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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549 

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported):  May 12, 2021

 

AMERICAN INTERNATIONAL GROUP, INC.
(Exact name of registrant as specified in its charter)

 

Delaware   1-8787   13-2592361

(State or other jurisdiction
of incorporation)

  (Commission File Number)  

(IRS Employer Identification No.)

 

175 Water Street
New York, New York 10038
(Address of principal executive offices)

 

Registrant’s telephone number, including area code:  (212) 770-7000

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, Par Value $2.50 Per Share AIG New York Stock Exchange
5.75% Series A-2 Junior Subordinated Debentures AIG 67BP New York Stock Exchange
4.875% Series A-3 Junior Subordinated Debentures AIG 67EU New York Stock Exchange
Stock Purchase Rights New York Stock Exchange
Depositary Shares Each Representing a 1/1,000th Interest in a Share of Series A 5.85% Non-Cumulative Perpetual Preferred Stock AIG PRA New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company  ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨

 

 

 

No Trading Symbol True

 

 

 

Section 5 — Corporate Governance and Management

 

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

 

On May 12, 2021, the shareholders of American International Group, Inc. (“AIG”) approved the American International Group, Inc. 2021 Omnibus Incentive Plan (the “Plan”) at its Annual Meeting of Shareholders. The material terms of the Plan are described in “Proposal 3—Approval of American International Group, Inc. 2021 Omnibus Incentive Plan” in AIG’s definitive proxy statement on Schedule 14A filed with the Securities and Exchange Commission on March 30, 2021, which description is incorporated by reference herein.

 

Item 5.07.Submission of Matters to a Vote of Security Holders.

 

On May 12, 2021, AIG held its Annual Meeting of Shareholders at which holders of AIG’s common stock, par value $2.50 per share (“Common Stock”), voted upon (i) the election of thirteen nominees as directors until the next annual election and until their successors are duly elected and qualified; (ii) a non-binding advisory resolution to approve executive compensation; (iii) a proposal to approve the Plan; (iv) the ratification of the selection of PricewaterhouseCoopers LLP as AIG’s independent registered public accounting firm for 2021; and (v) a shareholder proposal calling for AIG’s Board of Directors (the “Board”) to take steps to amend AIG’s By-laws to provide shareholders who hold at least 10 percent of AIG’s outstanding Common Stock the right to call special meetings.

 

The shareholders elected all thirteen director nominees presented, approved the non-binding advisory resolution to approve executive compensation, approved the proposal to approve the Plan, ratified the selection of PricewaterhouseCoopers LLP as AIG’s independent registered public accounting firm for 2021 and did not approve the shareholder proposal.

 

The number of votes cast for or against and the number of abstentions and broker non-votes with respect to each matter voted upon, as applicable, are set forth below.

 

 

Proposal 1 – Election of Directors

 

  For %1 Against Abstain Broker Non-Votes
James Cole, Jr. 718,943,381 99.70 2,114,247 259,610 33,957,776
W. Don Cornwell 625,408,135 86.73 95,653,756 255,347 33,957,776
Brian Duperreault 646,261,897 89.61 74,859,571 195,770 33,957,776
John H. Fitzpatrick 656,495,635 91.03 64,622,947 198,656 33,957,776
William G. Jurgensen 646,488,575 89.65 74,611,474 217,189 33,957,776
Christopher S. Lynch 593,001,212 82.23 128,070,756 245,270 33,957,776
Linda A. Mills 647,302,420 89.76 73,804,468 210,350 33,957,776
Thomas F. Motamed 647,022,837 89.72 74,067,375 227,026 33,957,776
Peter R. Porrino 658,310,179 91.29 62,745,626 261,433 33,957,776
Amy L. Schioldager 649,522,109 90.07 71,574,504 220,625 33,957,776
Douglas M. Steenland 619,568,911 85.91 101,538,180 210,147 33,957,776
Therese M. Vaughan 647,307,668 89.76 73,793,477 216,093 33,957,776
Peter Zaffino 716,525,098 99.36 4,587,973 204,167 33,957,776

 

  

 

1 Votes cast for the director nominee as a percentage of total votes cast for and against.

 

 

 

Proposal 2 – Non-binding Advisory Vote to Approve Executive Compensation

 

For %2 Against Abstain Broker Non-Votes
535,112,822 74.22 185,845,929 358,487 33,957,776

 

 

Proposal 3 – Approval of the American International Group, Inc. 2021 Omnibus Incentive Plan

 

For %3 Against Abstain Broker Non-Votes
642,418,959 89.06 78,600,522 297,757 33,957,776

 

 

Proposal 4 – Ratification of the of PricewaterhouseCoopers LLP as AIG’s independent registered public accounting firm for 2021

 

For %2 Against Abstain Broker Non-Votes
731,836,196 96.93 23,164,549 274,269 0

 

 

Proposal 5 – Shareholder Proposal on Special Shareholder Meetings

 

For %2 Against Abstain Broker Non-Votes
273,320,899 37.91 447,582,660 413,679 33,957,776

 

 

Section 8 — Other Events

 

Item 8.01.Other Events

 

On May 12, 2021, the Board approved changes to AIG’s compensation arrangements for its non-employee directors. Effective immediately, non-employee directors of the Board will receive an annual grant of $185,000 in Deferred Stock Units (“DSUs”), which represents an increase of $15,000 to the annual grant of DSUs, which was previously $170,000. This change was recommended by the Board’s Nominating and Corporate Governance Committee (the “Committee”) and reflects the Committee’s discussions with the Board’s independent compensation consultant, Frederic W. Cook & Co. No other changes were made to AIG’s compensation structure for its non-employee directors.

 

 

 

2 Votes cast for the proposal as a percentage of total votes cast for and against.

3 Votes cast for the proposal as a percentage of total votes cast for and against and abstentions.

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  AMERICAN INTERNATIONAL GROUP, INC.
(Registrant)
   
Date: May 13, 2021 By:  /s/ Kristen W. Prohl
    Name: Kristen W. Prohl
    Title: Assistant Secretary