Document:

Unassociated Document

    EXHIBIT
      10.1.2

    
       

      The
        Depository Trust Company

      A
        subsidiary of The Depository Trust & Clearing Corporation

       

      BLANKET
        ISSUER LETTER OF REPRESENTATIONS

      [To
        be
        Completed by Issuer and Co-Issuer(s), if applicable]

       

    

    
      
        	 	
                MACROshares
                  Oil Down Tradeable Trust

              	 
	 	
                [Name
                  of Issuer and Co-issuer(s), if applicable]

              	 
	 	 	 
	 	 	
                August
                  31, 2007

              
	 	 	
                [Date]

              

      

    

     

    
      General
        Counsel’s Office; 22nd Floor

      The
        Depository Trust Company

      55
        Water
        Street

      New
        York,
        NY 10041-0099

       

      Ladies
        and Gentlemen:

       

      This
        letter sets forth our understanding with respect to all issues (the
“Securities”) that Issuer shall request be made eligible for deposit by The
        Depository Trust Company (“DTC”).

       

      To
        induce
        DTC to accept the Securities as eligible for deposit at DTC, and to act in
        accordance with DTC’s Rules with respect to the Securities, Issuer represents to
        DTC that Issuer will comply with the requirements stated in DTC’s Operational
        Arrangements, as they may be amended from time to time.

    

    

      
        	
                Note:

                Schedule
                  A contains
                  statements that DTC believes accurately 

              	
                Very
                  truly yours,

              	 	 	 
	describe
                DTC, the method of effecting book-entry transfers of securities
                distributed through DTC, and certain related matters.	
                MACROshares
                  Oil Down Tradeable Trust

                 

                By:
                  State Street Bank and Trust Company, Trustee

              
	 	
                (Issuer)

                 

              
	 	
                
                   

                  By:
                    /S/ Mike Rogers

                

              
	Received
                and Accepted:	
                (Authorized
                  Officer's Signature)

                 

              
	
                THE
                  DEPOSITORY TRUST 

              	
                Mike
                  Rogers

              
	COMPANY	
                (Print
                  Name)

                 

              
	
                By:/S/
                  The Depository Trust Company

              	
                200
                  Clarendon Street

              
	 	
                (Street
                  Address)

                 

              
	 	
                Boston

              	
                MA

              	
                U.S.A.

              	
                02116

              
	 	
                (City)

              	
                (State)

              	
                (Country)

              	
                (Zip
                  Code)

                 

              
	 	
                (617)
                  330-6106

              
	
                

              	
                (Phone
                  Number)

                 

              
	 	
                mike.rogers@statestreet.com

              
	 	
                (E-mail
                  Address)

              

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      S
        C H E D
        U L E A

      

      (To
        Blanket Issuer Letter of Representations)

       

      SAMPLE
        OFFERING DOCUMENT LANGUAGE 

      DESCRIBING
        BOOK-ENTRY-ONLY ISSUANCE

       

      (Prepared
        by DTC—bracketed material may be applicable only to certain
        issues)

       

      1. The
        Depository Trust Company (“DTC”), New York, NY, will act as securities
        depository for the securities (the “Securities”). The Securities will be issued
        as fully-registered securities registered in the name of Cede & Co. (DTC’s
        partnership nominee) or such other name as may be requested by an authorized
        representative of DTC. One fully-registered Security certificate will be
        issued
        for the Securities, in the aggregate principal amount of such issue, and
        will be
        deposited with DTC. If, however, the aggregate principal amount of any issue
        exceeds $500 million, one certificate will be issued with respect to each
        $500
        million of principal amount, and an additional certificate will be issued
        with
        respect to any remaining principal amount of such issue.

