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Exhibit 10.36
EMPLOYEE STOCK OPTION AGREEMENT
THIS EMPLOYEE STOCK OPTION AGREEMENT, hereinafter referred to as the “Option” or the “Agreement,” is made effective as of ______________ (the “Date of Grant”), between American Equity Investment Life Holding Company (the “Company”) and ______________ (the “Optionee”).
The Company hereby grants an option of _______ shares of common stock of the Company, $1.00 par value per share (“Stock”), to the Optionee at the price and in all respects subject to the terms, definitions and provisions of this Agreement, and the Amended and Restated Equity Incentive Plan, adopted by the Company effective June 4, 2020 (the “Plan”), the terms and definitions of which are incorporated herein, unless the context implies otherwise.
1.Option Price.  The option price is _______ for each share, the price being at least 100% of the fair market value of a share of the Stock on the date of the grant of this Option.
2.Exercise of Option and Vesting Schedule.  This Option is granted for a ten (10) year term and, therefore, may not be exercised after the expiration of ten (10) years from the date that it is granted.  This Option shall become exercisable at any time subject to the terms of this Agreement and applicable law.
(a)Vesting Schedule.  This Option may be exercised in accordance with the following schedule: ______% of the Stock subject to the option shall vest _______________ after the Date of Grant, and ______% of the Stock subject to the option shall vest each _______________ thereafter. There shall be no proportionate or partial vesting in the period prior to each vesting date, and all vesting shall occur only on the appropriate vesting date. Should the Optionee be terminated (except for death or disability), then Optionee will forfeit all rights under this Agreement.
(b)Right to Exercise.  This Option shall be exercisable during the term of the Option, by the Optionee:
(i)While the Optionee is an employee of the Company, or within sixty (60) days of the termination of Optionee as an employee; provided that in the event Optionee’s employment by the Company is terminated because of disability, as that term is defined in Section 105(d)(4) of the Internal Revenue Code, as amended (the “Code”), the Option privileges, with respect to the shares purchasable by the Optionee as of the date that the Optionee terminated, may be exercised by the Optionee within one (1) year after the date of termination of the Optionee’s employment by the Company.  However, nothing contained within this statement shall be construed to extend the ultimate term of this Option beyond the period of time set out above in paragraph 2.
(ii)If the Optionee should die during the option period while employed by the Company, the option privileges may be exercised in full by the legal representative of the Optionee’s estate, or by the person or persons to whom the Optionee’s rights under the Option shall have passed by will or the laws of descent and distribution within one (1) year after the Optionee’s date of death.  However, nothing contained within this statement shall be construed to extend the ultimate term of this Option beyond the period of time set out above in paragraph 2.
(c)Restrictions on Exercise.  The minimum number of shares for which this Option may be exercised is 100 shares.  In addition, as a condition to the Optionee’s exercise of this option, the Company may require the person exercising this Option to execute any buy-sell agreement in effect between the Company and its shareholders and to make such representations or warranties to the Company as may be required by applicable law or regulation.
(d)Method of Exercise.  This Option shall be exercisable by a written notice which shall:
(i)State the election to exercise the Option, the number of shares in respect of which it is being exercised (which may be no less than 100 shares), the person in whose name the stock certificate for such shares of Stock is to be registered, the person’s address and social security number (or if more than one, the names, addresses and social security numbers of such persons);
(ii)Contain such representations and agreements as to the holder’s investment intent with respect to such shares of Stock as may be satisfactory to the Company’s counsel; and

