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Exhibit 4.1  

Amended and Restated

As of February 24, 2004  

  
 

    2002 PRAXAIR, INC. LONG TERM INCENTIVE PLAN    
    

Section 1.    Purpose.    The purpose of the 2002 Praxair, Inc. Long Term Incentive Plan (hereinafter referred to as
the "Plan") is to (a) advance the interests of Praxair, Inc. (the "Company") and its stockholders by providing incentives and rewards to those employees who are in a position to
contribute to the long term growth and profitability of the Company; (b) assist the Company and its subsidiaries and affiliates in attracting, retaining, and developing highly qualified
employees for the successful conduct of their business; and (c) make the Company's compensation program competitive with those of other major employers. 

Section 2.    Definitions.  

        2.1   A
"Change in Control of the Company" shall be deemed to occur if any of the following circumstances shall occur: 

        (i)    individuals
who, on January 1, 2003, constitute the Board (the "Incumbent Directors") cease for any reason to constitute at least a majority of the Board,
provided that any person becoming a director subsequent to January 1, 2003, whose election or nomination for election was approved by a vote of at least two-thirds of the Incumbent
Directors then on the Board (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for director, without objection to such
nomination) shall be an Incumbent Director; provided, however, that no individual elected or nominated as a director of the Company initially as a result of an actual or threatened election contest
with respect to directors or any other actual or threatened solicitation of proxies or consents by or on behalf of any person other than the Board shall be deemed an Incumbent Director; 

        (ii)   any
"person" (as such term is defined in Section 3(a)(9) of the Securities Exchange Act of 1934 (the "Exchange Act") and as used in Sections 13(d)(3) and
14(d)(2) of the Exchange Act) is or becomes a "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing
20% or more of the combined voting power of the Company's then outstanding securities eligible to vote for the election of the Board (the "Company Voting Securities"); provided, however, that the
event described in this paragraph (ii) shall not be deemed to be a Change in Control by virtue of any of the following acquisitions, (A) by the Company or any Subsidiary; (B) by
any employee benefit plan sponsored or maintained by the Company or Subsidiary; (C) by any underwriter temporarily holding securities pursuant to an offering of such securities;
(D) pursuant to a Non-Qualifying Transaction (as defined in paragraph (iii)); or (E) pursuant to any acquisition by a Participant (as defined in Section 2.11)
or any group of persons including a Participant (or any entity controlled by a Participant or any group of persons including a Participant); 

        (iii)  the
consummation of a merger, consolidation, share exchange or similar form of corporate transaction involving the Company or any of its Subsidiaries that requires the
approval of the Company's stockholders, whether for such transaction or the issuance of securities in the transaction (a "Business Combination"), unless immediately following such Business Combination
(A) more than 50% of the total voting power of (x) the corporation resulting from such Business Combination (the "Surviving Corporation"); or (y) if applicable, the ultimate
parent corporation that directly or indirectly has beneficial ownership of 100% of the voting securities eligible to elect directors of the Surviving Corporation (the "Parent Corporation"), is
represented by Company Voting Securities that were outstanding immediately prior to such Business Combination (or, if applicable, shares into which such Company Voting Securities were converted
pursuant to such Business Combination), and such voting power among the holders thereof is in substantially the same proportion as the voting power of such Company Voting Securities among the holders
thereof immediately prior to the Business Combination; (B) no person (other than any employee benefit plan sponsored or maintained by the Surviving Corporation or the Parent Corporation), is or
becomes the beneficial owner, directly or indirectly, of 20% or more of the total voting power of the outstanding voting securities eligible to elect directors of the Parent Corporation (or, if there
is no Parent Corporation, the Surviving Corporation); and (C) at least a majority of the 

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members
of the board of directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation) were Incumbent Directors at the time of the Board's approval of the
execution of the initial agreement providing for such Business Combination (any Business Combination which satisfies all of the criteria specified in (A), (B) and (C) above shall be
deemed to be a "Non-Qualifying Transaction"); or 

        (iv)  The
stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or a sale or disposition of all or substantially all of the
Company's assets. 

        Notwithstanding
the foregoing, a Change in Control of the Company shall not be deemed to occur solely because any person acquires beneficial ownership of more than 20% of the Company
Voting Securities as a result of the acquisition of Company Voting Securities by the Company which reduces the number of Company Voting Securities outstanding; provided, that if after such acquisition
by the Company such person becomes the beneficial owner of additional Company Voting Securities that increases the percentage of outstanding Company Voting Securities beneficially owned by such
person, a Change in Control of the Company shall then occur. 

        2.2   "Code"
means the Internal Revenue Code of 1986, as now or hereafter amended. 

        2.3   "Committee"
shall mean the Compensation and Management Development Committee of the Board of Directors of the Company or such other Committee appointed by the Board for
the purpose of administering this Plan comprising two or more members of the Board who are "non-employee" directors within the meaning of Rule 16b-3 under the Exchange
Act. 

        2.4   "Disability"
means a Participant's inability to engage in any substantial gainful activity because of any medically determinable physical or mental impairment which can
be expected to result in death or which has lasted, or can be expected to last, for a continuous period of six months or longer. 

        2.5   "Eligible
Employee" means any employee of the Company or of a participating Subsidiary or Affiliate of the Company except those union-represented employees where no
agreement has been reached with their collective bargaining representative for their participation in this Plan. No "Eligible Employee" shall be a member of the Committee. 

        2.6   "Exchange
Act" shall mean the Securities Exchange Act of 1934, as amended. 

        2.7   "Executive
Officer" shall mean an Executive Officer of the Company, as such term is defined within the meaning of the Exchange Act or for purposes of Section 16
of the Exchange Act. 