       

      2. DTC,
        the
        world’s largest securities depository, is a limited-purpose trust company
        organized under the New York Banking Law, a “banking organization” within the
        meaning of the New York Banking Law, a member of the Federal Reserve System,
        a
“clearing corporation” within the meaning of the New York Uniform Commercial
        Code, and a “clearing agency” registered pursuant to the provisions of Section
        17A of the Securities Exchange Act of 1934. DTC holds and provides asset
        servicing for over 2.2 million issues of U.S. and non-U.S. equity issues,
        corporate and municipal debt issues, and money market instruments from over
        100
        countries that DTC’s participants (“Direct Participants”) deposit with DTC. DTC
        also facilitates the post-trade settlement among Direct Participants of sales
        and other securities transactions in deposited securities, through electronic
        computerized book-entry transfers and pledges between Direct Participants’
accounts. This eliminates the need for physical movement of securities
        certificates. Direct Participants include both U.S. and non-U.S. securities
        brokers and dealers, banks, trust companies, clearing corporations, and certain
        other organizations. DTC is a wholly-owned subsidiary of The Depository Trust
        & Clearing Corporation (“DTCC”). DTCC, in turn, is owned by a number of
        Direct Participants of DTC and Members of the National Securities Clearing
        Corporation, Fixed Income Clearing Corporation and Emerging Markets Clearing
        Corporation (NSCC, FICC, and EMCC, also subsidiaries of DTCC), as well as
        by the
        New York Stock Exchange, Inc., the American Stock Exchange LLC, and the National
        Association of Securities Dealers, Inc. Access to the DTC system is also
        available to others such as both U.S. and non-U.S. securities brokers and
        dealers, banks, trust companies, and clearing corporations that clear through
        or
        maintain a custodial relationship with a Direct Participant, either directly
        or
        indirectly (“Indirect Participants”). DTC has Standard & Poor’s highest
        rating: AAA. The DTC Rules applicable to its Participants are on file with
        the
        Securities and Exchange Commission. More information about DTC can be found
        at
www.dtcc.com
        and
www.dtc.org.

       

      3. Purchases
        of Securities under the DTC system must be made by or through Direct
        Participants, which will receive a credit for the Securities on DTC’s records.
        The ownership interest of each actual purchaser of each Security (“Beneficial
        Owner”) is in turn to be recorded on the Direct and Indirect Participants’
records. Beneficial Owners will not receive written confirmation from DTC
        of
        their purchase. Beneficial Owners are, however, expected to receive written
        confirmations providing details of the transaction, as well as periodic
        statements of their holdings, from the Direct or Indirect Participant through
        which the Beneficial Owner entered into the transaction. Transfers of ownership
        interests in the Securities are to be accomplished by entries made on the
        books
        of Direct and Indirect Participants acting on behalf of Beneficial Owners.
        Beneficial Owners will not receive certificates representing their ownership
        interests in Securities, except in the event that use of the book-entry system
        for the Securities is discontinued.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      4. To
        facilitate subsequent transfers, all Securities deposited by Direct Participants
        with DTC are registered in the name of DTC’s partnership nominee, Cede &
Co., or such other name as may be requested by an authorized representative
        of
        DTC. The deposit of Securities with DTC and their registration in the name
        of
        Cede & Co. or such other DTC nominee do not effect any change in beneficial
        ownership. DTC has no knowledge of the actual Beneficial Owners of the
        Securities; DTC’s records reflect only the identity of the Direct Participants
        to whose accounts such Securities are credited, which may or may not be the
        Beneficial Owners. The Direct and Indirect Participants will remain responsible
        for keeping account of their holdings on behalf of their customers.

       

      5. Conveyance
        of notices and other communications by DTC to Direct Participants, by Direct
        Participants to Indirect Participants, and by Direct Participants and Indirect
        Participants to Beneficial Owners will be governed by arrangements among
        them,
        subject to any statutory or regulatory requirements as may be in effect from
        time to time. 

       

      6. Neither
        DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with
        respect to Securities unless authorized by a Direct Participant in accordance
        with DTC’s Procedures. Under its usual procedures, DTC mails an Omnibus Proxy to
        Issuer as soon as possible after the record date. The Omnibus Proxy assigns
        Cede
& Co.’s consenting or voting rights to those Direct Participants to whose
        accounts Securities are credited on the record date (identified in a listing
        attached to the Omnibus Proxy).

