TERMINATION AGREEMENT AND RELEASE OF ALL CLAIMSTermination Agreement and Release • November 30th, 2009 • FBL Financial Group Inc • Life insurance • Iowa
This confidential Termination Agreement and Release of All Claims (“Agreement”), effective upon the execution of this Agreement, is made and entered into by James W. Noyce (the “Executive”) and FBL Financial Group, Inc. (“FBL” or the “Company”). By signing this Agreement, the Executive and Company agree as follows:
Re: Forbearance Agreement/Dividend ReductionFBL Financial Group Inc • November 30th, 2009 • Life insurance
As you are aware, pursuant to paragraph 7(d) of the royalty agreement between the Iowa Farm Bureau Federation (“IFBF”) and the insurance companies that are managed by FBL, Farm Bureau Mutual Insurance Company and Farm Bureau Life Insurance Company (hereinafter “Insurance Companies”), a reduction in the quarterly dividend by FBL below $.10 per share creates a power of termination of the agreement on the part of the IFBF.
