ASPEN INSURANCE HOLDINGS LIMITED (NYSE:AHL) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On June 6, 2018, Mr. Christopher O’Kane, the Chief Executive Officer of Aspen Insurance Holdings Limited (“Aspen”), executed an International Assignment Letter (the “Assignment Letter”) in connection with his five-year assignment to Bermuda, the registered headquarters of Aspen. During the term of his international assignment, Mr. O’Kane will be seconded to Aspen Bermuda Limited (“Aspen Bermuda”), Aspen’s wholly owned subsidiary, and will continue to remain an employee of Aspen Insurance UK Services Limited. Except as expressly set forth in the Assignment Letter, all terms and conditions of the (i) Amended and Restated Service Agreement, dated as of September 24, 2004, as amended on October 28, 2014, between Mr. O’Kane, Aspen Insurance UK Services Limited (“AIUKSL”) and Aspen and (ii) the Change of Control Employment Agreement, dated February 23, 2015, between Mr. O’Kane, AIUKSL and Aspen, as amended on March 15, 2018, shall remain in full force and effect.
to the Assignment Letter, Mr. O’Kane will receive (i) a housing allowance up to a maximum amount of $20,000 per month, (ii) a flight allowance up to a maximum amount of $70,000 per year, (iii) club membership fees of $14,000 per year, (iv) a wellness benefit of $1,500 per year, (v) a one-time relocation allowance of £10,000, (vi) reasonable relocation costs and (vii) tax advisor fees in connection with his international assignment. Mr. O’Kane’s annual base salary shall remain unchanged at £620,000 and will be converted to U.S. Dollars using a three year average exchange rate of £0.7267 to $1 ($853,172). Mr. O’Kane’s bonus potential will also remain unchanged at 175% of his annual base salary. Mr. O’Kane will continue to receive annual cash in lieu of pension benefit in the sum of £124,000 ($170,634). In accordance with Aspen Bermuda’s policy, no deductions will be made for Mr. O’Kane’s payroll tax, social insurance, pension contributions, long-term disability, life insurance and medical insurance coverage.
This summary is qualified in its entirety by reference to the Assignment Letter, which is attached hereto as Exhibit 10.1.
Section 9 — Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits
(d) The following exhibit is filed under this report:
ASPEN INSURANCE HOLDINGS LTD ExhibitEX-10.1 2 exhibit101internationalass.htm EXHIBIT 10.1 Exhibit Exhibit 10.1May 16,…To view the full exhibit click here
About ASPEN INSURANCE HOLDINGS LIMITED (NYSE:AHL)
Aspen Insurance Holdings Limited (Aspen Holdings) is a holding company. The Company conducts insurance and reinsurance business through its subsidiaries: Aspen U.K. and AUL, Aspen Bermuda (Bermuda) and Aspen Specialty and AAIC (the United States). It operates in two segments: Aspen Insurance and Aspen Reinsurance (Aspen Re). Its insurance segment consists of property and casualty insurance; marine, aviation and energy insurance, and financial and professional lines insurance. Aspen Re consists of property catastrophe reinsurance, other property reinsurance, casualty reinsurance and specialty reinsurance. Its Aspen Re consists of property catastrophe reinsurance, other property reinsurance (risk excess, pro rata and facultative), casualty reinsurance (the United States treaty, international treaty and global facultative) and specialty reinsurance (credit and surety, agriculture, marine, aviation, terrorism, engineering).