        2.8   "Incentive
Stock Option" means any stock option granted pursuant to this Plan which is designated as such by the Committee and which complies with Section 422 of
the Code. 

        2.9   "Market
Price" is the mean of the high and low prices of the Common Stock of the Company as reported in the New York Stock Exchange-Composite Transactions on the date
for which a Market Price is to be determined under this Plan (or on the next preceding day such Stock was traded on a stock exchange included in the New York Stock Exchange-Composite Transactions if
it was not traded on any such exchange on such date). 

        2.10 "Non-Qualified
Stock Option" means any stock option granted pursuant to this Plan which is not an Incentive Stock Option. 

        2.11 "Participant"
shall mean an individual selected to participate in the Plan pursuant to Section 3. 

        2.12 "Performance
Award" shall mean a payment pursuant to Section 8 herein. 

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        2.13 "Restricted
Stock" means Stock of the Company subject to restrictions on the transfer of such Stock, conditions for forfeiture of such Stock, or any other limitations
or restrictions as determined by the Committee. 

        2.14 "Retirement"
shall mean termination of employment with the Company or a Subsidiary or Affiliate, other than for cause, with the right to receive immediately a
non- actuarially reduced pension under the Company's Retirement Program; provided, however, that if the Participant is employed by a foreign affiliate of the Company and/or is not eligible
to participate in the Company's Retirement Program, "Retirement" shall mean termination of employment with the Company or a Subsidiary or Affiliate, other than for cause, after the Participant has
(i) attained age 65; (ii) attained age 62 and completed at least 10 years of employment with the Company; or (iii) accumulated 85 points, where each year of the
Participant's age and each year of employment with the Company count for one point. 

        2.15 "Stock"
shall mean the Common Stock, $0.01 par value, of the Company. 

        2.16 "Subsidiary"
and "Affiliate" of the Company each shall mean any entity in which the Company has a 50% or greater ownership interest, directly or indirectly. 

        Section 3. Participation.    The Participants in the Plan ("Participants") shall be those
Eligible Employees who are selected to participate in the Plan by the Committee. Any Eligible Employee, or each member of any group of Eligible Employees, to whom the Committee by resolution has
granted an award (or as to whom the Committee has delegated to the Chief Executive Officer the right to allocate awards pursuant to Section 4) shall be deemed a Participant with respect to such
award. 

        Section 4. Administration.    The Plan shall be administered and interpreted by the Committee,
which shall have sole authority to make rules and regulations for the administration of the Plan. The interpretations and decisions of the Committee with regard to the Plan shall be final and
conclusive and binding upon all Participants. The Committee may request advice or assistance or employ such persons (including without limitation, legal counsel and accountants) as it deems necessary
for the proper administration of the Plan.
The Committee shall (i) determine the number and types of awards to be made under the Plan; (ii) select the awards to be made to Participants; (iii) set the exercise price, the
number of options to be awarded, and the number of shares to be awarded out of the total number of shares available for award; (iv) delegate to the Chief Executive Officer of the Company the
right to allocate awards among Eligible Employees who are not Executive Officers of the Company, such delegation to be subject to such terms and conditions as the Committee in its discretion shall
determine; (v) establish administrative regulations to further the purpose of the Plan; and (vi) take any other action desirable or necessary to interpret, construe or implement properly
the provisions of the Plan. 

Section 5. Awards.  

        5.1   Types of Awards. Awards under this Plan may be in any of the following forms (or a combination thereof) (i) stock
option awards; (ii) grants of Stock or Restricted Stock; or (iii) Performance Awards. All awards shall be made pursuant to award agreements between the Participant and the Company. The
agreements shall be in such form as the Committee approves from time to time. 

        5.2   Maximum Amount Available. The total number of shares of Stock (including Restricted Stock, if any) optioned or granted
under this Plan during the term of the Plan shall not exceed 15,800,000 shares. Solely for the purpose of computing the total number of shares of stock optioned or granted under this Plan, there shall
not be counted (i) any shares which have been forfeited; (ii) any shares covered by an option which, prior to such computation, has terminated in accordance with its 

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terms
or has been cancelled by the Participant or the Company; and (iii) any shares otherwise deliverable to a Participant or his/her transferee upon exercise of an option, or upon the grant or
vesting of a Stock Award (as defined in Section 7.1), which are withheld by the Company in order to satisfy tax withholding or exercise price obligations. In addition, there shall be credited
to the number of authorized shares remaining for grant or option under this Plan, any share which is delivered to the Company by a Participant or his/her transferee in satisfaction of tax withholding
or exercise payment obligations. 

        5.3   Adjustment in the Event of Recapitalization, etc. In the event of any change in the outstanding shares of the Company by
reason of any stock split, stock dividend, recapitalization, merger, consolidation, combination or exchange of shares or other similar corporate change or in the event of any special distribution to
the stockholders, the Committee shall make such equitable adjustments in the number of shares and prices per share applicable to options then outstanding and in the number of shares which are
available thereafter for Stock Option Awards (as defined in Section 6.1) or other awards, both under the Plan as a whole and with respect to individuals and award type, as the Committee
determines are necessary and appropriate. Any such adjustment shall be conclusive and binding for all purposes of the Plan. 

Section 6. Stock Options.  

        6.1   Award Types. The Company may award options to purchase the Common Stock of the Company (hereinafter referred to as "Stock
Option Awards") to such Participants as the Committee (or the Chief Executive Officer of the Company, if the Committee in its discretion delegates the right to allocate awards pursuant to
Section 4) authorizes and under such terms as the Committee establishes. The Committee shall determine with respect to each Stock Option Award, and designate in the grant, whether a Participant
is to receive an Incentive Stock Option or a Non-Qualified Stock Option. 

