Document:

Document

Exhibit 10.1

SEPARATION AGREEMENT
THIS SEPARATION AGREEMENT (this “Agreement”) is entered into as of May 26, 2021 (the “Effective Date”) between American Equity Investment Life Insurance Company (the “Company”) and Ted M. Johnson (the “Executive”) (collectively, the “Parties”).
WITNESSETH:
WHEREAS, effective May 21, 2021 (the ”Transition Date”), Executive is no longer serving as Chief Financial Officer of the Company and is separating from all positions with the Company and its respective affiliates.
NOW, THEREFORE, in consideration of the mutual promises and agreements contained herein, the adequacy and sufficiency of which are hereby acknowledged, the Company and Executive agree as follows:
1.Resignation and Termination of Employment. Executive’s employment will be terminated and Executive hereby resigns, each effective as of the close of business on July 16, 2021 (the “Termination Date”). During the period commencing on the Transition Date and ending on the Termination Date (or such earlier date as mutually agreed between the Parties), Executive shall cooperate with and assist in the orderly transition of his duties (including without limitation, organizing the Executive’s files and documents in furtherance of facilitating an orderly transition of the Executive’s duties, functions and responsibilities) and shall diligently perform such other services as may be reasonably requested from time to time, provided that the Company may require Executive to perform any such tasks and/or services remotely without returning to the Company’s offices. As of the Transition Date, the Executive is no longer an officer of the Company and hereby resigns from all memberships, board memberships, officerships, positions as a trustee and/or fiduciary of the Company, any Company committee or group and any benefit plans of the Company and/or its subsidiaries and affiliates (collectively, the “Company Group”) as well as any other positions that the Executive holds in connection with the Executive’s relationship with the Company Group. The Executive hereby agrees to execute any implementing documentation that the Company may reasonably request in connection with such resignations and to ensure an orderly transition of authority including signing authority and contact personnel for vendors, investors, industry groups and trade associations. On and after the Transition Date, the Executive shall not represent himself as an officer, agent, or representative of the Company Group for any purpose. In consideration for the Executive’s execution within twenty-one (21) days of the Effective Date of this Agreement and the general release agreement in the form attached hereto as Exhibit B (the “Waiver and Release”) and non-revocation thereof, Executive’s current base salary shall remain in effect, and Executive (and his eligible dependents) shall also remain eligible to participate in the Company’s applicable employee benefit plans until the Termination Date, during which time the Executive shall remain subject to and comply with the Company’s code of business conduct and other employment policies; provided, however, the Parties may elect to accelerate the Termination Date to any date following the Effective Date (including upon Executive’s death or disability). 
2.Payment of Accrued Amounts. Subject to the terms and conditions of this Agreement, the Company shall pay to Executive the portion of his annual salary that has accrued but is unpaid as of the Termination Date not later than the second payroll date after the Termination Date. In accordance with Company policy, Executive shall be reimbursed for any outstanding business expenses incurred consistent with the Company’s policy, up to the Termination Date pursuant to Company policy. 
3.Severance Benefits. Subject to: (a) Executive’s successful completion of the tasks within the transition plan to be developed by management and a third party with financial expertise, with the opportunity for Executive to review and provide reasonable comments on the final transition plan (such comments will be included in the final transition plan subject to consent of management which consent will not  be unreasonably withheld), and with Company approval of Executive’s completion of such transition plan also not to be unreasonably withheld, (b) timely execution and non-revocation of a supplemental general release agreement in the form attached hereto as Exhibit B not earlier than the day after the Termination Date (the “Supplemental Waiver and Release”), and (c) any other qualifications set forth herein, Executive shall receive the following benefits:

