Mid Ocean’s Michael Butt receives $7 million package for fiscal 1997

By David Marchant

27 years ago

Topics

Bermuda Insurance Listed Securities

Keywords

Bermuda Insurance Compensation Review Bermuda Insurance Market Brian OHara Mark Brockbank Michael Butt

Mid Ocean Re Robert Newhouse

[ 2 more... ] [ top 5 ]

Michael Butt, the 55-year-old president and CEO of Bermuda-based reinsurer Mid Ocean Limited, received a financial package worth $7 million in fiscal 1997, according to the company’s latest Proxy Statement filing with the SEC.Butt’s remuneration comprised $485,000 in salary, $500,000 as a performance bonus, $209,800 in travel and housing allowances, $53,100 in contributions to his pension plan, a profit of $5.31 million from share options he exercised during the year and a further $417,600 in restricted stock awards that were granted in previous years but which vested during fiscal 1997.

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