Arch Capital Group Ltd. (NASDAQ:ACGL) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02(c)(3).
|
ITEM 5.02(c) |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
In connection with his promotion, on April 9, 2018, ACGL entered into an employment agreement with Mr. Grandisson under which he will serve as President and Chief Executive Officer of ACGL. The employment agreement provides for an annual base salary of $1,000,000, which is subject to review annually for increase at the discretion of the Board. Mr. Grandisson is also eligible to participate in an annual bonus plan on terms set by the Board. The target rate for his annual cash bonus is 165% of his annual base salary. Mr. Grandisson is eligible to participate in ACGL’s share-based award plans at the discretion of the Board. Mr. Grandisson is also entitled to participate in employee benefit programs and other fringe benefits customarily provided to similarly situated senior executives residing in Bermuda. On April 9, 2018, ACGL also granted Mr. Grandisson options to purchase 205,428 shares. The stock options will vest in three equal annual installments commencing on the first anniversary of the date of grant. The employment agreement also includes garden leave and severance provisions that apply upon termination of his employment, as set forth in the employment agreement. Mr. Grandisson has agreed to noncompetition, nonsolicitation and confidentiality agreements as set forth in his employment agreement.
A copy of the employment agreement is attached hereto.
ITEM 9.01Financial Statements and Exhibits.
(d):The following exhibit is being filed herewith.
ARCH CAPITAL GROUP LTD. ExhibitEX-10.1 2 ex101emplagmtmg.htm EX 10.1 AGREEMENT Exhibit Exhibit 10.1EMPLOYMENT AGREEMENT EMPLOYMENT AGREEMENT (“Agreement”),…To view the full exhibit click here
About Arch Capital Group Ltd. (NASDAQ:ACGL)
Arch Capital Group Ltd. writes insurance and reinsurance on worldwide basis. The Company operates in five segments: insurance, reinsurance, mortgage, other and corporate. The Company’s insurance, reinsurance and mortgage segments are underwriting segments. The insurance segment’s product lines include construction and national accounts; excess and surplus casualty; lenders products; professional lines; programs; property, energy, marine and aviation; travel, accident and health, and other, which includes alternative market risks and excess workers’ compensation. The reinsurance segment’s product lines include casualty; marine and aviation; other specialty; property catastrophe; property excluding property catastrophe, and other, which includes life reinsurance and casualty clash businesses. The mortgage segment includes the results of Arch Mortgage Insurance Company (Arch MI U.S.) and Arch Mortgage Insurance Designated Activity Company (Arch MI Europe).
