Company: AFGC
Filing Date: 2025-04-04
Form Type: DEF 14A
Source: 0001140361-25-012231
Chunk: 13

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-04-04
Form: DEF 14A
Chunk 13
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 to approve, on an advisory basis, the compensation of the named executive officers, as disclosed in this proxy statement pursuant to the compensation disclosure rules of the SEC, including the Compensation Discussion and Analysis, the Summary Compensation Table and the other related tables and disclosure.

| 2025 Proxy Statement | American Financial Group19 |

TABLE OF CONTENTS

Proposal No. 4 Approval of Amendment to Amended and Restated 2015 Stock Incentive Plan Solely to Add Non-Employee Directors as Participants

On March 31, 2025, our Board, at the recommendation of the Governance Committee, approved an amendment to our Amended and Restated 2015 Stock Incentive Plan (as amended, the “Amended Plan”), subject to approval by our shareholders. The sole purpose of the amendment is to enable non-employee Directors to receive the equity component of their annual compensation for Board service under the Amended Plan. The limited proposed changes to the Amended Plan relate to this purpose and the Amended Plan otherwise includes all the same terms and conditions approved by shareholders at the 2024 Annual Meeting. The Company is not requesting any additional sharesto be added to the Amended Plan’s existing pool. As of March 17, 2025, 2,182,909 common shares were authorized for issuance under the Amended Plan. The Company historically has issued restricted stock compensation to non-employee Directors under the terms of the Non-Employee Directors Compensation Plan, as amended (the “Directors Plan”). Upon shareholder approval of the Amended Plan, the Company will amend the Directors Plan to remove any ability to issue equity and will deregister all remaining common shares under the Director Plan. For more information on non-employee Director Compensation, please refer to the “2024 Director Compensation Schedule” on page 63and the “2024 Director Compensation” table on page 64.

| The Board of         
 Directors            
 recommends a vote    
 FOR the approval of  
 the Amendment to     
 the Amended and      
 Restated 2015        
 Stock Incentive Plan 
 solely to add non-   
 employee Directors   
 as participants.     |

Overview While the Amended Plan is an “omnibus” stock plan providing for a variety of equity award vehicles, including stock options, stock appreciation rights (which we refer to as SARs), restricted stock awards, restricted stock units and stock awards, we have awarded solely restricted stock to employees since 2016 and expect to continue to do so. Non-employee Directors are not eligible to receive