8-KLeadership Changes

AMERICAN INTERNATIONAL GROUP, INC. 8-K Report, Executive Changes (Sep 18, 2014)

Filed September 18, 2014For Securities:AIG

Summary

This Form 8-K filing from American International Group, Inc. (AIG) on September 18, 2014, primarily reports the departure of Jay S. Wintrob, Executive Vice President – Life and Retirement. Mr. Wintrob's employment will terminate by December 31, 2014, following an agreement with the company. The filing details the terms of Mr. Wintrob's separation, including treatment as a "Covered Termination" under the AIG 2012 Executive Severance Plan and "Early Retirement" under the Supplemental Executive Retirement Plan. Benefits will be determined based on the company's previously disclosed policies, including those related to outstanding TARP RSUs and an Assurance Agreement with Starr International Company, Inc.

Key Highlights

  • 1Jay S. Wintrob, Executive Vice President – Life and Retirement, is departing AIG.
  • 2Mr. Wintrob's employment termination is effective no later than December 31, 2014.
  • 3AIG has agreed to treat the termination as a "Covered Termination" under the AIG 2012 Executive Severance Plan.
  • 4The departure will also be considered an "Early Retirement" under the AIG Supplemental Executive Retirement Plan.
  • 5Mr. Wintrob's outstanding TARP RSUs will receive "Retirement" treatment for good cause, if permitted.
  • 6Mr. Wintrob will be eligible for certain obligations under the Assurance Agreement with Starr International Company, Inc.
  • 7Details on termination benefits are available in AIG's 2014 Proxy Statement.

Frequently Asked Questions

Jay S. Wintrob was an Executive Vice President at AIG, responsible for the Life and Retirement division.

Mr. Wintrob and AIG have agreed to terminate his employment by December 31, 2014. His separation will be treated as a "Covered Termination" and "Early Retirement" under specific company plans, with benefits detailed in the proxy statement and related agreements.

Details regarding the termination payments and benefits for Mr. Wintrob are described in AIG’s 2014 Proxy Statement under the caption "Termination Payments and Benefits for the Named Executive Officers as of December 31, 2013." Specific plan documents and award agreements referenced in the filing also contain relevant details.