Document:

EX-10.14

 Exhibit 10.14 
  

 
 PRIVATE & CONFIDENTIAL – ADDRESSEE ONLY 

Aimee DeCamillo 
 *** 

March 26, 2020 
 Dear Aimee, 

 

	RE:	 Project Scott Incentive Awards 

I am pleased to confirm your opportunity to earn additional incentive awards in connection with Project Scott. This letter explains your new award. 

Your engagement and delivery in the execution of Project Scott are critical to its success. The Prudential plc Remuneration Committee (the
“Committee”) recognizes that your commitment to Project Scott comes at a time when you are asked to also achieve stretching one and three-year plans. Your Project Scott Incentive Awards are designed to reward you for your
contribution in delivering Project Scott at pace while continuing to work hard towards these other plans. 
 Maximum Award Opportunity. Your Maximum
Award Opportunity is $3,900,000. 
 This amount is equal to 1.5 times your 2020 salary, plus 1.5 times the value of your total 2020 target annual bonus
(your total 2020 target annual bonus includes both the Jackson annual bonus and the JNLD annual bonus). Your Maximum Award Opportunity does not include awards under any other bonus arrangement. 

Award Components. Your Project Scott Incentive Award has two components: 
  

	 	•	 	 RSP Award: 40% of your Maximum Award Opportunity is a “conditional award” of Prudential plc ADRs
under the Prudential Restricted Stock Plan 2015 (the “RSP”). 

  

	 	•	 	 Cash Award: 60% of your Maximum Award Opportunity is an underpin to your regular total 2020 annual bonus.

 Summary of Your RSP Award. During April of 2020, you will receive an RSP Award certificate that formally grants you a
“conditional award” with the following terms and conditions: 
  

	 	•	 	 Your RSP Award will grant you the conditional right to receive a number of Prudential plc ADRs determined by
dividing 40% of your Maximum Award Opportunity by the ADR market price at the relevant time, as determined by the Committee. 

  

	 	•	 	 Your RSP Award will have a three-year vesting period, ending on the third anniversary of its grant date (your
“Vesting Date”). Your RSP Award is not subject to performance conditions. 

  

	 	•	 	 You will forfeit your RSP Award if your employment ends before your Vesting Date, unless for a “Permitted
Reason,” as defined in the RSP (e.g., retirement, ill health, injury, disability, redundancy). 

  

	 	•	 	 The Committee has determined that if your employment ends for a “Permitted Reason,” your full RSP Award
will vest and be released within 30 days of the original Vesting Date, subject to the RSP’s malus and other rules. Your RSP Award may vest early only upon your death or if there is a change of control or liquidation of the Company, as defined
and provided in the RSP. 

  

	 	•	 	 Your RSP Award will earn “dividend equivalents” between its grant date and its release. When your RSP
Award is released, the number of ADRs over which it is granted will be increased to reflect dividends that would have been paid during that period. 

  

	 	•	 	 Your RSP Award is subject to the RSP’s malus and other rules. The release of your RSP Award may be delayed
pending a malus investigation to the extent permitted by Internal Revenue Code Section 409A. 

  

	 	•	 	 Your RSP Award will be subject to the terms of its award certificate and the rules of the RSP, which take
precedence, with one exception, in the case of any inconsistency with this summary. In particular, your RSP Award is a “Section 409A Award” and subject to Rule 5 and the other applicable rules of Schedule 1 to the RSP. The exception
is that this summary governs as regards the timing of vesting if employment ends for a “Permitted Reason”. 

 Summary of Your
Cash Award. Your Cash Award will be equal to the greater of: 
  

	 	(1)	 your regular 2020 annual bonus determined in the usual way; or 

 

	 	(2)	 up to 60% of your Maximum Award Opportunity. 

In the event that the value of your Project Scott Incentive Cash Award is greater than the value of your 2020 annual bonus, you will receive
the Project Scott Incentive Cash Award instead of your 2020 annual bonus. 
  

