SEC Contract Filing

Filing Date: 2024-05-02

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>5
<FILENAME>tm2413201d1_ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.2</B><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>[</B></FONT>AEL
Letterhead<B>]</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>[</B></FONT>Date<B>]</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>[</B></FONT>Name<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>[</B></FONT>Address<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>[</B></FONT>Address<B>]</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear <B>[Name]</B>:</P>

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This letter (this &ldquo;<U>Agreement</U>&rdquo;)
confirms certain payment and reimbursement treatment approved by the Compensation and Talent Management Committee of the Board of Directors
of American Equity Investment Life Holding Company (the &ldquo;<U>Company</U>&rdquo;) in connection with the merger (the &ldquo;<U>Merger</U>&rdquo;)
between the Company and Brookfield Reinsurance Ltd. (&ldquo;<U>Parent</U>&rdquo;) with respect to certain payments that you may become
entitled to receive in connection with the Merger. Capitalized terms used but not otherwise defined in this Agreement have the meanings
given to such terms in the Agreement and Plan of Merger (the &ldquo;<U>Merger Agreement</U>&rdquo;), dated as of July&nbsp;4, 2023, among
the Company, Parent, Arches Merger Sub Inc. and solely for the purposes set forth therein, Brookfield Asset Management Ltd. In the event
that the Merger Agreement terminates pursuant to its terms prior to the closing of the Merger (the &ldquo;<U>Closing</U>&rdquo;), this
Agreement will terminate and be of no force or effect.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Reimbursement
Payments</U>.</P>

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Notwithstanding anything
to the contrary in your Change in Control Agreement with the Company or any other Company Plan, in the event that it shall be determined
that any payment, award, benefit or distribution (or any acceleration of any payment, award, benefit or distribution) by the Company or
any of its affiliated entities (including their respective successors) to or for your benefit (the &ldquo;<U>Payments</U>&rdquo;) would
be subject to the excise tax imposed by Section&nbsp;4999 of the Internal Revenue Code of 1986, as amended (the &ldquo;<U>Code</U>&rdquo;),
or any interest or penalties are incurred by you with respect to such excise tax (such excise tax, together with any such interest and
penalties, the &ldquo;<U>Excise Tax</U>&rdquo;), then the Company shall pay you an additional payment </FONT>(which, for this purpose,
includes withholding and remittance of taxes by Parent, the Company or any of their Affiliates on your behalf) (a &ldquo;<U>Reimbursement
Payment</U>&rdquo;) in an amount such that after payment by you of all taxes (including, without limitation, any income and employment
taxes and any interest and penalties imposed with respect thereto, and any excise tax imposed upon the Reimbursement Payment), you retain
an amount of the Reimbursement Payment equal to the Excise Tax imposed upon the Payments (so as to put you in the same after-tax position
as if no such Excise Tax had been imposed upon the Payments).</P>

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For purposes of determining the amount of the Reimbursement
Payment, you shall be deemed to pay (a)&nbsp;federal income taxes at the highest marginal rates of federal income taxation for the calendar
year in which the Reimbursement Payment is to be made and (b)&nbsp;applicable state and local income taxes at the highest marginal rate
of taxation for the calendar year in which the Reimbursement Payment is to be made.</P>

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