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Exhibit 10.50

Form as of 2/25/20 (Marc Casper)

THERMO FISHER SCIENTIFIC INC.

NONSTATUTORY STOCK OPTION AGREEMENT

Granted Under
[Name of Equity Incentive Plan]

1. Grant of Option.

This agreement evidences the grant by Thermo Fisher Scientific Inc., a Delaware corporation (the “Company”), on ________ (the “Grant Date”) to Marc N. Casper (the “Participant”), an employee and officer of the Company, of an Option to purchase, in whole or in part, on the terms provided herein and in the Company’s [Name of Equity Incentive Plan] (the “Plan”), a total of _____ shares (the “Shares”) of common stock, $1.00 par value per share, of the Company (“Common Stock”) at $_____ per Share.  Unless earlier terminated, this Option shall expire at 5:00 p.m., Eastern time, on ________ (the “Final Exercise Date”).  

It is intended that this Option evidenced by this agreement shall not be an incentive stock option as defined in Section 422 of the Code.  Except as otherwise indicated by the context, the term “Participant”, as used in this Option, shall be deemed to include any person who acquires the right to exercise this Option validly under its terms.  Capitalized terms used in this Agreement and not otherwise defined shall have the same meaning as in the Plan.

2. Vesting Schedule.  Except as otherwise provided in paragraphs (c) through (f) of Section 3 below and the Plan, this Option will become exercisable (“vest”) as to 25% of the original number of Shares on the first anniversary of the Grant Date (the “First Vesting Date”) and as to an additional 25% of the original number of Shares on each anniversary of the Grant Date following the first anniversary of the Grant Date until the fourth anniversary of the Grant Date provided that on each such vesting date, the Participant is, and has been at all times since the Grant Date, an employee, officer or director of, or consultant or advisor to, the Company (an “Eligible Participant”).  The right of exercise shall be cumulative so that to the extent the Option is not exercised in any period to the maximum extent permissible it shall continue to be exercisable, in whole or in part, with respect to all Shares for which it is vested until the earlier of the Final Exercise Date or the termination of this Option under Section 3 hereof.  

3. Exercise of Option.

(a) Form of Exercise.  Each election to exercise this Option shall be in accordance with the instructions provided from time to time by the Company. The Participant may purchase less than the number of shares covered hereby, provided that no partial exercise of this Option may be for any fractional share.

Exhibit 10.50

(b) Termination of Relationship with the Company.  If the Participant ceases to be an Eligible Participant for any reason, then, except as provided in paragraphs (c) through (f) below, the right to exercise this Option shall terminate three months after such cessation (but in no event after the Final Exercise Date), provided that this Option shall be exercisable only to the extent that the Participant was entitled to exercise this Option on the date of such cessation.

(c) Death or Disability.  If the Participant's employment with the Company or a Subsidiary is terminated by reason of death or "disability" (as defined below) prior to the Final Exercise Date while he is an Eligible Participant, this Option shall vest and become 100% exercisable upon the date of such termination due to death or disability and the right to exercise this Option shall terminate one year following such date (but in no event after the Final Exercise Date).  For the purposes of this Agreement, a Participant shall be deemed to be "disabled" at such time as the Participant is receiving disability benefits under the Company's Long Term Disability Coverage, as then in effect.

(d)       Discharge Without Cause or for Good Reason.  If the Participant’s employment or service is terminated by the Company or any Subsidiary without “Cause” (as defined in Section 1.2 of the 2009 Restatement of Executive Severance Agreement between the Company and the Participant dated November 21, 2009, as may be amended from time to time (the “Severance Agreement”)) or by the Participant for Good Reason (as defined in Section 1.4 of the Severance Agreement), and such termination does not entitle the Participant to severance benefits under the Executive Change in Control Retention Agreement between the Company and the Participant dated November 21, 2009, as may be amended from time to time (the “CIC Agreement”) prior to the Final Exercise Date, the unvested portion of this Option shall vest as to the 25% tranche of this Option next scheduled to vest under this Agreement (the “Accelerated Option Shares”), and the Accelerated Option Shares shall become exercisable upon the date of such termination of employment or service, and the right to exercise this Option (including the Accelerated Option Shares) shall terminate two years following such date (but in no event after the Final Exercise Date).

(e)        Discharge for Cause.  If the Participant, prior to the Final Exercise Date, is discharged by the Company or a Subsidiary for “Cause” (as defined in Section 1.2 of the Severance Agreement), the right to exercise this Option shall terminate immediately upon the effective date of such discharge.  The Participant shall be considered to have been discharged for Cause if the Company determines, within thirty (30) days after the Participant's resignation, that discharge for Cause was warranted.

