NEW YORK (Reuters) — Scottish Re Group Ltd.’s top executives will not be getting the bonus they had hoped for when the reinsurer is sold for $4 a share, a far cry from the $12 a share investors had sought.Scottish Re’s shares have plummeted since July, when its chief executive resigned after it said it was going to post a big second-quarter loss and put itself up for sale.

On Monday, Scottish Re agreed to sell control to MassMutual Capital Partners LLC and private equity firm Cerberus for $600 million by issuing new preferred stock, helping to avoid the possibility of a forced shut down or cessation of new business. But the sale price still fell far short of what many investors, and the company itself had hoped.

“Because this equity investment will result in an effective sales price of approximately $4 per share, no payments will be paid to the Executives under the Plan, except for the guaranteed retention payment,” Scottish Re said in a regulatory filing.

Chief executive Paul Goldean and other executives had been offered guaranteed payouts on the condition that they stay with the company through its expected transition to new ownership.

In Goldean’s case the retention payment was $300,000 on top of his annual base salary of $550,000; other top executives were to get retention payments of $200,000 to $100,000.

But he and his colleagues would have received even more if the company had sold for at least $12 a share, with the potential bonus increasing up to a sale price of $15 a share, according to the filing.

Scottish Re did not quantify the additional payments for which they were eligible and a spokeswoman for the reinsurer declined to elaborate on the filing. Since the beginning of the year, Scottish Re shares have dropped 76 percent.