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  Exhibit 10.24    
    

 
    AMERICAN INTERNATIONAL GROUP, INC.
  EXECUTIVE SEVERANCE PLAN FOR INTERNATIONAL LEASE FINANCE
  CORPORATION    
    

        International Lease Finance Corporation., a California corporation ("ILFC"), has adopted this American International Group, Inc.
Executive Severance Plan For International Lease Finance Corporation (the "Plan"), first effective as of April 12, 2010 (the "Effective Date"), and as may be amended and restated by the Board
of Directors of ILFC (the "Board")in accordance with Section VIII.B below. 

I.     Purpose  

        The Plan is maintained for the purpose of providing severance payments and benefits for a select group of management and/or highly compensated employees covered
by this Plan whose employment is terminated under the circumstances set forth in this Plan. 

II.    Term  

        The Plan shall be effective as of the Effective Date and continue until December 31, 2011 unless extended or terminated by the Board with 6 months'
notice to Eligible Employees in accordance with Section VIII below. 

III.  Eligibility  

        The employees eligible to participate in this Plan at any time (together, the "Eligible Employees") shall be
comprised of each employee listed in Exhibit B attached to this Plan or who is subsequently added to the list in Exhibit B by the Compensation and Management Resources Committee of the
Board of Directors of American International Group, Inc. (the "Compensation Committee"): provided that if an employee has an employment agreement (or other agreement or arrangement) that
provides for payment of severance in connection with any termination of employment the employee will not be an Eligible Employee; provided, further that if an Eligible Employee transfers from ILFC to
American International Group, Inc. ("the Company") or another one of its subsidiaries, such Eligible Employee shall no longer be eligible to participate in this Plan. 

IV.    Severance  

        Subject to Section IV.F below, an Eligible Employee shall be entitled to receive the benefits described in this Section IV if he or she experiences
a "Covered Termination". 

        A
"Covered Termination" shall be: 

        For
all Eligible Employees, an Eligible Employee's termination of service during the term of this Plan for any reason other than the Eligible Employee's: (a) death;
(b) "Disability" (as defined in Section IV.J below); (c) resignation (including any resignation that an Eligible Employee may assert was a constructive discharge);
(d) termination by ILFC for "Cause" (as defined in Section IV.J below); or (e) transfer from ILFC to the Company or another one of its subsidiaries. 

        Unless
otherwise stated in this Plan, for purposes of an Eligible Employee's employment under this Plan, "termination" of employment or service shall mean the date upon which the
Eligible Employee ceases to perform his or her employment duties and responsibilities for ILFC, as such termination is defined in Section 409A of the Internal Revenue Code of 1986, as amended
(the "Code"). 

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 A.    Accrued Wages and Expense Reimbursements  

        If an Eligible Employee experiences a Covered Termination, the Eligible Employee shall receive: (1) accrued wages due through
the date of termination in accordance with ILFC's normal payroll practices; (2) reimbursement for any unreimbursed business expenses properly incurred by the Eligible Employee prior to the date
of termination in accordance with Company policy (and for which the Eligible Employee has submitted proper documentation as may be required by the Company) and (3) any accrued but unused
vacation pay in a lump sum. 

 B.    Severance Installments  

        If an Eligible Employee experiences a Covered Termination, the Eligible Employee shall receive severance equal to the sum of the
following: 

        (1)   Annual
base salary as of the date of termination; plus

        (2)   The
total of the latest annual discretionary year-end bonus (if any) plus the latest mid-year incentive award for the Eligible Employee (if any). 

Such
severance amount shall be paid over a 12 month period (the "Severance Period") in substantially equal weekly, biweekly, semi-monthly, or monthly installments (each, a
"Severance Installment") in accordance with the Eligible Employee's employer's normal payroll practices. 

 C.    Equity Vesting  

        If an Eligible Employee experiences a Covered Termination, the Eligible Employee's Severance Period will be treated as continued
employment for the purpose of outstanding restricted stock units ("RSUs"), and options, in each case that would otherwise have vested or become exercisable during the Severance Period had the Eligible
Employee's employment not terminated. Such awards shall otherwise continue to be subject to the terms and conditions of the applicable plan and award agreement, provided that, for purposes of the
commencement and measurement of the post-termination exercise period (if any as approved in accordance with the plan and award agreement) applicable to any stock options held by the
Eligible Employee as of the date of termination, the last day of the Severance Period will be considered the date of termination. To the extent an RSU, or option does not vest upon the last day of the
Severance Period such award shall be forfeited for no consideration. 

 D.    COBRA Coverage Payments  

        If an Eligible Employee experiences a Covered Termination, the Eligible Employee shall be treated as having had a termination event as
of the date of such Covered Termination for purposes of the continuing coverage requirements under the Consolidated Omnibus Budget Reconciliation Act of 1985
("COBRA"); provided, however, if an Eligible Employee elects COBRA coverage, then ILFC shall pay an amount on the first payroll date of each month
within the Severance Period (or with regard to the first such payment, on the first payroll date after an Employee's Covered Termination, if later) equal to the COBRA premiums that such Eligible
Employee is required to pay in order to maintain COBRA coverage for such month (or for the portion of such month that is within the Severance Period). Such amounts shall be treated as taxable income
to the Eligible Employee. 

 E.    Additional Non-qualified Pension Credits  

        If an Eligible Employee experiences a Covered Termination, the Eligible Employee shall be entitled to additional service credit and
credit for additional age, in each case in an amount equal to the length of the Severance Period, for purposes of calculating the Eligible Employee's benefit amounts, and determining vesting and
eligibility for retirement (including early retirement), under the Company's non-qualified pension plans (plans that are not intended to be qualified under the 

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provisions
of Code section 401) in which such Eligible Employee was actively participating immediately prior to his or her date of termination. For the avoidance of doubt, no Severance
Installments pursuant to Section IV.B of this Plan shall be included in the calculation of any benefits of an Eligible Employee under any non-qualified pension plan of the Company.
Eligible Employees shall commence payments under such non-qualified pension plans at the time specified in the applicable plan, determined as if "Qualified Plan Retirement Income" (as
defined in the applicable plan) began to be paid immediately following the Eligible Employee's date of termination. 

 F.    Limitations on Severance  

        The amounts described in Subsections B through E of this Section IV (collectively referred to as
"Severance") are subject to the Eligible Employee's continued compliance with any applicable release and/or restrictive covenant agreement (referred to
generically as the "Release") that ILFC and/or the Company, or their delegates may require under other compensation arrangements, any applicable
employment agreement or the release pursuant to this Subsection F of this Section IV or Section VI below. Failure to execute or adhere to such a Release by the Eligible Employee
shall result in a forfeiture of all Severance under this Plan. (For the avoidance of doubt, any Severance Installment or other Severance benefit due under the terms of this Plan shall be forfeited to
the extent such payment would have otherwise been due but for the Eligible Employee's failure to provide the ILFC and/or the Company with a duly executed and effective Release.) Nothing herein shall
preclude ILFC or the Company in their sole discretion from requiring the Eligible Employee to enter into other such releases or agreements as a condition to receiving Severance under this Plan. 

        If
an Eligible Employee experiences a Covered Termination, ILFC and/or the Company shall require and condition payment of the Severance on the Eligible Employee's execution of a release
as set forth in Section VI below. 

 G.    Timing of Payments and Delay for Specified Employees  

        Severance Installments shall commence on a payroll date of the Eligible Employee's employer within 90 days following the
Eligible Employee's termination of employment. For purposes of Code section 409A, each Severance Installment shall be treated as a separate payment. If the Plan Administrator determines that
the Eligible Employee is a "specified employee" for purposes of Code section 409A, any Severance Installment or other Severance benefit that would otherwise be payable or due under
Section IV of this Plan shall be delayed for six months to the extent that such Severance is determined to constitute deferred compensation under Code section 409A (taking into account
any regulatory exceptions that may be applicable, such as short-term deferral and separation under Code section 409A). In such case, the Eligible Employee shall not receive such
Severance Installment or benefit that is subject to the six-month delay until the first scheduled payroll date that occurs more than six months following the date of termination (the
"First Payment Date") and, on the First Payment Date, ILFC shall pay the Eligible Employee an amount equal to the sum of the Severance Installments that would have been payable in respect of the
period preceding the First Payment Date but for the delay imposed on account of Code section 409A. 

 H.    Covenants and for "Cause" Terminations  

        Notwithstanding anything to the contrary in this Plan, if at any time (a) the Eligible Employee breaches any of the provisions
of a Release or (b) the Plan Administrator determines that grounds existed, on or prior to the date of termination of the Eligible Employee's employment with ILFC, including prior to the
Effective Date, for the ILFC to terminate the Eligible Employee's employment for "Cause": 

        (1)   No
further payments or benefits shall be due under this Section IV; and 

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        (2)   The
Eligible Employee shall be obligated to repay to ILFC, immediately and in a cash lump sum, the amount of any Severance Installments and other Severance benefits
(other than any amounts received by the Eligible Employee under Sections IV.D or E) previously received by the Eligible Employee (which shall, for the avoidance of doubt, be calculated
on a pre-tax basis); 

provided that the Eligible Employee shall in all events be entitled to receive accrued wages, expense reimbursement and accrued but unused vacation pay
as set forth in Section IV.A above. 

 I.    No Rights  

        Other than as provided in this Section IV, an Eligible Employee shall have no rights to any compensation or any other benefits
under this Plan. All other benefits, if any, due to the Eligible Employee following the date of termination shall be determined in accordance with the plans, policies and practices of the Company
and/or ILFC, as applicable. Whether the Eligible Employee's employment has terminated for purposes of any Company plan or arrangement, or any ILFC plan or arrangement shall be determined on the basis
of the applicable terms of the plan or arrangement. 

 J.    Definitions  

        "Cause" shall mean, whether occurring prior to, or on or after the Effective Date: 

        (1)   The
Eligible Employee's failure to perform substantially his or her duties with ILFC (other than any such failure resulting from the Eligible Employee's incapacity due
to physical or mental illness); 

        (2)   The
Eligible Employee's malfeasance or misconduct; 

        (3)   The
Eligible Employee's knowing and material violation of a provision of the Company's Code of Conduct or the Director, Executive Officer and Senior Financial Officer
Code of Business Conduct and Ethics, as such codes of conduct may be in effect from time to time, or other policies regarding behavior of employees; or 

        (4)   The
conviction of, or entry of a plea of guilty or no contest by the Eligible Employee with respect to, a felony or any lesser crime of which fraud or dishonesty is a
material element. 

        "Disability" shall mean a period of medically determined physical or mental impairment that is expected to result in death or last for a
period of not less than 12 months during which a Participant qualifies for income replacement benefits under the long-term disability plan in which ILFC employees generally
participate for at least 3 months, or, if a Participant does not participate in such a plan, a period of disability during which the Participant is unable to engage in any substantial gainful
activity by reason of any medically determined physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than
12 months. 

V.     No Duplication; Mitigation; Offset of Amounts Due  

 A.    No Duplication  

        This Plan is not intended to, and shall not, result in any duplication of payments or benefits payable or provided by ILFC or the
Company to any Eligible Employee. The Compensation Committee shall be authorized to interpret this Plan to give effect to the preceding sentence. 

 B.    Mitigation  

        In order for an Eligible Employee to receive the Severance described in this Plan, the Eligible Employee shall be under no obligation
to seek other employment or otherwise mitigate the obligations of ILFC under this Plan and there shall be no offset against any amounts due under this Plan on 

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account
of any remuneration attributable to any subsequent employment that the Eligible Employee may obtain. 

VI.   Release and Restrictive Covenant Agreement  

        Subject to Section IV.F above, the ILFC and the Compensation Committee will require and condition payment of the Severance on the Eligible Employee's
execution of a Release in the form attached to this Plan as Exhibit A, as such Release may be modified by the General Counsel of the Company or his or her designee;  provided, however, that such
Release must be executed within 60 days after the date of termination. 

VII. Plan Administration  

 A.    Compensation Committee  

        The Plan shall be interpreted, administered and operated by the Compensation Committee, which shall have the complete authority, in its
sole discretion, subject to the express provisions of this Plan, to interpret this Plan, adopt any rules and regulations for carrying out this Plan as may be appropriate and decide any and all matters
and make any and all determinations arising under or otherwise necessary or advisable for the administration of this Plan. All interpretations and decisions by the Compensation Committee shall be
final, conclusive and binding on all parties affected thereby, and shall supersede any decisions or actions by the "Claims Administrator" (as defined below). Notwithstanding the foregoing, the
Compensation Committee shall have the right to delegate to any individual member of the Compensation Committee or to any executive of the Company any of the Compensation Committee's authority under
this Plan; provided, that no person shall act as Plan Administrator in any matter directly relating to his or her eligibility or amount of Severance
under this Plan. The Compensation Committee and/or the member of the Compensation Committee or the executive of ILFC or the Company, or one of its subsidiaries delegated any authority under this Plan
shall be referred to in this Plan as the "Plan Administrator." 