        6.2   Per-Participant Limits. The maximum number of shares of Stock with respect to which Stock Option Awards may
be granted under this Plan during any calendar year to any Participant is 1,000,000 except in the case of a multi-year grant, in which case the maximum number of shares for the Participant
shall be 1,000,000 times the number of years during which the Participant is not to receive any additional grants of Stock Option Awards. 

        6.3   Exercise Price. The exercise price of each share of Stock subject to a Stock Option Award shall be specified in the
grant, but in no event shall the exercise price be less than the closing price of the Common Stock of the Company on the date the award is granted as reported in the New York Stock Exchange-Composite
Transactions. If the Participant to whom an Incentive Stock Option is granted owns, at the time of the grant, more than ten percent (10%) of the combined voting power of the Participant's employer or
a parent or subsidiary of the employer, the exercise price of each share of Stock subject to such grant shall be not less than one hundred ten percent (110%) of the closing price described in the
preceding sentence. 

        6.4   Repricing. Without the prior approval of the Company's shareholders, (a) the exercise price of any Stock Option
Award granted pursuant to this Plan shall not be changed following the date of its grant, other than such equitable changes as may arise in connection with the adjustments permitted under
Section 5.3 and no Stock Option Award may be cancelled and replaced with a new Stock Option Award with a lower exercise price where the economic effect would be the same as reducing the
exercise price of the cancelled option. 

        6.5   Transferability.

        (a)   Stock
Option Awards shall not be transferable by the Participant other than: 

        (i)    In
the case of the Participant's death, pursuant to the beneficiary designation then on file with the Company, or, in the absence of such a beneficiary designation (or
if the designated beneficiary has pre-deceased the Participant), by will or the laws of descent and distribution (in which case the Company without liability to any other person, may rely
on the directions of the executor or administrator of the Participant's estate with respect to the disposition or exercise of such options); 

        (ii)   In
the Committee's discretion, the terms of a Non-Qualified Stock Option may permit the Participant to transfer the Stock Option Award to (w) his or
her spouse, children (including by adoption), stepchildren or grandchildren (referred to herein as the Participant's "Family Members"), (x) a trust or trusts for the exclusive benefit of such
Family Members, (y) a partnership in which such Family Members are the only partners, or (z) such other persons or entities as the Committee may approve on a
case-by-case basis; or 

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        (iii)  In
the case of a transferee's death, to his/her estate without rights to further distribution. 

        (b)   Any
transfer pursuant to this Section 6.5 shall be subject to the following: 

        (i)    there
may be no consideration for any such transfer; 

        (ii)   the
stock option agreement pursuant to which such Stock Option Award is granted must be approved by the Committee, and must expressly provide for transferability in a
manner consistent with this Section 6.5; and 

        (iii)  subsequent
transfers of transferred Stock Option Awards shall be prohibited except those in accordance with this Section 6.5. 

        (c)   Following
transfer, any transferred Stock Option Award shall continue to be subject to the same terms and conditions as were applicable immediately prior to transfer.
The events of death, Disability, Retirement and termination of employment with respect to an outstanding Stock Option Award shall be in relation to the original grantee Participant notwithstanding an
earlier transfer of the Stock Option Award. Following such events, the Stock Option Award shall be exercisable by the transferee only to the extent and for the periods specified in Sections 6.7 and
6.8 hereof. 

        6.6   Duration of Stock Option Awards. A Stock Option Award by its terms shall be of no more than ten (10) years'
duration, except that an Incentive Stock Option granted to a Participant who, at the time of the grant, owns Stock representing more than ten percent (10%) of the combined voting power of the
Participant's employer or a parent or subsidiary of the employer shall by its terms be of no more than five (5) years' duration. 

        6.7   Initial Vesting. A Stock Option Award by its terms shall be exercisable only after the earliest of: 

        (i)    such
period of time as the Committee shall determine and specify in the grant, but in no event less than three years following the date of grant of such award provided
that options granted may partially vest after
no less than one year so long as the entire grant does not vest fully until at least three years have elapsed from the date of grant; 

        (ii)   the
Participant's death; or 

        (iii)  a
Change in Control of the Company. 

        In
the event of the Participant's Disability or Retirement or the termination by the Company of the Participant's employment other than for cause, a Stock Option Award shall not be
exercisable at the time of such event but shall become exercisable at the time specified in clauses (i), (ii) and (iii) above. Notwithstanding the foregoing, in the event of a
Participant's Retirement prior to the first anniversary date after the date of a Stock Option Award, such Stock Option Award shall not vest but shall be immediately forfeited. 

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        6.8    Exercise Period. A Stock Option Award is only exercisable by a Participant (or, if the Stock Option Award has been duly
transferred pursuant to Section 6.5, the transferee) while the Participant is in active employment with the Company, or its Subsidiary or Affiliate, except: 

        (i)
in the case of a Participant's death, the Stock Option Award shall remain exercisable by the transferee of the award during a three (3) year period following the date of
death; 

        (ii)
in the case of a Participant's Retirement or Disability, the Stock Option Award, to the extent not forfeited in accordance with Section 6.7 above, shall remain exercisable
during the original grant duration as specified in the grant agreement; 

        (iii)
in the case of termination by the Company of the Participant's employment other than for cause, the Stock Option Award shall remain exercisable during a three (3) year
period commencing on the effective date of such termination; 

        (iv)
in the case of termination by the Participant or the Company, of the Participant's employment within two (2) years after a Change in Control of the Company, unless such
termination of employment is for cause, the Stock Option Award shall remain exercisable during a three-year period commencing on the effective date of termination; or 

        (v)
if the Committee decides that it is in the best interest of the Company to permit individual exceptions. 

        In
no event may a Stock Option Award be exercised after its expiration date. 

