Document:

Exhibit 10.4

STOCKHOLDERS AGREEMENT

dated as of June 4, 2009

by and

among

AMERICAN INTERNATIONAL GROUP, INC.,

AMERICAN HOME ASSURANCE COMPANY,

and

TRANSATLANTIC HOLDINGS, INC.

TABLE OF CONTENTS

	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE I

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
 DEFINITIONS AND INTERPRETATION

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 1.1.

 	
 Definitions

 	
  

 	
 1

 
	
 Section 1.2.

 	
 Interpretation

 	
  

 	
 4

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE II

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
 VOTING AGREEMENTS

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 2.1.

 	
 Voting Agreements

 	
  

 	
 4

 
	
 Section 2.2.

 	
 Termination of
 Article II

 	
  

 	
 5

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE III

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
 STANDSTILL

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 3.1.

 	
 Acquisition of
 Common Stock

 	
  

 	
 5

 
	
 Section 3.2.

 	
 Certain
 Restrictions

 	
  

 	
 6

 
	
 Section 3.3.

 	
 Termination of
 Article III

 	
  

 	
 7

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE IV

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
 TRANSFER RESTRICTIONS

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 4.1.

 	
 General Transfer
 Restrictions

 	
  

 	
 7

 
	
 Section 4.2.

 	
 Restrictions on
 Transfer

 	
  

 	
 7

 
	
 Section 4.3.

 	
 Securities Act

 	
  

 	
 8

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE V

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
 COVENANTS AND OTHER MATTERS

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 5.1.

 	
 Other Agreements

 	
  

 	
 8

 
	
 Section 5.2.

 	
 Actions Requiring
 Consent

 	
  

 	
 8

 
	
 Section 5.3.

 	
 Indemnification

 	
  

 	
 9

 
	
 Section 5.4.

 	
 Information Rights

 	
  

 	
 9

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE VI

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
 REPRESENTATIONS AND WARRANTIES

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 6.1.

 	
 Representations
 and Warranties of AIG and AHAC

 	
  

 	
 10

 
	
 Section 6.2.

 	
 Representations
 and Warranties of the Company

 	
  

 	
 10

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE VII

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
 MISCELLANEOUS AND GENERAL

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 7.1.

 	
 Termination

 	
  

 	
 11

 

i 

	
  

 	
  

 	
  

 	
  

 
	
 Section 7.2.

 	
 Expenses

 	
  

 	
 12

 
	
 Section 7.3.

 	
 Amendment and
 Waiver

 	
  

 	
 12

 
	
 Section 7.4.

 	
 Counterparts

 	
  

 	
 12

 
	
 Section 7.5.

 	
 GOVERNING LAW AND
 VENUE; WAIVER OF JURY TRIAL

 	
  

 	
 12

 
	
 Section 7.6.

 	
 Notices

 	
  

 	
 13

 
	
 Section 7.7.

 	
 Entire Agreement

 	
  

 	
 13

 
	
 Section 7.8.

 	
 No Third Party
 Beneficiaries

 	
  

 	
 13

 
	
 Section 7.9.

 	
 Confidentiality

 	
  

 	
 13

 
	
 Section 7.10.

 	
 Severability

 	
  

 	
 13

 
	
 Section 7.11.

 	
 Specific
 Performance; No Special Damages

 	
  

 	
 14

 
	
 Section 7.12.

 	
 Assignment

 	
  

 	
 14

 
	
 Section 7.13.

 	
 Effective Time

 	
  

 	
 14

 

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

Schedule 6.2(c) Consents and Approvals of the Company

ii

STOCKHOLDERS AGREEMENT

                    STOCKHOLDERS
AGREEMENT, dated as of June 4, 2009 (this “Agreement”), by and between
TRANSATLANTIC HOLDINGS, INC., a Delaware corporation (the “Company”),
AMERICAN INTERNATIONAL GROUP, INC., a Delaware corporation (“AIG”), and
AMERICAN HOME ASSURANCE COMPANY, a New York domiciled insurance company (“AHAC”,
and together with AIG, “Stockholder”). 

