Document:

EXHIBIT 10.3 

FORM OF STOCKHOLDERS AGREEMENT

dated as of
             ,
2009

by and

among

AMERICAN INTERNATIONAL GROUP, INC.,

AMERICAN HOME ASSURANCE COMPANY,

and

TRANSATLANTIC HOLDINGS, INC.

TABLE OF CONTENTS

	
 

	
 

	
 

	
 

	
 

	
ARTICLE I

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
DEFINITIONS
 AND INTERPRETATION

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 1.1.

	
 

	
Definitions

	
 

	
2

	
Section 1.2.

	
 

	
Interpretation

	
 

	
5

	
 

	
 

	
 

	
 

	
 

	
ARTICLE II

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
VOTING AGREEMENTS

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 2.1.

	
 

	
Voting
 Agreements

	
 

	
6

	
Section 2.2.

	
 

	
Termination
 of Article II

	
 

	
6

	
 

	
 

	
 

	
 

	
 

	
ARTICLE III

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
STANDSTILL

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 3.1.

	
 

	
Acquisition
 of Common Stock

	
 

	
6

	
Section 3.2.

	
 

	
Certain
 Restrictions

	
 

	
7

	
Section 3.3.

	
 

	
Termination
 of Article III

	
 

	
9

	
 

	
 

	
 

	
 

	
 

	
ARTICLE IV

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
TRANSFER RESTRICTIONS

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 4.1.

	
 

	
General
 Transfer Restrictions

	
 

	
9

	
Section 4.2.

	
 

	
Restrictions
 on Transfer

	
 

	
9

	
Section 4.3.

	
 

	
Securities
 Act

	
 

	
10

	
 

	
 

	
 

	
 

	
 

	
ARTICLE V

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
COVENANTS AND OTHER MATTERS

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 5.1.

	
 

	
Other
 Agreements

	
 

	
10

	
Section 5.2.

	
 

	
Actions
 Requiring Consent

	
 

	
11

	
Section 5.3.

	
 

	
Indemnification

	
 

	
11

	
Section 5.4.

	
 

	
Information
 Rights

	
 

	
12

	
 

	
 

	
 

	
 

	
 

	
ARTICLE VI

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
REPRESENTATIONS AND WARRANTIES

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 6.1.

	
 

	
Representations
 and Warranties of AIG and AHAC

	
 

	
12

i

	
 

	
 

	
 

	
 

	
 

	
Section 6.2.

	
 

	
Representations
 and Warranties of the Company

	
 

	
13

	
 

	
 

	
 

	
 

	
 

	
ARTICLE VII

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
MISCELLANEOUS AND GENERAL

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 7.1.

	
 

	
Termination

	
 

	
14

	
Section 7.2.

	
 

	
Expenses

	
 

	
14

	
Section 7.3.

	
 

	
Amendment
 and Waiver

	
 

	
15

	
Section 7.4.

	
 

	
Counterparts

	
 

	
15

	
Section 7.5.

	
 

	
GOVERNING
 LAW AND VENUE; WAIVER OF JURY TRIAL

	
 

	
15

	
Section 7.6.

	
 

	
Notices

	
 

	
16

	
Section 7.7.

	
 

	
Entire
 Agreement

	
 

	
16

	
Section 7.8.

	
 

	
No Third
 Party Beneficiaries

	
 

	
17

	
Section 7.9.

	
 

	
Confidentiality

	
 

	
17

	
Section
 7.10.

	
 

	
Severability

	
 

	
17

	
Section
 7.11.

	
 

	
Specific
 Performance; No Special Damages

	
 

	
17

	
Section
 7.12.

	
 

	
Assignment

	
 

	
17

	
Section
 7.13.

	
 

	
Effective
 Time

	
 

	
18

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Schedule
 6.1(c) Consents and Approvals of AIG and AHAC

	
 

	
 

	
Schedule
 6.2(c) Consents and Approvals of the Company

	
 

	
 

ii

STOCKHOLDERS AGREEMENT

                    STOCKHOLDERS
AGREEMENT, dated as of
                    ,
2009 (this “Agreement”), by and between TRANSATLANTIC HOLDINGS, INC., a
Delaware corporation (the “Company”), AMERICAN INTERNATIONAL GROUP,
INC., a Delaware corporation (“AIG”), and AMERICAN HOME ASSURANCE
COMPANY, a New York domiciled insurance company (“AHAC”, and together
with AIG, “Stockholder”). 

RECITALS

                    WHEREAS,
the Company and Stockholder have entered into a Master Separation Agreement,
dated as of May 28, 2009 (the “Separation Agreement”), to effect the
orderly separation of Stockholder and the Company; 

                    WHEREAS,
concurrently with the execution of the Separation Agreement, the Company filed
a prospectus supplement to the prospectus contained in Post-Effective Amendment
No. 1 to its registration statement on Form S-3 with the SEC for a public
offering of all or some of the Shares (as defined below); 

                    WHEREAS,
as of the date hereof, AIG directly Beneficially Owns 17,073,690 shares of
common stock, par value $1.00 per share, of the Company (“Common Stock”)
(collectively, the “AIG Shares”); 

                    WHEREAS,
as of the date hereof, AHAC directly Beneficially Owns 22,018,972 shares of
Common Stock (collectively, the “AHAC Shares”, and together with the AIG
Shares, the “Shares”);  

                    WHEREAS,
pursuant to the Separation Agreement, Stockholder and the Company have agreed
that if the Shares to be Beneficially Owned by Stockholder immediately
following the sale of the Shares agreed to be sold pursuant to the Underwriting
Agreement (without giving effect to the Underwriters’ option to purchase additional shares)
would constitute at least 10% of the outstanding Common Stock following the
Closing, the parties hereto would enter into this Agreement at Closing; and 

                    WHEREAS,
each of Stockholder and the Company desires, for its mutual benefit and
protection, to enter into this Agreement with respect to certain matters
relating to the operations and management of the Company, the disposition and
voting of the Shares and certain other matters set forth herein. 

                    NOW,
THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt and adequacy of which is hereby acknowledged, and
intending to be legally bound hereby, each of the Company and Stockholder
agrees as follows: 

ARTICLE I

DEFINITIONS AND INTERPRETATION

                    Section
1.1. Definitions. Unless otherwise defined herein, all capitalized terms
used herein shall have the same meanings as set forth in the Separation
Agreement. For purposes of this Agreement, the following terms have the
meanings set forth below: 

                    “Affiliate”
means, with respect to any Person, any other Person directly or indirectly
controlling, controlled by, or under common control with such Person; provided
that, except as expressly provided herein, none of the (A)(i) the FRBNY or the
U.S. Department of the Treasury or their respective Representatives, (ii) the
AIG Credit Facility Trust, (iii) any insurance regulatory authority, (iv) the
IRS or any other tax authority or (v) any other Person controlled by any of the
foregoing, nor (B) the Company and its Subsidiaries shall be deemed Affiliates
of Stockholder. 

                    
“Agreement” is defined in the Preamble. 

                    
“AHAC” is defined in the Preamble. 

                    
“AHAC Shares” is defined in the Recitals. 

                    
“AIG” is defined in the Preamble. 

                    
“AIG Indemnified Parties” is defined in Section 5.3(b). 

                    
“AIG Shares” is defined in the Recitals. 

                    
“Banks” is defined in Section 4.2(a)(iii). 

                    
“Beneficial Ownership”, “Beneficial Owner” and “Beneficially
Own” refer to ownership by any Person who, directly or indirectly, through
any contract, arrangement, understanding, relationship or otherwise, has or
shares (i) voting power which includes the power to vote, or to direct the
voting of, such security; and/or (ii) investment power which includes the power
to dispose, or to direct the disposition of, such security; and shall otherwise
be interpreted in accordance with the term “beneficial ownership” as defined in
Rule 13d-3 adopted by the SEC under the Exchange Act. 

                    
“Board” means the board of directors of the Company. 

                    
“Change of Control” shall mean the occurrence of any of the following
events: (i) Stockholder and its Affiliates become the Beneficial Owners of more
than 50% of the outstanding Voting Stock; (ii) a merger or consolidation of the
Company with or into another Person or the merger or consolidation of another
Person into the Company, as a result of which transaction or series of related
transactions Stockholder and its Affiliates become the Beneficial Owners of
more than 50% of the Voting Stock outstanding immediately after such
transaction or transactions; or (iii) the consummation of the sale, transfer,
lease or other disposition (but not including a transfer, lease or other
disposition by pledge or mortgage to a bona fide Lender) of 

2

all or
substantially all of the assets of the Company and the Company Subsidiaries to
Stockholder or its Affiliates. For the avoidance of doubt, Stockholder’s
Beneficial Ownership of more than 50% of the outstanding Voting Stock prior to
the date hereof shall not be considered a “Change of Control” for purposes of
this definition. 

                    
“Common Stock” is defined in the Recitals. 

                    
“Company” is defined in the Preamble. 

                    
“Company Indemnified Parties” is defined in Section 5.3(a). 

                    
“Company Transaction Proposal” is defined in Section 3.2(a)(ii)(A).

                    
“Director” means any member of the Board. 

                    
“Equity Securities” means any and all shares of capital stock of the
Company, including, without limitation, any and all shares of Common Stock and
Preferred Stock of the Company, securities of the Company convertible into, or
exchangeable or exercisable for, such shares, and options, warrants or other
rights to acquire such shares. 

                    
“Exchange Act” means the Securities Exchange Act of 1934, as amended,
and the rules and regulations promulgated thereunder. 

                    
“Fundamental Change” means the occurrence of any of the following: (i)
the consummation of any merger, consolidation, share exchange, recapitalization
or other business combination transaction (or series of related transactions)
as a result of which the Voting Stock immediately prior to such transaction (or
series of related transactions) is converted into and/or continues to
represent, in the aggregate, less than 50% of the outstanding securities having
the right to vote for the election of directors of the Survivor of a Fundamental
Change; 

                              
(ii) any Person or Group, together with any Affiliates thereof, becomes, directly
or indirectly, the Beneficial Owner of more than 50% of the outstanding Voting
Stock of the Company; 

                              
(iii) the consummation of the sale, transfer, lease or disposition by the
Company or by one or more of its Subsidiaries of all or substantially all of
the assets, business or securities of the Company (on a consolidated basis) to
any Person or Group (other than the Company or its wholly owned Subsidiaries);
or 

                              
(iv) during any period, the directors of the Company as of the date hereof (or
any directors nominated by such directors) cease for any reason to constitute a
majority of the Directors of the Board. 

                    “Group”
shall have the meaning assigned to it in Section 13(d)(3) of the Exchange Act. 

                    “Independent
Director” means any Director who without regard to whether the Company or
Stockholder is listed on the NYSE, is or would be an “independent director”
with 

3

respect to
both the Company and Stockholder pursuant to Section 303A.02 of the New York
Stock Exchange Listed Company Manual (or any successor provision thereof that
is no less stringent than such section as in effect on the date hereof). For
purposes of this Agreement, the Independent Directors shall not be deemed
Affiliates of Stockholder. 

                    “Lenders”
is defined in Section 4.2(a)(iii). 

                    “NYSE”
means the New York Stock Exchange, Inc. 

