Document:

Exhibit 10.34

EXECUTION VERSION

 

AMENDMENT LETTER

TO

LENDERS PARTY TO THE CREDIT AGREEMENT REFERENCED BELOW

 

November 23, 2020

 

Reference is made to the Fourth Amended and Restated Credit
Agreement (as amended, the “Credit Agreement”) dated as of June 27,
2017, among AMERICAN INTERNATIONAL GROUP, INC. (the “Company”), the
subsidiary borrowers party thereto, the lenders party thereto (the “Lenders”),
JPMorgan Chase Bank, N.A., as administrative agent, and each Several L/C Agent
party thereto.  Terms used but not defined herein shall have the meanings
provided in the Credit Agreement.

 

Each Lender is hereby requested by the Company to confirm
its agreement that (i) clause (a) of the definition of “Consolidated Net Worth”
in the Credit Agreement is amended in its entirety to read “(a) accumulated
other comprehensive income (or loss) (adjusted for the Fortitude Re Adjustment
Amount)” and (ii)  the following new definition is added in the appropriate
alphabetical location: “Fortitude Re Adjustment Amount” means, at any
date, the amount (if any) of cumulative unrealized gains and losses related to Fortitude
Re’s Funds Withheld Assets (as such term is used in the Company’s most recent
financial statement delivered in accordance with Section 5.01) as included in
accumulated other comprehensive income (or loss).”.   The undersigned is in
agreement with the foregoing.  Please signify your agreement with the foregoing
by signing and returning a copy of this Amendment Letter to Jeff Meyers (via
pdf email at jmeyers1@milbank.com) at your earliest convenience but not
later than 3:00 p.m., New York City time, Friday, November 20th. 

 

Except as expressly modified by this Amendment Letter, all
terms, conditions, covenants, representations and warranties contained in the
Credit Agreement and the other Loan Documents, and all rights and remedies of
the Lenders and the Administrative Agent and all of the obligations of the Loan
Parties, shall remain in full force and effect.  From and after the effectiveness
of this Amendment Letter, the term “Agreement” (or words of similar import) in
the Credit Agreement, and all references to the Credit Agreement in any related
document, shall mean the Credit Agreement as modified by this Amendment Letter. 
This Amendment Letter shall constitute a “Loan Document” for purposes of the
Credit Agreement and the other Loan Documents.  The Company hereby represents
and warrants to the Lenders and the Administrative Agent that (i) the
representations and warranties of the Company and each Subsidiary Borrower (if
any) set forth in the Credit Agreement and the other Loan Documents shall be
true and correct in all material respects (or, in the case of any such
representations and warranties qualified as to materiality, in all respects) on
the date hereof as if made on and as of the date hereof (or, if any such
representation or warranty is expressly stated to have been made as of a
specified date, as of such specified date) and as if each reference to “this
Agreement” included reference to this Agreement Letter (it being agreed that it
shall be deemed to be an Event of Default under the Credit Agreement if any of
the foregoing representations and warranties shall prove to have been false in
any material respect when made) and (ii) at the time of and immediately after
giving effect to this Amendment Letter, no Default has occurred and or is
continuing.

 

This Amendment Letter may be executed in counterparts (and
by different parties hereto on different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a
single contract.  Delivery of an executed counterpart of a signature page of
this Amendment Letter by telecopy, emailed pdf. or any other electronic means
that reproduces an image 

                                                                               

 

of the actual executed signature page shall be
effective as delivery of a manually executed counterpart of this Amendment
Letter.  The words “execution,” “signed,” “signature,” “delivery,” and words of
like import in or relating to any document to be signed in connection with this
Amendment Letter and the transactions contemplated hereby shall be deemed to
include Electronic Signatures, deliveries or the keeping of records in
electronic form, each of which shall be of the same legal effect, validity or
enforceability as a manually executed signature, physical delivery thereof or
the use of a paper-based recordkeeping system, as the case may be, to the
extent and as provided for in any applicable law, including the Federal
Electronic Signatures in Global and National Commerce Act, the New York State
Electronic Signatures and Records Act, or any other similar state laws based on
the Uniform Electronic Transactions Act; provided  that nothing herein
shall require the Administrative Agent to accept electronic signatures in any
form or format without its prior written consent.  “Electronic Signature”
means an electronic sound, symbol, or process attached to, or associated with,
a contract or other record and adopted by a Person with the intent to sign,
authenticate or accept such contract or record.

 

This Amendment Letter shall be construed in accordance with
and governed by the law of the State of New York.

 

Please direct any questions of a legal nature to Jeff
Meyers at Milbank LLP (jmeyers1@milbank.com, 212-530-5448).  Questions of a
business nature should be directed to Sid Lahiri (sid.lahiri@jpmorgan.com)
or Sara Montague (sara.montague@jpmorgan.com) of JPMorgan Chase Bank, N.A. 

 

 

 

[Signature pages follow]

 

                                                                               

 

JPMORGAN CHASE BANK, N.A., as Administrative Agent

By:       /s/ Karole Dill Barkley
                             

Name: Karole Dill Barkley

Title:   Vice President and Treasurer

 

 

 

 

 

AMERICAN INTERNATIONAL GROUP, INC.

By:       /s/ Sabra R. Purtill                             

Name: Sabra R. Purtill

Title:  
Senior Vice President, Deputy CFO, Treasurer, Investor and Rating Agency
Relations

 

 

                                                                               

 

SO AGREED:

 

JPMORGAN CHASE BANK, N.A.

 

By:   /s/ Karole Dill Barkley                                                           

Name: Karole Dill Barkley

Title:   Vice President

 

 

 

SO AGREED:

 

CITIBANK, N.A.

 

By:   /s/ Maureen P. Maroney                                                           

Name: Maureen P. Maroney

Title:   Vice President

 

 

 

                                                                               

 

SO AGREED:

 

BANK OF AMERICA, N.A.

 

By:   /s/ Chris Choi                                

Name: Chris Choi 

Title:   Director 

 

 

 

 

SO AGREED:

 

STANDARD CHARTERED BANK

 

By:   /s/ James Beck                                                           

Name: James Beck 

Title:   Associate Director 

 

 

 

                                                                               

 

SO AGREED:

 

U.S. BANK NATIONAL ASSOCIATION

 

By:   /s/ Andre Liu                                        
                   

Name: Andre Liu

Title:   Vice President

 

 

 

 

SO AGREED:

 

NATIONAL AUSTRALIA BANK LIMITED

 

By:   /s/ Helen Hsu                                                           

Name: Helen Hsu

Title:   Director 

 

 

                                                                               

 

SO AGREED:

 

UNICREDIT BANK AG, NEW YORK BRANCH

 

By:   /s/ Sam Opitz                                                           

Name: Sam Opitz

Title:   Director 

 

By:   /s/ Aleksander Borowicz                                                           

Name: Aleksander Borowicz 

Title:   Director 

 

 

 

 

SO AGREED:

 

MANUFACTURERS AND
TRADERS TRUST COMPANY

 

By:   /s/ Brooks W. Thropp                                                           

Name: Brooks W. Thropp 

Title:   Administrative Vice President 

 

 

                                                                               

 

SO AGREED:

 

THE GOVERNOR AND COMPANY OF THE BANK OF IRELAND

 

By:   /s/ Cliodhna Ni Bhraonain                                                           

Name: Cliodhna Ni Bhraonain 

Title:   Manager

 

By:   /s/ Keith Hughes                                                           

Name: Keith Hughes 

Title:   Director 

 

 

 

 

SO AGREED:

 

ROYAL BANK OF CANADA

 

By:   /s/ Sergey Skripnichenko                                                           

Name: Sergey Skripnichenko

Title:   Authorized Signatory

 

 

                                                                               

 

SO AGREED:

 

NOMURA CORPORATE FUNDING AMERICAS, LLC.

 

By:   /s/ Andrew
Keith                                                           

Name: Andrew Keith

Title:   Executive Director

 

 

 

 

SO AGREED:

 

SUMITOMO MITSUI BANKING CORPORATION

 

By:   /s/ Shane
Klein                                                           

Name: Shane Klein

Title:   Managing Director

 

 

                                                                               

 

SO AGREED:

 

BARCLAYS BANK PLC

 

By:   /s/ Jake
Lam                                                           

Name: Jake Lam

Title:   Assistant Vice President

 

 

 

 

SO AGREED:

 

HSBC BANK USA, N.A.

 

By:   /s/ Teresa Pereyra                                                           

Name: Teresa Pereyra

Title:   Vice President, Financial Institutions Group

 

 

                                                                               

 

SO AGREED:

 

MIZUHO BANK, LTD.

 

By:   /s/ Donna
DeMagistris                                                           

Name: Donna DeMagistris

Title:   Authorized Signatory

 

 

 

 

SO AGREED:

 

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

 

By:   /s/ Cynthia
Dioquino                                                           

Name: Cynthia Dioquino

Title:   Associate Director

 

 

                                                                               

 

SO AGREED:

 

WELLS FARGO BANK, N.A.