        For
purposes of this Plan, the employment of individuals employed by a Subsidiary or Affiliate of the Company shall be deemed to have been terminated by the Company at such time as the
Company ceases to hold, either directly or indirectly, at least 50% of the total ownership interests of the entity. 

        6.9    Manner of Exercise. A Stock Option Award may be exercised by the Participant (or, if the Stock Option Award has been duly
transferred pursuant to Section 6.5, the transferee) with respect to part or all of the shares subject to the option by giving written notice to the Company or its designee of the exercise of
the option according to such procedures as the Vice President, Human Resources may establish. 

        6.10    Payment of Exercise Price. The exercise price for the shares for which an option is exercised shall be paid by the
exerciser within ten (10) business days after the date of exercise and the terms of the Stock Option Award may provide that the exercise price may be paid: 

        (a)
in cash; 

        (b)
in whole shares of Common Stock of the Company owned by the exerciser prior to exercising the option; 

        (c)
by having the Company withhold shares that otherwise would be delivered to the exerciser pursuant to the exercise of the option in an amount equaling in value the exercise price; 

        (d)
in a combination of either cash and delivery of shares, or cash and withholding of shares; or 

        (e)
by whatever other means the Committee may deem appropriate, other than by a loan by the Company to the exerciser. 

        The
Company shall establish procedures in connection with payments pursuant to (b), (c), (d), and (e) above, to ensure that the Plan does not become subject to variable accounting
by virtue of such payment methods. The value of any share of Common Stock delivered or withheld in payment of the exercise price shall be its Market Price on the date the option is exercised. 

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        6.11    Limits on Incentive Stock Options. The aggregate fair market value of all shares of Stock with respect to which
Incentive Stock Options are exercisable for the first time by a Participant in any one calendar year, under this Plan or any other stock option plan maintained by the Company (or by any subsidiary or
parent of the Company), shall not exceed $100,000. The fair market value of such shares of Stock shall be the mean of the high and low prices of the common Stock of the Company as reported in the
New York Stock Exchange- Composite Transactions on the date the related Stock Option Award is granted (or on the next preceding day such Stock was traded on a stock exchange included in the New York
Stock Exchange-Composite Transactions if it was not traded on any such exchange on the date the related stock option is granted). 

        6.12    Payment of Taxes. To enable the Company to meet any applicable federal, state or local withholding tax requirements
arising as a result of the exercise of a Stock Option Award, whether exercised by the Participant or his/her transferee, a Participant or the Participant's estate shall pay to the Company the amount
of tax to be withheld, or may elect to satisfy such obligation: 

        (a)
by delivering to the Company other shares of Common Stock of the Company owned by the Participant prior to exercising the option; 

        (b)
by making a payment to the Company consisting of a combination of cash and such shares of Common Stock; or 

        (c)
if the exerciser is the grantee Participant, by having the Company withhold shares that otherwise would be delivered to the Participant pursuant to the exercise of the option for
which the tax is being withheld, provided that withholding by such method shall be limited to the minimum required applicable tax withholding. 

        Such
an election shall be made in such manner as may be prescribed by the Committee and the Committee shall have the right, in its discretion, to disapprove such election. Any such
election must be made prior to the date to be used to determine the tax to be withheld and shall be irrevocable. The value of any share of Common Stock to be withheld by the Company or delivered to
the Company pursuant to this Section 6.12 shall be the Market Price on the date used to determine the amount of tax to be withheld. 

Section 7.    Grants of Stock.  

        7.1    Award Types. The Committee may grant, either alone or in addition to other awards granted under
the Plan, shares of Stock or Restricted Stock (hereinafter referred to as a "Stock Award") to such Participants as the Committee (or the Chief Executive Officer of the Company, if the Committee in its
discretion delegates the right to allocate awards pursuant to Section 4) authorizes and under such terms as the Committee establishes. The Committee, in its discretion, may also make a cash
payment to a Participant granted shares of Stock or Restricted Stock under the Plan to allow such Participant to satisfy tax obligations arising out of receipt of the Stock or Restricted Stock.
Alternatively, the terms of the Stock or Restricted Stock grant may allow for the Participant to satisfy tax withholding obligations by the means set forth in Section 7.7. 

        7.2    Aggregate and Individual Limits. Notwithstanding any provision in this Plan to the contrary, the combined number of
shares granted under the Plan pursuant to Stock Awards or Performance Awards shall not exceed 20% of the maximum number of shares of Stock available for award under this Plan as provided in Sections
5.2 and 5.3. In addition, no more than 300,000 shares as a Stock Award shall be granted to one individual in a calendar year unless pursuant to a multi-year award. Grants of Stock other
than Restricted Stock shall only be made in lieu of salary or cash bonus. 

        7.3    Vesting Periods. A grant of Restricted Stock pursuant to this Section 7 shall be subject to a minimum vesting
period of at least three (3) years, or such longer period as the Committee, in its sole discretion, may determine. Notwithstanding the foregoing, the Committee may grant shares of 

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Restricted
Stock with a vesting period of at least two (2) years, or such longer period as the Committee, in its sole discretion, may determine, so long as vesting is based on performance
criteria. 

        7.4    Rights as a Stockholder. The Participant shall have, with respect to Restricted Stock, all of the rights of a stockholder
of the Company, including the right to vote the shares and the right to receive any dividends, unless the Committee shall otherwise determine. 

        7.5    Transferability. Restricted Stock may not be sold or transferred by the Participant until any restrictions that have been
established by the Committee have lapsed. 

        7.6    Forfeiture. Upon a termination by the Participant or the Company, of the Participant's employment for any reason during
the period any restrictions are in effect, all Restricted Stock held by the Participant shall be forfeited without compensation to the Participant unless the Committee decides that it is in the best
interest of the Company to permit individual exceptions. 

