Document:

<PAGE>
                                                                    EXHIBIT 10.1

                         SUPPLEMENTAL BENEFIT AGREEMENT

     THIS SUPPLEMENTAL BENEFIT AGREEMENT (this "Agreement") is entered into and
made effective as of the 4th day of March, 2002, by and between Melinda Urion,
residing at The Plaza, 300 Walnut St., Des Moines, IA 50309, ("Employee"), and
AmerUs Group Co., an Iowa corporation having its principal place of business at
699 Walnut Street, Des Moines, IA 50309 ("Employer").

     WHEREAS, Employer currently employs Employee as Executive Vice President,
CFO of Employer; and

     WHEREAS, Employer and Employee wish to enter into an agreement concerning a
certain aspect of their employment relationship;

     NOW, THEREFORE, in consideration of the mutual promises and covenants
contained in this Agreement and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties agree as
follows:

     Section 1. Definitions. Whenever used herein, capitalized words and
phrases, unless the context otherwise requires, shall have the meanings ascribed
in the text, or as set forth on Exhibit A, which is attached hereto and made a
part hereof.

     Section 2. Termination of Employment by Employee for Good Reason.

            a. If the employment of Employee is terminated by Employee for Good
Reason, Employee shall be entitled to the Severance Payment and the Continued
Benefits.

            b. Any offer of Comparable Employment following a Change of Control
shall remain open for at least fifteen (15) days after such offer is extended to
Employee. If Employee does not accept an offer of Comparable Employment
following a Change of Control within fifteen (15) days after it is offered, all
rights of Employee under this Agreement shall cease.

            c. If Employee timely accepts an offer of Comparable Employment
following a Change of Control and if within two (2) years following the date
such offer of Comparable Employment is accepted either (i) the employment of
Employee is terminated by Employer without Cause (as such term is described in
Section 4 hereof) or (ii) a Material Event occurs and Employee elects to
terminate his or her employment with Employer (which will also be considered a
termination of employment by Employee for Good Reason for purposes hereof), then
Employee shall be entitled to the Severance Payment and the Continued Benefits.

     Section 3. Termination of Employment by Employer Following Change of
Control. If the employment of Employee is terminated by Employer following a
Change of Control, and such termination is not for Cause as described in Section
4 hereof, Employee shall be entitled to the Severance Payment and the Continued
Benefits; provided, however, that if the Employee accepts an

                                      -1-
<PAGE>

offer of Comparable Employment, the provisions of Section 2(c) shall apply
rather than this Section 3.

     Section 4. Termination of Employment by Employer for Cause. Employer may
terminate the employment of Employee at any time for Cause. Employer shall have
"Cause" to terminate Employee's employment for Employee's personal dishonesty,
gross negligence, willful misconduct, breach of fiduciary duty involving
personal profit, intentional failure to perform stated duties, or willful
violation of any law, rule, regulation (other than traffic violations or similar
offenses) or final cease-and-desist order. Upon termination for Cause, all
rights of Employee under this Agreement shall cease as of the Termination Date.

     Section 5. Notice of Termination. Any termination of the employment of
Employee shall be communicated by a Notice of Termination to the other party
hereto. If there is any dispute or controversy under this Agreement with respect
to Employee's entitlement to the Severance Payment or Continued Benefits, or the
amount of same, except in the event of a termination for Cause by Employer,
Employer shall continue to pay Employee the full compensation and benefits in
effect when the Notice of Termination was given (including without limitation
Base Compensation and payments under any bonus and incentive plans in which
Employee participates), until the earlier of the date when the dispute is
finally resolved or twelve (12) months from the date when the Notice of
Termination was given. Amounts paid under the preceding sentence shall be offset
against and shall reduce any other amounts due under this Agreement, including
any Severance Payment or Continued Benefits and any arbitration award under
Section 11 hereof.

