exv10w15






Exhibit 10.15









Symetra Life Insurance Company




2008 INCENTIVE COMPENSATION PLAN




for




Pat McCormick




Senior Vice President, Sales & Distribution




Effective: January 1, 2008




Portions
marked [***] have been omitted
pursuant to a Confidential Treatment Request by Symetra Financial Corporation, this information
has been filed separately with the Securities and Exchange Commission.



2008 SVP, Sales & Distribution Incentive Compensation Plan

Version 1.0 effective January 1, 2008




 









 





INTRODUCTION




This material describes the 2008 Symetra Life Insurance Company Incentive Compensation Plan for
the Participant identified on page 1 of this Plan. The information is divided into two sections:



	 	 	 
	•     General Administration

	 	Plan guidelines for eligibility, payout provisions, prorated
awards, and other administrative practices.
	 
	 	 
	•     Plan Description

	 	Specific Plan provisions, including incentive rates.






Symetra Financial’s Human Resources Department can help you with questions about this
material or your eligibility for or participation in the Symetra Incentive Compensation Plan.



2008 SVP, Sales & Distribution Incentive Compensation Plan

Version 1.0 effective January 1, 2008




 









 








GENERAL ADMINISTRATION




	 	 	 
	Compensation Structure:

	 	A Participant is compensated through a base salary and incentive
compensation, based on production in an assigned territory within
the Participant’s Distribution Channel.
	 
	 	 
	Base Salary:

	 	Base salary is defined as annualized base pay excluding any bonuses,
cash incentives, or other extra compensation.
	 
	 	 
	Plan Year:

	 	The Plan will run on a calendar year basis.
	 
	 	 
	Timing of Incentive Payments:

	 	Incentive Compensation earned will be paid quarterly. These
payments will be made within three pay periods after the end of
the month in which the incentive compensation was earned, unless
the necessary data to calculate the incentive amount is not available.
In that case, payments will be made within two pay periods following
the date the data becomes available.
	 
	 	 
	Eligibility:

	 	A Participant becomes eligible to participate in the incentive
compensation program on the first of the month following date of
employment in a qualifying position.
	 
	 	 
	Partial Plan Year Eligibility:

	 	The information described in this Plan assumes a Participant’s full year
participation. A Participant in the position for a partial Plan year will
be eligible to earn incentive compensation on a prorated basis.
	 
	 	 
	Leaving Position:

	 	If a Participant leaves his/her position during the Plan year for
any reason, he/she will be paid for production earned through
the end of the last full quarter of employment unless on a
guarantee.
	 
	 	 
	 

	 	If a Participant on a guarantee leaves his/her position effective
the same date as the last full quarter of employment under the
plan, special handling will apply to the final payment
reconciliation. The final guarantee will be applied to a
termination reconciliation and only the actual in excess of
what has been paid will be due as the final incentive payment.
	 
	 	 
	 

	 	If a Participant on a guarantee leaves his/her position with an
effective date other than the last full quarter of employment
under the plan, a reconciliation through the last full quarter of
employment will be performed under the terms of the plan.
	 
	 	 
	Calculations:

	 	The percentage rate at which incentive compensation will be
paid is set forth in the Plan Description. The referenced rate
will be paid for credited sales during the quarter.
	 
	 	 
	Guaranteed Payment(s):

	 	In certain circumstances management may provide a Participant
guaranteed quarterly minimum incentive payment(s). In that situation,
the Participant will be paid the higher of (1) the guaranteed quarterly
minimum, or 2) the quarterly incentive compensation amount the
Participant otherwise earned under the terms of the Plan, based on
qualifying production. Cumulative YTD earned incentive
compensation will be calculated and a reconciliation will be performed.
This guarantee will come under the same guidelines as noted in the






2008 SVP, Sales & Distribution Incentive Compensation Plan

Version 1.0 effective January 1, 2008





 









 








	 	 	 
	 

	 	Eligibility and Calculations sections above and will be carried over
to
subsequent quarters until completely offset by any incentive
compensation earned through the end of the guarantee.
	 