RECITALS

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

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

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

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

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

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

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

ARTICLE I

DEFINITIONS AND INTERPRETATION

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

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

                    “Agreement”
is defined in the Preamble.

                    “AHAC”
is defined in the Preamble.

                    “AHAC
Shares” is defined in the Recitals.

                    “AIG”
is defined in the Preamble. 

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

                    “AIG
Shares” is defined in the Recitals.

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

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

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

                    “Change
of Control” shall mean the occurrence of any of the following events: (i)
Stockholder and its Affiliates become the Beneficial Owners of more than 50% of
the outstanding Voting Stock; (ii) a merger or consolidation of the Company
with or into another Person or the merger or consolidation of another Person
into the Company, as a result of which transaction or series of related
transactions Stockholder and its Affiliates become the Beneficial Owners of
more than 50% of the Voting Stock outstanding immediately after such
transaction or transactions; or (iii) the consummation of the sale, transfer,
lease or other disposition (but not including a transfer, lease or other
disposition by pledge or mortgage to a bona fide Lender) of all or
substantially all of the assets of the Company and the Company Subsidiaries to
Stockholder or its Affiliates. For the avoidance of doubt, Stockholder’s
Beneficial Ownership of more than 50% of the outstanding Voting Stock prior to
the date hereof shall not be considered a “Change of Control” for purposes of
this definition. 

                    “Common
Stock” is defined in the Recitals. 

                    “Company”
is defined in the Preamble. 

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

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

                    “Director”
means any member of the Board. 

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

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

2

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

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

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

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

                    “Independent
Director” means any Director who without regard to whether the Company is
listed on the NYSE, is or would be an “independent director” with respect to
the Company pursuant to Section 303A.02 of the New York Stock Exchange Listed
Company Manual (or any successor provision thereof that is no less stringent
than such section as in effect on the date hereof). 

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

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

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

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

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

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

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

                    “Separation
Agreement” is defined in the Recitals.  

                    “Shares” is defined in the Recitals.

                    “Stockholder” is defined in the Preamble.

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

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

3

                    “Transfer”
means, directly or indirectly, to sell, transfer, assign, pledge, encumber,
hypothecate or similarly dispose of (by operation of law or otherwise), either
voluntarily or involuntarily, or to enter into any contract, option or other
arrangement or understanding with respect to the sale, transfer, assignment,
pledge, encumbrance, hypothecation or similar disposition of (by operation of
law or otherwise), any Shares or any interest in any Shares; provided, however,
that a merger or consolidation in which Stockholder or any of its Affiliates is
a constituent corporation shall not be deemed to be the Transfer of any Shares
Beneficially Owned by such Person (provided that a purpose of any such
transaction is not to avoid the provisions of this Agreement and that the
successor or surviving Person to such merger or consolidation, if not
Stockholder or such Affiliate, expressly assumes all obligations of Stockholder
or such Affiliate, as the case may be, under this Agreement).  

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

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

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

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

ARTICLE II

VOTING AGREEMENTS

                    Section
2.1. Voting Agreements. (a) Stockholder shall vote at every duly called
annual or special meeting of stockholders of the Company, and at every
postponement or adjournment thereof, or act by written consent for all of the
Shares Beneficially Owned by it entitled to vote thereat: (i) in the manner
recommended by the Board with respect to the election of any Director nominee
or removal of any existing Director of the Board; and (ii) in favor of each
matter required to effectuate any provision of this Agreement. Notwithstanding
the foregoing, if Stockholder Beneficially Owns more than 

4

30% of the outstanding Common Stock, Stockholder shall vote the number
of shares Beneficially Owned by it in excess of 30% of the outstanding Common
Stock in a manner proportionate to the holders of the Common Stock (other than
Stockholder, stockholders of the Company Beneficially Owning more than 10% of
the outstanding Common Stock and directors and officers of the Company) voting
on such matter in connection with any election of any Director nominee or
removal of any existing Director of the Board. 