 

By:   /s/ Jason
Hafener                                                           

Name: Jason Hafener

Title:   Managing Director

 

 

 

 

SO AGREED:

 

THE BANK OF NOVA SCOTIA

 

By:   /s/ Sunny
Yang                                                           

Name: Sunny Yang

Title:   Director

 

 

                                                                               

 

SO AGREED:

 

MORGAN STANLEY BANK, N.A.

 

By:   /s/ David White                                                           

Name: David White

Title:   Authorized Signatory

 

 

 

 

SO AGREED:

 

PNC BANK, NATIONAL ASSOCIATION

 

By:   /s/ Devin Faddoul                                                           

Name: Devin Faddoul

Title:   Assistant Vice President

 

 

                                                                               

 

SO AGREED:

 

GOLDMAN SACHS BANK USA

 

By:   /s/ Mahesh
Mohan                                                           

Name: Mahesh Mohan

Title:   Authorized Signatory

 

 

 

 

SO AGREED:

 

CREDIT SUISSE AG, NEW YORK BRANCH

 

By:   /s/ Doreen
Barr                                                           

Name: Doreen Barr

Title:   Authorized Signatory

 

By:   /s/ Andrew
Griffin                                                           

Name: Andrew Griffin 

Title:   Authorized Signatory

 

 

 

 

                                                                               

 

SO AGREED:

 

DEUTSCHE BANK AG NEW YORK BRANCH

 

By:   /s/ Annie Chung                                                           

Name: Annie Chung

Title:   Director

Annie.chung@db.com

+1-212-250-6375

 

By:   /s/ Ming K.
Chu                                                           

Name: Ming K. Chu

Title:   Director

Ming.k.chu@db.com

+1-212-250-5451

 

 

 

 

SO AGREED:

 

BANCO BILBAO VIZCAYA ARGENTARIA, S.A. NEW YORK BRANCH

 

By:   /s/ Brian
Crowley                                                           

Name: Brian Crowley 

Title:   Managing Director

 

By:   /s/ Miriam
Trautmann                                                           

Name: Miriam Trautmann

Title:   Senior Vice President

 

 

                                                                               

 

SO AGREED:

 

THE BANK OF NEW YORK MELLON

 

By:   /s/ Michael
Pensari                                                           

Name: Michael Pensari

Title:   Director 

 

 

 

 

SO AGREED:

 

MUFG BANK, LTD.

 

By:   /s/ Rajiv
Ranjan                                                           

Name: Rajiv Ranjan

Title:   Vice President

 

 

                                                                               

 

SO AGREED:

 

SOCIETE GENERALE

 

By:   /s/ William
Aishton                                                           

Name: William Aiston

Title:   Director

 

 

 

 

 

SO AGREED:

 

NATWEST MARKETS PLC

 

By:   /s/ Sinead
Collister                                                           

Name: Sinead Collister

Title:   Director

 

 

                                                                               

 

SO AGREED:

 

NATIXIS, NEW YORK BRANCH

 

By:   /s/ Kelley T. Hebert                                                           

Name: Kelley T. Hebert

Title:   Managing Director

 

By:   /s/ Eric
Li                                                           

Name: Eric Li

Title:   Associate

 

 

 

 

SO AGREED:

 

INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED, NEW YORK
BRANCH

 

By:   /s/ Kelley T.
Hebert                                                           

Name: Kelley T. Hebert

Title:   Managing Director

 

By:   /s/ Eric
Li                                                           

Name: Eric Li

Title:   Associate

 

 

                                                                               

 

SO AGREED:

 

ING BANK N.V.

 

By:   /s/ D.H.
Bleijenberg                                                           

Name: D.H. Bleijenberg

Title:   Director

 

By:   /s/ J.D.
Dijkstra                                                           

Name: J.D. Dijkstra

Title:   Managing Director

 

 

 

 

SO AGREED:

 

BNP PARIBAS

 

By:   /s/ Marguerite
Lebon                                                           

Name: Marguerite Lebon

Title:   Vice President

 

By:   /s/ Joseph
Malley                                      
                     

Name: Joseph Malley

Title:   Managing Director

 

 

                                                                               

 

SO AGREED:

 

STATE STREET BANK AND TRUST COMPANY

 

By:   /s/ Kimberly R.
Costa                                                           

Name: Kimberly R. Costa

Title:   Vice PresidentExhibit 10.35

 

AMERICAN
INTERNATIONAL GROUP, INC.

AMENDED AND RESTATED 2012 EXECUTIVE SEVERANCE PLAN

 

The Compensation and Management Resources
Committee of the Board of Directors (the “Compensation Committee”) of American International Group, Inc., a
Delaware corporation (the “Company”), has adopted this American International Group, Inc. 2012 Executive Severance
Plan (the “Plan”), first effective as of December 4, 2012 (the “Initial Effective Date”),
amended as of December 19, 2013, September 9, 2014, October 1, 2015 and July 1, 2016, and hereby amended and restated in its entirety
as of February 16, 2021 (the “Effective Date”). Terms not defined herein have the meanings provided in the Glossary
of Terms.

 

		I.	Purpose

 

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

 

		II.	Term

 

The Plan took effect on the Initial Effective
Date, and as hereby amended and restated shall be effective as of the Effective Date and continue until terminated by the Compensation
Committee with twelve (12) months’ notice to Eligible Employees in accordance with Section VIII below.

 

		III.	Eligibility

 

The employees eligible to participate in
the Plan at any time (the “Eligible Employees”) shall be comprised of each employee who (1) is a full-time employee
in grade level 27 or above, or who is a full-time employee and was in grade level 27 or above in the twelve (12) months immediately
prior to the date of termination, at the time of the termination of his or her employment or (2) was eligible to participate in
the American International Group, Inc. Amended and Restated Executive Severance Plan, first effective as of March 11, 2008 and
as amended (the “Old Plan”) as of the Initial Effective Date (an “Old Plan Participant”).
Notwithstanding the foregoing, if an employee has an employment agreement (or other agreement or arrangement) that provides for
payment of severance in connection with a “Covered Termination” (as defined in Section IV below), the employee
will not be an Eligible Employee; provided that payment of statutorily-required severance shall not prohibit an employee
from being an Eligible Employee. Receipt of the Plan by an Old Plan Participant shall be deemed to constitute notice, delivered
as of the Initial Effective Date, for the purpose of terminating the Old Plan under Section VIII of the Old Plan.

 

		IV.	Severance

 

Subject to Section IV.F below, an
Eligible Employee shall be entitled to receive the benefits described in this Section IV if he or she experiences a “Covered
Termination;” provided that such benefits shall be modified as set forth in the appendices to the Plan to comply with
local laws, bylaws, statutes, regulations, codes of practice or applicable guidance issued by a governmental department or regulatory
authority (together referred to as “Local Law”) for any employee whose primary worksite is outside of the United States
but is not classified as a Mobile Overseas Personnel; and provided, further, that any Eligible Employee who experiences
a “Covered Termination” and is entitled to statutorily-required severance shall receive the greater of such statutorily-required
severance and the benefits described in this Section IV or shall have his or her benefits described in this Section IV
reduced by the statutorily-required severance paid to the Eligible Employee, as required by applicable law.

 

     

     

    

 

A “Covered Termination”
shall mean:

 

(1)   For all Eligible Employees,
a termination of service during the term of the Plan for any reason other than the Eligible Employee’s: (a) death; (b) Disability;
(c) resignation (including any resignation that an Eligible Employee may assert was a constructive discharge); or (d) termination
by the Company or its subsidiaries for Cause (for purposes of this Plan, the term subsidiaries shall be deemed to include both
direct and indirect subsidiaries); and

 

(2)   Notwithstanding paragraph
(1) above, for any Eligible Employees in grade level 27 or above, such Eligible Employee’s termination of service during
the term of the Plan as a result of resignation from his or her employment for Good Reason.

 

A “CIC Covered Termination”
shall mean a Covered Termination within twenty-four (24) months following a Change in Control.

 

Unless otherwise stated in the Plan, for purposes of an Eligible
Employee’s employment under the Plan, “termination” of employment or service shall mean the date upon which the
Eligible Employee ceases to perform his or her employment duties and responsibilities for the Company and/or each of its subsidiaries
and, to the extent consistent with the foregoing, shall be the “last day worked/end work date” that is coded in the
payroll system applicable to the Eligible Employee. Solely for purposes of this Plan, an Eligible Employee’s grade level
shall be deemed to be the highest grade level at which the Eligible Employee was employed in the twelve (12) months immediately
prior to his or her date of termination.