	 	 
	Sick Leave/Short Term Disability:

	 	Sick leave and/or short-term disability for Plan Participants will be
administered in the same manner as for all other salaried Symetra
Financial employees in accordance with Symetra’s normal benefits
policies and procedures. In the event of time away from work due to
sick leave and/or short-term disability, incentive compensation will
not
be adjusted unless as stated under Product, Commissions and
Production Credits.
	 
	 	 
	Realignment of Territory:

	 	A realignment is the reassignment of agent(s) or registered
representative(s) from one channel and/or territory to another, as
approved by the distribution channel(s) involved. The effective date
of
the realignment is the date that production stops flowing from the old
territory and begins flowing to the new one. Incentive compensation
will be adjusted upon the realignment and could result in a
retroactive
increase or decrease in production and incentive compensation.
	 
	 	 
	Agency/Producer Assignment:

	 	Assignment of agencies/producers will be established on a geographic
territory and authorized by the manager responsible for the
Distribution
Channel. Each Participant will be accountable for those agencies and
producers for the assigned products and product lines.
	 
	 	 
	Product, Commissions and
Production Credits:

	 	Symetra Life Insurance Company reserves the right to withdraw
products from distribution, to reassign distribution of specific
products,
to realign sales territories and restructure distribution channel
responsibilities as it deems necessary or appropriate to its overall
business needs. In appropriate circumstances, the Company may
modify credits on a case. (For example, in a situation involving
significant Symetra Life Insurance Company assistance on a case, a
Participant may be granted only partial sales credit for the case.)
Any such modification of production credit for a case requires
notification in writing within a reasonable time after the sale with
the
approval of the Company’s Senior Vice President of Sales and
Distribution and Human Resources.
	 
	 	 
	Plan Modification/Reservation of
Rights:

	 	Symetra Life Insurance Company reserves the right to modify, amend
or repeal this Plan, or to discontinue (either temporarily or
permanently) the distribution of incentive compensation under the
Plan.
However, unless as stated under Product, Commissions and Production
Credits, no such modification, amendment, suspension or termination
may adversely affect incentive compensation awards earned prior to the
date the modification, amendment, suspension or termination takes
effect. Any Plan modification requires written documentation to Plan
Participants with approval of the Senior Vice President of Sales and
Distribution and Human Resources.
	 
	 	 
	Situations Not Covered:

	 	Symetra Life Insurance Company reserves the right to determine or
resolve all situations not expressly covered in this Plan description.
Final determinations regarding these situations will be made jointly
by
the Manager of the Distribution Channel, the Senior Vice President of
Sales and Distribution and Human Resources.






2008 SVP, Sales & Distribution Incentive Compensation Plan

Version 1.0 effective January 1, 2008





 









 








	 	 	 
	Continuation of Employment:

	 	The existence of this Plan does not create any employment contracts,
nor does it confer any right of continuing employment upon any Plan
Participant or any other employee. Employment at Symetra is “at
will”, meaning that both the employee and Symetra are at liberty to end
the employment relationship at any time, with or without cause, with or
without notice.






2008 SVP, Sales & Distribution Incentive Compensation Plan

Version 1.0 effective January 1, 2008





 











 






2008 INCENTIVE PLAN DESCRIPTION




Senior Vice President, Sales and Distribution — Pat McCormick




	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	NEW
	 	 	INCENTIVE	 	 	 	 	 	INCENTIVE
	 	 	COMPENSATION	 	PRODUCTION	 	COMPENSATION
	PRODUCT	 	RATE	 	OVER	 	RATE
	 
	INDIVIDUAL
	 	 	 	 	 	 	 	 	 	 	 	 
	Term Life (Term and Worksite Term)
	 	 	[***]	 	 	 	[***]	 	 	 	[***]	 
	Annual Permanent Life (Annual
Perm and Worksite Perm)
	 	 	[***]	 	 	 	[***]	 	 	 	[***]	 
	Single Premium Life
	 	 	[***]	 	 	 	[***]	 	 	 	[***]	 
	Symetra Complete
	 	 	[***]	 	 	 	[***]	 	 	 	[***]	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	RETIREMENT SERVICES
	 	 	 	 	 	 	 	 	 	 	 	 
