Document:

EX-10.1

SEPARATION AGREEMENT

THIS AGREEMENT (this “Agreement”) is made and entered into as of the 31st day of
December, 2008, by and between PET DRX CORPORATION, a Delaware corporation (the “Company”),
and STEVEN T. JOHNSON (“Executive”).

BACKGROUND

Executive shall be employed by the Company through December 31, 2008, pursuant to that certain
employment agreement dated October 19, 2007 (the “Employment Agreement”). Effective
December 31, 2008, Executive hereby resigns as an employee, officer, director and from all other
positions he holds with Company and its subsidiaries, Executive’s employment is hereby terminated
as of December 31, 2008, and the Company accepts such resignation. In connection with Executive’s
termination of employment and the execution of this Agreement, the Company agrees to provide
Executive with the payments and benefits described in Exhibit A to this Agreement, and the
parties desire that Executive shall serve as a consultant to the Company for three (3) months,
commencing January 2, 2009, pursuant to the Consulting Agreement attached as Exhibit B to
this Agreement.

AGREEMENT

In consideration for the mutual promises contained in this Agreement, the Company and
Executive agree as follows:

	1.	 	Employment Termination.

(a) General Terms. The Company and Executive agree that:

(1) Executive shall cease to be an employee, officer, and director of, and to hold any
positions with, the Company as of December 31, 2008;

(2) Executive’s last day of employment with the Company shall be December 31, 2008, and on
that date, he shall have incurred a “separation from service” within the meaning of Section 409A of
the Internal Revenue Code of 1986, as amended (the “Termination Date”);

(3) Executive hereby resigns, effective as of December 31, 2008, from any and all titles and
positions with the Company. Executive agrees to tender and memorialize his resignation from any
and all such positions in any other manner and form as the Company may reasonably request; and

(4) This Agreement was first delivered to Executive on December 29, 2008 (“Delivery
Date”).

(b) Satisfaction of Obligations. The payments, benefits and other consideration
provided by the Company under this Agreement are in full and final satisfaction of all obligations
that the Company has to Executive, except as provided in Section 4(a) hereof. Without limiting the
foregoing, these payments and benefits replace any and all obligations of the Company under any and
all letters, agreements, understandings, plans and policies, relating to Executive’s employment and
severance, except as provided in Section 4(a) hereof. Executive agrees that the payments and
benefits described in Exhibit A and the Consulting Agreement attached as Exhibit B
are adequate consideration for (i) the agreements he makes in this Agreement, and (ii) the releases
he gives pursuant to this Agreement.

(c) No Other Payments or Benefits. Executive shall not be eligible for, and he will
not receive, any payments or benefits from the Company, or under any plan, agreement, or
arrangement in which Executive or the Company are a party or participate which are not expressly
set forth in this Agreement.

	2.	 	Payments and Benefits Following Executive’s Severance Date.

(a) General Conditions. The Company shall provide to Executive the payments and
benefits described in Exhibit A to this Agreement and under the Consulting Agreement when
required by Exhibit A and the Consulting Agreement, respectively. However, for these
payments and benefits to be due, Executive must have signed, dated and returned this Agreement and
the Consulting Agreement to the Company on or within 21 days after the Delivery Date (even if
Executive has continued to negotiate the terms of this Agreement with the Company after the
Delivery Date), Executive must not revoke this Agreement, the Company must not revoke this
Agreement, and the revocation period described in Section 9 must have expired. This Agreement
shall become effective as of the latest of the date of execution and delivery of the Consulting
Agreement, the day after expiration of the revocation period, or January 2, 2009 (the
“Effective Date”). Notwithstanding any other provision of this Agreement, Executive’s
termination of employment will become effective December 31, 2008, regardless of the general
effective date of this Agreement and regardless of whether Executive revokes this Agreement.

(b) Taxes. Executive is solely responsible for paying any and all taxes he
owes on amounts he receives or that are paid on his behalf under the terms of this Agreement. The
preceding provision does not, and shall not be construed to, make Executive responsible
for taxes that are imposed on any person or entity other than himself. The Company will withhold
all taxes that it determines are legally required to be withheld.

	3.	 	Cooperation.

(a) Transition. Executive shall cooperate with the Company in ensuring an orderly
transition of matters handled by Executive. Executive shall sign any documents and do anything
that is reasonably necessary in the future to implement his agreements in this Agreement.

(b) Nondisparagement. Executive agrees that he shall not, directly or indirectly, in
any capacity or manner, make, cause, encourage or assist to be made any statements, comments or
remarks, whether oral, in writing or electronically transmitted, which might reasonably be
considered to be derogatory, defamatory or critical of, or negative towards, or to malign, harm,
defame, disparage or damage the reputation of the Company or any of the other Released Parties (as
defined below). This subsection shall not apply to any communications that are (i) intended to
comply with the requirements and policies of any federal or state agency, (ii) intended to
cooperate with any investigation or request for information from any state or federal government
agency, or (iii) made in connection with any judicial or administrative proceeding. Executive
agrees that he will not make any statements about the Company or any of the other Released Parties
to the press (including without limitation any newspaper, magazine, radio station or television
station) without the prior written consent of the Chairman of the Board of Directors of the
Company.

(c) Cooperation as a Witness. Executive shall cooperate with the Company as a witness
in all matters about which he has knowledge as a result of his prior positions with the Company if
the Company requests his testimony. To the extent practicable and within the control of the
Company, the Company will use reasonable efforts to schedule the timing of his participation in any
such witness activities in a reasonable manner to take into account his then-current employment,
and will pay the reasonable documented out-of-pocket expenses that the Company pre-approves and
that Executive incurs for travel required by the Company with respect to those activities.

	4.	 	General Release of Claims by Executive.

(a) Release. As a material inducement for the Company to enter into this Agreement,
Executive hereby forever, irrevocably and unconditionally, releases and discharges the Company and
the other Released Parties (as defined below) from any and all charges, claims, liabilities,
agreements, damages, causes of action, suits, costs, losses, debts and expenses (including
attorneys’ fees and costs actually incurred) of any nature whatsoever, known or unknown, which he
now has, or claims to have, or which Executive at any time had, or claimed to have, or which
Executive at any time hereafter may have, or claim to have, against the Company, in each case as
to acts or omissions occurring up to and including the day before the Effective Date, including,
without limitation, any claim of breach of fiduciary duty, rights arising out of alleged violations
of any contracts, express or implied, any covenant of good faith and fair dealing, express or
implied, or any tort, or any legal restrictions on the Company’s right to terminate employees, or
any federal, state or other governmental statute, regulation, or ordinance (all such matters hereby
released, collectively referred to as “Claims”).

This release will not apply to any claim for payments or benefits Executive may have under the
terms of this Agreement, any rights he may have with respect to vested stock options or any rights
to the “Accrued Obligations” as defined in the Employment Agreement.

