Document:

Exhibit 10.37

        

      
         
      American International Group, Inc.

      Long Term Incentive Plan

      (as amended and restated effective September 27, 2021)

       

      1.         Purpose; Definitions

      This
            American International
            Group, Inc. Long Term Incentive Plan (this “Plan”) is designed to
            provide selected officers and key employees of American International Group,
            Inc. (“AIG” and together with its consolidated subsidiaries,
            determined in accordance with U.S. generally accepted accounting principles,
            the “Company”) with incentives to contribute to the long-term
            performance of AIG in a manner that appropriately balances risk and rewards.

      As
            specified in the
            applicable award agreement, Awards under this Plan are issued either under the
            American International Group, Inc. 2013 Omnibus Incentive Plan (the “2013
            Omnibus Plan”) or the American International Group, Inc. 2021 Omnibus Incentive
            Plan (“the 2021 Omnibus Plan”), as each are amended from time to time or any
            successor stock incentive plan, (collectively or as applicable the “Omnibus
                Plan”), the terms of which are incorporated in this Plan.  Capitalized
            terms used in this Plan but not otherwise defined in this Plan or in the
            attached Glossary of Terms in Annex A have the meaning ascribed to them
            in the applicable Omnibus Plan.

      2.         Performance Period

      Awards (as defined below)
            will be earned over a three-year performance period (a “Performance
                Period”), unless the Compensation and Management Resources
            Committee of the Board of Directors of AIG (including any successor, the “Committee”)
            determines a different period is appropriate for some or all Participants as
            set forth in the applicable award agreement. 

      3.         Awards and Participants

      A.        
            Awards.  Awards issued under this
            Plan (“Awards”) may consist of performance share units (“PSUs”),
            restricted stock units (“RSUs”), stock options (“Options”),
            or a combination of PSUs, RSUs and Options, as the Committee may determine from
            time to time.  PSUs provide holders with the opportunity to earn shares of AIG Common
            Stock (“Shares”) based on achievement of performance criteria
            during the Performance Period.  RSUs provide holders with the opportunity to
            earn Shares based on continued Employment throughout the Performance Period.  Options
            provide holders with the right to purchase Shares based on achievement of
            performance criteria during, or continued Employment throughout, the
            Performance Period, or a combination thereof.  PSUs, RSUs and Options will be
            subject to the terms and conditions of the applicable Omnibus Plan, this Plan
            and the applicable award agreement, and will be issued only to the extent
            permissible under relevant laws, regulatory restrictions and agreements
            applicable to the Company.  In addition to the preceding, the Committee may
            establish another form of Award to the extent it determines appropriate for
            some or all Participants (as defined below).  

      B.        
            Participants.  The Committee will from
            time to time determine (1) the officers and key employees of the Company who
            will receive Awards (the “Participants”) and (2) the number and
            type of Awards issued to each Participant.  No Award to a Participant shall in
            any way obligate the Committee to (or imply that the Committee will) provide a
            similar Award (or any Award) to the Participant in the future.

      C.        
            Status of Awards.  Each PSU and RSU
            constitutes an unfunded and unsecured promise of AIG to deliver (or cause to be
            delivered) one (1) Share (or, at the election of AIG, cash equal to the
            Fair Market Value thereof) as provided in Section 5.B.  Until such delivery, a
            holder of PSUs or RSUs will have only the rights of a general unsecured
            creditor and no rights as a shareholder of AIG.  Each Option represents a right
            to purchase one (1) Share, subject to the terms and conditions set forth in the
            applicable award agreement.

       

      
         

         

      

    

    

    
      
         

      

      D.        
            Award Agreements.  Each Award granted under the Plan shall be evidenced by an
            award agreement that shall contain such provisions and conditions as the
            Committee deems appropriate; provided that, except as otherwise
            expressly provided in an award agreement, if there is any conflict between any
            provision of this Plan and an award agreement, the provisions of this Plan
            shall govern.  By accepting an Award pursuant to this Plan, a Participant thereby
            agrees that the Award shall be subject to all of the terms and provisions of
            this Plan, the applicable Omnibus Plan and the applicable award agreement. 
            Awards shall be accepted by a Participant signing the applicable award
            agreement, and returning it to the Company.  Failure by a Participant to do so
            within ninety (90) days from the date of the award agreement shall give the
            Company the right to rescind the Award.

      4.         Performance Measures for PSUs; Earned PSUs

      A.       Target PSUs.  For an Award of PSUs, a  Participant’s award
            agreement will set forth a target number of PSUs as determined by the Committee
            (the “Target PSUs”).   

      B.        
            Performance Measures.  The number of PSUs earned
            for any Performance Period will be based on one or more performance measures
            established by the Committee in its sole discretion with respect to such
            Performance Period (collectively, the “Performance Measures”).  For
            each Performance Measure with respect to a Performance Period, the Committee
            will establish a Threshold, Target and Maximum achievement level and the
            weighting afforded to each such Performance Measure.  The
            Committee may also establish gating metrics that must be satisfied before
            Performance Measures are applied to assess the number of PSUs that are earned.

      C.      Performance Results.  At the end of the
            Performance Period, the Committee will assess performance against each
            Performance Measure and determine the Earned Percentage (as detailed below) for
            each such Performance Measure as follows, subject to the terms and conditions
            of this Plan and unless determined otherwise by the Committee: 

      
        	
                Performance

              	
                Earned
                        Percentage

              
	
                Performance less than
                      Threshold

              	
                0%

              
	
                Performance at
                      Threshold

              	
                50%

              
	
                Performance at Target

              	
                100%

              
	
                Performance at or
                      above Maximum

              	
                200%

              

      

      The Earned Percentage for performance between Threshold and Target
            and between Target and Maximum will be determined on a straight-line basis,
            unless determined otherwise by the Committee.   

      D.        
            Earned PSUs.  The number of PSUs
            earned for the Performance Period (the “Earned PSUs”) will equal
            the sum of the PSUs earned for each Performance Measure, calculated as follows,
            unless determined otherwise by the Committee:  

      
        	
                PSUs earned

                      for a

                      Performance

                      Measure

              	
                =

              	
                Target

                      PSUs

              	
                X

              	
                Earned

                      Percentage

              	
                X

              	
                Weighting of

                      Performance

                      Measure

              	
                 

              

      

      For the avoidance of doubt, the Committee retains discretion to
            reduce any Earned PSU Award to zero.

       

      
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      5.         Vesting and
            Delivery

      A.        
            Vesting of Earned Awards.  Except as provided in
            Section 6, and subject to the other terms and conditions of this Plan and the
            applicable award agreement, Earned PSUs, RSUs and Options will vest on the
            date(s) and/or event(s) specified in the applicable award agreement (each, a “Scheduled
                Vesting Date”).  Unless otherwise set forth in the applicable award
            agreement, RSUs and Options will be earned based solely on the Participant’s
            continued Employment through the end of the Performance Period.

      B.      Delivery of Earned PSUs and
              RSUs.  Except
            as provided in Section 6, AIG will deliver (or cause to be delivered) to
            the Participant Shares (or, at the election of AIG, cash equal to the Fair
            Market Value thereof) in respect of any Earned PSUs, RSUs, or portion thereof,
            as promptly as administratively practicable following the applicable Scheduled
            Vesting Date.  Subject to Section 6, a Participant must be Employed on the
            applicable Scheduled Vesting Date in order to be entitled to receive a delivery of any portion of
            the Earned PSUs and RSUs.

      C.    
                 Dividend
              Equivalents and Dividend Equivalent Units (as both are defined below) for RSUs
              and PSUs.  In respect of Awards of
            RSUs or PSUs, unless otherwise set forth in the applicable award agreement, if
            any cash dividend is declared on Shares with a record date that occurs during
            the Dividend Equivalent Period (as defined below): 

       

      (1)        With
            respect to dividends declared with a record date that occurs after the second
            quarter of 2021, the Participant will accrue, with respect to each RSU and
            Earned PSU awarded to the Participant, in accordance with the Plan, a Dividend
              Equivalent.  

       

      The value of the Dividend Equivalents that the Participant will accrue will
            be equal to (1) the declared cash dividend amount per Share times  (2)
            the number of RSUs and Earned PSUs (including, unless otherwise determined by
            AIG, the number of RSUs and PSUs accrued through the issuance of Dividend
            Equivalent Units previously credited pursuant to Section 5.C(2) below), in
            accordance with the plan, covered by the Participant's Award at such time. 

       

      The accrued
            Dividend
            Equivalents will vest and be paid in cash at
            the same time, and subject to the same terms and conditions (including, for
            PSUs, increase or decrease based on achievement of performance criteria in
            accordance with Section 4 above) as the RSUs or Earned PSUs on which such
            Dividend Equivalent accrued.

       

      (2)        With respect to
            dividends declared with a record date that occurs on or after the date an Award
            is granted through the second quarter of 2021, the Participant will accrue,
            with respect to each RSU and Earned PSU awarded to the Participant, in
            accordance with the Plan, a Dividend Equivalent Unit in the form of
            additional RSUs and PSUs. 

