012 are net sales and pre-tax profit.

LaCrosse funds the Plan solely from Company profits. The Company must achieve at least 75% of planned/budgeted 2012 pre-tax profit in order for any Incentive Compensation payout, regardless of the achievement of any other performance metric. Our Board of Directors approves the budgeted net sales and pre-tax profit annually.

The guidelines for the 2012 Incentive Compensation Plan are as follows:

Plan Year and Eligibility Requirements

The incentive compensation plan year runs from January 1^st through December 31^st. All non-union LFI employees are eligible for the Incentive Compensation Plan unless the individual is on a Sales Commission Plan or another incentive compensation plan administered by a wholly-owned subsidiary of LaCrosse Footwear, Inc. No employee can be on more than one incentive compensation plan. Employees hired during the Plan year are eligible effective with their date of hire.

The employee must be employed by the Company on the payment date in order to receive any incentive compensation payout. Incentive compensation is not earned until paid. The payment date is anticipated to be by the end of the first quarter of 2013, but the timing is at the discretion of the Company.

An employee must have a minimum individual performance rating of “S” (“Successful”) to be eligible to receive any incentive compensation payout. An employee whose last overall performance rating is “B” (“Below Expectations”) or is on written warning, will not be eligible to receive incentive compensation until such time as the associated corrective action plan has been successfully completed.

Incentive Payout Calculation

The incentive compensation payout, if any, is based on the individual’s pro-rated annual base pay (plus overtime earnings).

An individual’s incentive compensation target is set as a percentage of annual base pay. The incentive target compensation level for each employee is commensurate with his or her duties and responsibilities within the organization. The target levels are reviewed annually and employees are notified of any changes. Changes in target incentive compensation percentage are pro-rated for the months each rate is in effect.

Communication

To ensure the success of our Incentive Compensation Plan, we will inform each participant of their target compensation percentage and the specific corporate performance targets. In addition, we will provide an update of the Company’s operating results and incentive compensation targets periodically throughout the year.

Company’s Discretion

The Company has full authority to modify, change, amend or terminate this Plan at its complete discretion.

FINANCIAL COMPONENTS

The financial components or metrics will be computed at the corporate level as follows:

All Contract Military Sales (defined below) will be excluded from the Net Sales and Pre-Tax Profit calculation except for Contract Military Sales in backlog status at 12/31/2011.

50% – NET SALES

Incentive compensation payouts will be computed according to actual Net Sales results for 2012.

50% – PRE-TAX PROFIT

Incentive compensation payouts will be computed according to actual Pre-Tax Profit results for 2012.

CONTRACT MILITARY COMPONENT

Definition: Contract Military Sales include orders to domestic and international governmental agencies, typically in excess of 10,000 pairs. Sales to ongoing customers (e.g. AAFES) would be excluded except when they are acting as a third party provider for an order to a major branch of the armed forces, likely in excess of 10,000 pairs. At each quarterly board meeting, the Board of Directors will review specific orders for classification as Contract Military Sales.

Payout Calculation: IC payout = 15% of gross margin dollars for all qualifying Contract Military Sales. Gross margin dollars will include all manufacturing variances associated with contract military production (e.g. over-absorption of overhead costs as a result of increased volume). The Company must achieve a minimum of 75% of budget pre-tax profit, exclusive of the financial impact of Contract Military Sales, to qualify for IC payout.

EXTRAORDINARY ITEMS AND BOARD OF DIRECTORS APPROVAL:

Extraordinary items will be evaluated by the Compensation Committee of the LaCrosse Footwear, Inc. Board of Directors on a case-by-case basis as to the impact on incentive compensation. Extraordinary items include items/events which are non-recurring and are not reflective of the on-going operation of the business as well as items considered to be beyond management control.

All payments under this Plan are subject to Compensation Committee recommendation and Board of Directors approval, after the audit of the Company’s year-end financial statements has been completed.