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

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.