(a)Cash benefits.  The Company shall pay to Executive the sum of:
1.Executive’s monthly base salary for the number of full or partial months between the Termination Date and May 20, 2022; 
2.$501,375, which amount equals 125% of Executive’s target incentive award for 2021; and
3.Subject to Executive’s timely election of COBRA continuation coverage, a payment of $15,000 for continuation of Executive’s health insurance coverage. 
Payment of amounts set forth in Sections 3(a)(1)-3(a)(3) shall commence not later than 28 days after the Termination Date in substantially equal quarterly installments ending on March 15, 2022.
(b)Long-Term Incentive Awards. With respect to any outstanding equity awards granted to Executive by the Company, Executive shall be eligible for continued vesting and exercisability for the maximum period allowable under each applicable award agreement as if Executive had remained an active employee of the Company through the entire term of each such award agreement provided that all other terms and conditions set forth in the applicable award agreement and governing plan document(s) shall continue to apply.  The respective payout amounts (if any) of such awards shall be determined in a manner consistent with that used to determine the amounts of such awards payable to active executives for such respective periods, and each such award shall be payable at the time or times such respective awards are paid to active executives and considered a separate, short-term deferral for purposes of Internal Revenue Code Section 409A (“Section 409A”).  All such awards payable in shares shall be subject to the Company’s applicable resale restrictions, if any. The specific equity awards granted to Executive by the Company to which this subparagraph shall apply are listed in Exhibit A hereto.  
(c)Executive and Other Benefits.
1.If Executive is entitled to any benefit under any employee benefit plan of the Company that is accrued and vested on the Termination Date and that is not expressly referred to in this Agreement, such benefit shall be provided to Executive in accordance with the terms of such employee benefit plan.
2.The Company shall reimburse Executive for no more than $15,000.00 as and when incurred for services rendered to Executive by a professional outplacement organization selected by Executive and approved by the Company to provide individual outplacement services (to be utilized, an outplacement firm must be identified, agreed upon by the Parties, and outplacement services must commence within nine months of the Termination Date).
3.Notwithstanding anything else contained in this Agreement to the contrary, Executive acknowledges and agrees that the payments and benefits under this Agreement are in lieu of, and he is not and shall not be entitled to, any entitlements, payments, or any other benefits under any severance or change in control plan, program, agreement or arrangement, including without limitation, under the Company’s Severance Pay Policy and under that certain Change in Control Agreement, by and between the Company and the Executive, dated December 13, 2012, and that the benefits provided under this Agreement shall be the sole and exclusive benefits to which Executive may become entitled upon his termination of employment. In the event Executive dies prior to executing the Supplemental Waiver and Release, neither he, his estate, nor any other person shall be entitled to any further compensation or benefits under this Agreement, unless and until the executor of Executive’s estate (and/or such other heirs or representatives as may be requested by the Company) executes upon Company request and does not revoke such a Supplemental Waiver and Release.
4.Tax Withholding. The Company shall deduct from the amounts payable to Executive pursuant to this Agreement the amount of all required federal, state and local withholding taxes in accordance with Executive’s Form W-4 on file with the Company and all applicable social security and Medicare taxes.
5.Waiver and Release. 
(a)Notwithstanding anything herein to the contrary, Executive’s right to the payments and benefits under Section 1 of this Agreement shall be contingent upon Executive (i) successfully cooperating with and assisting in the orderly transition of his duties as may reasonably be set forth in a transition plan and as requested from time to time, (ii) having executed and delivered to the Company a Waiver and Release in no event more than 21 days after the Effective Date, (iii) not revoking such release in accordance with the terms of the release and (iv) Executive not violating any of Executive’s ongoing obligations under this Agreement including, without limitation, the restrictive covenants set forth in Section 6 below (the “Restrictive Covenants”).
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(b)Notwithstanding anything herein to the contrary, Executive’s right to the payments and benefits under Sections 2, 3(a), and 3(b) of this Agreement shall be contingent upon Executive (i) successfully cooperating with and assisting in the orderly transition of his duties as noted in Section 5(a)(i) above, (ii) having executed and delivered to the Company the Supplemental Waiver and Release not earlier than the Termination Date but in no event more than 21 days after the Termination Date, (iii) not revoking such release in accordance with the terms of the release and (iv) not violating any of Executive’s ongoing obligations under this Agreement including without limitation the Restrictive Covenants described below.
6.Restrictive Covenants. 
(a)Noncompetition.  In consideration of the payments by the Company to Executive pursuant to Sections 2, 3(a), and 3(b) of this Agreement, Executive hereby covenants and agrees that, while employed by the Company and for the 18-month period following the Termination Date, Executive shall not, without the prior written consent of the Company, be employed by, engaged by, or otherwise assist, either as an individual on his own or as a partner, joint venturer, employee, agent, consultant, officer, trustee, director, owner, part-owner, shareholder, or in any other capacity, directly or indirectly, with any of the following entities: Apollo Global Management, Blackstone, Brookfield (solely with respect to matters involving the Company), the Carlyle Group, KKR & Co. Inc., Paulson Investment Company, or Sixth Street Partners, or any successor, affiliate or portfolio company of such entities that competes with the Company with respect to the sale of fixed index and fixed rate annuities.  The foregoing restriction shall not include the passive ownership of securities in any entity listed above and the exercise of rights appurtenant thereto, so long as such securities represent no more than two percent of the voting power of all securities of such enterprise.
(b)Nonsolicitation.  In further consideration of the payments by the Company to Executive pursuant to Sections 2, 3(a), and 3(b) of this Agreement, Executive hereby covenants and agrees that, while employed by the Company and for the 18-month period following the Termination Date, Executive shall not either directly or indirectly on Executive’s own behalf or in the service or on behalf of others (i) attempt to influence, persuade or induce, or assist any other person in so influencing, persuading or inducing, any employee or independent contractor of the Company Group to give up, or to not commence, employment or a business relationship with the Company Group, (ii) unless otherwise in contravention of applicable law, directly, or indirectly through direction to any third party, hire or engage, or cause to be hired or engaged, any person who is an employee or independent contractor of the Company, or (iii) attempt to influence, persuade or induce, or assist any other person in so influencing, persuading or inducing, any agent, consultant, vendor, supplier or customer of the Company Group with whom Executive has had contact within the last twenty-four months of his relationship with the Company Group or about whom Executive has confidential information to give up or not commence a business relationship with the Company.
(c)Nondisparagement.  The Executive shall not make any disparaging remarks or comments regarding the Company, its culture, its parents, affiliates and successors and its and their officers, directors, employees, agents and representatives.  The Company shall inform its officers and directors not to make any disparaging remarks and comments regarding the Executive. The Parties further agree not to post or publish any information pertaining to Executive or the Company, its officers, directors or agents on the internet or in any manner.  The Parties acknowledge that if either were to violate this covenant, the aggrieved party would not have adequate damages at law and that it would be appropriate for a court to enter an injunction prohibiting any further violation; further, if either party obtains a final judgment of a court of competent jurisdiction, pursuant to which either party is determined to have breached their obligations under this covenant, the prevailing party shall be entitled to recover, in addition to any award of damages, its reasonable attorneys’ fees, costs, and expenses incurred in obtaining such judgment.
(d)Failure to Disclose Material Financial Information.  Should Executive reveal information of a financial nature after the Transition Date, that should have been revealed prior to said date and that results in material financial harm to the Company, the Company shall be entitled to immediately cease paying any amounts remaining or due or providing any benefits to Executive pursuant to this Agreement.
(e)Enforcement.
1.Executive acknowledges and agrees that significant separation benefits have been offered in this Agreement and that each portion of this consideration is contingent upon the promises made by Executive in Section 6.  Executive also acknowledges that the Company’s remedies at law for a breach or threatened breach of any of the provisions of Section 6 would be inadequate and, in recognition of this fact, Executive agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, the Company shall be entitled to obtain equitable relief in the form of specific performance, temporary restraining order, temporary or permanent injunction or any other equitable remedy which may then be available.
