AIG Implements Robert H. Benmosche's Compensation Agreement.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- As required by New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. rules, American International Group, Inc. (AIG AIG addressee indicator group (US DoD) AIG American International Group, Inc AiG Answers in Genesis (religious group in defense of Scripture) AIG Artificial Intelligence Group AIG Australian Industry Group ) 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 Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 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. 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. |
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