                    “Permitted
Transferee” means (i) any Affiliate directly or indirectly controlled by
Stockholder; or (ii) the FRBNY, the U.S. Department of Treasury or any other
Person as directed by the FRBNY or the U.S. Department of Treasury. 

                    “Preferred
Stock” means the shares of preferred stock, par value $1.00 per share, of
the Company and any securities issued in respect thereof, or in substitution
therefor, in connection with any stock split, dividend or combination, or any
reclassification, recapitalization, merger, consolidation, exchange or other
similar reorganization. 

                    “Public
Offering” means a public offering of shares of Common Stock pursuant to an
effective registration statement (other than on Form S–4, Form S–8 or their
equivalent) filed with the SEC pursuant to the Securities Act. 

                    “Secured
Loan” is defined in Section 4.2(a)(iii). 

                    “Securities
Act” means the Securities Act of 1933, as amended, and the rules and
regulations thereunder. 

                    “Separation
Agreement” is defined in the Recitals. 

                    “Shares” is defined in the Recitals. 

                    “Stockholder” is defined in the Preamble.  

                    “Survivor
of a Fundamental Change” means (a) the issuer of the securities received by
the holders of Common Stock (in their capacities as such) upon the occurrence
of a Fundamental Change, to the extent the holders of Common Stock receive
other securities in exchange, conversion or substitution of their shares of
Common Stock in the transaction that resulted in such Fundamental Change or (b)
the Company (or its successor) in all other circumstances of a Fundamental
Change. 

                    “Termination
Date” is defined in Section 7.1(ii). 

                    “Transfer”
means, directly or indirectly, to sell, transfer, assign, pledge, encumber,
hypothecate or similarly dispose of (by operation of law or otherwise), either
voluntarily or involuntarily, or to enter into any contract, option or other
arrangement or understanding with respect to the sale, transfer, assignment,
pledge, encumbrance, hypothecation or similar disposition of (by operation of
law or otherwise), any Shares or any interest in any Shares; provided, however,
that a merger or consolidation in which Stockholder or any of its  

4

Affiliates is
a constituent corporation shall not be deemed to be the Transfer of any Shares
Beneficially Owned by such Person (provided that a purpose of any such
transaction is not to avoid the provisions of this Agreement and that the
successor or surviving Person to such merger or consolidation, if not
Stockholder or such Affiliate, expressly assumes all obligations of Stockholder
or such Affiliate, as the case may be, under this Agreement). 

                    “Voting
Stock” means shares of Common Stock and any other securities of the Company
or its successor having the power to vote in the election of Directors of the
Company or its successor. 

                    Section
1.2. Interpretation. (a) The headings in this Agreement are for
convenience of reference only, do not constitute part of this Agreement and
shall not be deemed to limit or otherwise affect any of the provisions of this
Agreement. 

                    
(b) The parties have participated jointly in negotiating and drafting this
Agreement. In the event that an ambiguity or a question of intent or
interpretation arises, this Agreement shall be construed as if drafted jointly
by the parties, and no presumption or burden of proof shall arise favoring or
disfavoring any party by virtue of the authorship of any provision of this
Agreement. 

                    
(c) For purposes of this Agreement, except where otherwise expressly provided
or unless the context otherwise necessarily requires: (i) references to this
Agreement shall include a reference to all exhibits and schedules hereto; (ii)
the words “hereof”, “herein” and “hereto”, and words of similar import, when
used in this Agreement refer to this Agreement as a whole and not to any
particular provision of this Agreement; (iii) references to the Preamble,
Recitals, Articles, Sections or Schedules are to the preamble, recitals,
articles, sections or schedules to this Agreement; (iv) whenever the words
“include,” “includes” or “including” are used in this Agreement, they shall be
deemed to be followed by the words “without limitation” and shall not be
construed to mean that the examples given are an exclusive list of the topics
covered; (v) meanings specified in this Agreement are applicable to both the
singular and plural forms of these terms and to the masculine, feminine and
neuter genders, as the context requires; (vi) references to a Person include
its successors and permitted assigns; (vii) references to any agreement,
instrument or other document means such agreement, instrument or other document
as amended, modified or supplemented from time to time, including by waiver or
consent, and all attachments thereto and instruments incorporated therein;
(viii) if a word or phrase is defined, the other grammatical forms of such word
or phrase have a corresponding meaning; (ix) references to any Law is a
reference to that Law and the rules and regulations adopted or promulgated
thereunder, in each case, as amended, modified or supplemented as of the date
on which the reference is made, and all attachments thereto and instruments
incorporated therein; (x) references to any section of any statute, listing
rule, rule, standard, regulation or other law include any successor to such
section; (xi) references to times of day or dates are to local times or dates
in New York, New York; and (xii) references to currency are references to the
lawful money of the United States. 

5

ARTICLE II

VOTING AGREEMENTS

                    Section
2.1. Voting Agreements. (a) Stockholder shall vote at every duly called
annual or special meeting of stockholders of the Company, and at every
postponement or adjournment thereof, or act by written consent for all of the
Shares Beneficially Owned by it entitled to vote thereat: (i) in the manner
recommended by the Board with respect to the election of any Director nominee
or removal of any existing Director of the Board; and (ii) in favor of each matter
required to effectuate any provision of this Agreement. Notwithstanding the
foregoing, if Stockholder Beneficially Owns more than 30% of the outstanding
Common Stock, Stockholder shall vote the number of shares Beneficially Owned by
it in excess of 30% of the outstanding Common Stock in a manner proportionate
to the holders of the Common Stock (other than Stockholder, stockholders of the
Company Beneficially Owning more than 10% of the outstanding Common Stock and
directors and officers of the Company) voting on such matter in connection with
any election of any Director nominee or removal of any existing Director of the
Board. 

                    (b)
Stockholder shall cause any and all Shares Beneficially Owned by it and
entitled to Vote thereat to be present in person or represented by proxy at all
annual and special meetings of stockholders of the Company to the extent
necessary so that all Shares Beneficially Owned by it shall be counted as
present for the purposes of determining the presence of a quorum at such
meeting and to vote such shares in accordance with Section 2.1(a).

                    Section
2.2. Termination of Article II. This Article II shall terminate
and be of no further effect at such time as the Shares Beneficially Owned by
Stockholder no longer constitute at least 10% of the outstanding Common Stock.
Notwithstanding the foregoing, the rights and obligations of Stockholder under
this Article II shall survive a Fundamental Change to the extent that
the Shares Beneficially Owned by Stockholder continue to constitute at least
10% of the total securities having the right to vote for the election of
directors of the Survivor of a Fundamental Change; provided that, for
all purposes of this Article II, if the Company is not the Survivor of a
Fundamental Change, the board of directors of the Survivor of a Fundamental
Change shall be substituted for the Board. 

ARTICLE III

STANDSTILL

                    Section
3.1. Acquisition of Common Stock. (a) Except as provided in Sections
3.1(b) and 3.2, Stockholder covenants and agrees with the Company
that it will not, and will cause its Affiliates and their respective directors
and executive officers not to, directly or indirectly, Beneficially Own or
acquire, offer or propose to acquire, or agree to acquire, whether by purchase,
tender or exchange offer, through the acquisition of control of another Person
(including by way of merger or consolidation), by joining a partnership,
syndicate or other Group or otherwise, the Beneficial Ownership of, any shares
of Common Stock other than the shares of Common Stock Beneficially Owned by
Stockholder and its Affiliates and their respective directors and executive
officers as of the date hereof (except by way of stock splits, stock 

6

dividends,
stock reclassifications or other distributions, recapitalizations or offerings
made available to and, if applicable, exercised on a pro rata basis by, holders
of Common Stock generally. 

                    (b)
Notwithstanding the foregoing, the prohibition set forth in Section 3.1(a)
shall not apply to (i) the acquisition (whether by merger, consolidation or
otherwise) by Stockholder or an Affiliate thereof of any entity that
Beneficially Owns shares of Common Stock at the time of the consummation of
such acquisition, provided that in connection with any such acquisition
Stockholder or its Affiliate, as the case may be, (A) divests the shares of
Common Stock Beneficially Owned by the acquired entity at the time of the
consummation of such acquisition (other than any shares of Common Stock
acquired in the ordinary course activities of the acquired entity as
contemplated by clause (ii) below) within a reasonable period of time after the
consummation of such acquisition, and (B) if any annual or special meeting of
shareholders is held prior to the disposition thereof, votes such shares on
each matter presented at any annual or special meeting of the stockholders or
by written consent in a manner proportionate to the holders of the Common Stock
(other than Stockholder, stockholders of the Company Beneficially Owning more
than 10% of the outstanding Common Stock, and directors and officers of the
Company) voting on such matter or (ii) ordinary course activities of
Stockholder and its Affiliates and their respective directors and executive
officers, including (A) proprietary and third party fund and asset management
activities, (B) brokerage and securities trading activities, (C) financial
services and insurance activities and (D) the acquisition of shares of Common
Stock in connection with securing or collecting a debt previously contracted in
good faith; provided that the purpose of any such transaction is not to
avoid the provisions of this Agreement. 

                    (c)
For the avoidance of doubt, this Agreement shall not be deemed to apply to any
Common Stock owned or acquired by individuals who are officers or employees of
the Company or any of its Subsidiaries or directors of the Company or any of
its Subsidiaries. 

                    Section
3.2. Certain Restrictions. (a) Except as required in connection with the
execution, delivery or performance of this Agreement and as otherwise required,
permitted or contemplated by this Agreement or any other Transaction Agreement
(including with respect to any Transfer permitted pursuant to Section 4.2(a)),
Stockholder agrees not to, and to cause each of its Affiliates and its and
their respective directors and executive officers not to, directly or
indirectly, alone or in concert with others, without express authorization of
the Company: 

	
 

	
 

	
 

	
                    (i)
 effect, initiate, propose or otherwise solicit stockholders of the Company
 for the approval of one or more stockholder proposals or induce or attempt to
 induce any other Person to effect, initiate, propose or otherwise solicit any
 stockholder proposal; 

	
 

	
 

	
 

	
                    (ii)
 (A) propose or seek to effect a Change of Control of the Company by way of
 merger, consolidation, recapitalization, reorganization, sale, lease,
 exchange, pledge or other disposition of substantially all assets of the
 Company and the Company Subsidiaries or other business combination involving,
 or a tender or exchange offer for securities of, the Company or any of the
 Company Subsidiaries or any material portion of the business or assets of the
 Company or any of the Company Subsidiaries or any other 

7

	
 

	
 

	
 

	
type of
 transaction that would otherwise result in a Change of Control of the Company
 (any such action described in this clause (A), a “Company Transaction
 Proposal”), (B) seek to exercise any control or influence over the
 management of the Company or the Board or any of the businesses, operations
 or policies of the Company or (C) present to the Company’s stockholders or
 any third party any proposal constituting or that can reasonably be expected
 to result in a Company Transaction Proposal; 

	
 

	
 

	
 

	
                    (iii)
 solicit proxies (or written consents) or assist or participate in any other
 way, directly or indirectly, in any solicitation of proxies (or written
 consents), or otherwise become a “participant” in a “solicitation”, or assist
 any “participant” in a “solicitation” (as such terms are defined in Rule
 14a-1 of Regulation 14A and Instruction 3 of Item 4 of Schedule 14A,
 respectively, under the Exchange Act) in opposition to the recommendation or
 proposal of the Board, or recommend or request or induce or attempt to induce
 any other Person to take any such actions, or seek to advise, encourage or
 influence any other Person with respect to the voting of (or the execution of
 a written consent in respect of) shares of Common Stock or grant a proxy with
 respect to the voting of (or execution of a written consent in respect of)
 shares of Common Stock to any Person other than an officer or agent of
 Stockholder or the Company; 

	
 

	
 

	
 

	
                    (iv)
 form, join in or in any other way (including by deposit of Common Stock)
 participate in a partnership, pooling agreement, syndicate, voting trust or
 other Group (other than a Group comprised solely of Stockholder, its
 Affiliates and its Permitted Transferees) with respect to Common Stock, or
 enter into any agreement or arrangement or otherwise act in concert with any
 other Person, for the purpose of acquiring, holding, voting or disposing of
 Common Stock, other than in respect of any agreement or arrangement with the
 FRBNY or any other Person as directed by the FRBNY or the U.S. Department of
 the Treasury; 

	
 

	
 

	
 

	
                    (v)
 take any action which might cause the Company to be required to make a public
 announcement regarding any of the types of matters set forth in (i) through
 (iv) above; 

	
 

	
 

	
 

	
                    (vi)
 enter into any discussions or arrangements with any third party with respect
 to any of the foregoing; or 

	
 

	
 

	
 

	
                    (vii)
 request, or induce or encourage any other Person to request, that the Company
 amend or waive any of the provisions of this Agreement. 