(b) Released Parties. As used in this Agreement, the “Released Parties” are
the Company and all of its related companies, partnerships or joint ventures, including but not
limited to, direct and indirect parent and subsidiary companies, and their predecessors and
successors; and, with regard to each of those entities, except for Executive, all of its past and
present employees, officers, directors, stockholders, owners, representatives, assigns, attorneys,
agents, insurers, employee benefit programs (and the trustees, administrators, fiduciaries and
insurers of these programs) and any other persons acting by, through, under or in concert with any
of the persons or entities listed in this subsection. Executive understands that this release
covers him and anyone who might have a claim through him or because of him, such as a past, current
or future spouse, his family, heirs, executors, representatives, agents and their successors and
assigns.

(c) No Lawsuits. Executive has not filed or caused to be filed any lawsuit, complaint
or charge with respect to any Claim he is releasing in this Agreement. Executive agrees never to
institute, or participate in any action against any of the Releasees with respect to any Claim
released by this Agreement, except as required by subpoena, court order, or other compulsory
process and except that he may participate in an investigation or proceeding conducted by an agency
of the United States government or of any state. Executive has not assigned or transferred any
Claim he is releasing, nor has he purported to do so. Notwithstanding any language herein to the
contrary, Executive understands that nothing in this Release prohibits Executive from filing or
pursuing a charge of discrimination with the Equal Employment Opportunity Commission (“EEOC”) or a
claim with the National Labor Relations Board (“NLRB”); provided that, by signing this Agreement,
Executive agrees to waive and relinquish any personal or monetary gain that would otherwise result
from such EEOC or NLRB claim.

(d) Release of Age Claims. Executive expressly and specifically waives any and all
rights or claims which he may have under the Age Discrimination in Employment Act of 1967, 29
U.S.C. Section 621 et seq. (“ADEA”). Executive acknowledges that this
waiver is knowingly and voluntarily made and specifically agrees that: (i) this waiver is written
in a manner that he understands; (ii) this waiver specifically relates to rights and claims under
the ADEA; (iii) he does not waive any rights or claims that may arise after the date he signs this
Agreement; (iv) he is waiving these rights or claims in exchange for substantial consideration in
excess of anything of value to which he is otherwise entitled to receive; (v) he has been advised
in writing, and given the opportunity, to consult with an attorney before signing this Agreement;
(vi) he has been given a period of 21 days to review this Agreement; and (viii) after Executive has
signed this Agreement, he or the Company may revoke this Agreement by providing written notice as
provided in Section 9 hereof within 7 days following his execution of the Agreement or if later by
January 1, 2009. Notwithstanding the foregoing, Executive’s termination of employment at December
31, 2008 shall be unaffected by his revocation of this Agreement. Executive specifically agrees
that the 21-day period that he has to review this Agreement (including this release) and to consult
an attorney began to run on the date he executed the Amendment, and that any changes made since
that date have not extended or restarted that 21-day period.

	5.	 	Consequences of Violating Executive’s Agreements or Breaching Executive’s Release.

Executive understands that his agreements in Sections 3 and 4 and the releases provided in
this Agreement are especially important reasons why the Company offered Executive the payments and
benefits described in this Agreement. Therefore, Executive agrees that if he breaches any of those
agreements or the releases, then, along with all other rights and remedies available to the Company
and their affiliates at law or in equity, the Company also can stop all of the payments and
benefits under this Agreement and the Consulting Agreement to Executive immediately and can recover
from Executive any payments and benefits that he already received. Executive agrees that, in the
event of his breach of any agreement, any release or any other terms of this Agreement, the
Company, in addition to all other rights and remedies available to it at law or in equity, may
recover damages from Executive, and will be entitled to an injunction restraining Executive from
breaching his agreements, the releases or any other terms of this Agreement. Executive also agrees
to pay, promptly upon demand, but in no event later than thirty (30) days after a judicial
determination that the Company has breached this Agreement, the reasonable attorneys’ fees and
related damages the Company may incur as a result of Executive breaching his agreements, a release
or any other term(s) of this Agreement or if any representation Executive made in this Agreement
was false when made. Executive understands that no provision in this Agreement is to be construed
as a waiver or prohibition against the Company pursuing any other legal or equitable remedy for a
breach of this Agreement. Executive understands, however, that this section will not apply to any
challenge of the validity of the release given under the ADEA.

	6.	 	Consequences of Breach by the Company.

The Company agrees that, in the event of its breach of this Agreement, Executive, in addition
to all other rights and remedies available to him at law or in equity, may recover damages from the
Company. The Company also agrees to pay, promptly upon demand, but in no event later than thirty
(30) days after a judicial determination that the Company has breached this Agreement, the
reasonable attorneys’ fees and related damages that Executive may incur as a result of the Company
breaching this Agreement.

7. Nondisparagement by the Company. The Company agrees that the Company will provide one
directive to the current members of the Boards of Directors and executive officers of the Company
to not make any statements which are derogatory to Executive. This directive shall not apply to
any communications that are (a) between the Company and its auditors, (b) intended to comply with
the requirements and policies of any federal or state agency, (c) intended to cooperate with any
investigation or request for information from any state or federal government agency, (d) made in
connection with any judicial or administrative proceeding, or (e) between members of the Boards of
Directors and/or executive officers of the Company in the course of operating the Company’s
business, provided the communications are not published to third parties. Once the Company has
given the one directive provided for in this Section, its obligations under this Section are
complete, and the Company will not be liable under this Section if any directors or officers do not
comply with the directive.

	8.	 	Miscellaneous Provisions.

(a) Binding Agreement. This Agreement is final and binding. Executive has carefully
read and fully understands all of the provisions of this Agreement.

(b) Entire Agreement. This Agreement forms the entire agreement between the Company
and Executive and supersede all other agreements, understandings, plans or arrangements relating to
the subject matter hereof, except that (1) the provisions of Sections 6 through 12 of the
Employment Agreement shall survive Executive’s termination of employment pursuant to Section 12(d)
thereof, and (2) this Agreement does not supersede or affect the Confidentiality and Assignment of
Creative Works Agreement between XLNT Veterinary Care, Inc. and Executive dated October 19, 2007.
Executive acknowledges that the Company has made no representations or promises to Executive,
written or oral, other than those in this Agreement.

(c) Amendment.  This Agreement may not be modified, amended, supplemented or
terminated except by a written instrument executed by the parties hereto.

(d) Assignment. The rights and obligations of the Company under this Agreement shall
inure to the benefit of the Company’s successors and assigns. This Agreement may be assigned by the
Company to an affiliate, to any legal successor to all or a portion of the business of the Company
or an affiliate, or to an entity which purchases assets from either of the Company or an affiliate.
In the event the Company assigns this Agreement as permitted by this Agreement, “the Company” as
defined herein will refer to the assignee. Executive may not assign this Agreement.

