NEW YORK--(BUSINESS WIRE)--Nov. 24, 2009--
As required by New York Stock Exchange rules, American International
Group, Inc. (AIG) today announced that it is implementing Mr.
Benmosche’s previously announced compensation agreement. AIG disclosed
the agreement on August 17th, 2009, in a Form 8-K filed with the
Securities and Exchange Commission.
Under the previously disclosed agreement, Mr. Benmosche will receive an
annual salary of $3 million in cash and $4 million in AIG common stock.
Mr. Benmosche will receive the stock in bi-weekly awards that will be
issued in accordance with the employment inducement award exemption
provided by Section 303A.08 of the New York Stock Exchange Listed
Company Manual; therefore, the shares will not be awarded under any of
AIG’s shareholder-approved equity plans. The maximum number of shares
that AIG could issue to Mr. Benmosche under this exemption is 245,000.
The shares will vest immediately upon award, but are restricted from
sale for five years from Mr. Benmosche’s hire date of August 10, 2009.
The shares relating to bi-weekly periods since August 10 were granted on
November 24, 2009 on the basis of the closing price of AIG shares on
American International Group, Inc. (AIG), a world leader in insurance
and financial services, is the leading international insurance
organization with operations in more than 130 countries and
jurisdictions. AIG companies serve commercial, institutional and
individual customers through the most extensive worldwide
property-casualty and life insurance networks of any insurer. In
addition, AIG companies are leading providers of retirement services,
financial services and asset management around the world. AIG's common
stock is listed on the New York Stock Exchange, as well as the stock
exchanges in Ireland and Tokyo.
Source: American International Group, Inc.
Mark Herr, 212-770-3505