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Exhibit 10.57
Summary of 2009 Executive
Compensation Program
Design
Principles:
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Retain key executives with the
talent and the knowledge of the Company and industry to drive
success;
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Motivate, and provide an incentive
for, executives to achieve financial performance and other
quantitative and qualitative targets associated with satisfaction
of all legitimate policyholder claims and ultimate solvency of the
Company;
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Reward exceptional performance;
and
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Provide a level of financial
security to key executives to allow them to focus on executing the
run-off plan in a difficult corporate environment.
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Eligibility:
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Members of the executive committee
and executives designated by the Compensation Committee.
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Program
Components:
Base Salary
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Salary adjustments have been
recommended for selected executives to recognize their technical
expertise, leadership skills, strategic focus and years of
experience and to reflect the anticipated value of their position
at the Company in 2009.
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Annual Performance-based Cash
Incentive Award
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The annual performance-based cash
incentive award component of the Program will recognize the
accomplishment of key corporate goals and individual objectives
and, if those targets are not met, the award will reflect the
missed opportunity.
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In most cases, weighting for the
targeted award is 80% on corporate performance and 20% on the
individual’s performance, however, the Committe
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