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2.In addition, the Company shall be entitled to immediately cease paying any amounts remaining due or providing any benefits to Executive pursuant to this Agreement in the event that Executive has breached any of Executive’s obligations under this Section 6.  In such event, the Company may require that Executive repay all cash amounts theretofore paid to Executive pursuant to this Agreement and, in such case, Executive shall promptly repay such amounts on the terms determined by the Company.  Additionally, any equity that is still subject to restriction or performance criteria and/or is not yet fully vested and/or payable shall be forfeited.  Notwithstanding anything to the contrary, any outstanding equity awards (including any shares issued upon vesting of the award) shall be subject to any clawback provisions set forth in the applicable award agreements and/or governing plan document(s) and all equity awards shall be subject to any clawback or recoupment policy adopted by the Board from time to time.
3.If the Company seeks a restraining order, an injunction or any other form of equitable relief, and recovers any such relief, the Company shall be entitled to recover its reasonable attorneys’ fees, court costs, and other costs incurred obtaining that relief (even if other relief sought is denied).  If the Company obtains a final judgment of a court of competent jurisdiction, pursuant to which Executive is determined to have breached his obligations under this Agreement, the Company shall be entitled to recover, in addition to any award of damages, its reasonable attorneys’ fees, costs, and expenses incurred by the Company in obtaining such judgment.
4.The parties agree that the provisions of this paragraph are reasonable and necessary.  Executive understands that the provisions of Sections 6(a) and 6(b) may limit Executive’s ability to earn a livelihood in a business similar to the Company’s business but he nevertheless agrees and hereby acknowledges that (a) such provisions do not impose a greater restraint than is necessary to protect the goodwill or other business interests of the Company, (b) such provisions contain reasonable limitations as to time and scope of activity to be restrained, (c) such provisions are not harmful to the general public, (d) such provisions are not unduly burdensome to Executive, and (e) the consideration provided hereunder is sufficient to compensate Executive for the restrictions contained in Sections 6(a) and 6(b).  In consideration of the foregoing and in light of Executive’s education, skills and abilities, Executive agrees that Executive shall not assert that, and it should not be considered that, any provisions of Sections 6(a) and 6(b) otherwise are void, voidable or unenforceable or should be voided or held unenforceable.  It is expressly understood and agreed that although Executive and the Company consider the restrictions contained in Sections 6(a) and 6(b) to be reasonable, if a judicial determination is made by a court of competent jurisdiction that the time or territory or any other restriction contained in this Agreement is an unenforceable restriction against Executive, the provisions of this Agreement shall not be rendered void but shall be deemed amended to apply as to such maximum time and territory and to such maximum extent as such court may judicially determine or indicate to be enforceable.  Alternatively, if any court of competent jurisdiction finds that any restriction contained in this Agreement is unenforceable, and such restriction cannot be amended so as to make it enforceable, such finding shall not affect the enforceability of any of the other restrictions contained herein.
7.Confidential Information.  As part of and in connection with the execution of this Agreement between Executive and the Company, Executive acknowledges his ongoing obligation (pursuant to state law, Company policies, and his ethical obligations) to keep confidential Company information confidential.
8.Certain Tax Matters.  The parties intend for this Agreement to comply with Section 409A. In the event the timing of any payment or benefit under this Agreement would result in any tax or penalty under Section 409A, the Company may reasonably adjust the timing of such payment or benefit if doing so will eliminate or materially reduce such tax or penalty and amend this Agreement accordingly. Executive acknowledges that Executive has been advised to consult Executive’s personal tax advisor concerning this Agreement and has not relied on the Company for tax advice. The Company shall have the sole discretion to determine the actual date of any payments made hereunder. In no event may the Executive, directly or indirectly, designate the calendar year of any payment to be made under this Agreement that is considered nonqualified deferred compensation.
9.Return of Company Property. As requested and no later than the Termination Date, Executive agrees that he shall immediately return to the Company any owned physical and electronic property or intellectual property, including but not limited to, any and all documents, files, or other materials, as well as any and all physical equipment, materials, supplies or other property of the Company. 
10.Other Employment; Other Plans. Executive shall not be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to Executive under any provision of this Agreement. The amounts payable hereunder shall not be reduced by any payments received by Executive from any other employer.
11.Cooperation by Executive. During the period between the Executive’s Termination Date and March 15, 2022, Executive shall be reasonably available to the Company to respond to requests by it and its Representatives for truthful and complete interviews and production of information pertaining to or relating to matters which may be within the knowledge of the Executive.  Additionally, for an indefinite period of time, Executive shall not assist in the presentation or prosecution of any disputes, differences, grievances, claims, charges or complaints on behalf of any private or third party against any of the parties 
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released under this Agreement, the Waiver and Release or the Supplemental Waiver and Release; however, nothing herein shall be construed as prohibiting Executive from participating as required by order, law, subpoena or otherwise in any investigation, proceeding, or action initiated or pursued by any state or federal regulatory agency or body.  Executive shall cooperate fully with the Company in connection with any existing or future investigation, proceeding, dispute, claim, litigation or other proceedings brought by or against the Company, its subsidiaries or affiliates, to the extent Company reasonably deems the Executive’s cooperation necessary, including truthful interviews, depositions, testimony, production or execution of documentation in any way related to such proceeding.
12.Successors; Binding Agreement. This Agreement shall inure to the benefit of and be binding upon the Company Group and its successors, and by Executive, his spouse or domestic partner, personal or legal representatives, executors, administrators and heirs. This Agreement, being personal, may not be assigned by Executive.
13.Governing Law. This Agreement is made and entered into in the State of Iowa, and shall in all respects be interpreted, enforced and governed under the laws of Iowa.  The language of all parts of this Agreement shall in all cases be construed as a whole, according to its fair meaning, and not strictly for or against any of the parties.
14.Entire Agreement. This Agreement, the Waiver and Release and the Supplemental Waiver and Release constitute the entire agreement and understanding between the Parties with respect to the subject matter hereof and supersede and preempt any other understandings, agreements or representations by or between the Parties, written or oral, which may have related in any manner to the subject matter hereof. Executive acknowledges that the Company has made no representations regarding the tax consequences of payments under this Agreement and has had the opportunity to consult Executive’s tax advisor.
15.Counterparts. This Agreement may be executed in two counterparts, each of which shall be deemed to be an original and both of which together shall constitute one and the same instrument.
16.Miscellaneous. No provision of this Agreement may be modified or waived unless such modification or waiver is agreed to in writing and executed by Executive and by a duly authorized officer of the Company. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. Failure by Executive or the Company to insist upon strict compliance with any provision of this Agreement or to assert any right which Executive or the Company may have hereunder shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement.
17.Beneficiary. If Executive dies prior to receiving all of the amounts payable hereunder (other than amounts payable under any plan referenced in Section 3(c), which shall be governed by any beneficiary designation in effect thereunder) but after executing the Supplemental Waiver and Release, such amounts shall be treated the same as if the employee had died while in active service with the Company.   
18.Nonalienation of Benefits. Benefits payable under this Agreement shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, or charge, prior to actually being received by Executive, and any such attempt to dispose of any right to benefits payable hereunder shall be void.
19.Severability. If all or any part of this Agreement is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity shall not serve to invalidate any portion of this Agreement not declared to be unlawful or invalid, except that in the event a determination is made that the Restrictive Covenants as applied to Executive are invalid or unenforceable in whole or in part, then this Agreement shall be void and the Company shall have no obligation to provide benefits hereunder. Any paragraph or part of a paragraph so declared to be unlawful or invalid shall, if possible, shall be construed in a manner which will give effect to the terms of such paragraph or part of a paragraph to the fullest extent possible while remaining lawful and valid.
20.Sections. Except where otherwise indicated by the context, any reference to a “Section” shall be to a Section of this Agreement.
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IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by a duly authorized officer and Executive has executed this Agreement as of the day and year first above written.

