Document:

Exhibit 10.8

 

 

NON-COMPETITION, NON-SOLICITATION  AND
NON-DISCLOSURE AGREEMENT

 

 

1.          The
individual executing this agreement (the "Employee") is or will soon
be an at-will employee of American International Group, Inc. or one of its
subsidiaries (the "AIG").  As such, the Employee is free to resign
from employment at any time and for any reason.  Likewise, AIG may terminate
the Employee's employment at any time for any reason.  This Agreement is not a
guarantee of any fixed term employment.

 

2.          This
Agreement is a term and condition of the Employee's at-will employment with
AIG, and employment is conditioned upon the Employee's execution of this
Agreement.

 

3.          This
Agreement is necessary for the protection of the legitimate and protectable
business interests of AIG and its affiliates (collectively, the "AIG
Group") in their customers, customer goodwill, accounts, prospects,
employee training, and confidential and proprietary information.  The
Employee's employment requires exposure to and use of confidential business
information (as set forth in Paragraph 4). The Employee's services for and
relationship with the AIG Group and the Employee's relationship with the AIG
Group's customers and clients are of a special character, with a unique value
to the AIG Group, the loss of which cannot be adequately compensated by damages
or an action at law.

 

A.         Accordingly,
the Employee agrees that during the Employee's employment and for a period of
one (1) year after employment terminates for any reason (the "Restricted
Period"), the Employee shall not, directly or indirectly, without AIG's
written consent:

 

(i)         Hire,
solicit or encourage to cease to work with the AIG Group any employee,
consultant or agent of the AIG Group.  However, the Employee shall be allowed
to respond to an unsolicited request for an employment reference regarding any
former employee of the AIG Group by providing a reference setting forth only
the Employee's personal views about such former employee;

 

(ii)        Call
on or solicit any customer or supplier of, or consultant to, AIG that was
called on, serviced by, or contacted by the Employee in his capacity as an
employee of AIG, or that was otherwise known to the Employee solely by virtue
of the Employee's employment with AIG; provided that the foregoing shall not
apply to any customer or supplier of, or consultant to, AIG, known to Employee
prior to the date he became an employee of AIG;

 

(iii)       Engage
in any "Competitive Business" (defined below) for the Employee's own
account;

 

(iv)        Enter
the employ of, or render any services to, any person engaged in any Competitive
Business;

 

 

 

 

 

(v)         Acquire
a financial interest in any Competitive Business, directly  or indirectly, as
an individual, partner, shareholder, officer,  director, principal, agent,
trustee or consultant; or

 

(vi)        Interfere
with business relationships between the AIG Group and customers or suppliers
of, or consultants to the AIG Group.

 

B.         For
purposes of this Paragraph 3, a "Competitive Business" means, as of
any date, including during the Restricted Period, any person or entity
(including any joint venture, partnership, firm, corporation or limited
liability company) that engages in or proposes to engage in, as a material
portion of such person's business,   the following activities in any
geographical area in which the AIG Group does such business:

 

(i)         The
property and casualty insurance business, including commercial insurance,
business insurance, personal insurance and specialty insurance;

 

(ii)        The
life and accident and health insurance business;

 

(iii)       The
underwriting, reinsurance, marketing or sale of (y) any form of insurance of
any kind that the AIG Group as of such date does, or proposes to, underwrite,
reinsure, market or sell (any such form of insurance, an "AIG Insurance
Product"), or (z) any other form of insurance that is marketed or sold in
competition with any AIG Insurance Product; or

 

(iv)        Any
other business that as of such date is a direct and material competitor of one
of the AIG Group's businesses; provided that the AIG Group's business with
which such other business competes, represents at least 20% of AIG Group
revenue or net profit in the calendar year prior to the date on which Employee
proposes to engage on his own account or Employee becomes an employee of or
renders any services to the person engaged in such Competitive Business.

 

C.         Notwithstanding 
anything to the contrary in this Agreement,  the Employee may directly or
indirectly, own, solely as an investment, securities of any person engaged in
the business of the AIG Group which are publicly traded on a national or
regional stock exchange or on the over-the-counter market if the Employee (y)
is not a controlling person of, or a member of a group which controls, such
person and (z) does not, directly or indirectly, own one percent or more of any
class of securities of such person.