	Fixed Total (Other Fixed Annuities,
TSA Fixed and SEPP/SIMPLE Fixed)
	 	 	[***]	 	 	 	[***]	 	 	 	[***]	 
	Individual Variable Total (Other
Variable Annuities, TSA Variable, and
SEPP/SIMPLE Variable)
	 	 	[***]	 	 	 	[***]	 	 	 	[***]	 
	Group Variable Total (Other
Group Variable Annuities and TSA Group
Variable)
	 	 	[***]	 	 	 	[***]	 	 	 	[***]	 
	Bundled Products Total (MF
TSA, MF 401(k), MF 457, MF 403b7, and
MF Other)
	 	 	[***]	 	 	 	[***]	 	 	 	[***]	 
	Bundled A Share Products (A
Share MF TSA, A Share MF 401(k), A
Share MF 457, A Share MF 403b7, and A
share MF Other)
	 	 	[***]	 	 	 	[***]	 	 	 	[***]	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	INCOME ANNUITIES
	 	 	 	 	 	 	 	 	 	 	 	 
	SPIA
	 	 	[***]	 	 	 	[***]	 	 	 	[***]	 
	Annuitizations
	 	 	[***]	 	 	 	[***]	 	 	 	[***]	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	WELL PLAN
	 	 	[***]	 	 	 	[***]	 	 	 	[***]	 






INCENTIVE FOR INDIVIDUAL:




BASED ON NET ANNUALIZED FIRST YEAR PREMIUM (AFYP)




INCENTIVE FOR RETIREMENT SERVICES:




BASED ON NET BUNDLED MUTUAL FUND DEPOSITS, NET SINGLE SUM ANNUITY PREMIUMS AND NET FIRST YEAR
CONTINUING ANNUITY PREMIUMS AND INCREASES.



INCENTIVE FOR INCOME ANNUITIES:




BASED ON NET SINGLE SUM ANNUITY PREMIUMS AND NET FIRST YEAR CONTINUING ANNUITY PREMIUMS AND NET
FIRST YEAR CONTINUING PREMIUMS AND INCREASES AND
SINGLE SUM DEPOSITS RESULTING FROM THE ANNUITIZATION OF ELIGIDLE FIXED OR VARIABLE PRODUCTS THAT
RESULT IN COMMISSION TO THE AGENT.


Portions
marked [***] have been omitted
pursuant to a Confidential Treatment Request by Symetra Financial Corporation, this information
has been filed separately with the Securities and Exchange Commission.




2008 SVP, Sales/Dist Rate Page Version
1.0
 effective January 1, 2008



 









 





INCENTIVE FOR WELL PLANS:






BASED ON QUARTERLY ASSET GROWTH FOR NEW PLANS FIRST FOUR QUARTERS.
PAYMENT WILL BE MADE WITHIN THE SUBSEQUENT INCENTIVE COMPENSATION CYCLE FOLLOWING QUARTER END.



Minimum threshold: No incentive compensation will be paid in a year in which the company’s
pretax GAAP profit is less than $100 million.



2008 SVP, Sales/Dist Rate Page Version
1.0
 effective January 1, 2008



 









 





Minimum threshold: No incentive compensation will be paid in a year in which the company’s
pretax GAAP profit is less than $100 million.



Senior Vice President, Sales and Distribution




Acknowledgement Form:




I acknowledge receipt of this 2008 Incentive Compensation Plan and acknowledge that I am
familiar with its terms and conditions.



	 	 	 	 
	PATRICK B. MCCORMICK

	 	RANDALL H. TALBOT
	 

	 	 
	Participant’s Printed Name

	 	Manager’s Printed Name
	 
	 	 
	/s/ Patrick B. McCormick 12/20/07

	 	/s/ Randall H. Talbot
	 

	 	 
	Participant’s Signature/Date

	 	Manager’s Signature/Date






2008 SVP, Sales & Distribution Incentive Compensation Plan

Version 1.0 effective January 1, 2008