 B.    Expenses and Liabilities  

        All expenses and liabilities that the Plan Administrator and the Claims Administrator incur in connection with the administration of
this Plan shall be borne by the Company. The Plan Administrator and the Claims Administrator may employ attorneys, consultants, accountants, appraisers, brokers or other persons in connection with
such administration, and the Plan
Administrator, the Claims Administrator, the Company and the Company's officers and directors shall be entitled to rely upon the advice, opinions or valuations of any such persons. No member of the
Compensation Committee or any executive delegated by the Compensation Committee as Plan Administrator, or the Claims Administrator shall be personally liable for any action, determination or
interpretation made in good faith with respect to this Plan, and all members of the Compensation Committee and any executive delegated by the Compensation Committee as the Plan Administrator and the
Claims Administrator shall be fully protected by ILFC and the Company in respect of any such action, determination or interpretation to the extent permitted by, (a) with regard to the Company,
(x) the Company's charter; (y) the Company's bylaws; (b) with regard to ILFC, (i) ILFC's charter; (ii) ILFC's bylaws and (c) applicable law. 

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 VIII.  Termination and Amendment  

 A.    Termination  

        The Board may terminate this Plan in accordance with Section II of this Plan,  provided that no termination shall adversely affect the
payments or benefits to which any Eligible Employee has become entitled by virtue of a Covered
Termination occurring before the time of termination of this Plan. Any notice of termination shall be in accordance with Section VIII.C below. 

 B.    Amendment  

        The Board may amend this Plan in any manner, provided that, in the event an amendment
is determined by the Board to be, in the aggregate, material and adverse to an Eligible Employee (taking into account any aspects of such amendments that are beneficial to the Eligible Employee), the
Board shall provide 6 months' notice to such Eligible Employee in accordance with Section VIII.C below. In addition, the Board may, at any time, amend this Plan in any manner it
determines in good faith is necessary or appropriate (1) to comply with applicable law or (2) to comply with Code section 409A. Any notice of amendment shall be in accordance with
Section VIII.C below. 

        For
the avoidance of doubt, amendments under the preceding sentence may be material and adverse to Eligible Employees. In addition, if an employee was not an Eligible Employee because he
or she had an employment agreement (or other agreement or arrangement) that contemplated payment of severance with respect to any termination, the Board may amend this Plan to exclude such employee
without notice to such employee (notwithstanding the expiration of such agreement or arrangement) if it determines that in good faith that such exclusion is necessary to comply with Code
section 409A. 

 C.    Notice of Termination or Amendment  

        The Board shall be deemed to have provided any notice required by this Section VIII if the Board, or the Compensation Committee
at the direction of the Board makes a reasonable, good faith effort to email or otherwise contact all Eligible Employees. For the avoidance of doubt, notice shall be deemed to have been validly
delivered to every Eligible Employee notwithstanding that certain individual Eligible Employees do not receive actual notice, if the Board or the Compensation Committee at the direction of the Board
makes reasonable, good faith efforts as provided in the preceding sentence. 

IX.   Claims and Appeals Procedures  

        The following claim review and claim appeal procedures apply to all claims of any nature related to this Plan. For purposes of this Plan, the "Claims
Administrator" is the Company's most senior executive whose responsibility it is to oversee both the Corporate Compensation Department and the Corporate Benefits Department; provided however, if that
aforementioned position is vacant, then the Company's senior most executive whose responsibility it is to oversee all HR matters of the Company on a global basis shall be the Claims Administrator and
if both of the immediately aforementioned positions are vacant, then the Chief Executive Officer of the Company shall appoint an individual to be the Claims Administrator. The Claims Administrator, in
his or her discretion, may delegate in writing the Claims Administrator responsibilities to a committee comprised of three individuals selected from among the human resources executives and human
resources attorneys of the Company, who shall act as Claims Administrator. 

 A.    Initial Claim  

        To the extent that an Eligible Employee believes that he or she is entitled to a benefit under this Plan that such Eligible Employee
has not received, such Eligible Employee may file a claim for benefits under this Plan, as provided in this Section IX of this Plan. 

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1.    Procedure for Filing a Claim  

        An Eligible Employee must submit a claim in writing on the appropriate claim form (or in such other manner acceptable to the Claims
Administrator), along with any supporting comments, documents, records and other information, to the Claims Administrator in person or by messenger. 

        If
an Eligible Employee fails to properly file a claim for a benefit under this Plan, the Eligible Employee shall be considered not to have exhausted all administrative remedies
under this Plan, and shall not be able to bring any legal action for the benefit. Claims and appeals of denied claims may be pursued by an Eligible Employee, or if approved by the Claims
Administrator, by an Eligible Employee's authorized representative. 

2.    Initial Claim Review  

        The Claims Administrator shall conduct the initial claim review. The Claims Administrator shall consider the applicable terms and
provisions of this Plan and amendments to this Plan, and any information and evidence presented by the Eligible Employee and any other relevant information. 

3.    Initial Benefit Determination  

	(a)
	Timing of Notification on Initial Claim

        The
Claims Administrator shall notify an Eligible Employee about his or her claim within a reasonable period of time, but, in any event, within 90 days after the Plan
Administrator or Claims Administrator, as the case may be, receives the Eligible Employee's claim, unless the Claims Administrator determines that special circumstances require an extension of time
for processing the claim. If the Claims Administrator determines that an extension is needed, the Eligible Employee shall be notified before the end of the initial 90-day period. The
notification shall say what special circumstances require an extension of time. The Eligible Employee shall be told the date by which the Claims Administrator expects to render the determination,
which in any event shall be within 90 days from the end of the initial 90-day period. 

        If
such an extension is necessary because an Eligible Employee did not submit the information necessary to decide the claim, the time period in which the Plan Administrator is required
to make a decision shall be frozen from the date on which the notification is sent to the Eligible Employee until the Eligible Employee responds to the request for additional information. If the
Eligible Employee fails to provide the necessary information in a reasonable period of time, the Plan Administrator may, in its discretion, decide the Eligible Employee's claim based on the
information already provided.  

	(b)
	Manner and Content of Notification of Denied Claim

        In
the event the Claims Administrator denies an Eligible Employee's claim for benefits, the Claims Administrator shall provide an Eligible Employee with written or electronic notice of
any denial, in accordance with applicable U.S. Department of Labor regulations. The notification shall include: 

          (i)  The
specific reason or reasons for the denial; 

         (ii)  Reference
to the specific provision(s) of this Plan on which the determination is based; 

        (iii)  A
description of any additional material or information necessary for an Eligible Employee to revise the claim and an explanation of why such material or information
is necessary; and 

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        (iv)  A
description of this Plan's review procedures and the time limits applicable to such procedures. 

4.    Claims Processing  

        In the event the Claims Administrator approves an Eligible Employee's claim for benefits, the Claims Administrator shall provide the
Release that the Eligible Employee must sign pursuant Section VI of this Plan, and shall coordinate with the applicable Company payroll department, the Company benefits department, and any
other Company entity or counsel as necessary to implement the terms of Section IV of this Plan. 

 B.    Review of Initial Benefit Denial  

1.    Procedure for Filing an Appeal of a Denial  

        Any appeal of a denial must be delivered to the Plan Administrator within 60 days after an Eligible Employee receives notice of
denial. Failure to appeal within the 60-day period shall be considered a failure to exhaust all administrative remedies under this Plan and shall make an Eligible Employee unable to bring
a legal action to recover a benefit under this Plan. An Eligible Employee's appeal must be in writing, using the appropriate form provided by the Plan Administrator (or in such other manner acceptable
to the Plan Administrator). The request for an appeal must be filed with the Plan Administrator in person or by messenger, in either case, evidenced by written receipt or by first-class
postage-paid mail and return receipt requested, to the Plan Administrator. 

2.    Review Procedures for Denials  

        The Plan Administrator shall provide a review that takes into account all comments, documents, records and other information submitted
by an Eligible Employee without regard to whether such information was submitted or considered in the initial benefit determination. An Eligible Employee shall have the opportunity to submit written
comments, documents, records and other information relating to the claim and shall be provided, upon request and free of charge, reasonable access to and copies of all relevant documents. 

3.    Timing of Notification of Benefit Determination on Review  

        The Plan Administrator shall notify an Eligible Employee of the Plan Administrator's decision within a reasonable period of time, but
in any event within 60 days after the Plan Administrator receives the Eligible Employee's request for review, unless the Plan Administrator determines that special circumstances require more
time for processing the review of the adverse benefit determination. 

        If
the Plan Administrator determines that an extension is required, the Plan Administrator shall tell an Eligible Employee in writing before the end of the initial 60-day
period. The Plan Administrator shall tell the Eligible Employee the special circumstances that require an extension of time, and the date by which the Plan Administrator expects to render the
determination on review, which in any event shall be within 60 days from the end of the initial 60-day period. 

        If
such an extension is necessary because an Eligible Employee did not submit the information necessary to decide the claim, the time period in which the Plan Administrator is required
to make a decision shall be frozen from the date on which the notification is sent to the Eligible Employee until the Eligible Employee responds to the request for additional information. If the
Eligible Employee fails to provide the necessary information in a reasonable period of time, the Plan Administrator may, in its discretion, decide the Eligible Employee's claim based on the
information already provided. 

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4.    Manner and Content of Notification of Benefit Determination on Review  

        The Plan Administrator shall provide a notice of this Plan's benefit determination on review, in accordance with applicable U.S.
Department of Labor regulations. If an Eligible Employee's appeal is denied, the notification shall include: 

        (a)   The
specific reason or reasons for the denial; 

        (b)   Reference
to the specific provision(s) of this Plan on which the determination is based; and 

        (c)   A
statement that the Eligible Employee is entitled to receive, upon request and free of charge, reasonable access to and copies of all relevant documents. 

        If
an Eligible Employee's appeal is approved, the Plan Administrator shall forward the claim to the Claims Administrator for processing in accordance with Section IX.A.4 above. 

 C.    Legal Action  

        An Eligible Employee cannot bring any action to recover any benefit under this Plan if the Eligible Employee does not file a
valid claim for a benefit and seek timely review of a denial of that claim. 

X.    Withholding Taxes  

        ILFC may withhold from any amounts payable under this Plan such federal, state, local or other taxes as may be required to be withheld pursuant to any applicable
law or regulation. 

XI.   Miscellaneous  

 A.    No Effect on Other Benefits  

        Any Severance received by an Eligible Employee under this Plan shall not be counted as compensation for purposes of determining
benefits under other benefit plans, programs, policies and agreements, except to the extent expressly provided therein or in this Plan. With respect to any benefit plan, program, policy or agreement
that takes into account only base salary as relevant compensation, only the portion of such Severance that is payable on account of annual base salary as of the date of termination as calculated in
Section IV.B.1 shall be taken into account for purposes of such benefit plan, program, policy or agreement. 

 B.    Unfunded Obligation  

        Any Severance and benefits provided under this Plan shall constitute an unfunded obligation of ILFC. Severance Installments and other
benefits paid under this Plan will be made, when due, entirely by ILFC from its general assets. This Plan shall constitute solely an unsecured promise by ILFC to provide Severance to Eligible
Employees to the extent provided herein. For the avoidance of doubt, any pension, health or life insurance benefits to which an Eligible Employee may be entitled under this Plan shall be provided
under other applicable employee benefit plans of ILFC or the Company. This Plan does not provide the substantive benefits under such other employee benefit plans, and nothing in this Plan shall
restrict ILFC or the Company's ability to amend, modify or terminate such other employee benefit plans. 

 C.    Employment Status  

        The Plan is not a contract of employment, does not guarantee the Eligible Employee employment for any specified period and does not
limit the right of ILFC to terminate the employment of the 

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Eligible
Employee at any time for any reason or no reason or to change the status of any Eligible Employee's employment or to change any employment policies. 

 D.    Section Headings  

        The section headings contained in this Plan are included solely for convenience of reference and shall not in any way affect the
meaning of any provision of this Plan. 

