50 of the Top 250 law firms use our Products every day
DESCRIPTION OF
2009 OFFICER BONUS PROGRAM
The following
is a description of the 2009 cash bonus program (the “Bonus
Program”) for the officers of Specialty Underwriters’
Alliance, Inc., including its subsidiary SUA Insurance Company (the
“Company”).
The Bonus
Program is designed to reward officers for their contribution to
the overall success of the Company. The Bonus Program includes two
components:
1.
Individual Performance
Individual
performance goals are established for each of the officers as
follows: (1) for the Chief Executive Officer (the
“CEO”), by the Compensation Committee; and (2) for
the Executive Vice President (the “EVP”), the Senior
Vice Presidents (each an “SVP”) and the Vice Presidents
(each a “VP”), by the Compensation Committee with input
from the Chief Executive Officer.
Each officer is
eligible for a discretionary cash bonus related to individual
performance of up to a specific percentage of his base salary. The
CEO, EVP and each SVP is eligible for a discretionary cash bonus of
up to 25% of his base salary relating to individual performance and
each VP is eligible for a discretionary cash bonus of up to 20% of
his base salary relating to individual performance. Each
discretionary cash bonus relates to individual performance and is
based on an evaluation of the achievement or lack of achievement of
such individual’s performance goals and of such
officer’s overall contribution to the success of the Company
during 2009. The Company’s financial results for 2009 will be
considered by the Compensation Committee when bonus determinations
are made under the Bonus Program.
The
Compensation Committee has determined that the most significant
portion of the Bonus Program should be dependent upon the results
of operations of the Company during 2009, as measured by the
Company’s after-tax return on equity
(“ROE”)
|