        7.7    Payment of Taxes. To enable the Company to meet any applicable federal, state or local withholding tax requirements
arising as a result of the grant or vesting of a Stock Award, the Participant shall pay the Company the amount of tax to be withheld or may elect to satisfy such obligation: 

        (a)
by having the Company withhold shares that otherwise would be delivered to the Participant pursuant to the granting or vesting of a Stock Award for which the tax is being withheld; 

        (b)
by delivering to the Company other shares of Common Stock of the Company owned by the Participant prior to the grant or vesting of a Stock Award; or 

        (c)
by making a payment to the Company consisting of a combination of cash and such shares of Common Stock. 

        Such
an election shall be made prior to the date to be used to determine the tax to be withheld. The value of any share of Common Stock to be withheld by the Company or delivered to the
Company pursuant to this Section 7 shall be the Market Price on the date used to determine the amount of tax to be withheld. 

Section 8.    Performance Awards.  

        8.1    Award Types. The Committee may grant, either alone or in addition to other awards granted under
the Plan, awards of Stock and other awards that are valued in whole or in part by reference to, or are otherwise based on, the market value of the Common Stock, or other securities of the Company
("Performance Awards") to such Participants as the Committee (or the Chief Executive Officer of the Company, if the Committee in its discretion delegates the right to allocate awards pursuant to
Section 4) authorizes and under such terms as the Committee establishes. Performance Awards may be paid in Common Stock, Restricted Stock or other securities of the Company, cash or any other
form of property as the Committee shall determine. 

        8.2    Terms and Conditions of Awards. Performance Awards shall entitle the Participant to receive an award if the measures of
performance established by the Committee are met. The measures of performance shall be established by the Committee in its absolute discretion except that the performance measurement period shall be a
period of at least twelve (12) months. The Committee shall determine the times at which Performance Awards are to be made and all conditions of such awards. 

        8.3    Aggregate and Individual Limits. Notwithstanding any provision in this Plan to the contrary, the combined number of
shares granted under this Plan pursuant to Performance Awards or Stock Awards shall not exceed 20% of the maximum number of shares of Stock available for award under this Plan as 

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provided
in Sections 5.2 and 5.3. In addition, no more than 300,000 shares pursuant to any Performance Awards shall be granted to one individual in a calendar year unless pursuant to a
multi-year award. 

        8.4    Transferability. The Participant shall not be permitted to sell, assign, transfer, pledge or otherwise encumber shares
received pursuant to this Section 8 prior to the date on which any applicable restriction or performance period established by the Committee lapses. 

        8.5    Payment of Taxes. To enable the Company to meet any applicable federal, state or local withholding tax requirements
arising as a result of the vesting or payment of Performance Awards, a Participant shall pay the Company the amount of tax to be withheld or may elect to satisfy such obligation: 

        (a)
by having the Company withhold shares that otherwise would be delivered to the Participant pursuant to the vesting or payment of Performance Awards for which the tax is being
withheld; 

        (b)
by delivering to the Company other shares of Common Stock of the Company owned by the Participant prior to the vesting or payment of Performance Awards; or 

        (c)
by making a payment to the Company consisting of a combination of cash and such shares of Common Stock. 

        Such
an election shall be made prior to the date used to determine the tax to be withheld. The value of any share of Common Stock to be withheld by the Company or delivered to the
Company pursuant to this Section 8.5 shall be the Market Price on the date used to determine the amount of tax to be withheld. 

Section 9.    General Provisions.  

        9.1    Assignment. Subject to the provisions of Section 6.5, if applicable, any assignment or
transfer of any awards without the written consent of the Company shall be null and void. 

        9.2    No Trust. Nothing contained herein shall require the Company to segregate any monies from its general funds, or to create
any trusts, or to make any special deposits for any immediate or deferred amounts payable to any Participant for any year. 

        9.3    No Right to Employment. Participation in this Plan shall not affect the Company's right to discharge a Participant. 

        9.4    Cancellation and Rescission of Awards.

        (a)
The Committee shall have the discretion with respect to any award granted under this Plan to establish upon its grant conditions under which (i) the award may be later
forfeited, cancelled, rescinded, suspended, withheld or otherwise limited or restricted; or (ii) gains realized by the grantee in connection with an award or an award's exercise may be
recovered; provided that such conditions and their consequences are (A) clearly set forth in the grant agreement or other grant document; and (B) fully comply with applicable laws. These
conditions may include, without limitation, actions by the Participant which constitute a conflict of interest with the Company, are prejudicial to the Company's interests, or are in violation of any
non-compete agreement or obligation, any confidentiality agreement or obligation, the Company's applicable policies or the Participant's terms and conditions of employment. 

        (b)
The Committee may require, upon exercise, payment or delivery pursuant to an award, that the Participant certify in a manner acceptable to the Company that he or she is in compliance
with the terms and conditions of the award grant. 

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Section 10.    Amendment, Suspension, or Termination.  

        10.1    The Board of Directors may suspend, terminate, or amend the Plan, including, but not limited to, such amendments as may be necessary or
desirable resulting from changes in the federal income tax laws and other applicable laws, but may not, without the affirmative vote of a majority of all votes duly cast on the matter at a meeting of
the stockholders of the Company (provided that the total votes cast on the matter represent over 50% of the shares entitled to vote on the matter): (a) increase the total number of shares of
Stock that may be optioned or granted under this Plan; (b) amend Section 6.4 with respect to re-pricing of Stock Option Awards; (c) change the eligibility requirements
for participation in the Plan; or (d) adopt any other material revision to this Plan that would require the approval of the stockholders under the rules promulgated by the New York Stock
Exchange. 

