8-K/ALeadership ChangesExhibits & Filings

AMERICAN INTERNATIONAL GROUP, INC. 8-K/A Report, Executive Changes (Dec 14, 2018)

Filed December 14, 2018For Securities:AIG

Summary

This 8-K filing amends a previous report concerning the appointment of Mark D. Lyons as Executive Vice President and Chief Financial Officer of American International Group, Inc. (AIG). The amendment specifically details the compensation arrangements approved for Mr. Lyons in connection with his new role, effective December 4, 2018. Investors should note the total target compensation opportunity for 2019, which includes salary, short-term incentives, and long-term incentives, as well as prorated incentive awards for 2018. The filing also references the previously executed offer letter and non-solicitation/non-disclosure agreement between AIG and Mr. Lyons.

Key Highlights

  • 1Filing is an amendment to a prior 8-K detailing the appointment of Mark D. Lyons as CFO.
  • 2Details compensation arrangements for Mark D. Lyons, effective December 4, 2018.
  • 3Annual 2019 target total direct compensation opportunity for Mr. Lyons is set at $6 million.
  • 42019 compensation includes $1 million base salary, $1.7 million target short-term incentive, and $3.3 million target long-term incentive.
  • 5Prorated 2018 short-term incentive opportunity was approved for Mr. Lyons.
  • 6Prorated 2018 long-term incentive award of $275,000 was approved for Mr. Lyons.
  • 7Reference to previously executed offer letter and non-solicitation/non-disclosure agreement for Mr. Lyons.

Frequently Asked Questions

This filing is an amendment to a previous 8-K and its main purpose is to disclose the specific compensation details for Mark D. Lyons, who was appointed as the Executive Vice President and Chief Financial Officer of AIG.

For 2019, Mr. Lyons has a target total direct compensation opportunity of $6 million. This is comprised of a $1 million annual salary, a $1.7 million target short-term incentive opportunity, and a $3.3 million target long-term incentive opportunity.

Yes, the filing states that a prorated adjustment to Mr. Lyons' 2018 target short-term incentive opportunity was approved, reflecting his December appointment. Additionally, a prorated 2018 long-term incentive award of $275,000 was granted.

This amendment references previously executed documents. Specifically, it notes an offer letter and a non-solicitation and non-disclosure agreement that Mr. Lyons entered into in May 2018 upon joining AIG. These are attached as exhibits to the filing.