       

      7. Redemption
        proceeds, distributions, and dividend payments on the Securities will be
        made to
        Cede & Co., or such other nominee as may be requested by an authorized
        representative of DTC. DTC’s practice is to credit Direct Participants’ accounts
        upon DTC’s receipt of funds and corresponding detail information from Issuer or
        Agent, on payable date in accordance with their respective holdings shown
        on
        DTC’s records. Payments by Participants to Beneficial Owners will be governed
        by
        standing instructions and customary practices, as is the case with securities
        held for the accounts of customers in bearer form or registered in “street
        name,” and will be the responsibility of such Participant and not of DTC, Agent,
        or Issuer, subject to any statutory or regulatory requirements as may be
        in
        effect from time to time. Payment of redemption proceeds, distributions,
        and
        dividend payments to Cede & Co. (or such other nominee as may be requested
        by an authorized representative of DTC) is the responsibility of Issuer or
        Agent, disbursement of such payments to Direct Participants will be the
        responsibility of DTC, and disbursement of such payments to the Beneficial
        Owners will be the responsibility of Direct and Indirect
        Participants.

       

      8. 
        DTC may
        discontinue providing its services as depository with respect to the Securities
        at any time by giving reasonable notice to Issuer or Agent. Under such
        circumstances, in the event that a successor depository is not obtained,
        Security certificates are required to be printed and delivered.

       

      9. 
        Issuer
        may decide to discontinue use of the system of book-entry-only transfers
        through
        DTC (or a successor securities depository). In that event, Security certificates
        will be printed and delivered to DTC.

       

      10. 
        The
        information in this section concerning DTC and DTC’s book-entry system has been
        obtained from sources that Issuer believes to be reliable, but Issuer takes
        no
        responsibility for the accuracy thereof.a5482565ex10-1.htm

    Exhibit
      10.1

     

     

    STOCK
      PURCHASE AND SALE AGREEMENT

    

    This
STOCK
      PURCHASE AND SALE
      AGREEMENT (the“Agreement”), is made and entered into
      as of the 29th day of August, 2007, by and between the TRUSTEE OF
      THE AMERICAN EQUITY INVESTMENT EMPLOYEE STOCK OWNERSHIP
      TRUST (the “Buyer”) and DAVID J. NOBLE
(referred to
      as “Seller”).  AMERICAN
      EQUITY INVESTMENT LIFE HOLDING COMPANY (the “Company”)
      is a party to this Agreement only with respect to the representations made
      in
      Articles IV and V and the indemnification provision in Section 7.2.

     

    RECITALS

     

    
      	
              A.

            	
              Seller
                owns 3,021,722 shares of common stock of the Company and, wishes
                to sell
                240,000 of such shares, (the “Subject
                Stock”), to the Buyer.

            

    

     

    
      	
              B.

            	
              Simultaneously
                to this Agreement, a similar agreement is being made and entered
                into by
                and between the Buyer and Noble Enterprise, L.P. whereby Noble
                Enterprises, L.P. is selling 410,000 shares of common stock of the
                Company
                to the Buyer.

            

    

     

    
      	
              C.

            	
              Buyer
                will own approximately 1.4% of the Company immediately after the
                purchase
                of the Subject Stock and the simultaneous purchase of shares from
                Noble
                Enterprises, L.P.

            

    

     

    
      	
              D.

            	
              Buyer
                has determined to purchase and acquire the Subject Stock from Seller,
                and
                Seller is willing to sell the Subject Stock to Buyer upon the terms
                and
                conditions hereinafter set forth.

            

    

     

    
      	
              E.

            	
              The
                Company desires to facilitate the sale and purchase of the Subject
                Stock
                for various corporate purposes.