       

      The number of Dividend Equivalent Units that the Participant
            will accrue will be equal to (1) the cash dividend amount per Share times 
            (2) the number of RSUs and Earned PSUs, in accordance with the Plan,
            outstanding with respect to a Participant's Award (including both RSUs and PSUs
            awarded at the grant date of the Award, and RSUs and PSUs accrued through the
            issuance of prior Dividend Equivalent Units) divided  by
            the Fair Market
            Value of one Share on the applicable dividend record date.  

       

      Dividend Equivalent Units will vest
            and be settled in Shares or the cash value of such Shares (at the discretion of
            the Company), at the same time, and subject to the same terms and conditions
            (including, for PSUs, increase or decrease based on achievement of performance
            criteria in accordance with Section 4 above) as the RSUs or PSUs on which such
            Dividend Equivalent Units accrued.

       

      (3)        Definitions

       

      “Dividend Equivalent” is the unfunded and unsecured promise of AIG to pay cash
            at the time set forth in paragraph 5.C(1) above with respect to amounts that
            accrued with respect to the Dividend Equivalent Period from cash dividends that
            were declared for AIG shareholders with respect to each RSU and Earned PSU
            awarded to the Participant in accordance with the Plan.

       

      
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      “Dividend Equivalent Unit” is the unfunded and unsecured promise of AIG to settle, at
            the time set forth in paragraph 5.C(2) above, in Shares or the cash value of
            such Shares (rounded down to the nearest whole number of Shares) the additional
            RSUs and PSUs that accrued with respect to the Dividend Equivalent Period from
            cash dividends that were declared for AIG shareholders with respect to each RSU
            and Earned PSU awarded to the Participant, in accordance with the Plan.

       

      “Dividend Equivalent Period” means the period
            commencing on the date on which PSUs or RSUs were awarded to the Participant
            and ending on the last day on which Shares (or cash) are delivered to the
            Participant with respect to the RSUs or Earned PSUs.    

       

      D.        
              Exercise and
              Expiration of Options.  Vested Options may be exercised in accordance with procedures
            set forth in Section 2.3.5 of the applicable Omnibus Plan, including procedures
            established by the Company.  Stock Options that are not vested may not be
            exercised.  Pursuant to Section 2.3.4 of the applicable Omnibus Plan, in no
            event will any Option be exercisable after the expiration of ten (10) years
            from the date on which the Option is granted (but the applicable award
            agreement may provide for an earlier expiration date).

      6.         Vesting and Payout Upon Termination of
            Employment and Corporate Events

      Except as
            otherwise provided in the applicable award agreement:

      A.        
            Termination Generally.  Except as otherwise
            provided in this Section 6, if a Participant’s Employment is Terminated
            for any reason, then (i) any unvested Awards, or parts thereof, shall
            immediately terminate and be forfeited, and (ii) any vested Options will remain exercisable as set
            forth in the applicable award agreement (but in no case later than the
            expiration date for such Options specified in the applicable award agreement), provided 
          that  in the case of a Participant’s Termination for Cause, all Options
            (whether vested or unvested) will immediately terminate and be forfeited.

      B.        
            Involuntary Termination,
              Retirement or Disability.  Subject to Section 6.F, in the case of a Participant’s
            involuntary Termination without Cause, Retirement or Disability:

      (1)        the Participant’s
            outstanding PSUs and RSUs will immediately vest and the Shares (or cash)
            corresponding to the Earned PSUs (based on the performance for the whole
            Performance Period) or RSUs, as applicable, will be delivered to the Participant
            on the dates that the applicable Award would otherwise have been delivered if
            the Participant had continued to remain Employed; and

      (2)        (i) any vested Options will
            remain exercisable, (ii) any unvested time-vesting Options will be deemed
            to have attained their respective time-vesting requirements, and (iii)
            any unvested performance-vesting Options will (a) be deemed to have
            attained their respective time-vesting requirements, if any, and (b) to
            the extent any performance-vesting requirements have not been achieved,
            continue to be eligible to vest in accordance with their respective
            performance-vesting terms.  In the event of an Involuntary Termination or Disability,
            the Options that are or become vested pursuant to this paragraph (2) shall
            remain exercisable as set forth in the applicable award agreement, provided,
              however, in the event of a Retirement, with
            respect to Retirements on and after January 1, 2021, all Options that are or
            become vested pursuant to this paragraph (2) (including, but not limited to,
            Options granted in calendar years 2017 - 2020, notwithstanding any language to
            the contrary in the award agreements and Schedule A of such Options) will
            remain exercisable for the remainder of the term of such Options set forth in
            the applicable award agreement for such Options.  No Options will remain
            exercisable beyond the expiration date for such Options as specified in the
            applicable award agreement. 

      For the avoidance of doubt,
            an involuntary Termination without Cause as provided in this Section 6.B shall
            not include a resignation that a Participant may assert was a constructive
            discharge.

       

      
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      C.        
            Death.  

      (1)        PSUs.  For outstanding Awards of
            PSUs, (i) in the case of a Participant’s death during a Performance Period or
            following a Performance Period but prior to the Committee’s adjudication of
            performance under Section 4.C, the Participant’s PSU Award will immediately
            vest and the Shares (or cash) corresponding to the Target PSUs will be
            delivered to the Participant’s estate as soon as practicable but in no event
            later than the end of the calendar year or, if later, within two (2) and
            one-half (1/2) months following the date of death and (ii) in the case of a
            Participant’s death following the Committee’s adjudication of performance for a
            Performance Period under Section 4.C, the Participant’s PSU Award will
            immediately vest and the Shares (or cash) corresponding to the Earned PSUs
            (based on performance for the whole Performance Period) will be delivered to
            the Participant’s estate as soon as practicable but in no event later than the
            end of the calendar year or, if later, within two (2) and one-half (1/2) months
            following the date of death. 

      (2)        RSUs.  For outstanding Awards of
            RSUs, in the case of a Participant’s death, the Participant’s outstanding
            unvested RSUs will immediately vest and the Shares (or cash) corresponding to
            the RSUs will be delivered to the Participant’s estate as soon as practicable
            but in no event later than the end of the calendar year or, if later, within
            two (2) and one-half (1/2) months following the date of death.

      (3)        Options.  For outstanding Awards of
            Options, in the case of a Participant’s death, (i) any vested Options will remain exercisable
            as set forth in the applicable award agreement, (ii) any unvested
            time-vesting Options will be deemed to have attained their respective
            time-vesting requirements and remain exercisable as set forth in the applicable
            award agreement and (iii) any unvested performance-vesting Options will
            (a) be deemed to have attained their respective time-vesting requirements, if
            any, (b) to the extent any performance-vesting requirements have not been
            achieved, continue to be eligible to vest in accordance with their respective
            performance-vesting terms and (c) be exercisable as set forth in the applicable
            award agreement; provided that no Options will remain exercisable beyond
            the expiration date for such Options as specified in the applicable award
            agreement.

      D.         Change in Control.  

      (1)       PSUs.  For outstanding Awards of
            PSUs, in the case of a Change in Control during a Performance Period and the
            Participant’s involuntary Termination without Cause or resignation for Good
            Reason within twenty-four (24) months following such Change in Control, the
            Participant shall receive Shares (or cash) corresponding to the Target PSUs,
            unless the Committee determines to use actual performance through the date of
            the Change in Control, and such Shares (or cash) will immediately vest.  In the
            case of a Change in Control following a Performance Period and the
            Participant’s involuntary Termination without Cause or resignation for Good
            Reason within twenty-four (24) months following such Change in Control, the
            Participant shall receive Shares (or cash) corresponding to the Earned PSUs
            (based on performance for the whole Performance Period), and such Shares (or
            cash) will immediately vest.  Any such amounts representing vested PSUs will be
            delivered by the end of the calendar year or, if later, within two (2) and
            one-half (1/2) months following the Participant’s separation from service, provided
              that no delivery will be delayed as a result of the Change in Control.  

      (2)       RSUs.  For outstanding Awards of
            RSUs, in the case of a Change in Control and the Participant’s involuntary
            Termination without Cause or resignation for Good Reason within twenty-four
            (24) months following such Change in Control, a Participant’s outstanding
            unvested RSUs will immediately vest.  Any such amounts representing vested RSUs
            will be delivered by the end of the calendar year or, if later, within two and
            one-half months following the Participant’s separation from service, provided
              that no delivery will be delayed as a result of the Change in Control.