(f) Change in Control Event.   If the Participant’s employment or service is terminated by the Company or any Subsidiary without “Cause” (as defined in Section 1.3 of the CIC Agreement) or by the Participant for Good Reason (as defined in Section 1.4 of the CIC Agreement) and such termination entitles the Participant to severance benefits under the CIC Agreement, this Option shall vest and become 100% exercisable upon the date of such termination of employment or service and the right to exercise this Option shall terminate two years following such date (but in no event after the Final Exercise Date).

4. Withholding.  No Shares will be issued pursuant to the exercise of this Option unless and until the Participant pays to the Company, or makes provision satisfactory to the Company for 

Exhibit 10.50

payment of, any federal, state or local withholding taxes required by law to be withheld in respect of this Option in accordance with the instructions provided from time to time by the Company; provided, however, except as otherwise permitted by the Board, the total tax withholding where stock is being used to satisfy such tax obligations cannot exceed the Company’s minimum statutory withholding obligations (based on minimum statutory withholding rates for federal and state tax purposes, including payroll taxes, that are applicable to such supplemental taxable income).

5. Nontransferability of Option.  This Option may not be sold, assigned, transferred, pledged or otherwise encumbered by the Participant, either voluntarily or by operation of law, except by will or the laws of descent and distribution, and, during the lifetime of the Participant, this Option shall be exercisable only by the Participant.  Notwithstanding the foregoing, the Company consents to the gratuitous transfer of this Option by the Participant to or for the benefit of any immediate family member, family trust or family partnership established solely for the benefit of the Participant and/or an immediate family member thereof; provided that with respect to such proposed transferee the Company would be eligible to use a Form S-8 for the registration of the sale of the Common Stock subject to such Option under the Securities Act of 1933, as amended; and provided further that the Company shall not be required to recognize any such transfer until such time as the Participant and such permitted transferee shall, as a condition to such transfer, deliver to the Company a written instrument in form and substance satisfactory to the Company confirming that such transferee shall be bound by all of the terms and conditions of this Agreement.

6, Provisions of the Plan.  This Option is subject to the provisions of the Plan, a copy of which is furnished to the Participant with this Option.

7. No Right To Employment or Other Status.   The grant of this Option shall not be construed as giving the Participant the right to continued employment or any other relationship with the Company or Subsidiary.  The Company and Subsidiaries expressly reserve the right at any time to dismiss or otherwise terminate its relationship with the Participant free from any liability or claim under the Plan or this Agreement, except as expressly provided herein.

8. Clawback.  In accepting this Option, the Participant expressly agrees to be bound by, and subject to, the following clawback policy and any clawback policy that the Company has in effect or may adopt in the future

(a) The Option is intended to align the Participant’s long-term interests with those of the Company.  Accordingly, unless otherwise expressly provided in the Plan or any other applicable agreement, plan, or policy, and to the extent permitted by applicable law, the Company may terminate any unsettled portion of the Option, whether vested, unvested or unexercised (“Termination”), recapture any Shares acquired pursuant to the Option (“Recapture”), or require the Participant to reimburse the Company for any and all amounts realized from the acquisition or disposition of Shares acquired pursuant to the Option (“Reimbursement”), upon the occurrence of any of the following events (collectively, the “Conditions”):

Exhibit 10.50

(i) the Participant has engaged in misuse of the Company’s confidential information and/or conduct in breach of any (A) confidentiality obligation to the Company under any agreement between the Company and the Participant, or any policy or plan of the Company, including but not limited to, the Company’s standard form of Information and Invention Agreement applicable to such Participant, or (B) applicable noncompetition or nonsolicitation obligation to the Company under any applicable agreement between the Company and the Participant, or any policy or plan of the Company, including but not limited to the Company’s standard form of Noncompetition Agreement applicable to such Participant;

(ii) the Participant has been discharged by the Company or a Subsidiary for “Cause” (as defined in Section 1.2 of the Severance Agreement); or

(iii) during his or her employment, the Participant (A) has rendered services to or otherwise directly or indirectly engaged in or assisted, any organization or business that, in the judgment of the Company in its sole and absolute discretion, is against the interest of the Company or one of its Affiliates; or (B) has engaged in activities that are materially prejudicial to or in conflict with the interests of the Company, including any breaches of fiduciary duty or the duty of loyalty.  

For purposes of this Section 8, “Option Benefits” shall mean any and all amounts realized from the acquisition or disposition of Shares acquired pursuant to the Option, including any sales proceeds and/or dividends.