            

    

     

    AGREEMENT

     

    NOW,
      THEREFORE, in
      consideration of the purchase and sale of the Subject Stock and of the premises
      and the mutual promises, covenants and conditions hereinafter set forth, the
      parties hereby agree as follows:

     

    ARTICLE
      I

     

    PURCHASE
      AND SALE

     

    1.1
–
Purchase
      and Sale of Subject
      Stock.  On the terms and subject to the conditions set forth in
      this Agreement, Seller agrees to sell and convey to Buyer, and Buyer agrees
      to
      purchase, on the Closing Date, the Subject Stock for a per share price equal
      to
      the average of the closing price of the Company stock for the ten trading days
      prior to the Closing Date (the “Purchase
      Price”).  The Buyer agrees to purchase the Subject Shares for
      the purpose of holding the Subject Shares under the ESOP for the exclusive
      benefit of participants and their beneficiaries, in accordance with the purposes
      stated in the ESOP.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    1.2
–
Payment.  The
      Buyer will pay the Purchase Price by delivering cash by wire transfer to an
      account maintained by the Seller. No commission shall be charged to any party
      with respect to the transactions contemplated by this Agreement.

     

    ARTICLE
      II

     

    CLOSING

     

    2.1
–
Closing.  The
      closing (the “Closing”) hereunder shall be held at 11:00 a.m.
      on August 29, 2007, at the offices of American Equity Investment Life Holding
      Company, 5000 Westown Parkway, Suite 440, West Des Moines, IA 50266, or at
      such
      other date, time, and place (or places) as may be agreed to by the parties
      hereunder.  (The date upon which the Closing is held in accordance
      with the terms of this section is referred to as the “Closing
      Date” throughout this Agreement.)

     

    2.2
–
Deliveries
      by Buyer at
      Closing.  At the Closing, Buyer shall deliver the Purchase Price
      for the Subject Stock, paid in the form as set forth in Section 1.2
      hereof.

     

    2.3
–
Deliveries
      by Seller at
      Closing.  At or before the Closing, Seller shall deliver the
      following:

     

    (a)           Stock
      certificates representing the Subject Stock endorsed or accompanied by separate
      assignments to Buyer;

     

    (b)           All
      other items or documents necessary or appropriate hereunder.

     

     

    ARTICLE
      III

     

    REPRESENTATIONS
      AND WARRANTIES OF SELLER

     

    As
      an inducement to Buyer to enter into
      this Agreement and purchase the Subject Stock hereunder, Seller hereby
      represents and warrants to Buyer that the following statements are true and
      correct as of the date of this Agreement.  When used in this Article,
“Knowledge” means actual knowledge after reasonable
      investigation and knowledge that could have been obtained through reasonable
      inquiry.

     

    3.1
–
Seller.  Seller
      has full power and authority to sell the Subject Stock and to enter into this
      Agreement and to carry out the transactions contemplated hereby.  This
      Agreement constitutes a valid and binding obligation of Seller enforceable
      in
      accordance with its terms.

     

    3.2
–
Ownership
      and
      Title.  Seller is the owner of the Subject Stock, free and clear
      of all claims, liens and encumbrances whatsoever.  At the Closing
      hereunder, Seller will convey to Buyer good and marketable title to the Subject
      Stock, free and clear of all liens and encumbrances whatsoever, and upon said
      conveyance Buyer will have good and marketable title to the Subject Stock,
      free
      and clear of all claims, liens and encumbrances whatsoever.

     

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

     

    3.3
–
No
      Options or
      Warrants.  There are no outstanding options, warrants, rights or
      privileges, preemptive or contractual, granted by Seller to acquire any of
      the
      Subject Stock.

     

    3.4
–
No
      Violation.  This Agreement and the transactions contemplated
      hereby will not result in violation of any of the terms and provisions of any
      indenture or other agreement to which Seller may be a party, or by which Seller
      may be bound, or to which either Seller may be subject.