(e) Waiver.  The waiver by the Company of any breach of this Agreement by any party
shall not be effective unless in writing, and no such waiver shall constitute the waiver of the
same or another breach on a subsequent occasion.

(f) Arbitration. In the event of any dispute under this Agreement, other than a
dispute pursuant to Section 8(b) that relates to Section 6 through 12 of the Employment Agreement,
the Confidentiality Agreement, or the Consulting Agreement, the parties shall be required to have
the dispute resolved by binding arbitration in the city in which the headquarters of the Company is
located in accordance with the commercial arbitration rules then in effect of the American
Arbitration Association. Any award entered by the arbitrator shall be final, binding and
unappealable, and judgment may be entered thereon by either party in accordance with applicable law
in any court of competent jurisdiction. This arbitration provision shall be specifically
enforceable. The fees of the American Arbitration Association and the arbitrators shall be shared
equally by the parties; provided, however, that the party that materially prevails in any dispute
arbitrated pursuant to this Agreement shall be entitled to reimbursement for all of such party’s
fees and costs (including, without limitation, the fees of the American Arbitration Association and
the arbitrators and reasonable attorneys’ fees and expenses) that are incurred at any time, and
such fees and costs shall be reimbursed promptly following submission of proof the expenses but not
later of March 15 of the year following year in which the judgment on the arbitration award becomes
final.

(g) Governing Law. This Agreement will be governed by and construed in accordance
with Delaware law.

(h) Interpretation. Captions and section and subsection headings used herein are
provided for convenience only and are not part of this Agreement and shall not be used in
construing it. Executive acknowledges that this Agreement is not an admission of guilt or
wrongdoing by the Company.

(i) Blue Penciling. If any court or arbitrator determines that any of the provisions
contained in this Agreement, or any part of it, are unenforceable because of the length of any
period of time, the size of any area or the scope of activities contained in those provision(s),
then that period of time, area or scope will be considered to be adjusted to a period of time, area
or scope which would cure that invalidity, and those provisions in their revised form will then be
enforced to the maximum extent permitted by applicable law.

(j) Severability. Each of the covenants and agreements hereinabove contained shall be
deemed separate, severable and independent covenants, and in the event that any covenant shall be
declared invalid by any court of competent jurisdiction, such invalidity shall not in any manner
affect or impair the validity or enforceability of any other part or provision of such covenant or
of any other covenant contained herein.

(k) Counterparts. This Agreement may be signed in counterparts, and the signed
counterparts will form a single agreement.

	9.	 	Notice and Acknowledgement.

Executive acknowledges that, before signing this Agreement, he was given a period of 21 days
in which to consider this Agreement. Executive understands this Agreement and is entering into it
voluntarily. If Executive chooses to sign this Agreement before the 21 days have elapsed since
this Agreement was delivered to him, he agrees that he has done so knowingly and voluntarily
without coercion or duress of any kind. Executive further acknowledges that the Company has
encouraged and does encourage him to discuss this Agreement with an attorney before signing it and
that Executive did so to the extent he deemed appropriate. In any event, before Executive signs
this Agreement, he will have thoroughly reviewed, carefully considered and understood its effect.
Also, after Executive has signed this Agreement, he has until the later of 7 days after signing or
January 1, 2009 to reconsider and revoke it, but he must do so within that period by providing
written notice received by the Company during that period at Pet DRx Corporation, 215 Centerview
Drive, Suite 360, Brentwood, TN 37027, Attention: George Villasana. Notwithstanding the foregoing,
Executive’s termination of employment at December 31, 2008 shall be unaffected by his revocation of
this Agreement. In addition, after Executive has signed this Agreement, the Company has until the
later of seven (7) days after Executive has signed or January 1, 2009 to reconsider and revoke it,
but the Company must do so within that period by providing written notice received by the Executive
during that period at Steven T. Johnson, 1527 Boreal Court, Brentwood, TN 37027.

PET DRX CORPORATION

By: /s/ Gene E. Burleson

Name: Gene E. Burleson

Title: Chairman and Chief Executive Officer

Dated: 12/30/2008

/s/ Steven T. Johnson

STEVEN T. JOHNSON

Dated: 12/29/2008

1

EXHIBIT A

PAYMENTS AND BENEFITS

	1.	 	The Company will pay Executive $137,500 on March 2, 2009, and $137,500 on May 1, 2009. The
Company will also pay Executive $9,423 with Executive’s final paycheck that is payable in
January 2009 after the Effective Date for Executive’s seven accrued but unused vacation days
from 2008.

	2.	 	If Executive timely elects COBRA continuation coverage for himself (and if they are eligible
his spouse and eligible dependents) under the Company’s group health plans, Executive shall be
required, with respect to premiums for coverage through the earlier of June 30, 2008 or the
date that COBRA continuation coverage ends, to pay the same premium amount that similarly
situated active employees pay for such coverage.

2

EXHIBIT B

CONSULTING AGREEMENT

CONSULTING AGREEMENT

THIS AGREEMENT (this “Agreement”) is made effective as of the 2nd day of
January, 2009 (the “Effective Date”), by and between PET DRX CORPORATION, a Delaware Corporation
(“Company”), and STEVEN T. JOHNSON (the “Contractor”).

BACKGROUND

The Contractor was employed by the Company through December 31, 2008 (the “Severance
Date”), and was a party to that certain employment agreement dated October 19, 2007 with the
Company (the “Employment Agreement”). Effective December 31, 2008, the Contractor
voluntarily resigned as an employee, officer, director and from all other positions he held with
the Company, including his position as a member of the Board of Directors of the Company. The
Company has accepted the Contractor’s resignation. The Company and the Contractor now desire to
enter into an agreement pursuant to which the Contractor will provide services to the Company from
and after the Effective Date, upon the terms set forth below.

AGREEMENT

In consideration of the mutual promises contained in this Agreement, the Company and the
Contractor agree as follows:

1. Terms and Conditions of Engagement.

(a) Engagement. The Contractor shall perform such consulting and advisory services for
the Company as the Company may require from time to time, including without limitation assisting
with transition matters that relate to his prior duties with the Company. Consultant shall report
to the Chairman of the Board of Directors of the Company and to the Board of Directors of the
Company or to such person(s) as the Company shall designate. The parties acknowledge that
Executive has incurred a “separation from service” within the meaning of Section 409 of the
Internal Revenue Code of 1986, as amended, and accordingly, that the parties reasonably anticipate
that the level of bona fide services that the Contractor will perform will permanently decrease to
less than twenty percent (20%) of the average level of bona fide services performed over his
preceding period of employment with the Company.