     Section 6. Severance Payment.

            a. In the event the employment of Employee is terminated by Employee
for Good Reason as described in Section 2 hereof or by Employer following a
Change of Control as described in Section 3 hereof, Employer shall pay to
Employee the following Severance Payment, which shall be paid in a lump sum
within thirty-five (35) days following the Termination Date:

               (i) Any amount of Employee's Base Compensation earned but unpaid
through the Termination Date; and

               (ii) In lieu of any further salary or other payments of any kind
to Employee for periods after the Termination Date, an amount equal to:

                    (1) the sum of:

                        (A) Employee's Base Compensation, plus

                        (B) the amount of Employee's annual bonus that would
                            have been paid immediately preceding the Termination
                            Date assuming the Plan Target Level (as defined by
                            the Plan) had been achieved;

                                      -2-
<PAGE>

                    (2) multiplied by the number three (3); and

               (iii) An amount equal to the contributions from the Employer the
Employee would have otherwise been entitled to under the Plans if Employee had
remained an employee of Employer until and including December 31 of the calendar
year in which Employee's employment terminates and Employee had earned the
amounts set forth in Section 6.a.(ii) above through said December 31st.

            b. (i) Anything in this Agreement to the contrary notwithstanding,
in the event it shall be determined that any payment or distribution by the
Employer to the Employee (whether paid or payable or distributed or
distributable pursuant to the terms of this Agreement or otherwise, but
determined without regard to any additional payments required under this Section
6.b.) (a "Payment") is subject to the excise tax imposed by Section 4999 of the
Internal Revenue Code of 1986, as amended (the "Code"), or any interest or
penalties are incurred by the Employee with respect to such excise tax (such
excise tax, together with any such interest and penalties, are hereinafter
collectively referred to as the "Excise Tax"), then the Employer shall pay to
the Employee an additional payment (a "Gross-Up Payment") in an amount such that
after payment by the Employee of all taxes (including any interest or penalties
imposed with respect to such taxes), including without limitation, any federal,
state or local income taxes (and any interest and penalties imposed with respect
thereto) and Excise Tax imposed upon the Gross-Up Payment, the Employee retains
an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the
Payments.

               (ii) Subject to the provisions of Section 6.b.(iii), all
determinations required to be made regarding whether and when a Gross-Up Payment
is required and the amount of such Gross-Up Payment and the assumptions to be
utilized in arriving at such determination shall be made by the Employer's
public accounting firm (the "Accounting Firm") which shall provide detailed
supporting calculations both to the Employer and the Employee as soon as
possible following a request made by the Employee or the Employer. In the event
that the Accounting Firm is serving as accountant or auditor for the individual,
entity or group effecting the Change of Control, the Employer shall appoint
another nationally recognized public accounting firm to make the determinations
required hereunder (which accounting firm shall then be referred to as the
Accounting Firm hereunder). All fees and expenses of the Accounting Firm shall
be borne solely by the Employer. Any Gross-Up Payment shall be paid by the
Employer to the Employee within five (5) days of the receipt of the Accounting
Firm's determination. If the Accounting Firm determines that no Excise Tax is
payable by the Employee, it shall furnish the Employee with a written opinion
that failure to report the Excise Tax on the Employee's applicable federal
income tax return would not result in the imposition of a negligence or similar
penalty. Any determination by the Accounting Firm shall be binding upon the
Employer and the Employee. As a result of the uncertainty in the application of
Section 4999 of the Code at the time of the initial determination by the
Accounting Firm hereunder, it is possible that Gross-Up Payments which will not
have been made by the Employer should have been made ("Underpayment"),
consistent with the calculations required to be made hereunder. In the event
that the Employer exhausts its remedies pursuant to Section 6.b.(iii), and the
Employee thereafter is required to make a payment of any Excise Tax, the
Accounting Firm shall determine the amount of the Underpayment that has occurred
and any such Underpayment shall be promptly paid by the Employer to or for the
benefit of the Employee.