     

    ARTICLE
      IV

     

    REPRESENTATIONS
      AND WARRANTIES OF THE COMPANY

    IN
      ITS CAPACITY AS PLAN SPONSOR

     

    The
      Company, in its capacity as the
      sponsoring employer of the Plan, represents and warrants to the Buyer
      that:

     

    4.1
–
Organization,
      Qualification, Authority, Approval.  The Company
      intends the ESOP to be a qualified plan and tax exempt trust within the meaning
      of Sections 401(a) and 501(a) of the Code; and has all requisite power and
      authority to carry out the purposes and conduct the affairs for which it was
      created, and to own its assets.  The Plan is intended to be a
      qualified employee stock ownership plan within the meaning of Code Section
      4975(e)(7), and to comply, in all material respects, with all applicable
      requirements of the Code and ERISA.  The Company has or will file the
      Plan with the Internal Revenue Service for a favorable determination letter
      not
      later than the applicable remedial amendment period for the Plan.

     

    4.2
–
      Appointment and Authority of the
      Trustee. The Board of Directors, or its duly authorized delegate, on behalf
      of the Company, has duly appointed Bremer Trust, N.A. as Trustee for the Plan
      (the “Trustee”).  The Plan provides the Trustee with
      full power and authority to enter into, execute and deliver this Agreement
      on
      behalf of the Buyer.

     

    4.3
–
      Requisite Action.  The Company's execution, delivery and
      performance of this Agreement and all transactions contemplated hereby have
      been
      duly and validly authorized and approved by all necessary action on the part
      of
      the Company.

     

    4.4
–
      Investigation.  The Company has given Buyer access to the
      business records and documents of the Company and has permitted the Buyer to
      make such investigations of the Company as they have requested. Notwithstanding
      the Buyer’s investigation, the Company acknowledges that Buyer is relying, in
      entering into and consummating this Agreement and the transactions contemplated
      hereby, only upon the representations and warranties contained in this Agreement
      and the Company's financial statements, schedules, memoranda, certificates
      and
      other documents furnished or otherwise made available to the Buyer by the
      Company or public disclosure.

     

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

     

    4.5
–
      Purchase of Shares.  To the knowledge of the Company, the
      Trustee is acquiring the Shares pursuant to the terms and conditions of the
      Plan, solely for the benefit of the Plan participants and their beneficiaries,
      for investment and not with a view to the resale thereof.

     

    4.6
–
      Absence of Litigation.  No action, suit or proceeding before
      any court or governmental body or authority, pertaining to the transaction
      contemplated by this Agreement or to its consummation, shall have been
      instituted or threatened on or before the Closing Date.

     

    ARTICLE
      V

     

    REPRESENTATIONS
      AND WARRANTIES OF BUYER AND COMPANY

     

    5.1
      - Buyer’s
      Representations.  As an inducement to Seller to enter into this
      Agreement and sell the Subject Stock hereunder, Buyer hereby represents and
      warrants to Seller that the following statements are true and correct as of
      the
      date of this Agreement:  The Buyer is the duly appointed Trustee of
      the American Equity Investment Employee Stock Ownership Trust (the
“Trust”), which was created by the Company to hold assets of
      the American Equity Investment Employee Stock Ownership Plan.  The
      Trust is a validly created and existing trust under the laws of the State of
      Iowa.  This Agreement is binding upon and enforceable against Buyer in
      accordance with its terms.  The Buyer has full power and authority to
      purchase the Subject Stock and to enter into this Agreement in its capacity
      as
      Trustee of the Trust.  Proper action has been taken by the Buyer to
      authorize the execution of this Agreement and of any and all agreements or
      instruments necessary to effectuate the transactions contemplated
      hereby.

     

