FPIC Insurance Group Inc. of Jacksonville has extended the employment agreements for its top two executives, President and CEO John R. Byers and Chief Financial Officer Charles Divita III and set their salaries and bonus parameters for 2007. The employment agreements for both were extended by a year – Byers' through 2009 and Divita's through 2008.
The executives' bonuses will depend on specific levels of total revenue, operating earnings per diluted share, return on average equity, and earnings per share. The target bonus for Byers is 100 percent of his base salary, for Divita, 50 percent of his base salary. Depending upon the company's performance, the actual bonuses could be from 50 percent to 150 percent of the target bonuses.
The company provides medical professional liability insurance for doctors, dentists, and other health care providers.
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