 

D.         The
Employee understands that the provisions of this Paragraph 3 may  limit the
Employee's ability to earn a livelihood in a business similar to the business
of any members of the AIG Group but the Employee  nevertheless agrees and
hereby acknowledges that:

 

 

 

 

 

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

 

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

 

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

 

(iv)       Such
provisions are not unduly burdensome to the Employee.  In consideration of the
foregoing and in light of the Employee's education, skills and abilities, the
Employee agrees that he shall not assert that, and it should not be considered
that, any provisions of this Paragraph 3 otherwise are void, voidable or
unenforceable or should be voided or held unenforceable.

 

E.          It
is expressly understood  and agreed that, although  the Employee and AIG
consider the restrictions contained in this Paragraph 3 to be reasonable, if a
judicial  determination is made by a court of competent jurisdiction  that the
time or territory or any other restriction contained in this Paragraph  3 or elsewhere
in this Agreement is an unenforceable  restriction against the Employee, the
provisions of the Agreement shall not be rendered void but shall be deemed
amended to apply as to such maximum  time and territory and to such maximum
extent as such court may judicially  determine or indicate to be enforceable. 
Alternatively, if any court of competent jurisdiction finds that any
restriction contained in this Agreement is unenforceable,  and such restriction
cannot be amended so as to make it enforceable, such finding shall not affect
the enforceability of any of the other restrictions contained herein.

 

4.          During
the term of employment, the Employee will have  access to and become 
acquainted  with  information  of a confidential,  proprietary  or secret
nature.   The  Employee  agrees  that  during  the  Employee's  employment  and
any time  thereafter,  all confidential,  proprietary  or  secret  information
received,  obtained  or possessed  at any time  by  the Employee  concerning or
relating  to  the  business,   financial,  operational,  marketing,  economic,
accounting,  tax or other affairs at the AIG  Group  or any client,  customer,
agent or supplier  or prospective  client,  customer,  agent  or  supplier of
the AIG  Group will be treated  by the Employee in the strictest confidence 
and will  not  be disclosed  or used  by the Employee in any manner without 
the prior written  consent of AIG or unless required  by law; provided 
however  that the foregoing shall not apply to (i) any information  known  to
Employee prior to becoming an employee of the AIG Group,  (ii) any information
that is or becomes  publicly  available  other  than  as a result  of improper 
disclosure by the Employee,  (iii) any information lawfully obtained  from a
third party who was  not under  an  obligation  of confidentiality  with 
respect  to  such information,  (iv)  any information  that  is independently 
developed  by  the Employee without use of or reference to the AIG Group
information or (v) any information that is required to be disclosed in order to
comply with any applicable law, subpoena or regulation,  or with any
requirement imposed by judicial  or administrative process or any governmental
or court order.  The 

 

 

 

 

 

Employee also
agrees that during and after the Employee's employment with the AIG Group the
Employee will not disparage the AIG Group or any of its officers, directors or
employees to any person or entity not affiliated with the AIG Group, absent the
prior written consent of AIG.  In turn, AIG will cause its senior executives to
not disparage the Employee during and after the Employee's employment with the
AIG Group.

 

5.          The
covenants contained in Paragraphs 3 and 4 of this Agreement shall be enforced
to the fullest extent permissible under the laws and public policies of each
jurisdiction in which enforcement is sought.  The Employee acknowledges that
these restrictions are reasonably  necessary for the protection of the AIG
Group.  The Employee also acknowledges that irreparable harm and damages would
result to the AIG Group if the provisions of Paragraph 3 or 4 were not complied
with and agrees that the AIG Group shall be entitled to legal, equitable or
other remedies, including, without limitation, injunctive relief and specific
performance to protect against the inevitable disclosure of the AIG Group's
confidential, proprietary or secret information, any failure to comply with the
provisions of Paragraph 3 or 4 of this Agreement, or any threatened breach of
any term of this Agreement.

