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American Equity Investment Life Holding Co. CEO Wendy Waugaman could receive up to $2.84 million in compensation if she were to be terminated as a result of a change of control at the company. According to the West Des Moines-based company’s proxy statement filed with the Securities and Exchange Commission on April 28, Executive Vice President Debra Richardson could receive as much as $2.58 million in those circumstances, and Chief Financial Officer John Matovina could receive $2.41 million.

The proxy statement also noted changes in the salary and retirement agreement of American Equity founder and current General Chairman David Noble. The board of directors in March raised his salary to $650,000, retroactive to Jan. 1, 2010. When he retires, Noble will continue to receive one-twelfth of his base salary every month for five years. He also will continue to receive health benefits.

The board also approved these base salaries, retroactive to Jan. 1: Waugaman, $550,000; Matovina, $450,000; Richardson, $425,000; and Executive Vice President James Gerlach, $265,000.

The American Equity compensation committee in March approved $50,000 cash bonuses to Noble, Waugaman, Matovina and Richardson, and a $30,000 bonus to Gerlach, “in recognition of the record financial performance of the Company during 2009.”