 E.    Governing Law  

        It is intended that this Plan be an "employee welfare benefit plan" within the meaning of Section 3(1) of the Employee
Retirement Income Security Act of 1974, as amended ("ERISA") maintained for the purpose of providing benefits for a select group of management or highly compensated employees, and this Plan shall be
administered in a manner consistent with such intent. The Plan Administrator shall provide any documents relating to this Plan to the Secretary of the U.S. Department of Labor upon request. The Plan
and all rights under this Plan shall be governed and construed in accordance with ERISA, and, to the extent not preempted by federal law, with the laws of the State of New York. Without limiting the
generality of this Section XI.E, it is intended that this Plan comply with Code section 409A, including any regulatory exceptions that may be applicable, such as the
short-term deferral and separation pay exceptions. 

        In
the event that any provision of this Plan is not permitted by the local laws of a country or jurisdiction in which an Eligible Employee works, such local law shall supersede that
provision of this Plan with respect to that Eligible Employee. 

 F.    Assignment  

        This Plan shall inure to the benefit of and shall be enforceable by an Eligible Employee's personal or legal representatives,
executors, administrators, successors, heirs, distributees, devisees and legatees. If an Eligible Employee should die while any amount is still payable to the Eligible Employee under this Plan had the
Eligible Employee continued to live, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Plan, or as determined by the Compensation Committee, to the
Eligible Employee's estate. An Eligible Employee's rights under this Plan shall not otherwise be transferable or subject to lien or attachment. 

 G.    Plan Subject to Compensation Requirements.  

        Compensation under this Plan is subject to applicable regulations issued by the U.S. Department of the Treasury and applicable
requirements of agreements between the Company. and the U.S. government or an agency or instrumentality thereof, or the AIG Credit Facility Trust, as the same are in effect from time to time (the
"Compensation Requirements"). Participants may receive compensation under this Plan only to the extent that it is consistent with the Compensation Requirements. 

10

 

 

 
 

  EXHIBIT A    
    

 
    AMERICAN INTERNATIONAL GROUP, INC.
  INTERNATIONAL LEASE FINANCE CORPORATION
  RELEASE AND RESTRICTIVE COVENANT AGREEMENT    
    

        This Release and Restrictive Covenant Agreement (the "Agreement") is entered into by and
between                                (the "Employee") and
International Lease Finance Corporation, a California Corporation ("ILFC"). 

        Except
where expressly noted in this Agreement, each term defined in the American International Group, Inc. Executive Severance Plan For International Lease Financing Corporation
(the "Plan") has the same meaning when used in this Agreement. 

I.     Termination of Employment  

        The Employee's employment with the ILFC and each of its subsidiaries and controlled affiliates (collectively the "ILFC Companies") shall terminate on
                        (the "Termination Date") and, as of that date,
the Employee shall cease performing the Employee's employment duties and responsibilities for the ILFC Companies and shall no longer report to work for the ILFC Companies. For purposes of this
Agreement, the term "controlled affiliates" means an entity of which ILFC directly or indirectly owns or controls a majority of the voting shares. 

II.    Severance  

        The Employee shall receive Severance Installments (as defined in the Plan) in the gross amount of
$                    , less applicable tax and benefit withholdings
paid out over 12 months (in substantially equal weekly, biweekly, semi-monthly or monthly installments) in accordance with Section IV.B of the Plan and ILFC's normal payroll
practices. The Severance Period (as defined in the Plan) shall end on                    , 200    (the "Severance End Date").
Solely for purposes of the American International
Group, Inc. Retirement Plan, only that portion of the Severance Installments that is equal to the Employee's regular salary installments at the time of the Termination Date shall be treated as
"salary" (the remainder shall be treated as non-salary). The Employee shall also be paid accrued wages, reimbursed expenses and        days of accrued, unused vacation pay as set
forth in Section IV.A of the Plan. 

III.  Other Benefits  

        Nothing in this Agreement modifies or affects any of the terms of any benefit plans or programs (including, without limitation, ILFC's right to alter the terms of
such plans or programs). No further deductions or employer matching contributions shall be made on behalf of the Employee to the Incentive Savings Plan ("ISP") as of the last day of the pay period in
which the Termination Date occurs. 

        The
Employee shall no longer participate or be eligible for coverage under the Short-Term and Long-Term Disability programs and the ISP, after the Termination
Date. After the Termination Date, the Employee may decide, under the ISP, whether to elect a rollover or distribution of the Employee's account balance or to keep the account balance in the ISP. The
Employee shall not accrue vacation after the Termination Date. 

        As
set forth in Section IV.D of the Plan, the Employee shall be treated as having had a termination event as of the Termination Date for purposes of the continuing coverage
requirements under the Consolidated Omnibus Budget Reconciliation Act of 1985 ("COBRA"); provided, however, if the Employee elects COBRA coverage, then
ILFC shall pay an amount on the first payroll date of each month within the Severance Period (or with regard to the first such payment, on the first payroll 

A-1

 

date
after the Employee's Termination Date, if later) equal to the COBRA premiums that the Employee is required to pay in order to maintain COBRA coverage for such month (or for the portion of such
month that is within the Severance Period). Such amounts shall be treated as taxable income to the Employee. 

        The
Employee will continue to participate in and accrue benefits in the AIG Retirement Plan through the Severance End Date. The AIG Retirement Plan deems an Employee on severance payroll
continuation to be a participant in the Plan. If the Employee is vested and has the age and service to commence a benefit, benefits under the AIG Retirement Plan may commence after the last day on
payroll. 

        Except
as set forth in this Agreement and Sections IV.C through E of the Plan, there are no other payments or benefits due to the Employee from ILFC. The Employee acknowledges and
agrees that ILFC has made no representations to the Employee as to the applicability of Section 409A of the Internal Revenue Code to any of the payments or benefits provided to the Employee
pursuant to the Plan or this Agreement. 

IV.    Release of Claims  

        In partial consideration of the payments and benefits described in Section IV of the Plan, to which the Employee agrees the Employee is not entitled until
and unless Employee executes this Agreement, the Employee, for and on behalf of the Employee and the Employee's heirs and assigns, subject to the following two sentences hereof, hereby waives and
releases any common law, statutory or other complaints, claims, charges or causes of action of any kind whatsoever, both known and unknown, in law or in equity, which the Employee ever had, now has or
may have against (i) ILFC, and (ii) American International Group, Inc. (the "Company") and each of its subsidiaries and controlled affiliates (collectively, "AIG"), and the
shareholders (other than C.V. Starr & Co., Inc. and Starr International Company, Inc. with respect to AIG), successors, assigns, directors, officers, partners, members,
employees or agents of the entities described in (i) and (ii) (collectively, the "Releasees"), including, without limitation, any complaint, charge or cause of action arising under
federal, state or local laws pertaining to employment, including the Age Discrimination in Employment Act of 1967 ("ADEA," a law which prohibits discrimination on the basis of age), the National Labor
Relations Act, the Civil Rights Act of 1991, the Americans With Disabilities Act of 1990, Title VII of the Civil Rights Act of 1964, all as amended; and all other federal, state, local and foreign
laws and regulations. By signing this Agreement, the Employee acknowledges that the Employee intends to waive and release any rights
known or unknown that the Employee may have against the Releasees under these and any other laws; provided, that the Employee does not waive or release
claims with respect to the right to enforce the Employee's rights under this Agreement or with respect to any rights to indemnification under any applicable by-laws (the "Unreleased
Claims"). In addition, the Employee waives any claim to reinstatement or re-employment with AIG, and the Employee agrees not to bring any claim based upon the failure or refusal of AIG to
employ the Employee hereafter. 

V.     Proceedings  

        The Employee acknowledges that the Employee has not filed any complaint, charge, claim or proceeding, except with respect to an Unreleased Claim, if any, against
any of the Releasees before any local, state or federal agency, court or other body (each individually a "Proceeding"). The Employee represents that the Employee is not aware of any basis on which
such a Proceeding could reasonably be instituted. By signing this Agreement the Employee: 

        (a)   Acknowledges
that the Employee shall not initiate or cause to be initiated on his or her behalf any Proceeding and shall not participate in any Proceeding, in each case,
except as required by law; 

A-2

 

        (b)   Waives
any right Employee may have to benefit in any manner from any relief (whether monetary or otherwise) arising out of any Proceeding, including any Proceeding
conducted by the Equal Employment Opportunity Commission ("EEOC"); and 

        (c)   Acknowledges
that the Employee shall be limiting the availability of certain remedies that the Employee may have against AIG and limiting also the Employee's ability to
pursue certain claims against the Releasees. 

Notwithstanding
the above, nothing in Section V of this Agreement shall prevent the Employee from: 

        (x)   Initiating
or causing to be initiated on his or her behalf any complaint, charge, claim or proceeding against ILFC before any local, state or federal agency, court or
other body challenging the validity of the waiver of his or her claims under the ADEA contained in Section IV of this Agreement (but no other portion of such waiver), or 

        (y)   Initiating
or participating in an investigation or proceeding conducted by the EEOC. 

VI.   Time to Consider  

        The payments and benefits payable to the Employee under this Agreement include consideration provided to Employee over and above anything of value to which the
Employee already is entitled. The Employee acknowledges that the Employee has been advised that the Employee has 21 days from the date of the Employee's receipt of this Agreement to consider
all the provisions of this Agreement. 

        THE
EMPLOYEE FURTHER ACKNOWLEDGES THAT THE EMPLOYEE HAS READ THIS AGREEMENT CAREFULLY, HAS BEEN ADVISED BY ILFC TO, CONSULT AN ATTORNEY, AND FULLY UNDERSTANDS THAT BY SIGNING BELOW THE
EMPLOYEE IS GIVING UP CERTAIN RIGHTS WHICH THE EMPLOYEE MAY HAVE TO SUE OR ASSERT A CLAIM AGAINST ANY OF THE RELEASEES, AS DESCRIBED IN SECTION IV OF THIS AGREEMENT AND THE OTHER PROVISIONS
HEREOF. THE EMPLOYEE ACKNOWLEDGES THAT THE EMPLOYEE HAS NOT BEEN FORCED OR PRESSURED IN ANY MANNER WHATSOEVER TO SIGN THIS AGREEMENT, AND THE EMPLOYEE AGREES TO ALL OF ITS TERMS VOLUNTARILY. 

VII. Revocation  

        The Employee hereby acknowledges and understands that the Employee shall have seven days from the date of the Employee's execution of this Agreement to revoke
this Agreement (including, without limitation, any and all claims arising under the ADEA) by providing written notice of revocation delivered to the General Counsel of both ILFC and the Company no
later than 5:00 p.m. on the seventh day after the Employee has signed the Agreement. Neither ILFC nor any other person is obligated to provide any benefits to the Employee pursuant to
Section IV of the Plan until eight days have passed since the Employee's signing of this Agreement without the Employee having revoked this Agreement. If the Employee revokes this Agreement
pursuant to this Section, the Employee shall be deemed not to have accepted the terms of this Agreement, and no action shall be required of AIG under any section of this Agreement. 

VIII.  No Admission  

        This Agreement does not constitute an admission of liability or wrongdoing of any kind by the Employee or the ILFC Companies or AIG. 

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IX.   Restrictive Covenants  

 A.    Non-Solicitation  

        The Employee acknowledges and recognizes the highly competitive nature of the businesses of AIG and accordingly agrees as follows: 

        1.     During
the period commencing on the Employee's Termination Date and ending on the Severance End Date (the "Restricted
Period"), the Employee shall not, directly or indirectly, without ILFC's or the Company's written consent, hire, solicit or encourage to cease to work with the ILFC Companies
or AIG any employee, consultant or agent of the ILFC Companies or AIG. 

        2.     A
waiver of any portion of Section IX.A.1 may be granted by the Claims Administrator, in his or her sole discretion, upon written submission by the Employee of a
specific and detailed request for such a waiver. 

        3.     The
Employee understands that the provisions of this Section IX.A may limit the Employee's ability to hire employees but the Employee nevertheless agrees and
hereby acknowledges that: 

        (a)   Such
provisions do not impose a greater restraint than is necessary to protect the goodwill or other business interests of the ILFC Companies and AIG; 

        (b)   Such
provisions contain reasonable limitations as to time and scope of activity to be restrained; 

        (c)   Such
provisions are not harmful to the general public; and 

        (d)   Such
provisions are not unduly burdensome to the Employee. In consideration of the foregoing and in light of the Employee's education, skills and abilities, the Employee
agrees that Employee shall not assert that, and it should not be considered that, any provisions of Section IX.A otherwise are void, voidable or unenforceable or should be voided or held
unenforceable. 

