EX-10.1



 Exhibit 10.1 
 REINSURANCE GROUP OF AMERICA, INCORPORATED 
 FLEXIBLE STOCK PLAN 

As Amended and Restated Effective July 1, 1998, and as further amended by 

Amendment on March 16, 2000, Second Amendment on May 28, 2003, 

Third Amendment on May 26, 2004, Fourth Amendment on May 23, 2007, 

Fifth Amendment on May 21, 2008, Sixth Amendment on May 8, 2011, Seventh 

Amendment on May 18, 2011 and Eighth Amendment on May 15, 2013 

  
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 REINSURANCE GROUP OF AMERICA, INCORPORATED 

FLEXIBLE STOCK PLAN 
 TABLE OF
CONTENTS 
  

							
	  	 	  	 	 	  	Page
	ARTICLE I -	 	 NAME AND PURPOSE
	  	
	1.1    	 	 Name
	  	1
	1.2    	 	 Purpose
	  	1
			
	 ARTICLE II -
	 	 DEFINITIONS OF TERMS AND RULES OF CONSTRUCTION
	  	
	2.1    	 	 General Definitions
	  	1
		 	 (a)
	 	 Affiliate
	  	1
		 	 (b)
	 	 Agreement
	  	1
		 	 (c)
	 	 Benefit
	  	1
		 	 (d)
	 	 Board
	  	1
		 	 (e)
	 	 Cash Award
	  	1
		 	 (f)
	 	 Change of Control
	  	1
		 	 (g)
	 	 Code
	  	1
		 	 (h)
	 	 Company
	  	1
		 	 (i)
	 	 Committee
	  	1
		 	 (j)
	 	 Common Stock
	  	2
		 	 (k)
	 	 Effective Date
	  	2
		 	 (l)
	 	 Employee
	  	2
		 	 (m)
	 	 Employer
	  	2
		 	 (n)
	 	 Exchange Act
	  	2
		 	 (o)
	 	 Fair Market Value
	  	2
		 	 (p)
	 	 Fiscal Year
	  	2
		 	 (q)
	 	 ISO
	  	2
		 	 (r)
	 	 NQSO
	  	2
		 	 (s)
	 	 Option
	  	2
		 	 (t)
	 	 Other Stock Based Award
	  	2
		 	 (u)
	 	 Parent
	  	2
		 	 (v)
	 	 Participant
	  	2
		 	 (w)
	 	 Performance Share
	  	2
		 	 (x)
	 	 Plan
	  	2
		 	 (y)
	 	 Restricted Stock
	  	3
		 	 (z)
	 	 Rule 16b-3
	  	3
		 	 (aa)
	 	 SEC
	  	3
		 	 (bb)
	 	 Share
	  	3
		 	 (cc)    
	 	 SAR
	  	3
		 	 (dd)
	 	 Subsidiary
	  	3
	 2.2    
	 	Other Definitions	  	3
	 2.3    
	 	Conflicts in Plan	  	3
			
	 ARTICLE III -
	 	 COMMON STOCK
	  	
	 3.1    
	 	 Number of Shares
	  	3
	 3.2    
	 	 Reusage
	  	3
	 3.3    
	 	 Adjustments
	  	3
			
	 ARTICLE IV -
	 	 ELIGIBILITY
	  	
	 4.1    
	 	 Determined By Committee
	  	4


  
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	 ARTICLE V - ADMINISTRATION

	 5.1
	    	 Committee
	  	4
	 5.2
	    	 Authority
	  	4
	 5.3
	    	 Delegation
	  	5
	 5.4
	    	 Adjudication of Claims
	  	5
	
	 ARTICLE VI - AMENDMENT

	 6.1
	    	 Power of Board
	  	5
	 6.2
	    	 Limitation
	  	5
	
	 ARTICLE VII - TERM AND TERMINATION

	 7.1
	    	 Term
	  	6
	 7.2
	    	 Termination
	  	6
	
	 ARTICLE VIII - MODIFICATION OR TERMINATION OF BENEFITS

	 8.1
	    	 General
	  	6
	 8.2
	    	 Committee’s Right
	  	6
	
	 ARTICLE IX - CHANGE OF CONTROL

	 9.1
	    	 Right of Committee
	  	6
	
	 ARTICLE X - AGREEMENTS AND CERTAIN BENEFITS

	 10.1
	    	 Grant Evidenced by Agreement
	  	7
	 10.2
	    	 Provisions of Agreement
	  	7
	 10.3
	    	 Certain Benefits
	  	7
	
