(Bloomberg) — American International Group Inc.'s incoming Chief Operating Officer Peter Zaffino is getting a $23.5 million pay package, including a $15 million sign-on award.

Zaffino, who's joining the insurer next month, also will receive $1.25 million in salary, a cash bonus with a $3 million target and $4.25 million in restricted stock units, AIG said Thursday in a regulatory filing. The restricted shares are split so that 70% are based on performance and vest in December 2019. Zaffino must remain with the company until then to get the rest.

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