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AXS > SEC Filings for AXS > Form 8-K on 26-Feb-2014All Recent SEC Filings

Show all filings for AXIS CAPITAL HOLDINGS LTD

Form 8-K for AXIS CAPITAL HOLDINGS LTD


26-Feb-2014

Change in Directors or Principal Officers


Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(e) On February 20, 2014, the Compensation Committee of the Board of Directors of AXIS Capital Holdings Limited (the "Company") approved the AXIS Capital Holdings Limited 2014 Executive Annual Incentive Plan (the "2014 Incentive Plan"). The adoption of the 2014 Incentive Plan reflects the Company's continued commitment to a pay for performance philosophy with compensation more clearly linked to Company, Business Unit and individual performance. In 2013, with the adoption of the 2013 Executive Annual Incentive Plan, the Committee introduced a more formulaic method of calculating bonus payouts which included assigned weightings for Company financial and non-financial metrics. With the adoption of the 2014 Incentive Plan, the Committee has now introduced a Business Unit financial metric. Under the terms of the 2014 Incentive Plan, the determination of a participant's actual award is based on financial and non-financial metrics, weighted based on the participant's job function as follows:

(i) for the Chief Executive Officer, the Company financial metric is weighted at 85% and the non-financial metric is weighted at 15%;

(ii) for Business Unit CEOs, the Company financial metric is weighted at 50%, the Business Unit metric is weighted at 25% and the non-financial metric is weighted at 25%; and

(iii) for corporate function leaders and other eligible executives, the Company financial metric is weighted at 75% and the non-financial metric is weighted at 25%.

The Company financial metric is operating return on average common equity and the business unit financial metric is Business Unit performance as compared to the Business Unit's financial plan.

The foregoing description is a summary only and is qualified in its entirety by reference to the 2014 Incentive Plan, which is attached hereto as Exhibit 10.1 and is incorporated herein by reference. Item 9.01 Financial Statements and Exhibits

(d) Exhibits
Exhibit No.   Description

10.1          AXIS Capital Holdings Limited 2014 Executive Annual Incentive Plan


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