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

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

ARTICLE III

STANDSTILL

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

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

5

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

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

	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
                     (ii) 
(A) propose or seek to effect a Change of Control of the Company by way of
merger, consolidation, recapitalization, reorganization, sale, lease,
exchange, pledge or other disposition of substantially all assets of the
Company and the Company Subsidiaries or other business combination involving,
or a tender or exchange offer for securities of, the Company or any of the
Company Subsidiaries or any material portion of the business or assets of the
Company or any of the Company Subsidiaries or any other type of transaction
that would otherwise result in a Change of Control of the Company (any such
action described in this clause (A), a “Company Transaction Proposal”), (B)
seek to exercise any control or influence over the management of the Company
or the Board or any of the businesses, operations or policies of the Company
or (C) present to the Company’s stockholders or any third party any proposal
constituting or that can reasonably be expected to result in a Company
Transaction Proposal;  

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

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

 

6

                    (b)

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

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

ARTICLE IV

TRANSFER RESTRICTIONS

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

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

	
 

	
 

	
 

	
                    (i)

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

	
 

	
 

	
 

	
                    (ii)

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

7

	
 

	
 

	
 

	
                    (iii)

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

                    (b)

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

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

                    (b)

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

ARTICLE V

COVENANTS AND OTHER MATTERS

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

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

                    (a)

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

8

                    (b)

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

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

	
 

	
 

	
 

	
                    (i)

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

	
 

	
 

	
 

	
                    (ii)

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

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

	
 

	
 

	
 

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

	
 

	
 

	
 

	
                    (ii)

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

                    (c)

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

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

                    Section
5.4. Information Rights.
The Company will deliver to an officer designated by Stockholder copies of all
materials and other information sent to the Board (and any committee thereof)
of the Company and to the board of directors of any Company Subsidiary (and any
committee thereof) at the same time as such materials are sent to the Directors
of the Company and the directors of any Company Subsidiary, or any of their
respective committees, in their respective capacities as directors of the
Company or any Company Subsidiary, except as prohibited by applicable Law; provided
that any such information shall be subject to the terms of Section 3.17 of the
Separation Agreement as if the Company or a Company Subsidiary provided such
information directly to Stockholder or any of its Affiliates. Notwithstanding
the foregoing, Stockholder shall not be entitled to any information (1) that is
sent to the Board of the Company (or any committee thereof) or the board of
directors of any Company Subsidiary (or any committee thereof) relating to any
matter or transaction to which Stockholder is a party or otherwise “interested”
and (2) that is sent solely to a committee thereof required by Law,
Self-Regulatory Organization or advice of counsel to be comprised solely of
Independent Directors. 

9

ARTICLE VI

REPRESENTATIONS AND WARRANTIES

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

                    (a)

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

                    (b)

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

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

                    (d)

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

                    (e)

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

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

10

                    (a)

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

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

                    (c)

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

                    (d)

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

                    (e)

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

ARTICLE VII

MISCELLANEOUS AND GENERAL

                    Section
7.1. Termination. This
Agreement shall terminate, except for this Article VII and Section
5.3, which shall survive such termination, upon the earlier of: (i) the
date the Shares Beneficially Owned by Stockholder cease to constitute at least
10% of the outstanding Common Stock or 

11

(ii) written consent of the parties hereto (the “Termination Date”).
For the avoidance of doubt, after the Termination Date no party shall have any
liability of any kind to any other party under this Agreement, except with
respect to Section 5.3. 