 

		A.	Accrued Wages and Expense Reimbursements

 

If an Eligible Employee experiences a Covered
Termination, the Eligible Employee shall receive: (1) accrued wages due through the date of termination in accordance with the
Eligible Employee’s employer’s normal payroll practices; (2) reimbursement for any unreimbursed business expenses properly
incurred by the Eligible Employee prior to the date of termination in accordance with Company policy (and for which the Eligible
Employee has submitted proper documentation as may be required by the Company, with such documentation and each reimbursement to
occur not later than one (1) year after the Eligible Employee’s date of termination); and (3) any accrued but unused vacation
pay in a lump sum paid within two and one-half months after the end of the calendar year in which the Eligible Employee’s
date of termination occurs (the “Termination Year”).

 

    -2-

     

    

 

		B.	Severance, Generally

 

Except as provided in Section IV.C
below, in the event of a Covered Termination, an Eligible Employee shall be entitled to receive the following:

 

(1)          With respect to
an Eligible Employee’s annual short-term incentive award (“STI Award”) under the American International Group,
Inc. Short-Term Incentive Plan or its successor plan (the “STI Plan”), an Eligible Employee shall receive:

 

(a)           The
“Prior Year Incentive” as calculated below.

 

(i)            If
the date of termination is after the end of the applicable STI Plan performance year, but prior to the Threshold/First Payment
Date with respect to an STI Award, an amount equal to the Eligible Employee’s STI Target for such performance year as adjusted
for the actual performance of the Company and/or applicable business unit or function, as determined by the Chief Executive Officer
of the Company (“CEO”) in his or her sole discretion (except that, with respect to Eligible Employees whom the
CEO designates as being members of his or her executive leadership team (the “ELT”), such determination shall
be made by the Compensation Committee in its sole discretion).

 

(x) For purposes of this section, Threshold/First
Payment Date will mean (i) for Eligible Employees who have an STI Award that is entirely payable in the year following the STI
Plan performance year, the date such STI Award is paid, and (ii) for Eligible Employees who have a portion of their STI Award designated
as a “Deferred STI Award” such that a portion of such STI Award is to be paid two or more calendar years after the
STI Plan performance year, the date the first payment of such STI Award is paid.

 

(y) For purposes of this section, an Eligible Employee’s
STI Target will mean the target annual incentive amount assigned to such Eligible Employee for a performance year pursuant to the
STI Plan.

 

(ii)           With
respect to Eligible Employees who have a portion of their STI Award designated as a “Deferred STI Award,” if the date
of termination is after the end of the STI Plan performance year and after the Threshold/First Payment Date for such STI
Award, the amount of the Deferred STI Award portion not yet paid.

 

(iii)          In
all events, such amounts will be paid at the same time as they are paid to similarly-situated active employees with similar STI
Awards, and will be subject to the same deferral, clawback and repayment terms. For point of clarity, Prior Year Incentive payments
to Eligible Employees covered under the AIG Clawback Policy, as may be amended from time to time, are subject to forfeiture and/or
repayment to the extent provided for in such policy.

 

(b)           The
“Pro Rata Incentive” for the Termination Year as calculated below.

 

(i)            Subject
to paragraph (b)(ii) immediately below, for the Termination Year, a Pro Rated portion of an amount equal to (A) in the event of
a Covered Termination other than a CIC Covered Termination, the Eligible Employee’s STI Target as adjusted for the actual
performance of the Company and/or applicable business unit or function, as determined by the CEO in his or her sole discretion
(except that, with respect to Eligible Employees whom the CEO classifies as being members of his or her ELT, such determination
shall be made by the Compensation Committee in its sole discretion) (the “Performance Adjusted STI Target”),
or (B) in the event of a CIC Covered Termination, the greater of the Eligible Employee’s STI Target and the Performance Adjusted
STI Target.

 

    -3-

     

    

 

(x) For purposes of this section, Pro Rated will mean
a fraction the numerator of which is the number of full months in the Termination Year that the Eligible Employee was actively
employed or on an approved leave of absence during which the Eligible Employee was receiving salary continuation from a Company
payroll (a “Paid Leave of Absence”) and the denominator of which is twelve (12).

 

(y) If the Covered Termination occurs within twelve
(12) months following a reduction in the Eligible Employee’s annual base salary and/or short-term incentive opportunity (other
than a reduction resulting from a Board approved program generally applicable to similarly-situated employees), for purposes of
this section, the STI Target shall be the greater of the Eligible Employee’s STI Target in effect on the date of the Covered
Termination and the Eligible Employee’s STI Target in effect on the day immediately prior to such reduction.

 

(ii)          To
the extent an Eligible Employee experiences a Covered Termination (other than a CIC Covered Termination) prior to April 1 of the
Termination Year, no Pro Rata Incentive shall be paid (it being understood that to the extent an Eligible Employee experiences
a CIC Covered Termination, the Eligible Employee will be entitled to the Pro Rata Incentive set forth in paragraph (b)(i)).

 

(iii)          All
Pro Rata Incentive payments will be paid at the same time or times as they are paid to similarly situated active employees with
similar STI Awards, and will be subject to the same deferral, clawback and repayment terms. For point of clarity, Pro Rata Incentive
payments to Eligible Employees covered under the AIG Clawback Policy, as may be amended from time to time, are subject to forfeiture
and/or repayment to the extent provided for in such policy.

 

(iv)          For
avoidance of doubt, the terms STI Target and STI Award as used in this Section include any portion of an STI Target and STI Award
designated as a Deferred STI Award (described above).

 

For the avoidance of doubt, in no event shall an Eligible Employee
be entitled to a duplication of any amounts payable under this paragraph or paragraph (1) above and under the terms of the American
International Group, Inc. Short-Term Incentive Plan as a result of his or her Covered Termination.

 

(2)          A lump sum cash
payment equal to the product of: (a) a “Multiplier” (as defined below) times (b) the sum of

 

(i)  the greater of actual base salary earned by the
Eligible Employee over the twelve (12) months immediately prior to the date of termination and the Eligible Employee’s annualized
base salary rate as of the date of termination plus

 

(ii)  (A) in the event of a Covered Termination other
than a CIC Covered Termination, the average of the Eligible Employee’s annual short-term incentive bonus actually paid for
the three (3) most recently completed calendar years preceding the Termination Year for which annual short-term incentive bonuses
had generally been paid, or (B) in the event of a CIC Covered Termination, the greater of (x) the Eligible Employee’s STI
Target for the Termination Year, and (y) the average of the Eligible Employee’s annual short-term incentive bonus actually
paid for the three (3) most recently completed calendar years preceding the Termination Year for which annual short-term incentive
bonuses had generally been paid.

 

    -4-

     

    

 

Such amount will be paid as soon as practicable following the
Covered Termination but in no event later than sixty (60) days thereafter. In the event of any unanticipated circumstances that
result in the Company, in its sole discretion, paying such amount later than sixty (60) days following the Covered Termination,
in no event will such amount be paid later than March 15th of the year immediately following the Termination Year. Notwithstanding
the foregoing, (x) if the Covered Termination occurs within twelve (12) months following a reduction in the Eligible Employee’s
annual base salary and/or short-term incentive opportunity (other than a reduction resulting from a Board-approved program generally
applicable to similarly-situated employees), the payment due under this paragraph (2) shall be calculated as if the Covered Termination
occurred on the day immediately prior to such reduction (using the Eligible Employee’s grade level on the day immediately
prior to such reduction for purposes of the Multiplier) and (y) if an Eligible Employee resigns for Good Reason after twelve (12)
months but before twenty-four (24) months following the event giving rise to Good Reason, the amount described in clause (i) of
this paragraph (2) shall be the greater of actual base salary earned by the Eligible Employee over the twelve (12) months immediately
prior to the event giving rise to Good Reason and the Eligible Employee’s annualized base salary rate immediately prior to
the event giving rise to Good Reason.

 

The “Multiplier” shall
be as follows:

 

(1)  For an Eligible Employee in
grade level 27 or 28: (a) 1 in the event of a Covered Termination; or (b) 1.5 in the event of a CIC Covered Termination; and

 

(2)  For an Eligible Employee in
grade level 29 or above: (a) 1.5 in the event of a Covered Termination; or (b) 2 in the event of CIC Covered Termination.

 

(3)           For
purposes of paragraph (1)(b) above, if no STI Target is established for an Eligible Employee for the Termination Year, in lieu
of the STI Target, the Pro Rata Incentive shall be calculated using the average of the Eligible Employee’s annual short-term
incentive bonuses paid with respect to the three (3) most recently completed calendar years preceding the Termination Year for
which annual short-term incentive bonuses had generally been paid; provided that (x) if the Eligible Employee was not employed
for all years that would otherwise be included in the average, the Eligible Employee’s STI Target with respect to the most
recently completed calendar year preceding the Termination Year in which the Eligible Employee was employed shall be used and (y)
if the Eligible Employee received no annual short-term incentive bonus for one of the years that would otherwise be included in
the average as a result of an approved leave of absence, the Eligible Employee’s STI Target with respect to the most recently
completed calendar year preceding the Termination Year in which such condition did not apply shall be used.