															
	AMERICAN EQUITY INVESTMENT			
	LIFE INSURANCE COMPANY			
					
	By:	/s/ Jennifer Bryant		6/16/2021	
		Executive Vice President		Date	
		Chief Human Resources Officer			
					
					
	EXECUTIVE			
		/s/ Ted M. Johnson		6/11/2021	
		Ted M. Johnson		Date	
					

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EXHIBIT A
AWARD AGREEMENTS
									
			Target Award
	1.	2019 Restricted Stock Unit Agreement (Performance)
	18,973 units
	2.	2020 Restricted Stock Unit Agreement (Performance)
	24,801 units

	3.	2021 Restricted Stock Unit Agreement (Performance)
	15,161 units

			
	4.	2019 Restricted Stock Unit Agreement (Time-Based)
	4,743 units

	5.	2020 Restricted Stock Unit Agreement (Time-Based)
	6,200 units

	6.	2021 Restricted Stock Unit Agreement (Time-Based)
	7,581 units

			
	7.	2020 Stock Option Agreement ($27.05/strike)
	49,565 options

	8.	2021 Stock Option Agreement ($27.40/strike)
	26,655 options

			

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EXHIBIT B
FORM OF WAIVER AND RELEASE UNDER 
SEPARATION AGREEMENT
In consideration for Executive receiving those payment and benefits under the Separation Agreement (the “Separation Agreement”) dated as of May 26, 2021 by and between Ted M. Johnson (the “Executive”) and American Equity Investment Life Insurance Company (terms capitalized but not defined herein shall have the meaning set forth in the Separation Agreement), Executive hereby agrees as follows:
1.Executive hereby irrevocably and unconditionally releases, remises, and forever discharges the Company and each of the Company’s owners, members, insurers, stockholders, agents, directors, officers, employees, representatives, attorneys, divisions, subsidiaries, affiliates, and its and their predecessors, successors, heirs, executors, administrators and assigns, and all persons acting on behalf of, by, through, under or in concert with any of them (the “Releasees”) from any and all actions, causes of action, suits, debts, charges, complaints, claims, liabilities, obligations, promises, agreements, controversies, damages, and expenses (including attorneys’ fees and costs), of any nature whatsoever, in law or equity, which he ever had, now has, or he or his heirs, executors and administrators hereafter may have, from the beginning of time to the date of Executive’s execution of this Waiver and Release Agreement (the “Agreement”), arising from, or otherwise related to, his employment relationship with the Company or the termination thereof, including, but not limited to, any claims arising from any alleged violation by the Company of any federal, state or local statutes, ordinances or common laws, including but not limited to, the Rehabilitation Act of 1973, 29 U.S.C. § 701 et seq.; the Americans with Disabilities Act of 1990, 42 U.S.C. § 12101 et seq.; Title VII of the Civil Rights Act of 1964, 42 U.S.C. § 2000e et seq.; the Age Discrimination in Employment Act, 29 U.S.C. § 621 et seq., as amended by the Older Workers Benefit Protection Act; the Equal Pay Act, 29 U.S.C. § 206(d) et seq.; the Fair Labor Standards Act of 1938, 29 U.S.C. § 201 et seq.; the Family and Medical Leave Act, 29 U.S.C. § 681 et seq.; the Iowa Civil Rights Act of 1965, Iowa Code Chapter 216; and Iowa’s Wage Payment and Collection Act, Iowa Code Chapter 91A or any other federal, state or local laws, ordinances, regulations or Executive Orders prohibiting employment discrimination. Executive also represents that Executive has not pledged, given or sold any portion of any claim discussed in this Agreement to anyone else. 
2.Executive agrees, promises and covenants that neither he, nor any person, organization or any other entity acting on his behalf will file, charge, claim, sue or cause or permit to be filed, charged or claimed, any action for damages or other relief (including injunctive, declaratory, monetary relief or other) against Company, its parents, affiliates and successors and its and their officers, directors, employees, insurers, agents and representatives, involving any matter which occurred in the past up to the date of this Agreement, including any continuing effects thereof, or otherwise involving any claims, demands, causes of action, obligations, damages or liabilities which are the subject of this Agreement. Nothing in this Agreement shall be construed to prohibit Executive from filing a charge with or participating in an investigation or proceeding conducted by the EEOC, the SEC or any other federal agency, the Iowa Civil Rights Commission or a comparable state or local agency.  Notwithstanding the foregoing, Executive hereby waives, releases and forever relinquishes his right to recover monetary damages in any administrative charge he may file.  
3.a.    Executive acknowledges and agrees that it is necessary for Company to prevent the unauthorized use and disclosure of Proprietary and Confidential Information, as defined herein. Accordingly, and in further consideration for the payment set forth in paragraph 1, Executive agrees that he will not, directly or indirectly, (i) engage in or refrain from taking any action that may in any way lead to the disclosure of any Proprietary and Confidential Information regarding Company to any third party (other than a federal or state regulatory agency or body as required pursuant to Section 11 of the Separation Agreement), nor (ii) use any such Proprietary and Confidential Information for his own benefit. Subject to any disclosure required pursuant to Section 11 of the Separation Agreement, Executive specifically agrees and understands that he shall not disclose or communicate to any other person or entity any Proprietary and Confidential Information acquired by him during the course of his employment with the Company. 
b.    For purposes of this Agreement, “Proprietary and Confidential Information” shall mean all information in any form that is proprietary and confidential to Company and shall include, but not be limited to, the following types of information: (i) corporate information, including contractual arrangements, plans, strategies, tactics, policies and resolutions; (ii) any litigation or negotiations; (iii) financial information, including cost and performance data, debt arrangement, equity structure, investors and holdings; (iv) operational information, including trade secrets, control and inspection practices, suppliers and vendors; and (v) personnel information, including personnel lists, resumes, personal data, medical information, compensation, organizational structure and performance evaluations.  Proprietary and Confidential Information does not include information that is or becomes generally part of the public domain without breach of this Agreement by Executive.

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c.    Executive further agrees that any and all Proprietary and Confidential Information is and shall remain the sole and exclusive property of Company, as applicable, and that all physical reproductions of any nature pertaining to any Proprietary and Confidential Information, including, but not limited to, electronic medium, memoranda, notebooks, notes, data sheets and records, and any and all copies of the same, shall be returned to Company immediately.
4.Executive expressly acknowledges this Agreement is intended to include in its effect, without limitation, any and all claims concerning his employment with the Company of which Executive knows or does not know, should have known, had reason to know or suspect existed in Executive's favor at the time of execution hereof.  Executive recognizes this Agreement extinguishes any such claim or claims and that he has no legal recourse, now or in the future, against the Company for any of the claims set forth herein.
5.Executive represents and certifies that he has carefully read, and fully understands, all of the provisions and effects of this Agreement and the Separation Agreement.  Executive further represents and certifies that he entered into this Agreement voluntarily and that neither the Company nor its agents, representatives or attorneys, made any representations concerning the terms or effects of this Agreement other than those contained herein.
6.Should any tax liability, interest or penalties occur under federal or state law or regulations as a result of the payments made pursuant to the Separation Agreement, Executive agrees to be solely responsible for, and to timely pay, Executive’s portion of any and all such obligations.  It is intended that any amounts payable to Executive pursuant to the Separation Agreement be exempt from Internal Revenue Code Section 409A (“Section 409A”), including, but not limited to, as a “short-term deferral” or as “severance pay” described in Treasury Regulations Sections 1.409A-1(b)(4) and 1.409A-1(b)(9)(iii), respectively.  To the extent any amount payable pursuant to the Separation Agreement is subject to Section 409A, the Separation Agreement’s terms and any exercise of authority or discretion by Company or Executive hereunder are intended to comply with and be construed in accordance with Section 409A.
7.This Agreement is made and entered into in the State of Iowa, and shall in all respects be interpreted, enforced and governed under the laws of Iowa without regard to any state’s conflicts of laws principles.  The language of all parts of this Agreement shall in all cases be construed as a whole, according to its fair meaning, and not strictly for or against any of the parties.
8.Should a court declare or determine any provision of this Agreement to be illegal or invalid, the validity of the remaining parts, terms or provisions shall not be affected thereby.  It is the parties’ intent that the part, term or provision declared or determined to be illegal or invalid shall be deemed not to be a part of this Agreement.
9.Pursuant to the terms of the Older Workers’ Benefit Protection Act and the Age Discrimination in Employment Act, Company hereby advises Executive to consult with an attorney prior to signing this Agreement.  Executive acknowledges that:
a.He is entering into this Agreement and releasing, waiving and discharging rights or claims only in exchange for consideration which he is not already entitled to receive;
b.He has been advised to consult with an attorney before executing this Agreement, he has consulted or had the opportunity to consult with an attorney of his choosing concerning the terms and conditions of this Agreement prior to signing this Agreement;
c.He has been advised, and is being advised by this Agreement, that he has twenty-one (21) days within which to consider this Agreement, and he hereby acknowledges that in the event that he executes this Agreement prior to the expiration of the twenty-one (21) day period, he waives the balance of said period and acknowledge that his waiver of such period is knowing, voluntary and has not been induced by the Company or any Releasee through fraud, misrepresentation, or threat; and
d.This Agreement waives no rights or claims that may arise after its execution.
PLEASE READ CAREFULLY. BY SIGNING THIS DOCUMENT, YOU ARE RELEASING ALL KNOWN CLAIMS.  YOU HAVE A PERIOD OF AT LEAST TWENTY-ONE (21) DAYS TO CONSIDER THIS RELEASE OF CLAIMS.  IF YOU SIGN THIS AGREEMENT YOU WILL HAVE UP TO SEVEN (7) DAYS FOLLOWING THE DATE YOU SIGN IT TO REVOKE YOUR SIGNATURE.  THE RELEASE SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THIS SEVEN (7) DAY PERIOD HAS EXPIRED. 