                                      -3-
<PAGE>

               (iii) The Employee shall notify the Employer in writing of any
claim by the Internal Revenue Service that, if successful, would require the
payment by the Employer of the Gross-Up Payment. Such notification shall be
given as soon as practicable but no later than ten (10) business days after the
Employee is informed in writing of such claim and shall apprise the Employer of
the nature of such claim and the date on which such claim is requested to be
paid. The Employee shall not pay such claim prior to the expiration of the
30-day period following the date on which the Employee gives such notice to the
Employer (or such shorter period ending on the date that any payment of taxes
with respect to such claim is due). If the Employer notifies the Employee in
writing prior to the expiration of such period that it desires to contest such
claim, the Employee shall:

                    (1)  give the Employer any information reasonably requested
                         by the Employer relating to such claim,

                    (2)  take such action in connection with contesting such
                         claim as the Employer shall reasonably request in
                         writing from time to time, including, without
                         limitation, accepting legal representation with respect
                         to such claim by an attorney reasonably selected by the
                         Employer,

                    (3)  cooperate with the Employer in good faith to
                         effectively contest such claim, and

                    (4)  permit the Employer to participate in any proceedings
                         relating to such claim;

provided, however, that the Employer shall bear and pay directly all costs and
expenses (including additional interest and penalties) incurred in connection
with such contest and shall indemnify and hold the Employee harmless, on an
after-tax basis, for any Excise Tax or income tax (including interest and
penalties with respect thereto) imposed as a result of such representation and
payment of costs and expenses. Without limitation on the foregoing provisions of
this Section 6.b.(iii), the Employer shall control all proceedings taken in
connection with such contest and, at its sole option, may pursue or forego any
and all administrative appeals, proceedings, hearings and conferences with the
taxing authority in respect of such claim and may, at its sole option, either
direct the Employee to pay the tax claimed and sue for a refund or contest the
claim in any permissible manner, and the Employee agrees to prosecute such
contest to a determination before any administrative tribunal, in a court of
initial jurisdiction and in one or more appellate courts, as the Employer shall
determine; provided further, that if the Employer directs the Employee to pay
such claim and sue for a refund, the Employer shall advance the amount of such
payment to the Employee on an interest-free basis and shall indemnify and hold
the Employee harmless, on an after-tax basis, from any Excise Tax or income tax
(including interest or penalties with respect thereto) imposed with respect to
such advance or with respect to any imputed income with respect to such advance;
and provided further, that any extension of the statute of limitations relating
to payment of taxes for the taxable year of the Employee with respect to which
such contested amount

                                      -4-
<PAGE>

is claimed to be due is limited solely to such contested amount. Furthermore,
the Employer's control of the contest shall be limited to issues with respect to
which a Gross-Up Payment would be payable hereunder and the Employer shall be
entitled to settle or contest, as the case may be, any other issue raised by the
Internal Revenue Service or any other taxing authority.

               (iv) If, after the receipt by the Employee of an amount advanced
by the Employer pursuant to Section 6.b.(iii), the Employee becomes entitled to
receive, and receives, any refund with respect to such claim, the Employee shall
(subject to the Employer's complying with the requirements of Section 6.b.(iii))
promptly pay to the Employer the amount of such refund (together with any
interest paid or credited thereon after taxes applicable thereto). If, after the
receipt by the Employee of any amount advanced by the Employer pursuant to
Section 6.b.(iii), a determination is made that the Employee shall not be
entitled to any refund with respect to such claim and the Employer does not
notify the Employee in writing of its intent to contest such denial of refund
prior to the expiration of thirty (30) days after such determination, then such
advance shall be forgiven and shall not be required to be repaid and the amount
of such advance shall offset, to the extent thereof, the amount of Gross-Up
Payment required to be paid.

