$1.$ The Internal Revenue Code $($IRC$)$ defines executive status so it is not an arbitrary designation. It designates two categories: key employees and highly compensated employees. Define each category. Refer to Figure $11-1,$ lists the various levels representing key employees.

$2.$ There are five major components of executive compensation packages. List the five and give two examples of each.

$3.$ Your text lists three groups of key players who participate in setting executive compensation. List and explain the role of each group.

$4.$ Three prominent theories describe the process of setting executive compensation. List them and briefly describe each.

$5.$ Two laws discussed in this chapter cover disclosure of executive compensation. List them and explain each.

$6.$ In the introduction to this assignment, the challenge of addressing the question, $$Are executives overpaid?$$ was alluded to as well as the controversy it has created not only in compensation practices but in the eyes of the general public which relies upon media for most of its information. Your text mentions four criteria which each of us should use to formulate our own opinion. List these four and briefly discuss each. After answering, give your opinion and your rationale for each of the criteria.

$7.$ Complete the following case studies: Case$1$ Building an Executive Compensation Package. Case $2$

Ethics Dilemma: Resistance to Clawback CEO Severance Pay at United Airlines.