ACGL » Topics » Base Salary.

This excerpt taken from the ACGL DEF 14A filed Apr 3, 2007.
Base Salary.   Base salaries are designed to provide competitive levels of compensation to executives based upon their experience, duties and scope of responsibility. We pay base salaries because they provide a basic level of compensation and are necessary to recruit and retain executives. The Committee has the ability, subject to the terms of any employment agreement, to use base salary adjustments to reflect an individual’s performance or changed responsibilities.

Base salary levels are also important because we generally tie the amount of incentive compensation to an executive’s base salary. For example, annual target bonus opportunities are denominated as a percentage of the executive’s base salary. In addition, as discussed above, the Committee emphasizes a mix of compensation weighted towards variable, performance-based compensation. At lower executive levels, base salaries represent a larger proportion of total compensation but at senior executive levels are progressively replaced with larger variable compensation opportunities.

This excerpt taken from the ACGL DEF 14A filed Mar 31, 2006.

Base Salary

Base salaries reflect individual positions, responsibilities, experience and potential contribution to our success. Actual salaries vary according to the compensation committee’s subjective assessment of a number of factors in its review of base salaries of executives. The compensation committee periodically evaluates each individual’s job responsibilities and related compensation, and compares cash compensation practices to peer groups and other relevant compensation data to ensure that the Company’s compensation structure is consistent with its compensation philosophy. Base salary increases are based on individual and corporate performance and may reflect market and cost-of-living increases. The compensation committee believes that compensation for senior level employees should be weighted towards performance-based compensation. Consistent with this philosophy, the base salaries for all executive officers of the Company were not increased from 2005 year-end levels.

This excerpt taken from the ACGL 10-K filed Mar 13, 2006.
Base Salary”).  The Base Salary will be payable bi-monthly on the 15th and last working day of each month in arrears.  Annually during the Employment Period the Chief Executive Officer of the Company shall review with the Executive his job performance and compensation, and if deemed appropriate by the Board of Directors of the Company, in its discretion, the Executive’s Base Salary may be increased.”

 

4.     SECTION 4.04 shall be hereby amended and restated as follows:

 

“SECTION 4.04.  Expenses.  The Company shall reimburse the Executive for all reasonable expenses incurred by him in the course of performing his duties under this Agreement which are consistent with the Company’s policies in effect from time to time with respect to travel, entertainment and other business expenses (“

This excerpt taken from the ACGL DEF 14A filed Mar 31, 2005.

Base Salary

        Base salaries reflect individual positions, responsibilities, experience and potential contribution to our success. Actual salaries vary according to the compensation committee's subjective assessment of a number of factors in its review of base salaries of executives. The compensation committee will periodically evaluate each individual's job responsibilities and related compensation, and compare cash compensation practices to peer groups and other relevant compensation data to ensure that our compensation structure is consistent with its compensation philosophy. Base salary increases are based on individual and corporate performance and may reflect market and cost-of-living increases.

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