                    (b)
Notwithstanding the foregoing restrictions, if, at any time, (i) the Company
has entered into a definitive agreement, the consummation of which would result
in a Fundamental Change or (ii) any Person shall have commenced and not
withdrawn a bona fide public tender or exchange offer which if consummated would result in a
Fundamental Change, then the limitations set forth in Section 3.2 shall
not be applicable to Stockholder for so long as the conditions described in
this Section 3.2(b) continue. 

8

                    Section
3.3. Termination of Article III. This Article III shall terminate and be
of no further effect at such time as the Shares Beneficially Owned by
Stockholder no longer constitute at least 10% of the outstanding Common Stock.

ARTICLE IV

TRANSFER RESTRICTIONS

                    Section
4.1. General Transfer Restrictions. The right of Stockholder to Transfer
any Shares is subject to the restrictions set forth in this Article IV,
and no Transfer of Shares by Stockholder may be effected except in compliance
with this Article IV. Any attempted Transfer in violation of this
Agreement shall be of no effect and shall be null and void, regardless of
whether the purported transferee has any actual or constructive knowledge of
the Transfer restrictions set forth in this Agreement, and shall not be
recorded on the stock transfer books of the Company. 

                    Section
4.2. Restrictions on Transfer. (a) Without the prior written consent of
the Company as approved by the Board, Stockholder shall not Transfer any Shares
except as expressly permitted by, and in compliance with, the following
provisions of this Section 4.2(a): 

	
 

	
 

	
 

	
                    (i)
 Stockholder may Transfer any or all of the Shares (A) to the Company or any
 of its Subsidiaries, (B) pursuant to any tender offer, exchange offer,
 merger, reclassification, reorganization, recapitalization or other similar
 transaction in which stockholders of the Company are offered, permitted or
 required to participate as holders of any of the Company’s Voting Stock, (C)
 in connection with any Public Offering, provided that the underwriters
 or placement agent in such Public Offering implement reasonable protections
 to the extent practicable so that such Public Offering will not be made to,
 and would not reasonably facilitate the acquisition of Common Stock by, a
 Person or Group who after such Public Offering would Beneficially Own more
 than 10% of the Common Stock, (D) to any other Person or Group to the extent
 such Person or Group would not, to the knowledge of Stockholder after due
 inquiry (it being understood that due inquiry shall not be required in
 circumstances where the purchaser in a sale transaction is not reasonably
 identifiable, such as in a “brokers’ transaction”, as defined in Rule 144
 under the Securities Act), upon completion of a Transfer of Shares by
 Stockholder Beneficially Own more than ten percent (10%) of the outstanding
 Common Stock or (E) to any other Person or Group approved by, or that
 acquires shares of Common Stock in connection with any transaction approved
 or recommended by, the Board; 

	
 

	
 

	
 

	
                    (ii)
 Stockholder may Transfer any or all of the Shares to any Permitted
 Transferee; provided that such Permitted Transferee (unless such
 Permitted Transferee is the FRBNY or the U.S. Department of the Treasury) (A)
 executes a counterpart to this Agreement, thereby agreeing to be bound by the
 terms hereof, and (B) agrees that the representations, covenants and other
 agreements made by Stockholder herein shall be deemed to have been made by
 such Permitted Transferee. Upon any such Transfer, the Permitted Transferee
 shall be entitled to the same rights, and subject to the obligations and
 restrictions, contained herein applicable to Stockholder at the time of such
 Transfer. 

9

	
 

	
 

	
 

	
For purposes
 of calculating the Shares Beneficially Owned by Stockholder at any time in
 accordance with this Agreement, any Shares Transferred to any Permitted
 Transferee in accordance with this Section 4.2(a)(ii) shall be
 included in such calculation. 

	
 

	
 

	
 

	
                    (iii)
 Stockholder may make a bona fide pledge of any or all of the Shares to (A)
 the FRBNY or any other Person as directed by the FRBNY or the U.S. Department
 of the Treasury with respect to any agreement or arrangement between
 Stockholder and its Affiliates, on the one hand, and the FRBNY or any other
 Person as directed by the FRBNY or the U.S. Department of the Treasury, on
 the other hand, and (B) any bank or financial institution (“Banks”,
 and together with the FRBNY and the Persons referred to in clause (A) above,
 “Lenders”) solely for the purpose of securing bona fide indebtedness
 for borrowed money (a “Secured Loan”), and such Lenders may execute a
 bona fide foreclosure upon any Shares so pledged upon the terms and subject
 to the conditions set forth in any agreements concerning such pledge. For the
 avoidance of doubt, any pledge or other contractual encumbrance or
 foreclosure resulting from any such Secured Loan or arrangement with the
 FRBNY or any other Person referred to in clause (A) above (including an
 obligation to repay such Secured Loan or other obligation with the proceeds
 of any Transfer of, or dividend or distribution on, the Shares) shall not be
 deemed to be a Transfer associated with the Shares. 

                    (b)
This Section 4.2 shall terminate and be of no further effect (i) at such
time as the Shares Beneficially Owned by Stockholder no longer constitute at
least 10% of the outstanding Common Stock or (ii) or upon the occurrence of a
Fundamental Change. 

                    Section
4.3. Securities Act. (a) The Company may make a notation on its records
or give instructions to any transfer agents or registrars for the Common Stock
in order to implement the restrictions on Transfer set forth in Section 4.2.
In connection with any Transfer of Shares other than (x) a Transfer pursuant to
a Public Offering or (y) a sale pursuant to Rule 144 under the Securities Act,
the transferor shall provide the Company with such customary certificates,
opinions and other documents as the Company may reasonably request in respect
of compliance of such Transfer with applicable securities registration
requirements. 

                    (b)
Subject to the requirement of applicable Law, Stockholder will not be subject
to the Company’s trading policies requiring pre-clearance or limiting trading
to specified dates and Stockholder acknowledges its obligation hereunder not to
Transfer Shares in contravention of applicable Law, including each of Section
10(b) of and Rule 10b-5 under the Exchange Act. 

ARTICLE V

COVENANTS AND OTHER MATTERS

                    Section
5.1. Other Agreements. In addition to the specific agreements, documents
and instruments described in this Agreement, the parties agree to execute or
cause to be executed by the appropriate parties and deliver, as appropriate,
such other agreements, instruments and other documents as may be necessary or
desirable in order to consummate and make effective the transactions
contemplated by this Agreement. 

10

                    Section
5.2. Actions Requiring Consent. For as long as the Shares Beneficially
Owned by Stockholder constitute at least 10% of the outstanding Common Stock,
the Company must obtain Stockholder’s written consent before: 

                    (a)
entering into any agreement or arrangement or taking any other action that (i)
restricts the ability of Stockholder or its Affiliates to acquire or
Beneficially Own shares of Common Stock or to Transfer the Shares in a manner
not otherwise prohibited by the terms of this Agreement, (ii) is inconsistent
or conflicts with the Company’s ability to perform its obligations under this
Agreement or any other Transaction Agreements or the transactions contemplated
hereby or thereby or (iii) is inconsistent or conflicts with the rights or
obligations of Stockholder under this Agreement; or 

                    (b)
amending, modifying or repealing (whether by merger, consolidation, conversion
or otherwise) any provision of the Restated Certificate of Incorporation or
Bylaws of the Company that implements or supports Stockholder’s rights under
this Agreement or any other Transaction Agreement or adopting any provisions
inconsistent herewith or therewith. 

                    Section
5.3. Indemnification. (a) Each of AIG and AHAC shall indemnify, defend
and hold harmless the Company and its Representatives (collectively, the “Company
Indemnified Parties”), severally and not jointly, against, and reimburse
any Company Indemnified Party for, all Losses that such Company Indemnified
Party may at any time suffer or incur, or become subject to as a result of or
in connection with: 

	
 

	
 

	
 

	
                    (i)
 the inaccuracy or breach of any representation or warranty made by it in this
 Agreement; or 

	
 

	
 

	
 

	
                    (ii)
 any breach or failure by it to perform any of its covenants or obligations
 contained in this Agreement. 

                    (b)
The Company shall indemnify, defend and hold harmless AIG, AHAC, and their
respective Representatives (collectively, the “AIG Indemnified Parties”)
against, and reimburse any AIG Indemnified Party for, all Losses that such AIG
Indemnified Party may at any time suffer or incur, or become subject to as a
result of or in connection with: 

	
 

	
 

	
 

	
                    (i)
 the inaccuracy or breach of any representation or warranty made by the
 Company in this Agreement; or 

	
 

	
 

	
 

	
                    (ii)
 any breach or failure by the Company to perform any of its covenants or
 obligations contained in this Agreement. 

                    (c)
Claims for indemnification under this Section 5.3 shall be made pursuant
to the procedures set forth in section 8.04 and section 8.05 of the Separation
Agreement. 

                    (d)
Except for the rights any AIG Indemnified Party or Company Indemnified Party is
or becomes entitled to under Law or under the Restated Certificate of
Incorporation or Bylaws of the Company or any of its Subsidiaries and for
injunctive and provisional relief (including specific performance) provided for
in Section 7.11, each party hereto acknowledges and agrees that the
indemnification provisions of this Section 5.3 shall be the sole and
exclusive 

11

remedies of
the parties hereto for any breach of the representations or warranties or any
breach or failure by the other party to perform any of its covenants or
obligations hereunder. 