       

      
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      (3)     Options.  For outstanding Awards of
            performance-vesting Options, (a) in
            the case of a Change in Control during the applicable Performance Period and
            the Participant’s involuntary Termination without Cause or resignation for Good
            Reason within twenty-four (24) months following such Change in Control, any unvested
            performance-vesting Options will immediately vest based on target performance, unless the
            Committee determines to use actual performance through the date of the Change
            in Control, and (b) in the case of a Change in Control following an applicable
            Performance Period and the Participant’s involuntary Termination without Cause
            or resignation for Good Reason within twenty-four (24) months following such
            Change in Control, any performance-vesting Stock Options will immediately vest
            based on actual performance for such period.  For outstanding
            time-vesting Options, in the case of a Change in Control and the Participant’s
            involuntary Termination without Cause or resignation for Good Reason within
            twenty-four (24) months following such Change in Control, any unvested
            time-vesting Options will immediately vest.  All Options that vest pursuant to this
            paragraph will remain exercisable for the remainder of the term of such Options
            as set forth in the applicable award agreement for such Options.  No Options
            will remain exercisable beyond the expiration date for such Options as
            specified in the applicable award agreement.

      E.     Election to Accelerate or
              Delay Delivery. 
             The Committee
            may, in its sole discretion, determine to accelerate or defer delivery of any
            Shares (or cash) underlying the Awards granted under the Plan or permit a
            Participant to elect to accelerate or defer delivery of any such Shares (or
            cash), in each case in a manner that conforms to the requirements of Section
            409A and is consistent with the provisions of Section 8.E. 

      F.       Release of Claims.  In
            the case of a
            Participant’s involuntary Termination without Cause, resignation for Good
            Reason or Retirement, as a condition to (i) with
            respect to Options, the vesting of any Options pursuant to this Plan or the
            applicable award agreement, and (ii) with respect to all other Awards,
            receiving delivery of any Shares (or cash) under such Awards, following such
            event, the Company will require the Participant to execute a release
            substantially in the form attached as Annex B (the “Release”),
            subject to any provisions that the Senior HR Attorney and the Senior
            Compensation Executive or their designee(s) may amend or add to the release in
            order to impose restrictive covenants requiring (x) confidentiality of
            information, non-disparagement and non-solicitation of Company employees for
            twelve (12) months following the Termination, and (y) in the case of an
            involuntary Termination without Cause or resignation for Good Reason of any
            Participant who is eligible to participate in the American International Group,
            Inc. 2012 Executive Severance Plan (as may be amended from time to time, and
            together with any successor plan, the “ESP”), or
            Retirement,
            non-competition for such periods as are generally specified herein.  The
            Release for any Participant who is eligible to participate in the ESP shall be
            in the form of the release required by the ESP at the time of the Termination
            (including any non-competition covenants), modified to cover the vesting of any
            Options and payment of any Shares (or cash) under any other Awards under this
            Plan as a result of the Participant’s involuntary Termination without Cause or
            resignation for Good Reason.  Effective for Retirements on or after December 1,
            2015, the Release will require non-competition for no less than six (6) months
            following the Retirement in order for the Participant to (i) with respect to
            Options, vest in any Options, and (ii), with respect to all other Awards,
            receive any Shares (or cash) under such Awards.  The Release or the ESP form of
            release must be executed by the Participant and become irrevocable, in the case
            of a Participant’s involuntary Termination without Cause, resignation for Good
            Reason or Retirement, prior to or during the calendar year of the date on which
            (i) with respect to Options, such Options vest, and (ii) with respect to all
            other Awards, a delivery of Shares (or cash) with respect to the Award is
            scheduled to be delivered pursuant to Section 5.B; provided that if the
            Release is executed after such time, (i) with respect to Options, any
            Options that would have vested during such period will be forfeited, and (ii)
            with respect to all other Awards, the delivery of Shares (or cash) with respect
            to such calendar year will be forfeited; provided, further, that
            if the local laws of a country or non-U.S. jurisdiction in which Participant
            performs services render invalid or unenforceable all or a portion of the
            Release (subject to additional provisions as described above), the Senior HR Attorney and the Senior Compensation Executive or
            their designee(s) shall have the discretion to create a release that
            incorporates as much of the Release as possible while also complying with such
            local laws.

       

      
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      7.         Administration
            of this Plan

      A.        
            General.  This Plan shall be
            administered by the Committee and the person or persons designated by the
            Committee to administer the Plan from time to time.  Actions of the Committee
            may be taken by the vote of a majority of its members.  The Committee may
            allocate among its members and delegate to any person who is not a member of
            the Committee any of its administrative responsibilities.  The Committee will
            have the power to interpret this Plan, to make regulations for carrying out its
            purposes and to make all other determinations in connection with its
            administration (including, without limitation, whether a Participant has become
            subject to Disability), all of which will, unless otherwise determined by the
            Committee, be final, binding and conclusive.  The Committee may, in its sole
            discretion, reinstate any Awards made under this Plan that have been terminated
            and forfeited because of a Participant’s Termination, if the Participant
            complies with any covenants, agreements or conditions that the Committee may
            impose; provided,  however, that any delivery of Shares (or cash)
            under such reinstated Awards will not be made until the scheduled times set
            forth in this Plan.

      B.        
            Non-Uniform Determinations.  The Committee’s
            determinations under this Plan need not be uniform and may be made by it
            selectively with respect to persons who receive, or are eligible to receive,
            Awards (whether or not such persons are similarly situated).  Without limiting
            the generality of the foregoing, the Committee will be entitled, among other
            things, to make non-uniform and selective determinations as to the persons to
            become Participants.

      C.        
            Determination of Employment.  The Committee, with
            respect to any Participant under the purview of the Committee, and the Senior
            Compensation Executive, with respect to any other Participant, will have the
            right to determine the commencement or Termination date of a Participant’s
            Employment with the Company solely for purposes of this Plan, separate and
            apart from any determination as may be made by the Company with respect to the
            Participants’ employment.

      D.        
            Amendments.  The Committee will have
            the power to amend this Plan and any Performance Measures established pursuant
            to Section 4.B in any manner and at any time, including in a manner adverse to
            the rights of the Participants; provided, however, that in the event that a Plan
            amendment is adopted or effective on or within twenty-four (24) months
            following a Change in Control, then such amendment shall be invalid and
            ineffective with respect to each Participant, in the absence of his or her
            written consent, if the amendment is adverse to the Participant.  The Committee shall also
            have the power, in its sole discretion, to reduce the amount of any RSUs,
            Target PSUs, Earned PSUs or Options at any time including, for the avoidance of
            doubt, after the relevant Performance Period has ended.  Notwithstanding the foregoing, the Committee’s rights and
            powers to amend the Plan shall be delegated to the Senior Compensation
            Executive who shall have the right to amend the Plan with respect to (1)
            amendments required by relevant law, regulation or ruling, (2) amendments that
            are not expected to have a material financial impact on the Company, (3)
            amendments that can reasonably be characterized as technical or ministerial in
            nature, or (4) amendments that have previously been approved in concept by the
            Committee.  Notwithstanding the foregoing delegation, the Senior Compensation
            Executive shall not have the power to make an amendment to the Plan that could
            reasonably be expected to result in a termination of the Plan or a change in
            the structure or the powers, duties or responsibilities of the Committee,
            unless such amendment is approved or ratified by the Committee.

       

      
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      E.        
            No Liability.  No member of the Board of Directors of AIG (the “Board”)
            or any employee of the Company performing services with respect to the Plan
            (each, a “Covered Person”) will have any liability to any person
            (including any Participant) for any action taken or omitted to be taken or any
            determination made, in each case, in good faith with respect to this Plan or
            any Participant’s participation in it.  Each Covered Person will be indemnified
            and held harmless by the Company against and from any loss, cost, liability, or
            expense (including attorneys’ fees) that may be imposed upon or incurred by
            such Covered Person in connection with or resulting from any action, suit or
            proceeding to which such Covered Person may be a party or in which such Covered
            Person may be involved by reason of any action taken or omitted to be taken
            under this Plan and against and from any and all amounts paid or Shares
            delivered by such Covered Person, with the Company’s approval, in settlement
            thereof, or paid or delivered by such Covered Person in satisfaction of any
            judgment in any such action, suit or proceeding against such Covered Person, provided 
          that  the Company will have the right, at its own expense, to assume and
            defend any such action, suit or proceeding and, once the Company gives notice
            of its intent to assume the defense, the Company will have sole control over
            such defense with counsel of the Company’s choice.  To the extent any taxable
            expense reimbursement under this paragraph is subject to Section 409A, (1) the
            amount thereof eligible in one taxable year shall not affect the amount
            eligible in any other taxable year; (2) in no event shall any expenses be
            reimbursed after the last day of the taxable year following the taxable year in
            which the Covered Person incurred such expenses; and (3) in no event shall any
            right to reimbursement be subject to liquidation or exchange for another
            benefit.  The foregoing right of indemnification will not be available to a
            Covered Person to the extent that a court of competent jurisdiction in a final
            judgment or other final adjudication, in either case, not subject to further
            appeal, determines that the acts or omissions of such Covered Person giving
            rise to the indemnification claim resulted from such Covered Person’s bad
            faith, fraud or willful misconduct.  The foregoing right of indemnification
            will not be exclusive of any other rights of indemnification to which Covered
            Persons may be entitled under AIG’s Amended and Restated Certificate of
            Incorporation or Bylaws, as a matter of law, or otherwise, or any other power
            that the Company may have to indemnify such persons or hold them harmless.