     Section 7. Continued Benefits. In the event the employment of Employee is
terminated by Employee for Good Reason as described in Section 2 hereof or by
Employer following a Change of Control as described in Section 3 hereof,
Employer shall continue to provide to Employee the Continued Benefits described
in this Section 7. Employer shall maintain in full force and effect, for the
benefit of Employee for 3 years after the Termination Date, all employee welfare
benefit plans and programs or arrangements in which Employee was entitled to
participate immediately prior to the Termination Date (the "Continued
Benefits"); provided, however, that Employee's continued participation is
possible under the general terms and provisions of such plans, programs and
arrangements. In the event that Employee's continued participation in any such
plan, program or arrangement is not possible, Employer shall arrange to provide
Employee with substantially equivalent benefits. At the end of the period of
coverage, Employee shall have the option to have assigned to Employee at no cost
and with no apportionment of prepaid premiums any assignable insurance policy
owned by Employer and relating specifically to Employee. Notwithstanding the
foregoing, Employee's period of continued coverage under any such plan, program
or arrangement (or any Employer-arranged provision of such benefits) shall
terminate as of the date Employee becomes eligible to participate in a similar
plan, program or arrangement of another employer. Employee shall be deemed to be
"eligible to participate" for this purpose even if Employee is required to pay
an employee premium and even if the new plan, program or arrangement imposes
preexisting condition limitations or restrictions. In addition, Employee shall
be fully vested in all of his or her account in the All*AmerUs Savings &
Retirement Plan and the All*AmerUs Supplemental Executive Retirement Plan.

     Section 8. No Mitigation. Employee shall not be required to mitigate the
amount of any Severance Payment or Continued Benefits by seeking other
employment or otherwise, nor shall the amount of any Severance Payment or
Continued Benefits (other than the earlier termination of certain employee
benefits as described in Section 7 hereof) be reduced by any compensation earned
by Employee as a result of employment by another employer after termination of
this Agreement or otherwise. Employer's obligation to pay Employee the
compensation and make the arrangements

                                      -5-
<PAGE>

provided herein shall be absolute and unconditional and, following any Change of
Control, shall not be affected by any circumstances, including without
limitation any set-off (except as provided in Sections 5 and 9.b. hereof),
counterclaim, recoupment, defense or other rights which Employer may have.
Except as otherwise provided herein, all amounts payable by Employer shall be
paid without notice or demand.

     Section 9. Indemnification.

            a. In addition to the costs and expenses to be borne by Employer
pursuant to the provisions of Section 6.b. herein, Employer shall pay, and
indemnify Employee against, all costs and expenses, including without limitation
the fees and expenses of attorneys, arbitrators, experts and witnesses, incurred
by or on behalf of Employee in connection with any arbitration or legal claim or
proceeding arising from this Agreement or the interpretation thereof, to the
extent that Employee is successful, on the merits or otherwise, in any such
claim or proceeding. If Employee is not wholly successful in such claim or
proceeding but is successful, on the merits or otherwise, as to one or more but
less than all claims, issues or matters in such claim or proceeding, then
Employer shall indemnify Employee against all such costs and expenses incurred
by Employee or on Employee's behalf in connection with each successfully
resolved claim, issue or matter.

            b. Employer shall advance all such costs and expenses incurred by or
on behalf of Employee in connection with any such claim or proceeding referred
to in Section 9.a. hereof within twenty (20) days after receipt by Employer of a
statement or statements from Employee requesting such advance or advances,
whether prior to or after final disposition of such claim or proceeding. Such
statement or statements shall reasonably evidence the costs and expenses
incurred by Employee and shall be preceded or accompanied by an undertaking by
or on behalf of Employee to repay any costs and expenses advanced if it shall
ultimately be determined that Employee is not entitled to be indemnified against
such costs and expenses and, furthermore, if Employee fails to repay any costs
and expenses that are advanced, then such amounts shall be offset against and
shall reduce any other amounts due to Employee under this Agreement.

     Section 10. Notices. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand delivery, registered
first-class mail, telecopier or commercial courier guaranteeing next day
delivery to the respective addresses provided for Employer and Employee in the
introductory paragraph of this Agreement. Notices to Employer shall be addressed
to the attention of the Chairman of the Human Resources Committee for the Board
of Directors and the Executive Vice President, Chief Administration and Human
Resources Officer of Employer. All such notices and communications shall be
deemed to have been duly given; at the time delivered by hand, if personally
delivered; five (5) business days after being deposited in the mail, postage
prepaid, if mailed; when receipt is acknowledged, if telecopied; and the next
business day after timely delivery to the courier, if sent by commercial courier
guaranteeing next day delivery.