        4.     It
is expressly understood and agreed that, although the Employee and ILFC consider the restrictions contained in this Section IX.A to be reasonable, if a judicial
determination is made by a court of competent jurisdiction that the time or territory or any other restriction contained in this Section IX.A or elsewhere in this Agreement is an unenforceable
restriction against the Employee, the provisions of the Agreement shall not be rendered void but shall be deemed amended to apply as to such maximum time and territory and to such maximum extent as
such court may judicially determine or indicate to be enforceable. Alternatively, if any court of competent jurisdiction findings that any restriction contained in this Agreement is unenforceable, and
such restriction cannot be amended so as to make it enforceable, such finding shall not affect the enforceability of any of the other restrictions contained herein. 

 B.    Nondisparagement  

        The Employee agrees (whether during or after the Employee's employment with ILFC) not to issue, circulate, publish or utter any false
or disparaging statements, remarks or rumors about the ILFC Companies or AIG or the officers, directors or managers of the ILFC Companies or AIG other than to the extent reasonably necessary in order
to (a) assert a bona fide claim against the ILFC Companies or AIG arising out of the Employee's employment with ILFC, or (b) respond in a truthful and appropriate manner to any legal
process or give truthful and appropriate testimony in a legal or regulatory proceeding. 

A-4

 

 C.    Code of Conduct  

        The Employee agrees to abide by all of the terms of the Company's Code of Conduct or the Director, Executive Officer and Senior
Financial Officer Code of Business Conduct and Ethics that continue to apply after termination of employment. 

 D.    Confidentiality/Company Property  

        The Employee acknowledges that the disclosure of this Agreement or any of the terms hereof could prejudice the ILFC Companies or AIG
and would be detrimental to ILFC's continuing relationship with its employees. Accordingly, the Employee agrees not to discuss or divulge either the existence or contents of this Agreement to anyone
other than the Employee's immediate family, attorneys or tax advisors, and further agrees to use the Employee's best efforts to ensure that none of those individuals will reveal its existence or
contents to anyone else. The Employee shall not, without the prior written consent of ILFC and the Company, use, divulge, disclose or make accessible to any other person, firm, partnership,
corporation or other entity, any "Confidential Information" (as defined below), or any "Personal Information" (as defined below); provided that the
Employee may disclose Confidential Information, Personal Information or information about the existence or content of this Agreement when required to do so by a court of competent jurisdiction, by any
governmental agency having supervisory authority over the business of AIG, as the case may be, or by any administrative body or legislative body (including a committee thereof) with jurisdiction to
order the Employee to divulge, disclose or make accessible such information; provided, further, that in the event that the Employee is ordered by a
court or other government agency to disclose any Confidential Information or Personal Information, the Employee shall: 

        (a)   Promptly
notify ILFC and the Company of such order; 

        (b)   At
the written request of ILFC or the Company, diligently contest such order at the sole expense of ILFC; and 

        (c)   At
the written request of ILFC or the Company, seek to obtain, at the sole expense of ILFC, such confidential treatment as may be available under applicable laws for any
information disclosed under such order. 

Upon
the Termination Date the Employee shall return AIG property, including, without limitation, files, records, disks and any media containing Confidential Information or Personal Information. For
purposes of this Section IX.D: 

        "Confidential Information" shall mean information concerning the financial data, strategic business plans, product development (or other
proprietary product data), customer lists, marketing plans and other, proprietary and confidential information relating to the business of AIG or customers, that, in any case, is not otherwise
available to the public (other than by the Employee's breach of the terms hereof). 

        "Personal Information" shall mean any information concerning the personal, social or business activities of the officers or directors of
ILFC and AIG. 

 E.    Developments  

        Developments shall be the sole and exclusive property of AIG. The Employee agrees to, and hereby does, assign to AIG, without any
further consideration, all of the Employee's right, title and interest throughout the world in and to all Developments. The Employee agrees that all such Developments that are copyrightable may
constitute works made for hire under the copyright laws of the United States and, as such, acknowledges that AIG is the author of such Developments and owns all of the rights comprised in the
copyright of such Developments. The Employee hereby assigns to 

A-5

 

AIG
without any further consideration all of the rights comprised in the copyright and other proprietary rights the Employee may have in any such Development to the extent that it might not be
considered a work made for hire. The Employee shall make and maintain adequate and current written records of all Developments and shall disclose all Developments promptly, fully and in writing to
ILFC and the Company promptly after development of the same, and at any time upon request. 

        "Developments" shall mean all discoveries, inventions, ideas, technology, formulas, designs, software, programs, algorithms, products,
systems, applications, processes, procedures, methods and improvements and enhancements conceived, developed or otherwise made or created or produced by the Employee alone or with others, and in any
way relating to the business or any proposed business of AIG of which the Employee has been made aware, or the products or services of AIG of which the Employee has been made aware, whether or not
subject to patent, copyright or other protection and whether or not reduced to tangible form, at any time during the Employee's employment with AIG. 

 F.    Cooperation  

        The Employee agrees (whether during or after the Termination Date) to cooperate: 

        (a)   With
the ILFC Companies and AIG to provide information or other assistance relating to existing business operations or activities of the ILFC Companies and/or AIG during
the Severance Period; 

        (b)   With
AIG in connection with any litigation or regulatory matters in which the Employee may have relevant knowledge or information; and 

        (c)   With
all government authorities on matters pertaining to any investigation, litigation or administrative proceeding pertaining to AIG. 

This
cooperation shall include, without limitation, the following: 

        (x)   To
meet and confer, at a time mutually convenient to the Employee and AIG, with AIG's designated in-house or outside attorneys for trial preparation
purposes, including answering questions, explaining factual situations, preparing to testify, or appearing for deposition; 

        (y)   To
appear for trial and give truthful trial testimony without the need to serve a subpoena for such appearance and testimony; and 

        (z)   To
give truthful sworn statements to AIG's attorneys upon their request and, for purposes of any deposition or trial testimony, to adopt AIG's attorneys as the
Employee's own (provided that there is no conflict of interest that would disqualify the attorneys from representing the Employee), and to accept their
record instructions at deposition. 

The
Company agrees to reimburse the Employee for reasonable out-of-pocket expenses necessarily incurred by the Employee in connection with the cooperation set forth in this
paragraph. 

X.    Enforcement  

        If at any time (a) the Employee breaches any of the provisions of this Agreement or (b) the Plan Administrator of the Plan determines that grounds
existed, on or prior to the Termination Date, including prior to the Effective Date of the Plan, for ILFC to terminate the Employee's employment for "Cause" (as defined in the Plan), (y) no
further payments or benefits shall be due to the Employee under this Agreement and/or the Plan; and (z) the Employee shall be obligated to repay to ILFC, immediately and in a cash lump sum, the
amount of any Severance Installments and other Severance benefits (other than any amounts received by the Employee under Section IV.D and E) previously received by the Employee under
this Agreement and/or the Plan (which shall, for the avoidance of doubt, be calculated on a pre-tax basis); provided that the Employee shall
in all events be entitled to 

A-6

 

receive
accrued wages and expense reimbursement and accrued but unused vacation pay as set forth in Section IV.A of the Plan. 

        The
Employee acknowledges and agrees that ILFC's remedies at law for a breach or threatened breach of any of the provisions of Sections IX.A, B, D and E of this Agreement would be
inadequate, and, in recognition of this fact, the Employee agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, ILFC, without posting any bond, shall be
entitled to obtain equitable relief in the form of specific performance, temporary restraining order, temporary or permanent injunction or any other equitable remedy which may then be available. In
addition, ILFC shall be entitled to immediately cease paying any amounts remaining due or providing any benefits to the Employee pursuant to Section IV of the Plan upon a determination by the
"Plan Administrator" (as defined in the Plan) that the Employee has violated any provision of Section IX of this Agreement, subject to payment of all such amounts upon a final determination, by
a court of competent jurisdiction, that the Employee had not violated Section IX of this Agreement. 

XI.   General Provisions  

 A.    No Waiver: Severability  

        A failure of ILFC or any of the Releasees to insist on strict compliance with any provision of this Agreement shall not be deemed a
waiver of such provision or any other provision hereof. If any provision of this Agreement is determined to be so broad as to be unenforceable, such provision shall be interpreted to be only so broad
as is enforceable, and in the event that any provision is determined to be entirely unenforceable, such provision shall be deemed severable, such that all other provisions of this Agreement shall
remain valid and binding upon the Employee and the Releasees. 

 B.    Governing Law  

        THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE
AND TO BE WHOLLY PERFORMED WITHIN THAT STATE, WITHOUT REGARD TO ITS CONFLICT OF LAWS PROVISIONS OR THE CONFLICT OF LAWS PROVISIONS OF ANY OTHER JURISDICTION WHICH WOULD CAUSE THE APPLICATION OF ANY
LAW OTHER THAN THAT OF THE STATE OF NEW YORK. THE EMPLOYEE CONSENTS TO THE EXCLUSIVE JURISDICTION OF THE FEDERAL AND STATE COURTS IN NEW YORK. 

        Compensation
and/or payments under this Agreement are subject to applicable regulations issued by the U.S. Department of the Treasury and applicable requirements of agreements between
the Company and the U.S. government or an agency or instrumentality thereof, or the AIG Credit Facility Trust, as the same are in effect from time to time (the "Compensation Requirements"). Employee
may receive compensation and/or payments under this Agreement only to the extent that they are consistent with the Compensation Requirements. 

 C.    Entire Agreement/Counterparts  

        This Agreement constitutes the entire understanding and agreement between ILFC and the Employee with regard to all matters herein.
There are no other agreements, conditions, or representations, oral or written, express or implied, with regard thereto. This Agreement may be amended only in writing, signed by the parties hereto.
This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 

A-7

 

 D.    Notice  

        For the purpose of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be
deemed to have been duly given if delivered: (a) personally; (b) by overnight courier service; (c) by facsimile transmission; or (d) by United States registered mail,
return receipt requested, postage prepaid, addressed to the respective addresses, as set forth below, or to such other address as either party may have furnished to the other in writing in accordance
herewith; provided that notice of change of address shall be effective only upon receipt. Notices shall be deemed given as follows: (x) notices
sent by personal delivery or overnight courier shall be deemed given when delivered; (y) notices sent by facsimile transmission shall be deemed given upon the sender's receipt of confirmation
of complete transmission; and (z) notices sent by United States registered mail shall be deemed given two days after the date of deposit in the United States mail. If to the Employee, to the
address as shall most currently appear on the records of ILFC. 

If
to ILFC to: 

International
Lease Finance Corporation

10250 Constellation Blvd.

Suite 3400

Los Angeles, CA 90067

Fax 310.788.1990

Attn: General Counsel 

With
a copy to:

American International Group, Inc.

70 Pine Street

New York, NY 10270

Fax: 212-770-1584

Attn: General Counsel 

IN
WITNESS WHEREOF, the parties hereto have duly executed this Agreement. 

 

 

							
	EMPLOYEE	 	 
	
 By:	
 	

  	
 	

 
	 	 	Name:            	 	Date:                        	 	 
	 	 	Title:            	 	 	 	 
	

INTERNATIONAL LEASE FINANCE CORPORATION
	
 By:	
 	

  	
 	

 
	 	 	Name:            	 	Date:                        	 	 
	 	 	Title:            	 	 	 	 

 

 A-8

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Exhibit 10.24

AMERICAN INTERNATIONAL GROUP, INC. EXECUTIVE SEVERANCE PLAN FOR INTERNATIONAL LEASE FINANCE CORPORATION

EXHIBIT A

AMERICAN INTERNATIONAL GROUP, INC. INTERNATIONAL LEASE FINANCE CORPORATION RELEASE AND RESTRICTIVE COVENANT AGREEMENTQuickLinks
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  Exhibit 10.25    
    

 
    ILFC HOLDINGS, INC.
  2011 PERFORMANCE INCENTIVE PLAN    
    

1.     PURPOSE OF PLAN  

        The purpose of this ILFC Holdings, Inc. 2011 Performance Incentive Plan (this "Plan") of ILFC
Holdings, Inc., a Delaware corporation (the "Corporation"), is to promote the success of the Corporation and to increase stockholder value by
providing an additional means through the grant of awards to attract, motivate, retain and reward selected employees and other eligible persons. 