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

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

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

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

	
 

	
 

	
 

	
                    (i)

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

	
 

	
 

	
 

	
                    (ii)

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

	
 

	
 

	
 

	
                    (iii) 
 consents that any such Action may and shall be brought in such court and
 waives any objection that it may now or hereafter have to the venue or
 jurisdiction of any such Action in such court or that such court is an
 inconvenient forum for the Action and agrees not to assert, plead or claim
 the same; 

12

	
 

	
 

	
 

	
                    (iv)

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

	
 

	
 

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

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

                    (b)

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

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

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

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

                    Section
7.9. Confidentiality.
Stockholder agrees that any information provided to it hereunder is
confidential and shall only be disclosed by it to any other Person in
accordance with Section 3.17 of the Separation Agreement. 

                    Section
7.10. Severability. The
provisions of this Agreement shall be deemed severable and the invalidity,
illegality or unenforceability of any provision hereto shall not affect the
validity, legality or enforceability of the other provisions hereof. If any
provision of this Agreement, or the application thereof to any Person or any
circumstance, is invalid, illegal or unenforceable, all other conditions and
provisions of this Agreement shall nevertheless remain in full force and effect
so long as 

13

the economic or legal substance of the transactions contemplated by
this Agreement is not affected in any manner materially adverse to any party
hereto. Upon such determination that any term or other provision is invalid,
illegal or incapable of being enforced, the parties hereto shall negotiate in
good faith to modify this Agreement so as to effect the original intent of the
parties hereto as closely as possible in a mutually acceptable manner in order
that the transactions contemplated by this Agreement be consummated as
originally contemplated to the greatest extent possible. 

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

                    (b)

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

                    Section
7.12. Assignment. (a)
Neither this Agreement nor any of the rights or obligations of any party under
this Agreement shall be assigned, in whole or in part (by operation of law or
otherwise), by any party without the prior written consent of the other parties
hereto except as and to the extent expressly provided for in this Agreement; provided,
however, that no such assignment shall release the Company or
Stockholder from any liability or obligation under this Agreement. Any
attempted assignment in violation of this Section 7.12 shall be void.
Subject to the foregoing, this Agreement shall bind and inure to the benefit of
and be enforceable by the parties hereto and their respective successors and
permitted assigns. 

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

[Next page is the signature page.]

14

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

	
 

	
 

	
 

	
 

	
 

	
AMERICAN INTERNATIONAL
 GROUP, INC.

	
 

	
 

	
 

	
 

	
 

	
By 

	
/s/ Philip M.
 Jacobs

	
 

	
 

	

	
 

	
 

	
Name:

	
Philip M. Jacobs

	
 

	
 

	
Title:

	
Senior Vice
 President – Divestitures

	
 

	
 

	
 

	
 

	
 

	
AMERICAN HOME
 ASSURANCE COMPANY

	
 

	
 

	
 

	
 

	
 

	
By

	
/s/ Robert S. H.
 Schimek

	
 

	
 

	

	
 

	
 

	
Name:

	
Robert S. H.
 Schimek

	
 

	
 

	
Title:

	
Chief Financial
 Officer, Senior

	
 

	
 

	
 

	
Vice President and
 Treasurer

	
 

	
 

	
 

	
 

	
 

	
TRANSATLANTIC
 HOLDINGS, INC.

	
 

	
 

	
 

	
 

	
 

	
By

	
/s/ Robert F.
 Orlich

	
 

	
 

	

	
 

	
 

	
Name:

	
Robert F. Orlich

	
 

	
 

	
Title:

	
Chairman,
 President and Chief

	
 

	
 

	
 

	
Executive OfficerExhibit 10.5

	
 

REGISTRATION
RIGHTS AGREEMENT

by and among

Transatlantic
Holdings, Inc.,

American
International Group, Inc.

and

American
Home Assurance Company

Dated as of
June 4, 2009

	
 

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
W I T N E S S E T H:

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
1.

	
Definitions

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

	
          Agreement:
 As defined in the Preamble.

