Document:

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AMERICAN
INTERNATIONAL GROUP, INC. 

2013 OMNIBUS INCENTIVE PLAN NON-EMPLOYEE DIRECTOR 

DEFERRED STOCK UNITS AWARD AGREEMENT

 

This award agreement (this “Award Agreement”)
sets forth the terms and conditions of an award (this “Award”) of
deferred stock units (“DSUs”) in the amount and number set forth
on Schedule A hereto (as amended or updated from time to time) granted to you
under the American International Group, Inc. 2013 Omnibus Incentive Plan (as
amended and restated from time to time, the “Plan”). 

 

1.              
The
Plan. 
This Award is made pursuant to the Plan, the terms of which are incorporated in
this Award Agreement.  Capitalized terms used in this Award Agreement which are
not defined in this Award Agreement have the meanings as used or defined in the
Plan.

 

2.              
Award.  The number of DSUs
set forth on Schedule A hereto are subject to this Award Agreement.  The number
of DSUs on Schedule A shall be determined by dividing the dollar amount of the
Award (as set forth therein) by the closing sale price of Common Stock as
reported by the New York Stock Exchange on the date of grant of such Award,
without giving effect to extended or after hours trading, or, if the Common
Stock is not traded on the New York Stock Exchange on the date of grant, by the
Fair Market Value.  Each DSU constitutes an unfunded and unsecured promise of
AIG to deliver (or cause to be delivered) to you, subject to the terms of this
Award Agreement, one share of Common Stock (a “Share” or “Shares” as the context
requires) (or securities or other property equal to the Fair Market Value
thereof) on the Payment Date as provided herein.  Until such delivery, you have
only the rights of a general unsecured creditor and no rights as a shareholder
of AIG.  In the event the calculation of the number of DSUs subject to this
Award Agreement results in fractional shares, the number of Shares shall be
rounded down to the next whole Share.  THIS AWARD IS SUBJECT TO ALL TERMS,
CONDITIONS AND PROVISIONS OF THE PLAN AND THIS AWARD AGREEMENT.

 

3.              
Payout. 

 

(a)               
In
General. 
Except as provided below in this Paragraph 3 and Paragraph 6, the Shares
underlying the DSUs shall be paid on or promptly after the last Trading Day of
the month in which you cease to provide services to the Company (the “Payment
Date”), but no later than 90 days after you cease to provide services
to the Company.  Subject to the Plan, AIG may deliver securities or other
property based on the Fair Market Value in lieu of all or any portion of the
Shares otherwise deliverable on the Payment Date.  You shall be the beneficial
owner of any Shares at the close of business on the Payment Date and shall be
entitled to any dividend or distribution that has not already been made with
respect to such Shares if the record date for such dividend or distribution is on
or after the close of business on the Payment Date.  “Trading Day” means a day on
which the Common Stock trades regular way on the New York Stock Exchange or, if
the Common Stock is not then listed on the New York Stock Exchange, on the
principal national or regional securities exchange on which the Common Stock 

 

 

 

 

 

is then listed or, if the Common Stock is not
then listed on a national or regional securities exchange, on the principal
other market on which the Common Stock is then traded.

 

(b)              
Death.  Notwithstanding
any other term or provision of this Award Agreement, if you die prior to the
Payment Date, the Shares (or securities or other property in lieu of all or any
portion thereof) corresponding to your outstanding DSUs shall be paid to the
most recent beneficiary designated in writing by you to the Vice President –
Corporate Governance or, in the absence of such a designation, to the
representative of your estate promptly after your death (but no later than
90 days after your death).

 

(c)               
Delay
of Payment. 
The Board may, in its sole discretion, determine to defer payment of DSUs or
permit you to elect to defer payment of DSUs, in each case in a manner that
conforms to the requirements of Section 409(a)(4) of the Code.

 

4.              
Dividend
Equivalent Rights. 
On the last day of each calendar quarter before the payout of Shares (or
securities or other property in lieu thereof) pursuant to this Award Agreement,
you shall be paid an amount in incremental DSUs equal to any regular cash
dividend payment that would have been distributed during such quarter in
respect of the Shares (or securities or other property in lieu thereof) not yet
delivered.  The number of incremental DSUs awarded under this Paragraph 4 shall
be based upon the closing sale price of a Share as reported by the New York
Stock Exchange on the first day of the quarter succeeding the dividend payment
date or, if the Common Stock is not then listed on the New York Stock Exchange,
the Fair Market Value.  In the event the calculation of the number of
incremental DSUs to be awarded results in fractional DSUs (after taking into
account all DSUs to be awarded to you in respect of such date), the number of
incremental DSUs to be awarded shall be rounded down to the next whole number
of DSUs.  Incremental DSUs shall be DSUs subject to this Award Agreement, and
payout of Shares (or securities or other property in lieu thereof) underlying
incremental DSUs shall be made at the same time as for other DSUs in accordance
with Paragraph 3.  In the event that a regular cash dividend payment is paid
during the calendar quarter in which you cease to provide services to the
Company (but prior to the date on which you cease to provide services to the
Company), you shall be entitled to receive an amount in cash equal to the
actual dividend paid for that quarter in respect of the Shares not yet
delivered, payment of which also shall be made at the same time as for DSUs in
accordance with Paragraph 3.

