EXHIBIT 10.57 2002 COMPENSATION PROGRAM – SIMON TANExhibit 10.57 2002 Compensation Program – Simon Tan Introduction The 2002 compensation program will consist of three components: 1. A base salary payable on a biweekly basis 2. Long Term Incentive (LTI) • Final payment from the 1997-1999 LTI plan • Participant in the 2000-2002 LTI plan at a target of 60%, payment 2003 • Participant in the 2001-2003 LTI plan at a target of 60%, payment 2004 • Participant in the 2002-2004 LTI plan at a target of 60%, payment 2005 3. Stock Options – You will be eligible to receive a grant from the Phoenix Companies, Inc Stock Incentive Plan similar to other participants at your level. 4. An Annual Incentive plan based on predefined goals identified in Exhibit I. This document is intended to define the Annual Incentive Plan component. Eligibility This annual incentive plan is exclusively for Simon Tan. Performance Period January, 2002 to December 31, 2002 Annual Incentive Plan • ROE for Life and Annuity as defined in Exhibit I will constitute 50% of the incentive based on 2002 results. • 25% of the incentive component will be measured as follows: • Phoenix Life sales goals will constitute 10 % based on 2002 Life Sales results. • Phoenix Annuity sales goals will constitute 10 % based on 2002 Annuity results. • PFG Life and Annuity sales goals will constitute 5% based on 2002 Life & Annuity results. • 25% will be based on expense management with the goal to reduce the company's planned controllable expenses. • Actual payment will occur in first quarter 2003. Benefits Pension SERP benefits will include the annual incentive payment as defined in this program document as eligible earnings. All other benefits will use base salary as eligible earnings. Termination In order to receive any payments under this plan you must be an active employee in good standing on the annual incentive payment date. Death and Disability If your employment ends as a result of death, disability or retirement, you will receive your annual incentive as follows: your annual incentive will be calculated by prorating the percentage of target earned according to the number of months that you were actively at work. If you leave in the middle of the month, you will receive full credit for that month of service. Any such annual incentive payments will be paid in the first quarter of the subsequent year. Right to Amend Plan The company specifically reserves the right to change or terminate the program at any time. No adverse changes will be made retroactively, but will apply subsequently. No incentive payment is deemed to be earned until paid by the company. Amendments to Plan Due to Organizational Changes This Incentive Plan may be amended, if necessary, to reflect changes in your organizational roles and responsibilities. Recognition for accomplishments up to the point of organizational change will be given and any changes to the plan will reflect new and/or additional responsibilities. No adverse changes will be made. Exhibit 10.57 Exhibit I 2002 Annual Incentive Plan - Simon Tan Target is 65% of Base Salary = $276,250 - --------------------------- ----------------- ----------------------------------------------------------------- Criteria Weighting (% of Objectives & Thresholds Total Bonus) - --------------------------- ----------------- ------------ ------------ ----------- ------------- ------------ Threshold T-Minus Target T-Plus T-Superior Phoenix Life Sales 10% ------------ ------------ ------------ ------------ ------------ (Annualized premium - new $110 million $118 million $126 million $134 million $142 million business report basis – ------------ ------------ ------------ ------------ ------------ excluding PFG; including 50% 75% 100% 150% 200% the premium from the Credit Credit Credit Credit Credit proprietary product from Clarke Bardes) - --------------------------- ----------------- ------------ ------------ ------------ ------------ ------------ $1.0 billion $1.2 billion $1.4 billion $1.6 billion $1.8 billion Phoenix Annuity Sales 10% ------------ ------------ ------------ ------------ ------------ (excludes internal 50% 75% 100% 150% 200% exchange, PFG & Credit Credit Credit Credit Credit institutional annuity sales; includes single premium variable life) - --------------------------- ----------------- ------------ ------------ ------------ ------------ ------------ PFG Sales $300 million $330 million $360 million $390 million $420 million (includes PFG annuity ------------ ------------ ------------ ------------ ------------ deposits and PFG 5% life insurance annualized 50% 75% 100% 150% 200% and single premium sales) Credit Credit Credit Credit Credit - --------------------------- ----------------- ------------ ------------ ------------ ------------ ------------ 4.5% 5.0% 5.5% 6.0% 6.5% Roe after Fit - Cash 50% ------------ ------------ ------------ ------------ ------------ Operating Income from 50% 75% 100% 150% 200% Continuing Operations Credit Credit Credit Credit Credit Excluding Venture Capital and PXP (GAAP Management Report basis) - --------------------------- ----------------- ------------ ------------ ------------ ------------ ------------ 66.2% 65.2% 64.2% 63.2% 62.2% Expense Management Total 25% ------------ ------------ ------------ ------------ ------------ Company controllable 50% 75% 100% 150% 200% expenses excluding PXP as Credit Credit Credit Credit Credit a % of Total Company revenue excluding; PXP, Participating Life and Net Investment Income - --------------------------- ----------------- ------------ ------------ ------------ ------------ ------------ • Potential Award $138,125 $207,188 $276,250 $414,375 $552,500 - --------------------------- ----------------- ------------ ------------ ------------ ------------ ------------
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10-K Filing
Phoenix Companies (PNX) Inactive 10-K2002 FY Annual report
Filed: 21 Mar 03, 12:00am