                    Section
5.4. Information Rights. The Company will deliver to an officer
designated by Stockholder copies of all materials and other information sent to
the Board (and any committee thereof) of the Company and to the board of
directors of any Company Subsidiary (and any committee thereof) at the same time
as such materials are sent to the Directors of the Company and the directors of
any Company Subsidiary, or any of their respective committees, in their
respective capacities as directors of the Company or any Company Subsidiary,
except as prohibited by applicable Law; provided that any such
information shall be subject to the terms of section 3.18 of the Separation
Agreement as if the Company or a Company Subsidiary provided such information
directly to Stockholder or any of its Affiliates. Notwithstanding the
foregoing, Stockholder shall not be entitled to any information (1) that is
sent to the Board of the Company (or any committee thereof) or the board of
directors of any Company Subsidiary (or any committee thereof) relating to any
matter or transaction to which Stockholder is a party or otherwise “interested”
and (2) that is sent solely to a committee thereof required by Law,
Self-Regulatory Organization or advice of counsel to be comprised solely of
Independent Directors. 

ARTICLE VI

REPRESENTATIONS AND WARRANTIES

                    Section
6.1. Representations and Warranties of AIG and AHAC. Each of AIG and
AHAC hereby represents and warrants, severally and not jointly, to the Company
as follows: 

                    (a)
Incorporation and Authority of AIG and AHAC. AIG is a corporation duly
incorporated, validly existing and in good standing under the Laws of the State
of Delaware. AHAC is an insurance company duly organized, validly existing and
in good standing under the Laws of the State of New York. It has full legal
power and authority, and has taken all required legal action necessary, to
execute and deliver this Agreement and all other agreements, instruments,
certificates, notices and other documents as are necessary to consummate the
transactions contemplated hereby and otherwise to carry out the terms of this
Agreement. It has duly and validly authorized the execution and delivery of
this Agreement, and the consummation of the transactions contemplated hereby
has been duly and validly authorized by it and no other proceedings on its part
are necessary to authorize the execution and delivery of this Agreement or the
consummation of the transactions contemplated hereby. 

                    (b)
Enforceability. This Agreement has been duly and validly executed by it
and, assuming due authorization, execution and delivery by the Company
constitutes, or upon execution and delivery thereof will constitute, the legal,
valid and binding agreement of it, enforceable against it in accordance with
the terms hereof, subject to the effect of any applicable bankruptcy,
reorganization, insolvency, moratorium, rehabilitation, liquidation, fraudulent
conveyance or similar Laws relating to or affecting creditors’ rights generally
and subject, as to enforceability, to the effect of general equitable
principles (regardless of whether enforcement is sought in a proceeding in
equity or at law). 

12

                    (c)
Consents and Approvals. Except as set forth on Schedule 6.1(c), no
consent, approval, waiver, authorization, notice or filing is required to be
obtained by it from, or to be given by it to, or made by it with, any
Governmental Authority or any other Person, in connection with the execution,
delivery and performance by it of this Agreement.  

                    (d)
Non-Contravention. The execution, delivery and performance by it of this
Agreement, and the consummation of the transactions contemplated hereby, do not
and will not (i) violate any provision of its Organizational Documents; (ii)
assuming the receipt of all consents, approvals, waivers and authorizations and
the making of the notices and filings set forth on Schedule 6.1(c), conflict
with, or result in the breach of, or constitute a default under, or result in
the termination, cancellation, modification or acceleration (whether after the
filing of notice or the lapse of time or both) of any right or obligation of
it under, or result in a loss of any benefit to which it is entitled under, any
Contract, or result in the creation of any Lien (other than Permitted Liens)
upon its assets and properties; or (iii) assuming the receipt of all consents,
approvals, waivers and authorizations and the making of the notices and filings
set forth on Schedule
6.1(c) or required to be made or obtained by the Company, violate, or result
in a breach of, or constitute a default under any Law, Governmental Order or
Self-Regulatory Organization Approval to which it is subject, other than, in
the cases of clauses (ii) and (iii), conflicts, breaches, terminations, defaults,
cancellations, accelerations, losses, violations or Liens that would not materially
impair or delay its ability to perform its obligations hereunder. 

                    (e)
Disclaimer. Except for the representations and warranties contained in
this Section 6.1, it does not make any other representation or warranty of any
kind or nature whatsoever, oral or written, express or implied, with respect to
it, any of its Affiliates, this Agreement or the transactions contemplated by
this Agreement.  

                    Section
6.2. Representations and Warranties of the Company. The Company hereby
represents and warrants to AIG and AHAC as follows: 

                    (a)
Incorporation and Authority of the Company. The Company is a corporation
duly incorporated, validly existing and in good standing under the Laws of the
State of Delaware. The Company has full legal power and authority, and has
taken all required legal action necessary, to execute and deliver this
Agreement and all other agreements, instruments, certificates, notices and
other documents as are necessary to consummate the transactions contemplated
hereby and otherwise to carry out the terms of this Agreement. The Company has
duly and validly authorized the execution and delivery of this Agreement to
which it is a party, and the consummation of the transactions contemplated
hereby has been duly and validly authorized by the Company and no other
proceedings on the part of the Company are necessary to authorize the execution
and delivery of this Agreement or the consummation of the transactions
contemplated hereby by the Company. 

                    (b)
Enforceability. This Agreement has been duly and validly executed by the
Company and, assuming due authorization, execution and delivery by AIG and
AHAC, constitutes, or upon execution and delivery thereof will constitute, the
legal, valid and binding agreement of the Company, enforceable against the
Company in accordance with its terms, subject to the effect of any applicable
bankruptcy, reorganization, insolvency, moratorium, 

13

rehabilitation,
liquidation, fraudulent conveyance or similar Laws relating to or affecting
creditors’ rights generally and subject, as to enforceability, to the effect of
general equitable principles (regardless of whether enforcement is sought in a
proceeding in equity or at law). 

                    (c)
Consents and Approvals. Except as set forth on Schedule 6.2(c),
no consent, approval, waiver, authorization, notice or filing is required to be
obtained by the Company from, or to be given by the Company to, or made by the
Company with, any Governmental Authority or other Person, in connection with
the execution, delivery and performance by the Company of this Agreement. 

                    (d)
Non-Contravention. The execution, delivery and performance by the
Company of this Agreement, and the consummation of the transactions
contemplated hereby, do not and will not (i) violate any provision of the
Organizational Documents of the Company; (ii) assuming the receipt of all
consents, approvals, waivers and authorizations and the making of the notices
and filings set forth on Schedule 6.2(c), to the Knowledge of the
Company, conflict with, or result in the breach of, or constitute a default
under, or result in the termination, cancellation, modification or acceleration
(whether after the filing of notice or the lapse of time or both) of any right
or obligation of the Company under, or result in a loss of any benefit to which
the Company is entitled under, any Contract, or result in the creation of any
Lien (other than Permitted Liens) upon the assets and properties of the
Company; or (iii) assuming the receipt of all consents, approvals, waivers and
authorizations and the making of notices and filings set forth on Schedule
6.2(c) or required to be made or obtained by AIG or any of its Affiliates,
to the Knowledge of the Company, violate or result in a breach of or constitute
a default under any Law, Governmental Order or Self-Regulatory Organization
Approval to which the Company is subject, other than, in the cases of clauses
(ii) and (iii), conflicts, breaches, terminations, defaults, cancellations,
accelerations, losses, violations or Liens that would not materially impair or
delay the Company’s ability to perform its obligations hereunder. 

                    (e)
Disclaimer. Except for the representations and warranties contained in
this Section 6.2, the Company does not make any other representation or
warranty of any kind or nature whatsoever, oral or written, express or implied,
with respect to the Company or any of the Company Subsidiaries, this Agreement
or the transactions contemplated by this Agreement. 

ARTICLE VII

MISCELLANEOUS AND GENERAL

                    Section
7.1. Termination. This Agreement shall terminate, except for this Article
VII and Section 5.3, which shall survive such termination, upon the
earlier of: (i) the date the Shares Beneficially Owned by Stockholder cease to
constitute at least 10% of the outstanding Common Stock or (ii) written consent
of the parties hereto (the “Termination Date”). For the avoidance of
doubt, after the Termination Date no party shall have any liability of any kind
to any other party under this Agreement, except with respect to Section 5.3.

                    Section
7.2. Expenses. All expenses incurred in connection with this Agreement
and the transactions contemplated hereby shall be paid in accordance with
section 9.01 of the Separation Agreement. 

14

                    Section
7.3. Amendment and Waiver. Except as otherwise provided herein, no
modification, amendment or waiver of any provisions of this Agreement, and no
giving of any consent provided for hereunder, shall be effective against the
Company or Stockholder unless such modification, amendment, waiver or consent
is approved by (i) a majority of the Directors then in office or (ii) any
committee thereof formed solely for the purpose of reviewing and approving
transactions or agreements between the Company and the Company Subsidiaries, on
the one hand, and Stockholder and its Affiliates, on the other hand. In
addition to the foregoing, no provision of this Agreement may be amended,
supplemented or modified except by a written instrument signed by all of the
parties hereto, and no provision of this Agreement may be waived except by a
written instrument signed by the party against whom the waiver is to be
effective. No failure or delay by any party hereto in exercising any right,
power or privilege hereunder shall operate as a waiver thereof nor shall any
single or partial exercise thereof preclude any other or further exercise
thereof or the exercise of any other right, power or privilege. The rights and
remedies herein provided shall be cumulative and not exclusive of any rights or
remedies provided by Law. 

                    Section
7.4. Counterparts. This Agreement shall be effective upon delivery of
original signature pages or electronic copies thereof executed by each of the
parties. This Agreement may be executed in any number of counterparts, each
such counterpart being deemed to be an original instrument, and all such
counterparts shall together constitute one and the same agreement. 

                    Section
7.5. GOVERNING LAW AND VENUE; WAIVER OF JURY TRIAL. (a) THIS AGREEMENT,
AND ALL CLAIMS AND DEFENSES ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE
FORMATION, BREACH, TERMINATION OR VALIDITY OF THIS AGREEMENT, SHALL IN ALL
RESPECTS SHALL BE INTERPRETED, CONSTRUED AND GOVERNED BY AND IN ACCORDANCE WITH
THE LAW OF THE STATE OF DELAWARE. Each of the parties irrevocably and
unconditionally: 

	
 

	
 

	
 

	
                    (i)
 submits for itself and its property to the exclusive jurisdiction of the
 courts of the State of Delaware (and any appeals court therefrom) in any
 Action directly or indirectly arising out of or relating to this Agreement or
 the formation, breach, termination or validity of this Agreement, and agrees
 not to assert, as a defense in any action, suit or proceeding for the interpretation
 or enforcement hereof, that it is not subject thereto or that such action,
 suit or proceeding may not be brought or is not maintainable in said courts
 or that the venue thereof may not be appropriate or that this Agreement may
 not be enforced in or by such courts, and the parties hereto irrevocably
 agree that all claims with respect to such action or proceeding shall be
 heard and determined solely in Delaware state court; 

	
 

	
 

	
 

	
                    (ii)
 consents to jurisdiction over the Person of such parties and agrees that
 mailing of process or other papers in connection with any such action or
 proceeding in the manner provided in Section 7.6 or in such other
 manner as may be permitted by Law, shall be valid and sufficient service
 thereof; 

	
 

	
 

	
 

	
                    (iii)
 consents that any such Action may and shall be brought in such court and
 waives any objection that it may now or hereafter have to the venue or 

15

	
 

	
 

	
 

	
jurisdiction
 of any such Action in such court or that such court is an inconvenient forum
 for the Action and agrees not to assert, plead or claim the same; 

	
 

	
 

	
 

	
                    (iv)
 agrees that the final judgment of such court shall be enforceable in any
 court having jurisdiction over the relevant party or any of its assets; 

	
 

	
 

	
 

	
                    (v)
 irrevocably waives any right to remove any such Action from the Delaware
 Court of Chancery to any federal court; 

	
 

	
 

	
 

	
                    (vi)
 agrees that service of process in any such Action may be effected by mailing
 a copy of such process by registered or certified mail (or any substantially
 similar form of mail), postage prepaid, to such party at its address as
 provided in Section 7.6; and 

	
 

	
 

	
 

	
                    (vii)
 agrees that nothing in this Agreement shall affect the right to effect
 service of process in any other manner permitted by the applicable rules of
 procedure. 