     Section 11. Arbitration. Employer and Employee agree that any disputes
arising out of or relating to this Agreement shall be arbitrated in accordance
with the rules of the American Arbitration Association and the Federal
Arbitration Act. Such arbitration shall be held in Des

                                      -6-
<PAGE>

Moines, Iowa. No party shall initiate arbitration unless, at least thirty (30)
days prior thereto, such party has given the other party written notice of the
intent to initiate arbitration and a detailed description of the basis of the
dispute. A single arbitrator (or, in any matter in which the amount in
controversy exceeds $500,000, a panel of three (3) arbitrators) shall interpret
this Agreement in accordance with Iowa laws and shall conduct proceedings in
accordance with the Federal Rules of Civil Procedure. Punitive damages, if any,
awarded by the arbitrator(s) shall not exceed two (2) times compensatory damages
awarded. Any award of the arbitrator(s) shall be deemed final, and judgment upon
such award may be entered and enforced in any Iowa District Court and
transferred to any other jurisdiction.

     Section 12. Tax Withholding. Employer shall have the right to withhold from
any transfer or payment made to Employee or to any other Person hereunder,
whether such payment is to be made in cash or other property, all applicable
federal, state, city or other taxes or foreign taxes as shall be required in the
determination of Employer pursuant to any statute or governmental regulation or
ruling.

     Section 13. Interest. Employer shall pay Employee interest at a rate of ten
percent (10%) per annum on any benefits payable to Employee hereunder not paid
by the date provided for herein from such date until the date of payment.

     Section 14. General Creditor. Nothing contained in this Agreement and no
action taken pursuant to the provisions of this Agreement shall create or be
construed to create a trust of any kind or a fiduciary relationship between
Employer and Employee or any other Person, nor shall any money or property of
Employer be segregated for the benefit of Employee to satisfy the obligations of
Employer hereunder. To the extent that Employee acquires a right to receive
payments hereunder, such rights shall be no greater than the right of any
general unsecured creditor of Employer. Except as expressly provided herein,
each payment shall be made in cash from the general assets of Employer.

     Section 15. No Waiver. The failure of either party to require the
performance of any term or condition of this Agreement, or the waiver by either
party of any breach of this Agreement, shall not prevent a subsequent
enforcement of any term or condition nor be deemed to be a waiver of any
subsequent breach by either party.

     Section 16. Binding Effect. This Agreement shall be binding on and inure to
the benefit of the successors and assigns of Employer. This Agreement shall
inure to the benefit of and be enforceable by Employee's personal or legal
representatives, executors, administrators, successors, heirs, distributees,
devisees and legatees.

     Section 17. No Assignment. The right of Employee or any other Person to the
payment of amounts or other benefits under this Agreement shall not be assigned,
alienated, hypothecated, placed in trust, disposed of, transferred, pledged or
encumbered (except as provided in Section 16 herein) and, to the extent
permitted by law, no such amount or payment shall in any way be subject to any
legal process to subject the same to the payments of any claim against Employee
or any other Person.

                                      -7-
<PAGE>
     Section 18. Paragraphs and Other Headings. The paragraph headings contained
in this Agreement are for reference purposes only and shall not affect the
interpretation of this Agreement.

     Section 19. Governing Law. This Agreement and all transactions contemplated
by this Agreement shall be governed by, and construed and enforced in accordance
with, the laws of the State of Iowa, without regard to principles of conflicts
of laws.

     Section 20. Severability. If any one or more of the provisions contained in
this Agreement shall for any reason be held invalid, illegal or unenforceable,
such invalidity, illegality or unenforceability shall not affect any other
provisions of this Agreement, which shall be construed as if such invalid,
illegal or unenforceable provision had never been contained herein. It is the
intention of the parties that if any provision of this Agreement is capable of
two constructions, one of which would render the provision void and the other of
which would render the provision valid, then the provision shall have the
meaning that renders it valid.

     Section 21. At-Will Employment. Nothing in this Agreement shall alter the
"at-will" nature of Employee's employment with Employer, it being understood
that the "at-will" nature of Employee's employment with Employer shall in no way
alter the benefits to which Employee is otherwise entitled under this Agreement.