 

(4)           With
respect to paragraph 2 above, (a) if the Eligible Employee was not employed for all years that would otherwise be included in the
average, the average shall be computed based on each such year in which Eligible Employee was employed; (b) if the Eligible Employee
earns or is awarded no short-term incentive bonus for one of the years that would otherwise be included in the average as a result
of an approved leave of absence, the average shall be computed by using the three most recently completed calendar years preceding
the calendar year of termination in which such condition did not apply; and (c) if an Eligible Employee was not employed long enough
for the Eligible Employee’s first short-term incentive bonus to be paid, the Eligible Employee’s target short-term
incentive bonus shall be used in lieu of the average described above.

 

    -5-

     

    

 

		C.	Severance for Old Plan Participants

 

(1)           If
an Old Plan Participant experiences a Covered Termination, he or she shall receive (a) the Prior Year Incentive (if applicable),
(b) the Pro Rata Incentive and (c) severance equal to (i) for an Old Plan Participant below grade level 27, the “Old Plan
Benefit” (as defined below) or (ii) for an Old Plan Participant in grade level 27 or above, (x) the Old Plan Benefit plus
(y) the difference, if any, between the amount provided in Section IV.B(2) and the “Old Plan Benefit” (the “New
Plan Payment”).

 

(2)          The
“Old Plan Benefit” shall be the sum of the following, divided by twelve (12), and then multiplied by the number
of months in the “Severance Period” (as defined below) applicable to the Old Plan Participant:

 

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

 

(b)  The average of the Old Plan
Participant’s “Annual Cash Bonuses” (as defined below) awarded and paid with respect to the three most recently
completed calendar years preceding the Termination Year (including any year in which the bonus was zero); provided that:
(i) if the date of termination occurs during a calendar year before the time that Annual Cash Bonuses have generally been paid
out to employees for the prior calendar year’s performance, the average shall be computed based on the second, third and
fourth calendar years prior to the calendar year in which the termination occurs, (ii) if the Old Plan Participant was not employed
for all years that would otherwise be included in the average, the average shall be computed based on each such year in which the
Old Plan Participant was employed and (iii) if the Old Plan Participant earns or is awarded no bonus for one of the years that
would otherwise be included in the average as a result of an approved leave of absence, the average shall be computed by using
the three most recently completed calendar years preceding the Termination Year in which such condition did not apply. Solely for
purposes of this Plan, “Annual Cash Bonus” means any performance based, year-end cash bonus or a cash bonus
in lieu of a year-end cash bonus, and the amount of any Annual Cash Bonus awarded and paid shall include any amount of such bonus
voluntarily deferred by the Old Plan Participant, as applicable.

 

(3)          The “Severance
Period” shall be:

 

(a)  For each Old Plan Participant
who is a Senior Vice President or higher of the Company as of January 1, 2014 (the “Transition Date”) (or, if
earlier, the date of termination), twenty-four (24) months; and

 

(b)  For all other Old Plan Participants,
one month per year of service with the Company up to a maximum of twelve (12) months, except that (i) no Old Plan Participant shall
have a Severance Period of less than six (6) months regardless of years of service and (ii) any Old Plan Participant who was also
eligible to receive benefits under the American International Group, Inc. Executive Severance Plan that was terminated as of June
26, 2008 (the “Initial Plan”) shall be entitled to a Severance Period that is no shorter than what would have
been provided to such Old Plan Participant under the terms of the Initial Plan if such Old Plan Participant had been terminated
on December 31, 2007. For the avoidance of doubt, the Severance Period for an Old Plan Participant who is a Senior Vice President
solely of a subsidiary of the Company (and not of American International Group, Inc.) shall be determined under this paragraph
IV.C(3)(b).

 

    -6-

     

    

 

For Covered Terminations on or after the
Transition Date, the Old Plan Benefit will be paid in a lump sum in accordance with the payment timing set forth in Section IV.B(2).

 

Any New Plan Payment will be paid in a lump
sum in accordance with the payment timing set forth in Section IV.B(2) (provided that any Pro Rata Incentive will be paid
in accordance with the payment timing set forth in Section IV.B(1)(b) and any Prior Year Incentive will be paid in accordance
with the payment timing set forth in Section IV.B(1)(a)).

 

		D.	Continued Health and Life Insurance Coverage and Participation in Retiree Health and Retiree Life for Eligible Employees

 

If an Eligible Employee experiences a Covered
Termination, the Eligible Employee shall be entitled to continued health insurance coverage under the Consolidated Omnibus Budget
Reconciliation Act of 1985 (“COBRA”), if applicable, for a period in accordance with the requirements under
COBRA; provided, however, that the Eligible Employee shall be solely responsible for paying the full cost of the
monthly premiums for such COBRA coverage; and provided, further, that such coverage shall not be provided if during such
period the Eligible Employee is or becomes ineligible under the provisions of COBRA for continuing coverage. Any Eligible Employee
who experiences a Covered Termination will receive one (1) year of additional service credit and credit for additional age solely
for purposes of determining the Eligible Employee’s eligibility to participate in any Company retiree health plan and, if
eligible, may choose to participate in any such plan as of his or her date of termination at the applicable rate or pay for COBRA
coverage, if applicable. If such an Eligible Employee chooses to pay for COBRA coverage and retains such coverage for the full
COBRA period, the Eligible Employee may participate in the applicable Company retiree health plan(s) following the COBRA period.

 

If an Eligible Employee experiences a Covered
Termination, the Eligible Employee shall also be entitled to an additional lump-sum payment of forty thousand ($40,000) (the “Supplemental
Health & Life Payment”). The Supplemental Health & Life Payment may, among other things, be payable towards COBRA
healthcare and life insurance coverage after the Eligible Employee’s date of termination.

 

		E.	Additional Non-qualified Pension Credits for Eligible Employees

 

If an Eligible Employee experiences a Covered
Termination, the Eligible Employee will receive one (1) year of additional service credit and credit for additional age solely
for purposes of determining vesting and eligibility for retirement (including early retirement) under the American International
Group, Inc. Non-Qualified Retirement Income Plan (a plan that is not intended to be qualified under the provisions of Section 401
of the Internal Revenue Code of 1986, as amended (the “Code”)) to the extent such Eligible Employee was participating
immediately prior to his or her date of termination (the “Non-Qualified Pension Plan”); provided, however, in
the event of a Change in Control, such Eligible Employee will fully vest in the Eligible Employee’s accrued benefit under
the Non-Qualified Pension Plan upon the Change in Control in accordance with the terms of the Non-Qualified Pension Plan. Eligible
Employees shall commence payments under the Non-Qualified Pension Plan in accordance with Section 409A of the Code and at the time
specified in the applicable plan, determined as if “Qualified Plan Retirement Income” (as defined in the applicable
plan) began to be paid immediately following the Eligible Employee’s date of termination.

 

    -7-

     

    

 

		F.	Limitations on Severance; Reductions of Severance

 

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

 

		G.	Code Section 409A

 

Payments under the Plan are intended to
satisfy the “short-term deferral exception” under section 409A of the Code (“Code section 409A”).

 

The Plan Administrator (as defined in Section
VII.A) will have full authority to give effect to the intent of this Section VI.G.

 

		H.	Covenants and for “Cause” Terminations

 

Notwithstanding anything to the contrary
in the Plan, (1) if at any time the Eligible Employee breaches any of the provisions of a Release, or revokes it, or (2) if within
one (1) year after the last payment of Severance under the Plan, with respect to any Eligible Employee under the purview of the
Compensation Committee, the Compensation Committee or, with respect to any other Eligible Employee, the Senior C&B Executive
determines that grounds existed, on or prior to the date of termination of the Eligible Employee’s employment with the Company,
including prior to the Effective Date, for the Company to terminate the Eligible Employee’s employment for “Cause”:

 

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

 

(b)  The Eligible Employee
shall be obligated to repay to the Company, immediately and in a cash lump sum, the amount of any Severance benefits (other
than any amounts received by the Eligible Employee under Sections IV.D or IV.E) previously received by the
Eligible Employee (which shall, for the avoidance of doubt, be calculated on a pre-tax basis); provided that the Eligible
Employee shall in all events be entitled to receive accrued wages, expense reimbursement and accrued but unused vacation pay
as set forth in Section IV.A above.

 

    -8-

     

    

 

		I.	No Rights

 

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

 

		J.	Non U.S. Participants

 

To the extent the Local Laws of a country
or non-U.S. jurisdiction in which an Eligible Employee works would prohibit any provision, feature or requirement of the Plan,
or such Local Laws, an applicable collective bargaining of similar collective agreement, the determination of a court or other
adjudicative body or an Eligible Employee’s contract of employment would require that the benefits provided under the Plan
be duplicative of or in addition to other Company or subsidiary or employer provided or paid severance benefits or termination-related
benefits to which such Eligible Employee is entitled, the CMRC hereby delegates to the Senior HR Attorney and the Senior C&B
Executive, the responsibility to develop a written appendix to the Plan specific to such country or non-U.S. jurisdiction that
addresses the problematic provision, feature or requirement while maintaining as much of the intent and goals of the Plan as possible
and also complying with Local Laws. The Senior HR Attorney and Senior C&B Executive will share such appendix with all Eligible
Employees in such country or non-U.S. jurisdiction, and will maintain an inventory of all such appendices. The Senior HR Attorney
and the Senior C&B Executive shall periodically review such appendices to confirm that they remain permissible, enforceable,
and in accordance with Local Law.