	
 

	
 

	
 

	
 

	
 

	
          AHA:
 As defined in the Preamble.

	
 

	
 

	
 

	
 

	
 

	
          AIG:
 As defined in the Preamble.

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

	
          Board:
 Means the Board of Directors of the Company.

	
 

	
 

	
 

	
 

	
 

	
          Code:
 The United States Internal Revenue Code of 1986

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

	
          Company:
 As defined in the Preamble.

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

	
          FRBNY:
 The Federal Reserve Bank of New York.

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

	
          IRS:
 The U.S. Internal Revenue Service.

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

	
          Registration
 Expenses: As defined in Section 5 hereof.

	
 

	
 

	
 

	
 

	
 

	
          Registration
 Statement: Means either (a) a shelf registration statement filed by
 the Company under the Securities Act permitting resales of the Registrable
 Securities on a delayed or continuous basis pursuant to the provisions of
 Section 2(a)(i) of this Agreement, or (b) in the

2

	
 

	
 

	
 

	
 

	
 

	
circumstances contemplated by Section 2(a)(ii), a
 registration statement filed by the Company under the Securities Act meeting
 the requirements of Section 2(a)(ii), and in either case including the
 Prospectus contained therein, any amendments and supplements to such
 Registration Statement, including post-effective amendments, and all exhibits
 and all material incorporated by reference in such Registration Statement;
 provided that, in any such case if the Registration Statement includes a plan
 of distribution, such plan of distribution must be approved by AIG.

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

	
          SEC:
 The Securities and Exchange Commission.

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

	
          Separation
 Agreement: As defined in the Recitals.

	
 

	
 

	
 

	
 

	
 

	
          Subsidiary:
 Means, with respect to any Person, any corporation, general or limited
 partnership, joint venture, limited liability company, limited liability
 partnership or other Person that is a legal entity, trust or estate of which
 (or in which) (a) the issued and outstanding capital stock having ordinary
 voting power to elect a majority of the board of directors (or a majority of
 another body performing similar functions) of such corporation or other
 Person (irrespective of whether at the time capital stock of any other class
 or classes of such corporation or other Person shall or might have voting
 power upon the occurrence of any contingency), (b) more than 50% of the
 interest in the capital or profits of such partnership, joint venture or
 limited liability company or (c) more than 50% of the beneficial interest in
 such trust or estate, is at the time of determination directly or indirectly
 beneficially owned or controlled by such Person.

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
2.

	
Filing of Registration Statements

	
 

	
 

	
 

	
 

	
 

	
(a) Demand Registration. 

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

	
            (ii) If the Company is no
longer eligible to use a
 shelf Registration Statement, the Company agrees within 30 days of a Holder’s
 written request to register the resale of a specified amount of the
 Registrable Securities (which shall represent at least 5% of the outstanding
 Common Stock) under the Securities Act, the Company will file a Registration
 Statement, on an 

3

	
 

	
 

	
 

	
 

	
 

	
appropriate form, to register the resale of such
 Registrable Securities, which Registration Statement will (if specified in
 the Holder’s notice) contemplate the ability of the Holders to effect an
 underwritten offering, and will use its reasonable efforts to cause such
 Registration Statement to become or be declared effective, and to file such
 supplements or amendments to such Registration Statement as may be necessary
 or appropriate in order to keep such Registration Statement effective and
 useable, for the resale of Registrable Securities under the Securities Act,
 through the completion of the offering thereof.

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
            (c) Undertaking to be
Bound by
 this Agreement. Each Holder which is not an original party to this
 Agreement and whose Registrable Securities are included in a Registration
 Statement filed with 

4

	
 

	
 

	
 

	
 

	
the SEC pursuant to this Section 2 shall be deemed without
 any further action to be a party to this Agreement with all rights and
 obligations of a Holder hereunder and if requested by the Company, shall
 execute and deliver an undertaking in form and substance reasonably
 satisfactory to the Company whereby such Holder agrees to be bound by the
 terms and provisions of this Agreement.

