Prior to the IPO, certain of our employees received grants of equity awards under the AIG Long Term Incentive Plan (as amended) and its predecessor plan, the AIG 2013 Long Term Incentive Plan (each as applicable, the “LTIP”), which are governed by the AIG 2013 Omnibus Incentive Plan (“Omnibus Plan”).

On June 10, 2024, AIG Parent announced that it had met the requirements for the deconsolidation for accounting purposes of Corebridge. In conjunction with the deconsolidation all unvested AIG restricted stock units (“RSUs”) and performance share units (“PSUs”) held by our employees immediately vested under the terms of the AIG LTIP. Additionally, all unvested AIG stock options granted to our employees were converted to Corebridge stock options and retained the same vesting and expiration provisions of the original AIG stock options.

The Company’s employees participated in several stock compensation programs under the Corebridge Financial, Inc. Long-term Incentive Plan (each as applicable, the “LTIP”), which are governed by the Corebridge Financial, Inc. 2022 Omnibus Incentive Plan, as amended and restated on February 16, 2023, (the “2022 Plan”, together with the LTIP, the “Corebridge Plans”). Equity awards may be granted under the Corebridge Plans to current employees or directors of the Company or, solely with respect to their final year of service, former employees.

Equity awards under the Corebridge Plans are linked to Corebridge Parent’s common stock (“CRBG Stock”). A total of 40,000,000 shares of CRBG Stock are authorized for delivery pursuant to awards granted or assumed under the Plans. Delivered shares may be newly-issued shares or shares held in treasury.

Corebridge’s LTIP provides for an annual award to certain employees, including our senior executive officers and other highly compensated employees, that may comprise a combination of one or more of the following units: PSUs, RSUs, or stock options. The number of PSUs issued on the grant date (the target) provides the opportunity for LTIP participants (usually senior management) to receive shares of CRBG Stock based on Corebridge achieving specified performance goals at the end of a three-year performance period. The actual number of PSUs earned can vary from zero to 200 percent of target for the 2025 LTI awards, depending on the Company’s meeting cumulative relative shareholder return targets and/or adjusted return on average equity (“ Adjusted ROAE”) targets, as applicable. RSUs and stock options are earned based solely on continued service by the participant and vesting occurs in three equal installments on the first, second and third anniversaries of the grant date.

Recipients must be employed at each vesting date to be entitled to share delivery, except upon the occurrence of an accelerated vesting event, such as an involuntary termination without cause, disability, retirement eligibility or death during the vesting period. Dividends on PSUs and RSUs accrue in cash and vest over the three year service period.

The following table presents our total direct share-based compensation expense which is settled as part of our quarterly intercompany process. This table reflects both AIG and Corebridge equity awards:

(a) As a result of accelerated vesting events, such as retirement eligibility in the year of grant and involuntary terminations, we recognized $28 million, $25 million and $24 million in 2025, 2024, and 2023, respectively, prior to the end of the specified vesting periods. It is our policy to reverse compensation expense for forfeited awards when they occur.

The grant date fair value of RSUs, as well as PSUs that are earned based on meeting Adjusted ROAE targets, was based on the closing price of CRBG Stock on the grant date. The grant date fair value of PSUs earned based on Corebridge’s relative shareholder return was measured using a Monte Carlo simulation. The grant date fair value is calculated assuming dividends distributed during the performance period are reinvested on the ex‑dividend date in CRBG stock.

(b) We converted the semi-annual zero-coupon U.S. Treasury rates as of the valuation date to continuously compounded rates. The risk-free interest rate is the continuously compounded interest rate for the period commensurate with the length of the remaining performance period as of the valuation dates.


As of or for the Year Ended December 31,	2025			2024			2023
	Number of Units	Weighted Average Grant Date Fair Value*		Number of Units	Weighted Average Grant Date Fair Value		Number of Units	Weighted Average Grant Date Fair Value
Unvested, beginning of year	2,591,330	$	22.31	4,153,530	$	19.64	6,537,155	$	21.00
Granted	2,463,951	33.13		2,323,450	25.89		2,907,967	19.81
Vested	(1,944,434)	24.91		(3,683,321)	21.34		(4,725,911)	18.70
Forfeited	(192,030)	24.82		(202,329)	22.36		(565,681)	19.07
Unvested, end of year	2,918,817	$	26.29	2,591,330	$	22.31	4,153,530	$	19.64

At December 31, 2025, the total unrecognized compensation cost for outstanding RSUs and PSUs was $53 million, the weighted-average period of years over which that cost is expected to be recognized is 1 year for RSUs and 1.13 years for PSUs.

Stock options were granted to certain Corebridge employees beginning with the 2023 LTIP. Option awards are generally granted with an exercise price equal to the market price of the company’s stock on the grant date and are exercisable up to 10 years from the date of grant, or 3 years from the date of an involuntary termination or the option's expiration date, if earlier. The fair value of the time-vesting options was estimated on the grant date using the Black-Scholes model using the assumptions noted in the following table.

(c) The risk-free interest rate is the continuously compounded interest rate for the term between the valuation date and the expiration date that is assumed to be constant and equal to the interpolated value between the closest data points on the U.S. Treasury curve as of the valuation date.


	Units	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Values (in millions)
As of or for the Year Ended December 31, 2025
Outstanding, beginning of year	1,678,537	$	23.66	8.74	$	10.52
Granted	1,050,763	32.41
Exercised	(38,451)	19.93
Forfeited	(30,014)	30.13
Outstanding, end of year	2,660,835	$	27.10	8.45	$	10.60
Exercisable, end of year	1,396,207	$	26.23	8.12	$	6.61

As of or for the Year Ended December 31, 2024
Outstanding, beginning of year	720,677	$	20.12	9.12	$	1.27
Granted	1,267,910	25.64
Exercised	(87,813)	17.58
Forfeited	(222,237)	25.16
Outstanding, end of year	1,678,537	$	23.66	8.74	$	10.52
Exercisable, end of year	1,049,314	$	23.36	8.66	$	6.90

The weighted average grant date fair value of stock options granted during 2025 and 2024 was $6.60 and $5.46, respectively. As of December 31, 2025, we recognized $5.4 million of expense, while $5.3 million was unrecognized and is expected to be amortized up to 1.25 years.

Our non-employee directors, who serve on our Board of Directors, receive share-based compensation in the form of fully vested deferred stock units (“DSUs”) with delivery deferred until retirement from the Board. DSUs accrue dividend equivalents from the award grant date until the shares are delivered, and are paid in cash upon issuance. In 2025 and 2024 we granted to non-employee directors 39,717 and 29,557 DSUs, respectively, and recognized expense of $1.3 million and $0.9 million, respectively.