(b) Prior to the issuance of any Shares upon settlement of the Option pursuant to this Agreement, the Participant shall, if requested in writing by the Company, certify on a form acceptable to the Company that the Participant is in compliance with the terms and conditions of this Agreement and with the obligations contained in the Plan, or any other relevant agreement, plan, or contract listed in Section 8(a). 

(c) Within ten (10) calendar days after receiving notice from the Company of any such activity described in Section 8(a) of this Agreement, the Participant shall either deliver to the Company the applicable Shares or make a cash payment to the Company equal to the Option Benefits.  For purposes of the Company's exercise of its Recapture and/or Reimbursement rights hereunder, the Participant expressly and explicitly authorizes the Company to issue instructions, on the Participant's behalf, to any brokerage firm and/or third-party administrator engaged by the Company to hold Shares and other amounts acquired under the Plan to re-convey, transfer or otherwise return such Shares and/or other amounts to the Company.

(d) Notwithstanding the foregoing provisions of this Section 18, the Company may, in its sole and absolute discretion, choose to refrain from exercising its rights of Termination, Recapture and/or Reimbursement with respect to any particular act of the Participant or with respect to any other participant in the Plan, and its determination to refrain from exercising such rights shall not in any way reduce or eliminate the Company’s authority to exercise its rights of Termination, Recapture and/or Reimbursement with respect to any other act of the Participant. Nothing in this Section 8 shall be construed to impose obligations on the Participant to refrain from engaging in lawful competition with the Company after the termination of employment that 

Exhibit 10.50

does not violate the Conditions, other than any obligations that are part of any applicable separate agreement between the Company and the Participant or that arise under applicable law.

Notwithstanding anything to the contrary in the Plan or this Agreement, the Company shall not seek to exercise its rights of Termination, Recapture or Reimbursement relating to any Options that were settled more than twelve (12) months prior to the date of the Participant's act or omission set forth in Section 8(a).  All Options shall be subject to the Company's rights of Termination, Recapture and/or Reimbursement to the extent required by applicable law, including but not limited to Section 10D of the Securities Exchange Act of 1934.

9.         Governing Law.  This Agreement shall be governed by and interpreted in accordance with the laws of the State of Delaware without regard to any applicable conflicts of laws and in the event of a dispute related to or arising out of this Agreement, the parties submit to the exclusive jurisdiction and venue of the Delaware federal and Chancery Courts. Notwithstanding the foregoing, for any Termination, Recapture, and/or Reimbursement that is based, in whole or in part, on the Participant’s breach of a noncompete agreement or nonsolicitation obligation, such disputes shall be governed by and interpreted in accordance with the laws of the State of Massachusetts, and any dispute arising out of this Agreement shall be asserted exclusively in the federal or state courts located in or covering the county in which the employee resides within the State of Massachusetts, and the parties hereby submit to the personal jurisdiction and venue of those state and federal courts.  

            IN WITNESS WHEREOF, the Company has caused this Option to be executed under its corporate seal by its duly authorized officer.  This Option shall take effect as a sealed instrument.

												
		THERMO FISHER SCIENTIFIC INC.
		
				
				
		By: ____________________________________		
		Name:		
		Title:		
				
				
				
		Participant:__________________________		
		Marc N. CasperExhibit

DESCRIPTION OF THE REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE
SECURITIES EXCHANGE ACT OF 1934

FBL Financial Group, Inc. (the “Company”) has one class of securities registered under Section 12 of the Securities Exchange Act of 1934, its Class A Common Stock, without par value.

The following description of our Class A Common Stock and other capital stock is a summary and does not purport to be complete. It is subject to and qualified in its entirety by reference to our Restated Articles of Incorporation (the “Articles of Incorporation”), our Restated Bylaws (the “Bylaws”) and the Iowa Business Corporation Act, Chapter 490 of the Code of Iowa, which define the rights of holders of our Class A Common Stock. Our Articles of Incorporation and Bylaws are filed as exhibits to the Annual Report on Form 10-K of which this exhibit is a part and are incorporated by reference herein.

Authorized Capital Stock

The Company is authorized to issue 10,000,000 shares of preferred stock, without par value (“Preferred Stock”), 88,500,000 shares of Class A Common Stock, without par value (“Class A Common Stock”) and 1,500,000 shares of Class B Common Stock, without par value (“Class B Common Stock”). References herein to “Common Stock” include both the Class A Common Stock and the Class B Common Stock. 

As of December 31, 2019, the Company had outstanding 5,000,000 shares of Preferred Stock designated as Series B Preferred Stock, 24,652,802 shares of Class A Common Stock and 11,413 shares of Class B Common Stock. The Iowa Farm Bureau Federation owns all of the outstanding Series B Preferred Stock, a majority of the outstanding Class A Common Stock and a majority of the outstanding Class B Common Stock. All of the outstanding Class B Common Stock is owned by Farm Bureau organizations.