        10.2    It
is the Company's intent that the Plan comply in all respects with Rule 16b-3 under the Exchange Act and any related regulations. If any provision
of this Plan is later found not to be in compliance with such Rule and regulations, the provisions shall be deemed null and void. All grants to, and exercises of options by Executive Officers under
this Plan shall be executed in accordance with the requirements of Section 16 of the Exchange Act and regulations promulgated thereunder. 

Section 11.    Governing Law.  

        The validity, construction and effect of the Plan and any rules and regulations relating to the Plan shall be determined in accordance with the laws of the State
of Connecticut and applicable federal law. 

Section 12.    Effective Date and Duration of the Plan.  

        This Plan shall be effective as of January 1, 2002. No award shall be granted under this Plan on or after January 1, 2012. 

10

QuickLinks

2002 PRAXAIR, INC. LONG TERM INCENTIVE PLAN<Page>

                                                                  Exhibit 4.5(a)

                                 AMENDMENT NO. 1

                                       TO

                                CREDIT AGREEMENT

          This AMENDMENT NO. 1 to CREDIT AGREEMENT (the "Amendment"), dated as
of April 1, 2004, is entered into by and among FBL Financial Group, Inc. (the
"Company"), the financial institutions party hereto (the "Lenders"), and LaSalle
Bank National Association, as Administrative Agent (the "Agent"). Each
capitalized term used herein and not otherwise defined herein shall have the
meaning given to it in the below-defined Credit Agreement.

                                   WITNESSETH

          WHEREAS, the Company, the Lenders, and the Agent are parties to a
Credit Agreement dated as of December 18, 2003 (as the same may be amended,
restated, supplemented or otherwise modified from time to time, the "Credit
Agreement"); and

          WHEREAS, the Company wishes to amend the Credit Agreement in certain
respects and the Lenders and the Agent are willing to amend the Credit Agreement
on the terms and conditions set forth herein;

          NOW, THEREFORE, in consideration of the premises set forth above, the
terms and conditions contained herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
Company, the Agent and the Lenders hereby agree as follows:

     1.   AMENDMENTS TO CREDIT AGREEMENT.  Effective as of the date first above
written, and subject to the satisfaction of the condition to effectiveness set
forth in SECTION 2 below, the Credit Agreement shall be and hereby is amended as
follows:

          (a)     SECTION 1.1 of the Credit Agreement is hereby amended to
insert alphabetically therein the following new defined terms:

          "CONSOLIDATED DEBT TO CAPITALIZATION INDEBTEDNESS" means, at any time,
          the aggregate amount of Indebtedness identified in the Borrower's most
          recent 10-K, 10-Q, or other public filing made with the Securities and
          Exchange Commission.

          "CONSOLIDATED DEBT TO CAPITALIZATION NET WORTH" means the consolidated
          stockholders' equity of the Borrower and its Subsidiaries as set forth
          in the Borrower's most recent 10-K, 10-Q

<Page>

          or other public filing made with the Securities and Exchange
          Commission.

          "SENIOR UNSECURED NOTES" means those certain Senior Unsecured Notes
          issued by the Borrower in an initial aggregate principal amount of
          $75,000,000 that are due in 2014, as the same may be amended,
          restated, supplemented or otherwise modified from time to time, and
          any senior unsecured notes of like tenor and amount which are
          exchanged for the Senior Unsecured Notes pursuant to a registered
          exchange offer or shelf registration, as contemplated by the Senior
          Unsecured Note Documents.

          "SENIOR UNSECURED NOTE DOCUMENTS" means the agreements, documents, and
          instruments delivered in connection with the Senior Unsecured Notes,
          including, without limitation, the indenture or note purchase
          agreement(s) pursuant to which the Senior Unsecured Notes are issued,
          in each case as the same may be amended, restated, supplemented or
          otherwise modified from time to time.

          (b)     SECTION 6.11 of the Credit Agreement is hereby amended to
delete therefrom clause (j) thereof and to substitute therefor the following:

          (j)     Indebtedness evidenced by the Senior Unsecured Notes and the
          Senior Unsecured Note Documents in an aggregate principal amount not
          to exceed $75,000,000 at any time.

          (k)     Indebtedness not otherwise permitted under this SECTION 6.11
          in a principal amount outstanding not to exceed $10,000,000 in the
          aggregate at any time.

          (c)     SECTION 6.18.2 of the Credit Agreement is hereby amended in
its entirety as follows:

          6.18.2 STATUTORY CAPITAL AND SURPLUS. Farm Bureau Life Insurance
          Company and EquiTrust Life Insurance Company shall maintain a combined
          statutory capital and surplus, as determined in accordance with SAP,
          equal to or greater than $400,000,000, with such combined statutory
          capital and surplus being calculated as the sum of (x) Farm Bureau
          Life Insurance Company's statutory capital and surplus PLUS (y)
          EquiTrust Life Insurance Company's statutory capital and surplus (the
          "MINIMUM CAPITAL AND SURPLUS THRESHOLD"); PROVIDED, HOWEVER, that the
          Minimum Capital and Surplus Threshold shall increase each quarter,
          commencing on December 31, 2003, by 50% of the prior quarter's
          positive statutory net income for Farm Bureau Life Insurance Company
          and

                                        2
<Page>

          EquiTrust Life Insurance Company on a combined basis, determined in
          accordance with SAP.

          (d)     SECTION 6.18 of the Credit Agreement is hereby amended to
insert immediately at the end thereof the following SECTION 6.18.5:

          6.18.5. DEBT TO CAPITALIZATION RATIO. The Borrower shall maintain a
          ratio (the "DEBT TO CAPITALIZATION RATIO") of (i) Consolidated Debt to
          Capitalization Indebtedness to (ii) Consolidated Debt to
          Capitalization Net Worth PLUS Consolidated Debt to Capitalization
          Indebtedness, as determined as of the end of each of its fiscal
          quarters, that is equal to or less than 35%.