      F.     Clawback/Repayment.  Notwithstanding anything
            to the contrary herein, Awards and any payments or deliveries under this Plan
            will be subject to forfeiture and/or repayment to the extent provided in (1)
            the AIG Clawback Policy, as in effect from time to time and (2) other
            agreements executed by a Participant.

      8.         General Rules

      A.        No Funding.   The Company will be under
            no obligation to fund or set aside amounts to pay obligations under this Plan. 
            A Participant will have no rights to any Awards or other amounts under this
            Plan other than as a general unsecured creditor of the Company. 

      B.        
            Tax Withholding.  The delivery of Shares
            (or cash) or exercise of any Awards under this Plan is conditioned on a
            Participant’s satisfaction of any applicable withholding taxes in accordance
            with, as applicable, Section 4.2 of the 2013 Omnibus Plan and Section 3.2 of
            the 2021 Omnibus Plan, as amended from time to time, or such similar provision
            of any successor stock incentive plan.

      C.        
            No Rights to Other Payments.  The provisions of this Plan
            provide no right or eligibility to a Participant to any other payouts from AIG
            or its subsidiaries under any other alternative plans, schemes, arrangements or
            contracts AIG may have with any employee or group of employees of AIG or its
            subsidiaries.

      D.          No Effect on Benefits. 
            Grants or the exercise of
            any Awards and the delivery of Shares (or cash) under this Plan will constitute
            a special discretionary incentive payment to the Participants and will not be
            required to be taken into account in computing the amount of salary or
            compensation of the Participants for the purpose of determining any
            contributions to or any benefits under any pension, retirement, profit-sharing,
            bonus, life insurance, severance or other benefit plan of AIG or any of its
            subsidiaries or under any agreement with the Participant, unless AIG or the
            subsidiary with which the Participant is Employed specifically provides
            otherwise.

      E.        
            Section 409A.  

      (1)        Awards made under the Plan
            are intended to be “deferred compensation” subject to Section 409A, and
            this Plan is intended to, and shall be interpreted, administered and construed
            to, comply with Section 409A.  The Committee will have full authority to
            give effect to the intent of this Section 8.E.  

       

      
        8 

      

    

    

    
      
         

      

      (2)        If any payment or delivery
            to be made under any Award (or any other payment or delivery under this Plan)
            would be subject to the limitations in Section 409A(a)(2)(b) of the Code, the
            payment or delivery will be delayed until six (6) months after the
            Participant’s separation from service (or earlier death) in accordance with the
            requirements of Section 409A.  

      (3)     Each payment or delivery in
            respect of any Award will be treated as a separate payment or delivery for
            purposes of Section 409A.

      F.  
            Severability.  If any of the provisions
            of this Plan is finally held to be invalid, illegal or unenforceable (whether
            in whole or in part), such provision will be deemed modified to the extent, but
            only to the extent, of such invalidity, illegality or unenforceability) and the
            remaining provisions will not be affected thereby; provided  that 
            if any of such provisions is finally held to be invalid, illegal or
            unenforceable because it exceeds the maximum scope determined to be acceptable
            to permit such provision to be enforceable, such provision will be deemed to be
            modified to the minimum extent necessary to modify such scope in order to make
            such provision enforceable hereunder. 

      G.  Entire Agreement.  This Plan contains the
            entire agreement of the parties with respect to the subject matter hereof and
            supersedes all prior agreements, promises, covenants, arrangements, communications,
            representations and warranties between them, whether written or oral with
            respect to the subject matter hereof.  

      H.  
            Waiver of Claims.  Each Participant
            recognizes and agrees that prior to being selected by the Committee to receive
            an Award he or she has no right to any benefits under this Plan.  Accordingly,
            in consideration of the Participant’s receipt of any Award hereunder, he or she
            expressly waives any right to contest the amount of any Award, the terms of
            this Plan, any determination, action or omission hereunder by the Committee or
            the Company or any amendment to this Plan.

      I.   
            No Third Party Beneficiaries.  Except as expressly
            provided herein, this Plan will not confer on any person other than the Company
            and the Participant any rights or remedies hereunder.  The exculpation and
            indemnification provisions of Section 7.E will inure to the benefit of a
            Covered Person’s estate and beneficiaries and legatees.

      J.   Successor Entity; AIG’s Assigns.  Unless otherwise provided
            in the applicable award agreement and except as otherwise determined by the
            Committee, in the event of a merger, consolidation, mandatory share exchange or
            other similar business combination of AIG with or into any other entity (“Successor
                Entity”) or any transaction in which another person or entity acquires
            all of the issued and outstanding Common Stock of AIG, or all or substantially
            all of the assets of AIG, outstanding Awards may be assumed or a substantially
            equivalent award may be substituted by such Successor Entity or a parent or
            subsidiary of such Successor Entity.  The terms of this Plan will be binding
            and inure to the benefit of AIG and its successors and assigns.

      K. 
            Nonassignability.  No Award (or any rights
            and obligations thereunder) granted to any person under the Plan may be sold,
            exchanged, transferred, assigned, pledged, hypothecated or otherwise disposed
            of or hedged, in any manner (including through the use of any cash-settled
            instrument), whether voluntarily or involuntarily and whether by operation of
            law or otherwise, other than by will or by the laws of descent and
            distribution, except as may be otherwise provided in the award agreement.  Any
            sale, exchange, transfer, assignment, pledge, hypothecation, or other
            disposition in violation of the provisions of this Section 8.K will be
            null and void and any Award which is hedged in any manner will immediately be
            forfeited.  All of the terms and conditions of this Plan and the award
            agreements will be binding upon any permitted successors and assigns.

      L.  
            Right to Discharge.  Nothing contained in this
            Plan or in any Award will confer on any Participant any right to be continued
            in the employ of AIG or any of its subsidiaries or to participate in any future
            plans.

      M.  Consent.  If the Committee at any time determines that any consent (as hereinafter
            defined) is necessary or desirable as a condition of, or in connection with,
            the granting of any Award or the delivery of any Shares under this Plan, or the
            taking of any other action thereunder (each such action, a “plan action”),
            then such plan action will not be taken, in whole or in part, unless and until
            such consent will have been effected or obtained to the full satisfaction of
            the Committee; provided  that  if such consent has not been
            so effected or obtained as of the latest date provided by this Plan for payment
            of such amount or delivery and further delay is not permitted in accordance
            with the requirements of Section 409A, such amount will be forfeited and
            terminate notwithstanding any prior earning or vesting.  

       

      
        9 

      

    

    

    
      
         

      

      The
            term “consent” as used in this paragraph with respect to any plan
            action includes (1) any and all listings, registrations or qualifications
            in respect thereof upon any securities exchange or under any federal, state, or
            local law, or law, rule or regulation of a jurisdiction outside the United
            States, (2) any other matter, which the Committee may deem necessary or
            desirable to comply with the terms of any such listing, registration or
            qualification or to obtain an exemption from the requirement that any such
            listing, qualification or registration be made, (3) any and all other
            consents, clearances and approvals in respect of a plan action by any
            governmental or other regulatory body or any stock exchange or self-regulatory
            agency and (4) any and all consents required by the Committee.

      N.  Awards Subject to an AIG Section 162(m) Plan.  With respect to any awards hereunder that were granted
            pursuant to written binding agreements in effect on November 2, 2017 and that
            were granted during a period when this Plan functioned as a subplan of a
            Section 162(m) compliant performance incentive award plan adopted by AIG (the “AIG
                Section 162(m) Plan”) that was proposed and approved by AIG
            stockholders in accordance with Section 162(m)(4)(C) of the Code and related
            Treasury Regulations as they existed prior to the adoption of the Tax Cuts and
            Jobs Act of 2017 (Public
            Law 115-97) (the “Prior Rules”),  this Plan will operate whereby the designated performance-based
            compensation amounts  (as defined under
            the Prior Rules)  payable under such awards
            can be paid and deducted in full
            or in part in accordance with the Prior Rules. 

        

      O.  No Liability With Respect to
              Tax Qualification or Adverse Tax Treatment.  Notwithstanding anything to the contrary
            contained herein, in no event shall the Company be liable to a Participant on
            account of the failure of any Award or amount payable under this Plan to
            (1) qualify for favorable United States or foreign tax treatment or (2)
            avoid adverse tax treatment under United States or foreign law, including,
            without limitation, Section 409A.