(b) Contractor Relationship. The Contractor is an independent contractor to the
Company, not an employee of the Company. The Contractor is not an agent of the Company and shall
have no right to bind the Company. The Company will report all payments to be made hereunder on
Forms 1099 as payments to the Contractor for independent contracting services, and will not report
any payments on Form W-2 to the Contractor. The Company will not withhold taxes on any payments
pursuant to this Agreement, and the Contractor shall be solely responsible for paying any and all
taxes he owes on amounts he receives under this Agreement. The Contractor shall not be treated for
any purposes as an employee of the Company and shall not be entitled to participate in any employee
benefits plans or programs of the Company. This is a personal services contract for the services of
the Contractor. The Contractor cannot satisfy the terms and conditions of this Agreement by making
anyone else available to perform his services. The Contractor shall devote sufficient business time
and efforts to the performance of services for the Company to complete the services within the time
frames for completion established by the Company. The Contractor shall use his best efforts in such
endeavors. The Contractor shall also perform his services with a level of care, skill, and
diligence that a prudent professional acting in a like capacity and familiar with such matters
would use.

2. Compensation.

(a) Fees. The Company shall pay to the Contractor $20,000 for his services hereunder
for each month of the Term, which shall be paid monthly, in arrears as of the last business day of
the month in which the services are performed, (i.e., January 30, 2009, February 27, 2009, and
March 31, 2009).

(b) Expenses. The Contractor shall be entitled to be reimbursed in accordance with the
policies of the Company, as adopted and amended from time to time, for all reasonable and necessary
expenses and business travel incurred by the Contractor in connection with the performance of
services hereunder; provided, however, the Contractor shall, as a condition of such reimbursement,
submit verification of the nature and amount of such expenses in accordance with the reimbursement
policies from time to time adopted by the Company. Notwithstanding the foregoing, for any expenses
that exceed $500, the Contractor must obtain advance authorization from the Company.

3. Term, Termination and Termination Payments.

(a) Term. The Term of this Agreement (the “Term”) shall commence as of the Effective
Date (provided that the Contractor does not, and the Company does not, revoke the Separation
Agreement between the Company and the Contractor dated as of December 31, 2008 (the “Separation
Agreement”) within the revocation period provided therein) and will run through March 31, 2009
following the Effective Date. This Agreement shall be null and void if the Contractor revokes the
Separation Agreement within the revocation period provided therein.

(b) Termination. This Agreement and the engagement of the Contractor by the Company
hereunder shall only be terminated: (i) as set forth in Section 3(a) hereof; (ii) by the Contractor
upon not less than thirty (30) days prior written notice to the Company; (iii) by mutual agreement
of the parties; or (iv) as a result of the Contractor’s death. Notice of termination by any party
shall be given prior to termination in writing and shall specify the basis for termination and the
effective date of termination. The Contractor shall not be entitled to any payments for services
after termination of this Agreement.

4. Contracts or Other Agreements with Former Employer or Business.

The Contractor hereby represents and warrants that he is not subject to any employment or
consulting agreement or similar document with a former employer or with any business as to which
the Contractor’s engagement by the Company and provision of services hereunder would be a breach.
For that reason, the Contractor hereby represents and warrants that he is not subject to any
agreement which prohibits the Contractor during a period of time which extends through the Term
from any of the following: (a) providing services for the Company hereunder by this Agreement; (b)
competing with, or in any way participating in a business which includes the Company’s businesses;
(c) soliciting personnel of such former employer or other business to leave such former employer’s
employment or to leave such other business; or (d) soliciting customers of such former employer or
other business on behalf of another business.

5. No Set Off.

The existence of any claim, demand, action or cause of action by the Contractor against the
Company, or any affiliate, whether predicated upon this Agreement or otherwise, shall not
constitute a defense to the enforcement by the Company of any of its rights hereunder. The
existence of any claim, demand, action or cause of action by the Company or any affiliate against
the Contractor, whether predicated upon this Agreement or otherwise, shall not constitute a defense
to the enforcement by the Contractor of any of the Contractor’s rights hereunder.

	6.	 	Notice.

All notices, requests, demands and other communications required hereunder shall be in writing
and shall be deemed to have been duly given (i) if delivered personally, (ii) if sent by a
reputable, nationally known overnight delivery service for next business day delivery, or (iii) or
if  mailed, by United States certified or registered mail, prepaid to the party to which the same
is directed at the following addresses (or at such other addresses as shall be given in writing by
the parties to one another):

	 	 	 	 	 
	If to the Company:
	 	Pet DRX Corporation
	 
	 	215 Centerview Drive
	 
	 	Suite 360
	 
	 	Brentwood, TN  37027
	 
	 	Attention:  George Villasana
	If to the Contractor:
	 	Steven T. Johnson
	 
	 	1527 Boreal Court
	 
	 	Brentwood, TN  37027

Notices delivered in person shall be effective on the date of delivery. Notices by overnight
delivery service shall be effective upon the next business day after delivery to such delivery
service. Notices delivered by mail as aforesaid shall be effective upon the fifth calendar day
subsequent to the postmark date thereof. 

7. Miscellaneous.

(a) Entire Agreement.  This Agreement embodies the entire agreement of the parties
hereto relating to the subject matter hereof and supersedes all oral agreements, and to the extent
inconsistent with the terms hereof, all other written agreements, except that (1) the provisions of
Sections 6 through 12 of the Employment Agreement shall survive the Contractor’s termination of
employment pursuant to Section 12(d) thereof, and (2) this Agreement does not supersede or affect
the Employee Confidentiality and Assignment of Creative Works Agreement between XLNT Veterinary
Care, Inc. and Executive dated October 19, 2007 (the “Confidentiality Agreement”) or the Separation
Agreement.

(b) Assignment. The rights and obligations of the Company under this Agreement shall
inure to the benefit of the Company successors and assigns. This Agreement may be assigned by the
Company to an affiliate, to any legal successor to all or a portion of the business of the Company
or an affiliate, or to an entity which purchases assets from either of the Company or an affiliate.
In the event the Company assigns this Agreement as permitted by this Agreement and the Contractor
remains engaged by the assignee, the “Company” as defined herein will refer to the assignee. The
Contractor may not assign this Agreement.

(c) Waiver.  The waiver by the Company of any breach of this Agreement by any party
shall not be effective unless in writing, and no such waiver shall constitute the waiver of the
same or another breach on a subsequent occasion.

(d) Governing Law and Jurisdiction.  This Agreement shall be governed by and construed
in accordance with the internal laws of the State of Delaware.

