Summary
This Form 8-K filing from American International Group, Inc. (AIG) on April 10, 2012, primarily details compensation adjustments for its top executives, as determined by the Office of the Special Master for TARP Executive Compensation. The report outlines revised annual cash and stock salary levels effective January 1, 2012, for the twenty-five most highly compensated employees, including key named executive officers. These adjustments reflect regulatory oversight of compensation for companies that received TARP funds. Investors should note the specific salary figures and the structure of stock-based compensation, which includes immediate vesting for restricted stock or units but incorporates multi-year transfer and payment restrictions. The filing also addresses potential long-term incentive awards and specific modifications to compensation plans for certain executives like Mr. Benmosche and Mr. Dooley to maintain compensation levels while adhering to regulatory requirements.
Key Highlights
- 1AIG's top 25 highest-compensated employees, including named executive officers, have had their compensation for 2012 determined by the Office of the Special Master for TARP Executive Compensation.
- 2Revised annual cash salary levels are set, with specific figures provided for CEO Robert H. Benmosche ($3,000,000) and other key executives.
- 3Annual stock salary levels have also been established, to be granted as immediately vested AIG restricted common stock or RSUs, with multi-year restrictions on transfer or payment.
- 4Specific stock salary amounts are detailed for named executives, including Mr. Benmosche ($7,500,000) and Peter D. Hancock ($5,200,000).
- 5Eligibility for 2012 annual long-term incentive awards payable in restricted stock is outlined for certain executives, contingent on performance goals.
- 6Adjustments were made to the compensation structure for Robert H. Benmosche and William N. Dooley at AIG's request to maintain total annual compensation opportunity while adhering to regulations concerning long-term restricted stock vesting periods.