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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

(AEL)
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AMERICAN EQUITY INVESTMENT LIFE HOLDING CO : Change in Directors or Principal Officers (form 8-K)

06/21/2021 | 04:46pm EDT
Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On June 20, 2021, a separation agreement between an American 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 effective July 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 disparage
Mr. 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 to Mr. Johnson's successful participation in a transition plan and entry
into another release following the end of his employment, the Company agreed to
pay Mr. Johnson (i) his monthly base salary rate of $47,750 through May 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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