	 	•	 	 In early 2021, the Committee, in its sole and absolute discretion, will determine the amount of your Cash Award
based on its assessment of performance toward the conditions below: 

  

	 	(1)	 The extent to which successful corporate action has been accomplished in connection with Project Scott, as
determined by the Prudential plc Board. 

  

	 	(2)	 The extent to which Project Scott has been executed within the applicable risk frameworks and appetites.

  

	 	(3)	 The extent to which your contribution and behaviors to Project Scott have been consistent with those
expected.     

  

	 	•	 	 The Committee may revise these performance conditions should the objectives of Project Scott change to the extent
that the original conditions are no longer appropriate. Revised conditions will be no more or less stretching than those originally applied. 

  

	 	•	 	 You will be paid your Cash Award only if you are employed with a member of the Prudential Group on the bonus
payment date. Your Cash Award is ineligible for “good leaver” treatment.     

  

	 	•	 	 Your Cash Award will be paid between January 1, 2021 and March 15, 2021. 

As I know you will appreciate, I cannot stress enough the importance of maintaining the confidentiality of this letter and Project
Scott.     

  

 I sincerely thank you for your commitment to our success and your continued extraordinary commitment during
this pivotal time. Please indicate your agreement to the terms of this letter by signing below and returning it to Drew Bowden at your earliest convenience and in any case by March 31. 

Yours sincerely, 
 

 
 Michael Falcon 
 Chairman and
Chief Executive Officer of Jackson Holdings LLC 

  

 Duplicate copy to be signed by employee 

I have read and agree to be bound by the terms of this letter. I understand that the RSP Award to be granted to me in accordance with the terms of this letter
will be made on the express condition that I hereby agree that: 
  

	 	1)	 I have and will have no rights to acquire, receive or make any claim in respect of, the ADRs (or any interest
in the ADRs) subject to my RSP Award before the Vesting Date of the RSP Award (whether or not I cease employment with the Prudential group for any reason), unless there is a change of control or liquidation of the Company that causes my RSP Award to
become a Vested Award under Rule 11 of the RSP or if I die; 

  

	 	2)	 I waive all and any rights, expectations and entitlements in respect of the RSP Award and to the ADRs subject
to my RSP Award, insofar as such rights, expectations or entitlements relate to a claim that my RSP Award should vest before the Vesting Date on the date that I cease to be an employee of the Prudential group, but this does not affect my rights if
there is a change of control or liquidation of the Company that causes my RSP Award to become a Vested Award under Rule 11 of the RSP; 

  

	 	3)	 The terms of any award certificate in respect of my RSP Award will be subject to the terms set out in the RSP
and this letter, including prohibitions on the assignment, transfer, or charge of my RSP Award; and 

  

	 	4)	 I agree to maintain the confidentiality of this letter and Project Scott. I agree that I will not disclose
information regarding Project Scott except to the extent necessary for me to perform my duties with respect to it, and then only to Group employees, advisors, and counterparties to the extent they have a direct need to know that information so that
they can perform their duties with respect to Project Scott. I agree to inform each person to whom I disclose such information of the importance of maintaining its confidentiality, and to take other actions that are appropriate to protect such
information. 

  

	
	  

	Signature
	  

	DateEX-10.15

 Exhibit 10.15 

 
 

 
 December 12, 2019 

Mr. Axel Andre 
 *** 

Dear Axel: 
 I am pleased to extend this offer of employment
with Jackson National Life Insurance Company (“Jackson” or the “Company”). Below are the details of our offer: 
  

	1.	 You will serve as Executive Vice President and Chief Financial Officer of Jackson, reporting to the Chief
Executive Officer. Your employment is expected to commence no later than March 1, 2020. You may also be appointed to serve as an officer or director of entities affiliated with Jackson, consistent with your role as the leader of financial,
actuarial, and asset-liability management across Jackson. 

