Summary
This 8-K filing from American International Group, Inc. (AIG) on July 18, 2017, primarily announces the appointment of Seraina Macia as Executive Vice President. This is a significant personnel change that investors should note, as it brings a new executive officer into a key leadership role within the company. The filing details Ms. Macia's compensation package, which includes a substantial base salary, short-term and long-term incentive targets for 2017, and a significant one-time sign-on award of restricted stock units. The compensation structure emphasizes performance-based incentives and restricted stock units, aligning with AIG's broader executive compensation strategy and subject to clawback policies.
Key Highlights
- 1Appointment of Seraina Macia as Executive Vice President, effective July 12, 2017.
- 2Ms. Macia's initial compensation includes an annual base salary of $875,000.
- 32017 short-term annual incentive target of $1,225,000 and a long-term incentive award of $650,000.
- 4Long-term incentive awards are structured with a significant portion (70%) tied to performance criteria over a three-year period.
- 5A one-time sign-on award of $1,400,000 in restricted stock units was granted to Ms. Macia.
- 6The sign-on RSUs have a staggered vesting schedule through January 2021, contingent on continued employment.
- 7All incentive compensation is subject to AIG's Clawback Policy, and Ms. Macia is eligible for severance under the Executive Severance Plan.
Frequently Asked Questions
Seraina Macia has been appointed as an executive officer and will serve as Executive Vice President at AIG, commencing her employment on July 12, 2017.
In 2017, Ms. Macia's compensation includes an annual base salary of $875,000, a short-term annual incentive target of $1,225,000, and a long-term incentive award of $650,000. Additionally, she received a one-time sign-on award of $1,400,000 in restricted stock units.
Ms. Macia's 2017 long-term incentive award is composed of 70% performance share units, earned based on achieving performance criteria over a three-year period (January 2017-December 2019), and 30% restricted stock units, earned based on continued employment over the same period. Her 2018 long-term incentive award will be granted in Q1 2018.
Yes, any bonuses, equity, or incentive compensation awarded to Ms. Macia is subject to AIG's Clawback Policy. She is also entitled to severance benefits in accordance with AIG's Executive Severance Plan. Furthermore, she has entered into a non-solicitation and non-disclosure agreement.