      9.         Disputes

      A.  
            Governing Law.  This Plan will be
            governed by and construed in accordance with the laws of the State of New York,
            without regard to principles of conflict of laws.  The Plan shall also be
            subject to all applicable non-U.S. laws as to Participants located outside of
            the United States.  In the event that any provision of this Plan is not
            permitted by the local laws of a country or jurisdiction in which a Participant
            performs services, such local law shall supersede that provision of this Plan
            with respect to that Participant.  The benefits to which a Participant would
            otherwise be entitled under this Plan may be adjusted or limited to the extent
            that the Senior HR Attorney and the Senior
            Compensation Executive or their designee(s) determine is necessary or
            appropriate in light of applicable law or local practice.

      B.  Arbitration.  Subject
            to the provisions of this Section 9, any dispute, controversy or claim between
            the Company and a Participant, arising out of or relating to or concerning this
            Plan or any Award, will be finally settled by arbitration.  Participants who
            are subject to an Employment Dispute Resolution Program (“EDR Program”)
            maintained by AIG or any affiliated company of AIG, will resolve such dispute,
            controversy or claim in accordance with the operative terms and conditions of
            such EDR Program, and to the extent applicable, the employment arbitration
            rules of the American Arbitration Association (“AAA”).  Participants who are
            not subject to an EDR Program shall arbitrate their dispute, controversy or
            claim in New York City before, and in accordance with the employment
            arbitration rules of the AAA, without reference to the operative terms and
            conditions of any EDR Program.  Prior to arbitration, all claims
            maintained by a Participant must first be submitted to the Committee in
            accordance with claims procedures determined by the Committee.  Either the
            Company or a Participant may seek injunctive relief from the arbitrator. 
            Notwithstanding any other provision in this Plan, the Company or a Participant
            may apply to a court with jurisdiction over them for temporary, preliminary or
            emergency injunctive relief that, under the legal and equitable standards
            applicable to the granting of such relief, is necessary to preserve the rights
            of that party pending the arbitrator’s modification of any such injunction or
            determination of the merits of the dispute, controversy or claim.

      C. 
             Jurisdiction.  The
              Company and each
              Participant hereby irrevocably submit to the exclusive jurisdiction of a state
              or federal court of appropriate jurisdiction located in the Borough of Manhattan,
              the City of New York over any suit, action or proceeding arising out of or
              relating to or concerning this Plan or any Award that is not otherwise
              arbitrated or resolved according to Section 9.B.  The Company and each
            Participant acknowledge that the forum designated by this section has a
            reasonable relation to this Plan and to such Participant’s relationship with
            the Company, that the agreement as to forum is independent of the law that may
            be applied in the action, suit or proceeding and that such forum shall apply
            even if the forum may under applicable law choose to apply non-forum law.

      
        10 

      

    

    

    
      
         

      

      D.  Change in
              Control.  On or following a Change in Control, any arbitration referred to in Section
            9.B or any court
            action referred to in Section 9.C by a Participant to enforce the Participant’s
            rights under the Plan shall be subject to a de novo standard of review, and the
            Participant shall be reimbursed for reasonable
            attorneys’ fees and costs incurred in seeking to enforce his or her rights
            under the Plan to the extent he or she prevails as to the material issues in
            such dispute.  The reimbursement of attorneys’ fees shall be made promptly
            following delivery of an invoice therefor.

      E.  
              Waiver.  The Company and each
            Participant waive, to the fullest extent permitted by applicable law, any
            objection which the Company and such Participant now or hereafter may have to
            personal jurisdiction or to the laying of venue of any such suit, action or
            proceeding in any court referred to in Section 9.C.  The Company and each
            Participant undertake not to commence any action, suit or proceeding arising
            out of or relating to or concerning this Plan or any Award in any forum other
            than a forum described in Section 9.C.  Notwithstanding the foregoing, nothing
            herein shall preclude the Company from bringing any action, suit or proceeding
            in any other court for the purpose of enforcing the provisions of this
            Section 9.  The Company and each Participant agree that, to the fullest
            extent permitted by applicable law, a final and non-appealable judgment in any
            such suit, action or proceeding in any such court shall be conclusive and
            binding upon the Participant and the Company. 

      F. 
              Service of Process.  Each Participant
            irrevocably appoints the Secretary of AIG at 80 Pine Street,
            New York, New York 10005, U.S.A., or effective
            as of May 1, 2021, 1271 Avenue of the Americas, 11th Floor, New
            York, NY 10020,
          as his or her agent for service of process in connection with any
            action, suit or proceeding arising out of or relating to or concerning this
            Plan or any Award that is not otherwise arbitrated or resolved according to
            Section 9.B.  The Secretary will promptly advise the Participant of any
            such service of process.

      G. 
              Confidentiality.  Each Participant must
            keep confidential any information concerning any grant or Award made under this
            Plan and any dispute, controversy or claim relating to this Plan, except that
            (i) a Participant may disclose information concerning a dispute or claim to the
            court that is considering such dispute or to such Participant’s legal counsel (provided 
          that  such counsel agrees not to disclose any such information other than
            as necessary to the prosecution or defense of the dispute) or (ii) a
            Participant may disclose information regarding an Award to the Participant’s
            personal lawyer or tax accountant, provided  that  such individuals
            agree to keep the information confidential.  Nothing herein shall prevent the
            Participant from making or publishing any truthful statement (1) when required
            by law, subpoena,  court order, or at the request of
            an administrative or regulatory agency or legislature, (2) in the course of any
            legal, arbitral, administrative, legislative or or regulatory proceeding, (3)
            to any governmental authority, administrative or regulatory agency, legislative
            body, or self-regulatory organization, (4) in connection with any investigation
            by the Company, or (5) where a prohibition or limitation on such communication
            is unlawful; provided, however, that with respect to the subject matter of this
            Section 9(G), the terms of a Participant’s award agreement shall govern.  
             

      10.       Term of Plan

      The Plan was first effective as of January 1, 2017 and will
            continue until suspended or terminated by the Committee in its sole discretion;
          provided, however, that the existence of the Plan at any time or from
            time to time does not guarantee or imply the payment of any Awards hereunder,
            or the establishment of any future plans or the continuation of this Plan.  Any
            termination of this Plan will be done in a manner that the Committee determines
            complies with Section 409A.  

      
         
      
        11 

      

    

    

    
      
         

      

      Annex
            A

      Glossary of Terms

                 
            “Cause”
            means (1) a Participant’s conviction, whether following trial or by plea
            of guilty or nolo  contendere  (or similar plea), in a criminal
            proceeding (A) on a misdemeanor charge involving fraud, false statements
            or misleading omissions, wrongful taking, embezzlement, bribery, forgery,
            counterfeiting or extortion, or (B) on a felony charge or (C) on an
            equivalent charge to those in clauses (A) and (B) in jurisdictions which
            do not use those designations; (2) a Participant’s engagement in any
            conduct which constitutes an employment disqualification under applicable law
            (including statutory disqualification as defined under the Securities Exchange
            Act of 1934); (3) a Participant’s violation of any securities or commodities
            laws, any rules or regulations issued pursuant to such laws, or the rules and
            regulations of any securities or commodities exchange or association of which
            the Company or any of its subsidiaries or affiliates is a member; or (4) a
            Participant’s material violation of the Company’s codes or conduct or any other
            AIG policy as in effect from time to time.  The determination as to whether “Cause”
            has occurred shall be made by the Committee, with respect to any Participant
            under the purview of the Committee, or the Senior Compensation Executive, with
            respect to any other Participant, in each case, in its or his or her sole
            discretion.  The Committee or Senior Compensation Executive, as applicable,
            shall also have the authority in its sole discretion to waive the consequences
            of the existence or occurrence of any of the events, acts or omissions constituting
            “Cause.” 

                 
            “Change in
                Control” means the occurrence of any of the following events:

      (1) 
            individuals who, on February 16, 2021, constitute the Board
            (the “Incumbent Directors”) cease for any reason to constitute at
            least a majority of the Board, provided that any person becoming a
            director subsequent to February 16, 2021, whose election or
            nomination for election was approved by a vote of at least two-thirds of the
            Incumbent Directors then on the Board (either by a specific vote or by approval
            of AIG’s proxy statement in which such person is named as a nominee for
            director, without written objection to such nomination) shall be an Incumbent
            Director; provided, however, that no individual initially elected or nominated
            as a director of AIG as a result of an actual or threatened election contest
            with respect to directors or as a result of any other actual or threatened
            solicitation of proxies or consents by or on behalf of any person other than
            the Board shall be deemed to be an Incumbent Director; 

      (2) 
            Any “person” (as such term is defined in Section 3(a)(9)
            of the Exchange Act and as used in Sections 13(d)(3) and 14(d)(2) of the
            Exchange Act), is or becomes a “beneficial owner” (as defined in Rule 13d‐3
            under the Exchange Act), directly or indirectly, of securities of AIG
            representing fifty percent (50%) or more of the combined voting power of AIG’s
            then outstanding securities eligible to vote for the election of the Board (“AIG
                Voting Securities”); provided, however, that the event described in
            this paragraph (2) shall not be deemed to be a Change in Control by virtue
            of an acquisition of AIG Voting Securities:  (A) by AIG or any
            subsidiary of AIG (B) by any employee benefit plan (or related trust) sponsored
            or maintained by AIG or any subsidiary of AIG or (C) by any underwriter
            temporarily holding securities pursuant to an offering of such securities;

      (3) 
            The consummation of a merger, consolidation, statutory share
            exchange or similar form of corporate transaction involving AIG (a “Business
                Combination”) that results in any person (other than the United States
            Department of Treasury) becoming the beneficial owner, directly or indirectly,
            of fifty percent (50%) or more of the total voting power of the outstanding
            voting securities eligible to elect directors of the entity resulting from such
            Business Combination; 

      (4) 
            The consummation of a sale or all or substantially all of
            AIG’s assets (other than to an affiliate of AIG); or

      (5) 
            AIG’s stockholders approve a plan of complete liquidation or
            dissolution of AIG.