 

6.          This
Agreement (together with the AIG Code of Conduct) sets forth the entire
agreement regarding the subject matter contained  in this Agreement, supersedes
any and  all prior  agreements  and understandings  regarding  this subject
matter, and may be modified only by a written agreement signed by the Employee
and AIG.  For the avoidance of doubt, and notwithstanding anything in the
American International Group, Inc. Amended  and Restated Executive Severance
Plan (the "Executive Severance Plan") to the contrary, this Agreement
shall provide the sole non-competition,  non-solicitation or similar
restrictive covenants applicable to the Employee as a condition to the
Employee's receipt of severance under the Executive Severance Plan and shall
constitute the sole non-competition,  non-solicitation  or similar restrictive
covenants applicable to the Employee for which AIG may obtain injunctive relief
or seek damages (other than forfeiture of a specific payment or award which are
contingent on complying with non-competition,  non­solicitation or similar
restrictions).  To the extent that any provision of this Agreement is
inconsistent with the Code of Conduct, this Agreement governs.  If any term of
this Agreement is rendered invalid or unenforceable, the remaining provisions
shall remain in full force and shall in no way be affected, impaired or
invalidated.   Should a court determine that any provision of this Agreement is
unreasonable, whether in period of time, geographical area, or otherwise, the
Employee agrees that such provision of the Agreement should be interpreted and
enforced to the maximum extent that such  court deems  reasonable.

 

7.          THIS
AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT
REFERENCE TO CHOICE OF LAW RULES (WHETHER OF THE STATE OF NEW YORK OR ANY OTHER
JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION
OTHER THAN THE STATE OF NEW YORK, AND THE EMPLOYEE CONSENTS TO THE EXCLUSIVE
JURISDICTION  OF THE FEDERAL AND STATE COURTS IN NEW YORK.

 

 

 

  

 

 

 

 

IN WITNESS
WHEREOF, the Employee has agreed to the terms set forth above by signing below.

 

/s/ Sid Sankaran                                                                                     Date:
11/5/2010

Sid
SankaranExhibit 10.9

 

 

July  22,
2015

 

JEFFREY  J.  HURD
 

EXECUTIVE  VICE  PRESIDENT  

HUMAN
RESOURCES 

& ADMINISTRATION 

 

175
Water  Street,  30 th  Floor 
 

New York,  NY  10038 

T: 212,770.7292 

 

Douglas  A.  Dachille 

First
Principles  Capital Management,
LLC 

140 Broadway,
21st  Floor 

New  York,
NY 10005 

 

Dear Doug: 

 

 

We  are  pleased  to  confirm  the  terms  of  your  joining  American International  Group,
Inc. (“AIG”  or the “Company”). 

 

 

•    Position.   Beginning
on the
Closing  Date  or  such earlier
date as  may  be practicable  for you,
you  will  serve  as  Executive Vice
President  and
Chief  Investment
Officer, AIG,  a  grade  30 position.    In  this  capacity,  you  will  be  a  member  of  the  AIG  Operating Committee
and report directly  to  the  Chief
Executive  Officer
of AIG,  Peter  Hancock.
  “Closing  Date”
has the meaning  provided in the  Purchase  and Sale Agreement, date
pending, among AIG  Capital Corporation and the members  of  First
Principles  Capital
Management, LLC. 

 

 

•    Location  &  Employer.   You
will be based in New  York, New York and employed
directly by AIG  (your  "Employer"). 

 

 

•    Total
Direct  Compensation.   Your initial annual  target  direct  compensation  will  be
US$7,000,000.00
as  follows: 

 

 

•    
Base  Salary.
  Your initial  base
cash salary  will
be at a  rate  of  US$1,000,000.00
per  year. 

 

 

•      Short  Term  Incentive.  Your  annual  incentive target  for 
2015 will  be  US$2,000,000.00 and will
not be pro-rated. 