(e) Arbitration. In the event of any dispute under this Agreement, other than a
dispute pursuant to Section 7(a) that relates to Section 6 through 12 of the Employment Agreement,
the Confidentiality Agreement, or the Separation Agreement, the parties shall be required to have
the dispute resolved by binding arbitration in the city in which the headquarters of the Company is
located in accordance with the commercial arbitration rules then in effect of the American
Arbitration Association. Any award entered by the arbitrator shall be final, binding and
unappealable, and judgment may be entered thereon by either party in accordance with applicable law
in any court of competent jurisdiction. This arbitration provision shall be specifically
enforceable. The fees of the American Arbitration Association and the arbitrators shall be shared
equally by the parties; provided, however, that the party that materially prevails in any dispute
arbitrated pursuant to this Agreement shall be entitled to reimbursement for all of such party’s
fees and costs (including, without limitation, the fees of the American Arbitration Association and
the arbitrators and reasonable attorneys’ fees and expenses) that are incurred at any time, and
such fees and costs shall be reimbursed promptly following submission of proof the expenses but not
later of March 15 of the year following year in which the judgment on the arbitration award becomes
final.

(f) Amendment.  This Agreement may not be modified, amended, supplemented or
terminated except by a written instrument executed by the parties hereto.

(g) Interpretation.  Captions and section and subsection headings used herein are
provided for convenience only and are not a part of this Agreement and shall not be used in
construing it.

(h) Severability.  Each of the covenants and agreements hereinabove contained shall be
deemed separate, severable and independent covenants, and in the event that any covenant shall be
declared invalid by any court of competent jurisdiction, such invalidity shall not in any manner
affect or impair the validity or enforceability of any other part or provision of such covenant or
of any other covenant contained herein.

(i) Counterparts. This Agreement may be signed in counterparts, and the signed
counterparts will form a single agreement.

IN WITNESS WHEREOF, the Company and the Contractor have each executed and delivered this
Agreement as of the date first shown above.

PET DRX CORPORATION

By: /s/ Gene E. Burleson

Title: Chairman and Chief Executive Officer

STEVEN T. JOHNSON

/s/ Steven T. Johnson

3ex10-1.htm

    Exhibit
10.1

     

    SEPARATION
AND RELEASE AGREEMENT

    

    

    American Equity Investment Life
Insurance Company (the “Company”) and Kevin R. Wingert (“Executive”) enter into
this Separation and Release Agreement (this “Agreement”), which was signed by
Executive on the 29th day of December, 2008 and is effective
on the 1st day of January, 2009 (the third day after the date signed by
Executive).

    

    W I T N E S S E T H :

    

    WHEREAS, Executive has been employed by
the Company as its President;

    

    WHEREAS, Executive and the Company have
agreed that Executive will resign from his position as the Company’s President
effective January 1, 2009; and

    

    WHEREAS, Executive and the Company have
negotiated and reached an agreement with respect to all rights, duties and
obligations arising between them, including, but in no way limited to, any
rights, duties and obligations that have arisen or might arise out of or are in
any way related to Executive’s employment with the Company and the conclusion of
that employment.

    

    NOW, THEREFORE, in consideration of the
covenants and mutual promises herein contained, it is agreed as
follows:

     

    Section
1.    Executive hereby resigns from his position as
President and from all appointments he holds with the Company and its
affiliates, effective as of January 1, 2009, including, without limitation, as a
director of the Company and American Equity Investment Life Holding
Company.  Executive hereby agrees to execute any other documents
necessary to effectuate such resignations.  Executive understands and
agrees that his employment with the Company will continue until the close of
business on December 31, 2008 (the “Termination Date”).  After the
Termination Date, Executive is no longer required to perform any services for
the Company and is thus no longer authorized to incur any expenses, obligations
or liabilities on behalf of the Company, unless specifically authorized herein
or directed by an executive officer of the Company.

     

    Section
2.    The Company hereby agrees to continue to provide
Executive with his current base salary and benefits during the period from the
date hereof until the Termination Date and, provided that Executive does not
revoke his release in Section 13 prior to January 1, 2009 and Executive is and
remains in compliance with Sections 7-12, to provide Executive with his current
or similar health insurance coverage, to the extent such coverage is permitted
under such plans, and pay Executive his current base salary for the period from
the Termination Date through December 31, 2010 (the “Salary Continuation
Period”), through the normal payroll process of bi-weekly payments
(collectively, the “Salary Continuation Payments”), less all applicable
withholding taxes and other customary payroll deductions.  The Salary
Continuation Payments will commence on the first payroll date following the
Termination Date.  In the event of the Executive’s death prior to
December 31, 2010, the Salary Continuation Payments shall continue to be paid to
Executive’s spouse and, except to the extent benefits contemplated herein are
expressly provided by their terms to heirs and beneficiaries, the Company shall
have no further obligations to Executive’s heirs or beneficiaries under this
Agreement. The Company shall also reimburse Executive for any unpaid
business-related expenses, which Executive incurred in accordance with Company
policy, that Executive properly submits to the Company for reimbursement within
thirty (30) calendar days following the Termination Date.

     

    Section
3.    Executive acknowledges and agrees that other than as
specifically set forth in this Agreement, he is not and will not be due any
compensation, including, but not limited to, compensation for unpaid salary
(except for amounts, if any, of accrued or unused but earned vacation time or
vacation pay from the Company or any of its affiliates), unpaid bonus, and
severance, and following the Termination 

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Date,
except as expressly provided herein, he will not be eligible to participate in
any of the benefit plans of the Company or any of its affiliates, whether
currently existing or not.  Executive also acknowledges and agrees
that no provision in this Agreement shall limit the authority of the Company,
including but not limited to a committee or administrator of the Company, to
interpret the terms and conditions of the Company’s benefit plans and
policies.

     

    Section
4.   The Company hereby acknowledges and agrees that Executive
shall continue to participate in the Company’s Deferred Compensation Plan
through the Termination Date.  Executive’s interests in the Deferred
Compensation Plan and his Deferred Compensation Agreement with the Company,
including but not limited to the amount and timing of distributions under each
plan or agreement, shall be made in accordance with the terms and conditions of
each such plan or agreement, as such plan or agreement is in effect from time to
time.

     

    Section
5.   
To the extent unvested, all of Executive’s options to acquire shares of
the Company’s common stock (“Common Stock”) under the 1996 Stock Option Plan and
the 2000 Employee Stock Option Plan shall fully vest and become exercisable as
of the Termination Date and, notwithstanding anything to the contrary in any
specific option agreement, all options under such plans may be exercised until the expiration of
the term of each specific option as set forth in Executive’s applicable option
agreements, and shall thereafter terminate to the extent not previously
exercised.