2.     ELIGIBILITY  

        The Administrator (as such term is defined in Section 3.1) may grant awards under this Plan only to those persons that the Administrator determines to be
Eligible Persons. An "Eligible Person" is any person who is either: (a) an officer (whether or not a director) or employee of the Corporation or
one of its Subsidiaries; (b) a director of the Corporation or one of its Subsidiaries; or (c) an individual consultant or advisor who renders or has rendered bona fide services (other
than services in connection with the offering or sale of securities of the Corporation or one of its Subsidiaries in a capital-raising transaction or as a market maker or promoter of securities of the
Corporation or one of its Subsidiaries) to the Corporation or one of its Subsidiaries and who is selected to participate in this Plan by the Administrator; provided, however, that a person who is
otherwise an Eligible Person under clause (c) above may participate in this Plan only if such participation would not adversely affect either the Corporation's eligibility to use
Form S-8 to register under the Securities Act of 1933, as amended (the "Securities Act"), the offering and sale of shares issuable
under this Plan by the Corporation or the Corporation's compliance with any other applicable laws. An Eligible Person who has been granted an award (a "participant") may, if otherwise eligible, be
granted additional awards if the Administrator shall so determine. As used herein, "Subsidiary" means any corporation or other entity a majority of
whose outstanding voting stock or voting power is beneficially owned directly or indirectly by the Corporation; and "Board" means the Board of Directors
of the Corporation. 

3.     PLAN ADMINISTRATION  

	3.1
	The Administrator.    This Plan shall be administered by and all awards
under this Plan shall be authorized by the Administrator. The "Administrator" means the Board or one or more committees appointed by the Board or
another committee (within its delegated authority) to administer all or certain aspects of this Plan. Any such committee shall be comprised solely of one or more directors or such number of directors
as may be required under applicable law. A committee may delegate some or all of its authority to another committee so constituted. The Board or a committee comprised solely of directors may also
delegate, to the extent permitted by Section 157(c) of the Delaware General Corporation Law and any other applicable law, to one or more officers of the Corporation, its powers under this Plan
(a) to designate the officers and employees of the Corporation and its Subsidiaries who will receive grants of awards under this Plan, and (b) to determine the number of shares subject
to, and the other terms and conditions of, such awards. The Board may delegate different levels of authority to different committees with administrative and grant authority under this Plan. Unless
otherwise provided in the Bylaws of the Corporation or the applicable charter of any Administrator: (a) a majority of the members of the acting Administrator shall constitute a quorum, and
(b) the vote of a majority of the members present assuming the presence of a quorum or the unanimous written consent of the members of the Administrator shall constitute action by the acting
Administrator. 

With
respect to awards intended to satisfy the requirements for performance-based compensation under Section 162(m) of the Internal Revenue Code of 1986, as amended (the
"Code"), this Plan 

1

 

shall
be administered by a committee consisting solely of two or more outside directors (as this requirement is applied under Section 162(m) of the Code); provided, however, that the failure to
satisfy such requirement shall not affect the validity of the action of any committee otherwise duly authorized and acting in the matter. Award grants, and transactions in or involving awards,
intended to be exempt under Rule 16b-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), must be duly and
timely authorized by the Board or a committee consisting solely of two or more non-employee directors (as this requirement is applied under Rule 16b-3 promulgated under
the Exchange Act). To the extent required by any applicable listing agency, this Plan shall be administered by a committee composed entirely of independent directors (within the meaning of the
applicable listing agency).  

	3.2
	Powers of the Administrator.    Subject to the express provisions of this
Plan, the Administrator is authorized and empowered to do all things necessary or desirable in connection with the authorization of awards and the administration of this Plan (in the case of a
committee or delegation to one or more officers, within the authority delegated to that committee or person(s)), including, without limitation, the authority to:

	(a)
	determine
eligibility and, from among those persons determined to be eligible, the particular Eligible Persons who will receive an award under this Plan;

	(b)
	grant
awards to Eligible Persons, determine the price at which securities will be offered or awarded and the number of securities to be offered or awarded
to any of such persons, determine the other specific terms and conditions of such awards consistent with the express limits of this Plan, establish the installments (if any) in which such awards shall
become exercisable or shall vest (which may include, without limitation, performance and/or time-based schedules), or determine that no delayed exercisability or vesting is required,
establish any applicable performance targets, and establish the events of termination or reversion of such awards;

	(c)
	approve
the forms of award agreements (which need not be identical either as to type of award or among participants);

	(d)
	construe
and interpret this Plan and any agreements defining the rights and obligations of the Corporation, its Subsidiaries, and participants under this
Plan, further define the terms used in this Plan, and prescribe, amend and rescind rules and regulations relating to the administration of this Plan or the awards granted under this Plan;

	(e)
	cancel,
modify, or waive the Corporation's rights with respect to, or modify, discontinue, suspend, or terminate any or all outstanding awards, subject to
any required consent under Section 8.6.5;

	(f)
	accelerate
or extend the vesting or exercisability or extend the term of any or all such outstanding awards (in the case of options or stock appreciation
rights, within the maximum ten-year term of such awards) in such circumstances as the Administrator may deem appropriate (including, without limitation, in connection with a termination of
employment or services or other events of a personal nature) subject to any required consent under Section 8.6.5;

	(g)
	adjust
the number of shares of Common Stock subject to any award, adjust the price of any or all outstanding awards or otherwise change previously imposed
terms and conditions, in such circumstances as the Administrator may deem appropriate, in each case subject to Sections 4 and 8.6 (and subject to the no repricing provision below);

	(h)
	determine
the date of grant of an award, which may be a designated date after but not before the date of the Administrator's action (unless otherwise
designated by the Administrator, the 

2

 

date
of grant of an award shall be the date upon which the Administrator took the action granting an award);  

	(i)
	determine
whether, and the extent to which, adjustments are required pursuant to Section 7 hereof and authorize the termination, conversion,
substitution or succession of awards upon the occurrence of an event of the type described in Section 7;

	(j)
	acquire
or settle (subject to Sections 7 and 8.6) rights under awards in cash, stock of equivalent value, or other consideration (subject to the no
repricing provision below); and

	(k)
	determine
the fair market value of the Common Stock or awards under this Plan from time to time and/or the manner in which such value will be determined. 

Notwithstanding
the foregoing and except for an adjustment pursuant to Section 7.1 or a repricing approved by stockholders, in no case may the Administrator (1) amend an outstanding
stock option or SAR to reduce the exercise price or base price of the award, (2) cancel, exchange, or surrender an outstanding stock option or SAR in exchange for cash or other awards for the
purpose of repricing the award, or (3) cancel, exchange, or surrender an outstanding stock option or SAR in exchange for an option or SAR with an exercise or base price that is less than the
exercise or base price of the original award.  

	3.3
	Binding Determinations.    Any action taken by, or inaction of, the
Corporation, any Subsidiary, or the Administrator relating or pursuant to this Plan and within its authority hereunder or under applicable law shall be within the absolute discretion of that entity or
body and shall be conclusive and binding upon all persons. Neither the Board nor any Board committee, nor any member thereof or person acting at the direction thereof, shall be liable for any act,
omission, interpretation, construction or determination made in good faith in connection with this Plan (or any award made under this Plan), and all such persons shall be entitled to indemnification
and reimbursement by the Corporation in respect of any claim, loss, damage or expense (including, without limitation, attorneys' fees) arising or resulting therefrom to the fullest extent permitted by
law and/or under any directors and officers liability insurance coverage that may be in effect from time to time.

	3.4
	Reliance on Experts.    In making any determination or in taking or not
taking any action under this Plan, the Administrator may obtain and may rely upon the advice of experts, including employees and professional advisors to the Corporation. No director, officer or agent
of the Corporation or any of its Subsidiaries shall be liable for any such action or determination taken or made or omitted in good faith.

	3.5
	Delegation.    The Administrator may delegate ministerial,
non-discretionary functions to individuals who are officers or employees of the Corporation or any of its Subsidiaries or affiliates, or to third parties. 

4.     SHARES OF COMMON STOCK SUBJECT TO THE PLAN; SHARE LIMITS  

	4.1
	Shares Available.    Subject to the provisions of Section 7.1, the
capital stock that may be delivered under this Plan shall be shares of the Corporation's authorized but unissued Common Stock and any shares of its Common Stock held as treasury shares. For purposes
of this Plan, "Common Stock" shall mean the common stock of the Corporation and such other securities or property as may become the subject of awards
under this Plan, or may become subject to such awards, pursuant to an adjustment made under Section 7.1.

	4.2
	Share Limits.    The maximum number of shares of Common Stock that may be
delivered pursuant to awards granted to Eligible Persons under this Plan is [                ] shares (the
"Share Limit"). 

3

 

The
following limits also apply with respect to awards granted under this Plan: 

	(a)
	The
maximum number of shares of Common Stock that may be delivered pursuant to options qualified as incentive stock options granted under this Plan is  
[                    ] shares.

	(b)
	The
maximum number of shares of Common Stock subject to those options and stock appreciation rights that are granted during any calendar year to any
individual under this Plan is [                    ] shares.

	(c)
	Additional
limits with respect to Performance-Based Awards are set forth in Section 5.2.3. 

Each
of the foregoing numerical limits is subject to adjustment as contemplated by Section 4.3, Section 7.1, and Section 8.10.  

	4.3
	Awards Settled in Cash, Reissue of Awards and Shares.    Shares that are
subject to or underlie awards granted under this Plan which expire or for any reason are cancelled or terminated, are forfeited, fail to vest, or for any other reason are not paid or delivered under
this Plan shall again be available for subsequent awards under this Plan. Shares that are exchanged by a participant or withheld by the Corporation as full or partial payment in connection with any
award under this Plan, as well as any shares exchanged by a participant or withheld by the Corporation or one of its Subsidiaries to satisfy the tax withholding obligations related to any award, shall
again be available for subsequent awards under this Plan. To the extent that an award granted under this Plan is settled in cash or a form other than shares of Common Stock, the shares that would have
been delivered had there been no such cash or other settlement shall not be counted against the shares available for issuance under this Plan. In the event that shares of Common Stock are delivered in
respect of a dividend equivalent or stock appreciation right granted under this Plan, the actual number of shares delivered with respect to the award shall be counted against the share limits of this
Plan (including, for purposes of clarity, the limits of Section 4.2 of this Plan). (For purposes of clarity, if 1,000 dividend equivalent rights are granted and outstanding when the Corporation
pays a dividend or if there are 1,000 stock appreciation rights outstanding that are exercised, and 50 shares are delivered in payment of those rights with respect to that dividend or such exercise,
as the case may be, 50 shares shall be counted against the share limits of this Plan). Refer to Section 8.10 for application of the foregoing share limits with respect to assumed awards. The
foregoing adjustments to the share limits of this Plan are subject to any applicable limitations under Section 162(m) of the Code with respect to awards intended as performance-based
compensation thereunder.

	4.4
	Reservation of Shares; No Fractional Shares; Minimum Issue.    The
Corporation shall at all times reserve a number of shares of Common Stock sufficient to cover the Corporation's obligations and contingent obligations to deliver shares with respect to awards then
outstanding under this Plan (exclusive of any dividend equivalent obligations to the extent the Corporation has the right to settle such rights in cash). No fractional shares shall be delivered under
this Plan. The Administrator may pay cash in lieu of any fractional shares in settlements of awards under this Plan. The Administrator may from time to time impose a limit (of not greater than 100
shares) on the minimum number of shares that may be purchased or exercised as to awards granted under this Plan unless (as to any particular award) the total number purchased or exercised is the total
number at the time available for purchase or exercise under the award. 

4

 

 5.     AWARDS  

	5.1
	Type and Form of Awards.    The Administrator shall determine the type or
types of award(s) to be made to each selected Eligible Person. Awards may be granted singly, in combination or in tandem. Awards also may be made in combination or in tandem with, in replacement of,
as alternatives to, or as the payment form for grants or rights under any other employee or compensation plan of the Corporation or one of its Subsidiaries. The types of awards that may be granted
under this Plan are (subject, in each case, to the no repricing provisions of Section 3.2): 

5.1.1    Stock Options.    A stock option is the grant of a right to purchase a specified number of shares
of Common Stock during a specified period as determined by the Administrator. An option may be intended as an incentive stock option within the meaning of Section 422 of the Code (an
"ISO") or a nonqualified stock option (an option not intended to be an ISO). The award agreement for an option will indicate if the option is intended
as an ISO; otherwise it will be deemed to be a nonqualified stock option. The maximum term of each option (ISO or nonqualified) shall be ten (10) years. The per share exercise price for each
option shall be not less than 100% of the fair market value of a share of Common Stock on the date of grant of the option. When an option is exercised, the exercise price for the shares to be
purchased shall be paid in full in cash or such other method permitted by the Administrator consistent with Section 5.5. 