                    (b)
EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER
THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND
THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY
RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY ACTION DIRECTLY
OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR THE TRANSACTIONS
CONTEMPLATED BY THIS AGREEMENT OR THE FORMATION, BREACH, TERMINATION OR
VALIDITY OF THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (i) NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT THE OTHER PARTY WOULD NOT, IN THE EVENT OF ANY ACTION, SEEK
TO ENFORCE THE FOREGOING WAIVER, (ii) EACH SUCH PARTY UNDERSTANDS AND HAS
CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (iii) EACH PARTY MAKES THIS WAIVER
VOLUNTARILY, AND (iv) EACH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT
BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION
7.5. EITHER PARTY MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS
AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES TO
THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 

                    Section
7.6. Notices. All notices, requests, instructions, demands or other
communications to be given under this Agreement shall be given in accordance
with section 9.02 of the Separation Agreement.

                    Section
7.7. Entire Agreement. This Agreement, together with the agreements and
other documents and instruments referred to herein or annexed hereto,
constitute the entire agreement among the parties hereto, and supersede all
other prior agreements, understandings, representations and warranties both
written and oral, among the parties, with respect to the subject matter of this
Agreement. 

16

                    Section
7.8. No Third Party Beneficiaries. Except as provided in Section 5.3
with respect to Company Indemnified Parties and AIG Indemnified Parties, this
Agreement is for the sole benefit of the parties hereto and their successors
and permitted assigns, and nothing in this Agreement, express or implied, is
not intended to, and does not, confer upon any other Person any legal or
equitable right, benefit or remedy of any nature whatsoever under or by reason
hereunder. 

                    Section
7.9. Confidentiality. Stockholder agrees that any information provided to
it hereunder is confidential and shall only be disclosed by it to any other
Person in accordance with section 3.18 of the Separation Agreement. 

                    Section
7.10. Severability. The provisions of this Agreement shall be deemed
severable and the invalidity, illegality or unenforceability of any provision
hereto shall not affect the validity, legality or enforceability of the other
provisions hereof. If any provision of this Agreement, or the application
thereof to any Person or any circumstance, is invalid, illegal or
unenforceable, all other conditions and provisions of this Agreement shall
nevertheless remain in full force and effect so long as the economic or legal
substance of the transactions contemplated by this Agreement is not affected in
any manner materially adverse to any party hereto. Upon such determination that
any term or other provision is invalid, illegal or incapable of being enforced,
the parties hereto shall negotiate in good faith to modify this Agreement so as
to effect the original intent of the parties hereto as closely as possible in a
mutually acceptable manner in order that the transactions contemplated by this
Agreement be consummated as originally contemplated to the greatest extent
possible. 

                    Section
7.11. Specific Performance; No Special Damages. (a) The parties
acknowledge and agree that in the event that any of the provisions of this
Agreement are not performed in accordance with its specific terms or are
otherwise breached, irreparable damage would occur for which monetary damages
would not be an adequate remedy. The parties further acknowledge and agree
that, in addition to any other remedy to which such party is entitled to at Law
or in equity, the parties shall be entitled to enforce the terms of this
Agreement by decree of specific performance, without the necessity of proving
the inadequacy of monetary damages or of posting bond or other undertaking, as
a remedy and to obtain injunctive relief against any breach or threatened
breach hereof. In the event that any action is brought in equity to enforce the
provisions of this Agreement, no party hereto shall allege, and each party
hereto waives the defense or counterclaim that there is an adequate remedy at
Law. 

                    (b)
Each party (i) agrees that there shall be no special, consequential, indirect
or incidental damages, exemplary, punitive or multiple damages connected with
or resulting from any breach of this Agreement, or actions undertaken in
connection with or related hereto, including any such damages which are based
upon breach of contract, tort, breach of warranty, strict liability, statute,
operation of law or any other theory of recovery, except to the extent such
damages are actually incurred by a party hereunder to a third party, and (ii)
hereby waives any rights to claim such damages. 

                    Section
7.12. Assignment. Neither this Agreement nor any of the rights or
obligations of any party under this Agreement shall be assigned, in whole or in
part (by operation of law or otherwise), by any party without the prior written
consent of the other parties hereto 

17

except as and
to the extent expressly provided for in this Agreement; provided, however,
that no such assignment shall release the Company or Stockholder from any
liability or obligation under this Agreement. Any attempted assignment in
violation of this Section 7.12 shall be void. Subject to the foregoing,
this Agreement shall bind and inure to the benefit of and be enforceable by the
parties hereto and their respective successors and permitted assigns. 

                    Section
7.13. Effective Time. This Agreement shall become effective on the First
Time of Delivery if at such time the Shares Beneficially Owned by Stockholder
constitute at least 10% of the outstanding Common Stock. If the Shares
Beneficially Owned by Stockholder at the First Time of Delivery do not
constitute at least 10% of the outstanding Common Stock, this Agreement will be
of no force or effect. 

[Next page is the signature page.]

18

	
 

	
 

	
 

	
                    IN
 WITNESS WHEREOF, this Agreement has been duly executed and delivered by the
 duly authorized officers of the parties as of the date first written above.

	
 

	
 

	
 

	
 

	
AMERICAN
 INTERNATIONAL GROUP, INC.

	
 

	
 

	
 

	
 

	
By

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
AMERICAN
 HOME ASSURANCE COMPANY

	
 

	
 

	
 

	
 

	
By

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
TRANSATLANTIC
 HOLDINGS, INC.

	
 

	
 

	
 

	
 

	
By

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
 

	
 

	
Title:-- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

 

 

EXHIBIT 10.4

FORM OF REGISTRATION RIGHTS AGREEMENT 

by and among 

Transatlantic Holdings, Inc.,
  

American International Group, Inc. 

and 

American
  Home Assurance Company 

Dated as of [•], 2009

 

 

This REGISTRATION RIGHTS AGREEMENT (the “Agreement”) is made and entered into as of [                           ], 2009, by and among Transatlantic Holdings, Inc., a Delaware corporation
(the “Company”), American International Group, Inc., a Delaware corporation (“AIG”), and American Home Assurance Company, a New York corporation (“AHA”). 

W I T N E S S E T H:

WHEREAS, the Company, AIG and AHA have entered into
a Master Separation Agreement, dated as of May 28, 2009 (the “Separation
Agreement”), to effect the orderly separation of the Company from AIG and
AHA;

WHEREAS, pursuant to the Separation Agreement, AIG,
AHA and the Company have agreed to enter into this Agreement at closing of the
Separation Agreement; and 

WHEREAS, the parties desire to set forth certain registration rights applicable to the Registrable Securities (as defined below) held from time to time by the Holders, and the Company desires to indemnify Holders against certain
liabilities to which such Holders may become subject as a result of Holders’ interests in the Company. 

NOW, THEREFORE, in consideration of the mutual covenants and undertakings contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as
follows: 

1.     Definitions

As used in this Agreement, the following terms shall have the following meanings: 

     Affiliate: Means, with respect to any Person, any other Person directly or indirectly, controlled by, controlling or under common control with such person. 

     Agreement: As defined in the Preamble.

     AHA: As defined in the Preamble. 

     AIG: As defined in the Preamble. 

     AIG Credit Facility Trust: AIG Credit Facility Trust established by the FRBNY for the sole benefit of the United States Treasury pursuant to the AIG Credit Facility
Trust Agreement made on January 16, 2009 by and among the FRBNY and Jill M. Considine, Chester B. Feldberg and Douglas L. Foshee. 

     Board: Means the Board of Directors of the Company. 

     Code: The United States Internal Revenue Code of 1986

     Common Stock: Means the Company’s
common stock. Par value $1.00 per share.

     Company: As defined in the Preamble.

     Confidential Information: As defined in Section 4(n). 

     Exchange Act:
The Securities Exchange Act of 1934, as amended from time to time.

     First Time of Delivery: Shall have the meaning set forth in the Underwriting Agreement. 

     FRBNY: The Federal Reserve Bank of New York.

     Governmental Authority: Shall have the meaning set forth in the Separation Agreement. 

     Governmental Order: Shall have the meaning set forth in the Separation Agreement. 

     Holder: Any of AIG, its Subsidiaries (including AHA) or its Affiliates (other than the Company) that is a beneficial owner of Registrable Securities (it being
understood that Holder shall include any Person that is on the date hereof or subsequently becomes a Holder, whether or not such Person remains an AIG Subsidiary or Affiliate). 

     Indemnified Party: As defined in Section 6(c)(i). 

     Indemnified Person: As defined in Section 6(a). 

     Indemnifying Party: As defined in Section 6(c)(i).

     IRS: The U.S. Internal Revenue Service.

     Law: Shall have the meaning set forth in the Separation Agreement.

     managing underwriter or underwriters: The Person or Persons selected pursuant to Section 2 of this Agreement to manage an underwritten offering of Registrable
Securities. 

     Person: An individual, partnership, corporation, company, trust or unincorporated organization, or a government or agency or political subdivision thereof, or any
other organization or entity. 

2

     Prospectus: The prospectus (including any preliminary prospectus and any final prospectus) included in any Registration Statement, as amended or supplemented by any
free writing prospectus, whether or not required to be filed with the SEC, prospectus supplement with respect to the terms of the offering of any portion of the Registrable Securities covered by the Registration Statement and by all other amendments
and supplements to the prospectus, and all material incorporated by reference in such prospectus. 

     Registrable Securities: Any Common Stock beneficially owned as of the date hereof by AIG, its Subsidiaries (including AHA) or its Affiliates (other than the Company);
provided that a security ceases to be a Registrable Security when: 

     (i) it has been effectively registered under the Securities Act and disposed of in accordance with the Registration Statement covering it, or

     (ii) it is distributed to the public pursuant to Rule 144 (or any similar provisions then in force) under the Securities Act. 

     Registration Expenses: As defined in Section 5 hereof.

     Registration Statement: Means either (a) a shelf registration statement filed by the Company under the Securities Act permitting resales of the Registrable Securities
on a delayed or continuous basis pursuant to the provisions of Section 2(a)(i) of this Agreement, or (b) in the circumstances contemplated by Section 2(a)(ii), a registration statement filed by the Company under the Securities Act meeting the
requirements of Section 2(a)(ii), and in either case including the Prospectus contained therein, any amendments and supplements to such Registration Statement, including post-effective amendments, and all exhibits and all material incorporated by
reference in such Registration Statement; provided that, in any such case if the Registration Statement includes a plan of distribution, such plan of distribution must be approved by AIG. 

