FPIC Insurance Group, Inc. 2009 Executive Incentive Compensation Plan Implementation Guide
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Summary
This document outlines FPIC Insurance Group, Inc.'s 2009 Executive Incentive Compensation Plan for senior executives. The plan sets out how annual performance measures and bonus targets are determined by the Compensation Committee, with specific weightings for corporate, subsidiary, and individual performance. Executives' bonuses are tied to achieving set performance targets, with payouts ranging from 0% to 150% of the bonus opportunity based on results. Target bonuses are specified as a percentage of base salary for the CEO and CFO of the holding company and the CEOs of operating subsidiaries.
EX-10.9 6 exhibit10-9.htm 2009 GUIDE TO THE EXECUTIVE INCENTIVE COMPENSATION PLAN exhibit10-9.htm
Exhibit 10.9
FPIC Insurance Group, Inc.
Executive Incentive
Compensation Plan
Summary of 2009 Implementation Guide
Plan Description
Under this plan, the Compensation Committee of the holding company board will establish performance measures and goal weightings for each year based on synergies and desired focus. The performance measures will be both quantitative and qualitative in nature.
Performance Components
Corporate financial measures will be based on corporate relevant metrics and operating subsidiary (OS) measures will be based on OS relevant metrics. Certain senior executives of each OS, including its CEO, will have a portion of their incentive compensation tied to corporate performance given the high degree of synergy with corporate objectives.
The following performance component weights will apply to the Company’s executive officers for 2009:
| Tier | Corporate | OS | Individual |
| Holding Co. - CEO/CFO | 100% | - | - |
| OS - CEO | 45% | 35% | 20% |
Performance Targets
Specific targets will be established on an annual basis for each performance component and will be evaluated on a sliding scale ranging from 50% of the bonus opportunity to 150% of the bonus opportunity. Any measure falling below the 50% level will reduce the related bonus opportunity to 0%.
Individual Target Bonuses
Target bonuses for the following executive officers will be as follows (as a percentage of 2009 base salary):
| Tier | Target Bonus (as % of base salary) |
| Holding Co. - CEO | 100% |
| Holding Co. - CFO | 50% |
| OS - CEO | 50% |