5.1.2    Additional Rules Applicable to ISOs.    To the extent that the aggregate fair market value
(determined at the time of grant of the applicable option) of stock with respect to which ISOs first become exercisable by a participant in any calendar year exceeds $100,000, taking into account both
Common Stock subject to ISOs under this Plan and stock subject to ISOs under all other plans of the
Corporation or one of its Subsidiaries (or any parent or predecessor corporation to the extent required by and within the meaning of Section 422 of the Code and the regulations promulgated
thereunder), such options shall be treated as nonqualified stock options. In reducing the number of options treated as ISOs to meet the $100,000 limit, the most recently granted options shall be
reduced first. To the extent a reduction of simultaneously granted options is necessary to meet the $100,000 limit, the Administrator may, in the manner and to the extent permitted by law, designate
which shares of Common Stock are to be treated as shares acquired pursuant to the exercise of an ISO. ISOs may only be granted to employees of the Corporation or one of its subsidiaries (for this
purpose, the term "subsidiary" is used as defined in Section 424(f) of the Code, which generally requires an unbroken chain of ownership of at least 50% of the total combined voting power of
all classes of stock of each subsidiary in the chain beginning with the Corporation and ending with the subsidiary in question). There shall be imposed in any award agreement relating to ISOs such
other terms and conditions as from time to time are required in order that the option be an "incentive stock option" as that term is defined in Section 422 of the Code. No ISO may be granted to
any person who, at the time the option is granted, owns (or is deemed to own under Section 424(d) of the Code) shares of outstanding Common Stock possessing more than 10% of the total combined
voting power of all classes of stock of the Corporation, unless the exercise price of such option is at least 110% of the fair market value of the stock subject to the option and such option by its
terms is not exercisable after the expiration of five years from the date such option is granted. 

5.1.3    Stock Appreciation Rights.    A stock appreciation right or
"SAR" is a right to receive a payment, in cash and/or Common Stock, equal to the excess of the fair market value of a specified number of shares of
Common Stock on the date the SAR is exercised over the "base price" of the award, which base price shall be set forth in the applicable award agreement
and shall be not less than 100% of the fair market value of a share of Common Stock on the date of grant of the SAR. The maximum term of a SAR shall be ten (10) years. 

5

 

5.1.4    Other Awards; Dividend Equivalent Rights.    The other types of awards that may be granted under
this Plan include: (a) stock bonuses, restricted stock, performance stock, stock units, phantom stock or similar rights to purchase or acquire shares, whether at a fixed or variable price or
ratio related to the Common Stock, upon the passage of time, the occurrence of one or more events, or the satisfaction of performance criteria or other conditions, or any combination thereof;
(b) any similar securities with a value derived from the value of or related to the Common Stock and/or returns thereon; or (c) cash awards. Dividend equivalent rights may be granted as
a separate award or in connection with another award under this Plan; provided, however, that dividend equivalent rights may not be granted in connection with a stock option or SAR granted under this
Plan. In addition, unless otherwise determined by the Administrator, any dividends and/or dividend equivalents as to the unvested portion of a restricted stock award that is subject to
performance-based vesting requirements or the unvested portion of a stock unit award that is subject to performance-based vesting requirements will be subject to termination and forfeiture to the same
extent as the corresponding portion of the award to which they relate.  

	5.2
	Section 162(m) Performance-Based Awards.    Without limiting the
generality of the foregoing, any of the types of awards listed in Section 5.1.4 above may be, and options and SARs granted to officers and employees ("Qualifying
Options" and "Qualifying SARS," respectively) typically will be, granted as awards intended to satisfy the requirements for
"performance-based compensation" within the meaning of Section 162(m) of the Code ("Performance-Based Awards"). The
grant, vesting, exercisability or payment of Performance-Based Awards may depend (or, in the case of Qualifying Options or Qualifying SARs, may also depend) on the degree of achievement of one or more
performance goals relative to a pre-established targeted level or levels using one or more of the Business Criteria set forth below (on an absolute basis or relative to the performance of
other companies or upon comparisons of any of the indicators of performance relative to other companies) for the Corporation on a consolidated basis or for one or more of the Corporation's
subsidiaries, segments, divisions or business units, or any combination of the foregoing. Any Qualifying Option or Qualifying SAR shall be subject only to the requirements of Section 5.2.1 and
5.2.3 in order for such award to satisfy the requirements for "performance-based compensation" under Section 162(m) of the Code. Any other Performance-Based Award shall be subject to all of the
following provisions of this Section 5.2. 

5.2.1    Class; Administrator.    The eligible class of persons for Performance-Based Awards under this
Section 5.2 shall be officers and employees of the Corporation or one of its Subsidiaries. The Administrator approving Performance-Based Awards or making any certification required pursuant to
Section 5.2.4 must be constituted as provided in Section 3.1 for awards that are intended as performance-based compensation under Section 162(m) of the Code. 

5.2.2    Performance Goals.    The specific performance goals for Performance-Based Awards (other than
Qualifying Options and Qualifying SARs) shall be, on an absolute or relative basis, established based on one or more of the following business criteria ("Business
Criteria") as selected by the Administrator in its sole discretion: earnings per share, cash flow (which means cash and cash equivalents derived from either net cash flow from
operations or net cash flow from operations, financing and investing activities), stock price, total stockholder return, gross revenue, revenue growth, operating income (before or after taxes), net
earnings (before or after interest, taxes, depreciation and/or amortization), return on equity or on assets or on net investment, cost containment or reduction, any combination thereof or such other
business criteria selected by the Administrator. These terms are used as applied under generally accepted accounting principles or in the financial reporting of the Corporation or of its Subsidiaries.
To qualify awards as performance-based under Section 162(m), the applicable Business Criterion (or Business Criteria, as the case may be) and specific performance goal or goals ("targets") must
be established and approved by the Administrator during the first 90 days of the performance period (and, in the case 

6

 

of
performance periods of less than one year, in no event after 25% or more of the performance period has elapsed) and while performance relating to such target(s) remains substantially uncertain
within the meaning of Section 162(m) of the Code. The terms of the Performance-Based Awards may specify the manner, if any, in which performance targets shall be adjusted to mitigate the
unbudgeted impact of material, unusual or nonrecurring gains and losses, accounting changes or other extraordinary
events not foreseen at the time the targets were set unless the Administrator provides otherwise at the time of establishing the targets. The applicable performance measurement period may not be less
than three months nor more than 10 years. 

5.2.3    Form of Payment; Maximum Performance-Based Award.    Grants or awards under this Section 5.2
may be paid in cash or shares of Common Stock or any combination thereof. Grants of Qualifying Options and Qualifying SARs to any one participant in any one calendar year shall be subject to the limit
set forth in Section 4.2(b). To the extent necessary to qualify awards as performance-based under Section 162(m), the maximum number of shares of Common Stock which may be subject to
Performance-Based Awards (including Performance-Based Awards payable in shares of Common Stock and Performance-Based Awards payable in cash where the amount of cash payable upon or following vesting
of the award is determined with reference to the fair market value of a share of Common Stock at such time) that are granted to any one participant in any one calendar year shall not exceed  
[                    ] shares, either individually or in the aggregate, subject to adjustment as provided in Section 7.1;
provided that this limit shall not apply to Qualifying Options and Qualifying SARs (which are covered by the limit of Section 4.2(b)). To the extent necessary to qualify awards as
performance-based under Section 162(m), the aggregate amount of compensation to be paid to any one participant in respect of all Performance-Based Awards payable only in cash (excluding cash
awards covered by the preceding sentence where the cash payment is determined with reference to the fair market value of a share of Common Stock upon or following the vesting of the award) and granted
to that participant in any one calendar year shall not exceed $[                    ]. Awards that are
cancelled during the year
shall be counted against these limits to the extent required by Section 162(m) of the Code. 

5.2.4    Certification of Payment.    Before any Performance-Based Award under this Section 5.2
(other than Qualifying Options and Qualifying SARs) is paid and to the extent required to qualify the award as performance-based compensation within the meaning of Section 162(m) of the Code,
the Administrator must certify in writing that the performance target(s) and any other material terms of the Performance-Based Award were in fact timely satisfied. 

5.2.5    Reservation of Discretion.    The Administrator will have the discretion to determine the
restrictions or other limitations of the individual awards granted under this Section 5.2 including the authority to reduce awards, payouts or vesting or to pay no awards, in its sole
discretion, if the Administrator preserves such authority at the time of grant by language to this effect in its authorizing resolutions or otherwise. 

5.2.6    Expiration of Grant Authority.    As required pursuant to Section 162(m) of the Code and the
regulations promulgated thereunder, the Administrator's authority to pay compensation or grant new equity awards that are intended to qualify as performance-based compensation within the meaning of
Section 162(m) of the Code shall terminate upon the first regularly scheduled meeting of the Corporation's stockholders that occurs more than twelve (12) months after the date the
Corporation becomes a separate publicly held corporation, subject to any subsequent extension that may be approved by stockholders.  

	5.3
	Award Agreements.    Each award shall be evidenced by either (1) a
written award agreement in a form approved by the Administrator and executed by the Corporation by an officer duly authorized to act on its behalf, or (2) an electronic notice of award grant in
a form approved by the Administrator and recorded by the Corporation (or its designee) in an electronic 

7

 

recordkeeping
system used for the purpose of tracking award grants under this Plan generally (in each case, an "award agreement"), as the Administrator may provide and, in each case and if required by
the Administrator, executed or otherwise electronically accepted by the recipient of the award in such form and manner as the Administrator may require. The Administrator may authorize any officer of
the Corporation (other than the particular award recipient) to execute any or all award agreements on behalf of the Corporation. The award agreement shall set forth the material terms and conditions
of the award as established by the Administrator consistent with the express limitations of this Plan.  

	5.4
	Deferrals and Settlements.    Payment of awards may be in the form of
cash, Common Stock, other awards or combinations thereof as the Administrator shall determine, and with such restrictions as it may impose. The Administrator may also require or permit participants to
elect to defer the issuance of shares or the settlement of awards in cash under such rules and procedures as it may establish under this Plan. The Administrator may also provide that deferred
settlements include the payment or crediting of interest or other earnings on the deferral amounts, or the payment or crediting of dividend equivalents where the deferred amounts are denominated in
shares.

	5.5
	Consideration for Common Stock or Awards.    The purchase price for any
award granted under this Plan or the Common Stock to be delivered pursuant to an award, as applicable, may be paid by means of any lawful consideration as determined by the Administrator, including,
without limitation, one or a combination of the following methods:  

	•
	services rendered by the recipient of such award;   

	•
	cash, check payable to the order of the Corporation, or electronic funds transfer;   

	•
	notice and third party payment in such manner as may be authorized by the Administrator;   

	•
	the delivery of previously owned shares of Common Stock;   

	•
	by a reduction in the number of shares otherwise deliverable pursuant to the award; or   

	•
	subject to such procedures as the Administrator may adopt, pursuant to a "cashless exercise" with a third party who
provides financing for the purposes of (or who otherwise facilitates) the purchase or exercise of awards. 

In
no event shall any shares newly-issued by the Corporation be issued for less than the minimum lawful consideration for such shares or for consideration other than consideration permitted by
applicable state law. Shares of Common Stock used to satisfy the exercise price of an option shall be valued at their fair market value on the date of exercise. The Corporation will not be obligated
to deliver any shares unless and until it receives full payment of the exercise or purchase price therefor and any related withholding obligations under Section 8.5 and any other conditions to
exercise or purchase have been satisfied. Unless otherwise expressly provided in the applicable award agreement, the Administrator may at any time eliminate or limit a participant's ability to pay the
purchase or exercise price of any award or shares by any method other than cash payment to the Corporation. 