	
 

	
 

	
 

	
 

	
3.

	
Restrictions on Public Sale by the
 Company and Others

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
4.

	
Registration Procedures

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

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

5

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

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

6

	
 

	
 

	
 

	
 

	
of the Registrable Securities to be sold in such offering;
 and make all required filings of such prospectus supplement or post-effective
 amendment promptly upon notice of the matters to be incorporated in such
 prospectus supplement or post-effective amendment;

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
            (m) enter into such customary
 agreements (including a customary underwriting agreement with the underwriter
 or underwriters, if any) and take all such other actions in connection
 therewith in order to expedite or facilitate the disposition of such
 Registrable Securities and in such connection, 

7

whether or not an underwriting agreement is entered into and whether or
not the Registrable Securities are to be sold in an underwritten offering: 

	
 

	
 

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

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

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

          (n) make available for
inspection by a
representative or representatives of AIG or the selling Holders, any
underwriter participating in any disposition pursuant to a Registration
Statement, and any attorney or accountant retained by AIG or such selling
Holders or underwriter, all financial and other records, pertinent corporate
documents and properties of the Company, and cause the Company’s officers,
directors and employees to supply all information reasonably requested by any
such representative, underwriter, attorney or accountant in connection with
such Registration Statement; provided that AIG shall not, and shall
cause its Affiliates and representatives having access to information of the
Company that is either oral or in writing and that is confidential or
proprietary (“Confidential Information”) not to, disclose any
Confidential Information; provided, however, that AIG may
disclose Confidential Information to the extent permitted by applicable Law:
(i) to its representatives on a need-to-know basis in connection with the
exercise of rights or the performance of obligations under this Agreement,
provided that such representatives are informed of the confidential nature of
such information and made aware of the provisions of this 4(n); (ii) to the
extent reasonably necessary in connection with any action or in any dispute
with respect to this Agreement; (iii) to the extent such information is
required 

8

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

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

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

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

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

The Company may require each selling Holder as to which any
registration is being effected to furnish to the Company such information
regarding the distribution of such securities as the Company may from 

9

time to time reasonably request in writing and as shall be required by
law or by the SEC in connection with any registration. 

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

	
 

	
 

	
5.

	
Registration
 Expenses 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

	
          (ii) fees and expenses of
compliance with securities or
 “Blue Sky” laws (including reasonable fees and disbursements of one counsel
 for the selling Holders and underwriter or underwriters in connection with
 the registration or qualification of the Registrable Securities under
 applicable state securities laws and determination of their eligibility for
 investment under the laws of such jurisdictions as AIG, the managing
 underwriter or underwriters or the Holders of Registrable Securities being
 sold may designate); 

	
 

	
 

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

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

will be borne by the Company, whether or not the Registration Statement
becomes effective. In connection with any subsequent underwritten offering
effected by the Holders pursuant hereto, all such out-of-pocket expenses
reasonably incurred by the Company shall be borne by the Holders, in proportion

10

to the shares sold by each of them in such offering. The Company will,
in any event, pay its internal expenses (including, without limitation, all
salaries and expenses of its officers and employees performing legal or
accounting duties), the expense of any annual audit and the fees and expenses
of any Person, including special experts, retained by the Company. 

	
 

	
 

	
6.

	
Indemnification
 

          (a) Indemnification by
Company. 

	
 

	
 

	
 

	
          (i) The Company agrees to
indemnify and hold harmless
 each Holder, each underwriter with respect to Registrable Securities and each
 of their respective officers, directors, employees and agents and each Person
 who controls such Holder or underwriter within the meaning of either Section
 15 of the Securities Act or Section 20 of the Exchange Act (each such Person
 being sometimes hereinafter referred to as an “Indemnified Person”) from and
 against any and all losses, claims, damages and liabilities caused by any
 untrue statement or alleged untrue statement of a material fact contained in
 any Registration Statement, preliminary prospectus or Prospectus, including
 any amendment or supplement thereto, or caused by any omission or alleged
 omission to state therein a material fact required to be stated therein or necessary
 to make the statements therein not misleading, except insofar as such losses,
 claims, damages or liabilities relate to any untrue statement or omission or
 alleged untrue statement or omission based upon information furnished in
 writing to the Company by any Holder or underwriter expressly for use
 therein. 

