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BRIEF-AIG says CEO Hancock will be eligible to receive cash payment of $5 mln for service through transition period

March 17 AIG

* AIG - in consideration of service during transition period, CEO Hancock will be eligible to receive cash payment of $5 million for service through transition period

* Says Peter Hancock will also continue to receive his normal 2017 compensation

* Says after discussion with Hancock, the board determined that Hancock would not earn a 2016 short-term incentive award - SEC filing Source text for Eikon: Further company coverage:

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