(iii)Be signed by the person or persons entitled to exercise the Option and, if the Option is being exercised by any persons other than the Optionee, be accompanied by proof satisfactory to counsel for the Company, of the right of such person or persons to exercise the Option.
In accordance with applicable federal, state and/or local tax withholding requirements, the Company shall withhold from Optionee’s compensation the required amounts.  Optionee may satisfy any such withholding tax obligation by any of the following means or by a combination of such means: (i) tendering a cash payment, (ii) authorizing the Company to withhold shares of Stock otherwise issuable to the Optionee valued at Fair Market Value on Date of Exercise, or (iii) delivering to the Company already owned and unencumbered shares of Stock valued at Fair Market Value on Date of Exercise.
(e)Payment of Option Price. Payment of the aggregate Option Price for the shares of Stock with respect to which an Option is being exercised shall be made by the Optionee in one of the following manners:
(i)Cash, certified or bank cashier check, or wire transfer, delivered with the notice of exercise as soon as practicable thereafter;
(ii)By delivery (including constructive delivery) to the Company of shares of Stock having an aggregate Fair Market Value on Date of Exercise equal to the aggregate Option Price; or
(iii)By delivery on a form prescribed by the Committee of a properly executed exercise notice and irrevocable instructions to a registered securities broker approved by the Committee to sell shares of Stock and promptly deliver cash to the Company.
3.No transferability of Option.  This Option may not be transferred in any manner otherwise than by will or the laws of descent and distribution and may be exercised during the lifetime of the Optionee only by the Optionee and after Optionee’s death by the legal representative of the Optionee’s estate or by the person or persons to whom the Optionee’s rights under the Option passed by will or the laws of descent and distribution.  This Option shall not be pledged or hypothecated in any way and shall not be subject to executive, attachment of similar process except with the express consent of the Committee.
4.Adjustments:
(a)Whenever a stock split, stock dividend or other relevant change in capitalization of the Company occurs, (1) the number of shares that can thereafter be purchased and the option price per share under each Option that has been granted and not exercised, and (2) the number of shares used in determining whether a particular Option is grantable thereafter shall be appropriately adjusted.
(b)In the event of the dissolution or liquidation of the Company, any Option granted under the Plan shall terminate as of a date to be fixed by the Committee, provided that not less than 30 days’ written notice of the date so fixed shall be given to each Optionee and each such Optionee shall have the right during such period to exercise Optionee’s Option as to all or any part of the shares covered thereby, including shares as to which such Option would not otherwise be exercisable by reason of an insufficient lapse of time.
(c)Adjustments and determinations under this paragraph 4 shall be made by the Company’s Board of Directors, whose decisions as to what adjustments or determinations shall be made, and the extent thereof, shall be final, binding and conclusive.
5.Notices.  Each notice relating to this Agreement shall be in writing and delivered in person or by certified mail to the proper address, and shall be deemed to have been given on the date it is received.  Each notice to the Company shall be addressed to it at its principal office, attention of the Secretary.  Each notice to the Optionee or other person or person then entitled to exercise the Option shall be addressed to the Optionee or such other person or persons at the Optionee’s address set forth in the heading of this Agreement.  Anyone to whom a notice may be given under this Agreement may designate a new address by written notice to that effect.
6.Benefits of Agreement.  This Agreement shall inure to the benefit of and be binding upon each successor of the Company.  All obligations imposed upon the Optionee and all rights granted to the Company under this Agreement shall be binding upon the Optionee’s heir, legal representatives and successors.  This Agreement shall be the sole and exclusive source of any and all rights which the Optionee, the Optionee’s heirs, legal representatives, or successors may have in respect to the Plan or any options or Stock granted or issued thereunder whether to the Optionee or to any other person.
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7.Resolution of Disputes.  Any dispute or disagreement which should arise under, or as a result of, or in any way relate to, the interpretation, construction or applicability of this Agreement will be determined by the Board of Directors of the Company.  Any determination made hereunder shall be final, binding, and conclusive for all purposes.

IN WITNESS WHEREOF, the Company and the Optionee have caused this Agreement to be executed effective as of the day, month and year first above written.