Preferred Stock

The board of directors of the Company is authorized, subject to any limitations prescribed by law, from time to time to issue up to an aggregate of 10,000,000 shares of Preferred Stock in one or more series, each of such series to have such voting powers, full or limited, or no voting powers, and such designations, preferences and relative, participating, optional or other special rights, and such qualifications, limitations or restrictions thereof, as shall be determined by the board of directors in a resolution or resolutions providing for the issue of such Preferred Stock. Thus, any series may, if so determined by the board of directors, have full voting rights with the Common Stock (as in the case of the Series B Preferred Stock and the Class A Common Stock) or superior or limited voting rights, be convertible into Common Stock or another security of the Company, and have such other relative rights, preferences and limitations as the board of directors shall determine. As a result, any class or series of Preferred Stock could have rights which would adversely affect the rights of the holders of the Common Stock. The shares of any class or series of Preferred Stock need not be identical. The issuance of a new series of Preferred Stock, while providing desirable flexibility in connection with possible acquisitions or other corporate purposes, could have the effect of making it more difficult for a third party to acquire, or discouraging a third party from acquiring, a majority of the outstanding voting stock of the Company. Other than the shares of Series B Preferred Stock currently outstanding, the Company has no present plan to issue any additional Preferred Stock.

The holders of the Series B Preferred Stock are entitled to vote on all matters submitted to a vote of the holders of the Common Stock of the Company, voting together with the holders of the Class A Common Stock as one voting group. Each share of Series B Preferred Stock is entitled to two votes (pursuant to an antidilutive adjustment in 1998), subject to further antidilution adjustment, so long as it is held by a Farm Bureau organization. The approval of an amendment to the Company’s Articles of Incorporation which would change the powers, preferences, or special rights of the Series B Preferred Stock would require the affirmative vote of a majority of the Class A Common Stock and the Series B Preferred Stock voting as a single voting group, the affirmative vote of a majority of the Class B Common Stock, and, if the change would adversely affect the shares of Series B Preferred 

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Stock, the affirmative vote of a majority of the Series B Preferred Stock, voting separately. All voting rights, except those established by law, of the Series B Preferred Stock terminate automatically with respect to any of such shares which cease to be beneficially owned, directly or indirectly, by a Farm Bureau organization.

The Series B Preferred Stock has a cumulative annual dividend of $0.03 per share, which is paid on the last business day of each calendar quarter, and it ranks senior to the Common Stock as to the payment of dividends. In the event of a liquidation of the Company, the holders of the Series B Preferred Stock are entitled to receive $0.60 per share plus accrued and unpaid dividends prior to any distribution to the holders of Common Stock.
 
Any shares of Series B Preferred Stock which cease to be beneficially owned, directly or indirectly, by a Farm Bureau organization may be redeemed at the option of the Company at a price of $0.60 per share plus accrued and unpaid dividends. Additionally, if less than ten percent (10%) of the Class A Common Stock is owned, directly or indirectly, by a Farm Bureau organization, any shares of Series B Preferred Stock may be redeemed at the option of the Company at a price of $0.60 per share plus accrued and unpaid dividends.
 
The holders of the Series B Preferred Stock have no preemptive or similar rights to subscribe for additional shares.

Common Stock
 
Holders of Common Stock are entitled to one vote for each share held of record. Unless the Articles of Incorporation or applicable law provides otherwise, a majority of the votes entitled to be cast on a matter by a voting group constitutes a quorum of that voting group. The holders of the Class A Common Stock and the holders of the Series B Preferred Stock constitute a single voting group for most purposes. The holders of the Class B Common Stock also constitute a single voting group for most purposes. If a quorum exists, action on a matter by a voting group, other than the election of directors, is approved if the votes cast within the voting group favoring the action exceed the votes cast opposing the action, unless the Articles of Incorporation or applicable law require a greater number of affirmative votes. Directors are elected by a plurality of the votes by the voting group entitled to vote in the election of such directors at a meeting at which a quorum of such voting group is present. Thus, Class A directors are elected by a plurality vote of the Class A Common Stock and the Series B Preferred Stock voting together as a single voting group, and Class B directors are elected by a plurality vote of the Class B Common Stock. Holders of Common Stock are not entitled to cumulate their votes for the election of directors.
 