     Section 22. Survivability. The obligations of Employer and Employee under
this Agreement shall survive the termination of this Agreement.

     Section 23. Employer After A Change of Control. Following a Change of
Control and the acceptance by Employee of an offer of Comparable Employment, the
term Employer shall be deemed to mean the actual employer of Employee (which may
be Employer, an affiliate thereof or some other Person involved in the Change of
Control).

     Section 24. Entire Agreement. This Agreement sets forth the entire
understanding of the parties and supersedes all other representations,
agreements and understandings, oral or otherwise, between or among the parties
with respect to the matters contained herein.

                                      -8-
<PAGE>

     IN WITNESS WHEREOF, the parties have set their respective signatures as of
the day and year first above written.

                                                  AmerUs Group Co.

By:    /s/ Melinda S. Urion                       By: /s/ Roger K. Brooks
       --------------------                           -------------------
Printed Name: Melinda S. Urion                    Its: Chairman & CEO

                                      -9-
<PAGE>
                                    EXHIBIT A

                                   DEFINITIONS

     "Affiliate " shall mean with respect to any Person, any Person which,
directly or indirectly, through one or more intermediaries, controls, is
controlled by or is under common control with such entity; provided, however,
that any Person which owns directly or indirectly ten percent (10%) or more of
the securities having ordinary voting power for the election of directors or any
other governing body of a corporation or ten percent (10%) or more of the
partnership or other ownership interests of any other Person (other than as a
limited partner of such Person) will be deemed to control such Person.

     "AMHC" shall mean American Mutual Holding Company.

     "Base Compensation" shall mean the greater of (i) the semi-monthly salary
paid to Employee by Employer which was in effect immediately prior to the
Termination Date or (ii) the semi-monthly salary paid to Employee by Employer
which was in effect prior to any reduction thereof made without the written
consent of Employee, in either case multiplied by twenty-four (24).

     "Change of Control" shall mean any Transaction or series of Transactions
involving Employer or any Affiliate of Employer which results in either (i) AMHC
not directly or indirectly owning or controlling shares of stock of the Employer
sufficient to cast a majority of the votes necessary to elect members of the
Board of Directors of the Employer ("Voting Control"); (ii) the individuals who,
prior to such Transaction, constituted the board of directors of AMHC ceasing to
constitute at least a majority thereof, unless the election, or the nomination
for election of each director of AMHC for a period of two (2) years following
the consummation of such Transaction was approved by a vote of at least
two-thirds of the directors of AMHC then still in office who were directors of
AMHC prior to such Transaction; (iii) the individuals who, prior to such
Transaction, constituted the board of directors of Employer ceasing to
constitute at least a majority thereof, unless the election, or the nomination
for election of each director of the Employer for a period of two (2) years
following the consummation of such Transaction was approved by a vote of at
least two-thirds of the directors of Employer then still in office who were
directors of Employer prior to such Transaction; or (iv) the acquisition by any
Person other than AMHC or its subsidiaries of the beneficial ownership, as
defined in Rule 13d-3 of the Securities Exchange Act of 1934, of more than
twenty-five percent (25%) of the shares of stock of the Employer which are
entitled to elect the board of directors of the Employer at any time that AMHC
does not have beneficial ownership of the Voting Control of the Employer;
provided, however, that in the case of (i), (ii) and (iii), a Transaction which
is a Demutualization shall not constitute a Change of Control if the directors
elected or nominated for election to either AMHC's or Employer's respective
board of directors by AMHC's or Employer's respective stockholders following the
Dernutualization were the directors of AMHC or Employer respectively prior to
such Demutualization, or if the election, or the nomination for election, by
AMHC's or Employer's respective stockholders, of each director of AMHC or
Employer respectively for a period of two (2) years following the consummation
of such Demutualization was approved by a vote of at least two-thirds of the
directors of AMHC or

                                      -10-
<PAGE>

Employer then still in office who were the respective directors of AMHC or the
Employer prior to such Demutualization.