 

As  a member
of the AIG  Operating  Committee,
your
Short-Term Incentive  Award will be based solely  on objective  Company  measures  and  the
performance of the  Company 
as  a whole.  To maintain  continuity  with
the American International
Group Inc. Short-Term Incentive Plan,  the Company’s  general program for  Short-Term Incentives  for  employees, which
uses  two scores 
that  are  multiplied  together  and
are calibrated  accordingly,  awards  for Operating  Committee members  are
determined using  two times
the annual Company 

 1

 

funding  score, measured against  target. 
For example, if Company  performance is 10%
above target,  awards  for the Operating  Committee  would
be 120% of  target;  conversely,
if Company  performance 
is  10% below target,
Operating  Committee  awards  would
be 80% of target. The effect is
to  appropriately  reflect
objective  Company  performance (whether positive or negative) for
Operating  Committee  members  and
bring  the revised  payout range
from 0-125% to 0-150% of target. 

 

 

For
2015, your award will vest upon grant
(in the first quarter of the
year following  the performance year)
provided  you are still
an employee of the
Company  on the grant date,  and be payable 50% in March  following  the performance year
and 50% following  the one-year anniversary  of  the
first
payment. 

 

 

Any  bonus 
or incentive compensation
paid  to you is subject to the
AIG  Clawback
Policy  as may
be amended from time
to time. 

 

 

•         
Long 
Term  Incentive.
  For
2015, a  recommendation  on  your  behalf  will
be made  to  the
Compensation  and  Management  Resources 
Committee  (CMRC)  of  the  Board  of
Directors  that,  under  the  AIG  Long  Term  Incentive  Plan
(the “LTIP”),  you  be  granted Target
Performance  Share  Units  (PSUs)  based  on  a  cash  value  of  US$4,000.000.00 for
the three-year performance  period  covering  January  2015   through  December 
2017, which  will  provide  you  the  opportunity  to  earn  shares  of  AIG  Common Stock  based  on the degree  of  AIG’s  achievement  of  its  performance  criteria,  during 
the  Performance Period. This
recommendation  and  grant
is contingent  on  your  being  an  active  employee of the  Company  on  the  date  of  CMRC  approval  of  the  grant,  and  will  be  subject 
to  the terms  and conditions  of  the  relevant  LTIP  and  the  award agreement
governing  the grant. 

 

 

Following  the performance period,
in the first quarter
of 2018, the number of
PSUs earned (from
0% to 150%) will be determined in accordance
with
the 
LTIP. Earned PSUs
will vest in three
equal installments, on January  1 of  each  2018,
2019 and 2020, and each installment will be
delivered in shares  of  AIG
Common Stock no later  than
April  2018, January  2019
and January  2020, respectively. 

 

 

Any  long  term  incentive  compensation  paid  to  you  is  subject  to  the  AIG  Clawback  Policy as may  be  amended  from  time  to  time. 

 

 

•    Benefits.
  You will be
entitled
to benefits  consistent  with senior  executives  of  AIG  and reimbursement  of  reasonable
business expenses,  in  each  case
in accordance with applicable
AIG
policies  as  in effect from
time  to time. 

 

 

•   
Paid Time Off.   Consistent  with
AIG’s  Paid
Time Off  (PTO)  policy,  you
will receive  a minimum 

 2

 

of 30 PTO  days  each
calendar
year, which will be prorated
for 2015.  Your PTO  will  accrue in accordance with
the terms  set forth
in the  AIG  Employee
Handbook  with  credit for
prior service at FPCM. 

 

 

•    Executive Severance
Plan.  You
will participate
in the Company’s  Executive Severance
Plan. 

 

 

•    Notice Period.   You  agree  that  if  you  voluntarily  resign,  you will
give six  months’ written
notice to the Company  of  your resignation, which  may  be
working  notice  or non-working  notice
at the Company’s  sole discretion  and which  notice
period  is  waivable
by the Company  at the Company’s  sole discretion. 

 

 

•    Clawback Policy.  Any  bonus,
equity or equity-based
award or other  incentive compensation
granted to you will be subject to the
AIG  Clawback  Policy  (and
any 
other AIG  clawback policies  as  may  be in effect
from time to time). 

 

 

•    Indemnification
and Cooperation.  During  and after  your employment, AIG  will indemnify  you
in your capacity  as  a director,
officer, employee or agent of
AIG  to the fullest  extent permitted
by 
applicable  law  and
AIG's  charter  and by-laws, and will
provide you with director and officer
liability  insurance 
coverage  (including 
post-termination/post-director service  tail
coverage) on the same basis  as  AIG's  other
executive  officers. AIG
agrees  to cause any
successor to all or substantially  all
of the business  or assets  (or both)
of AIG  to
assume expressly  in writing  and to agree
to perform all of the  obligations 
of  AIG  in this
paragraph. 