          (e)     EXHIBIT B to the Credit Agreement is hereby amended in its
entirety pursuant to the form of EXHIBIT B attached to this Amendment.

     2.   CONDITION OF EFFECTIVENESS. This Amendment shall become effective and
be deemed effective as of the date hereof, if, and only if, the Agent shall have
received executed copies of this Amendment from the Company and the Required
Lenders.

     3.   REPRESENTATIONS AND WARRANTIES OF THE COMPANY. The Company hereby
represents and warrants as follows:

          (a)     The Credit Agreement as previously executed constitutes the
legal, valid and binding obligation of the Company and is enforceable against
the Company in accordance with its terms.

          (b)     Upon the effectiveness of this Amendment, the Company hereby
(i) represents that no Default or Unmatured Default exists under the terms of
the Credit Agreement, (ii) reaffirms all covenants, representations and
warranties made in the Credit Agreement, and (iii) agrees that all such
covenants, representations and warranties shall be deemed to have been remade as
of the effective date of this Amendment. The execution, delivery and
effectiveness of this Amendment shall not, except as expressly provided herein,
operate as a waiver of any right, power, or remedy of the Lenders or the Agent
under the Credit Agreement or any related document, instrument or agreement. The
Agent and the Lenders expressly reserve all of their rights and remedies,
including the right to institute enforcement actions in consequence of any
existing Defaults or Unmatured Defaults not waived hereunder or otherwise at any
time without further notice, under the Credit Agreement, all other documents,
instruments and agreements executed in connection therewith, and applicable law.

     4.   EFFECT ON THE CREDIT AGREEMENT.

          (a)     Upon the effectiveness of this Amendment, on and after the
date hereof, each reference in the Credit Agreement to "this Agreement,"
"hereunder," "hereof," "herein" or words of like import shall mean and be a
reference to the Credit Agreement, as amended and modified hereby.

                                        3
<Page>

          (b)     Except as specifically amended and modified above, the Credit
Agreement and all other documents, instruments and agreements executed and/or
delivered in connection therewith shall remain in full force and effect, and are
hereby ratified and confirmed.

          (c)     The execution, delivery and effectiveness of this Amendment
shall neither, except as expressly provided herein, operate as a waiver of any
right, power or remedy of the Lenders or the Agent, nor constitute a waiver of
any provision of the Credit Agreement or any other documents, instruments and
agreements executed and/or delivered in connection therewith.

     5.   COSTS AND EXPENSES. The Company agrees to pay all reasonable costs,
fees and out-of-pocket expenses (including attorneys' fees and expenses charged
to the Agent) incurred by the Agent and the Lenders in connection with the
preparation, arrangement, execution and enforcement of this Amendment.

     6.   GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE INTERNAL LAWS (INCLUDING, WITHOUT LIMITATION 735 ILCS
SECTION 105/5-1 ET. SEQ. BUT OTHERWISE WITHOUT REGARD TO CONFLICTS OF LAW
PROVISIONS) OF THE STATE OF ILLINOIS.

     7.   HEADINGS.  Section headings in this Amendment are included herein for
convenience of reference only and shall not constitute a part of this Amendment
for any other purpose.

     8.   COUNTERPARTS.  This Amendment may be executed by one or more of the
parties to the Amendment on any number of separate counterparts and all of said
counterparts taken together shall be deemed to constitute one and the same
instrument.

     9.   NO STRICT CONSTRUCTION. The parties hereto have participated jointly
in the negotiation and drafting of this Amendment. In the event an ambiguity or
question of intent or interpretation arises, this Amendment shall be construed
as if drafted jointly by the parties hereto and no presumption or burden of
proof shall arise favoring or disfavoring any party by virtue of the authorship
of any provisions of this Amendment.

               The remainder of this page is intentionally blank.

                                        4
<Page>

          IN WITNESS WHEREOF, this Amendment has been duly executed as of the
day and year first above written.

                            FBL FINANCIAL GROUP, INC.

                            By:    /s/ James P. Brannen
                            Name:  James P. Brannen
                            Title: V.P., Finance

                            LASALLE BANK NATIONAL ASSOCIATION,
                            as Agent and as a Lender

                            By:    /s/ Brandon S. Allison
                            Name:  Brandon S. Allison
                            Title: Assistant Vice President

                            BANKERS TRUST COMPANY, N.A., as a Lender

                            By:    /s/ Jon M. Doll
                            Name:  Jon M. Doll
                            Title: Vice President

<Page>

                                    EXHIBIT B
                                       TO
                                CREDIT AGREEMENT

                             COMPLIANCE CERTIFICATE

To:       The Administrative Agent and the Lenders parties to the
          below-described Credit Agreement

     This Compliance Certificate is furnished pursuant to that certain Credit
Agreement, dated as of December 18, 2003 (as the same may be amended, modified,
renewed or extended from time to time, the "Agreement"), among FBL Financial
Group, Inc., as the borrower (the "Borrower"), the financial institutions from
time to time party thereto as lenders (the "Lenders"), and LaSalle Bank National
Association, as Administrative Agent (the "Administrative Agent") for the
Lenders. Unless otherwise defined herein, capitalized terms used in this
Compliance Certificate have the meanings ascribed thereto in the Agreement.

     THE UNDERSIGNED HEREBY CERTIFIES THAT:

     1.     I am the duly elected ____________________ of the Borrower;

     2.     I have reviewed the terms of the Agreement and I have made, or have
caused to be made under my supervision, a detailed review of the transactions
and conditions of the Borrower and its Subsidiaries during the accounting period
covered by the attached financial statements;

     3.     The examinations described in paragraph 2 did not disclose, and I
have no knowledge of, the existence of any condition or event which constitutes
a Default or Unmatured Default during or at the end of the accounting period
covered by the attached financial statements or as of the date of this
Certificate, except as set forth below; and

     4.     Schedule I attached hereto sets forth financial data and
computations evidencing the Borrower's compliance with the financial covenants
set forth in SECTION 6.18 of the Agreement, all of which data and computations
are true, complete and correct.