  

	2.	 Your base salary shall be $600,000 per year payable in bi-weekly
installments subject to normal withholding deductions for taxes, fringe benefits, and similar items. 

  

	3.	 You will be eligible to receive annual bonuses based on company and individual performance. Such bonuses will
be sourced from our Jackson senior management bonus pool, which is driven on broad enterprise measures and periodically reviewed and revised with our parent company, Prudential plc. Your at-plan total bonus target will be $1,773,900, or 4% of the
current pool. Your 2020 bonus is guaranteed to be no less than $1,773,900 and is subject to normal withholding deductions for taxes. Thereafter, your annual bonus may be more or less than the target above, depending on the size of the pool and your
individual performance. 

 The bonus above is normally paid in March of the year following the performance year. For
example, your 2020 bonus is expected to be paid in March 2021. Except as provided in paragraph 10, below, to receive an annual bonus, you must remain actively employed with Jackson in good standing on the date such bonus is paid. 

 

	4.	 To help address the loss of unvested equity awards and concerns about loss of potential intrinsic value
associated with your outstanding stock options, we are also pleased to offer you the following additional compensation: 

  

	 	a.	 You will receive a cash payment no later than your first completion of a full
bi-weekly payroll cycle equal to the closing price on December 31, 2019, of 6,982 shares of American International Group Inc. (AIG) common stock. 

 

	 	b.	 You will receive a cash payment of $500,000 on the later of (i) your first completion of a full bi-weekly payroll cycle, or (ii) the normal payment date for 2019 annual cash bonuses (expected in March 2020). 

  

					
	 Mr. Axel Andre
 December 12, 2019

Page 2
	  		  	

  

  

	 	c.	 You will receive a cash payment of $1,500,000 no later than June 30, 2020. 

 

	 	d.	 As soon as practicable after your first day of employment, you will receive a restricted stock award
denominated in Prudential plc American Depositary Receipts (Prudential ADRs; PUK on the NYSE). The notional value of the award will equal the sum of: (i) the closing price of 19,400 shares AIG common stock on the business day immediately
preceding your first day of employment, and (ii) $156,665. The number of Prudential ADRs granted will be determined by dividing the notional value described immediately above by the average closing price of the Prudential ADRs on the three trading
days immediately preceding the date of the grant. 

 This award will not be subject to performance conditions. 70% of this
award will vest on January 1, 2021. 30% of this award will vest on January 1, 2022. 
  

	 	e.	 As soon as practicable after your first day of employment, you will receive a restricted stock award
denominated in Prudential ADRs. The notional value of the award will, be $121,000. The number of Prudential ADRs granted will be determined by dividing the notional value described immediately above by the average closing price of the Prudential
ADRs on the three trading days immediately preceding the date of the grant. 

 This award will be subject to performance
conditions described in paragraph 5 for PLTIP awards granted in 2018 and will vest on January 1, 2021. 
 Except as provided in
paragraph 10, you must remain employed with the Company through the applicable payment dates and/or vesting periods described in paragraphs 4a-4e in order to receive each component. 

 

	5.	 For long term incentive compensation, you will be eligible to participate in the Prudential Long Term Incentive
Plan (PLTIP) beginning with the 2020 grant year. Awards are discretionary and when awarded consist of shares of Prudential ADRs, which are traded on the New York Stock Exchange, with each ADR representing two shares of Prudential plc stock (PRU on
the London exchange). Your award for the 2020 grant year will have a notional value of $1,200,000. PLTIP awards vest after a three-year performance cycle, with the number of ADRs vesting dependent upon company performance over the performance
period. Achievement well above target levels is required for 100% of the ADRs awarded to vest. A minimum level of achievement is required for any of the ADRs to vest, and there is no guarantee that any ADRs will vest. Further information about the
PLTIP program will be available when awards are granted. In the event this description of the PLTIP and your eligibility to participate is inconsistent with the PLTIP documents describing the PLTIP, approved from time to time by the appropriate
Prudential plc board and/or committee, the board- and/or committee-approved documents exclusively shall govern. 