      Notwithstanding
            the
            foregoing, a Change in Control shall not be deemed to occur solely because (A)
            any person holds or acquires beneficial ownership of more than fifty percent (50%)
            of the AIG Voting Securities as a result of an “AIG share repurchase program”
            or other acquisition of AIG Voting Securities by AIG which reduces the total
            number of AIG Voting Securities outstanding; provided that if after such
            acquisition by AIG such person becomes the beneficial owner of additional AIG
            Voting Securities that increases the percentage of outstanding AIG Voting
            Securities beneficially owned by such person, a Change in Control shall then
            occur or (B)
            the consummation of a sale of all or substantially all (or a subset) of the
            assets and/or operations of the Life and Retirement business (or any similar
            transaction).

      
        A-1 

      

    

    

    
      
         

      

                 
               “Disability” means that a Participant, who after
            receiving short term disability income replacement payments for six (6) months,
            (i) is determined to be disabled in accordance with the Company’s long term
            disability plan in which employees of the Company are generally able to
            participate, if one is in effect at such time, to the extent such disability
            complies with 26 C.F.R. § 1.409A-3(i)4(i)(B), or (ii) to the extent
            such Participant is not participating in the Company’s long term disability
            plan, or no such long term disability plan exists, is determined to have
            medically determinable physical or mental impairment that can be expected to
            result in death or can be expected to last for a continuous period of not less
            than twelve (12) months as determined by, as applicable, the Company’s long
            term disability insurer or the department or vendor directed by the Company to
            determine eligibility for unpaid medical leave.

                 
            “Employed”
            and “Employment” mean (a) actively performing services for the
            Company, (b) being on a Company-approved leave of absence, whether paid or
            unpaid, or (c) receiving long term disability benefits, in each case while in
            good standing with the Company.

                 
            “Retirement”
            for a Participant means voluntary Termination initiated by the Participant
            (while such Participant is in good standing with the Company) (i) on or after
            age sixty (60) with five (5) years of service or (ii) on or after age fifty-five
            (55) with ten (10) years of service. 

      “Good Reason”
            means,
            following a Change in Control, without a Participant’s written consent, (i) a
            reduction of more than twenty percent (20%) in a Participant’s annual target direct compensation (including annual base
            salary, short-term incentive opportunity and long-term incentive opportunity);
          provided that  such reduction will not constitute Good Reason if
            it results from a Board-approved program generally applicable to
            similarly-situated employees; (ii) a material diminution in the Participant’s
            authority, duties or responsibilities; provided that  a change in
            the Participant’s reporting relationship will not constitute Good Reason unless
            it affects a Participant who the Company has classified as an executive vice
            president or above; or (ii) a relocation of the office at which the Participant
            performs his or her services to a location that increases his or her one-way
            commute by more than fifty (50) miles.  Notwithstanding the foregoing, a
            termination for Good Reason shall not have occurred unless (a) the Participant
            gives written notice to the Company of termination of employment within thirty
            (30) days after the Participant first becomes aware of the occurrence of the
            circumstances constituting Good Reason, specifying in detail the circumstances
            constituting Good Reason, (b) the Company has failed within thirty (30) days
            after receipt of such notice to cure the circumstances constituting Good
            Reason, and (c) (A) in the case of any Participant who not is eligible to
            participate
            in the ESP, the
            Participant’s “separation from service” (within the meaning of Code section
            409A) occurs no later than thirty (30)
            days after the end of the Company’s cure period, and (B) in the case of any
            Participant who is eligible to participate in the ESP, the Participant’s
            “separation from service” (within the meaning of Code section 409A) occurs no
            later than two (2) years following the initial existence of the circumstances
            giving rise to Good Reason or such other period specified in the ESP for this
            purpose.

      “Senior Compensation
                Executive” means the Company’s most senior executive whose
            responsibility it is to oversee the Corporate Compensation Department.  In the
            event that no individual holds such position, “Senior Compensation Executive”
            will instead refer to the Company’s most senior executive whose responsibility
            it is to oversee the global Human Resources Department.

      “Senior HR Attorney”
            means the Company’s most senior attorney whose responsibility it is to oversee
            Human Resource/employment matters.

      “Termination”
            or “Terminate,” with respect to a Participant, means the
            termination of the Participant’s Employment.

      
         
      
        A-2 

      

    

    

    
      
         

      

      Attachment I

      Annex
            B

      Form
              of Release Referred to in Section 6.F of the Plan.

      NOT
              personalized to each Participant.

      (1)        [Employee Name] (“Employee”),
            for good and sufficient consideration, the receipt of which is hereby
            acknowledged, hereby waives and forever releases and discharges any and all
            claims of any kind Employee may have against American International Group,
            Inc., its affiliate or subsidiary companies (“AIG”),
            or any
            officer, director or employee of, or any benefit plan sponsored by, any such
            company (collectively, the “Released Parties”)
            which arise from
            Employee’s employment with any of the Released Parties or the termination of
            Employee’s employment with any of the Released Parties. [Specifically, but
            without limiting that release, Employee hereby waives any rights or claims
            Employee might have pursuant to the Age Discrimination in Employment Act of
            1967, as amended (the “Act”) and under the laws of
            any and all jurisdictions,
            including, without limitation, the United States. Employee recognizes that
            Employee is not waiving any rights or claims under the Act that may arise after
            the date that Employee executes this Release.] Nothing herein modifies or
            affects any vested rights that Employee may have under the [American
            International Group, Inc. Retirement Plan, or the American International Group,
            Inc. Incentive Savings Plan] [and other plans applicable to Employee];
            nor does this Release confer any such rights, which are governed by the terms
            of the respective plans (and any agreements under such plans).

      (2)        Employee acknowledges
            and agrees
            that Employee has complied with and will continue to comply with the
            non-disparagement, non-solicitation and confidentiality provisions set forth in
            the Employee’s award agreement pursuant to Section 3.D of the Plan, [a copy
              of which is attached hereto as Exhibit A], [for
              Retirements; and
            further agrees that during the period commencing on the date of the Employee’s
            [Retirement] and ending on the [for Retirements, 6-month]
            anniversary of
            such date, the Employee shall not, directly or indirectly:

      (a)        Engage in any “Competitive Business”
            (defined
            below) for the Employee’s own account;

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

      (c)     Acquire a financial interest in, or otherwise become
            actively involved with, any person engaged in any Competitive Business,
            directly or indirectly, as an individual, partner, shareholder, officer,
            director, principal, agent, trustee or consultant; or

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

      (e)    For purposes of this Section 2, 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 the following
            activities in any geographical area in which AIG 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 AIG 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;

      (iv)       The investment and financial
            services business, including retirement services and mutual fund or brokerage
            services; or

      
        B-1 

      

    

    

    
      
         

      

      (v)     Any other business that as of
            such date is a direct and material competitor of one of AIG’s businesses.

      (3)     Employee further agrees that
            AIG’s remedies at law for a breach or threatened breach of any of the
            non-disparagement, non-solicitation and confidentiality provisions in the
            Employee’s award agreement [and for the non-competition covenant set forth
            above] would be inadequate. In recognition of this fact, the Employee agrees
            that, in the event of such a breach or threatened breach, in addition to any
            remedies at law, AIG, without posting any bond, shall be entitled to obtain
            equitable relief from a court of competent jurisdiction in the form of specific
            performance, temporary restraining order, temporary or permanent injunction or
            any other equitable remedy which may then be available;

      (4)        [Employee acknowledges and
            understands that Employee is hereby being advised to consult with an attorney
            prior to executing this Release. Employee also acknowledges and understands
            that Employee has [twenty-one (21)] days to consider the terms of this Release
            before signing it. However, in no event may Employee sign this Release before
            Employee’s termination date.]

      (5)        [Upon the signing of this
            Release by Employee, Employee understands that Employee shall have a period of
            seven (7) days following Employee’s signing of this Release in which Employee
            may revoke this Release. Employee understands that this Release shall not
            become effective or enforceable until this seven (7) day revocation period has
            expired, and that neither the Released Parties nor any other person has any
            obligation [pursuant to the American International Group, Inc. 2013 Long Term
            Incentive Plan] until eight (8) days have passed since Employee’s signing of
            this Release without Employee having revoked this Release. If Employee revokes
            this Release, Employee will be deemed not to have accepted the terms of this
            Release.]