     

    Section
6.    The Company shall indemnify, in accordance with and
to the fullest extent permitted by applicable law, statutes and regulations as
they may exist from time to time, Executive if he becomes a party or is
threatened to be made a party to any threatened, pending or completed action,
suit or proceeding, whether civil, criminal, administrative or investigative
(“Claim”), by reason of the fact that he was a director, officer, employee or
agent of the Company or is or was serving at the request of the Company as a
director, officer, employee or agent of another corporation (including but not
limited to a subsidiary or affiliate of the Company), partnership, joint
venture, trust or other enterprise, against expenses (including attorneys’
fees), judgments, fines and amounts paid in settlement actually and reasonably
incurred in connection with the action, suit or proceeding.  Expenses
of Executive incurred in defending a civil or criminal action, suit or
proceeding will be paid by the Company as they are incurred upon receipt of an
undertaking by or on behalf of Executive to repay the amount if it is ultimately
determined by a court of competent jurisdiction that he is not entitled to be
indemnified by the Company.  The Company’s obligations described in
the paragraph shall continue for a period of not less than five (5) years after
the Termination Date; provided, however, that all rights to indemnification in
respect of any Claim asserted or made within such period shall continue until
the final disposition of such claim.

     

    Section
7.    At all times after the Termination Date, Executive
will maintain the confidentiality of all information in whatever form concerning
the Company or any of its affiliates relating to its or their businesses,
agents, marketing organizations, policyholders, product development, finances,
strategic or other plans, marketing, employees, trade practices, trade secrets,
know-how or other matters which are not generally known outside the Company, and
Executive will not, directly or indirectly, make any disclosure thereof to
anyone, or make any use thereof, on his own behalf or on behalf of any third
party, unless specifically requested by or agreed to in writing by an executive
officer of the Company.  Executive has returned or will immediately
return to the Company all reports, files, memoranda, records, computer equipment
and software, credit cards, cardkey passes, door and file keys, computer access
codes or disks and instructional manuals, and other physical or personal
property which he received or prepared or helped prepare in connection with his
employment with the Company, its subsidiaries and affiliates, and Executive has
not retained and will not retain any copies, duplicates, reproductions or
excerpts thereof.

     

    Section
8.

     

    (a)              
At the request of the Company,
Executive agrees to cooperate fully with the Company in any litigation,
administrative proceeding or inquiry that involves the Company, any of its
affiliates or any of the Company’s or its affiliates’ then-current or former
officers, directors, employees or agents, about which Executive may have
knowledge or information.  Executive also agrees to cooperate fully
with any investigation or inquiry conducted by or on behalf of the
Company.  Such cooperation will 

     

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    include, but not be limited to, the
following:  (i) if Executive is asked to appear for an interview,
Executive will do so within ten (10) calendar days of the request; (ii)
Executive will answer all questions truthfully concerning the Company and
Executive’s work for the Company; (iii) Executive will produce all documents in
his possession or control that Executive is asked to produce; (iv) Executive
will appear for depositions and/or at trial related to any claim, action or
litigation in which the Company, its affiliates or the Company’s or its
affiliates’ then-current or former officers, directors, employees or agents are,
or may become, a party; and (v) Executive will meet with representatives of the
Company, their counsel or, at the request of the Company, with the Company’s or
its affiliates’ then-current or former officers, directors, employees or agents
and their respective counsel, to assist in preparation for such depositions
and/or trials.

     

    (b)           
   If Executive is
participating at the Company’s request and legal counsel is required, the
Company will provide such legal counsel only to the extent permissible by
law.

     

    (c)          
    The Company
will reimburse Executive for any out-of-pocket expenses incurred by Executive in
fulfilling the obligations set forth in this Section 8.

     

    (d)       
      Executive represents and agrees that
Executive will fully cooperate with, and provide truthful testimony in, any
governmental or regulatory investigation involving the Company, its affiliates
or the Company’s or its affiliates’ then-current or former officers, directors,
employees or agents, or Executive’s employment with the
Company.

     

    (e)         
     Nothing
in this Agreement shall prohibit Executive from responding to a valid subpoena,
court order or similar legal process; provided, however, that prior to making
any such disclosure, Executive shall provide the Company with written notice of
the subpoena, court order or similar legal process sufficiently in advance of
such disclosure to afford the Company a reasonable opportunity to challenge the
subpoena, court order or similar legal process.

     

    Section
9.   Executive shall not counsel or assist any attorneys or
their clients in the presentation or prosecution of any disputes, differences,
grievances, claims, charges or complaints on behalf of any private third party
against the Company, its affiliates or any of the Company’s or its affiliates’
officers, directors, employees, agents, representatives, stockholders or
attorneys, unless under a subpoena or other court order to do so; provided,
however, that prior to making any disclosures required by a subpoena or other
court order, Executive shall provide the Company with written notice of the
subpoena, court order or similar legal process sufficiently in advance of such
disclosure to afford the Company a reasonable opportunity to challenge the
subpoena, court order or similar legal process.

     

    Section
10.  Unless waived in writing by the Company, from the date
Executive signs this Agreement until December 31, 2010,

     

    (a)             
 Executive will not, directly
or indirectly, solicit, entice, persuade or induce (or authorize or assist in
the taking of any such actions by any third party) any person that is, or was
within the sixty day period immediately preceding the Termination Date, an
employee of the Company or its affiliates for the purpose of being hired by
Executive or any other person or entity;

     

    (b)        
      Neither Executive nor any entity in
which Executive invests in, or participates in the management (with or without
pay) of, will hire any person that is, or was within the sixty day period
immediately preceding the Termination Date, an employee of the Company or its
affiliates; and

     

    (c)         
     Executive
will not, directly or indirectly, solicit, entice, persuade or induce (or
authorize or assist in the taking of any such actions by any third
party) any person or entity who is known to
Executive to be or have been an agent, marketer, policyholder or consultant of
the Company within the two-year period immediately preceding the Termination
Date to terminate his, her or its relationship with the Company or initiate or
materially expand his, her or its relationship with a competitor of the Company;
provided, however, that this provision shall not preclude Executive from
initiating a NMO relationship with 

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    an agent that has, at the time of such
initiation, existing contracts with one or more competitors of the
Company.

     

    (d)            
  Notwithstanding
anything to the contrary contained herein, Executive agrees and acknowledges
that any failure by Executive to comply with the covenants set forth in Sections
7-12 will result in the forfeiture by Executive of the benefits set forth in
Section 2 herein and the Company shall have the right to recover from Executive
all base salary payments previously made to Executive pursuant to Section 2
during the Salary Continuation Period and the cost of the health insurance
coverage previously provided to Executive.

     

    Section
11.  Unless waived in writing by the Company, from the date
Executive signs this Agreement until December 31, 2010, Executive will not
directly or indirectly engage in, invest in, participate in the management (with
or without pay) of, or act as a consultant (with or without pay) for or employee
of, any business or operation of any enterprise if such operation or business
significantly competes with the business of the Company in the sale of annuity
policies in the United States of America.

