NEW YORK (Bloomberg) — American International Group Inc. chief financial officer David Herzog will get an annual stock salary of $3.1 million and be eligible for as much as $833,333 in incentive pay under a plan approved by the US government.

The incentive for 2009 performance is payable in restricted shares, New York-based AIG said in a regulatory filing. Kristian Moor, who heads the insurer's property- casualty business, will get a stock salary of $4.7 million and up to $2 million in incentive awards.

AIG must get approval of compensation plans for its top executives from the Obama administration's pay master, Kenneth Feinberg, after taking a bailout from the US government valued at $182.3 billion. A $1 million retention bonus for Herzog and a $1.6 million retention payment for Moor, both approved by Feinberg, were announced last month.

Feinberg said in an October letter to the company that Herzog and Moor were "particularly critical to AIG's long-term financial success," and considered the retention pay in determining cuts to their 2009 salaries.

Herzog was promoted from comptroller to CFO in October 2008. His stock awards in 2008 were valued at $430,329 and total compensation was $1.9 million, according to a regulatory filing from May. Moor's 2007 stock award was $2.3 million, with total compensation of $5.98 million.

The insurer has said it needs to offer competitive salaries to keep staff while the company sells assets to repay the US bailout. AIG said employees received death threats in March when the insurer handed out $165 million to workers at the Financial Products unit blamed for its near-collapse. President Barack Obama called those payments an "outrage".

Moor is chief executive officer of AIG's Chartis Inc. unit, which was called AIU Holdings Inc. until renaming itself in July. Chartis, which sells property-casualty coverage to corporations and high-net worth individuals, will be placed into a special-purpose vehicle to facilitate a planned initial public offering of a minority stake in the unit.

Christina Pretto, a spokeswoman for AIG, had no comment on the regulatory filing.