Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers OnJune 20, 2021 , a separation agreement between anAmerican Equity Investment Life Holding Company subsidiary (the Company) and its former Chief Financial Officer,Ted M. Johnson , became effective. Under the agreement,Mr. Johnson will separate from employment effectiveJuly 16, 2021 and release employment-related claims. The agreement includes various other provisions beneficial to the Company, including: (i) 18-month non-solicitation of Company employees, contractors, and others; (ii) 18-month non-compete, limited to specified firms; (iii) cooperation on Company matters; (iv) non-disparagement of the Company and its associates (the Company also agreed to inform its officers and directors not to disparageMr. Johnson ); (v) maintaining confidentiality; and (v) no assistance to a third party in a dispute with the Company, except as required by law or pursued by a regulator. Subject toMr. Johnson's successful participation in a transition plan and entry into another release following the end of his employment, the Company agreed to payMr. Johnson (i) his monthly base salary rate of$47,750 throughMay 20, 2022 ; (ii)$501,375 (125% of his 2021 target incentive); (iii)$15,000 toward continuation of health coverage; and (iv) up to$15,000 outplacement services, each less any required tax withholding.Mr. Johnson will also retain his long-term incentives (consisting of 58,935 performance stock-based units, 18,524 time-based stock-based units, 49,565 stock options at$27.05 exercise price, and 26,655 stock options at$27.40 exercise price).
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