Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On April 1, 2021, American Equity Investment Life Holding Company (the "Company") appointed Phyllis Zanghi to serve in the role of Chief Legal Officer and Corporate Secretary of the Company. Ms. Zanghi, age 48, currently serves as the General Counsel - U.S. Life Companies of the Company, a position she has held since October 2020. Renee D. Montz, Executive Vice President, General Counsel and Corporate Secretary of the Company, will be transitioning to the role of Legal Advisor, effective April 1, 2021, and will subsequently be departing the Company, when transition activities are completed but not later than June 15, 2021. In connection with the transition, the Company and Ms. Montz entered into a separation agreement, effective April 1, 2021 (the "Agreement"). Under the Agreement, Ms. Montz will serve as Legal Advisor to the CEO and Chief Legal Officer of the Company from the effective date thereof through June 15, 2021, or earlier if mutually agreed upon by the parties (the "Transition Period"). During the Transition Period, Ms. Montz will remain an active employee and will assist with the orderly transition of her duties. Subject to Ms. Montz's successful completion of a transition plan and her timely execution of a waiver and release of claims, upon her termination of employment, Ms. Montz will receive the following severance benefits: (i) continued payment of her base salary through March 31, 2022; (ii) 125% of Ms. Montz's target annual incentive award for 2021; and (iii) a payment for the continuation of Ms. Montz's health insurance coverage. In addition, Ms. Montz will receive continued vesting of all outstanding and unvested time-based restricted stock unit awards and stock option awards and will remain eligible to vest in all outstanding performance-based restricted stock unit awards in accordance with their terms. Ms. Montz will also be able to exercise all such stock options for the maximum period allowed pursuant to the terms of the option award agreements, as if she were an active employee. The Agreement contains restrictive covenants relating to non-competition and non-solicitation of the Company's employees, consultants and customers for 18 months following Ms. Montz's termination date and a mutual non-disparagement provision.

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