NEW YORK, USA - American International Group Inc Chief Financial Officer David Herzog, Executive Vice President Jay Wintrob and other senior executives have agreed to delay their receipt of retention bonuses for at least four months, the company said on Wednesday.

Executives participating in a previously disclosed retention plan volunteered to postpone one installment until April 2009 and the rest until April 2010, according to a filing with the U.S. Securities and Exchange Commission.

Under the original terms, they would have received payment next month. Wintrob is an executive in AIG's life insurance operations, and Herzog is the company's newly appointed CFO.

AIG, once the world's largest insurer, is scrambling to stay afloat as exposure to risky mortgage markets and other securities generated more than $42 billion of losses in the past year. AIG has received more than $150 billion in bailout financing from the United States.

Also on Wednesday, the company said it completed the sale of $40 billion of preferred stock to the government under its the Troubled Asset Relief Program.

But public outrage over the financial crisis, as well as concern that executives were still enriching themselves despite getting government aid, prompted caps on executive compensation.

Chairman and Chief Executive Edward Liddy, who on Tuesday agreed to a $1 annual salary amid intense government pressure on compensation, does not participate in the retention plan.

AIG also eliminated performance bonuses for 2008 and canceled raises through 2009 for its seven highest-ranking officers.