     Rules and Regulations: The published rules and regulations of the SEC promulgated under any of the Securities Act or the Exchange Act, as in effect at any relevant
time. 

     SEC: The Securities and Exchange Commission. 

     Securities Act: The Securities Act of 1933, as amended from time to time.

     Separation Agreement: As defined in the Recitals. 

     Subsidiary: Means, with respect to any Person, any corporation, general or limited partnership, joint venture, limited liability company, limited liability partnership
or other Person that is a legal entity, trust or estate of which (or in which) (a) the issued and outstanding capital stock having ordinary voting power to elect a majority of the 

3

board of directors (or a majority of another body performing similar functions) of such corporation or other Person (irrespective of whether at the time capital stock of any other class or classes of such corporation or other
Person shall or might have voting power upon the occurrence of any contingency), (b) more than 50% of the interest in the capital or profits of such partnership, joint venture or limited liability company or (c) more than 50% of the beneficial
interest in such trust or estate, is at the time of determination directly or indirectly beneficially owned or controlled by such Person. 

     Suspension Period: As defined in Section 2(a)(iii) hereof. 

     Underwriting Agreement: Means the Underwriting Agreement, dated as of __, 2009, between AIG, AHA, the Company and Goldman Sachs & Co., as representative of the
several underwriters. 

     underwritten offering: A transaction in which Registrable Securities of the Company registered under the Securities Act are sold to an underwriter or underwriters for
reoffering to the public. 

2.     Filing of Registration
Statements 

(a) Demand Registration.

     (i) Until
such time as all Registrable Securities cease to be Registrable Securities,
the Company agrees to use its reasonable efforts to keep current and effective
a shelf Registration Statement, and to file such supplements or amendments to
such Registration Statement as may be necessary or  appropriate in order to keep
such shelf Registration Statement continuously effective and useable, for the
resale of Registrable Securities under the Securities Act. 

     (ii) If the Company is no longer eligible to use a shelf Registration Statement, the Company agrees within 30 days of a Holder’s written
request to register the resale of a specified amount of the Registrable Securities (which shall represent at least 5% of the outstanding Common Stock) under the Securities Act, the Company will file a Registration Statement, on an appropriate form,
to register the resale of such Registrable Securities, which Registration Statement will (if specified in the Holder’s notice) contemplate the ability of the Holders to effect an underwritten offering, and will use its reasonable efforts to
cause such Registration Statement to become or be declared effective, and to file such supplements or amendments to such Registration Statement as may be necessary or appropriate in order to keep such Registration Statement effective and useable,
for the resale of Registrable Securities under the Securities Act, through the completion of the offering thereof. 

     (iii) Notwithstanding anything to the contrary contained in this Agreement, the Company shall be entitled, from time to time, by providing
prior written notice to the 

4

Holders, to require such Holders to suspend the use of the Prospectus included in any Registration Statement for resales of Registrable Securities under any shelf Registration Statement pursuant to Section 2(a)(i) or to postpone
the filing or suspend the use of any Registration Statement pursuant to Section 2(a)(ii) for a reasonable period of time not to exceed 60 days in succession (or a longer period of time with the prior written consent of AIG, which consent shall not
be unreasonably withheld) or two times in any one year period (a “Suspension Period”) if (A) the Board determines in good faith that effecting the registration (or permitting sales under an effective registration) would materially and
adversely affect an offering of securities of the Company, (B) the Company is in possession of material non-public information and the Board determines in good faith that the disclosure of such information during the period specified in such notice
would be materially detrimental to the Company, or (C) the Company shall determine that it is required to disclose in any such Registration Statement a contemplated financing, acquisition, corporate reorganization or other similar transaction or
other material event or circumstance affecting the Company or its securities, and the Board determines in good faith that the disclosure of such information at such time would be materially detrimental to the Company or the holders of its equity
securities.

     (iv) After the expiration of any Suspension Period and without any further request from a Holder, the Company shall as promptly as reasonably
practicable prepare a Registration Statement or post-effective amendment or supplement to the applicable shelf Registration Statement or Prospectus, or any document incorporated therein by reference, or file any other required document so that, as
thereafter delivered to purchasers of the Registrable Securities included therein, the Prospectus will not include a material misstatement or omission or be not effective and useable for resale of Registrable Securities. 

     (v) If at any time or from time to time the Holders desire to sell Registrable Securities representing at least 5% of the outstanding Common
Stock in an underwritten offering, the managing underwriter or underwriters for such offering shall be selected by AIG. The Holders will provide the Company with prior notice of any such underwritten offering, such notice to be provided as soon as
reasonably practicable after the Holders determine to proceed with such offering. The Company shall use its reasonable efforts to assist such managing underwriter or underwriters in their efforts to sell Registrable Securities pursuant to such
Registration Statement and shall use reasonable efforts to make senior executives with appropriate seniority and expertise reasonably available for “road show” or other presentations during the marketing period. 

     (b) No Piggyback Registration Rights. The Company shall not, without the prior written consent of AIG and AHA
(which consent may be withheld in AIG’s and AHA’s sole discretion), grant or enter into any agreement or undertaking that would permit any Person (other than the Company) to sell Common Stock along with sales of the Registrable Securities
whether or not in an underwritten offering. 

5

     (c) Undertaking to be Bound by this Agreement. Each Holder which is not an original party to this Agreement
and whose Registrable Securities are included in a Registration Statement filed with the SEC pursuant to this Section 2 shall be deemed without any further action to be a party to this Agreement with all rights and obligations of a Holder hereunder
and if requested by the Company, shall execute and deliver an undertaking in form and substance reasonably satisfactory to the Company whereby such Holder agrees to be bound by the terms and provisions of this Agreement. 

3.     Restrictions on Public
Sale by the Company and Others 

The Company agrees that it will not, without the prior written consent of AIG and AHA and the managing underwriter or underwriters of any underwritten offering (which shall represent at least 5% of the outstanding Common Stock)
under a Registration Statement filed pursuant to Section 2(a), offer, sell, contract to sell or otherwise dispose of, directly or indirectly, any Common Stock, during the period from the date of receipt of timely notice of the intent to price an
underwritten offering from the managing underwriter or underwriters (which notice may be delivered up to 15 business days before pricing) to the date 90 days after the pricing date of such underwritten offering. The foregoing restrictions shall not
apply to issuances of Common Stock (or securities convertible into or exercisable or exchangeable for Common Stock) by the Company (i) upon conversion, exchange or exercise of convertible, exchangeable or exercisable securities outstanding as of the
date of pricing of the underwritten offering or under any existing employee benefit plans, (ii) in connection with strategic alliances or transactions involving the Company, (iii) in connection with registration statements filed in connection with
future business combination transactions or (iv) in connection with registration statements on Form S-8 filed to register shares of Common Stock that are issuable pursuant to existing employee benefit plans of the Company; provided that any Person receiving shares of Common Stock in a transaction excepted by clauses (ii) or (iii) above shall agree to be bound by the restrictions set forth in this Section 3. 

4.     Registration Procedures 

In connection with the Company’s obligations to keep current and effective each Registration Statement pursuant to Section 2 hereof, the Company will use its reasonable efforts to effect such registration to permit the sale
of such Registrable Securities in accordance with the intended method or methods of disposition thereof, and pursuant thereto the Company will as expeditiously as possible use its reasonable efforts to: 

     (a) before filing a Registration Statement or Prospectus or any amendments or supplements thereto, excluding documents incorporated by
reference in the Registration Statement, furnish to AIG, AHA and the managing underwriter or underwriters, if any, copies of all such documents proposed to be filed, which documents will be subject to the review of AIG, AHA and the managing
underwriter or underwriters, and the Company will not file any Registration Statement or amendment thereto or any Prospectus or any 

6

supplement thereto (excluding such documents incorporated by reference and proposed to be filed after the initial filing of the Registration Statement) to which AIG, AHA or the managing underwriter or underwriters, if any, shall
reasonably and timely object; provided, that the Company may assume, for the purposes of this paragraph (a), that objections to the inclusion of information (i) requested by the staff of the
SEC to be included in the Registration Statement or other documents, (ii) required, in the opinion of counsel to the Company, to be in the Registration Statement or other documents, or (iii) required by the Securities Act or the Rules and
Regulations thereunder to be in the Registration Statement or other documents, shall not be deemed to be reasonable objections; and, provided, further, that the Company shall, to the extent reasonably practicable in light of the circumstances, consult with AIG, AHA and the managing underwriter or underwriters as to any document that is to be
incorporated by reference in the Registration Statement during the marketing period of any underwritten offering until the closing of such underwritten offering; 

     (b) prepare and file with the SEC such amendments and post-effective amendments to the Registration Statement, and such supplements to the
Prospectus, as may be required by the Rules and Regulations or the instructions applicable to the registration form utilized by the Company or by the Securities Act or the Rules and Regulations thereunder for registration or otherwise necessary to
keep the Registration Statement effective and cause the Prospectus as so supplemented to be filed pursuant to Rule 424 under the Securities Act; and comply with the provisions of the Securities Act with respect to the disposition of all securities
covered by such Registration Statement in accordance with the intended methods of disposition by the sellers thereof set forth in such Registration Statement or supplement to the Prospectus;

     (c) notify AIG, AHA and the managing underwriter or underwriters, if any, promptly, and confirm such advice in writing,

     (i) when the Registration Statement, any pre-effective amendment thereto, the Prospectus or any prospectus supplement or post-effective
amendment to the Registration Statement has been filed, and, with respect to the Registration Statement or any post-effective amendment, when the same has become effective,

     (ii) of any comments by the SEC and the “Blue Sky” or securities commissioner or regulator of any state with respect to the
Registration Statement, the Prospectus or any prospectus supplement or any request by the SEC for amendments or supplements to the Registration Statement, the Prospectus or any prospectus supplement or for additional information, 

     (iii) of the issuance by the SEC or any other regulatory authority of any stop order suspending the effectiveness of the Registration Statement
or the initiation or threatening of any proceedings for that purpose, 

7

     (iv) if at any time the representations and warranties of the Company contemplated by paragraph (m) below cease to be true and correct,

     (v) of the receipt by the Company of any notification with respect to the suspension of the qualification of the Registrable Securities for
sale under the securities or “Blue Sky” laws of any jurisdiction or the initiation or threatening of any proceeding for such purpose, and 

     (vi) of the existence of any fact which results in the Registration Statement, any amendment or post-effective amendment thereto, the
Prospectus, any prospectus supplement, or any document incorporated therein by reference containing an untrue statement of material fact or omitting to state a material fact required to be stated therein or necessary to make the statements therein
not misleading; 

     (d) make every reasonable effort to obtain the withdrawal of any order suspending the effectiveness of the Registration Statement at the
earliest possible moment; 