     [5.]   **[Schedule II attached hereto sets forth the various reports and
deliveries which are required at this time under the Agreement and the other
Loan Documents and the status of compliance in connection therewith.]**

     Described below are the exceptions, if any, to paragraph 3. Included in
such description is a detailed discussion of the nature of the applicable
condition or event, the period during which it has existed and the action which
the Borrower has taken, is taking, or proposes to take with respect to such
condition or event:

<Page>

     The foregoing certifications, together with the computations set forth in
Schedule I hereto and the financial statements delivered with this Certificate
in support hereof, are made and delivered this ________ day of ________,______.

<Page>

                      SCHEDULE I TO COMPLIANCE CERTIFICATE
                      Compliance as of _________, ____ with
                      Section 6.18 of the Credit Agreement

<Table>
<S>                                                                                <C>
SECTION 6.18.1 - INTEREST COVERAGE RATIO

1.   Required Minimum Interest Coverage Ratio                                      3.0 to 1.0

2.   Actual Interest Coverage Ratio

     (a)  Available Dividends of Farm Bureau Life Insurance Company and
          EquiTrust Life Insurance Company                                         $__________

     (b)  Consolidated Interest Expense                                            $__________

     (c)  Amount of interest accrued under the FBL Subordinated Note Documents
          and the Trust Preferred Securities excluded from the calculation of
          Consolidated Interest Expense                                            $__________

     (d)  Ratio of (a) to (b)                                                      ____ to 1.0

SECTION 6.18.2 - STATUTORY CAPITAL AND SURPLUS

1.   Required Minimum Combined Statutory Capital and Surplus for Farm Bureau
     Life Insurance Company and EquiTrust Life Insurance Company:

     (a)  $400,000,000

     (b)  Cumulative positive statutory net income for Farm Bureau Life
          Insurance Company for each fiscal quarter beginning with the fiscal
          quarter ending December 31, 2003                                         $__________

     (c)  Cumulative positive statutory net income for EquiTrust Life Insurance
          Company for each fiscal quarter beginning with the fiscal quarter
          ending December 31, 2003                                                 $__________

     (d)  (b) PLUS (c)                                                             $__________

     (e)  .50 TIMES (d)                                                            $__________

     (f)  (a) PLUS (e)                                                             $__________
</Table>

<Page>

<Table>
<S>                                                                                <C>
2.   Actual Combined Statutory Capital and Surplus for Farm Bureau Life
     Insurance Company and EquiTrust Life Insurance Company

     (a)  Actual statutory capital and surplus for Farm Bureau Life Insurance
          Company                                                                  $__________

     (b)  Actual statutory capital and surplus for EquiTrust Life Insurance
          Company                                                                  $__________

     (c)  (a) PLUS (b)                                                             $__________

SECTION 6.18.3 - MINIMUM NET WORTH

1.   Minimum Required Consolidated Net Worth:

     (a)  $575,000,000

     (b)  Cumulative positive Consolidated Net Income for each fiscal quarter
          beginning with the fiscal quarter ending December 31, 2003               $__________

     (c)  .50 times (b)                                                            $__________

     (d)  (a) PLUS (c)                                                             $__________

2.   Actual Consolidated Net Worth (determined without giving effect to
     unrealized gains or losses related to FASB No. 115 activities)                $__________

SECTION 6.18.4 - INSURANCE RISK BASED CAPITAL

1.   Required Minimum Insurance RBC Ratio for Farm Bureau Life Insurance Company   350%

2.   Actual Minimum Insurance RBC Ratio for Farm Bureau Life Insurance Company

     (a)  Total Adjusted Capital (as defined in the Insurance RBC Model Act) for
          Farm Bureau Life Insurance Company                                       $__________

     (b)  Authorized Control Level RBC (as defined in the Insurance RBC Model
          Act) for Farm Bureau Life
</Table>

<Page>

<Table>
<S>                                                                                <C>
          Insurance Company                                                        $__________

     (c)  Ratio of (a) to (b) (calculated as a percentage)                         ___________

3.   Required Minimum Insurance RBC Ratio for EquiTrust Life Insurance Company     350%

4.   Actual Minimum Insurance RBC Ratio for EquiTrust Life Insurance Company

     (a)  Total Adjusted Capital (as defined in the Insurance RBC Model Act) for
          EquiTrust Life Insurance Company                                         $__________
</Table>

<Page>

<Table>
<S>                                                                                <C>
     (b)  Authorized Control Level RBC (as defined in the Insurance RBC Model
          Act) for EquiTrust Life Insurance Company                                $__________

     (c)  Ratio of (a) to (b) (calculated as a percentage)                         ___________

SECTION 6.18.5 - DEBT TO CAPITALIZATION RATIO

1.   Maximum Permitted Debt to Capitalization Ratio                                35%

2.   Actual Debt to Capitalization Ratio

     (a)  Consolidated Debt to Capitalization Indebtedness (as reported in the
          Borrower's most recent public filing with the Securities and Exchange
          Commission)                                                              $__________

     (b)  Consolidated Debt to Capitalization Net Worth (as reported in the
          Borrower's most recent public filing with the Securities and Exchange
          Commission)                                                              $__________

     (c)  Ratio of (a) to (a) PLUS (b) (expressed as a percentage)                 ____%
</Table>

<Page>

                      SCHEDULE II TO COMPLIANCE CERTIFICATE
                      Reports and Deliveries Currently Due

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