8

 

	5.6
	Definition of Fair Market Value.    For purposes of this Plan, "fair
market value" shall mean, unless otherwise determined or provided by the Administrator in the circumstances, the closing price (in regular trading) for a share of Common Stock as furnished by the New
York Stock Exchange (the "Exchange") for the date in question or, if no sales of Common Stock were reported by the Exchange on that date, the closing
price (in regular trading) for a share of Common Stock as furnished by the Exchange for the next preceding day on which sales of Common Stock were reported by the Exchange. The Administrator may,
however, provide with respect to one or more awards that the fair market value shall equal the closing price (in regular trading) for a share of Common Stock as furnished by the Exchange on the last
trading day preceding the date in question or the average of the high and low trading prices of a share of Common Stock as furnished by the Exchange for the date in question or the most recent trading
day. If the Common Stock is no longer listed or is no longer actively traded on the Exchange as of the applicable date, the fair market value of the Common Stock shall be the value as reasonably
determined by the Administrator for purposes of the award in the circumstances. The Administrator also may adopt a different methodology for determining fair market value with respect to one or more
awards if a different methodology is necessary or advisable to secure any intended favorable tax, legal or other treatment for the particular award(s) (for example, and without limitation, the
Administrator may provide that fair market value for purposes of one or more awards will be based on an average of closing prices (or the average of high and low daily trading prices) for a specified
period preceding the relevant date).

	5.7
	Transfer Restrictions. 

5.7.1    Limitations on Exercise and Transfer.    Unless otherwise expressly provided in (or pursuant to)
this Section 5.7 or required by applicable law: (a) all awards are non-transferable and shall not be subject in any manner to sale, transfer, anticipation, alienation,
assignment, pledge, encumbrance or charge; (b) awards shall be exercised only by the participant; and (c) amounts payable or shares issuable pursuant to any award shall be delivered only
to (or for the account of) the participant. 

5.7.2    Exceptions.    The Administrator may permit awards to be exercised by and paid to, or otherwise
transferred to, other persons or entities pursuant to such conditions and procedures, including limitations on subsequent transfers, as the Administrator may, in its sole discretion, establish in
writing. Any permitted transfer shall be subject to compliance with applicable federal and state securities laws and shall not be for value (other than nominal consideration, settlement of marital
property rights, or for interests in an entity in which more than 50% of the voting interests are held by the Eligible Person or by the Eligible Person's family members). 

5.7.3    Further Exceptions to Limits on Transfer.    The exercise and transfer restrictions in
Section 5.7.1 shall not apply to:  

	(a)
	transfers
to the Corporation (for example, in connection with the expiration or termination of the award),

	(b)
	the
designation of a beneficiary to receive benefits in the event of the participant's death or, if the participant has died, transfers to or exercise by
the participant's beneficiary, or, in the absence of a validly designated beneficiary, transfers by will or the laws of descent and distribution,

	(c)
	subject
to any applicable limitations on ISOs, transfers to a family member (or former family member) pursuant to a domestic relations order if approved or
ratified by the Administrator,

	(d)
	if
the participant has suffered a disability, permitted transfers or exercises on behalf of the participant by his or her legal representative, or 

9

 

	(e)
	the
authorization by the Administrator of "cashless exercise" procedures with third parties who provide financing for the purpose of (or who otherwise
facilitate) the exercise of awards consistent with applicable laws and the express authorization of the Administrator.

 

	5.8
	International Awards.    One or more awards may be granted to Eligible
Persons who provide services to the Corporation or one of its Subsidiaries outside of the United States. Any awards granted to such persons may be granted pursuant to the terms and conditions of any
applicable sub-plans, if any, appended to this Plan and approved by the Administrator. 

6.     EFFECT OF TERMINATION OF EMPLOYMENT OR SERVICE ON AWARDS  

	6.1
	General.    The Administrator shall establish the effect of a termination
of employment or service on the rights and benefits under each award under this Plan and in so doing may make distinctions based upon, inter alia, the cause of termination and type of award. If the
participant is not an employee of the Corporation or one of its Subsidiaries and provides other services to the Corporation or one of its Subsidiaries, the Administrator shall be the sole judge for
purposes of this Plan (unless a contract or the award otherwise provides) of whether the participant continues to render services to the Corporation or one of its Subsidiaries and the date, if any,
upon which such services shall be deemed to have terminated.

	6.2
	Events Not Deemed Terminations of Service.    Unless the express policy of
the Corporation or one of its Subsidiaries, or the Administrator, otherwise provides, the employment relationship shall not be considered terminated in the case of (a) sick leave,
(b) military leave, or (c) any other leave of absence authorized by the Corporation or one of its Subsidiaries, or the Administrator; provided that, unless reemployment upon the
expiration of such leave is guaranteed by contract or law or the Administrator otherwise provides, such leave is for a period of not more than three months. In the case of any employee of the
Corporation or one of its Subsidiaries on an approved leave of absence, continued vesting of the award while on leave from the employ of the Corporation or one of its Subsidiaries may be suspended
until the employee returns to service, unless the Administrator otherwise provides or applicable law otherwise requires. In no event shall an award be exercised after the expiration of the term set
forth in the applicable award agreement.

	6.3
	Effect of Change of Subsidiary Status.    For purposes of this Plan and
any award, if an entity ceases to be a Subsidiary of the Corporation a termination of employment or service shall be deemed to have occurred with respect to each Eligible Person in respect of such
Subsidiary who does not continue as an Eligible Person in respect of the Corporation or another Subsidiary that continues as such after giving effect to the transaction or other event giving rise to
the change in status unless the Subsidiary that is sold, spun-off or otherwise divested (or its successor or a direct or indirect parent of such Subsidiary or successor) assumes the
Eligible Person's award(s) in connection with such transaction. 

7.     ADJUSTMENTS; ACCELERATION  

	7.1
	Adjustments.    Subject to Section 7.2, upon (or, as may be
necessary to effect the adjustment, immediately prior to): any reclassification, recapitalization, stock split (including a stock split in the form of a stock dividend) or reverse stock split; any
merger, combination, consolidation, or other reorganization; any spin-off, split-up, or similar extraordinary dividend distribution in respect of the Common Stock; or any
exchange of Common Stock or other securities of the Corporation, or any similar, unusual or extraordinary corporate transaction in respect of the Common Stock; then the Administrator shall equitably
and proportionately adjust (1) the number and type of shares of Common Stock (or other securities) that thereafter may be made the subject of awards (including the specific share limits,
maximums and numbers of shares set forth elsewhere in this Plan), (2) the number, amount and type of shares of Common Stock (or other securities or property) 

10

 

subject
to any outstanding awards, (3) the grant, purchase, or exercise price (which term includes the base price of any SAR or similar right) of any outstanding awards, and/or (4) the
securities, cash or other property deliverable upon exercise or payment of any outstanding awards, in each case to the extent necessary to preserve (but not increase) the level of incentives intended
by this Plan and the then-outstanding awards. 

Unless
otherwise expressly provided in the applicable award agreement, upon (or, as may be necessary to effect the adjustment, immediately prior to) any event or transaction described in the preceding
paragraph or a sale of all or substantially all of the business or assets of the Corporation as an entirety, the Administrator shall equitably and proportionately adjust the performance standards
applicable to any then-outstanding performance-based awards to the extent necessary to preserve (but not increase) the level of incentives intended by this Plan and the
then-outstanding performance-based awards. 

It
is intended that, if possible, any adjustments contemplated by the preceding two paragraphs be made in a manner that satisfies applicable U.S. legal, tax (including, without limitation and as
applicable in the circumstances, Section 424 of the Code, Section 409A of the Code and Section 162(m) of the Code) and accounting (so as to not trigger any charge to earnings with
respect to such adjustment) requirements. 

Without
limiting the generality of Section 3.3, any good faith determination by the Administrator as to whether an adjustment is required in the circumstances pursuant to this
Section 7.1, and the extent and nature of any such adjustment, shall be conclusive and binding on all persons.  

	7.2
	Corporate Transactions—Assumption and Termination of
Awards.    Upon the occurrence of any of the following: any merger, combination, consolidation, or other reorganization in connection with which the Corporation does
not survive (or does not survive as a public company in respect of its Common Stock); any exchange of Common Stock or other securities of the Corporation in connection with which the Corporation does
not survive (or does not survive as a public company in respect of its Common Stock); a sale or purchase of all or substantially all the business, stock or assets of the Corporation in connection with
which the Corporation does not survive (or does not survive as a public company in respect of its Common Stock); a dissolution of the Corporation; or any other event in which the Corporation does not
survive (or does not survive as a public company in respect of its Common Stock); then the Administrator may make provision for a cash payment in settlement of, or for the termination, assumption,
substitution or exchange of any or all outstanding share-based awards or the cash, securities or property deliverable to the holder of any or all outstanding share-based awards, based upon, to the
extent relevant under the circumstances, the distribution or consideration payable to holders of the Common Stock upon or in respect of such event. Upon the occurrence of any event described in the
preceding sentence, then, unless the Administrator has made a provision for the substitution, assumption, exchange or other continuation or settlement of the award or (unless the Administrator has
provided for the termination of the award) the award would otherwise continue in accordance with its terms in the circumstances: (1) unless otherwise provided in the applicable award agreement,
each then-outstanding option and SAR shall become fully vested, all shares of restricted stock then outstanding shall fully vest free of restrictions, and each other award granted under
this Plan that is then outstanding shall become payable to the holder of such award; and (2) each award shall terminate upon the related event; provided that the holder of an option or SAR
shall be given reasonable advance notice of the impending termination and a reasonable opportunity to exercise his or her outstanding vested options and SARs (after giving effect to any accelerated
vesting required in the circumstances) in accordance with their terms before the termination of such awards (except that in no case shall more than ten days' notice of the impending termination be
required and any acceleration of vesting and any exercise of any portion of an award that is so accelerated may be made contingent upon the actual occurrence of the event). 

11

 

Without
limiting the preceding paragraph, in connection with any event referred to in the preceding paragraph or any change in control event defined in any applicable award agreement, the
Administrator may, in its discretion, provide for the accelerated vesting of any award or awards as and to the extent determined by the Administrator in the circumstances. 

The
Administrator may adopt such valuation methodologies for outstanding awards as it deems reasonable in the event of a cash or property settlement and, in the case of options, SARs or similar
rights, but without limitation on other methodologies, may base such settlement solely upon the excess if any of the per share amount payable upon or in respect of such event over the exercise or base
price of the award. 

In
any of the events referred to in this Section 7.2, the Administrator may take such action contemplated by this Section 7.2 prior to such event (as opposed to on the occurrence of such
event) to the extent that the Administrator deems the action necessary to permit the participant to realize the benefits intended to be conveyed with respect to the underlying shares. Without limiting
the generality of the foregoing, the Administrator may deem an acceleration to occur immediately prior to the applicable event and, in such circumstances, will reinstate the original terms of the
award if an event giving rise to an acceleration does not occur. 

Without
limiting the generality of Section 3.3, any good faith determination by the Administrator pursuant to its authority under this Section 7.2 shall be conclusive and binding on all
persons.  

	7.3
	Other Acceleration Rules.    The Administrator may override the provisions
of Section 7.2 by express provision in the award agreement and may accord any Eligible Person a right to refuse any acceleration, whether pursuant to the award agreement or otherwise, in such
circumstances as the Administrator may approve. The portion of any ISO accelerated in connection with an event referred to in Section 7.2 (or such other circumstances as may trigger accelerated
vesting of the award) shall remain exercisable as an ISO only to the extent the applicable $100,000 limitation on ISOs is not exceeded. To the extent exceeded, the accelerated portion of the option
shall be exercisable as a nonqualified stock option under the Code. 

8.     OTHER PROVISIONS  

	8.1
	Compliance with Laws.    This Plan, the granting and vesting of awards
under this Plan, the offer, issuance and delivery of shares of Common Stock, and/or the payment of money under this Plan or under awards are subject to compliance with all applicable federal and state
laws, rules and regulations (including but not limited to state and federal securities law and federal margin requirements) and to such approvals by any listing, regulatory or governmental authority
as may, in the opinion of counsel for the Corporation, be necessary or advisable in connection therewith. The person acquiring any securities under this Plan will, if requested by the Corporation or
one of its Subsidiaries, provide such assurances and representations to the Corporation or one of its Subsidiaries as the Administrator may deem necessary or desirable to assure compliance with all
applicable legal and accounting requirements.

	8.2
	No Rights to Award.    No person shall have any claim or rights to be
granted an award (or additional awards, as the case may be) under this Plan, subject to any express contractual rights (set forth in a document other than this Plan) to the contrary. 

12

 

	8.3
	No Employment/Service Contract.    Nothing contained in this Plan (or in
any other documents under this Plan or in any award) shall confer upon any Eligible Person or other participant any right to continue in the employ or other service of the Corporation or one of its
Subsidiaries or affiliates, constitute any contract or agreement of employment or other service or affect an employee's status as an employee at will, nor shall interfere in any way with the right of
the Corporation or one of its Subsidiaries to change a person's compensation or other benefits, or to terminate his or her employment or other service, with or without cause. Nothing in this
Section 8.3, however, is intended to adversely affect any express independent right of such person under a separate employment or service contract other than an award agreement.

