exv10w23



 






Exhibit 10.23




	 	 	 
	 

	 	EARLY RETIREMENT AGREEMENT
	 
	 	 
	 

	 	     AGREEMENT made on June 1, 1993, between Farm Bureau Life Insurance Company, hereinafter called the
Employer, and William Oddy, hereinafter called the Employee,
	 
	 	 
	 

	 	     WHEREAS, the Employee has been employed by the Employer in an executive capacity for some time, and
it is contemplated that this employment relationship is likely to continue until the retirement of
the Employee at an age of 60 years or over, and
	 
	 	 
	 

	 	      WHEREAS, the present group pension plan of the Employer sets normal retirement age at 65 and it is
in the best interests of the Employer and the Employee to reach an agreement regarding the
supplemental pension benefits to be paid to the Employee by the Employer on early retirement.
	 
	 	 
	 

	 	      NOW
THEREFORE, in consideration of the Employee’s future service to
actual retirement date, the Employer and Employee agree as follows:

	 
	 	 
	Early

Retirement

	 	      1. In the event the Employer feels it to be in the best interests of both the Employee
and the Employer, the Employer may at any time after the Employee reaches
the age of 60 retire the Employee from active service. This provision shall not be
construed to guarantee that the Employee until that age, but rather to be a statement of
policy in the event the employment relationship continues until that time.
	 
	 	 
	Supplemental

Pension

Payments

	 	      2. If the Employer shall choose to retire the Employee after the Employee has reached
the age of 60, but before he shall have attained the age of 65, the Employer shall pay to
the Employee as a supplemental pension payment a sufficient sum monthly so that when added
to the early retirement benefits received by the Employee under the regular group pension
plan of the Employer, the total pension received by the Employee will equal the following
percentages of what the Employee’s normal retirement benefits would have been at age 65 if
his employment had continued to age 65 and his compensation had remained unchanged:






 









 






	 	 	 
	Early 	 	Percentage of Normal
	Retirement
Age	 	Retirement
Benefits
	60
	 	90%
	61
	 	92%
	62
	 	94%
	63
	 	96%
	64
	 	98%






	 	 	 
	Assurance

By

Employer

	 	      3. The Employer assures the Employee that on its books and records it will set up
reserves sufficient in amount, in its opinion, and earmark with the Farm Bureau Life
Insurance Company an equivalent amount of its assets to provide the funds to make the
supplemental payments which may be due hereunder and which may be due under other Early
Retirement Agreements entered into, from time to time, with other executives employed by
the Employer. The deposit with the Farm Bureau Life Insurance Company shall be available
to the Employer to be drawn against to pay supplemental pension payments, but the
supplemental pension payments shall be made by the Employer directly to the Employee, the
intention of the parties being that the said deposit shall be considered a part of the
general assets of the Employer.
	 
	 	 
	Assurance

By

Employee

	 	     4. The Employee assures the Employer that he will not deliberately
permit his work to deteriorate to obtain early retirement hereunder, and in the event he
should deliberately permit deterioration in his work, the Employee forfeits all rights he
may have under this Agreement.
	 
	 	 
	 

	 	This Agreement signed the date and year above first written






	 	 	 	 	 
	 	 	 
	 

	 	 	 	Employer
	 
	 	 	 	 
	 

	 	By	 	 
	 

	 	 	 	 
	 

	 	 	 	President
	 
	 	 	 	 
	 	 	 
	 

	 	 	 	Employee