 

		V.	No Duplication; No Mitigation

 

		A.	No Duplication

 

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

 

		B.	No Mitigation

 

In order for an Eligible Employee to receive
the Severance described in the Plan, the Eligible Employee shall be under no obligation to seek other employment or otherwise mitigate
the obligations of the Company under the Plan, and there shall be no offset against any amounts due under the Plan on account of
any remuneration attributable to any subsequent employment that the Eligible Employee may obtain.

 

    -9-

     

    

 

		C.	Certain Excise Taxes Associated with a Change of Control

 

In the
event it is determined that any payment or benefit (within the meaning of Section 280G(B)(2) of the Code, to an Eligible Employee
or for his or her benefit paid or payable or distributed or distributable pursuant to the terms of this Plan or otherwise in connection
with, or arising out of, his employment (“Payments”), would be subject to the excise tax imposed by Section
4999 of the Code or any interest or penalties are incurred by the Eligible Employee with respect to such excise tax (such excise
tax, together with any such interest and penalties, are hereinafter collectively referred to as the “Excise Tax”),
then the total Payments shall be reduced to the extent the payment of such amounts would cause the Eligible Employee’s total
Payments to constitute an “excess parachute payment” under Section 280G of the Code and by reason of such excess parachute
payment the Eligible Employee would be subject to an Excise Tax, but only if the after-tax value of the Payments calculated with
the foregoing restriction exceed those calculated without the foregoing restriction. Any reduction in payments and/or benefits
required by this provision will occur in the following order: (1) reduction of cash payments; (2) reduction of vesting acceleration
of equity awards; and (3) reduction of other benefits paid or provided to the Eligible Employee. In the event that acceleration
of vesting of equity awards is to be reduced, such acceleration of vesting will be cancelled in the reverse order of the date of
grant for equity awards. If two (2) or more equity awards are granted on the same date, each award will be reduced on a pro-rata
basis. All determinations under this paragraph shall be made at the expense of the Company by a nationally recognized public accounting
or consulting firm selected by the Company. Such determination shall be binding upon the Eligible Employee and the Company in the
absence of manifest error. To the extent the terms of this paragraph conflict with the terms of an equity award granted pursuant
to the Eligible Employee, this paragraph shall control.

 

		VI.	Release and Restrictive Covenant Agreement

 

Subject to Sections IV.F and G
above, the Company may require and condition payment of the Severance on the Eligible Employee’s execution of a Release in
the form attached to the Plan as Exhibit A, as such Release may be modified by the Senior HR Attorney and the Senior C&B
Executive or their designee(s); provided, however, that such Release must be executed within sixty (60) days after
the date of termination; provided, further, that if the Local Laws of a country or non-U.S. jurisdiction in which
an Eligible Employee works would not permit all or a portion of the Release to be structured or executed in the form attached hereto,
the Senior HR Attorney and the Senior C&B 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.

 

		VII.	Plan Administration

 

		A.	Compensation Committee

 

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

 

    -10-

     

    

 

		B.	Expenses and Liabilities

 

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

 

		VIII.	Termination and Amendment

 

		A.	Termination

 

The Compensation Committee may terminate
the Plan in accordance with Section II of the Plan, provided that no termination shall either occur on or within
twenty-four (24) months after a Change in Control, or adversely affect the payments or benefits to which any Eligible Employee
has become entitled by virtue of a Covered Termination occurring before the time of termination of the Plan. Any notice of termination
shall be in accordance with Section VIII.C below.

 

		B.	Amendment

 

The Compensation Committee may amend the
Plan in any manner, provided that, in the event an amendment is determined by the Compensation Committee to be, in the aggregate,
material and adverse to an Eligible Employee (taking into account any aspects of such amendments that are beneficial to the Eligible
Employee), the Compensation Committee shall provide twelve (12) months’ notice to such Eligible Employee in accordance with
Section VIII.C below (and no such change shall be effective before the second anniversary of the Effective Date); provided
further 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 Eligible Employee, in the absence of his
or her written consent, if the amendment is adverse to the Eligible Employee.

 

In addition, the Compensation Committee
may, at any time, amend the Plan in any manner it determines in good faith is necessary or appropriate (1) to comply with applicable
law or (2) to comply with Code section 409A. Any notice of amendment shall be in accordance with Section VIII.C below. For
the avoidance of doubt, amendments under the preceding sentence may be material and adverse to Eligible Employees. In addition,
if an employee was not an Eligible Employee because he or she had an employment agreement (or other agreement or arrangement) that
contemplated payment of severance with respect to any termination, the Compensation Committee may amend the Plan to exclude such
employee without notice to such employee (notwithstanding the expiration of such agreement or arrangement) if it determines that
in good faith that such exclusion is necessary to comply with Code section 409A.

 

    -11-

     

    

 

Notwithstanding the foregoing, the Compensation
Committee’s rights and powers to amend the Plan shall be delegated to the Senior C&B Executive who shall have the right
to amend the Plan with respect to (i) amendments required by relevant law, regulation or ruling, (ii) amendments that are not expected
to have a material financial impact on the Company, (iii) amendments that can reasonably be characterized as technical or ministerial
in nature, or (iv) amendments that have previously been approved in concept by the Compensation Committee. Notwithstanding the
foregoing delegation, the Senior C&B 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
Compensation Committee, unless such amendment is approved or ratified by the Compensation Committee.

 

		C.	Notice of Termination or Amendment

 

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

 

		IX.	Claims and Appeals Procedures

 

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

 

		A.	Initial Claim

 

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

 

    -12-

     

    

 

		1.	Procedure for Filing a Claim

 

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

 

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

 

		2.	Initial Claim Review

 

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

 

		3.	Initial Benefit Determination

 

		(a)	Timing of Notification on Initial Claim

 

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

 

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

 

		(b)	Manner and Content of Notification of Denied Claim

 

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

 

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

 

    -13-

     

    

 

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

 

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

 

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

 

		4.	Claims Processing

 

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

 

		B.	Review of Initial Benefit Denial

 

		1.	Procedure for Filing an Appeal of a Denial

 

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

 

		2.	Review Procedures for Denials

 

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

 

		3.	Timing of Notification of Benefit Determination on Review

 

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

 

    -14-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		C.	Legal Action

 

An Eligible Employee cannot bring any action
to recover any benefit under the Plan if the Eligible Employee does not file a valid claim for a benefit and seek timely review
of a denial of that claim. Any court action by an Eligible Employee to enforce the Eligible Employee’s rights under the Plan
following a Change in Control shall be subject to a de novo standard of review, and an Eligible Employee 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.

 

		X.	Withholding Taxes

 

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

 

    -15-

     

    

 

		XI.	Miscellaneous

 

		A.	No Effect on Other Benefits

 

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

 

		B.	Unfunded Obligation

 

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

 

		C.	Employment Status

 

The Plan does not create an employment relationship
between any Eligible Employee and the Company or any of its subsidiaries. The Plan is not a contract of employment, is not part
of a contract of employment (unless such contract explicitly incorporates the Plan into such contract), does not guarantee the
Eligible Employee employment for any specified period and does not limit the right of the Company or any subsidiary of the Company
to terminate the employment of the Eligible Employee at any time for any reason or no reason or to change the status of any Eligible
Employee’s employment or to change any employment policies.

 

		D.	Section Headings

 

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

 

		E.	Governing Law

 

It is intended that the Plan be an “employee
welfare benefit plan” within the meaning of Section 3(1) of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”) maintained for the purpose of providing benefits for a select group of management or highly compensated employees,
and the Plan shall be administered in a manner consistent with such intent. The Plan Administrator shall provide any documents
relating to the Plan to the Secretary of the U.S. Department of Labor upon request. The Plan and all rights under the Plan shall
be governed and construed in accordance with ERISA, and, to the extent not preempted by federal law, with the laws of the State
of New York. The Plan shall also be subject to all applicable non-U.S. laws as to Eligible Employees located outside of the United
States.

 

    -16-

     

    

 

 

In the event that any provision of the Plan
is not permitted by the Local Laws, of a country or jurisdiction in which an Eligible Employee works, such Local Law shall supersede
or modify (as applicable) that provision of the Plan with respect to that Eligible Employee.

 

		F.	Assignment

 

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

 

    -17-

     

    

 

Glossary of Terms

 

“Board” shall mean the
Board of Directors of the Company.