 

5.              
Non-transferability.  Except as may
otherwise be provided in this Paragraph or as otherwise may be provided by the
Board, the limitations set forth in Section 4.6 of the Plan shall apply.  Any
assignment in violation of the provisions of this Paragraph 5 shall be void. 
The Board may adopt procedures pursuant to which you may transfer some or all
of your DSUs through a gift for no consideration to any child, stepchild,
grandchild, parent, stepparent, grandparent, spouse, sibling, niece, nephew,
mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or
sister-in-law, including adoptive relationships, any person sharing the
recipient’s household (other than a tenant or employee), a trust in which these
persons have more than 50% of the beneficial interest, and any other entity in
which these persons (or the recipient) own more than 50% of the voting
interests.

 

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6.              
Withholding,
Consents and Legends. 

 

(a)               
The
delivery of Shares is conditioned on your satisfaction of any applicable
withholding taxes in accordance with Section 4.2 of the Plan.

 

(b)              
Your
rights in respect of the DSUs are conditioned on the receipt to the full
satisfaction of the Board of any required Consents (as defined in Section 4.3
of the Plan) that the Board may determine to be necessary or advisable; provided 
that if such Consent has not been so effected or obtained as of the latest date
provided by this Award Agreement for the delivery of Shares (or securities or
other property) in respect of any DSUs and further delay of delivery is not
permitted in accordance with the requirements of Section 409A, such DSUs will
be forfeited and terminate notwithstanding any prior vesting.

 

(c)               
AIG
may affix to Certificates representing Shares issued pursuant to this Award
Agreement any legend that the Board determines to be necessary or advisable. 
AIG may advise the transfer agent to place a stop order against any legended
Shares.

 

7.              
Section
409A.
 

 

(a)               
DSUs
awarded under this Award Agreement are intended to be “deferred compensation”
subject to Section 409A of the Code, including any amendments or successor
provisions to that section, and any regulations and other administrative
guidance thereunder, in each case as they may be from time to time amended or
interpreted through further administrative guidance (“Section 409A”),
and this Award Agreement is intended to, and shall be interpreted, administered
and construed to, comply with Section 409A with respect to the DSUs.  The Board
shall have full authority to give effect to the intent of this Paragraph 7(a). 
To the extent necessary to give effect to this intent, in the case of any
conflict or potential inconsistency between the provisions of this Award
Agreement and the provisions of the Plan, the Plan shall govern.

 

(b)              
Without
limiting the generality of Paragraph 7(a), (i) references to your ceasing to
provide services to the Company with respect to the DSUs shall mean your
separation from service with the Company within the meaning of Section 409A
(which, unless inconsistent with the foregoing, will mean your ceasing to be a
director of the Board), and (ii) the right to payment of dividend equivalents
pursuant to Paragraph 4 shall be treated separately from the right to payment
of the Shares underlying the DSUs for all purposes of Section 409A.

 

(c)               
Any
payment to be made under the DSUs in connection with termination of your
Employment (and any other payment under the Plan) that would be subject to the
limitations in Section 409A(a)(2)(b) of the Code shall be delayed until six
months after termination of your Employment (or earlier death) in accordance
with the requirements of Section 409A.

 

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(d)              
To
the extent necessary to comply with Paragraph 7(a), any securities or other
property that the Company may deliver in respect of the DSUs shall not have the
effect of deferring delivery or payment beyond the date on which such delivery
or payment would occur with respect to the Shares that would otherwise have
been deliverable (unless the Committee elects a later date for this purpose in
accordance with Paragraph 3(c)).

 

(e)              
Each payment under the DSUs (including an
award of incremental DSUs pursuant to Paragraph 4) shall be treated as a
separate payment for purposes of Section 409A.

 

 

8.              
Successors
and Assigns of AIG. 
The terms and conditions of this Award Agreement shall be binding upon and
shall inure to the benefit of AIG and its successors and assigns.

 

9.              
Amendment.  The Board reserves
the right at any time to amend the terms and conditions set forth in this Award
Agreement in any respect in accordance with Section 1.3 of the Plan, and the
Board may amend the Plan in any respect in accordance with Section 4.1 of the
Plan.  Notwithstanding the foregoing and Sections 1.3 and 4.1 of the Plan, no
such amendment shall materially adversely affect your rights and obligations
under this Award Agreement without your consent (or the consent of your estate,
if such consent is obtained after your death), and the Board may not accelerate
or postpone the payout of the Shares (or securities or other property in lieu
of any or all of the Shares) to occur at a time other than the applicable time
provided for in this Award Agreement.  Any amendment of this Award Agreement
shall be in writing signed by an authorized member of the Board or any other
person or persons authorized by the Board.

 

10.          
Governing
Law. 
THIS AWARD SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS.

 

11.          
Headings.  The headings in
this Award Agreement are for the purpose of convenience only and are not
intended to define or limit the construction of the provisions hereof.