      (6)        Any dispute arising under
            this Release shall be governed by the law of the State of New York, without
            reference to the choice of law rules that would cause the application of the
            law of any other jurisdiction.

      
        	
                 

              	
                 

              	
                 

              	
                 

              
	
                DATE

              	
                 

              	
                [Employee]

              	
                 

              

      

       

      
        B-2Exhibit 10.38

      
         
      AMERICAN
              INTERNATIONAL GROUP, INC.

      LONG TERM
              INCENTIVE PLAN

      LTI AWARD AGREEMENT

      1.    Status of Award; Defined Terms.    American
            International Group, Inc. (“AIG”)   has
            awarded you  [performance
            share units] [restricted stock units] [and]  [stock
            options]   (the “Award”) pursuant to the AIG
            Long Term Incentive Plan (the “Plan”)  and the [American
            International Group, Inc. 2013 Omnibus Incentive Plan] [American
            International Group, Inc. 2021 Omnibus Incentive Plan].  This award agreement  (“Award 
          Agreement”), which sets forth the terms and conditions of
            your
            Award, is made pursuant to the Plan and this Award and Award Agreement are
            subject to the terms of the Plan.  Capitalized terms not defined in this Award
            Agreement have the meanings ascribed to them in the Plan.

      2.         Award.

      [(a) Award of PSUs.  

      (i) AIG hereby awards you the number of performance share
            units (“PSUs”)
            specified in Schedule A (the “Target PSUs”).  [For PSU AWARDS in 2021 and thereafter:
            You are also entitled to receive Dividend Equivalents in the form of cash in
            accordance with the Plan.  [Only
              with respect to PSU AWARDS in 2019 and 2020:
            You are also entitled to receive Dividend Equivalents or Dividend Equivalent
            Units on each PSU as follows, in each case in accordance with the Plan: 

       

      (x) With respect to dividends declared with a
            record date that occurs after the second quarter of 2021, for each Earned PSU
            you are entitled to accrue Dividend Equivalents and such Dividend Equivalents
            will be paid in cash in accordance with the Plan.

       

      (y) With respect to dividends
            declared with a record date that occurs on or after the Date of Award (as
            specified in Schedule A of the Award Agreement) through the second quarter of
            2021, for each Earned PSU you are entitled to accrue Dividend Equivalents Units
            (as defined in the Plan) in the form of additional PSUs and such Dividend
            Equivalent Units will be settled in cash equal to the fair market value of a
            Share on the settlement date in accordance with the Plan.]

      Each
PSU
            constitutes an unfunded and unsecured promise of AIG to deliver (or cause
            to be delivered) one Share (or, at the election of AIG, cash equal to the Fair
            Market Value thereof) in accordance with the Plan.   

      (ii) The actual number of PSUs that will be earned
            is subject to the Committee’s assessment of achievement based on the
            Performance Measures established for the Performance Period.

      (iii) After the end of the Performance Period, the
            Committee will determine the percentage of your Target PSUs that will be earned
            (such earned PSUs, the “Earned PSUs”).  The number of
            Shares
            covered by your Earned PSUs may range from 0% to 200% of your Target PSUs.  Your Earned PSUs, if any, will
          vest and be paid in accordance with the
            schedule specified in Schedule A,  subject to earlier vesting, forfeiture or termination as
            provided in accordance with the Plan. On any
            payment date, the number of Shares to be issued under this Award Agreement
            shall be rounded down to the nearest whole Share.] 

      
         

         

      

    

    

    
      
         

      

      [(a)][(b)]
              [Award of RSUs.   AIG hereby awards you
            the number of restricted stock units (“RSUs”) specified in Schedule
              A.  [For RSU aWARDS in 2021 and
              thereafter: You are also entitled to receive Dividend Equivalents in
            the form of cash in accordance with the Plan.  [Only with respect to RSU AWARDS in 2019 and 2020:   You are also entitled to receive Dividend Equivalents or
            Dividend Equivalent Units on each RSU as follows, in each case in accordance
            with the Plan: 

       

      (x) With
            respect to dividends declared with a record date that occurs after the second
            quarter of 2021, for each RSU you are entitled to accrue Dividend Equivalents
            and such Dividend Equivalents will be paid in cash in accordance with the Plan.

       

      (y) With
            respect to dividends declared with a record date that occurs on or after the
            Date of Award (as specified in Schedule A of the Award Agreement) through the
            second quarter of 2021, for each RSU you are entitled to accrue Dividend
            Equivalents Units (as defined in the Plan) in the form of additional RSUs and
            such Dividend Equivalent Units will be settled in Shares in accordance with the
            Plan.]

      Each
          RSU constitutes an unfunded and unsecured promise of AIG to
            deliver (or cause to be delivered) one Share (or, at the election of AIG, cash
            equal to the Fair Market Value thereof) in accordance with the Plan.  Until such delivery, you have only the rights of a
            general unsecured creditor, and no rights as a shareholder, of AIG.  You will
            earn the RSUs subject to your continued Employment throughout the Performance
            Period.  Your RSUs will vest and be paid in accordance with the schedule
            specified in Schedule A,  subject
            to earlier vesting, forfeiture or termination as provided in
            accordance with
            the Plan.  On any payment date, the number of
            Shares to be issued under this Award Agreement shall be rounded down to the
            nearest whole Share.] 

      [(a)][(b)(c)]
              [Award of Stock Options.   AIG
            hereby awards you the number of [time-vesting] [and]  [performance-vesting] 
            stock options (“Options”)  specified in Schedule A.    Each Option
            represents a right to purchase one share of Common Stock of AIG, subject to the
            terms and conditions set forth in the Award Agreement and the Plan. The Options
            are subject to the [time-]  [and]  [performance-]  vesting and expiration
            terms specified in Schedule A, subject to
            earlier vesting, forfeiture or
            termination as provided in accordance with the Plan.

      3.         Non-Disclosure.  During the term of your Employment, the Company has
            permitted and will continue to permit you to have access to and become
            acquainted with information of a confidential, proprietary and/or
          trade secret
            nature.  Subject to and in addition to any confidentiality or non-disclosure
            requirements to which you were subject prior to the date you electronically consent to or execute this Award Agreement, during your
            Employment and any time thereafter, you agree that (i) all confidential,
            proprietary and/or trade secret information received, obtained
            or possessed at
            any time by you concerning or relating to the business, financial, operational,
            marketing, economic, accounting, tax or other affairs at the Company or any
            client, customer, agent or supplier or prospective client, customer, agent or
            supplier of the Company will be treated by you in the strictest confidence and
            will not be disclosed or used by you in any manner other than in connection
            with the discharge of your job responsibilities without the prior written
            consent of the Company or unless required by law, and (ii) you will not remove
            or destroy any confidential, proprietary
            and/or trade secret information and will return any such
            information in your possession,
            custody or control at the end of your Employment (or earlier if so requested by
            the Company).   Nothing
            herein shall prevent you from making or publishing any truthful statement (a)
            when required by law, subpoena or court order,
            or at the request of an administrative agency or legislature, (b) in the course of any legal, arbitral, administrative, legislative or regulatory proceeding, (c) to any governmental
            authority, regulatory agency or self-regulatory organization, (d) in connection
            with any investigation by the Company, or (e)
            where a prohibition or limitation on such communication is unlawful.

                   Nothing in this Award Agreement or any AIG policy prohibits or restricts you from communicating with or
            responding to
            any inquiry by the Securities and Exchange Commission, law enforcement, the
            Equal Employment Opportunity Commission [IF
              EMPLOYEE IS IN NEW YORK:, the New York State Division of Human Rights, the
            New York City Commission on Civil Rights or any other local commission on human
            rights, an attorney retained by you], or any
            other local, state, or federal governmental or regulatory authority, or any self-regulatory organization, provided that AIG does not waive any attorney-client privilege over any
            information provided by you that is appropriately covered by such privilege.

       

       

      
         

         

         

      

    

    

    
      
         

      

      4.         Non-Solicitation.  Your Employment with the Company requires
            exposure to and use of confidential, proprietary and/or trade secret information (as set forth in the
            above Paragraph).  Subject to and in addition to any non-solicitation requirements to which
            you were subject prior to the date you electronically
            consent to or execute this Award
            Agreement, you agree that (i) during your Employment with the
            Company and any time
            thereafter, you will not, directly or indirectly, on your own behalf or on behalf of any other
            person or entity, solicit, contact,
            call upon, communicate with or attempt to
            communicate with any customer or client or prospective customer or client of
            the Company where to do so would require the use or disclosure of confidential, proprietary and/or trade secret information, and (ii) during your
            Employment with the Company and for a period of one
            (1) year after Employment Terminates for any reason, you will
            not, directly or indirectly, regardless of who initiates the communication,
            solicit, participate in the solicitation or
            recruitment of, or in
            any manner encourage or provide assistance to any employee, consultant, registered representative, or agent of the Company to
            terminate his or her Employment or other relationship with the Company or to
            leave its employ or other relationship with the Company for any engagement in
            any capacity or any other person or entity.