 

“Cause” shall mean (i)
the Eligible Employee’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; (ii) the Eligible Employee’s engagement in any
conduct which constitutes an employment disqualification under applicable law (including statutory disqualification as defined
under the Exchange Act); (iii) the Eligible Employee’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 (iv) the Eligible Employee’s material violation of the Company’s
codes or conduct or any other Company policy as in effect from time to time. The Determination as to whether Cause has occurred
shall be made by the Compensation Committee, with respect to any Eligible Employee under the purview of the Compensation Committee,
or the Senior C&B Executive, with respect to any other Eligible Employee, in each case, in its or his or her sole discretion.
The Compensation Committee or Senior C&B Executive, as applicable, shall also have the authority in his or her sole discretion
to waive the consequences of the existence or occurrence of any of the events, acts or omissions constituting Cause.

 

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

 

(i) 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 the Effective Date, 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 the proxy statement of the Company 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 the Company 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;

 

(ii) 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 the Company representing fifty percent (50%) or more of the combined voting power of the Company’s
then outstanding securities eligible to vote for the election of the Board (“Company 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 Company Voting Securities:  (A) by the Company or any subsidiary of the Company (B) by any employee
benefit plan (or related trust) sponsored or maintained by the Company or any subsidiary of the Company or (C) by any underwriter
temporarily holding securities pursuant to an offering of such securities;

 

     

     

    

 

(iii) The consummation of a merger,
consolidation, statutory share exchange or similar form of corporate transaction involving the Company (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;

 

(iv) The consummation of a sale
of all or substantially all of the Company’s assets (other than to an affiliate of the Company); or

 

(v) The Company’s stockholders
approve a plan of complete liquidation or dissolution of the Company.

 

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 Company Voting Securities as a result of a “Company share repurchase program” or other acquisition
of Company Voting Securities by the Company which reduces the total number of Company Voting Securities outstanding; provided
that if after such acquisition by the Company such person becomes the beneficial owner of additional Company Voting Securities
that increase the percentage of outstanding Company 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).

 

“Disability” shall mean
a period of medically determined physical or mental impairment that is expected to result in death or last for a period of not
less than twelve (12) months during which the Eligible Employee qualifies for income replacement benefits under the Eligible Employee’s
employer’s long-term disability plan for at least three (3) months, or, if the Eligible Employee does not participate in
such a plan, a period of disability during which the Eligible Employee is unable to engage in any substantial gainful activity
by reason of any medically determined physical or mental impairment which can be expected to result in death or can be expected
to last for a continuous period of not less than twelve (12) months.

 

“Exchange Act” shall
mean the Securities Exchange Act of 1934, as amended from time to time, or any successor thereto, and the applicable rules and
regulations thereunder.

 

“Good Reason” shall mean,
without an Eligible Employee’s written consent, a reduction of more than twenty percent (20%) in the Eligible Employee’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; provided, further, that in the event of CIC Covered Termination, Good Reason shall also
mean (i) a material diminution in the Eligible Employee’s authority, duties or responsibilities, provided that a change
in the Eligible Employee’s reporting relationship will not constitute Good Reason unless it affects an Eligible Employee
whom the Company has classified as an executive vice president or above; or (ii) a relocation of the office at which the Eligible
Employee 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 Eligible Employee gives written notice to the
Company of termination of employment within thirty (30) days after the Eligible Employee first becomes aware of the occurrence
of the circumstances constituting Good Reason, specifying in detail the circumstances constituting Good Reason, and the Company
has failed within thirty (30) days after receipt of such notice to cure the circumstances constituting Good Reason, and (b) the
Eligible Employee’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.

 

    -2- 

     

    

 

“Senior C&B Executive”
means the Company’s most senior executive whose responsibility it is to oversee both the Corporate Compensation Department
and the Corporate Benefits Department. In the event that no individual holds such position, “Senior C&B 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.

 

    -3- 

     

    

 

Exhibit
A

 

AMERICAN INTERNATIONAL GROUP, INC.

RELEASE AND RESTRICTIVE COVENANT AGREEMENT

 

This Release and Restrictive Covenant Agreement
(the “Agreement”) is entered into by and between _________________________ (the “Employee”)
and American International Group, Inc., a Delaware Corporation (the “Company”).

 

Each term defined in the American International
Group, Inc. 2012 Executive Severance Plan (the “Plan”) has the same meaning when used in this Agreement.

 

	I.	Termination of Employment

 

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

 

	II.	Severance

 

[Non Grandfathered (Newly
Eligible) Participants]

 

[The Employee shall receive a lump
sum severance payment, calculated in accordance with Section IV.B(2) of the Plan, in the gross amount of $_______________,
less applicable tax withholdings paid out in a lump sum as soon as practicable following the [FOR EMPLOYEES 40 AND OLDER, the date
this Agreement becomes effective,] [FOR EMPLOYEES UNDER 40, date the Agreement is fully executed], but in no event later than March
15th of the year immediately following the Termination Year in accordance with Section IV.B(2) of the Plan.

 

[Grandfathered, Old Plan Participants] 

 

The Employee shall receive a lump sum severance
payment, calculated in accordance with Section IV.C of the Plan, in the gross amount of $_______________, less applicable
tax withholdings paid out in a lump sum as soon as practicable following [FOR EMPLOYEES 40 AND OLDER, the date this Agreement becomes
effective,] [FOR EMPLOYEES UNDER 40, date the Agreement is fully executed] in accordance with Section IV.B(2) of the Plan),
but in no event later than March 15th of the year immediately following the Termination Year.

 

[For both Grandfathered and Non-Grandfathered
Participants]

 

To the extent payable under Section IV.B(1)(b)
of the Plan, for the Termination Year, the Employee shall also receive a prorated annual short-term incentive bonus for the Termination
Year calculated and paid in accordance with, Section IV.B(1)(b) of the Plan. If terminated prior to the date that the annual
short-term incentive bonus for the year preceding the Termination Year is paid to similarly situated employees, the Employee shall
also receive a lump sum cash payment or payments equal to the Employee’s annual short-term incentive bonus for the Prior
Year calculated and paid in accordance with the payment timing set forth in, Section IV.B(1)(a) of the Plan.]

 

     

     

    

 

Any bonus or incentive compensation paid to Employee [who is
grade 27 or above or who is a recipient of an award under the American International Group, Inc. Long Term Incentive Plan or subsequent
similar plans], is subject to the AIG Clawback Policy, as it may be amended from time to time.

 

The Employee shall also be entitled to a
Supplemental Health and Life Payment of forty thousand ($40,000) which may, among other things, be used to pay for COBRA and life
insurance coverage after the Termination Date. The Employee shall also be paid accrued wages, reimbursed expenses, and ________
days of accrued, unused paid time off (“PTO”) as of the Termination Date. The Employee shall not accrue any PTO after
the Termination Date.

 

	III.	Other Benefits

 

Nothing in this Agreement modifies or affects
any of the terms of any benefit plans or programs (defined as medical, life, pension and 401(k) plans or programs and including,
without limitation, the Company’s right to alter the terms of such plans or programs). No further deductions or employer
matching contributions shall be made on behalf of the Employee to the American International Group, Inc. Incentive Savings Plan
(“ISP”) as of the last day of the pay period in which the Termination Date occurs.

 

The Employee shall no longer participate
in or be eligible for coverage under the Company’s Short-Term and Long-Term Disability programs, and the ISP. After the Termination
Date, the Employee may decide, under the ISP, whether to elect a rollover or distribution of the Employee’s account balance
or to keep the account balance in the ISP.

 

As set forth in Section IV.D of the
Plan, the Employee shall be entitled to continued health insurance coverage under COBRA for a period in accordance with the requirements
under COBRA unless the Employee is or becomes ineligible under the provisions of COBRA for continuing coverage. The Employee shall
be solely responsible for paying the full cost of the monthly premiums for COBRA coverage. In addition, the Employee shall be entitled
to one (1) year of additional service credit and credit for additional age solely for purposes of determining the Employee’s
eligibility to participate in any Company Retiree Medical program and, if eligible, may choose to participate in such Company Retiree
Medical program as of the Termination Date at the applicable rate or pay for COBRA coverage. If the Employee chooses to pay for
COBRA coverage and retains such coverage for the full COBRA period, the Employee may participate in the Company Retiree Medical
program following the COBRA period.

