Assured Guaranty Ltd. 2005 Executive Officer Cash Compensation Description
This document outlines the 2005 annual salaries and bonuses for the Chief Executive Officer and four other top executive officers of Assured Guaranty Ltd. It also details certain perquisites and benefits, such as housing and travel allowances, tax reimbursements, and participation in pension plans. The listed salaries remain unchanged for 2006. The agreement covers compensation terms and additional benefits for these executives, some of whom have formal employment agreements with the company.
Exhibit 10.32
ASSURED GUARANTY LTD.
DESCRIPTION OF EXECUTIVE OFFICER CASH COMPENSATION
FOR 2005
Set forth below are the 2005 annual salary and bonus of the Chief Executive Officer and each of the four most highly compensated Executive Officers. The salary of each Executive Officer listed below are unchanged for 2006.
Dominic J. Frederico
President and Chief Executive Officer, Assured Guaranty Ltd.
| Salary |
| Bonus |
| ||
| $ | 700,000 |
| $ | 2,000,000 |
|
Robert B. Mills
Chief Financial Officer, Assured Guaranty Ltd.
| Salary |
| Bonus |
| ||
| $ | 500,000 |
| $ | 775,000 |
|
Michael J. Schozer
President, Assured Guaranty Corp.
| Salary |
| Bonus |
| ||
| $ | 375,000 |
| $ | 725,000 |
|
James M. Michener
General Counsel, Assured Guaranty Ltd.
| Salary |
| Bonus |
| ||
| $ | 375,000 |
| $ | 600,000 |
|
Robert A. Bailenson
Chief Accounting Officer, Assured Guaranty Ltd.
| Salary |
| Bonus |
| ||
| $ | 300,000 |
| $ | 260,000 |
|
Messrs. Frederico, Mills and Michener have employment agreements with the Company and are entitled to certain perquisites, such as housing allowance, family travel benefit, car allowance, reimbursement of U.S. social security and Medicare taxes, financial and tax planning and club dues. Mr. Schozer is also a party to an employment agreement with Assured Guaranty Corp. and is entitled to certain perquisites, such as financial and tax planning and club dues.
The CEO and other Executive Officers are also participants in defined contribution pension plans maintained by the Company and its subsidiaries.