 

 

You agree
(whether during  or after  your  employment
with AIG) to reasonably  cooperate with
AIG  in connection with  any  litigation
or regulatory  matter or with  any 
government  authority  on
any matter, in each
case,
pertaining  to AIG  and with  respect to which you
may 
have relevant
knowledge, provided  that,  in connection with such  cooperation, AIG  will
reimburse your
reasonable  expenses  and
you shall not  be required
to 
act  against your own legal interests. 

 

 

•    Tax Matters.  Tax
will
be 
withheld  by  AIG as appropriate under
applicable tax  requirements  for
any payments  or deliveries  under
this letter.  To the  extent any
taxable expense
reimbursement or in-kind
benefits  under this
letter  is  subject to Section  409A  of  the
U.S.
Internal  Revenue Code of 1986, the amount thereof  eligible in one taxable year
shall not  affect the
amount eligible for any other taxable year, in no event shall  any  expenses  be
reimbursed after  the  last  day  of  the taxable
year  following  the
taxable year in which you
incurred such expenses  and  in no
event shall  any right to reimbursement or receipt
of in-kind benefits  be subject  to
liquidation or  exchange
for another benefit. Each
payment
under  this  letter
will 
be treated as a separate payment for
purposes  of  Section 409A. 

 

 

•    No Guarantee  of  Employment
or Target  Direct  Compensation.   This  offer
letter is not  a

 3

 

guarantee
of employment  or target direct compensation for
a fixed term. 

 

 

•    Entire Agreement.   This  offer letter
constitutes  AIG's  only  statement
relating  to
its offer of employment to you and supersedes  any  previous  communications  or representations, oral or written, from or on behalf  of  AIG  or
any 
of  its  affiliates. 

 

 

•    Miscellaneous  Representations.  You confirm  and represent  to AIG,
by 
signing this letter, that: 

(a) you are under no obligation or  arrangement
(including  any  restrictive covenants  with  any
prior employer or any other entity) that would
prevent
you 
from becoming an  employee of
AIG or that would
adversely  impact
your ability to perform the expected services  on behalf  of  AIG
other than  as  previously  disclosed
in writing  to AIG; (b) you have
not taken (or failed to return) any
confidential information
belonging  to  your prior employer or any  other entity, and, to the extent you remain in possession of
any  such information, you will never use
or  disclose such
information  to AIG  or
any of  its  employees,
agents  or affiliates;  and
(c) you
understand  and accept  all
of the terms  and  conditions  of  this  offer. 

 

 

•    Non-solicitation.  This  offer and your employment  with
AIG  are contingent on  your
entering into the enclosed
Non-Solicitation and
Non-Disclosure Agreement. 

 

 

•    Employment
Dispute Resolution.  You  are  a participant
in the Company’s  Employment
Dispute
Resolution (“EDR”) program,
which
provides  for various 
ways  to  address  work-related
disputes, including  mediation
and arbitration,  through
the American Arbitration 
Association (“AAA”). Information on  the company’s  EDR
Program is available  to employees  via the
Company  Intranet 
and  can  be made  available  to
you 
prior to your date of hire upon
request. 

 

 

•    Background Investigation.  This  offer
is contingent upon the successful
results  of  a background investigation, which may  include, but
may  not be limited
to, verification of employment, prior salary, professional
certifications, designations  or licenses,
criminal  and credit  history, and educational background. 

 4

 

We look  forward  to  having  you  as  a  member  of  AIG's  senior  leadership  team. 

 

 

Sincerely,

 

AMERICAN INTERNATIONAL
GROUP, INC. 

 

 

 

/s/ Jeffrey J.
Hurd                            

By:   Jeffrey  J.  Hurd 

Executive Vice President – Human  Resources  and  Administration 

 

 

 

I agree with and accept the foregoing terms.

 

 

 

/s/ Douglas A.
Dachille                     

Douglas A.
Dachille                                                               Date:
7/22/2015

 5

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