 

As set forth in Section IV.E of the
Plan, to the extent the Employee has an accrued benefit under the American International Group, Inc. Non-Qualified Retirement Income
Plan (the “Non-Qualified Plan”), the Employee shall be entitled to one (1) year of additional service credit and credit
for additional age solely for purposes of determining vesting and eligibility for retirement (including early retirement) under
the Non-Qualified Plan; provided, however, if an Employee with an accrued benefit under the Non-Qualified Plan experiences a Covered
Termination following a Change in Control, the Employee shall be entitled to the Non-Qualified Plan benefit specified in the Non-Qualified
Plan. To the extent that the Employee has a vested benefit under the Non-Qualified Plan, any payments under the Non-Qualified Plan
shall commence at the time specified in the Non-Qualified Plan, and shall be calculated as if “Qualified Plan Retirement
Income” (as defined in the Non-Qualified Plan) began to be paid immediately following the Termination Date.1

 

 

 

1 If the Employee is a Specified
Employee under Section 409A of the Code, any such payments will commence as soon as administratively practicable after six (6)
months following the Termination Date. As such time, the portion the Employee’s Non-Qualified Plan accrued benefit payable
in the form of a lump sum will be paid in full, plus the Employee will receive an amount equal to the interest at an annual rate
of five percent (5%) on such lump sum for the six-month period. With respect to the portion of the Employee’s Non-Qualified
Plan accrued benefit payable in the form of an annuity, the first payment after the six month period will include an amount equal
to the monthly annuity payments that the Employee would otherwise have received during the six-month period had the Employee’s
payments not be delayed for six (6) months, retroactive to the first of the month after the Termination Date, plus interest on
the delayed payments at an annual rate of five percent (5%).

 

     

     

    

 

Except as set forth in this Agreement and
Sections IV.D and E of the Plan there are no other payments or benefits due to the Employee from the Company. The Employee acknowledges
and agrees that the Company has made no representations to the Employee as to the applicability of Code section 409A to any of
the payments or benefits provided to the Employee pursuant to the Plan or this Agreement.]

 

	IV.	Release of Claims

 

In consideration of the payments and benefits
described in Section IV of the Plan and Section II and III of this Agreement, to which the Employee agrees the Employee
is not entitled until and unless the Employee executes this Agreement, the Employee, for and on behalf of the Employee and the
Employee’s heirs and assigns, subject to the following two sentences hereof, agrees to all the terms and conditions of this
Agreement and hereby waives and releases any common law, statutory or other complaints, claims, or causes of action of any kind
whatsoever, both known and unknown, in law or in equity, which the Employee ever had, now has or may have against AIG and its
shareholders (other than C.V. Starr & Co., Inc. and Starr International Company, Inc.), successors, assigns, directors, officers,
partners, members, employees, agents benefit plans, or the Plan (collectively, the “Releasees”), arising on
or before the date of the Employee’s execution of this Agreement, including, without limitation, any complaint, or cause
of action arising under federal, state or local laws pertaining to employment, including the Age Discrimination in Employment
Act of 1967 (“ADEA,” a law which prohibits discrimination on the basis of age), the National Labor Relations
Act, the Civil Rights Act of 1991, the Americans With Disabilities Act of 1990, Title VII of the Civil Rights Act of 1964, [ the
New Jersey Conscientious Employee Protection Act/ the District of Columbia Human Rights Act/the West Virginia Rights Act/ the
Massachusetts Wage Act, (M.G.L. ch. 149 §§ 148, et seq.), the Massachusetts Fair Employment Practices Act (M.G.L. ch.
151B § 1, et seq.), Massachusetts Civil Rights Act (M.G.L. ch. 12 §§ 11H and 11I), the Massachusetts Equal Rights
Act (M.G.L. ch. 93 §102, and M.G.L. ch. 214 § 1C), the Massachusetts Labor and Industries Act (M.G.L. ch. 149 §
1, et seq.), the Massachusetts Privacy Act (M.G.L. ch. 214 §§ 1B)], all as amended; and all other federal, state, local
and foreign laws and regulations. By signing this Agreement, the Employee acknowledges that the Employee intends to waive and
release any rights known or unknown that the Employee may have against the Releasees under these and any other laws; provided
that the Employee does not waive or

 

     

     

    

 

release claims
with respect to the right to enforce the Employee’s rights under this Agreement or with respect to any rights to indemnification
under the Company’s Charter and by-laws (the “Unreleased Claims”). Nothing herein modifies or affects any vested
rights that Employee many have under any applicable retirement plan, 401(k) plan, incentive plan or deferred compensation plan;
nor does this Agreement confer any rights with respect to such plans, which are governed by the terms of the respective plans (and
any agreements under such plans).

 

[For California Employees Only]

 

All Existing Claims Waived. Employee acknowledges that Employee
may hereafter discover claims in addition to or different from those which Employee now knows or believes to exist with respect
to the subject matter of this release and which, if known or suspected at the time of executing this Release, may have materially
affected Employee’s decision to execute this Release. Employee hereby waives such claims. This is an express waiver of California
Civil Code § 1542, which reads as follows:

 

“A general release does not extend to claims
which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if know by
him or her must have materially affected his or settlement with the debtor.”

 

	V.	Proceedings

 

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

 

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

 

(b) Waives any right to recover monetary
damages or other individual relief arising out of any Proceeding.

 

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

 

(x) limit or affect the Employee’s
right to challenge the validity of the Employee’s release set forth in Section V above under the ADEA, or the Older Workers
Benefit Protection Act;

 

(y) prevent the Employee from filing a charge
or complaint with, or participating in any investigation or proceeding conducted by the EEOC, the National Labor Relations Board
or other federal, state or local governmental or regulatory agencies.

 

     

     

    

 

	VI.	Time to Consider

 

The payments and benefits payable to the
Employee under this Agreement include consideration provided to the Employee over and above anything of value to which the Employee
already is entitled. The Employee acknowledges that the Employee has been advised that the Employee has [for Employee over forty
(40) and part of a reduction in force impacting more than one employee forty-five (45), and for all
others twenty-one (21)] days from the date of the Employee’s receipt of this Agreement to consider all
the provisions of this Agreement.

 

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

 

	VII.	Revocation [for Employees age forty (40) and over]

 

The Employee hereby acknowledges and understands
that the Employee shall have seven (7) days from the date of the Employee’s execution of this Agreement to revoke this Agreement
(including, without limitation, any and all claims arising under the ADEA) by providing written notice of revocation delivered
to the Chief HR/Employment Counsel of the Company no later than 5:00 p.m. on the seventh day after the Employee has signed the
Agreement. Neither the Company nor any other person is obligated to provide any benefits to the Employee pursuant to Section
IV of the Plan or this Agreement until eight (8) days have passed since the Employee’s signing of this Agreement without
the Employee having revoked this Agreement. If the Employee revokes this Agreement pursuant to this Section, the Employee shall
be deemed not to have accepted the terms of this Agreement, and no action shall be required of AIG under any section of this Agreement.
This Agreement will not become effective and enforceable until the eighth day after Employee’s signature (if not revoked
pursuant to the terms of this paragraph).

 

	VIII.	No Admission

 

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

 

	IX.	Restrictive Covenants

 

		A.	Non-Solicitation/Non-Competition

 

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

 

1. During the period commencing on the Employee’s
Termination Date and ending on the one year anniversary of such date (the “Restricted Period”), the Employee
shall 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 AIG to
terminate his or her employment or other relationship with AIG or to leave its employee or other relationship with AIG for any
engagement in any capacity or for any other person or entity, without AIG’s written consent.

 

     

     

    

 

2. During the period commencing on the Employee’s
Termination Date and ending on the six-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.

 

3. For purposes of this Section IX, 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:

 

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

 

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

 

(c) 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;

 

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

 

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

 

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

 

5. The Employee understands that the provisions
of this Section IX.A may limit the Employee’s ability to earn a livelihood in a business similar to the business of
AIG but the Employee nevertheless agrees and hereby acknowledges that:

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

		B.	Nondisparagement

 

The Employee agrees (whether during or after
the Employee’s employment with AIG) not to issue, circulate, publish or utter any false or disparaging statements, remarks
or rumors about the Releasees. Nothing herein shall prevent Employee from making or publishing truthful statements (a) when required
by law, subpoena, or court order, (b) in the course of any legal, arbitral, or regulatory proceeding, (c) to any governmental authority,
regulatory agency or self-regulatory organization or (d) in connection with any investigation by AIG or (e) where a prohibition
or limitation on such communication is unlawful. Nothing in this paragraph limits the Employee’s rights identified in section
X.D. of this Agreement.