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10.Should Executive decide to revoke this Agreement after he has signed it, Executive can do so only by delivering a written notification of his revocation, no later than the seventh day after he signs this Agreement, to: American Equity Investment Life Insurance Company, Attention: Chief Human Resources Officer, 6000 Westown Parkway, West Des Moines, IA  50266.  If Executive revokes this Agreement, it shall not be effective or enforceable, and Executive will not receive the severance benefits under the Separation Agreement, other than fifty dollars ($50).
IN WITNESS WHEREOF, and intending to be legally bound hereby, Executive and the Company have executed the foregoing Agreement.

															
	AMERICAN EQUITY INVESTMENT			
	LIFE INSURANCE COMPANY			
					
	By:	/s/ Jennifer Bryant		6/16/2021	
		Executive Vice President		Date	
		Chief Human Resources Officer			
					
					
	EXECUTIVE			
		/s/ Ted M. Johnson		6/11/2021	
		Ted M. Johnson		Date	
					

10EX-10.31(a)

 Exhibit 10.31(a) 

AMENDMENT NUMBER ONE 
 to the 

SECOND AMENDED AND RESTATED MASTER LOAN AND SECURITY AGREEMENT 

Dated as of June 23, 2021, 

among 
 OP SPE BORROWER PARENT, LLC,

 OP SPE PHX1, LLC, 
 OP SPE
TPA1, LLC 
 and 
 CITIBANK, N.A.

 This AMENDMENT NUMBER ONE (this “Amendment Number One”) is made this
16th day of July, 2021 (the “Amendment Effective Date”), among OP SPE BORROWER PARENT, LLC (“Parent Borrower”), and OP SPE PHX1, LLC and OP SPE TPA1, LLC; (each,
a “Borrower” and collectively with Parent Borrower, Borrowers”) and CITIBANK, N.A. (“Lender”), to the Second Amended and Restated Master Loan and Security Agreement, dated as of June 23, 2021, among
Borrowers, Lender and Wells Fargo Bank, N.A. as calculation agent and paying agent, as such agreement may be amended from time to time (the “Loan Agreement”). Capitalized terms used but not otherwise defined herein shall have the
meanings assigned to such terms in the Agreement. 
 RECITALS 

WHEREAS, Borrowers and Lender have agreed to amend the Loan Agreement as more specifically set forth herein; and 

WHEREAS, as of the date hereof, Borrowers represent to Lender that the Relevant Parties are in full compliance with all of the terms and
conditions of the Loan Agreement and each other Loan Document and no Default or Event of Default has occurred and is continuing under the Loan Agreement or any other Loan Document. 

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and for the mutual covenants
herein contained, the parties hereto hereby agree as follows: 
 SECTION 1. Amendments. Effective as of the Amendment Effective
Date, the Loan Agreement is hereby amended as follows: 
 (a) Section 1.01 of the Loan Agreement is hereby amended by
deleting the definitions of “Available Tenor”, “Benchmark”, “Benchmark Replacement Conforming Changes” “Benchmark Transition Event”, “Daily Simple SOFR”,
“Early Opt-in Election”, “Floor”, “SOFR”, and “Term SOFR”, in each of their respective entirety and replacing them with the following, as
applicable and in each case in the appropriate alphabetical order: 
 “Available Tenor” means, as of any date of
determination and with respect to the then-current Benchmark, as applicable, (x) if the then-current Benchmark is a term rate, any tenor for such Benchmark that is or may be used for determining the length of an Interest Period or
(y) otherwise, any payment period for interest calculated with reference to such Benchmark, as applicable, pursuant to this Loan Agreement as of such date. 

 “Benchmark” means, initially, LIBOR; provided that if a replacement of the
Benchmark has occurred pursuant to Section 2.13, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate. Any reference to “Benchmark”
shall include, as applicable, the published component used in the calculation thereof. Notwithstanding anything to the contrary herein, Lender shall have the sole discretion to re-set the Benchmark on a daily
basis. 
 “Benchmark Replacement” means, for any Available Tenor: 

(1) For purposes of clause (a) of Section 2.13, the first alternative set forth below that can be determined by Lender: 

(a) the sum of: (i) Term SOFR and (ii) 0.11448% (11.448 basis points) for an Available Tenor of one-month’s duration, 0.26161% (26.161 basis points) for an Available Tenor of three-months’ duration, 0.42826% (42.826 basis points) for an Available Tenor of
six-months’ duration and 0.71513% (71.513 basis points) for an Available Tenor of twelve-months’ duration; provided, that if any Available Tenor of LIBOR does not correspond to an Available Tenor of
Term SOFR, the Benchmark Replacement for such Available Tenor of LIBOR shall be the closest corresponding Available Tenor (based on tenor) for Term SOFR and if such Available Tenor of LIBOR corresponds equally to two Available Tenors of Term SOFR,
the corresponding tenor of Term SOFR with the shorter duration shall be applied, or 
 (b) the sum of: (i) Daily Simple
SOFR and (ii) the spread adjustment selected or recommended by the Relevant Governmental Body for the replacement of the tenor of LIBOR with a SOFR-based rate having approximately the same length as the interest payment period specified in
clause (a) of Section 2.13 (which spread adjustment, for the avoidance of doubt, shall be 0.11448% (11.448 basis points); and 

(2) For purposes of clause (b) of Section 2.13, the sum of (a) the alternate benchmark rate and (b) an adjustment (which
may be a positive or negative value or zero), in each case, that has been selected by Lender as the replacement for such Available Tenor of such Benchmark giving due consideration to any evolving or then-prevailing market convention, including any
applicable recommendations made by the Relevant Governmental Body, for U.S. dollar- denominated syndicated or bilateral credit facilities at such time; provided that, if the Benchmark Replacement as determined pursuant to clause (1) or (2)
above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Loan Agreement and the other Loan Documents. 