     (e) if requested by the managing underwriter or underwriters, AHA or AIG, as soon as practicable incorporate in a prospectus supplement or
post-effective amendment such information as the managing underwriter or underwriters, AHA or AIG reasonably request to be included therein relating to the sale of the Registrable Securities, including without limitation, information with respect to
the amount of Registrable Securities being sold to such underwriter or underwriters, the purchase price being paid therefor by such underwriter or underwriters and with respect to any other terms of the underwritten offering (including whether such
underwriting commitment is on a firm commitment or best efforts basis) of the Registrable Securities to be sold in such offering; and make all required filings of such prospectus supplement or post-effective amendment promptly upon notice of the
matters to be incorporated in such prospectus supplement or post-effective amendment; 

     (f) furnish to AIG, to each selling Holder, and to each managing underwriter or underwriters, without charge, at least one signed copy of the
Registration Statement and any post-effective amendment thereto, including financial statements and schedules, all documents incorporated therein by reference and all exhibits (including those incorporated by reference therein); 

     (g) deliver to AIG, each selling Holder and each underwriter, if any, without charge, as many copies (including an electronic copy) of the
Prospectus (including each preliminary prospectus) and any amendment or supplement thereto as such Persons may reasonably request; the Company consents to the use of the Prospectus or any amendment or supplement thereto by each of the selling
Holders and each underwriter, if any, in connection with the offering and sale of the Registrable Securities covered by the Prospectus or any amendment or supplement thereto;

     (h) prior to any public offering of Registrable Securities, use its reasonable efforts to register or qualify or cooperate with AIG, the
selling Holders, the managing underwriter or 

8

underwriters, if any, and their respective counsel in connection with the registration or qualification of such Registrable Securities for offer and sale under the securities or “Blue Sky” laws of such jurisdictions as
AIG, any selling Holder or underwriter reasonably requests in writing and do any and all other acts or things necessary or advisable to enable the disposition in such jurisdictions of the Registrable Securities covered by the Registration Statement;
provided that the Company will not be required to qualify generally to do business in any jurisdiction where it is not then so qualified or to take any action which would subject it to
general service of process in any such jurisdiction where it is not then so subject; 

     (i) cooperate with AIG, the selling Holders and the managing underwriter or underwriters, if any, to facilitate the timely preparation and
delivery of the Registrable Securities to be sold; and enable such Registrable Securities to be in such denominations and registered in such names as AIG, the selling Holder or the managing underwriter or underwriters, if any, may request at least
two business days prior to any delivery of Registrable Securities; 

     (j) use its reasonable efforts to cause the Registrable Securities covered by the applicable Registration Statement to be registered with or
approved by such other governmental agencies or authorities, federal, state or local, as may be necessary to enable the seller or sellers thereof or the underwriter or underwriters, if any, to consummate the disposition of such Registrable
Securities; 

     (k) except as permitted by Section 2(a)(iii), if any fact contemplated by paragraph (c)(vi) above shall exist, prepare a post-effective
amendment or supplement to the Registration Statement or the related Prospectus or any document incorporated therein by reference or file any other required document so that the Prospectus, as thereafter delivered to the purchasers of the
Registrable Securities, will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading; 

     (l) use its reasonable efforts to cause all Registrable Securities covered by the Registration Statement to be listed on each securities
exchange on which the Common Stock is then listed, if any; 

     (m) enter into such customary agreements (including a customary underwriting agreement with the underwriter or underwriters, if any) and take
all such other actions in connection therewith in order to expedite or facilitate the disposition of such Registrable Securities and in such connection, whether or not an underwriting agreement is entered into and whether or not the Registrable
Securities are to be sold in an underwritten offering: 

     (i) make such representations and warranties to AIG, the selling Holders of such Registrable Securities and the underwriter or underwriters, if
any, in form, substance and scope as are customarily made by issuers to underwriters in underwritten offerings of equity securities; 

9

     (ii) cause to be delivered to the sellers of Registrable Securities and the underwriter or underwriters, if any, opinions of counsel to the
Company, dated, in the case of an underwritten offering, the date of delivery of any Registrable Securities sold pursuant thereto which counsel and opinions (in form, scope and substance) shall be reasonably satisfactory to the managing underwriter
or underwriters, if any, AIG and the selling Holders, addressed to AIG, each selling Holder and each underwriter, if any, covering the matters customarily covered in opinions requested in underwritten offerings of common stock and such other matters
as may be reasonably requested by AIG or the selling Holders or the appointed representative of or counsel to AIG and the selling Holders (it being agreed that the matters to be covered by such opinions shall include and shall cover both the date of
the first contract to sell the Registrable Securities and the date of delivery of any Registrable Securities sold pursuant thereto); 

     (iii) cause to be delivered, in the case of an underwritten offering, at the time of delivery of any Registrable Securities sold pursuant
thereto, letters from the Company’s independent certified public accountants addressed to AIG, each selling Holder and each underwriter, if any, in customary form and covering such financial and accounting matters as are customarily covered by
letters of independent certified public accountants delivered in connection with underwritten public offerings of common stock;

     (iv) if an underwriting agreement is entered into, the same shall provide for indemnification of the underwriters by the Company in customary
form; and

     (v) the Company shall deliver such documents and certificates as may be reasonably requested by AIG, any Holder selling Registrable Securities
or the managing underwriter or underwriters, if any, to evidence compliance with clause (i) above and with any customary conditions contained in the underwriting agreement, if any, or other agreement entered into by the Company in connection with
such offering. 

The above shall be done at each closing under such underwriting or similar agreement or as and to the extent required thereunder;

     (n) make available for inspection by a representative or representatives of AIG or the selling Holders, any underwriter participating in any
disposition pursuant to a Registration Statement, and any attorney or accountant retained by AIG or such selling Holders or underwriter, all financial and other records, pertinent corporate documents and properties of the Company, and cause the
Company’s officers, directors and employees to supply all information reasonably requested by any such representative, underwriter, attorney or accountant in connection with such Registration Statement; provided that AIG shall not, and shall cause its Affiliates and representatives having access to information of the Company that is either oral or in writing and that is confidential or proprietary
(“Confidential Information”) not to, disclose any Confidential Information; provided, however, that AIG may disclose Confidential Information to the extent permitted by applicable Law: (i) to its representatives on a need-to-know basis in connection with the exercise of rights or the
performance of obligations under this Agreement, 

10

provided that such representatives are informed of the confidential nature of such information and made aware of the provisions of this 4(n); (ii) to the extent reasonably necessary in connection with any action or in any dispute
with respect to this Agreement; (iii) to the extent such information is required to be disclosed by applicable Law, Governmental Order or Governmental Authority (including in any report, statement, testimony or other submission to a Governmental
Authority) or in response to any summons, subpoena or other legal process or formal or informal investigative demand issued to AIG or AHA in the course of any litigation, arbitration, mediation, investigation or administrative proceeding; (iv) to
the extent any such information is or becomes generally available to the public other than as a result of disclosure by AIG, AHA or any of their Subsidiaries or any of their Affiliates or representatives; and provided further, however, (A) AIG and AHA may disclose Confidential Information related
to the Company to AIG’s and AHA’s representatives who need to know such information for the purpose of evaluating, monitoring or taking any other action with respect to AIG’s and/or AHA’s investment in the Company and its
Subsidiaries, and (B) AIG and AHA may disclose Confidential Information delivered to them by the officers designated by them, respectively, to receive the information contemplated by Section 5.4 of the Stockholders Agreement to each other, their
respective Affiliates and their respective Representatives, provided that in the cases of clauses (A) and (B) above, such representatives are informed of the confidential nature of such information and made aware of the provisions of this Section
4(n).

In the event that AIG or AHA becomes required (based on advice of counsel) by deposition, interrogatory, request for documents subpoena, civil investigative demand or similar judicial or administrative process or in connection
with a report, statement, testimony or other submission to be made to any Governmental Authority to disclose any Confidential Information, the disclosing party shall provide the Company, to the extent reasonably practicable, with prior written
notice of such requirement, and, to the extent reasonably practicable, cooperate with the Company (at the Company’s expense) to obtain a protective order or similar remedy to cause such Confidential Information not to be disclosed;
provided, however, that none of AIG, AHA or any of their respective Affiliates is required to provide such prior written notice
with respect to any disclosure to the FRBNY. In the event that such protective order or other similar remedy is not obtained, the disclosing party shall furnish only that portion of the Confidential Information that it reasonably believes is
required to be disclosed and shall exercise its commercially reasonable efforts (at the Company’s expense) to obtain assurance that confidential treatment will be accorded such Confidential Information. 

Notwithstanding anything to the contrary contained
herein, the parties hereto acknowledge and agree that AIG, AHA and their respective
Affiliates may, without notifying the Company or any other Person, share any
information relating to or obtained from the Company or any of its Subsidiaries
with (i) the FRBNY or the U.S. Department of the Treasury and their respective
Representatives, (ii) the AIG Credit Facility Trust, (iii) any insurance regulatory
authority or (iv) the IRS or any other tax authority, in each case as AIG deems
necessary or advisable in its good faith judgment. 

11

To the fullest extent permitted by applicable Laws, the provisions of this Section 4(n) shall not restrict or limit the use of or disclosure by AIG, AHA or any of their respective Affiliates of any customer, policy or beneficiary
information (including such information relating to the Company and its Subsidiaries) if such information was in the possession or control of AIG, AHA or their respective Affiliates prior to the date hereof. For the avoidance of doubt, the foregoing
shall apply regardless of whether such information (i) was also possessed or controlled by the Company or any of its Subsidiaries on or prior to the date hereof and/or (ii) was originated by any other Person; and

     (o) otherwise use its reasonable efforts to comply with all applicable Rules and Regulations, and make generally available to its security
holders earnings statements satisfying the provisions of Section 11(a) of the Securities Act, no later than 40 days after the end of any 12-month period (or 60 days, if such period is a fiscal year) commencing on the date of the filing of any
Prospectus relating to the sale of Registrable Securities, which statements shall cover a 12-month period. 

The Company may require each selling Holder as to which any registration is being effected to furnish to the Company such information regarding the distribution of such securities as the Company may from time to time reasonably
request in writing and as shall be required by law or by the SEC in connection with any registration. 

Each Holder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 4(c)(vi) hereof, such Holder will forthwith discontinue disposition of Registrable Securities
until such Holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 4(k) hereof, or until it is advised in writing by the Company that the use of the Prospectus may be resumed. 

