8-K/ALeadership ChangesExhibits & Filings

AMERICAN INTERNATIONAL GROUP, INC. 8-K/A Report, Executive Changes (Dec 9, 2021)

Filed December 9, 2021For Securities:AIG

Summary

This 8-K/A filing from American International Group (AIG) serves as an amendment to a previous 8-K report regarding the appointment of Shane Fitzsimons as Chief Financial Officer (CFO), effective January 1, 2022. The primary purpose of this amendment is to disclose updated compensation arrangements for Mr. Fitzsimons in his new role. Key details revealed include Mr. Fitzsimons's annual target compensation of $5,500,000, broken down into base salary, short-term incentives, and long-term incentives. Additionally, he will receive 15,000 restricted stock units vesting over three years, and his compensation is subject to AIG's Clawback Policy. The filing also outlines benefits such as executive severance, aircraft usage, a perquisite allowance, and relocation assistance, aligning with AIG's policies for senior executives.

Key Highlights

  • 1Amendment to a previous 8-K filing regarding the appointment of Shane Fitzsimons as CFO.
  • 2Effective date for Mr. Fitzsimons's CFO role is January 1, 2022.
  • 3Mr. Fitzsimons's total annual target compensation set at $5,500,000.
  • 4Compensation includes $1,000,000 base salary, $1,700,000 target short-term incentive, and $2,800,000 target long-term incentive for 2022.
  • 5Award of 15,000 restricted stock units in December 2021, vesting over three years.
  • 6Compensation and awards are subject to AIG's Clawback Policy.
  • 7Includes provisions for executive severance, aircraft usage, perquisites, and relocation assistance.

Frequently Asked Questions

The main purpose of this 8-K/A filing is to amend a previous report and provide updated details on the compensation package for Shane Fitzsimons, who is set to become AIG's Chief Financial Officer (CFO) starting January 1, 2022.

Mr. Fitzsimons's total annual target compensation is $5,500,000. This is comprised of a $1,000,000 base salary, a target short-term incentive of $1,700,000, and a target long-term incentive of $2,800,000 for 2022. He will also receive 15,000 restricted stock units.

Yes, Mr. Fitzsimons is entitled to several benefits, including severance under AIG's Executive Severance Plan, use of AIG aircraft for business travel (with spousal travel provisions), access to company cars for commuting, an annual cash perquisite allowance of $35,000, and relocation assistance to the New York area.

All bonus, equity, equity-based awards, or other incentive compensation granted to Mr. Fitzsimons are subject to AIG's Clawback Policy, ensuring that certain compensation can be recovered under specific circumstances outlined by the company.