									
	AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
	
			
	By:		
			
			
	OPTIONEE:
	
			
			

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Exhibit 10.37

ASSIGNMENT AGREEMENT, CONSENT AND WAIVER IN ANTICIPATION OF
REGULATORY FORM A FILING
This ASSIGNMENT AGREEMENT, CONSENT AND WAIVER IN ANTICIPATION OF REGULATORY FORM A FILING (this “Agreement”), dated as of February 28, 2021, is entered into by and among Brookfield Asset Management Inc., a corporation amalgamated under the laws of Ontario, Canada (“BAM”), Burgundy Acquisitions I Ltd., a limited company organized under the laws of Bermuda (“Burgundy”), Brookfield Asset Management Reinsurance Partners Ltd., a Bermuda limited company (“BAM Reinsurance”), North End Re (Cayman) SPC, a Cayman segregated portfolio company (“North End Reinsurance”), and American Equity Investment Life Holding Company, an Iowa corporation (“AEL”).
WHEREAS BAM, Burgundy and AEL are parties to an Investment Agreement, dated as of October 17, 2020 (the “Investment Agreement”); and
WHEREAS, pursuant to Section 21 of the Investment Agreement, (i) BAM desires to assign certain of its rights and obligations under the Investment Agreement to BAM Reinsurance and (ii) Burgundy desires to assign all of its rights and obligations under the Investment Agreement to North End Reinsurance, each as further set forth herein.
NOW, THEREFORE, in consideration of the premises and the mutual agreements contained herein, and intending to be legally bound, the parties hereto hereby agree as follows:
1.Burgundy Assignment to North End Reinsurance.  Effective as of the date that Burgundy delivers to AEL reasonably satisfactory written evidence (including any required regulatory approvals, consents or waivers) of the transfer by Burgundy to North End Reinsurance of all the Initial Investment, (a) Burgundy shall hereby automatically assign, transfer and convey to North End Reinsurance, and North End Reinsurance shall hereby automatically accept, all of Burgundy’s right, title and interest in and to the Investment Agreement, (b) North End Reinsurance shall hereby automatically assume all of the obligations of Burgundy under the Investment Agreement and be bound by all obligations of “Purchaser Subsidiary” under the Investment Agreement (the assignment and assumption under the preceding clauses (a) and (b) being the “Burgundy Assignment”), and (c) Burgundy shall hereby automatically have no further rights and obligations as “Purchaser Subsidiary” under the Investment Agreement.  In furtherance of the foregoing, (i) from and after the effectiveness of the Burgundy Assignment, all references to “Purchaser Subsidiary” in the Investment Agreement shall be deemed to be to North End Reinsurance, other than with respect to any representations, warranties, agreements or covenants that have been made or fully performed prior to the effectiveness of the Burgundy Assignment and (ii) North End Reinsurance hereby represents and warrants to AEL that, as of the effectiveness of the Burgundy Assignment, (x) the Purchaser Representations (other than the Purchaser Specified Representations) with respect to Purchaser Subsidiary shall be true and correct in all material respects and (y) the Purchaser Specified Representations with respect to Purchaser Subsidiary shall be true and correct in all respects, in each case, treating North End Reinsurance as the Purchaser.  
2.BAM Assignment to BAM Reinsurance.  
(a)On and as of the date specified in writing by BAM to AEL as the effective date of the assignment and assumption described in this Section 2 (the “BAM Assignment Effective Date”), which will be substantially simultaneously with, or immediately prior to, the consummation of the Reorganization Transactions (as defined below), BAM shall hereby automatically assign, transfer and convey to BAM Reinsurance, and BAM Reinsurance shall hereby automatically accept, all of BAM’s right, title and interest in and to the Investment Agreement; provided that BAM shall remain bound by, and BAM and BAM Reinsurance shall hereby automatically be jointly and severally liable for, the Purchaser’s obligations pursuant to Section 1.2, Section 2.1(b), Section 2.3(b), Section 4.3(b), Section 7.4(b), Section 7.5, Section 7.6, Section 7.7, Section 7.9, Section 7.10 and Sections 11 through 21 of the Investment Agreement (such obligations, collectively, the “BAM Retained Obligations”) (the assignment and assumption under the preceding sentence being the “BAM Assignment”). In furtherance of the foregoing, (i) from and after the effectiveness of the BAM Assignment, all references to the “Purchaser” in the Investment Agreement shall be deemed to be to BAM Reinsurance, other than (x) with respect to any representations, warranties, agreements or covenants that have been made or fully performed prior to the effectiveness of the BAM Assignment or (y) with respect to the BAM Retained Obligations, and (ii) BAM Reinsurance hereby represents and warrants to AEL that, as of the effectiveness of the BAM Assignment, (x) the Purchaser Representations (other than the Purchaser Specified Representations) with respect to Purchaser shall be true and correct in all material respects and (y) the Purchaser Specified Representations shall be true and correct in all respects, in each case, treating BAM Reinsurance as the Purchaser.
(b)The BAM Assignment Effective Date shall not occur (i) prior to the Burgundy Assignment or (ii) later than the time that both BAM Reinsurance and North End Reinsurance cease to be, directly or indirectly, wholly owned by BAM.