	
 

	
 

	
 

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

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

          (c) Proceedings.

	
 

	
 

	
 

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

11

	
 

	
 

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

	
(d) Contribution. 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
          (ii) The Company and the
Holders agree that it would
 not be just and equitable if contribution pursuant to this Section 6 were
 determined by pro rata allocation (even if the Holders or the underwriters
 were treated as one entity for such purpose) or by any other method of
 allocation that does not take account of the equitable considerations
 referred to in the immediately preceding paragraph. The amount paid or
 payable by an Indemnified Party as a result of the losses, claims, damages
 and liabilities referred to in the immediately preceding paragraph shall be
 deemed to include any legal or other expenses reasonably incurred by such
 Indemnified Party in connection with investigating or defending any such
 action or claim. 

12

	
 

	
 

	
 

	
Notwithstanding
 the provisions of this Section, no Holder or underwriter, selling broker,
 dealer or similar securities professional shall be required to contribute any
 amount in excess of the amount by which (a) in the case of any Holder, the
 net proceeds received by such Holder from the sale of Registrable Securities
 or (b) in the case of an underwriter, selling broker, dealer or similar
 securities professional, the total price at which the Registrable Securities
 purchased by it and distributed to the public were offered to the public
 exceeds, in any such case, the amount of any damages that the Holders or such
 underwriter, selling broker, dealer or similar securities professional has
 otherwise been required to pay by reason of such untrue or alleged untrue
 statement or omission or alleged omission. No Person guilty of fraudulent
 misrepresentation (within the meaning of Section 11(f) of the Securities Act)
 shall be entitled to contribution from any Person who was not guilty of such
 fraudulent misrepresentation. The obligations to contribute pursuant to this
 Section 6 of the Indemnified Persons are several and not joint. 

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

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

	
 

	
 

	
7.

	
Rule
 144 

	
 

	
 

	
 

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

	
 

	
 

	
8.

	
Miscellaneous
 

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

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

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

13

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

	
 

	
 

	
 

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

	
 

	
 

	
 

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

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

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

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

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

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

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

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

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

14

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

	
 

	
 

	
 

	
 

	
 

	
TRANSATLANTIC
 HOLDINGS, INC.

	
 

	
 

	
 

	
 

	
 

	
By:

	
  /s/
 Robert F. Orlich

	
 

	
 

	

	
 

	
 

	
Name:

	
Robert F. Orlich

	
 

	
 

	
Title:

	
Chairman,
 President and Chief

	
 

	
 

	
 

	
Executive Officer

	
 

	
 

	
 

	
 

	
 

	
AMERICAN
 INTERNATIONAL GROUP, INC.

	
 

	
 

	
 

	
 

	
 

	
By:

	
  /s/
 Philip M. Jacobs

	
 

	
 

	

	
 

	
 

	
Name:

	
Philip M. Jacobs

	
 

	
 

	
Title:

	
Senior Vice
 President – Divestitures

	
 

	
 

	
 

	
 

	
 

	
AMERICAN HOME
 ASSURANCE COMPANY

	
 

	
 

	
 

	
 

	
 

	
By:

	
  /s/
 Robert S. H. Schimek

	
 

	
 

	

	
 

	
 

	
Name:

	
Robert S. H.
 Schimek

	
 

	
 

	
Title:

	
Chief Financial
 Officer, Senior

	
 

	
 

	
 

	
Vice President and
 Treasurer

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