Feinberg cedes as AIG exec decides not to quit the company
US pay czar Kenneth Feinberg has allowed AIG to pay a top employee about $4.3m in incentive payments on top of an annual $450,000 salary, Dow Jones reports.
The person was planning to quite before the year end. In a letter to AIG on Monday, Feinberg named the amount AIG could pay the employee - among the company's 25 highest earners.
One incentive payment is an annual long-term restricted stock grant of $1m. The other a stock payment valued at $3.3m on the grant date, according to Treasury's letter.
Long-term success
Reuters quoted Feinberg as saying: "In light of the fact that the specified employee will remain in the employ of AIG, it is appropriate to provide ... long-term incentives to ensure that the employee contributes to AIG's long-term success and, ultimately, AIG's ability to repay taxpayers.”
Bloomberg quoted Feinberg as saying: “AIG has indicated that the employee is critical to AIG’s long-term performance and stability, and that his continued employment by AIG will significantly aid AIG’s ability to repay the taxpayer.”
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