Aspen acquired by Apollo
Aspen Insurance Holdings has granted Scott Kirk, its group chief financial officer, with a $2 million retention award.
The award will be paid to Kirk on January 1, 2020 subject to the terms and conditions set forth in a retention letter between Kirk and the company, dated August 13, 2018.
In the SEC-filed retention letter, the company said that “in light of the prevailing market conditions, Aspen would like to recognise a small number of key employees who contribute significantly to Aspen and who play an integral role in Aspen’s future.”
Aspen stated that the retention award will only be paid if Kirk continues to “satisfactorily perform” his employment duties and remains employed with Aspen and will not have resigned or provided notice of resignation from his position prior to the payment date.
“We have the right to deduct or withhold or require you to remit to us or our subsidiaries, an amount sufficient to satisfy any tax withholding requirements applicable to the award,” the company said in the retention letter.
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