“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or
operational changes (including changes to the definition of “LIBOR,” the definition of “Business Day,” the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest,
timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the applicability of breakage provisions, the formula for calculating any successor rates identified pursuant to the
definition of “Benchmark Replacement”, the formula, methodology or convention for applying the 

 
successor Floor to the successor Benchmark Replacement and other technical, administrative or operational matters) that Lender decides may be appropriate to reflect the adoption and
implementation of such Benchmark Replacement and to permit the administration thereof by Lender in a manner substantially consistent with market practice (or, if Lender decides that adoption of any portion of such market practice is not
administratively feasible or if Lender determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as Lender decides is reasonably necessary in connection with the
administration of this Loan Agreement and the other Loan Documents). 
 “Benchmark Transition Event” means, with respect to
any then-current Benchmark other than LIBOR, the occurrence of one or more of the following events: a public statement or publication of information by or on behalf of the administrator of the then-current Benchmark, the regulatory supervisor for
the administrator of such Benchmark, the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark, a resolution authority with
jurisdiction over the administrator for such Benchmark or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark, announcing or stating that (a) such administrator has ceased or will cease
on a specified date to provide all Available Tenors of such Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of
such Benchmark or (b) all Available Tenors of such Benchmark are or will no longer be representative of the underlying market and economic reality that such Benchmark is intended to measure and that representativeness will not be restored. 

“Daily Simple SOFR” means, for any day, SOFR, with the conventions for this rate (which will include a lookback) being
established by Lender in accordance with the conventions for this rate recommended by the Relevant Governmental Body for determining “Daily Simple SOFR” for bilateral business loans; provided, that if Lender decides that any such
convention is not administratively feasible for Lender, then Lender may establish another convention in its reasonable discretion. 

“Early Opt-in Election” means the occurrence of the following: 

(1) a determination by Lender that at least five currently outstanding U.S. dollar-denominated syndicated or bilateral credit facilities in the
U.S. syndicated or bilateral loan market at such time contain (as a result of amendment or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other rate based upon SOFR) as a benchmark rate (and such credit facilities are
identified in the notice to Borrowers described in clause (2) below and are publicly available for review), and 
 (2) the joint
election by Lender and Borrowers to trigger a fallback from LIBOR. 
 “Floor” has the meaning assigned to such term in the
Pricing Side Letter. 
 “SOFR” means a rate per annum equal to the secured overnight financing rate for such Business Day
published by the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate) on the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org (or any successor source for the
secured overnight financing rate identified as such by the administrator of the secured overnight financing rate from time to time). 

 “Term SOFR” means, for the applicable corresponding tenor, the
forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body. 
 (b) Section 1.01 of the
Loan Agreement is hereby further amended by adding the following new definitions of “Early Opt-in Effective Date”, “Operating Company”, “Restricted Participant” and “USD
LIBOR” in each case in the appropriate alphabetical order: 
 “Early Opt-in Effective
Date” means, with respect to any Early Opt-in Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election is provided to
Borrowers. 
 “Operating Company” shall mean an entity that is primarily engaged, directly or through a majority owned subsidiary
or subsidiaries, in the production or sale of a product or service other than the investment of capital. 
 “Restricted
Participant” shall mean (i) an Operating Company, or (ii) a direct competitor of Borrowers and their affiliates set forth in a written notice delivered to Lender by a Relevant Party from time to time; provided that, in no event shall any bank
or insurance company be a Restricted Participant without the prior written consent of Lender. 
 “USD LIBOR” means the
London interbank offered rate for U.S. dollars. 
 (c) Section 1.03 of the Loan Agreement is hereby amended by deleting the second and third
paragraph therein in its entirety and replacing them with the following: 
 Except where otherwise provided in this Loan Agreement, any
determination, consent, approval, statement or certificate made or confirmed in writing with notice to Borrowers by Lender or an authorized officer of Lender provided for in this Loan Agreement is conclusive and binds the parties in the absence of
manifest error. A reference to an agreement includes a security interest, guarantee, agreement or legally enforceable arrangement whether or not in writing related to such agreement. Any Default or Event of Default hereunder shall be deemed to be
continuing unless explicitly waived in writing by Lender in its sole and absolute discretion and once waived in writing by Lender shall be deemed to be not continuing, subject to and in accordance with the terms and conditions of any applicable
waiver. 
 A reference to a document includes an agreement (as so defined) in writing or a certificate, notice, instrument or document, or
any information recorded in computer disk form or electronic readable form. Where Borrowers are required to provide any document to Lender under the terms of this Loan Agreement, the relevant document shall be provided in writing or printed form
unless Lender requests otherwise. At the request of Lender, such document shall be provided in computer disk form, electronic readable form or both printed and computer disk or electronic readable form. 

(d) Sections 2.04 and 2.08 of the Loan Agreement are each hereby amended by deleting the references to “LIBO Base Rate” and
replacing them with “Benchmark.” 
 (e) Section 2 of the Loan Agreement is hereby amended by adding the following new
Section 2.13 at the end of such Section 2 entitled “Benchmark Replacement Setting; Benchmark Replacement”: 

2.13 Benchmark Replacement Setting; Benchmark Replacement. Notwithstanding anything to the contrary herein or in any
other Loan Document: 

 (a) Replacing USD LIBOR. On March 5, 2021 the Financial Conduct Authority
(“FCA”), the regulatory supervisor of USD LIBOR’s administrator (“IBA”), announced in a public statement the future cessation or loss of representativeness of overnight/Spot Next,
1-month, 3-month, 6-month and 12- month USD LIBOR tenor settings. On the earlier of
(i) the date that all Available Tenors of USD LIBOR have either permanently or indefinitely ceased to be provided by IBA or have been announced by the FCA pursuant to public statement or publication of information to be no longer representative
and (ii) the Early Opt-in Effective Date, if the then-current Benchmark is LIBOR, the Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of
any setting of such Benchmark on such day and all subsequent settings without any amendment to, or further action or consent of any other party to this Loan Agreement or any other Loan Document. If the Benchmark Replacement is Daily Simple SOFR, all
interest payments will be payable on a monthly basis. 
 If LIBOR has been replaced by a Benchmark Replacement pursuant to clause (a) of
this Section 2.13 and (i) the applicable Benchmark Replacement on the effectiveness of such replacement was a Benchmark Replacement other than the Benchmark Replacement provided for in clause (1)(a) of the definition of Benchmark
Replacement, (ii) subsequently, the Relevant Governmental Body recommends for use a forward-looking term rate based on SOFR and Borrower requests that Lender review the administrative feasibility of such recommended forward-looking term rate
for purposes of this Loan Agreement and (iii) following such request from Borrower, Lender determines (in its sole discretion) that such forward looking term rate is administratively feasible for Lender, then Lender may (in its sole discretion)
provide Borrowers with written notice that from and after a date identified in such notice the rate determined in accordance with clause (1)(a) of the definition of “Benchmark Replacement” shall replace the then current Benchmark for all
purposes hereunder; provided, however, that such forward looking term rate shall be deemed to be the forward looking term rate referenced in the definition of “Term SOFR” for all purposes hereunder or under any Loan Document in respect of
any Benchmark setting and any subsequent Benchmark settings, without any amendment to, or further action or consent of any other party to, this Loan Agreement or any other Loan Document. For the avoidance of doubt, if the circumstances described in
the immediately preceding sentence shall occur, all applicable provisions set forth in this Section 2.13 shall apply with respect to such election of Lender as completely as if such forward-looking term rate was initially determined in
accordance with clause (1)(a) of the definition of “Benchmark Replacement”, including, without limitation, the provisions set forth in clauses (c) and (f) of this Section 2.13. 

