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

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-04-04
Form: DEF 14A
Chunk 14
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 any award other than restricted stock awards under the Amended Plan. The below provisions of the Amended Plan are designed to align plan awards with shareholder interests. These provisions are already effective in the Amended Plan and will not be affected by the proposed amendment to add non-employee Directors as participants.

| • | Double-Trigger Change in Control– Awards that are continued or converted into similar awards of the successor company will not accelerate vesting based solely on a change in control, and gross-ups are not provided to cover personal income taxes or excise taxes. |

| • | No Share Recycling– Shares not added back to the available pool of shares authorized under the Amended Plan when shares are: |

| • | tendered or withheld in payment of the exercise, base or purchase price relating to an award, |

| • | tendered or withheld to satisfy any taxes or tax withholding obligations with respect to an award, |

| • | not issued or delivered as a result of the net settlement of an outstanding stock option or stock appreciation right, as applicable, or |

| • | purchased on the open market by the Company with cash proceeds received from the exercise of stock options. |

| • | No “Evergreen” Provisions– A fixed number of shares available for grant with no provision for any automatic increase of available shares for future issuances. |

| 202025 Proxy Statement | American Financial Group |

TABLE OF CONTENTS Proposal No. 4

| • | Clawback/Recoupment– All awards are subject to clawback and forfeiture to the extent required by applicable law, including in accordance with the Company’s Executive Officer Clawback Policy. |

| • | Awards May Be Terminated Upon For Cause Termination– Discretion to immediately terminate any participant’s right to further payments, vesting or exercisability of outstanding awards upon a termination for cause. |

| • | No Repricing of Stock Options or SARs– No repricing of options or SARs without the approval of shareholders. |

| • | No Discounted Stock Options or SARs– No discounting of the exercise price or base price of stock options or SARs. |

The following is a summary of the Amended Plan. Because the sole purpose of the proposed amendment is to enable non-employee Directors to receive the equity component of their annual compensation for Board service under the Amended Plan, all proposed changes are administrative and/or made to facilitate the addition of non-employee Directors as participants. The full text of the Amended Plan is attached as Appendix A