New York, Nov 29 (THAINDIAN NEWS) The insurance company American International Group has announced that it will pay an annual package of $7 million in cash and stock combined to chief executive officer Robert Benmosche.

Benmosche would receive an annual salary of $3 million in cash and $4 million in AIG common stock as per the previous agreement on August 17, AIG said in a statement. But as part of the compensation agreement, Robert Benmosche would be restricted from selling the shares for five years from his start date of August 10, 2009, the statement added.

Robert was frustrated with the Government’s restrictions on AIG and henceforth had reportedly threatened to quit his post in board meetings earlier this month, before issuing a statement saying he is “totally committed” to staying on as CEO, after his package was finalized.

AIG spokesman Mark Herr said Benmosche agreed to a “non-compete” contract and that he is “committed to staying” at AIG.

Under the contract, Robert Benmosche is also a candidate to take home a $3.5 million bonus too. Benmosche will receive AIG stock in bi-weekly awards as part of an “employment inducement” program. The shares will vest immediately upon award, but are restricted from sale for five years from Benmosche’s recruitment date.