(b) Replacing Future Benchmarks. Upon the occurrence of a Benchmark Transition Event, the Benchmark Replacement will replace the
then-current Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to Borrowers
without any amendment to this Loan Agreement or any other Loan Document, or further action or consent of Borrowers. At any time that the administrator of the then-current Benchmark has permanently or indefinitely ceased to provide such Benchmark or
such Benchmark has been announced by the regulatory supervisor for the administrator of such Benchmark pursuant to public statement or publication of information to be no longer representative of the underlying market and economic reality that such
Benchmark is 

 
intended to measure and that representativeness will not be restored, Borrowers may revoke any request for a Transaction, conversion to or continuation of Transactions to be made, converted or
continued that would bear interest by reference to such Benchmark until Borrowers’ receipt of notice from Lender that a Benchmark Replacement has replaced such Benchmark. 

(c) Benchmark Replacement Conforming Changes. In connection with the implementation and administration of a Benchmark Replacement,
Lender will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming
Changes will become effective without any further action or consent of any other party to this Loan Agreement. 
 (d) Notices; Standards
for Decisions and Determinations. Lender will promptly notify Borrowers of (i) the implementation of any Benchmark Replacement and (ii) the effectiveness of any Benchmark Replacement Conforming Changes. For the avoidance of doubt, any
notice required to be delivered by Lender as set forth in this Section 2.13 may be provided, at the option of Lender (in its sole discretion), in one or more notices and may be delivered together with, or as part of any amendment which
implements any Benchmark Replacement or Benchmark Replacement Conforming Changes. Any determination, decision or election that may be made by Lender pursuant to this Section, including any determination with respect to a tenor, rate or adjustment or
of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may be made in its
sole discretion and without consent from any other party hereto, except, in each case, as expressly required pursuant to this Section 2.13. 

(e) Unavailability of Tenor of Benchmark. At any time (including in connection with the implementation of a Benchmark Replacement), (i)
if the then-current Benchmark is a term rate (including Term SOFR or LIBOR), then Lender may remove any tenor of such Benchmark that is unavailable or non-representative for Benchmark (including Benchmark
Replacement) settings and (ii) Lender may reinstate any such previously removed tenor for Benchmark (including Benchmark Replacement) settings. 

(f) Disclaimer. Lender does not warrant or accept any responsibility for, and shall not have any liability with respect to (i) the
administration, submission or any other matter related to the London interbank offered rate or other rates in the definition of “Eurodollar Rate” or with respect to any alternative or successor rate thereto, or replacement rate thereof
(including, without limitation any Benchmark Replacement implemented hereunder), (ii) the composition or characteristics of any Benchmark Replacement, including whether it is similar to, or produces the same value or economic equivalence to LIBOR
(or any other Benchmark) or have the same volume or liquidity as did LIBOR (or any other Benchmark), (iii) any actions or use of its discretion or other decisions or determinations made with respect to any matters covered by this Section 2.13
including, without limitation, whether or not a Benchmark Transition Event has occurred, the removal or lack thereof of unavailable or non-representative tenors, the implementation or lack thereof of any
Benchmark Replacement Conforming Changes, the delivery or non-delivery of any notices required by Section 2.13(d) above or otherwise in accordance herewith, and (iv) the effect of any of the
foregoing provisions of this Section 2.13. 

 (f) Section 14.05 of the Loan Agreement is hereby amended by deleting such
section in its entirety and replacing it with the following: 
 14.05 Successors and Assigns. (a)(i) This Loan
Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns and (ii) each Participant (as defined below) and each Lender assignee shall be subject to the requirements set
forth in the confidentiality agreement in the form of Exhibit E attached hereto. Lender may from time to time assign all or a portion of its rights and obligations under this Loan Agreement and the other Loan Documents to (a) any Affiliate of
Lender, or (b) any other Person with prior written consent of Borrowers (such consent not to be unreasonably withheld or delayed); provided, that the foregoing shall not limit Lender’s ability to pledge or assign a security interest in all
or any portion of its rights under this Loan Agreement to secure obligations of Lender pursuant to Section 14.05(c). Lender acknowledges and agrees that it shall be considered reasonable for a Borrower to withhold its consent in connection with
any assignment to a competitor of such Borrower or any of its Affiliates. Notwithstanding anything herein to the contrary, following the occurrence and during the continuance of an Event of Default, Lender shall be entitled to assign its rights and
obligations under this Loan Agreement or issue one or more participation interests to any Person without the consent of Borrowers. Lender, acting solely for this purpose as an agent of Borrowers, shall maintain a register on which it enters the name
and address of each Participant and each Lender assignee, and the principal amounts (and stated interest) of each Participant’s and each Lender assignee’s interest in the rights and obligations under this Loan Agreement and related Loan
Documents (the “Register”). No assignment shall be effective unless recorded in the Register. The entries in the Register shall be conclusive absent manifest error, and Borrowers and their respective affiliates and Lender shall
treat each person whose name is recorded in the Register as the owner of the related participation or assignment for purposes of this Loan Agreement. The Register shall be available for inspection by Borrowers, Lender and other parties hereto at any
reasonable time and from time to time upon reasonable prior notice. 
 (b) Lender may, in accordance with applicable law, at
any time, upon at least five (5) Business Days’ notice to the Borrowers, sell to one or more entities (“Participants”) participating interests in this Loan Agreement, its agreement to make Advances, or any other interest
of Lender hereunder and under the other Loan Documents; provided that, unless an Event of Default has occurred and is continuing, Lender shall not issue one or more participation interests to a Restricted Participant without the prior written
consent of Borrowers; provided further that Lender shall not be required to provide advance notice to Borrowers with respect to participating interests to the Federal Reserve Bank. In the event of any such sale by Lender of participating interests
to a Participant, Lender’s obligations under this Loan Agreement to Borrowers shall remain unchanged, Lender shall remain solely responsible for the performance thereof and Borrowers shall continue to deal solely and directly with Lender in
connection with Lender’s rights and obligations under this Loan Agreement and the other Loan Documents. Each Borrower agrees that if amounts outstanding under this Loan Agreement are due or unpaid, or shall have been declared or shall have
become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Loan
Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Loan Agreement; provided, that such Participant shall only be entitled to such right of
set-off if it shall have agreed in the agreement pursuant to which it shall have acquired its participating interest to share with Lender the proceeds thereof. For the avoidance of doubt, any amounts that are set-off pursuant to the foregoing shall pay, prepay, repay, discharge or otherwise satisfy the obligations owed to the applicable Participant and Lender by the Borrowers in an amount equal to the amount of such set-off. 