  

	6.	 In addition to the base salary and incentives above, Jackson offers a competitive benefit package that includes
group health insurance, group life insurance in the amount of two times your annual salary, disability income insurance, retirement benefits, paid time off, and a number of other programs. Jackson reserves the right to change any of its benefits and
incentive plans and programs at any time. 

  

					
	 Mr. Axel Andre
 December 12, 2019

Page 3
	  		  	

  

  

	7.	 You will be eligible to participate in Jackson’s qualified 401(k) plan and its Management Deferred Income
Plan as described in the plan provisions. 

 Under the 401(k) plan, Jackson currently matches associate contributions
dollar for dollar up to 6 percent of salary and also provides profit sharing contributions, once you meet eligibility criteria. The match and profit sharing cOntributions are subject to vesting requirements further described under the plan, and
all contributions made to the 401(k) plan both by associates and Jackson are subject to IRS limits. 
 The Management Deferred Income Plan is
a non-qualified deferred compensation arrangement that allows you to defer compensation on a voluntary basis as per the plan eligibility requirements: 

 

	8.	 You will also be eligible for compens. ated personal time off (PTO) above Jackson’s standard offering as
described in this paragraph. For 2020, you will be eligible, on a pro rata basis based upon your starting date, for 30 total PTO days (25 standard plus 5 additional as an officer) and 10 regular holidays. Your available annual PTO allocation will
remain at 30 days (25 standard plus 5 additional as an officer) until such time that your years of service provide for an allocation under Jackson’s policies that exceeds the value above. 

 

	9.	 Jackson will provide relocation benefits at the Executive Tier as described in the Executive Relocation
Benefits brochure included with this offer letter. You are required to move to the Lansing, Michigan area within 12 months of your hire date. 

  

	10.	 Notwithstanding the continued employment provisions of paragraphs 3 and 4, in the event that you are
involuntarily terminated for reasons other than cause prior to the payment of the 2020 bonus described in paragraph 3, you will be paid: (i) an amount equal to the bonus value described in paragraph 3 at the time of your termination, and (ii),
any unpaid cash payment described in paragraphs 4a, 4b, and 4c, and any unvested restricted stock awards described in paragraphs 4d and 4e, which will be paid or vest, as the case may be, on the timeline described in paragraph 4,

  

	11.	 In the event you are involuntarily terminated for reasons other than cause prior to the payment of your 021
annual bonus (expected in March 2022), you will be paid such bonus in March 2022, the aggregate value of which will be based on the value you would have received based on Company and individual performance, prorated as applicable for any portion of
2021 during which you were not actively employed by Jackson. 

  

	12.	 You will be an “at will” employee of the Company, which means you are free to resign or leave
employment at anytime, and the Company is free to terminate your employment at any time, with or without cause. As an employee of Jackson, you will also be required to sign and comply with the Confidentiality of Company Information Agreement
effective from your first day of employment. Depending on your role, your personal investment trading activities may be limited and/or required to be disclosed to the Company due to certain information to which you will be deemed to have access.

  

					
	 Mr. Axel Andre
 December 12, 2019

Page 4
	  		  	

  

 And finally, employment at Jackson is contingent on a negative drug screening and favorable background
investigation. Spencer Stuart is coordinating the background investigation, which should be completed early next week. One of our human resources associates will contact you to arrange for the drug screen. 

Axel, we are very excited to work with you at Jackson and look forward to a mutually rewarding working relationship. Please acknowledge your acceptance of
this offer by signing, dating and returning a copy to me no later than December 24, 2019. If you have questions about this offer, please call me at ***. 

Sincerely, 
  
 

 
 Andrew J. Bowden 
 Senior Vice
President and General Counsel 
 Enclosure 
 I accept Jackson
National Life Insurance Company’s offer on the above terms and conditions: 
  

			
	

	  	12/16/2019
	  

Axel Andre
	  	  

Date

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