	 ARTICLE XI - TANDEM AWARDS

	 11.1
	    	 Tandem Awards
	  	7
	
	 ARTICLE XII - PAYMENT, DIVIDENDS, DEFERRAL AND WITHHOLDING

	 12.1
	    	 Payment
	  	7
	 12.2
	    	 Dividend Equivalents
	  	8
	 12.3
	    	 Deferral
	  	8
	 12.4
	    	 Withholding
	  	8
	
	 ARTICLE XIII - OPTIONS

	 13.1
	    	 Types of Options
	  	8
	 13.2
	    	 Shares for ISOs
	  	8
	 13.3
	    	 Grant of ISOs and Option Price
	  	8
	 13.4
	    	 Other Requirements for ISOs
	  	8
	 13.5
	    	 NQSOs
	  	8
	 13.6
	    	 Determination by Committee
	  	8
	 13.7
	    	 Limitation Shares Covered by Options
	  	9
	
	 ARTICLE XIV - SARS

	 14.1
	    	 Grant and Payment
	  	9
	 14.2
	    	 Grant of Tandem Award
	  	9
	 14.3
	    	 ISO Tandem Award
	  	9
	 14.4
	    	 Payment of Award
	  	9
	 14.5
	    	 Limitation on SARs.
	  	9
	
	 ARTICLE XV - RESTRICTED STOCK



  
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	 15.1
	    	Description	  	9
	 15.2
	    	Cost of Restricted Stock	  	10
	 15.3
	    	Non-Transferability	  	10
		
	 ARTICLE XVI - PERFORMANCE SHARES
	  	
	 16.1
	    	Description	  	10
	 16.2
	    	Grant	  	10
	
	 ARTICLE XVII - CASH AWARDS

	 17.1
	    	Grant	  	10
	 17.2
	    	Limitation on Amount	  	10
	 17.3
	    	Restrictions	  	10
		
	 ARTICLE XVIII - OTHER STOCK BASED AWARDS AND OTHER BENEFITS
	  	
	 18.1
	    	Other Stock Based Awards	  	10
	 18.2
	    	Other Benefits	  	10
		
	 ARTICLE XIX - MISCELLANEOUS PROVISIONS
	  	
	 19.1
	    	Underscored References	  	11
	 19.2
	    	Number and Gender	  	11
	 19.3
	    	Governing Law	  	11
	 19.4
	    	Purchase for Investment	  	11
	 19.5
	    	No Employment Contract	  	11
	 19.6
	    	No Effect on Other Benefits	  	11
		
	 APPENDIX A
	  	12


  
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 Reinsurance Group of America, Incorporated 

FLEXIBLE STOCK PLAN 

ARTICLE I 
 NAME AND
PURPOSE 
 1.1 Name. The name of this Plan is the “Reinsurance Group of America, Incorporated Flexible
Stock Plan.” 
 1.2 Purpose. The Company has established this Plan to attract, retain, motivate and reward
Employees and other individuals, to encourage ownership of the Company’s Common Stock by Employees and other individuals, and to promote and further the best interests of the Company by granting cash and other awards. 

ARTICLE II 
 DEFINITIONS OF
TERMS AND RULES OF CONSTRUCTION 
 2.1 General Definitions. The following words and phrases, when used in the
Plan, unless otherwise specifically defined or unless the context clearly otherwise requires, shall have the following respective meanings: 
 (a) Affiliate. A Parent or Subsidiary of the Company. 
 (b) Agreement.
The document which evidences the grant of any Benefit under the Plan and which sets forth the Benefit and the terms, conditions and provisions of, and restrictions relating to, such Benefit. 

(c) Benefit. Any benefit granted to a Participant under the Plan. 

