ACE Limited Executive Officer Cash Compensation Disclosure for 2004 and 2005
This document outlines the base salaries and bonuses for ACE Limited's Chief Executive Officer and four other top executive officers for 2004, as well as their increased base salaries for 2005. It also describes additional benefits provided to these executives, such as travel, housing, club memberships, and other personal and financial services. The agreement is informational and details the compensation structure for these key officers for the specified years.
Exhibit 10.38
ACE Limited
DESCRIPTION OF EXECUTIVE OFFICER CASH COMPENSATION FOR 2004 AND 2005
Set forth below are the base salaries of the Chief Executive Officer and each of the four most highly compensated executive officers in 2004 and their increased annual base salary effective January 1, 2005, together with bonus amounts with respect to 2004 compensation.
Evan Greenberg, President and Chief Executive Officer
| Base | Bonus | |||||||
| 2004 | $ | 1,000,000 | $ | 2,700,000 | ||||
| 2005 | $ | 1,025,000 | ||||||
Brian Duperreault, Chairman
| Base | Bonus | |||||||
| 2004 | $ | 1,030,000 | $ | 1,800,000 | ||||
| 2005 | $ | 600,000 | ||||||
Philip Bancroft, Chief Financial Officer
| Base | Bonus | |||||||
| 2004 | $ | 650,000 | $ | 650,000 | ||||
| 2005 | $ | 650,000 | ||||||
Gary Schmazlriedt, Chairman and Chief Executive Officer, ACE Overseas General
| Base | Bonus | |||||||
| 2004 | $ | 625,000 | $ | 675,000 | ||||
| 2005 | $ | 650,000 | ||||||
Brian Dowd, Chairman and Chief Executive Officer, ACE USA
| Base | Bonus | |||||||
| 2004 | $ | 525,000 | $ | 575,000 | ||||
| 2005 | $ | 575,000 | ||||||
In addition to the above, these officers receive perquisites that may include commuting and living expenses, personal travel on the corporate aircraft, use of the corporate apartment, club memberships, financial planning and tax preparation services, home security systems and reimbursement of certain medical expenses not covered by primary insurance.