 

 

 

 

 

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            IN
WITNESS WHEREOF, AIG and you have caused this Award Agreement to be duly
executed and delivered. 

 

	
   

  	
  AMERICAN
  INTERNATIONAL GROUP, INC.

   

   

  
	
   

  	
  By:  

  	
                                                                     

  
	
   

  	
   

  	
  Name:  Eric N.
  Litzky

  
	
   

   

  	
   

  	
  Title:    Vice
  President

  

 

	
  Recipient: 

  	
  
   

  

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	

   

  

  	
   

  
	
   

  	
   

  	
   

  
	 	 	 	 	 

 

	
   

  Accepted and
  Agreed:

  
	
   

   

  By:_____________________________

  
	
   

  

 

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Schedule
A

 

	
  Schedule of Awards

  
	
   

  
	
  Date of Award

  	
  Award Amount

  	
  Number of DSUs[1]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

	
   

  	
   

  

[1]   
Determined by dividing the dollar amount listed in the applicable “Award
Amount” column by the closing sale price of Common Stock on the New York Stock Exchange
on the date of grant of such Award (or if the Common Stock is not traded on the
New York Stock Exchange on the date of grant, by the Fair Market Value) rounded
down to the nearest whole DSU.Exhibit

Exhibit 10.8

SUBSEQUENT DEFERRAL ELECTION UNDER THE
TAUBMAN REALTY GROUP LIMITED PARTNERSHIP
AND THE TAUBMAN COMPANY LLC ELECTION AND
OPTION DEFERRAL AGREEMENT

A.    Robert S. Taubman (the "Executive"), The Taubman Realty Group Limited Partnership, a Delaware limited partnership ("TRG"), and The Taubman Company LLC, a Delaware limited liability company (the "Manager"), previously entered into an amended and restated Option Deferral Agreement, dated January 27, 2011 (the "Agreement").

B.    Paragraph 3 of the Agreement currently provides for the payment of the amounts credited to Executive's Deferred Compensation Account:

i.  to commence on the earlier of (a) Executive's separation from service, as defined under Section 409A of the Internal Revenue Code of 1986, as amended, or (b) December 1, 2017 (the "Scheduled Payment Commencement Date"); and

ii.  the payment to be made in equal annual installments over a ten-year period, i.e., each annual installment will be equal to 1/10th of the number of Notional Units in Executive's Deferred Compensation Account on the initial payment commencement date.

The payment pursuant to the Scheduled Payment Commencement Date only and the associated payment form in paragraph B.ii. above are the "Existing Deferral Election."

C.    As permitted by paragraph 8 of the Agreement and Treasury Regulations Section 1.409A-2(b)(1), and with TRG's and the Manager's consent, Executive elects to defer the scheduled payment of the amounts credited to his Deferred Compensation Account under the Existing Deferral Election as follows:

i.  the Schedule Payment Commencement Date is changed to December 1, 2022; and

ii.  the payment shall be made in equal annual installments over a five-year period, i.e., each annual installment will be equal to 1/5th of the number of Notional Units in Executive's Deferred Compensation Account on the initial payment commencement date.

The revised election in this paragraph C. is the "Subsequent Deferral Election."

D.    As required by paragraph 8(a) of the Agreement, and by Treasury Regulations Section 1.409A-2(b)(1)(i), the Subsequent Deferral Election shall take effect on December 1, 2017, which date is at least 12 months after the Election Date (as defined below).

E.    As required by paragraph 8(b) of the Agreement, and by Treasury Regulations Section 1.409A-2(b)(1)(ii), the payment with respect to which the Subsequent Deferral Election is made is being deferred for at least five years from the date the first installment payment was scheduled to be paid under the existing terms of the Agreement.

F.    As required by paragraph 8(c) of the Agreement, and by Treasury Regulations Section 1.409A-2(b)(1)(iii), Executive makes the Subsequent Deferral Election on the Election Date (as defined below), and the Election Date is at least 12 months before the Payment Commencement Date of December 1, 2017 that was in effect prior to the Subsequent Deferral Election.

G.    Capitalized terms not otherwise defined in this document have the meaning provided for under the Agreement.

Executive agrees to and make his Subsequent Deferral Election:

Signed:        /s/ Robert S. Taubman            Dated:         September 27, 2016        
Robert S. Taubman                    (the "Election Date")

1

TRG and the Manager each consent to Executive's Subsequent Deferral Election:

THE TAUBMAN REALTY GROUP        THE TAUBMAN COMPANY LLC,
LIMITED PARTNERSHIP,            Manager,
a Delaware limited partnership            a Delaware limited liability company

By: Taubman Centers, Inc.
Its: Managing General Parntner            By:    /s/ Chris Heaphy        
Printed Name: Chris Heaphy    
By:    /s/ Simon Leopold            Title: Executive Vice President, General Counsel and Secretary
Printed Name: Simon Leopold            Dated: October 7, 2016        
Its: Treasurer            
Dated: October 7, 2016        

2

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