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UNH » Topics » New Plan Benefits

This excerpt taken from the UNH DEF 14A filed Apr 28, 2008.

New Plan Benefits

At the beginning of 2008, management recommended, and the Compensation Committee approved (1) participants, annual incentive cash bonus targets as a percentage of base salary, and performance goals for the annual incentive cash bonus for 2008 and (2) participants, long-term cash incentive targets as a percentage of average base salary and performance targets for the 2008-2010 long-term performance period, each under a new 2008 Executive Incentive Plan. The amount to be paid to our named executive officers under the 2008 Executive Incentive Plan with respect to an annual incentive cash bonus for 2008 or long-term incentive cash bonus for the 2008-2010 performance period depends on Company performance, individual performance and the discretion of the Compensation Committee and is not currently determinable. The target incentive awards for our named executive officers and other executive officers in the aggregate is as follows:

 

     2008 Executive Incentive Plan  
Name and Position   Target Annual
Cash Incentive
Award(1)		     Target
Long-Term
Cash Incentive
Award(2)		  

Stephen J. Hemsley

President and Chief Executive Officer

   $ 1,625,000      $ 679,174   

George L. Mikan III

Executive Vice President and Chief Financial Officer

   $ 700,000     $ 365,098  

William A. Munsell

Executive Vice President and President of Enterprise Services Group

   $ 700,000     $ 365,098  

Anthony Welters

Executive Vice President and President of Public and Senior Markets Group

   $ 700,000     $ 365,098  

David S. Wichmann

Executive Vice President and President of Commercial Markets Group

   $ 700,000     $ 365,755  

Executive Officer Group (8 persons)

   $ 6,025,000     $ 2,818,073  

Non-Executive Director Group (0 persons)

   $ —       $ —    

Non-Executive Officer/Employee Group (0 persons)

   $ —       $ —    

 

72

Table of Contents

 

(1) Amounts represent estimated potential payouts of annual cash incentive awards that could be earned by each executive officer elected to participate in the 2008 Executive Incentive Plan and receive annual cash incentive awards for the fiscal year ending December 31, 2008, subject to the achievement of specified performance goals and the discretion of the Compensation Committee to reduce the award, and are calculated based upon an annual incentive performance target as a percentage of base salary, which ranges from 75% to 125%, for each participating executive officer. Performance targets for the annual cash incentive awards are based on three equally- weighted performance measures: growth and innovation, operating income and cash flow, and stewardship, as described under the heading, “Compensation Discussion and Analysis — Elements of our Compensation Program — Annual Cash Compensation — Annual Cash Incentive Awards.”

 

(2) Amounts represent estimated potential payouts of long-term cash incentive awards for the 2008-2010 performance period that could be earned by each executive officer elected to participate in the 2008 Executive Incentive Plan and receive long-term cash incentive awards for the 2008-2010 performance period, assuming that the award is completely vested, and subject to the achievement of specified performance goals, the discretion of the Compensation Committee to reduce the award, and calculated based upon a long-term cash incentive target as a percentage of base salary. The long-term cash incentive target as a percentage of base salary is 50% for all participants and the incentive amounts shown are computed assuming that participants’ salaries are increased 5% effective February 1, 2009 and another 5% effective February 1, 2010. Performance targets for the long-term cash incentive awards are based on two equally-weighted performance measures: EPS and an average return on equity goal as described under the heading, “Compensation Discussion and Analysis — Elements of our Compensation Program — Long-Term Incentive Compensation – Long-Term Cash Incentive Awards”.

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