Holders of Class A Common Stock and Class B Common Stock are entitled to share ratably on a share for share basis with respect to dividends, when, as and if declared by the board of directors out of funds legally available therefor declared payable to holders of Common Stock, subject to the prior payment of all dividends accrued on Preferred Stock. The holders of Class A Common Stock and Class B Common Stock are entitled upon liquidation of the Company to share ratably on a share-for-share basis in the net assets available for distribution, subject to the prior rights of any Preferred Stock then outstanding.
 
All outstanding shares of Common Stock are fully paid and nonassessable. Shares of Common Stock are not redeemable and have no preemptive or similar rights to subscribe for additional shares.

Holders of Class B Common Stock have the right to convert each share of Class B Common Stock into one share of Class A Common Stock. Additionally, unauthorized transfers of shares of Class B Common Stock result in the automatic conversion of such shares into shares of Class A Common Stock on a one for one basis. Various aspects of the ownership of the Class B Common Stock are governed by a Stockholders’ Agreement, as amended, among the holders of the Class B Common Stock, which is filed as an exhibit to the Annual Report on Form 10-K of which this exhibit is a part and is incorporated by reference herein.

Certain Provisions of the Code of Iowa and the Company’s Articles of Incorporation and Bylaws

Certain provisions of the Code of Iowa and our Articles of Incorporation and Bylaws may have an antitakeover effect. The following discussion is a general summary of selected provisions that might be deemed to 

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have a potential antitakeover effect. These provisions are in addition to the antitakeover effects inherent in the Iowa Farm Bureau Federation owning all of the outstanding Series B Preferred Stock, a majority of the outstanding Class A Common Stock and a majority of the outstanding Class B Common Stock, and in Farm Bureau organizations owning all of the outstanding Class B Common Stock. The description below is intended as a summary only and is qualified in its entirety by reference to Iowa law, the Articles of Incorporation and the Bylaws.

Iowa Business Combination Transactions. Under Section 490.1110 of the Iowa Business Corporation Act, certain “business combinations” between an Iowa corporation whose stock is publicly traded and an “interested shareholder” (as defined in the Iowa Business Corporation Act) are prohibited for a three-year period following the date that such a shareholder became an interested shareholder, unless: (i) prior to the time the shareholder became an interested shareholder, the board of directors of the corporation approved either the business combination or the transaction which resulted in the shareholder becoming an interested shareholder; (ii) upon consummation of the transaction that made it an interested shareholder, the interested shareholder owned at least 85% of the voting stock of the corporation outstanding at the commencement of the transaction; or (iii) at or subsequent to the time the shareholder became an interested shareholder, the business combination is approved by the board of directors and authorized at an annual or special meeting of shareholders (which approval shall not be by written consent) by the affirmative vote of at least 66-2/3% of the outstanding voting stock which is not owned by the interested shareholder.

Limitations on Acquisitions of Securities. Under the insurance laws of many states, including the State of Iowa, a change of control of an insurance holding company, such as the Company, requires the prior approval of applicable state insurance regulators.

Advance Notice Requirements for Shareholder Proposals and Director Nominations. Our Bylaws provide for advance notice requirements for shareholder proposals and nominations for directors.

Board Composition. Our Articles of Incorporation provide the number of Class A directors (elected by the holders of Class A Common Stock and Series B Preferred Stock, voting together as a single voting group) shall be not less than three (3) nor more than ten (10), the exact number to be set from time to time by resolution of the board of directors, and the number of Class B directors (elected by the holders of Class B Common Stock) shall be not less than five (5) nor more than seven (7), the exact number to be set from time to time by the terms of an agreement among the holders of Class B Common Stock. Currently there are four (4) Class A directorships and six (6) Class B directorships, although directorships are sometimes temporarily vacant following resignations from the board of directors. Therefore, the holders of Class A Common Stock and Series B Preferred Stock, voting together as a single voting group, elect a minority of the board of directors.

Exclusive Forum

The Company’s Bylaws contain an exclusive forum provision, which provides that unless the Company consents in writing to the selection of an alternative forum, to the fullest extent permitted by law, the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the Company, (ii) any action asserting a claim of breach of a fiduciary duty owed by any director or officer or other employee of the Company to the Company or the Company’s shareholders, (iii) any action asserting a claim arising pursuant to any provision of the Iowa Business Corporation Act or the Articles of Incorporation or Bylaws or (iv) any action asserting a claim governed by the internal affairs doctrine shall be a state court located within the State of Iowa or, if no state court located within the State of Iowa has jurisdiction, a federal court located within the State of Iowa.

Transfer Agent and Registrar
 
The transfer agent and registrar for our Class A Common Stock is American Stock Transfer & Trust Company, LLC.
 

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Exchange Listing
 
Our Class A Common Stock is listed on the New York Stock Exchange under the symbol “FFG”.

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