2011 Chaucer Annual Bonus Scheme for Key Officers and Employees
Chaucer established the 2011 Annual Bonus Scheme for its CEO, Robert Stuchbery, and select key officers and employees. The program offers bonus awards based on a percentage of base salary, with actual payouts depending on Chaucer's post-tax return on equity from July 1 to December 31, 2011. Awards can range from zero up to twice the target amount and are paid in two installments, provided the participant is still employed at the time of payment.
Exhibit 10.4
Description of 2011 Chaucer Annual Bonus Scheme
The 2011 Chaucer Annual Bonus Scheme (the “Program”) was established for Robert Stuchbery, Chaucer’s Chief Executive Officer, and certain other key officers and employees of Chaucer. The Program provides for target awards to individual participants ranging from 25% to 50% of base salary. The actual amount of the award, however, may range from zero to a maximum of 200% of target, based on Chaucer achieving certain levels of post-tax return on equity for the Chaucer segment during the period from July 1, 2011 through December 31, 2011. Awards, if any, will be paid in cash, 50% in March 2012 and the remaining 50% in January 2013. All payments are subject to the participant being employed by Chaucer on the payment date.