(d) Board. The Board of Directors of the Company. 

(e) Cash Award. A Benefit payable in the form of cash. 

(f) Change of Control. The acquisition, without the approval of the Board, by any person or entity, other than the Company
or a Related Entity, of more than 20% of the outstanding Shares through a tender offer, exchange offer or otherwise; the liquidation or dissolution of the Company following a sale or other disposition of all or substantially all of its assets; a
merger or consolidation involving the Company which results in the Company not being the surviving parent corporation; or any time during any two-year period in which individuals who constituted the Board at the start of such period (or whose
election was approved by at least two-thirds of the then members of the Board who were members at the start of the two-year period) do not constitute at least 50% of the Board for any reason. A Related Entity is the Parent, a Subsidiary or any
employee benefit plan (including a trust forming a part of such a plan) maintained by the Parent, the Company or a Subsidiary. 
 (g) Code. The Internal Revenue Code of 1986, as amended. Any reference to the Code includes the regulations promulgated pursuant to the Code. 

(h) Company. Reinsurance Group of America, Incorporated. 

(i) Committee. The Committee described in Section 5.1. 

  
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 (j) Common Stock. Any class of the Company’s common stock. 

(k) Effective Date. The date that the Plan is approved by the shareholders of the Company which must occur within one year
before or after approval by the Board. Any grants of Benefits prior to the approval by the shareholders of the Company shall be void if such approval is not obtained. 

(l) Employee. Any person employed by the Employer. 

(m) Employer. The Company and all Affiliates. 

(n) Exchange Act. The Securities Exchange Act of 1934, as amended. 

(o) Fair Market Value. The closing price of Shares on the New York Stock Exchange on a given date, or, in the absence of
sales on a given date, the closing price on the New York Stock Exchange on the last day on which a sale occurred prior to such date. 
 (p) Fiscal Year. The taxable year of the Company which is the calendar year. 

(q) ISO. An Incentive Stock Option as defined in Section 422 of the Code. 

(r) NQSO. A Non-Qualified Stock Option, which is an Option that does not qualify as an ISO. 

(s) Option. An option to purchase Shares granted under the Plan. 

(t) Other Stock Based Award. An award under ARTICLE XVIII that is valued in whole or in part by reference to, or is
otherwise based on, Common Stock. 
 (u) Parent. Any corporation (other than the Company or a Subsidiary) in an
unbroken chain of corporations ending with the Company, if, at the time of the grant of an Option or other Benefit, each of the corporations (other than the Company or a Subsidiary) owns stock possessing 50% or more of the total combined voting
power of all classes of stock in one of the other corporations in such chain. The Company’s present Parent is General American Life Insurance Company. 
 (v) Participant. An individual who is granted a Benefit under the Plan. Benefits may be granted only to Employees, employees and owners of entities which are not Affiliates but which have a direct or
indirect ownership interest in an Employer or in which an Employer has a direct or indirect ownership interest, individuals who, and employees and owners of entities which, are customers and suppliers of an Employer, individuals who, and employees
and owners of entities which, render services to an Employer, and individuals who, and employees and owners of entities which, have ownership or business affiliations with any individual or entity previously described. 

(w) Performance Share. A Share awarded to a Participant under ARTICLE XVI of the Plan. 

(x) Plan. The Reinsurance Group of America, Incorporated Flexible Stock Plan and all amendments and supplements to it.

  

  
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 (y) Restricted Stock. Shares issued under ARTICLE XV of the Plan.

 (z) Rule 16b-3. Rule 16b-3 promulgated by the SEC under the Exchange Act, as amended, or any successor rule in
effect from time to time. 
 (aa) SEC. The Securities and Exchange Commission. 

(bb) Share. A share of Common Stock. 

(cc) SAR. A Stock Appreciation Right, which is the right to receive an amount equal to the appreciation, if any, in the Fair
Market Value of a Share from the date of the grant of the right to the date of its payment. 
 (dd) Subsidiary. Any
corporation, other than the Company, in an unbroken chain of corporations beginning with the Company if, at the time of grant of an Option or other Benefit, each of the corporations, other than the last corporation in the unbroken chain, owns stock
possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. 
 2.2 Other Definitions. In addition to the above definitions, certain words and phrases used in the Plan and any Agreement may be defined in other portions of the Plan or in such Agreement. 