	8.4
	Plan Not Funded.    Awards payable under this Plan shall be payable in
shares or from the general assets of the Corporation, and no special or separate reserve, fund or deposit shall be made to assure payment of such awards. No participant, beneficiary or other person
shall have any right, title or interest in any fund or in any specific asset (including shares of Common Stock, except as expressly otherwise provided) of the Corporation or one of its Subsidiaries or
affiliates by reason of any award hereunder. Neither the provisions of this Plan (or of any related documents), nor the creation or adoption of this Plan, nor any action taken pursuant to the
provisions of this Plan shall create, or be construed to create, a trust of any kind or a fiduciary relationship between the Corporation or one of its Subsidiaries or affiliates and any participant,
beneficiary or other person. To the extent that a participant, beneficiary or other person acquires a right to receive payment pursuant to any award hereunder, such right shall be no greater than the
right of any unsecured general creditor of the Corporation.

	8.5
	Tax Withholding.    Upon any exercise, vesting, or payment of any award,
or upon the disposition of shares of Common Stock acquired pursuant to the exercise of an ISO prior to satisfaction of the holding period requirements of Section 422 of the Code, or upon any
other tax withholding event with respect to any award, the Corporation or one of its Subsidiaries shall have the right at its option to:

	(a)
	require
the participant (or the participant's personal representative or beneficiary, as the case may be) to pay or provide for payment of at least the
minimum amount of any taxes which the Corporation or one of its Subsidiaries may be required to withhold with respect to such award event or payment; or

	(b)
	deduct
from any amount otherwise payable in cash (whether related to the award or otherwise) to the participant (or the participant's personal
representative or beneficiary, as the case may be) the minimum amount of any taxes which the Corporation or one of its Subsidiaries may be required to withhold with respect to such award event or
payment. 

In
any case where a tax is required to be withheld in connection with the delivery of shares of Common Stock under this Plan, the Administrator may in its sole discretion (subject to
Section 8.1) require or grant (either at the time of the award or thereafter) to the participant the right to elect, pursuant to such rules and subject to such conditions as the Administrator
may establish, that the Corporation reduce the number of shares to be delivered by (or otherwise reacquire) the appropriate number of shares, valued in a consistent manner at their fair market value
or at the sales price in accordance with authorized procedures for cashless exercises, necessary to satisfy the minimum applicable withholding obligation on exercise, vesting or payment. In no event
shall the shares withheld exceed the minimum whole number of shares required for tax withholding under applicable law.  

	8.6
	Effective Date, Termination and Suspension, Amendments. 

8.6.1    Effective Date.    This Plan is effective as of  
[                        ], 2011, the date of its approval by the Board (the "Effective
Date"). This Plan shall be submitted for and subject to stockholder 

13

 

approval
no later than the date immediately prior to the date the Corporation becomes a separate publicly held corporation. Unless earlier terminated by the Board, this Plan shall terminate at the
close
of business on the day before the tenth anniversary of the Effective Date. After the termination of this Plan either upon such stated expiration date or its earlier termination by the Board, no
additional awards may be granted under this Plan, but previously granted awards (and the authority of the Administrator with respect thereto, including the authority to amend such awards) shall remain
outstanding in accordance with their applicable terms and conditions and the terms and conditions of this Plan. 

8.6.2    Board Authorization.    The Board may, at any time, terminate or, from time to time, amend, modify
or suspend this Plan, in whole or in part. No awards may be granted during any period that the Board suspends this Plan. 

8.6.3    Stockholder Approval.    To the extent then required by applicable law or any applicable listing
agency or required under Sections 162, 422 or 424 of the Code to preserve the intended tax consequences of this Plan, or deemed necessary or advisable by the Board, any amendment to this Plan
shall be subject to stockholder approval. 

8.6.4    Amendments to Awards.    Without limiting any other express authority of the Administrator under
(but subject to) the express limits of this Plan, the Administrator by agreement or resolution may waive conditions of or limitations on awards to participants that the Administrator in the prior
exercise of its discretion has imposed, without the consent of a participant, and (subject to the requirements of Sections 3.2 and 8.6.5) may make other changes to the terms and conditions of
awards. Any amendment or other action that would constitute a repricing of an award is subject to the limitations set forth in Section 3.2. 

8.6.5    Limitations on Amendments to Plan and Awards.    No amendment, suspension or termination of this
Plan or amendment of any outstanding award agreement shall, without written consent of the participant, affect in any manner materially adverse to the participant any rights or benefits of the
participant or obligations of the Corporation under any award granted under this Plan prior to the effective date of such change. Changes, settlements and other actions contemplated by
Section 7 shall not be deemed to constitute changes or amendments for purposes of this Section 8.6.  

	8.7
	Privileges of Stock Ownership.    Except as otherwise expressly authorized
by the Administrator, a participant shall not be entitled to any privilege of stock ownership as to any shares of Common Stock not actually delivered to and held of record by the participant. Except
as expressly required by Section 7.1 or otherwise expressly provided by the Administrator, no adjustment will be made for dividends or other rights as a stockholder for which a record date is
prior to such date of delivery.

	8.8
	Governing Law; Construction; Severability. 

8.8.1    Choice of Law.    This Plan, the awards, all documents evidencing awards and all other related
documents shall be governed by, and construed in accordance with the laws of the State of Delaware. 

8.8.2    Severability.    If a court of competent jurisdiction holds any provision invalid and
unenforceable, the remaining provisions of this Plan shall continue in effect. 

8.8.3    Plan Construction.  

	(a)
	Rule 16b-3.    It is the intent of the Corporation that the awards and
transactions permitted by awards be interpreted in a manner that, in the case of participants who are or may be subject to Section 16 of the Exchange Act, qualify, to the maximum extent
compatible with the express terms of the award, for exemption from matching liability 

14

 

under
Rule 16b-3 promulgated under the Exchange Act. Notwithstanding the foregoing, the Corporation shall have no liability to any participant for Section 16 consequences of
awards or events under awards if an award or event does not so qualify.  

	(b)
	Section 162(m).    Awards under Section 5.1.4 to persons described in
Section 5.2 that are either granted or become vested, exercisable or payable based on attainment of one or more performance goals related to the Business Criteria, as well as Qualifying Options
and Qualifying SARs granted to persons described in Section 5.2, that are approved by a committee composed solely of two or more outside directors (as this requirement is applied under
Section 162(m) of the Code) shall be deemed to be intended as performance-based compensation within the meaning of Section 162(m) of the Code unless such committee provides otherwise at
the time of grant of the award. It is the further intent of the Corporation that (to the extent the Corporation or one of its Subsidiaries or awards under this Plan may be or become subject to
limitations on deductibility under Section 162(m) of the Code) any such awards and any other Performance-Based Awards under Section 5.2 that are granted to or held by a person subject to
Section 162(m) will qualify as performance-based compensation or otherwise be exempt from deductibility limitations under Section 162(m).

 

	8.9
	Captions.    Captions and headings are given to the sections and
subsections of this Plan solely as a convenience to facilitate reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of this Plan or any
provision thereof.

	8.10
	Stock-Based Awards in Substitution for Stock Options or Awards Granted by Other
Corporation.    Awards may be granted to Eligible Persons in substitution for or in connection with an assumption of employee stock options, SARs, restricted stock or
other stock-based awards granted by other entities to persons who are or who will become Eligible Persons in respect of the Corporation or one of its Subsidiaries, in connection with a distribution,
merger or other reorganization by or with the granting entity or an affiliated entity, or the acquisition by the Corporation or one of its Subsidiaries, directly or indirectly, of all or a substantial
part of the stock or assets of the employing entity. The awards so granted need not comply with other specific terms of this Plan, provided the awards reflect only adjustments giving effect to the
assumption or substitution consistent with the conversion applicable to the Common Stock in the transaction and any change in the issuer of the security. Any shares that are delivered and any awards
that are granted by, or become obligations of, the Corporation, as a result of the assumption by the Corporation of, or in substitution for, outstanding awards previously granted by an acquired
company (or previously granted by a predecessor employer (or direct or indirect parent thereof) in the case of persons that become employed by the Corporation or one of its Subsidiaries in connection
with a business or asset acquisition or similar transaction) shall not be counted against the Share Limit or other limits on the number of shares available for issuance under this Plan.

	8.11
	Non-Exclusivity of Plan.    Nothing in this Plan shall limit
or be deemed to limit the authority of the Board or the Administrator to grant awards or authorize any other compensation, with or without reference to the Common Stock, under any other plan or
authority.

	8.12
	No Corporate Action Restriction.    The existence of this Plan, the award
agreements and the awards granted hereunder shall not limit, affect or restrict in any way the right or power of the Board or the stockholders of the Corporation to make or authorize: (a) any
adjustment, recapitalization, reorganization or other change in the capital structure or business of the Corporation or any Subsidiary, (b) any merger, amalgamation, consolidation, sale of
Common Stock or change in the ownership of the Corporation or any Subsidiary, (c) any issue of bonds, debentures, capital, preferred or prior preference stock ahead of or affecting the capital
stock (or the rights thereof) of the Corporation or any Subsidiary, (d) any dissolution or liquidation of the Corporation or any 

15

 

Subsidiary,
(e) any sale or transfer of all or any part of the assets or business of the Corporation or any Subsidiary, or (f) any other corporate act or proceeding by the Corporation or
any Subsidiary. No participant, beneficiary or any other person shall have any claim under any award or award agreement against any member of the Board or the Administrator, or the Corporation, any
parent corporation or
its affiliates, or any employees, officers or agents of the Corporation, any Subsidiary, any parent corporation or its affiliates, as a result of any such action.  

	8.13
	Section 409A.    It is intended that any awards and compensation
granted or payable under this Plan either be exempt from Section 409A of the Code or comply with the provisions of Section 409A of the Code that are applicable to
non-qualified deferred compensation plans so as to avoid the imputation of any tax, penalty or interest under Section 409A of the Code. This Plan and any awards and compensation
granted or payable under this Plan shall be construed and interpreted consistent with that intent. No participant, beneficiary or any other person shall have any claim under this Plan or any award or
award agreement against any member of the Board or the Administrator, or the Corporation, any parent corporation or its affiliates, or any employees, officers or agents of the Corporation, any
Subsidiary, any parent corporation or its affiliates, as a result of any failure of this Plan or any awards and compensation granted or payable under this Plan to either be exempt from
Section 409A of the Code or to comply with the provisions of Section 409A of the Code.

	8.14
	Other Company Benefit and Compensation Programs.    Payments and other
benefits received by a participant under an award made pursuant to this Plan shall not be deemed a part of a participant's compensation for purposes of the determination of benefits under any other
employee welfare or benefit plans or arrangements, if any, provided by the Corporation or any Subsidiary or parent corporation or its affiliates, except where the Administrator expressly otherwise
provides or authorizes in writing. Awards under this Plan may be made in addition to, in combination with, as alternatives to or in payment of grants, awards or commitments under any other plans or
arrangements of the Corporation, any Subsidiaries, or any parent corporation or its affiliates.

	8.15
	TARP Regulations.    All awards and compensation granted or payable under
this Plan are subject to applicable TARP Regulations, and Eligible Persons may receive compensation under this Plan only to the extent that it is consistent with the TARP Regulations. For purposes of
this Plan, "TARP Regulations" mean regulations issued by the U.S. Department of the Treasury pursuant to the Emergency Economic Stabilization Act of
2008 ("EESA"), as amended by the American Recovery and Reinvestment Act of 2009 ("ARRA"), and applicable requirements of agreements between American International Group, Inc. ("AIG") and the
U.S. government, or any agency or instrumentality thereof, or the AIG Credit Facility Trust, as the same are in effect from time to time, and the determinations of the Special Master for TARP
Executive Compensation pursuant to EESA, as amended by ARRA.

	8.16
	Clawback Policy.    The awards granted under this Plan are subject to the
terms of the Corporation's recoupment, clawback or similar policy as it may be in effect from time to time, to repayment and clawback as required by the TARP Regulations, as well as to repayment and
clawback pursuant to any similar provisions of applicable law, any of which could in certain circumstances require repayment or forfeiture of awards or any shares of Common Stock or other cash or
property received with respect to the awards (including any value received from a disposition of the shares acquired upon payment of the awards). 

16

QuickLinks

Exhibit 10.25

ILFC HOLDINGS, INC. 2011 PERFORMANCE INCENTIVE PLAN

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