AIG Short-Term Incentive Award Letter for Grade Level 27 and Above Employees
American International Group, Inc. (AIG) is granting a cash incentive award to the recipient for a specified performance year under the AIG 2013 Short-Term Incentive Plan. Half of the award is paid immediately, and the other half is fully vested and paid the following March, both subject to tax withholdings. The award is also subject to AIG's Clawback Policy, meaning it may be forfeited or repaid if certain conditions are met. This letter outlines the terms and timing of the incentive payment.
Exhibit 10.5
[Date]
Private & Confidential
[Name]
[Address]
[Address]
| Re: | Short-Term Incentive Award |
Dear [Name]:
I am pleased to advise you that American International Group, Inc. (“AIG”) has granted you a cash incentive award of $— for the — Performance Year under the AIG 2013 Short-Term Incentive Plan. Because you are in grade level 27 and above, one half of your cash incentive award ($—), less any applicable tax withholdings, was paid on [Award Date]. The remaining half ($—) is fully vested and will be paid, less any applicable tax withholdings, on [March 1 of the year following the Award Date].
Notwithstanding anything to the contrary contained herein, in consideration of the grant of this award, you agree that this award and any payments hereunder will be subject to forfeiture and/or repayment to the extent provided for in the AIG Clawback Policy, as in effect from time to time, if it is determined in accordance with the policy that a Covered Event (as defined in such policy) has occurred.
| Sincerely, |
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