2.3 Conflicts in Plan. In the case of any conflict in the terms of the Plan relating to a Benefit, the provisions in the
ARTICLE of the Plan which specifically grants such Benefit shall control those in a different ARTICLE. 
 ARTICLE III 

COMMON STOCK 
 3.1 Number of Shares. The number of Shares which may be issued or sold or for which Options, SARs or Performance Shares may be granted under the Plan shall be 13,360,077 Shares. Such Shares may be authorized
but unissued Shares, Shares held in the treasury, or both.1 

3.2 Reusage. If an Option or SAR expires or is terminated, surrendered, or cancelled without having been fully exercised, if
Restricted Shares or Performance Shares are forfeited, or if any other grant results in any Shares not being issued, the Shares covered by such Option or SAR, grant of Restricted Shares, Performance Shares or other grant, as the case may be, shall
again be available for use under the Plan. 
 3.3 Adjustments. If there is any change in the Common Stock of the
Company by reason of any stock dividend, spin-off, split-up, spin-out, recapitalization, merger, consolidation, reorganization, combination or exchange of shares, the number of SARs and number and class of shares available for Options and grants of
Restricted Stock, Performance Shares and Other Stock Based Awards and the number of Shares subject to outstanding Options, SARs, grants of Restricted Stock and Performance. 

  
  

1 As amended by Amendment on March 16, 2000, Second Amendment on May 28, 2003, Third Amendment on May 26, 2004, Fourth Amendment on May 23, 2007, Seventh Amendment on May 18, 2011,
and Eighth Amendment on May 15, 2013. 
  
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Shares which are not vested, and Other Stock Based Awards, and the price thereof, as applicable, shall be appropriately adjusted by the Committee. 

ARTICLE IV 
 ELIGIBILITY

 4.1 Determined By Committee. The Participants and the Benefits they receive under the Plan shall be
determined solely by the Committee. In making its determinations, the Committee shall consider past, present and expected future contributions of Participants and potential Participants to the Employer, including, without limitation, the performance
of, or the refraining from the performance of, services. 
 ARTICLE V 

ADMINISTRATION 
 5.1 Committee. The Plan shall be administered by the Committee. The Committee shall consist of three or more members of the Board each of whom is a “Non-Employee Director” as defined in
Rule 16b-3 and who is an “outside director” as defined in Code Section 162(m)(4)(C)(i). The members of the Committee shall be appointed by and shall serve at the pleasure of the Board, which may from time to time appoint members
in substitution for members previously appointed and fill vacancies, however caused, in the Committee. The Committee may select one of its members as its Chairman and shall hold its meetings at such times and places as it may determine. A majority
of its members shall constitute a quorum. All determinations of the Committee shall be made by a majority of its members. Any decision or determination reduced to writing and signed by a majority of the members shall be fully as effective as if it
had been made by a majority vote at a meeting duly called and held. 
 5.2 Authority. Subject to the terms of the
Plan, the Committee shall have discretionary authority to: 
 (a) determine the individuals to whom Benefits are granted,
the type and amounts of Benefits to be granted and the time of all such grants; 
 (b) determine the terms, conditions and
provisions of, and restrictions relating to, each Benefit granted; 
 (c) interpret and construe the Plan and all
Agreements; 
 (d) prescribe, amend and rescind rules and regulations relating to the Plan; 

(e) determine the content and form of all Agreements; 

(f) determine all questions relating to Benefits under the Plan; 

(g) maintain accounts, records and ledgers relating to Benefits; 

(h) maintain records concerning its decisions and proceedings; 

 

  
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 (i) employ agents, attorneys, accountants or other persons for such purposes as the
Committee considers necessary or desirable; 
 (j) take, at anytime, any action permitted by Section 9.1 irrespective
of whether any Change of Control has occurred or is imminent; and 
 (k) do and perform all acts which it may deem
necessary or appropriate for the administration of the Plan and carry out the purposes of the Plan. 
 5.3
Delegation. Except as required by Rule 16b-3 with respect to grants of Options, Stock Appreciation Awards, Performance Shares, Other Stock Based Awards, or other Benefits to individuals who are subject to Section 16 of the Exchange Act
or as otherwise required for compliance with Rule 16b-3, Code Section 162(m), or other applicable law, the Committee may delegate all or any part of its authority under the Plan to any Employee, Employees or committee. 

