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AIG > SEC Filings for AIG > Form 8-K on 21-Mar-2014All Recent SEC Filings

Show all filings for AMERICAN INTERNATIONAL GROUP INC

Form 8-K for AMERICAN INTERNATIONAL GROUP INC


21-Mar-2014

Change in Directors or Principal Officers, Financial Statements


Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

(e) On March 19, 2014, the Compensation and Management Resources Committee (the Committee) of the Board of Directors of American International Group, Inc. (AIG) adopted the AIG Annual Short-Term Incentive Plan (the STIP). Consistent with the compensation structure established by AIG in 2013, the STIP, which will be administered by the Committee, is a performance-based annual cash incentive plan designed to strengthen AIG's pay-for-performance culture by providing for annual cash award opportunities tied to business and individual performance. The STIP covers a majority of AIG employees, and cash awards under the STIP are earned based on achievement against one or more performance metrics established by the Committee in respect of an annual performance period, with the first performance period running from January 1, 2014 through December 31, 2014.

For the 2014 performance period, earned awards will range from 0 to 187.5 percent of a participant's target award, based on performance results for the applicable performance metrics. Earned awards are determined in the first quarter following the performance period and generally paid in full following such determination; however, the Committee may defer the payment of all or a portion of any earned award until the one-year anniversary of the award date. For the 2014 performance period, 50 percent of any earned award for participants in grade level 27 and above will be deferred for one year.

A copy of the STIP is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated into this Item 5.02 by reference. The foregoing summary of the STIP is qualified in its entirety by reference thereto.



Item 9.01 Financial Statements and Exhibits

(d) Exhibits

10.1 American International Group, Inc. Annual Short-Term Incentive Plan


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