American International Group (AIG) Implementing Benmosche's Compensation Agreement
American International Group, Inc. (NYSE: AIG) today announced that it is implementing Mr. Benmosche’s previously announced compensation agreement, as required by NYSE rules. 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 that date.
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