Stewart Information Services Corporation Executive Officers’ Bonus Plans Summary (2005)

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

Stewart Information Services Corporation has established bonus plans for its executive officers, including Malcolm S. Morris, Stewart Morris, Jr., Max Crisp, and Matthew W. Morris. Each officer is eligible for a bonus based on a percentage of Stewart Title Guaranty Company's consolidated pre-tax income, with minimum guaranteed amounts for 2005. The bonus percentages and thresholds vary by officer, and some officers have additional conditions, such as caps or discretionary bonuses. These arrangements were approved by the company's Compensation Committee and outline the key terms for executive bonus compensation for the year 2005.

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EX-10.1 2 h33794exv10w1.htm SUMMARY OF AGREEMENTS AS TO PAYMENT OF BONUSES TO CERTAIN EXECUTIVE OFFICERS exv10w1  

Exhibit 10.1
STEWART INFORMATION SERVICES CORPORATION AND SUBSIDIARIES
Executive Officers’ Bonus Plans
The following summarizes the terms of the bonus arrangements approved by our Compensation Committee with respect to our executive officers:
MALCOLM S. MORRIS, as Chairman of the Board and Co-Chief Executive Officer, shall receive in addition to his salary, 1% on the first $20,000,000 of the consolidated income before taxes of Stewart Title Guaranty Company as reported to its stockholder, .75% of the pretax profits from $20,000,001 to $40,000,000, .50% of the pretax profits from $40,000,001 to $60,000,000 and .25% of the pretax profits exceeding $60,000,000. For the calendar year 2005, Mr. Malcolm S. Morris shall receive no less than $250,000 in bonus compensation.
STEWART MORRIS, JR., as President and Co-Chief Executive Officer, shall receive in addition to his salary, 1% on the first $20,000,000 of the consolidated income before taxes of Stewart Title Guaranty Company as reported to its stockholder, .75% of the pretax profits from $20,000,001 to $40,000,000, .50% of the pretax profits from $40,000,001 to $60,000,000 and .25% of the pretax profits exceeding $60,000,000. For the calendar year 2005, Mr. Stewart Morris, Jr. shall receive no less than $250,000 in bonus compensation.
MAX CRISP, as Executive Vice President and Chief Financial Officer, shall receive in addition to his salary, .50% of the first $50,000,000 of the consolidated income before taxes of Stewart Title Guaranty Company as reported to its stockholder, .40% of the pretax profits from $50,000,001 to $75,000,000, .30% of the pretax profits from $75,000,001 to $100,000,000 and .20% of the pretax profits exceeding $100,000,000. For the calendar year 2005, Mr. Max Crisp shall receive no less than $145,000 in bonus compensation, and his compensation from base salary plus bonus may not exceed 75% of the total base salary plus bonus earned by a Chief Executive Officer.
MATTHEW W. MORRIS, as Senior Vice President-Planning and Development, shall receive in addition to his salary, .10% of the consolidated income before taxes of Stewart Title Guaranty Company as reported to its stockholder. For the calendar year 2005, Mr. Matthew W. Morris shall receive no less than $75,000 in bonus compensation. In addition, Mr. Matthew W. Morris may be eligible to receive up to $25,000 of discretionary bonuses based on the completion of certain projects and the approval of Mr. Stewart Morris, Jr.