5.4 Adjudication of Claims. The Committee shall have full and complete discretionary authority to make all determinations as
to the right to Benefits under the Plan. In the event that a Participant believes he has not received the Benefits to which he is entitled under the Plan, a claim shall be made in writing to the Committee. The claim shall be reviewed by the
Committee. If the claim is approved or denied, in full or in part, the Committee shall provide a written notice of approval or denial within 90 days with, in the case of a denial, the specific reasons for the denial and specific reference to the
provisions of the Plan and/or Agreement upon which the denial is based. A claim shall be deemed denied if the Committee does not take any action within the aforesaid 90 day period. If a claim is denied or deemed denied and a review is desired, the
Participant shall notify the Committee in writing within 60 days of the receipt of notice of denial or the date on which the claim is deemed to be denied, as the case may be. In requesting a review, the Participant may review the Plan or any
document relating to it and submit any written issues and comments he may deem appropriate. The Committee shall then review the claim and provide a written decision within 60 days. This decision, if adverse to the Participant, shall state the
specific reasons for the decision and shall include reference to specific provisions of the Plan and/or Agreement on which the decision is based. The Committee’s decision on review shall be final and binding. 

ARTICLE VI 
 AMENDMENT

 6.1 Power of Board. Except as hereinafter provided, the Board shall have the sole right and power to amend
the Plan at any time and from time to time. 
 6.2 Limitation. The Board may not amend the Plan, without approval
of the shareholders of the Company: 
 (a) in a manner which would cause Options which are intended to qualify as ISOs to
fail to qualify; 
 (b) in a manner which would cause the Plan to fail to meet the requirements of Rule 16b-3 or Code
Section 162(m); or 
 (c) in a manner which would violate applicable law. 

  
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 ARTICLE VII 
 TERM AND TERMINATION 
 7.1 Term. The Plan shall commence as of the
Effective Date and, subject to the terms of the Plan, including those requiring approval by the shareholders of the Company and those limiting the period over which ISOs or any other Benefits may be granted, shall continue in full force and effect
until terminated. 
 7.2 Termination. The Plan may be terminated at any time by the Board. 

ARTICLE VIII 
 MODIFICATION
OR TERMINATION OF BENEFITS 
 8.1 General. Subject to the provisions of Section 8.2, the amendment or
termination of the Plan shall not adversely affect a Participant’s right to any Benefit granted prior to such amendment or termination. 
 8.2 Committee’s Right. Any Benefit granted may be converted, modified, forfeited or cancelled, in whole or in part, by the Committee if and to the extent permitted in the Plan or applicable Agreement or
with the consent of the Participant to whom such Benefit was granted. 
 ARTICLE IX 

CHANGE OF CONTROL 
 9.1 Right of Committee. In order to maintain a Participant’s rights in the event of a Change in Control, the Committee, in its sole discretion, may, in any Agreement evidencing a Benefit, or at any time
prior to, or simultaneously with or after a Change in Control, provide such protection as it may deem necessary. Without, in any way, limiting the generality of the foregoing sentence or requiring any specific protection, the Committee may:

 (a) provide for the acceleration of any time periods relating to the exercise or realization of such Benefit so that
such Benefit may be exercised or realized in full on or before a date fixed by the Committee; 
 (b) provide for the
purchase of such Benefit, upon the Participant’s request, for an amount of cash equal to the amount which could have been attained upon the exercise or realization of such Benefit had such Benefit been currently exercisable or payable;

 (c) make such adjustment to the Benefits then outstanding as the Committee deems appropriate to reflect such
transaction or change; and/or 
 (d) cause the Benefits then outstanding to be assumed, or new Benefits substituted
therefor, by the surviving corporation in such change. 