5.     Registration Expenses 

     (a) All expenses incident to the Company’s performance of or compliance with this Agreement, at or prior to the time that the Holders
shall have completed three underwritten offerings pursuant hereto (it being understood that the offering effected pursuant to the Underwriting Agreement shall not be deemed to have been effected pursuant hereto), including without limitation:

     (i) all registration and filing fees (including fees with respect to filings required to be made with the Financial Industry Regulatory
Authority (“FINRA”)), unless the required filing or filings arise solely by reason of the status of the Holders or any of their Affiliates, or their intended use of proceeds of the offering (in which case such fees shall be the
responsibility of the Holders); 

     (ii) fees and expenses of compliance with securities or “Blue Sky” laws (including reasonable fees and disbursements of one counsel
for the selling Holders and underwriter or underwriters in connection with the registration or qualification of the 

12

Registrable Securities under applicable state securities laws and determination of their eligibility for investment under the laws of such jurisdictions as AIG, the managing underwriter or underwriters or the Holders of
Registrable Securities being sold may designate); 

     (iii) all printing, messenger, telephone and delivery expenses of the Company, including, without limitation, the expenses of printing the
Registration Statement and the Prospectus, the expenses of preparing the Registrable Securities for delivery and the expenses of printing or producing any agreement(s) among underwriters, underwriting agreement(s) and “Blue Sky” or legal
investment memoranda, any selling agreements and any other documents in connection with the offering, sale or delivery of Registrable Securities to be disposed of; 

     (iv) fees, disbursements and expenses of counsel for the Company; 

     (v) fees and disbursements of all independent certified public accountants of the Company (including the expenses of any special audit and
accountants’ letters required by or incident to such performance); 

     (vi) all fees and expenses incurred by the Company in connection with the listing of the Registrable Securities on any securities exchange
pursuant to Section 4(l); and

     (vii) fees and expenses of other Persons retained by the Company (all such expenses being herein called “Registration Expenses”);

will be borne by the Company, whether or not the Registration Statement becomes effective. In connection with any subsequent underwritten offering effected by the Holders pursuant hereto, all such out-of-pocket expenses reasonably
incurred by the Company shall be borne by the Holders, in proportion to the shares sold by each of them in such offering. The Company will, in any event, pay its internal expenses (including, without limitation, all salaries and expenses of its
officers and employees performing legal or accounting duties), the expense of any annual audit and the fees and expenses of any Person, including special experts, retained by the Company. 

6.     Indemnification 

(a) Indemnification by Company.

     (i) The Company agrees to indemnify and hold harmless each Holder, each underwriter with respect to Registrable Securities and each of their
respective officers, directors, employees and agents and each Person who controls such Holder or underwriter within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act (each such Person being sometimes
hereinafter referred to as an “Indemnified Person”) from and against any and all losses, claims, damages and liabilities caused by any untrue statement or alleged untrue statement of a material fact

13

contained in any Registration Statement, preliminary prospectus or Prospectus, including any amendment or supplement thereto, or caused by any omission or alleged omission to state therein a material fact required to be stated
therein or necessary to make the statements therein not misleading, except insofar as such losses, claims, damages or liabilities relate to any untrue statement or omission or alleged untrue statement or omission based upon information furnished in
writing to the Company by any Holder or underwriter expressly for use therein. 

     (ii) The Company will also indemnify selling brokers, dealers and similar securities industry professionals participating in the distribution,
their officers, directors and partners and each Person who controls such Persons (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) to the same extent as provided in Section 6(a)(i) with respect to the
indemnification of the Holders and underwriters of Registrable Securities and such Persons shall be deemed “Indemnified Persons” for all purposes of this Section 6. 

     (b) Indemnification by Selling Holders. Each selling Holder agrees severally, and not jointly, to indemnify
and hold harmless the Company, its directors, its officers who sign any Registration Statement and each Person, if any, who controls the Company within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act to the
same extent as the foregoing indemnity from the Company to such Holder (but not in an amount exceeding the net proceeds to such Holder from the offering of its Registrable Securities pursuant to such Registration Statement), but only with reference
to information relating to such Holder furnished in writing by such Holder to the Company expressly for use in any Registration Statement, preliminary prospectus, or Prospectus, including any amendment or supplement thereto.

     (c) Proceedings. 

     (i) In case any proceeding (including any governmental investigation) shall be instituted involving any Person in respect of which indemnity
may be sought pursuant to either Section 6(a) or 6(b), such Person (the “Indemnified Party”) shall promptly notify the Person against whom such indemnity may be sought (the
“Indemnifying Party”) in writing and the Indemnifying Party, upon request of the Indemnified Party, shall retain counsel reasonably satisfactory to the Indemnified Party to
represent the Indemnified Party and any others the Indemnifying Party may designate in such proceeding and shall pay the fees and disbursements of such counsel related to such proceeding. 

     (ii) In any such proceeding, any Indemnified Party shall have the right to retain its own counsel, but the fees and expenses of such counsel
shall be at the expense of such Indemnified Party unless (a) the Indemnifying Party and the Indemnified Party shall have mutually agreed to the retention of such counsel or (b) the named parties to any such proceeding (including any impleaded
parties) include both the Indemnifying Party and the Indemnified Party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them.

14

     (iii) It is understood that the Indemnifying Party shall not, in connection with any proceeding or related proceedings in the same
jurisdiction, be liable for (a) the reasonable fees and expenses of more than one separate firm for all underwriters, selling brokers, dealers and similar securities industry professionals and all persons, if any, who control such Persons within the
meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act and (b) the reasonable fees and expenses of more than one separate firm for all selling Holders and all Persons, if any, who control selling Holders within the
meaning of either such Section. 

     (iv) In the case of any such separate firm for the underwriters, selling brokers, dealers and similar securities industry professionals and
such control Persons, such firm shall be designated in writing by the managing underwriter or underwriters. In the case of any such separate firm for the selling Holders and such control Persons of selling Holders, such firm shall be designated in
writing by the Holder. The Indemnifying Party shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there is a final judgment for the plaintiff, the Indemnifying Party
agrees to indemnify the Indemnified Party from and against any loss or liability by reason of such settlement or judgment. 

     (d) Contribution.

     (i) If the indemnification provided for in this Section 6 is unavailable to an Indemnified Party under Section 6(a) or Section 6(b) hereof or
insufficient in respect of any losses, claims, damages or liabilities referred to therein, then each Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a
result of such losses, claims, damages or liabilities in such proportion as is appropriate to reflect the relative fault of the Company on the one hand and of the Holder or underwriter, selling broker, dealer or similar securities professional, as
the case may be, on the other hand, in connection with the statements or omissions which resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative fault of the Company on the one
hand and of the Holder or underwriter, selling broker, dealer or similar securities professional, as the case may be, on the other hand shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company, by the Holder or by the underwriter, selling broker, dealer or similar securities professional and the parties’ relative
intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

     (ii) The Company and the Holders agree that it would not be just and equitable if contribution pursuant to this Section 6 were determined by
pro rata allocation (even if the Holders or the underwriters were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in the immediately preceding
paragraph. The amount paid or payable by an 

15

Indemnified Party as a result of the losses, claims, damages and liabilities referred to in the immediately preceding paragraph shall be deemed to include any legal or other expenses reasonably incurred by such Indemnified Party
in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section, no Holder or underwriter, selling broker, dealer or similar securities professional shall be required to contribute any amount in
excess of the amount by which (a) in the case of any Holder, the net proceeds received by such Holder from the sale of Registrable Securities or (b) in the case of an underwriter, selling broker, dealer or similar securities professional, the total
price at which the Registrable Securities purchased by it and distributed to the public were offered to the public exceeds, in any such case, the amount of any damages that the Holders or such underwriter, selling broker, dealer or similar
securities professional has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities
Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The obligations to contribute pursuant to this Section 6 of the Indemnified Persons are several and not joint. 

     (e) Cumulative Obligations. The obligations of the Company under this Section 6 shall be in addition to any
liability which the Company may otherwise have to any Indemnified Person. 

     (f) Survival. The indemnity and contribution agreements contained in this Section 6 and the representations
and warranties of the Company referred to in Section 4(m)(i) shall remain operative and in full force and effect regardless of (i) any termination of this Agreement or any underwriting agreement, (ii) any investigation made by or on behalf of any
Indemnified Person or by or on behalf of the Company and (iii) the consummation of the sale or successive resales of the Registrable Securities. 

7.     Rule 144

The Company covenants that it shall use its reasonable efforts to file the reports required to be filed by it under the Securities Act and the Exchange Act and the Rules and Regulations and it will take such further action as any
Holder may reasonably request, all to the extent required from time to time to enable such Holder to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by (a) Rule 144 under the
Securities Act, as such Rule may be amended from time to time, or (b) any similar rule or regulation hereafter adopted by the SEC. Upon the reasonable request of any Holder , the Company will deliver to such Holder a written statement as to whether
it has complied with such information and requirements. 

16

8.     Miscellaneous 

     (a) Remedies. Each Holder, in addition to being entitled to exercise all rights provided herein and granted by
law, including recovery of damages, will be entitled to specific performance of its rights under this Agreement. Each party agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the
provisions of this Agreement and hereby agrees to waive the defense in any action for specific performance that a remedy at law would be adequate. 

     (b) No Inconsistent Agreements. The Company will not on or after the date of this Agreement enter into any
agreement with respect to its securities which is inconsistent with the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof. 

     (c) Amendment and Waivers. The provisions of this Agreement, including the provisions of this sentence, may
not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given without the prior written consent of the parties hereto. 

     (d) Notices. All notices and other communications provided for or permitted hereunder shall be made in writing
and delivered personally, by telegram, by telecopy or sent by overnight courier, postage prepaid: 

     (i) if to a Holder, at the most current address given by such Holder to the Company in accordance with the provisions of this Section 8(d),
which address initially is American International Group, Inc., 70 Pine Street, New York, New York 10270, Attention: General Counsel, with a copy to Sullivan & Cromwell, 125 Broad Street, New York, New York 10004, Attention: Robert E. Buckholz,
Jr., Esq.; or 

     (ii) if to the Company, at Transatlantic Holdings, Inc., 80 Pine Street, New York, New York 10005, Attention: Gary Schwartz, with a copy to
Gibson, Dunn & Crutcher LLP, 200 Park Avenue, New York, New York 10166, Attention: Lois Herzeca 

or to such other address as any party may, from time to time, designate in a written notice given in a like manner. Notice given by telegram or telecopy shall be deemed delivered when evidence of the transmission is received by
the sender and shall be confirmed in writing by overnight courier, postage prepaid. Notice given by overnight courier as set out above shall be deemed delivered the business day after the date the same is mailed. 

     (e) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors
and assigns of each of the parties, including without limitation and without the need for an express assignment, subsequent Holders of Registrable Securities and the Indemnified Persons specified in Section 6. The Company may not assign its rights
or delegate its obligations under this Agreement without the prior written consent of AIG and the Holders. 

17

     (f) Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

     (g) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or
otherwise affect the meaning hereof. 

     (h) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO CONFLICT OF LAW PRINCIPLES. 

     (i) Severability. In the event that any one or more of the provisions contained herein, or the application
thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or impaired
thereby. 

     (j) Attorneys’ Fees. In any action or proceeding brought to enforce any provision of this Agreement, or
where any provision hereof is validly asserted as a defense, the successful party shall be entitled to recover reasonable attorneys’ fees in addition to its costs and expenses and any other available remedy. 

     (k) Effective Time. This Agreement shall become effective as of the First Time of Delivery. In the event that
the First Time of Delivery shall not occur, this Agreement will be of no force or effect. 

18

IN WITNESS WHEREOF, the parties have executed this agreement as of the date first written above. 

	 	
    TRANSATLANTIC HOLDINGS, INC.	
	 	 	 	
	 	By: 	
 	
	 	 	Name:	
	 	 	 Title:	
	 	 	 	
	 	
    AMERICAN INTERNATIONAL GROUP, INC.	
	 	 	 	
	 	By: 	  
	 	 	Name: 
	 	 	Title: 
	 	 	 	
	 	
    AMERICAN HOME ASSURANCE COMPANY	
	 	 	 	
	 	By: 	  
	 	 	Name: 
	 	 	Title: 

19

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00159-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00159-of-00352.parquet"}]]