SEC Contract Filing

Filing Date: 2023-12-14

Document Content:
<DOCUMENT>
<TYPE>EX-10.AK
<SEQUENCE>2
<FILENAME>exhibitak.htm
<DESCRIPTION>EX-10.AK
<TEXT>
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<title>Document</title></head><body><div id="idec348ecda3a4ab78b3b3699e825a1dc_34"></div><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:center"><font><br></font></div><div id="idec348ecda3a4ab78b3b3699e825a1dc_40"></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:700;line-height:100%">Change in Control &#38; Severance Agreement</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">THIS CHANGE IN CONTROL &#38; SEVERANCE AGREEMENT, dated as of December&#160;14, 2023 (this &#8220;Agreement&#8221;), is entered into between and among National Western Life Insurance Company, a Colorado corporation (&#8220;NWLIC&#8221;), National Western Life Group, Inc., a Delaware corporation (&#8220;NWLGI&#8221; and together with NWLIC, &#8220;NWL&#8221;), and Ross R. Moody (the &#8220;Executive&#8221;).</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">NWL and the Executive, intending to be legally bound hereby, agree that upon a Change in Control and upon a subsequent termination of employment, NWL shall take the actions described in Sections&#160;4 and 5 below. Additionally, NWL shall take the actions described in Section 6 below upon NWL&#8217;s termination of the Executive without cause.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%;text-decoration:underline">SECTION&#160;1.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%;padding-left:11.99pt">CHANGE IN CONTROL.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">As used in this Agreement, a &#8220;Change in Control&#8221; shall be deemed to have occurred if&#58;</font></div><div style="margin-bottom:12pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%;padding-left:23.26pt">any person or group of persons (within the meaning of&#160;Section 13(d) of the Securities Exchange Act of 1934 as amended), other than NWLGI or a subsidiary of NWLGI or an employee benefit plan sponsored by NWLGI or a subsidiary of NWLGI, acquires beneficial ownership (as defined in Section&#160;13(d) (directly or indirectly) of (i)&#160;50 percent or more of the outstanding securities of NWLGI entitled to vote in the elections of directors (or securities or rights convertible into or exchangeable for such securities) (&#8220;Stock&#8221;) of NWLGI, or (ii)&#160;Stock having a total number of votes that may be cast and elect a majority of the directors of NWLGI&#59; or</font></div><div style="margin-bottom:12pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%;padding-left:22.61pt">there shall have been a change in a majority of the members of the Board of Directors of NWLGI within a twelve-month period, unless the election or nomination for election by NWLGI&#8217;s stockholders of each new director during such twelve-month period was approved by the vote of two-thirds of the directors then still in office who were directors at the beginning of such twelve-month period&#59; or</font></div><div style="margin-bottom:12pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%;padding-left:23.26pt">the stockholders of NWLGI shall approve (i)&#160;any consolidation, merger, or other reorganization of NWLGI in which NWLGI is not the continuing or surviving corporation or pursuant to which shares of Stock would be converted into cash, securities, or other property, other than a merger of NWLGI in which holders of Stock immediately prior to the merger have either the same proportionate ownership of common stock of the surviving corporation immediately after the merger as immediately before or have more than 50 percent of the ownership of voting common stock of the surviving corporation immediately after the merger, or (ii)&#160;any sale, lease, exchange, or other transfer in one transaction or a series of related transactions of 50 percent or more of the assets of NWLGI&#59; or</font></div><div style="margin-bottom:12pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%;padding-left:22.61pt">there shall occur a liquidation or dissolution of NWLGI.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:100%;text-decoration:underline">SECTION&#160;2