  
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 ARTICLE X 
 AGREEMENTS AND CERTAIN BENEFITS 
 10.1 Grant Evidenced by Agreement. The
grant of any Benefit under the Plan may be evidenced by an Agreement which shall describe the specific Benefit granted and the terms and conditions of the Benefit. The granting of any Benefit shall be subject to, and conditioned upon, the
recipient’s execution of any Agreement required by the Committee. Except as otherwise provided in an Agreement, all capitalized terms used in the Agreement shall have the same meaning as in the Plan, and the Agreement shall be subject to all of
the terms of the Plan. 
 10.2 Provisions of Agreement. Each Agreement shall contain such provisions that the
Committee shall determine to be necessary, desirable and appropriate for the Benefit granted which may include, but not be limited to, the following with respect to any Benefit: description of the type of Benefit; the Benefit’s duration; its
transferability; if an Option, the exercise price, the exercise period and the person or persons who may exercise the Option; the effect upon such Benefit of the Participant’s death or termination of employment; the Benefit’s conditions;
when, if, and how any Benefit may be forfeited, converted into another Benefit, modified, exchanged for another Benefit, or replaced; and the restrictions on any Shares purchased or granted under the Plan. 

10.3 Certain Benefits. Except as otherwise expressly provided in an Agreement, any Benefit granted to an individual who is
subject to Section 16 of the Exchange Act shall be not transferable other than by will or the laws of descent and distribution and shall be exercisable during his lifetime only by him, his guardian or his legal representative. 

ARTICLE XI 
 TANDEM AWARDS

 11.1 Tandem Awards. Awards may be granted by the Committee in tandem. However, no
Benefit may be granted in tandem with an ISO except SARs.2 

ARTICLE XII 
 PAYMENT,
DIVIDENDS, DEFERRAL AND WITHHOLDING 
 12.1 Payment. Upon the exercise of an Option or in the case of any other
Benefit that requires a payment to the Company, the amount due the Company is to be paid: 
 (a) in cash; 

(b) by the tender to the Company of Shares owned by the optionee and registered in his name having a Fair Market Value equal to the
amount due to the Company; 
  
  

2
 Former Section 11.1 deleted and former Section 11.2 renumbered as 11.1 by Sixth Amendment on May 8, 2011. 

  
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 (c) in other property, rights and credits, including the Participant’s promissory
note if permitted under applicable law; or 
 (d) by any combination of the payment methods specified in (a), (b) and
(c) above. 
 Notwithstanding, the foregoing, any method of payment other than (a) may be used only with the consent of the
Committee or if and to the extent so provided in an Agreement. The proceeds of the sale of Common Stock purchased pursuant to an Option and any payment to the Company for other Benefits shall be added to the general funds of the Company or to the
Shares held in treasury, as the case may be, and used for the corporate purposes of the Company as the Board shall determine. 
 12.2 Dividend Equivalents. Grants of Benefits in Shares or Share equivalents may include dividend equivalent payments or dividend credit rights. 

12.3 Deferral. The right to receive any Benefit under the Plan may, at the request of the Participant, be deferred for such
period and upon such terms as the Committee shall determine, which may include crediting of interest on deferrals of cash and crediting of dividends on deferrals denominated in Shares. 

12.4 Withholding. The Company, at the time any distribution is made under the Plan, whether in cash or in Shares, may
withhold from such distribution any amount necessary to satisfy federal, state and local income tax withholding requirements with respect to such distribution. Such withholding may be in cash or in Shares. 

ARTICLE XIII 
 OPTIONS

 13.1 Types of Options. It is intended that both ISOs and NQSOs may be granted by the Committee under the
Plan. 
 13.2 Shares for ISOs. The number of Shares for which ISOs may be granted on or after the Effective Date
shall not exceed 150,000 Shares. 
 13.3 Grant of ISOs and Option Price. Each ISO must be granted to an Employee
and granted within ten years from the Effective Date. The purchase price for Shares under any ISO shall be no less than the Fair Market Value of the Shares at the time the Option is granted. 

