EX-10.3 3 q12024exhibit103.htm EX-10.3 Document

Exhibit 10.3
COREBRIDGE FINANCIAL, INC. LONG TERM INCENTIVE PLAN

LTI AWARD AGREEMENT

1.Status of Award; Defined Terms. Corebridge Financial, Inc. (“Corebridge”) has awarded you [performance share units] [restricted stock units] [and] [stock options] (the “Award”) pursuant to the Corebridge Financial, Inc. Long Term Incentive Plan and the Corebridge Financial, Inc. 2022 Omnibus Incentive Plan (together the “Plan”). This award agreement (“Award Agreement”), which sets forth the terms and conditions of your Award, is made pursuant to the Plan. This Award and Award Agreement are subject to the terms of the Plan. Capitalized terms not defined in this Award Agreement have the meanings ascribed to them in the Plan.

2.Award.

[(a) Award of PSUs.

(i)Corebridge hereby awards you the number of performance share units (“PSUs”) specified in Schedule A (the “Target PSUs”). You are also entitled to receive Dividend Equivalents in the form of cash in accordance with the Plan. Each PSU constitutes an unfunded and unsecured promise of Corebridge to deliver (or cause to be delivered) one Share (or, at the election of Corebridge, cash equal to the Fair Market Value thereof) in accordance with the Plan.

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

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


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Exhibit 10.3
[(a)][(b)] [Award of RSUs.

Corebridge hereby awards you the number of restricted stock units (“RSUs”) specified in Schedule A. You are also entitled to receive Dividend Equivalents in the form of cash in accordance with the Plan.

Each RSU constitutes an unfunded and unsecured promise of Corebridge to deliver (or cause to be delivered) one Share (or, at the election of Corebridge, cash equal to the Fair Market Value thereof) in accordance with the Plan. Until such delivery, you have only the rights of a general unsecured creditor, and no rights as a shareholder, of Corebridge. You will earn the RSUs subject to your continued Employment throughout the Performance Period. Your RSUs will vest and be paid in accordance with the schedule specified in Schedule A, subject to earlier vesting, forfeiture or termination as provided in accordance with the Plan. On any payment date, the number of Shares to be issued under this Award Agreement shall be rounded down to the nearest whole Share.]
[(a)][(b)(c)] [Award of Stock Options. Corebridge hereby awards you the number of [time-vesting] [and] [performance-vesting] stock options (“Options”) specified in Schedule A. Each Option represents a right to purchase one share of Common Stock of Corebridge, subject to the terms and conditions set forth in the Award Agreement and the Plan. The Options are subject to the [time-] [and] [performance-] vesting and expiration terms specified in Schedule A, subject to earlier vesting, forfeiture or termination as provided in accordance with the Plan.

3.Non-Disclosure. During the term of your Employment, the Company has permitted and will continue to permit you to have access to and become acquainted with information of a confidential, proprietary and/or trade secret nature. Subject to and in addition to any confidentiality or non-disclosure requirements to which you were subject prior to the date you electronically consent to or execute this Award Agreement, during your Employment and any time thereafter, you agree that (i) all confidential, proprietary and/or trade secret information received, obtained or possessed at any time by you concerning or relating to the business, financial, operational, marketing, economic, accounting, tax or other affairs at the Company or any client, customer, agent or supplier or prospective client, customer, agent or supplier of the Company will be treated by you in the strictest confidence and will not be disclosed or used by you in any manner other than in connection with the discharge of your job responsibilities without the prior written consent of the Company or unless required by law, and (ii) you will not remove or destroy any confidential, proprietary and/or trade secret information and will return any such information in your possession, custody or control at the end of your Employment (or earlier if so requested by the
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Exhibit 10.3
Company). Nothing herein shall prevent you from making or publishing any truthful statement (a) when required by law, subpoena or court order, or at the request of an administrative agency or legislature, (b) in the course of any legal, arbitral, administrative, legislative or regulatory proceeding, (c) to any governmental authority, regulatory agency or self-regulatory organization, (d) in connection with any investigation by the Company, or (e) where a prohibition or limitation on such communication is unlawful.