    5.2
–
Company
      Representations.  As an inducement to Buyer to enter into this
      Agreement and purchase Subject Stock hereunder, the Company hereby warrants
      and
      represents to Buyer that the following statements are true and correct as of
      the
      date of this Agreement:  During the three (3) years prior to the date
      hereof, the Company has filed all reports, schedules, forms, statements and
      other documents required to be filed by it with the SEC pursuant to the
      reporting requirements of the Securities Exchange Act of 1934, as amended (the
      “1934 Act”) (all of the foregoing filed prior to the date
      hereof and all exhibits included therein and financial statements, notes and
      schedules thereto and documents incorporated by reference therein being
      hereinafter referred to as the “SEC Documents”). All of such
      SEC Documents are available on the EDGAR system and on the Company’s
      website.  As of their respective dates, the SEC Documents complied in
      all material respects with the requirements of the 1934 Act and the rules and
      regulations of the SEC promulgated thereunder applicable to the SEC Documents,
      and none of the SEC Documents, at the time they were filed with the SEC,
      contained any untrue statement of a material fact or omitted to state a material
      fact required to be stated therein or necessary in order to make the statements
      therein, in light of the circumstances under which they were made, not
      misleading.  As of their respective dates, the financial statements of
      the Company included in the SEC Documents complied as to form in all material
      respects with applicable accounting requirements and the published rules and
      regulations of the SEC with respect thereto. Such financial statements have
      been
      prepared in accordance with generally accepted accounting principles,
      consistently applied, during the periods involved (except (i) as may be
      otherwise indicated in such financial statements or the notes thereto, or (ii)
      in the case of unaudited interim statements, to the extent they may exclude
      footnotes or may be condensed or summary statements) and fairly present in
      all
      material respects the financial position of the Company as of the dates thereof
      and the results of its operations and cash flows for the periods then ended
      (subject, in the case of unaudited statements, to normal year-end audit
      adjustments). No other information provided by or on behalf of the Company
      to
      the Buyer which is not included in the SEC Documents, contains any untrue
      statement of a material fact or omits to state any material fact necessary
      in
      order to make the statements therein, in light of the circumstance under which
      they are or were made, not misleading.  The Company is in compliance
      with any and all applicable requirements of the Sarbanes-Oxley Act of 2002
      that
      are effective as of the date hereof, and any and all applicable rules and
      regulations promulgated by the SEC thereunder that are effective as of the
      date
      hereof, except where such noncompliance would not have, individually or in
      the
      aggregate, a material adverse effect.

    

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      VI

     

    CONDITIONS PRECEDENT
      OF BUYER

     

    The
      obligations of Buyer hereunder are
      subject to the condition that, on or before the Closing Date:

     

    6.1
–
Injunction.  On
      the Closing Date, there shall be no effective injunction, writ, preliminary
      restraining order or any order of any nature issued by a court of competent
      jurisdiction directing that the transactions provided for herein or any of
      them
      not be consummated as herein provided.

     

    6.2
–
Deliveries.  The
      Seller shall have delivered to Buyer all deliveries required or appropriate
      hereunder.

     

    6.3
–
Approval
      of
      Documents.  The form and substance of all certificates,
      instruments, opinions and other documents delivered to the Buyer under this
      Agreement shall be satisfactory in all reasonable respects to the
      Buyer.

     

    ARTICLE
      VII

     

    INDEMNITIES

     

    7.1
–
      Seller’s Indemnity.  The Seller, for himself and his successors
      and assigns, agrees to indemnify, defend and hold the Buyer harmless against
      and
      in respect of any and all claims, demands, losses, costs, expenses, obligations,
      liabilities, damages, recoveries and deficiencies, including interest, penalties
      and reasonable attorneys' fees, that the Buyer shall incur or suffer, which
      arise, result from or relate to any breach of, or failure by the Seller to
      perform any of his representations, warranties, covenants or agreements in
      this
      Agreement.

     

    7.2
–
      Company’s Indemnity.  The Company agrees to indemnify and hold
      the Buyer harmless against, and in respect of, any and all claims, losses,
      expenses, costs, obligations and liabilities, damages, recoveries and
      deficiencies, including interest, penalties and reasonable attorneys' fees,
      that
      the Buyer shall incur or suffer, which arise, result from or relate to any
      breach of or failure by the Company in its capacity as Plan Sponsor or
      otherwise, to perform any of its warranties, guaranties, representations,
      commitments or covenants in this Agreement.