     

    Section
12.  At all times after the date Executive signs this
Agreement,

     

    (a)           
   Executive will not
disparage or criticize, orally or in writing, the business, products, policies,
decisions, directors, officers or employees of the Company or any of its
operating divisions, subsidiaries or affiliates to any person
and

     

    (b)             
 the Company will not
disparage or criticize, orally or in writing, Executive.

     

    Section
13.

     

    (a)          
   In consideration
for the payments and benefits provided herein, Executive, on behalf of himself,
his heirs, executors, administrators, assigns, affiliates and agents do hereby
knowingly and voluntarily release, acquit and forever discharge the Company and
any affiliates, successors, assigns and past, present and future directors,
officers, employees, trustees and shareholders (the “AEL Released Parties”) from
and against any and all charges, complaints, claims, cross-claims, third-party
claims, counterclaims, contribution claims, liabilities, obligations, promises,
agreements, controversies, damages, actions, causes of action, suits, rights,
demands, costs, losses, debts and expenses of any nature whatsoever, known or
unknown, suspected or unsuspected, foreseen or unforeseen, matured or unmatured,
which, at any time up to and including the date that Executive signs this
Agreement, exists, have existed, or may arise from any matter whatsoever
occurring, including, but not limited to, any claims arising out of or in any
way related to Executive’s employment with the Company or its affiliates and the
conclusion thereof, which Executive, or any of his heirs, executors,
administrators and assigns and affiliates and agents ever had, now has or at any
time hereafter may have, own or hold against the AEL Released
Parties.  Executive acknowledges that, in exchange for this release,
the Company is providing Executive with a total consideration, financial and
otherwise, which exceeds what Executive would have received had Executive not
given this release.

     

    (b)           
  Except to the extent
that such waiver is precluded by law, order, or regulation, the Executive
further agrees forever that he will not file, initiate, or cause to be filed or
initiated, any claim, charge, suit, complaint, grievance, action, or cause of
action based upon, arising out of, or relating to any claim, demand, or cause of
action released herein, nor shall he participate, assist or cooperate in any
claim, charge, suit, grievance, complaint, action or proceeding regarding any of
the AEL Released Parties, whether before a court or administrative agency or
otherwise.  Furthermore, Executive agrees that he will waive the right
to seek or be entitled to any award of equitable or monetary relief in any
action or proceeding brought on his behalf, that arises out of the matters
released by him under this Agreement.  If Executive is identified in
any action related in any way to the matters released or waiver herein, he
agrees that he shall permanently opt out of the class at the first available
opportunity.

     

     

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    (c)        
     By
executing this Agreement, Executive is waiving all claims against the AEL
Released Parties arising under federal, state and local labor and
anti-discrimination laws and any other restriction on the right to terminate
employment, including, without limitation, claims arising under Title VII of the
Civil Rights Act of 1964, as amended, the Age Discrimination in Employment Act
of 1967, the Americans with Disabilities Act of 1990, the Employee Retirement
Income Security Act of 1974, and the Iowa Civil Rights Act of 1965, all as
amended.

     

    (d)             
 EXECUTIVE SPECIFICALLY
WAIVES AND RELEASES THE AEL RELEASE PARTIES FROM ALL CLAIMS EXECUTIVE MAY HAVE
AS OF THE DATE EXECUTIVE SIGNS THIS AGREEMENT REGARDING CLAIMS OR RIGHTS ARISING
UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS AMENDED, 29 U.S.C.
§ 621 (“ADEA”).  EXECUTIVE FURTHER AGREES:  (i) THAT
EXECUTIVE’S WAIVER OF RIGHTS UNDER THIS RELEASE IS KNOWING AND VOLUNTARY AND IN
COMPLIANCE WITH THE OLDER WORKER’S BENEFIT PROTECTION ACT OF 1990; (ii) THAT
EXECUTIVE UNDERSTANDS THE TERMS OF THIS RELEASE; (iii) THAT THE SALARY
CONTINUATION PAYMENTS AND OTHER BENEFITS CALLED FOR IN THIS AGREEMENT WOULD NOT
BE PROVIDED TO ANY EMPLOYEE TERMINATING HIS OR HER EMPLOYMENT WITH THE COMPANY
WHO DID NOT SIGN A RELEASE SIMILAR TO THIS RELEASE, THAT SUCH PAYMENTS AND
BENEFITS WOULD NOT HAVE BEEN PROVIDED HAD EXECUTIVE NOT SIGNED THIS RELEASE, AND
THAT THE PAYMENTS AND BENEFITS ARE IN EXCHANGE FOR THE SIGNING OF THIS RELEASE;
(iv) THAT EXECUTIVE HAS BEEN ADVISED IN WRITING BY THE COMPANY TO CONSULT WITH
AN ATTORNEY PRIOR TO EXECUTING THIS RELEASE; (v) THAT THE COMPANY HAS GIVEN
EXECUTIVE A PERIOD OF AT LEAST TWENTY-ONE (21) DAYS WITHIN WHICH TO CONSIDER
THIS RELEASE OF HIS RIGHTS UNDER ADEA, ALTHOUGH HE MAY SIGN THIS AGREEMENT
SOONER IF HE SO DESIRES; (vi) THAT EXECUTIVE REALIZES THAT HE HAS SEVEN (7) DAYS
FROM THE DATE HE SIGNS THIS AGREEMENT IN WHICH TO REVOKE THIS RELEASE BY WRITTEN
NOTICE TO THE UNDERSIGNED; AND (vii) THAT THIS ENTIRE AGREEMENT SHALL BE VOID
AND OF NO FORCE AND EFFECT IF EXECUTIVE CHOOSES TO SO REVOKE, AND IF EXECUTIVE
CHOOSES NOT TO SO REVOKE, THAT THIS AGREEMENT AND RELEASE THEN BECOME EFFECTIVE
AND ENFORCEABLE.

     

    Section
14.  Executive represents to the Company that in executing this
Agreement he does not rely and has not relied upon any representation or
statement not set forth herein made by the Company or by any of the Company’s
agents, representatives or attorneys with regard to the subject matter, basis or
effect of this Agreement or otherwise.

     

    Section
15.  Executive acknowledges by signing this Agreement that
Executive has read and understands this document, that Executive has conferred
with or had opportunity to confer with Executive’s attorney regarding the terms
and meaning of this Agreement, that Executive has had sufficient time to
consider the terms provided for in this Agreement, that no representations or
inducements have been made to Executive except as set forth in this Agreement,
and that Executive has signed the same KNOWINGLY AND VOLUNTARILY.

     

    Section
16.

