In June 1981, the Presidents Academy conducted a study of the contract and compensation arrangements for chief executive officers (CEO's) of two-year colleges in the United States and its territories and Canada. Responses were received from 639 of the 1,231 colleges surveyed; 90% were public colleges. The study revealed that: (1) 72% of the CEO's had a contract; (2) contract terms ranged from one to five years, with 26% being for one year; (3) 40.5% of the contracts provided for annual review; (4) only 2% of the contracts specified the basic duties of the CEO; and (5) 8% provided for evaluation. The mean salary of CEO's was $48,402.09, and a clear relationship was revealed between enrollment and salary. With regard to other benefits, 25% of the colleges provided a home or housing allowance; 61.2% offered health benefits; 43% provided family tuition benefits; 71% paid a travel allowance; and 70% offered life insurance. The mean benefits of CEO's amounted to $13,258. The study report considers findings in terms of regional and institutional size differences. It includes a discussion of factors influencing compensation and excerpts from CEO contracts which cover areas including appointment, term, reappointment, duties, extent of services, housing, automobile allowance, liability, retirement, sabbaticals, disability, documentation, evaluation, discharge, termination, vacation, moving expenses, and contract clarification. The survey instrument is appended. (HB)