      [ALL
              OR A PORTION OF SECTION 5
              TO BE INSERTED AT THE DISCRETION OF THE COMMITTEE OR ITS DELEGATE]

       

      5.         Non-Disparagement.  You agree that during and after your Employment with the Company,
            you will not make disparaging comments about AIG or any of its
            subsidiaries or affiliates
            or any of their officers, directors or employees to any person or entity not
            affiliated with the Company.   Nothing in this Agreement  shall prevent you from making or publishing any truthful
            statement (a) when required by law, subpoena or court order, or at the request of an administrative agency or
            legislature (b) in the course of
            any legal, arbitral. administrative,
            legislative or regulatory
            proceeding, (c) to any governmental authority, regulatory agency or
            self-regulatory organization, (d) in connection with any
            investigation by the Company, or (e) where a
            prohibition or limitation on such communication is unlawful.  Moreover, nothing in this Agreement will deny
            you the right to disclose information about unlawful acts in the workplace,
            including, but not limited to, sexual harrassment.

       

      [SECTION 6
              TO BE INSERTED AT DISCRETION OF THE COMMITTEE OR ITS DELEGATE]

       

      6.         Notice of Termination of Employment.  Except where local law prohibits enforcement or you
            resign for Good Reason under the terms of the Plan, you agree that if you
            voluntarily resign you will give at least six months’ written notice to the
            Company of your voluntary Termination, 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.  This notice period provision
            supersedes any conflicting notice period provision contained in the award
            agreements governing your prior long-term incentive awards awarded under the
            Plan.

       

       

       [SECTION 6
              TO BE INSERTED AT DISCRETION OF THE COMMITTEE OR ITS DELEGATE]

       

      6.           Notice of Termination of Employment.  Except where local law prohibits enforcement or you
            resign for Good Reason under the terms of the Plan, you agree that if you
            voluntarily resign you will give at least three months’ written notice to the
            Company of your voluntary Termination, 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.  This notice period provision
            supersedes any conflicting notice period provision contained in the award
            agreements governing your prior long-term incentive awards awarded under the
            Plan.

       

       

        [SECTION
              6 TO BE INSERTED AT
              DISCRETION OF THE COMMITTEE
               OR ITS DELEGATE]

      6.           Notice of Termination of Employment.  You agree that:

      1.         if you voluntarily resign (other than if
            you resign for Good Reason under the terms
            of the Plan), you
            will give at least three months’ written notice to the Company of your
            voluntary Termination, 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, except to the extent prohibited by local law; and

       

      
         

         

         

      

    

    

    
      
         

      

      2.         if your employment is not at-will and you or the Company is
            obligated to give other advance notice of a Termination by virtue of local law,
            any applicable collective bargaining agreement or your employment agreement,
            such notice obligation will not be affected by this provision.  As set forth in
            the Executive Severance Plan (“ESP”), any severance payment paid in
            accordance with the ESP will be reduced by any payment in lieu of notice paid
            by the Company to you, and you will cease to have
            any further entitlement to notice.  

      This notice period provision supersedes any conflicting notice
            period provision contained in any of the award agreements governing your prior
            long-term incentive awards awarded under the Plan. 

      7.         Clawback/Repayment.  Notwithstanding anything to the contrary contained herein,
            in consideration of the grant of this Award, you agree that you are a Covered Employee under the AIG Clawback Policy
            with respect to this Award and any
            payments hereunder and, accordingly, this
            Award and any payments hereunder will
            be subject to forfeiture and/or repayment to the extent provided for in the AIG
            Clawback Policy, as in effect from time to time if it is determined that a
            Covered Event (as defined in such Policy) has occurred.  With respect to this Award and any payments hereunder,
            each of the following events is a “Covered
            Event” for purposes of the Policy:

      1.     a material
            restatement of all or a portion of AIG’s financial statements occurs and the
            Board or Committee determines that recovery of payments under this Award is
            appropriate after reviewing all relevant facts and circumstances that
            contributed to the restatement, including whether you engaged in misconduct,
            and considering issues of accountability;

      2.    payments
             under this Award were based on materially inaccurate financial statements or on performance
            metrics that are materially inaccurately determined, regardless of whether you
            were responsible for the inaccuracy;

      3.    your
            failure to properly identify, assess or sufficiently raise concerns about risk,
            including in a supervisory role, resulted in a material adverse impact on AIG,
            any of AIG’s business units or the broader financial system;

      4.       any
            action or omission by you constituted a material violation of AIG’s risk
            policies as in effect from time to time; or  

      5.         any action or omission by you resulted in material financial or reputational
            harm to AIG.

      8.         Entire Agreement.     The Plan
            is incorporated herein by reference.    This
            Award Agreement, the Plan, the personalized information in Schedule A,
            and such other documents as may be provided to you pursuant to this Award
            Agreement regarding any  applicable service,
            performance or other vesting conditions and the size of your
            Award, constitute the entire agreement and
            understanding of the parties hereto with respect to the subject matter hereof
            and supersede all prior understandings and agreements with respect to such
            subject matter.  

      9.         Notices.  Any
            notice or communication required to be given or delivered to the Company under
            the terms of this Award Agreement shall be in writing (which may include an
            electronic writing) and addressed to the Corporate Secretary of AIG at its
            principal corporate offices as specified in Section  9.E of the Plan or, with respect to the acceptance
            of an Award, as specified in Schedule A or
            the Compensation Plan Grant
            Acceptance website.  Any notice required to be given or delivered to you shall
            be in writing (including an electronic writing) and addressed to you at your Company email
            address or your home address on file in the
            Company’s payroll or personnel
            records.  All notices shall be deemed to have been given or delivered upon: 
            personal delivery; electronic delivery or three (3) business days after deposit
            in the United States mail by certified or registered mail (return receipt
            requested) or one (1) business day after deposit with any return receipt
            express courier (prepaid).

      10.       Governing Law.  This Award Agreement will 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.       Signatures.   Execution  of this Award
            Agreement by AIG and/or you may be in the form of an electronic, manual or
            similar signature, and such signature shall be treated as an original signature
            for all purposes.   

      
         

         

         

      

    

    

    
      
         

      

      IN WITNESS WHEREOF, AMERICAN INTERNATIONAL GROUP, INC. has caused this Award
            Agreement to be duly executed and delivered as of the Date of Award specified
            in Schedule A. 

       

      AMERICAN INTERNATIONAL GROUP, INC.

      _______________________________________

      By:  

                                                       

      
         
       

      
         

         

         

      

    

    

    
      
         

      

      Schedule A

      Long-Term
              Incentive Award

       

      
        	
                Recipient:

              	
                ●

              
	
                Employee ID:

              	
                ●

              
	
                Date of Award Agreement:

              	
                ●

              

      

       

      
        	
                [[PSUs] [and]
                        [RSUs] Award]

              	
                Target Number

              	
                Performance Period

              	
                Vesting Terms

              	
                Payment

              
	
                [PSUs] 

              	
                [●] 

              	
                [●] 

              	
                [●] 

              	
                [●] 

              
	
                [RSUs] 

              	
                [●] 

              	
                [●] 

              	
                [●] 

              	
                [●] 

              

      

       

      
        	
                [Options Award]

              	
                Number of Options

              	
                Exercise Price

              	
                Performance Period

              	
                Vesting Terms

              	
                Expiration Date

              
	
                [Time-Vesting Options] 

              	
                [●] 

              	
                [$●] 

              	
                [●] 

              	
                [●] 

              	
                [●] 

              
	
                [Performance-Vesting Options] 

              	
                [●] 

              	
                [$●] 

              	
                [●] 

              	
                [●] 

              	
                [●] 

              

      

       

      [The following
            termination treatment will [apply to your Award] [supersede that provided in
            Section 6 of the Plan: ●]   

       

       

       

      Receipt

       

      
        	
                Acknowledged:

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              
	
                 

              	
                Signature

              	
                 

              	
                Date

              	
                 

              	
                 

              

      

      
         
      
        	
                Address:

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              
	
                 

              	
                Street

              	
                 

              	
                 

              	
                 

              	
                 

              

      

      
         
      
        	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              
	
                 

              	
                City,                 State               Zip Code

              	
                 

              	
                 

              	
                 

              	
                 

              

      

       

       

      In
            order to be eligible to receive your Award, you must
            agree to and either electronically consent or sign the Award Agreement within 90
                days of the receipt of this communication.  If you do not
              electronically consent to or sign the Award Agreement within 90 days, you may
              forfeit your Award.   

       

      [Insert instructions]

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