     

    (a)            
  This Agreement will be
governed by and construed and enforced under the laws of the State of Iowa,
without regard to its conflict of laws rules.  Except for any action
brought by the Company to specifically enforce the provisions of this Agreement,
any proceeding relating to this Agreement shall be brought in a state or federal
court located in Des Moines, Iowa.  The Company and Executive hereby
consent to personal jurisdiction in any such action and to service of process by
mail at the addresses set forth herein and waive any objection to venue in any
such Iowa court.

     

    (b)             
 At the Company’s option, all
disputes arising under or relating to this Agreement, or the breach, termination
or validity thereof, shall be submitted to binding arbitration.  The
arbitration will be held in Des Moines, Iowa in accordance with  the
Commercial Arbitration Rules of the 

     

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    American Arbitration Association then in
effect and the arbitral panel will consist of three neutral and impartial
arbitrators.  In rendering an award, the arbitral tribunal will be
required to follow the laws of the State of Iowa.  The award will be
final and binding upon the parties and shall be the sole and exclusive remedy
between the parties regarding any claims, counterclaims, issues or accounting
presented to the arbitrator(s).

     

    (c)            
  If any legal action or
any arbitration is brought for the enforcement of this Agreement or because of
an alleged dispute, controversy, breach, or default in connection with this
Agreement, the prevailing party shall be entitled to recover reasonable
attorneys’ fees and all other reasonable costs and expenses incurred in that
action or proceeding, in addition to any other relief to which it may be
entitled.

     

    Section
17.  In the event that any one or more of the provisions of
this Agreement is held to be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions will not in any way be
affected or impaired thereby.  Moreover, if any one or more of the
provisions contained in this Agreement is held to be excessively broad as to
duration, scope, activity or subject, such provisions will be construed by
limiting and reducing them so as to be enforceable to the maximum extent
compatible with applicable law.

     

    Each party acknowledges and agrees that
the other party will or would suffer irreparable injury in the event of a breach
or violation or threatened breach or violation of any provision of this
Agreement and therefore agrees that, in the event of an actual or threatened
breach or violation of such provisions, the other party shall be awarded
injunctive relief in a court of appropriate jurisdiction to prohibit or remedy
any such violation or breach or threatened violation or breach, without the
necessity of posting any bond or security, and such right to injunctive relief
shall be in addition to any other right or remedy available to the other
party.

    

    Section
18.  Any notice to be given hereunder shall be in writing and
shall be deemed given when mailed by certified mail, return receipt requested,
addressed as follows:

     

    

    
      	 
      	
              To
      Executive at:

            
	 
      	 
      
	 
      	
              Kevin
      R. Wingert

            
	 
      	
              6882
      Panorama Road

            
	 
      	
              Panora,
      IA 50216

            
	 
      	 
      
	 
      	 
      
	 
      	
              To
      the Company at:

            
	 
      	 
      
	 
      	
              American
      Equity Investment Life Insurance Company

            
	 
      	
              5000
      Westown Parkway

            
	 
      	
              West
      Des Moines, Iowa 50266

            
	 
      	
              Attention:  Debra
      Richardson

            
	 
      	 
      
	 
      	
              with
      a copy to:

            
	 
      	 
      
	 
      	
              William
      R. Kunkel

            
	 
      	
              Skadden,
      Arps, Slate, Meagher & Flom LLP

            
	 
      	
              333
      West Wacker Drive

            
	 
      	
              Suite
      2100

            
	 
      	
              Chicago,
      Illinois 60606

            

    

    

    Section
19.  This Agreement sets forth the entire agreement between the
parties hereto and may not be changed without the written consent of the
parties.  This Agreement supersedes all prior agreements,
understandings and proposals, whether oral or written, by either party or by any
officer, 

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    employee
or representative of either party hereto.  The parties may execute
this Agreement in two or more counterparts each of which shall be deemed an
original and all of which shall constitute one and the same
instrument.  Executive also acknowledges and agrees that Executive’s
Change of Control Agreement, dated as of June 5, 2003 shall terminate effective
as of December 31, 2008, and thereafter shall be null and void.

     

    Section
20.  This Agreement shall be binding upon and shall inure to
the benefit of the parties hereto and their respective successors and
assigns.  The Company will require any successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Company to assume
expressly and agree to perform this Agreement in the same manner and to the same
extent that the Company would be required to perform it if no such succession
had taken place.  As used in this Agreement, “Company” shall mean the
Company as hereinbefore defined and any successor to its business and/or assets
as aforesaid which assumes and agrees to perform this Agreement, by operation of
law or otherwise.  In the event that a successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Company fails to perform
this Agreement, Executive shall be entitled to recover any legal fees and
expenses incurred in enforcing this Agreement against such
successor.

     

    Section
21.  The Company and Executive agree that neither this
Agreement nor the performance by the parties hereunder constitutes an admission
by any of the parties released in Section 11 of any violation of any federal,
state or local law, regulation, common law, breach of any contract or any other
wrongdoing of any type.

     

     

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    IN WITNESS WHEREOF, the parties have
executed this Agreement as of the signing date set forth
above.

    

    

    

    
      
        
          
            
              
                	 
      	
                        AMERICAN EQUITY
      INVESTMENT

                        LIFE INSURANCE
      COMPANY

                      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                           /s/ Kevin R.
      Wingert

                      	
                         

                      	
                        By:

                      	
                        /s/ Debra J.
      Richardson

                      	
                         

                      
	
                        Kevin R.
      Wingert

                      	
                         

                      	
                        Name:

                      	
                        Debra J.
      Richardson

                      
	 
      	
                        Title:

                      	
                        Senior Vice
      President

                      

              

            

          

        

      

    

     

    
 

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
A

    

    
      
        
          
            	
                    Grant Date

                  	
                    Expiration

                    Date

                  	
                    Option
Price

                  	
                    Number of Options Exercisable at
      12/31/08

                  
	
                    4/14/1999

                  	
                    4/14/2009

                  	
                    7.33

                  	
                    17,069

                  
	
                    5/5/2000

                  	
                    5/5/2010

                  	
                    9.67

                  	
                    15,000

                  
	
                    12/29/2000

                  	
                    12/29/2010

                  	
                    9.67

                  	
                    45,000

                  
	
                    12/4/2003

                  	
                    12/4/2013

                  	
                    9.00

                  	
                    20,000

                  
	
                    6/10/2004

                  	
                    6/10/2014

                  	
                    11.00

                  	
                    20,000

                  
	
                    12/31/2004

                  	
                    12/31/2014

                  	
                    10.77

                  	
                    20,000

                  
	
                    6/11/2008

                  	
                    6/11/2018

                  	
                    10.85

                  	
                    40,000

                  

          

        

      

    

    

    

    

    
      	
               
      

            	
              ─
      Executive also is entitled to receive 4,500 shares of common stock
      pursuant to a non-qualified Deferred Compensation
    Agreement.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00151-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00151-of-00352.parquet"}]]