Two weeks after reiterating his commitment to American International Group’s employees and a new pact with the insurer’s board of directors, Robert Benmosche officially had his $7 compensation agreement as chief executive officer approved.

Robert H. Benmosche

In August, AIG disclosed the pay deal for Benmosche, but officially implemented it Nov. 24. According to the Wall Street Journal, the agreement came after Benmosche signed a non-compete agreement as a sign of his commitment to leading the troubled insurer.

This came after a Nov. 11 letter to AIG personnel where Benmosche reiterated his commitment to them, following media reports he was frustrated with the government’s intervention with the company and ready to resign.

The insurer is working its way through repaying $180 billion in taxpayer funds acquired through the U.S. Treasury Department to keep it from failing.

AIG Chairman Harvey Golub told the Wall Street Journal that Benmosche is “committed to leading this company as CEO until the job is done” and that the board is “very satisfied that the commitment is real and heartfelt.”

Benmosche will receive quite a pay raise from his predecessor, Edward Liddy, who received a $1 annual salary to lead the company for just about a year.

Under the agreement with AIG, Benmosche will receive an annual salary of $3 million in cash and $4 million in company common stock. The stock will be distributed in bi-weekly awards issued in accordance with the New York Stock Exchange rules, according to AIG.

The maximum number of shares that AIG could issue to Benmosche under this exemption is 245,000. The shares will vest immediately upon reward, but Benmosche cannot sell them for five years dating back to his hire date of Aug. 10.