Board of Directors Incentive Plan:
To qualify for the full awards described below a Director must be in service for 2 years commencing in 2017 through, and including, 2018. The
eight (8) Directors noted above, plus two (2) independent directors on the board of directors of a subsidiary of the Company, are eligible for this incentive plan. This plan would provide for the payment to all eligible Directors of certain amounts, on a pro rata basis, based on the following metrics occurring at any time through December 31, 2019:
(i) the Company’s common share price maintaining an average of $4.50 over a ten (10) day trading window period
and
(ii) the Company receiving regulatory approval to make payments on the surplus notes in the amounts described in the table below. This is a one-time award that may be paid as early as the first quarter of 2019 (provided the above metrics are met at the end of 2018).
The plan will expire on December 31, 2019.
Surplus Note Payment Aggregate Payout in cash for all eligible Directors
(to be shared pro rata among eligible Directors)
Less than $400 million .................................. $ 0
$400 million .......................................... $1,000,000
$500 million .......................................... $2,000,000
$600 million or more .................................... $4,000,000
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