3.AEL Consent and Limited Waiver.  Pursuant to Sections 11 and 21 of the Investment Agreement, (a) AEL hereby consents to (i) the Burgundy Assignment and the transfer of all of the Initial Investment by Burgundy to North End Reinsurance and (ii) the BAM Assignment, in each case as further set forth in, and pursuant to and in accordance with, Sections 1 and 2 hereof, and (b) waives any breach by Purchaser of its obligations under Section 7.10 of the Investment Agreement with respect to Purchaser’s obligations to make the filings described in such Section 7.10 with the Insurance Commissioner of the State of Iowa and NYDFS no later than December 31, 2020, so long as (i) BAM makes, or causes to be made, all such filings with BAM Reinsurance as the Purchaser and North End Reinsurance as the Purchaser Subsidiary no later than the date that is five Business Days from the date hereof and (ii) such filings include a description of the reorganization transactions to be consummated by BAM that is mutually agreeable to BAM and AEL (the transactions as so described, the “Reorganization Transactions”).
4.Miscellaneous.   Capitalized terms used herein and not otherwise defined herein shall have the meanings given to such terms in the Investment Agreement.  The provisions of Section 11 (Amendments and Waivers), Section 12 (Notices, etc.), Section 16 (Governing Law), Section 17 (Waiver of Jury Trial), Section 19 (Counterparts; Electronic Signature), Section 20 (Severability) and Section 21 (Miscellaneous) of the Investment Agreement shall apply mutatis mutandis to this Agreement.
5.Further Assurances.  BAM, Burgundy, BAM Reinsurance and North End Reinsurance each agree to perform (or cause to be performed) all such further acts and to execute and deliver all such other agreements, certificates, instruments and documents as any party hereto reasonably may request in order to carry out the intent and accomplish the purposes of this Agreement and the assignments contemplated hereby.  BAM shall keep AEL reasonably informed of the anticipated timing of the Reorganization Transactions and shall notify AEL in writing as soon as reasonably practicable: (i) upon receiving any communication from any Governmental Authority with respect to any consent, approval, authorization or waiver required to consummate the Reorganization Transactions that causes BAM to believe that there is a reasonable likelihood that any such consent, approval, authorization or waiver will not be obtained or that the receipt of any such consent, approval, authorization or waiver will be materially delayed or conditioned, (ii) if BAM determines in good faith that the consummation of the Reorganization Transactions is no longer reasonably likely to occur by May 31, 2021 or (iii) if the Reorganization Transactions are otherwise terminated or abandoned by BAM.

[Signature Pages Follow]

This Agreement is hereby agreed to as of the date first written above.

									
		BROOKFIELD ASSET MANAGEMENT INC.
			
		by	/s/ Sachin Shah
			Name: Sachin Shah
			Title: Chief Investment Officer
			
			
		BURGUNDY ACQUISITIONS I LTD.
			
		by	/s/ James Bodi
			Name: James Bodi
			Title: Director
			
			
		BROOKFIELD ASSET MANAGEMENT
		REINSURANCE PARTNERS LTD.
			
		by	/s/ James Bodi
			Name: James Bodi
			Title: Director
			
			
		NORTH END RE (CAYMAN) SPC
			
		by	/s/ Greg McConnie
			Name: Greg McConnie
			Title: Director
			
			
		AMERICAN EQUITY INVESTMENT LIFE
		HOLDING COMPANY
			
		by	/s/ Anant Bhalla
			Name: Anant Bhalla
			Title: Chief Executive Officer and President

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