Company: AFGC
Filing Date: 2025-04-04
Form Type: DEF 14A
Source: 0001140361-25-012231
Chunk: 51

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-04-04
Form: DEF 14A
Chunk 51
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 (20% for each metric) for Messrs. Hertzman and Weiss, with the remaining 40% subjectively determined by the Co-CEOs based on individual performance. If earned, the Company pays cash awards under the Annual Bonus Plan in the first quarter for the prior year’s performance. The Compensation Committee delineated levels of achievement under each Company performance component. For results below a defined threshold, no award would be earned for the relevant component. Thresholds were established for a minimum award, target award and maximum award. The Committee determined that exceeding the highest threshold under any component would reflect significant outperformance and merit payment of the maximum award amounts. The Compensation Committee established the performance metrics’ ranges for 2024 after reviewing the Company’s 2024 business plan prepared by management, approved by the Co-CEOs and reviewed with the Board of Directors. Results for each component are determined from the Company’s results reported consistent with past practice. The Annual Bonus Plan includes provisions for adjustments to performance thresholds in the event of a modification of the methodology of Company reporting for any measure. Any modification would result in an adjustment, as determined by the Compensation Committee, in a manner that provides for an identical award for the affected component based on identical adjusted results.

| 502025 Proxy Statement | American Financial Group |

TABLE OF CONTENTS Compensation Discussion and Analysis

Mr. Thompson’s cash incentive compensation was determined based on numerous objective factors contained in multiple annual and multi-year compensation programs applicable to Great American Insurance Company and the business units overseen by Mr. Thompson. Amounts paid to Mr. Thompson each year, including during 2024, represent business results from prior years which may have been affected by subsequent development of the business results. The bonus shown for Mr. Thompson reflects the amounts paid to him during 2024. Annual Bonus Plan – 2024 Targets and Maximums The target and maximum awards for each participant are set forth in the table below.

| Name                |     | Operating EPS 
    Target ($) |     | Annual ROE 
 Target (%) |     | ​Relative Annual 
 GBVPS Target ($) |     | Discretionary 
    Target ($) |     |      Total 
 Target ($) |     | Maximum ($) |
| Carl H. Lindner III |     |       782,000 |     |    759,000 |     |          759,000 |     |             — |     |  2,300,000 |     |   3,450,000 |
| S. Craig Lindner