 (c) Lender may furnish any information concerning a Borrower or any of its
Subsidiaries in the possession of Lender from time to time to assignees and Participants (including prospective assignees and Participants) only after notifying Borrowers in writing and securing signed confidentiality statements and only for the
sole purpose of evaluating assignments or participations and for no other purpose. For the avoidance of doubt, no signed confidentiality statements shall be required in the event information concerning a Borrower or any of its Subsidiaries in the
possession of Lender from time to time is furnished to the Federal Reserve Bank in connection with a repledge or rehypothecation or other financing of Advances to the Federal Reserve Bank. 

(d) Each Borrower agrees to reasonably cooperate with Lender in connection with any such assignment and/or participation, to
execute and deliver replacement notes, and to enter into such restatements of, and amendments, supplements and other modifications to, this Loan Agreement and the other Loan Documents in order to give effect to such assignment and/or participation,
with any related expenses incurred by each Borrower prior to the continuance of an Event of Default to be paid by Lender. 

(g) The Loan Agreement is hereby amended by adding the following new Section 14.26: 

14.26 Erroneous Payments. (a)(i) If Lender notifies Borrower, Participant, assignee of any party hereto or other
recipient that Lender has determined in its sole discretion that any funds received by such recipient from Lender or any of its Affiliates were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such recipient (whether
or not known to such recipient) (any such funds whether as a payment, prepayment or repayment of principal, interest, fees or other amounts; a distribution or otherwise; individually and collectively, a “Payment” and any such
recipient, an “Unintended Recipient”) and demands the return of such Payment (or a portion thereof), such Unintended Recipient shall promptly, but in no event later than one Business Day thereafter, return to Lender the amount of
any such Payment (or portion thereof) as to which such a demand was made, in immediately available funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such
Unintended Recipient to the date such amount is repaid to Lender in immediately available funds at the greater of the Pricing Rate and a rate determined by Lender in accordance with banking industry rules on interbank compensation from time to time
in effect. Any Payment shall at all times remain the property of Lender and shall be held in trust by the applicable Unintended Recipient for the benefit of Lender until repaid to Lender pursuant to this
Section 14.26(a)(i). 
 (ii) To the extent permitted by applicable law, neither Borrower nor any
other party hereto (other than Lender) shall assert any right or claim to a Payment, and hereby waives, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or
counterclaim by Lender for the return of any Payments received, including without limitation waiver of any defense based on “discharge for value” or any similar doctrine. 

(iii) A notice of Lender to any Unintended Recipient under this clause (a) shall be conclusive, absent manifest error.

 (b) If an Unintended Recipient receives a Payment from Lender (or any of its
Affiliates) 
 (i) that is in a different amount than, or on a different date from, that specified in a notice of payment or
calculation statement sent by Lender(or any of its Affiliates) with respect to such Payment (a “Payment Notice”), 

(ii) that was not preceded or accompanied by a Payment Notice, or 

(iii) that such Unintended Recipient otherwise becomes aware was transmitted, or received, in error or by mistake (in whole or
in part) or any Payment is otherwise inconsistent with such recipient’s or market expectations, 
 in each case, an
error shall be presumed to have been made with respect to such Payment absent written confirmation from Lender to the contrary. Upon demand from Lender, such Unintended Recipient shall promptly, but in no event later than one Business Day
thereafter, return to Lender the amount of any such Payment (or portion thereof) as to which such a demand was made. 
 (c)
Borrowers hereby agree that the receipt by an Unintended Recipient of a Payment shall not pay, prepay, repay, discharge or otherwise satisfy any obligations owed to such Unintended Recipient by Borrowers. 

(d) Without prejudice to the survival of any other agreement of Borrower hereunder, the covenants and obligations of Borrower
contained in this Section 14.26 shall survive the termination of this Loan Agreement, any assignment permitted hereunder, and/or the satisfaction and discharge of all Obligations (or any portion thereof) under any Loan Document. 

SECTION 2. Effectiveness. This Amendment Number One shall become effective as of the date that Lender shall have received
counterparts of this Amendment Number One duly executed by each of the parties hereto. 
 SECTION 3. Fees and Expenses.
Borrowers jointly and severally agree to pay to Lender all reasonable out of pocket costs and expenses incurred by Lender in connection with this Amendment Number One (including all reasonable fees and out of pocket costs and expenses of
Lender’s legal counsel) in accordance with Section 14.03 of the Loan Agreement. 
 SECTION 4. Representations.
Borrowers hereby represent to Lender that as of the date hereof, the Relevant Parties are in full compliance with all of the terms and conditions of the Loan Agreement and each other Loan Document and no Default or Event of Default has occurred and
is continuing under the Loan Agreement or any other Loan Document. 
 SECTION 5. Binding Effect; Governing Law. This Amendment
Number One shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. THIS AMENDMENT NUMBER ONE SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW
YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF (EXCEPT FOR SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW WHICH SHALL
GOVERN). 

 SECTION 6. Counterparts. This Amendment Number One may be executed by each of
the parties hereto on any number of separate counterparts, each of which shall be an original and all of which taken together shall constitute one and the same instrument. The parties agree this Amendment Number One, any documents to be delivered
pursuant to this Amendment Number One and any notices hereunder may be transmitted between them by e-mail and/or by facsimile. The parties intend that faxed signatures and electronically imaged signatures such
as .pdf files and signatures executed using third party electronic signature capture service providers, which comply with the Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act or any
other similar state law based on the Uniform Electronic Transactions Act, shall constitute original signatures and are binding on all parties. The original documents shall be promptly delivered, if requested. 

SECTION 7. Limited Effect. Except as amended hereby, the Loan Agreement shall continue in full force and effect in accordance with
its terms. Reference to this Amendment Number One need not be made in the Loan Agreement or any other instrument or document executed in connection therewith, or in any certificate, letter or communication issued or made pursuant to, or with respect
to, the Loan Agreement, any reference in any of such items to the Loan Agreement being sufficient to refer to the Loan Agreement as amended hereby. 

[Signature Page Follows] 

 IN WITNESS WHEREOF, Borrowers and Lender have caused this Amendment Number One to be
executed and delivered by their duly authorized officers as of the Amendment Effective Date. 
  

			
	OP SPE BORROWER PARENT, LLC, as Parent Borrower

 
			
		
	By:	 	/s/ Michael Burnett

 
			
	 Name:
	 	Michael Burnett
	Title:	 	Chief Financial Officer

 
			
	 OP SPE PHX1, LLC

as a Borrower

 
			
		
	By:	 	/s/ Michael Burnett

 
			
	 Name:
	 	 Michael Burnett

	 Title:
	 	Chief Financial Officer

 
			
	 OP SPE TPA1, LLC

as a Borrower

 
			
		
	 By:
	 	/s/ Michael Burnett

 
			
	Name:	 	Michael Burnett
	Title:	 	Chief Financial Officer

 
			
	 CITIBANK, N.A.,

as Lender

 
			
		
	By:	 	/s/ Arunthathi Theivakumaran

 
			
	Name:	 	Arunthathi Theivakumaran
	Title:	 	Vice President

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