Common use of PERFORMANCE BASED INCENTIVE BONUS Clause in Contracts

PERFORMANCE BASED INCENTIVE BONUS. Executive shall be entitled to an annual performance based cash incentive bonus in an amount up to 45 percent of the Base Salary (the "Bonus"). The Bonus shall be earned and paid in accordance with the Company's performance based incentive compensation plan (the "Incentive Plan"); provided, however, that with respect to Executive, the "Performance Period" shall be the calendar year beginning with the 2004 calendar year and continuing for each calendar year thereafter, and the Performance Goals for each Performance Period shall include maintaining, to the extent within the control of the Company's management, the Company's rating by A.M. Best Company (which is currently A-). A copy of the Performance Goals as so established shall be provided to Executive. The Bonus shall be payable as provided in the Incentive Plan. The Performance Goals for 2004 shall be as set forth in Exhibit B. Notwithstanding the forgoing, with the express approval by the Board after review of Executive's performance for the Performance Period, the actual amount of Incentive Award may exceed 45 percent of the Base Salary for such Performance Period, ------------------------

PERFORMANCE BASED INCENTIVE BONUS. Executive shall be entitled to an annual performance based cash incentive bonus in an amount up to 45 50 percent of the Base Salary (the "Bonus"). The Bonus shall be earned and paid in accordance with the Company's performance based incentive compensation plan (the "Incentive Plan"); provided, however, that with respect to Executive, the "Performance Period" shall be the calendar year beginning with the 2004 calendar year and continuing for each calendar year thereafter, and the Performance Goals for each Performance Period shall include maintaining, to the extent within the control of the Company's management, the Company's rating by A.M. Best Company (which is currently A-). A copy of the Performance Goals as so established shall be provided to Executive. The Bonus shall be payable as provided in the Incentive Plan. The Performance Goals for 2004 shall be as set forth in Exhibit B. Notwithstanding the forgoing, with the express approval by the Board after review of Executive's performance for the Performance Period, the actual amount of Incentive Award may exceed 45 50 percent of the Base Salary for such Performance Period, ------------------------,

PERFORMANCE BASED INCENTIVE BONUS. Executive shall be entitled to an annual performance based cash incentive bonus in an amount up to 45 percent of the Base Salary (the "Bonus"). The Bonus shall be earned and paid in accordance with the Company's performance based incentive compensation plan (the "Incentive Plan"); provided, however, that with respect to Executive, the "Performance Period" shall be the calendar year beginning with the 2004 calendar year and continuing for each calendar year thereafter, and the Performance Goals for each Performance Period shall include maintaining, to the extent within the control of the Company's management, the Company's rating by A.M. Best Company (which is currently A-). A copy of the Performance Goals as so established shall be provided to Executive. The Bonus shall be payable as provided in the Incentive Plan. The Performance Goals for 2004 shall be as set forth in Exhibit B. Notwithstanding the forgoing, with the express approval by the Board after review of Executive's performance for the Performance Period, the actual amount of Incentive Award may exceed 45 percent of the Base Salary for such Performance Period, ------------------------,

PERFORMANCE BASED INCENTIVE BONUS. Executive shall be entitled to an annual performance based cash incentive bonus in an amount up to 45 percent of the Base Salary (the "Bonus"). The Bonus shall be earned and paid in accordance with the Company's performance based incentive compensation plan (the "Incentive Plan"); provided, however, that with respect to Executive, the "Performance Period" shall be the calendar year beginning with the 2004 calendar year and continuing for each calendar year thereafter, and the Performance Goals for each Performance Period shall include maintaining, to the extent within the control of the Company's management, the Company's rating by A.M. Best Company (which is currently A-). A copy of the Performance Goals as so established shall be provided to Executive. The Bonus shall be payable as provided in the Incentive Plan. The Performance Goals for 2004 shall be as set forth in Exhibit B. Notwithstanding the forgoing, with the express approval by the Board after review of Executive's performance for the Performance Period, the actual amount of Incentive Award may exceed 45 percent of the Base Salary for such Performance Period, --------------------------------------------------