13.4 Other Requirements for ISOs. The terms of each Option which is intended to qualify as an ISO shall meet all
requirements of Section 422 of the Code. 
 13.5 NQSOs. The terms of each NQSO shall provide that such Option
will not be treated as an ISO. The purchase price for Shares under any NQSO shall be equal to or greater than the Fair Market Value of the Shares at the time the Option is granted. 

13.6 Determination by Committee. Except as otherwise provided in Section 13.2 through Section 13.5, the terms of
all Options shall be determined by the Committee. 
  

  
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 13.7 Limitation on Shares Covered by Options. The maximum number of Shares with
respect to which such Options may be granted to any Participant in any 1 year period shall not exceed 200,000 shares. For purposes of the preceding sentence, the Shares covered by an Option that is cancelled shall count against the maximum number of
Shares, and, if the exercise price under an Option is reduced, the transaction shall be treated as a cancellation of the Option and a grant of a new Option. 
 ARTICLE XIV 
 SARS 

14.1 Grant and Payment. The Committee may grant SARs. Upon electing to receive payment of a SAR, a Participant shall receive
payment in cash, in Common Stock, or in any combination of cash and Common Stock, as the Committee shall determine. 

14.2 Grant of Tandem Award. The Committee may grant SARs in tandem with an Option, in which case: the exercise of the Option
shall cause a correlative reduction in SARs standing to a Participant’s credit which were granted in tandem with the Option; and the payment of SARs shall cause a correlative reduction of the Shares under such Option. 

14.3 ISO Tandem Award. When SARs are granted in tandem with an ISO, the SARs shall have such terms and conditions as shall
be required for the ISO to qualify as an ISO. 
 14.4 Payment of Award. SARs shall be paid, to the extent payment
is elected by the Participant (and is otherwise due and payable), as soon as practicable after the date on which such election is made. 
 14.5 Limitation on SARs. The maximum number of SARs which may be granted to any Participant in any 1 year period shall not exceed 200,000 SARs. For purposes of the preceding sentence, any SARs that are
cancelled shall count against the maximum number of SARs, and, if the Fair Market Value of a Share on which the appreciation under a SAR will be calculated is reduced, the transaction shall be treated as a cancellation of the SAR and a grant of a
new SAR.3 

ARTICLE XV 
 RESTRICTED
STOCK 
 15.1 Description. The Committee may grant Benefits in Shares available under ARTICLE III of the
Plan as Restricted Stock. Shares of Restricted Stock shall be issued and delivered at the time of the grant but shall be subject to forfeiture until provided otherwise in the applicable Agreement or the Plan. Each certificate representing Shares of
Restricted Stock shall bear a legend referring to the Plan and the risk of forfeiture of the Shares and stating that such Shares are nontransferable until all restrictions have been satisfied and the legend has been removed. The grantee shall be
entitled to full voting and dividend rights with respect to all shares of Restricted Stock from the date of grant. 
  

 

3 As amended by Seventh Amendment on May 18, 2011. 

 

  
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 15.2 Cost of Restricted Stock. Grants of Shares of Restricted Stock shall be
made at a per Share cost to the Participant equal to par value. 
 15.3 Non-Transferability. Shares of Restricted
Stock shall not be transferable until after the removal of the legend with respect to such Shares. 
 ARTICLE XVI 

PERFORMANCE SHARES 
 16.1 Description. Performance Shares are the right of an individual to whom a grant of such Shares is made to receive Shares or cash equal to the Fair Market Value of such Shares at a future date in
accordance with the terms of such grant. Generally, such right shall be based upon the attainment of targeted profit and/or performance objectives. 
 16.2 Grant. The Committee may grant an award of Performance Shares. The number of Performance Shares and the terms and conditions of the grant shall be set forth in the applicable Agreement. 

ARTICLE XVII 
 CASH AWARDS

 17.1 Grant. The Committee may grant Cash Awards at such times and (subject to Section 17.2) in such
amounts as it deems appropriate. 
 17.2 Limitation on Amount. The Amount of any Cash Award in any Fiscal Year to any
Participant who is subject to Section 16 of the Exchange Act shall not exceed the greater of $100,000 or 50% of his cash compensation (excluding any Cash Award under this ARTICLE XVII) for such Fiscal Year. 

