Summary of Executive Compensation for Named Officers of Reinsurance Group of America, Incorporated

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This document outlines the 2007 base salaries, incentive compensation, and equity awards for the named executive officers of Reinsurance Group of America, Incorporated. It details each officer's salary, bonus payouts, stock option grants, and performance-based stock awards. The agreement also describes the company's deferred savings plan, eligibility, and how compensation is determined and paid. Key conditions include performance-based metrics for bonuses and stock awards, and specific rules for deferral and payout of compensation.

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EX-10.1 2 ex10p1.txt EXHIBIT 10.1 ------------ SUMMARY OF THE SALARIES, INCENTIVE COMPENSATION AND EQUITY INCENTIVE GRANTS AND AWARDS FOR THE NAMED EXECUTIVE OFFICERS OF REINSURANCE GROUP OF AMERICA, INCORPORATED - --------------------------------------------------------------------------------------------------------------------------------
Shares Awarded MIP Award for for 2007 Name and Title of 2007 Base MIP Payout 2004-2007 (% of Base 2007 Stock 2007 PCRS Executive Director Salary(1)(2) for 2006 PCRS Grant Salary)(3) Option Grant Grant (4) - -------------------------------------------------------------------------------------------------------------------------------- A. Greig Woodring $800,000 $947,590 28,980 0-200% 31,058 9,721 President and Chief Executive Officer - -------------------------------------------------------------------------------------------------------------------------------- David B. Atkinson $440,000 $454,843 12,300 0-160% 9,265 2,900 Executive Vice President and Chief Operating Officer - -------------------------------------------------------------------------------------------------------------------------------- Jack B. Lay $420,000 $427,769 10,260 0-160% 11,119 3,480 Senior Executive Vice President and CFO - -------------------------------------------------------------------------------------------------------------------------------- Paul A. Schuster $420,000 $411,780 10,260 0-160% 11,119 3,480 Senior Executive Vice President, U.S. Operations - -------------------------------------------------------------------------------------------------------------------------------- Graham Watson $480,000 $493,380 14,000 0-160% 11,119 7,000 Senior Executive Vice President, International - -------------------------------------------------------------------------------------------------------------------------------- (1) Under the RGA Reinsurance Company Executive Deferred Savings Plan (the "Plan"), executive officers of the Company participating in the Plan may defer up to 50% of his or her annual base salary and up to 100% of any incentive compensation awarded to such participant under an incentive compensation plan maintained by the Company. The amount of compensation to be deferred by each participant will be determined in accordance with the Plan based on elections made by the participant. The amount of compensation deferred under the Plan will be paid by one to fifteen installments upon the participant's retirement, termination, death, disability or other dates determined in accordance with the Plan. Mr. Watson, as a non-U.S. citizen, is not eligible to participate in the Plan. (2) In February or March of each year, the Compensation Committee meets to determine whether, based on market data, the performance of each executive officer and the performance of the Company during the preceding fiscal year, base salaries for the named executive officers should be increased. Additionally, base salaries for the named executive officers will generally increase concurrent with an officer's promotion or an increase in an officer's responsibilities, as may be determined by the Compensation Committee from time to time. (3) Results for Reinsurance Group of America, Incorporated (the "Company") under the Reinsurance Group of America, Incorporated Management Incentive Plan, as amended and restated effective January 1, 2003 (the "MIP"), are measured primarily on annual operating earnings (net income from continuing operations less realized capital gains and losses and certain other non-operating items) per share and, secondarily, on annual consolidated revenues. The MIP award for certain participants may be measured in part or in whole on divisional results, which will be based on the division's revenues and operating earnings. (4) Represents the target number of shares of performance contingent restricted stock of the Company issuable under the 2007 award, subject to the terms and conditions thereof.