     

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

     

    7.3
–
      Trustee’s Indemnities.  Subject to the terms of the Plan, the
      Trustee agrees to indemnify and hold the Company, the Plan and the Seller
      harmless against, and in respect of, any and all claims, losses, expenses,
      costs, obligations and liabilities any of the them may incur by reason of the
      Trustee’s breach of or failure to perform any of the Trustee’s warranties,
      guaranties, representations, commitments or covenants in this Agreement,
      provided that Trustee’s breach or failure to perform is based on the Trustee’s
      (i) negligence; or (ii) willful misconduct.

     

    ARTICLE
      VIII

     

    MISCELLANEOUS

     

    8.1
–
Expenses.  The
      Company shall pay all expenses in connection with this Agreement and the
      transaction contemplated hereby.

     

    8.2
–
Brokers.  Each
      of the parties represents to the other that no broker or other person is
      entitled to any fee or commission in connection with the negotiation or
      consummation of the transactions contemplated hereby, except the fees of
      attorneys and/or accountants for the respective parties.

     

    8.3
–
Entire
      Agreement.  This Agreement contains the entire agreement among the
      parties, superseding in all respects any prior oral or written agreements or
      understandings pertaining to the subject matter hereof and transactions
      contemplated hereby and shall be amended or modified only by written instrument
      signed by all of the parties hereto.

     

    8.4
–
Waiver.  No
      waiver by any party of any condition, or of the breach of any term, covenant,
      representation or warranty contained in this Agreement or in the agreements
      and
      documents executed in connection herewith, whether by conduct or otherwise,
      in
      any one or more instances shall be deemed to be or construed as a further and
      continuing waiver of any such condition or breach or a waiver of any other
      condition or breach of any other term, covenant, representation, or warranty
      of
      this Agreement, or the agreements and documents executed in connection
      herewith.

     

    8.5
–
Binding
      Effect;
      Assignment.  This Agreement and the agreements and documents
      executed in connection herewith shall be binding upon and shall inure to the
      benefit of and be enforceable by the parties hereto and their respective heirs,
      successors and assigns.

     

    8.6
–
Notices.  Any
      notice or other communication required or permitted to be given or served upon
      any of the parties under this Agreement shall be sufficiently delivered, given
      or served if delivered personally to such person or if sent to such party by
      registered or certified mail postage prepaid, addressed to such party as set
      forth below or such other address as such party shall designate by giving
      written notice to the other parties, as follows:

     

     

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

     

    In
      case of
      notice to Buyer:

     

    Kevin
      Weise

    Bremer
      Trust, N.A.

    372
      St.
      Peter Street

    St.
      Paul,
      MN 55102-1320

    

    In
      case of notice to
      Seller:

     

    David
      J.
      Noble

    5461
      Gulf
      of Mexico Drive, #204

    Longboat
      Key, FL 34228

    

    8.7
–
General.  This
      Agreement may be executed in several counterparts, each of which will be deemed
      to be an original copy of this Agreement and all of which, when taken together,
      will be deemed to constitute one and the same Agreement.  The section
      headings contained herein are for reference purposes only and shall not in
      any
      way affect the meaning or interpretation of this Agreement.  This
      Agreement and the rights of the parties shall be governed, enforced and
      construed under the laws of the State of Iowa without giving effect to any
      choice or conflicts of law doctrine which otherwise might be
      applicable.

     

    IN
      WITNESS WHEREOF, the parties have
      duly executed this Agreement as of the date and year first written
      above.

     

    BUYER:

     

    BREMER
      TRUST, N.A.,

    solely
      in
      its capacity as Trustee of the

    American
      Equity Investment Employee Stock Ownership Trust

    

    

    By:  /s/
      Kevin
      Weise                                                      

    Its:  Senior
      Vice President

    

    COMPANY:

     

    AMERICAN
      EQUITY INVESTMENT LIFE HOLDING COMPANY

    

    

    By:  /s/
      Debra J.
      Richardson                                                                           

    Its:  Senior
      Vice President & Secretary

     

     

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

     

    SELLER:

     

    

    /s/
      David J.
      Noble                                                      

    David
      J. Noble

    

     

    
-8-

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