NU Online News Service, Nov. 25, 11:49 a.m. EST
American International Group Chief Executive Officer Robert Benmosche has signed a non-compete agreement, a company spokesman said.
Mark Herr said the CEO signed the agreement yesterday.
Mr. Benmosche earlier this month reassured employees that he was committed to the firm after reports he had threatened to quit out of displeasure with government restrictions placed on pay of executives at the firm, which taxpayers now hold a 79.9 percent interest in.
His company today in order to comply with regulatory requirements issued a statement regarding the salary and shares compensation and he began receiving yesterday.
The CEO receives annual salary of $3 million in cash and $4 million in AIG common stock in bi-weekly awards under New York Stock Exchange rules and will not be awarded under any of AIG's shareholder-approved equity plans.
The maximum number of shares that AIG could issue to Mr. Benmosche under this exemption from the plan, the company said is 245,000. The shares will vest immediately upon award, but are restricted from sale for five years from Mr. Benmosche's Aug. 10 hire date
The shares relating to bi-weekly periods since Aug. 10 were granted to the CEO yesterday based on a closing price of $35.
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