 

		C.	Code of Conduct

 

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

 

		D.	Confidentiality/Company Property

 

The Employee acknowledges that the disclosure
of this Agreement or any of the terms hereof could prejudice AIG and would be detrimental to AIG’s continuing relationship
with its employees. Accordingly, the Employee agrees not to discuss or divulge either the existence or contents of this Agreement
(except, if required, Employee many disclose the contents of Section IX.A only, in connection with prospective employment) to anyone
other than the Employee’s immediate family, attorneys, tax and financial advisors, governmental authorities or as may be
legally required, and further agrees to use the Employee’s best efforts to ensure that none of Employee’s immediate
family, attorneys, or tax and financial advisors will reveal its existence or contents to anyone else. The Employee shall not,
without the prior written consent of AIG, use, divulge, disclose or make accessible to any other person, firm, partnership, corporation
or other entity, any “Confidential Information” (as defined below), or any “Personal Information” (as defined
below); provided that the Employee may disclose Confidential Information, or Personal Information when required to do so
by a court of competent jurisdiction, by any governmental agency having supervisory authority over the business of AIG, as the
case may be, or by any administrative body or legislative body (including a committee thereof) with jurisdiction to order the Employee
to divulge, disclose or make accessible such information; provided, further, that in the event that the Employee
is ordered by a court or other government agency to disclose any Confidential Information or Personal Information, the Employee
shall (if permitted to do so by applicable law):

 

     

     

    

 

(a) Promptly notify AIG of such order;

 

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

 

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

 

Nothing herein shall prevent Employee from
making or publishing any truthful statement without prior notice to the Company to any governmental authority, regulatory agency
or self-regulatory organization, or in connection with any investigation by the Company, or where a prohibition or limitation on
such disclosures is unlawful.

 

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

 

“Confidential Information”
means an item of information or a compilation of information in any form (tangible or intangible), related to AIG’s business
that AIG has not made public or authorized public disclosure of, and that is not generally known to the public through proper
means. Confidential Information includes, but is not limited to: (a) business plans and analysis, customer and prospective customer
lists, personnel, staffing and compensation information, marketing plans and strategies, research and development data, financial
data, operational data, methods, techniques, technical data, know-how, innovations, computer programs, un-patented inventions,
and trade secrets; and (b) information about the business affairs of third parties (including, but not limited to, customers and
prospective customers) that such third parties provide to Company in confidence.

 

“Personal Information”
shall mean any information concerning the personal, social or business activities of the officers or directors of the Company.

 

		E.	Developments

 

Developments shall be the sole and exclusive
property of AIG. The Employee agrees to, and hereby does, assign to AIG, without any further consideration, all of the Employee’s
right, title and interest throughout the world in and to all Developments. The Employee agrees that all such Developments that
are copyrightable may constitute works made for hire under the copyright laws of the United States and, as such, acknowledges that
AIG is the author of such Developments and owns all of the rights comprised in the copyright of such Developments. The Employee
hereby assigns to AIG without any further consideration all of the rights comprised in the copyright and other proprietary rights
the Employee may have in any such Development to the extent that it might not be considered a work made for hire. The Employee
shall make and maintain adequate and current written records of all Developments and shall disclose all Developments promptly,
fully and in writing to the Company promptly after development of the same, and at any time upon request.

 

     

     

    

 

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

 

		F.	Cooperation

 

The
Employee agrees (whether during or after the Employee’s employment with AIG) that, if served with a subpoena or order that
would compel Employee to testify or respond to any regulatory inquiry, investigation, administrative proceeding or judicial proceeding
regarding or in any way relating to the Releasees, including but not limited to any proceeding before or investigation by the EEOC
concerning Employee’s employment with the Company, to send immediately (but in no event later than three (3) business days
after Employee has been so served or notified) a written notification, and provide a copy of the subpoena or order, by overnight
mail to General Counsel, American International Group, Inc., 80 Pine Street, 13th Floor, New York, New York 10005, or
effective as of May 1, 2021, 1271 Avenue of the Americas, 11th Floor, New York, NY 10020.
The Employee further agrees (whether during or after the Employee’s employment with AIG) to cooperate with AIG in connection
with any litigation or legal proceeding or investigatory or regulatory matters in which the Employee may have relevant knowledge
or information, and 

 

This cooperation shall include, without
limitation, the following:

 

(a) To meet and confer, at a time mutually
convenient to the Employee and AIG, with AIG’s designated in-house or outside attorneys for purposes of assisting with any
litigation or legal proceeding or any investigatory or regulatory matters, including answering questions, explaining factual situations,
preparing to testify, or appearing for interview, deposition or trial testimony without the need for the Company to serve a subpoena
for such appearance and testimony; and

 

(b) To give truthful sworn statements to
AIG’s attorneys upon their request and, for purposes of any deposition or other testimony in any litigation or legal proceeding
or any investigatory or regulatory matters, to adopt AIG’s attorneys as the Employee’s own (provided that there
is no conflict of interest that would disqualify the attorneys from representing the Employee), and to accept their instructions
at deposition.

 

The Company agrees to reimburse the Employee for reasonable
out-of-pocket expenses necessarily incurred by the Employee in connection with the cooperation set forth in this paragraph. For
the avoidance of doubt, reasonable out-of-pocket expenses do not include any attorneys’ fees and expenses incurred by the
Employee in connection with the cooperation set forth in this paragraph. Any such legal fees and costs for the retention of separate
counsel, including issues of advancement and indemnification, are separately governed by the applicable AIG Company by-laws.

 

     

     

    

 

	X.	Enforcement and Clawback

 

If (a) at any time the Employee breaches
Sections V, IX.B, and IX.D of this Agreement; (b) within one (1) year of the expiration of any restrictive covenant described
in Sections IX.A, of this Agreement, AIG determines that the Employee materially breached such restrictive covenant; or
(c) within one (1) year of the last payment date for any Severance benefit due under the terms of the Plan, AIG determines that
grounds existed, on or prior to the Termination Date, including prior to the Effective Date of the Plan, for AIG to terminate the
Employee’s employment for Cause, then: (x) no further payments or benefits shall be due to the Employee under this Agreement
and/or the Plan; and (y) the Employee shall be obligated to repay to AIG, immediately and in a cash lump sum, the amount of any
Severance benefits (other than any amounts received by the Employee under Section IV.D through F of the Plan) previously
received by the Employee under this Agreement and/or the Plan (which shall, for the avoidance of doubt, be calculated on a pre-tax
basis); provided that the Employee shall in all events be entitled to receive accrued wages and expense reimbursement and
accrued but unused vacation pay as set forth in Section IV.A of the Plan.

 

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

 

	XI.	Resignation From Board of Directors

 

The Employee will resign from his/her directorship
of the Company and each of its subsidiaries and affiliates (and all other directorships, offices, and trusteeships, held in connection
with his/her employment) by signing, dating and returning a letter in the form attached to this Agreement at Schedule 1 to Chief
HR/Employment Counsel of the Company, American International Group, Inc., 80 Pine Street, Floor 13, New York, NY 10005, or effective
as of May 1, 2021, 1271 Avenue of the Americas, 11th Floor, New York, NY 10020, and undertakes to execute all further
documents and do such further things as are necessary in order to give full effect to such resignations. The Employee acknowledges
and agrees that the Severance benefit set forth in Section II and the Supplemental Health & Life Payment set forth in Section
IV of this Agreement is contingent upon Employee executing and returning such resignation letter.

 

     

     

    

 

	XII.	Inquiries From Prospective Employers

 

Employee agrees that Employee will direct
any inquiries from prospective employers to The Work Number, at www.theworknumber.com, and the Company agrees that, in response
to any such inquiries, The Work Number will only provide information regarding the dates of Employee’s employment and last
job title, and shall inform the inquirer that it is company policy to provide only that information regarding former employees.
Employee will need to provide Employee’s Social Security Number and the AIG Employer Code (AIG-12573) to facilitate these
inquiries.

 

	XIII.	General Provisions

 

		A.	No Waiver; Severability

 

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

 

		B.	Governing Law

 

THIS AGREEMENT SHALL BE GOVERNED BY THE
EMPLOYEE RETIREMENT INCOME SECURITY OF 1974, AS AMENDED (“ERISA”). TO THE EXTENT ERISA AND OTHER U.S. FEDERAL LAW DOES
NOT APPLY, THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO
AGREEMENTS MADE AND TO BE WHOLLY PERFORMED WITHIN THAT STATE, WITHOUT REGARD TO ITS CONFLICT OF LAWS PROVISIONS OR THE CONFLICT
OF LAWS PROVISIONS OF ANY OTHER JURISDICTION WHICH WOULD CAUSE THE APPLICATION OF ANY LAW OTHER THAN THAT OF THE STATE OF NEW YORK.
THE EMPLOYEE CONSENTS TO THE EXCLUSIVE JURISDICTION OF THE FEDERAL AND STATE COURTS IN NEW YORK.

 

		C.	Entire Agreement/Counterparts

 

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

 

     

     

    

 

		D.	Notice

 

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

 

If to the Employee, to the address as shall most currently appear
on the records of the Company.

 

If to the Company, to:

 

American International Group, Inc.

80 Pine Street, 13th Floor

New York, NY 10005

Fax: 877-481-4969

Attn: Chief HR/Employment Counsel

 

Effective May 1, 2021:

American International Group, Inc.1271 Avenue of the Americas,
11th Floor,

New York, NY 10020

Fax: 877-481-4969

Attn: Chief HR/Employment Counsel

 

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

 

	EMPLOYEE	 
	 	 	 
	By:	 	 
	 	Name:     Date:	 
	 	Title:	 
	 	 	 
	AMERICAN INTERNATIONAL GROUP, INC.	 
	 	 	 
	By:

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