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

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

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Exhibit 10.3

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

5.Non-Disparagement. You agree that during and after your Employment with the Company, you will not make disparaging comments about Corebridge or any of its subsidiaries or affiliates or any of their officers, directors or employees to any person or entity not affiliated with the Company. Nothing in this Agreement shall prevent you from making or publishing any truthful statement (a) when required by law, subpoena or court order, or at the request of an administrative agency or legislature (b) in the course of any legal, arbitral. administrative, legislative or regulatory proceeding, (c) to any governmental authority, regulatory agency or self-regulatory organization, (d) in connection with any investigation by the Company, or (e) where a prohibition or limitation on such communication is unlawful. For example, nothing in this Award Agreement or any other agreement shall prohibit, prevent, limit or restrict you from (i) exercising your Section 7 rights under the National Labor Relations Act, including but not limited to, the right to participate in activities or communications related to wages or compensation or other terms, conditions or privileges of Employment or (ii) disclosing information about unlawful acts in the workplace, including, but not limited to, sexual harrassment. [IF EMPLOYEE IS IN CALIFORNIA, DELETE CLAUSE (ii) IN PRIOR SENTENCE AND ADD:] (ii) discussing or disclosing information about acts in the workplace that you have a good faith belief are unlawful, including, but not limited to, harassment, discrimination, retaliation, or any other conduct that you have reason to believe is unlawful.

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

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



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Exhibit 10.3
[SECTION 6 TO BE INSERTED AT DISCRETION OF THE COMMITTEE OR ITS DELEGATE]
6.    Notice of Termination of Employment. Except where local law prohibits enforcement or you resign for Good Reason under the terms of the Plan, you agree that if you voluntarily resign you will give at least three months’ written notice to the Company of your voluntary Termination, which may be working notice or non-working notice at the Company’s sole discretion and which notice period is waivable by the Company at the Company’s sole discretion. This notice period provision supersedes any conflicting notice period provision contained in the award agreements governing your prior long-term incentive awards awarded under the Plan.

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

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

1.if you voluntarily resign (other than if you resign for Good Reason under the terms of the Plan), you will give at least three months’ written notice to the Company of your voluntary Termination, which may be working notice or non-working notice at the Company’s sole discretion and which notice period is waivable by the Company at the Company’s sole discretion, except to the extent prohibited by local law; and

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

This notice period provision supersedes any conflicting notice period provision contained in any of the award agreements governing your prior long-term incentive awards awarded under the Plan.
7.Clawback/Repayment. Any incentive compensation, including, but not limited to this Award and any payments hereunder, will be subject to forfeiture and/or repayment to the extent provided for in any clawback policy of Corebridge or a consolidated affiliate, as in effect from time to time if it is determined that an event (as defined in the applicable policy) has occurred which requires that such incentive compensation be forfeited
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Exhibit 10.3
and/or repaid. By accepting this Award, you acknowledge that any incentive compensation you receive may be forfeited and/or subject to repayment to the extent any such clawback policy applies to you.

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

9.Representations. You acknowledge that you have at least 14 days to consider this Award Agreement before being required to sign it. If you have signed this Award Agreement before the expiration of the period afforded to you, you have done so of your own volition. You also acknowledge that you are hereby advised to consult with an attorney before signing this Award Agreement.

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

11.Governing Law. This Award Agreement will be governed by and construed in accordance with the laws of the State of New York, without regard to principles of conflict of laws.

12.Signatures. Execution of this Award Agreement by Corebridge and/or you may be in the form of an electronic, manual or similar signature, and such signature shall be treated as an original signature for all purposes.
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Exhibit 10.3

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

COREBRIDGE FINANCIAL, INC.
By:
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Exhibit 10.3

Schedule A
Long-Term Incentive Award

Recipient:    ●

Employee ID:    ●

Date of Award Agreement:    ●


[[PSUs] [and] [RSUs] Award]
Target Number
Performance Period
Vesting Terms
Payment
[PSUs]
[]
[]
[]
[]
[RSUs]
[]
[]
[]
[]

[Options Award]

Number of Options

Exercise Price

Performance Period

Vesting Terms

Expiration Date
[Time-Vesting
Options]
[]
[$●]
[]
[]
[]
[Performance- Vesting
Options]
[]
[$●]
[]
[]
[]

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

Receipt
Acknowledged:
Signature
Date
Address:
Street
City,         State        Zip Code
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Exhibit 10.3

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

[Insert instructions]
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