17.3 Restrictions. Cash Awards may be subject or not subject to conditions (such as an investment requirement), restricted
or nonrestricted, vested or subject to forfeiture and may be payable currently or in the future or both. 
 ARTICLE XVIII

 OTHER STOCK BASED AWARDS AND OTHER BENEFITS 

18.1 Other Stock Based Awards. The Committee shall have the right to grant Other Stock Based Awards which may include,
without limitation, the grant of Shares based on certain conditions, the payment of cash based on the performance of the Common Stock, and the grant of securities convertible into Shares. 

18.2 Other Benefits. The Committee shall have the right to provide types of Benefits under the Plan in addition to those
specifically listed, if the Committee believes that such Benefits would further the purposes for which the Plan was established. 

ARTICLE XIX 
 MISCELLANEOUS
PROVISIONS 
  

  
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 19.1 Underscored References. The underscored references contained in the Plan
are included only for convenience, and they shall not be construed as a part of the Plan or in any respect affecting or modifying its provisions. 
 19.2 Number and Gender. The masculine and neuter, wherever used in the Plan, shall refer to either the masculine, neuter or feminine; and, unless the context otherwise requires, the singular shall include
the plural and the plural the singular. 
 19.3 Governing Law. This Plan shall be construed and administered in
accordance with the laws of the State of Missouri. 
 19.4 Purchase for Investment. The Committee may require each
person purchasing Shares pursuant to an Option or other award under the Plan to represent to and agree with the Company in writing that such person is acquiring the Shares for investment and without a view to distribution or resale. The certificates
for such Shares may include any legend which the Committee deems appropriate to reflect any restrictions on transfer. All certificates for Shares delivered under the Plan shall be subject to such stock-transfer orders and other restrictions as the
Committee may deem advisable under all applicable laws, rules and regulations, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate references to such restrictions. 

19.5 No Employment Contract. The adoption of the Plan shall not confer upon any Employee any right to continued employment
nor shall it interfere in any way with the right of the Employer to terminate the employment of any of its Employees at any time. 
 19.6 No Effect on Other Benefits. The receipt of Benefits under the Plan shall have no effect on any benefits to which a Participant may be entitled from the Employer, under another plan or otherwise, or
preclude a Participant from receiving any such benefits. 

  
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 Appendix A4 
 All Performance
Shares granted pursuant to Article XVI of this Plan, and any other compensation granted pursuant to this Plan that is intended to constitute performance based compensation within the meaning of Section 162(m)(4)(C) of the Code, shall be subject
to attainment of one or more of the performance objectives as described in this Appendix A. This Appendix A sets forth all applicable performance objectives upon which a grant of Performance Shares under Sections 16.1 and 16.2 of the Plan or any
other Benefit may be conditioned. 
 The performance objectives for a particular Benefit shall be established in writing in the applicable Agreement. The
performance objectives may be expressed in terms of overall Company performance or the performance of a Subsidiary, division, business unit, or an individual. The performance objectives may be stated in terms of absolute levels or relative to
another company or companies or to an index or indices. 
 The performance objectives shall be based upon any one or more of the performance criteria set
forth below and shall not be based on any other formal or informal performance criteria: 
 •
   operating earnings or income; operating earnings per share; net income; total or net revenues; gross or net premiums; shareholder return and/or value; retained earnings; book value or book value per share; gross or net margin;
profit returns and margins; operating or net cash flow; financial return ratios; return on equity; return on average adjusted equity; return on assets; return on invested capital; earnings per share growth; change in embedded value; embedded value
of new business; 
 •    budget achievement; expenses; expense control; market capitalization; stock
price; market share; working capital; cash available to Company from a subsidiary or subsidiaries; dividends; ratings; business trends; economic value added; and 

•    product development; client development; leadership; project progress; project completion; quality;
customer satisfaction; diversity and corporate governance.” 
  

 

4 Appendix A adopted by Fifth Amendment on May 21, 2008. 

  
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