Company: AFGC
Filing Date: 2025-04-04
Form Type: DEF 14A
Source: 0001140361-25-012231
Chunk: 66

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-04-04
Form: DEF 14A
Chunk 66
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 NEOs to evaluate the competitiveness of non-employee director compensation. In addition to peer group information, the Corporate Governance Committee also evaluates overall market data, trends and leading practices in non-employee director compensation for large public companies. In the second quarter of 2024, the Corporate Governance Committee conducted its annual review of the non-employee director compensation program. The Committee’s robust evaluation included, among other items, a review of the workloads of the Board and its Committees relative to Directors’ compensation, director compensation levels at AFG’s Compensation Peer Group companies and other large public companies, and director compensation trends and practices generally. As a result of this process, the Committee determined to recommend modest increases to the annual Board member retainer and the annual restricted award, increasing each by slightly over 3%. The Committee’s only other recommendation resulting from its evaluation was an increase to the Lead Independent Director retainer. After consideration and evaluation of these recommendations by the Corporate Governance Committee, the Board approved the limited proposed changes to the non-employee director compensation program. Effective July 1, 2024, the Board increased:

| • | The annual Board member retainer by $5,000, to $145,000; |

| • | The annual Director restricted stock award by $5,000, to $165,000; and |

| • | The Lead Independent Director retainer by $5,000, to $30,000. |

These changes are reflected in the “2024 Director Compensation Schedule” below. Also, for amounts paid to each non-employee Director in 2024, please see the “2024 Director Compensation” table on page 63. The Board has established a share ownership target for non-employee Directors with the objective that all non-employee directors own at least three times the annual Board retainer within five years after the later of receiving his or her first annual restricted stock award or the implementation of any increase in the share ownership target.

| 622025 Proxy Statement | American Financial Group |

TABLE OF CONTENTS Executive Compensation

The table below shows the fees in effect for and the amounts to be paid to each non-employee director upon the implementation of the changes to the director compensation program in the second quarter of 2024, which became effective on July 1, 2024. 2024 Director Compensation Schedule

| Compensation Element                                 |     |   -$)(1 |
| Board Member Annual Retainer                         |     | 145,000 |
| Lead Independent Director Retainer                   |     |