     "Comparable Employment" shall mean employment with Employer, an Affiliate
thereof or a third party involved in any Change of Control on terms and
conditions (including without limitation geographic location) which in the
aggregate are at least substantially comparable to the terms and conditions of
employment prevailing with respect to Employee immediately preceding a Change of
Control.

     "Continued Benefits" shall mean the benefits described in Section 7 hereof.

     "Demutualization" shall mean any transaction in which more that fifty (50%)
of the assets of AMHC are (i) distributed or otherwise transferred to the
members of AMHC or (ii) are offered to the members of AMHC.

     "Good Reason" shall mean the occurrence of both (i) a Change of Control
without Employee being offered Comparable Employment and (ii) a Material Event.

     "Material Event" shall mean the occurrence of any one of the following
events following a Change of Control without Employee's express written consent:

     (1)  The assignment to Employee of duties substantially inconsistent with
          Employee's position, duties, responsibility or status with Employer or
          a substantial reduction of Employee's duties or responsibilities, as
          compared with Employee's duties or responsibilities prior to such
          reduction, or any removal of Employee from, or any failure to re-elect
          Employee to, the position Employee held at the time of such removal or
          failure to re-elect, except in connection with termination of
          employment for Cause; or

     (2)  A reduction in the amount of Employee's Base Compensation, a material
          reduction in payments received by Employee under any bonus or
          incentive plans in which Employee participates or a material reduction
          in any other employee perquisites to which Employee is entitled; or

     (3)  The relocation of Employee's principal office to a location more than
          thirty-five (35) miles from the location of such office immediately
          prior to such relocation; or

     (4)  Any material breach by Employer of any of the provisions of this
          Agreement.

     "Notice of Termination" shall mean written notice of the termination of the
employment of Employee.

                                      -11-
<PAGE>

     "Person" shall mean an individual, corporation, partnership, joint venture,
association, joint-stock company, limited liability company, trust,
unincorporated organization or government or any agency or political subdivision
thereof.

     "Plans" shall mean, collectively, the All*AmerUs Savings & Retirement Plan,
the All*AmerUs Supplemental Executive Retirement Plan, the All*AmerUs Excess
Benefit Plan, the Interim Benefit Supplement, any trust agreements related to
the foregoing and any successor plans.

     "Severance Payment" shall mean the payment described in Section 6 hereof.

     "Termination Date" shall mean the date on which the employment of Employee
with Employer terminates.

     "Transaction" shall mean any merger, consolidation, tender or exchange
offer, dissolution, liquidation, sale or exchange of stock, business
combination, sale or exchange of all or substantially all assets,
demutualization or other similar transaction or combination of the foregoing by
or between persons who were not under common control prior to such transaction.

                                      -12-<PAGE>
                                                                    EXHIBIT 10.1

                                 AMENDMENT NO. 1
                               TO CREDIT AGREEMENT

         THIS AMENDMENT NO. 1 TO CREDIT AGREEMENT, dated as of September 27,
2002 (the "Agreement") relating to the Credit Agreement referenced below, is by
and among WOLVERINE TUBE, INC., a Delaware corporation (the "Company"), its U.S.
and Canadian Subsidiaries identified as Subsidiary Borrowers on the signature
pages hereto and any additional U.S. or Canadian Subsidiaries of the Company
which become parties to the Credit Agreement in accordance with the terms
thereof (collectively referred to as the "Subsidiary Borrowers" and individually
referred to as a "Subsidiary Borrower") (hereinafter, the Company and the
Subsidiary Borrowers are collectively referred to as the "Borrowers" or referred
to individually as a "Borrower"), each of the financial institutions identified
as Lenders on the signature pages hereto (the "Lenders" and each individually, a
"Lender"), WACHOVIA BANK, NATIONAL ASSOCIATION, ("Wachovia"), acting in the
manner and to the extent described in Article XIII of the Credit Agreement (in
such capacity, the "Administrative Agent") and CONGRESS FINANCIAL CORPORATION
(CANADA) acting in the manner and to the extent described in Article XIII of the
Credit Agreement (in such capacity, the "Canadian Agent"). Terms used but not
otherwise defined herein shall have the meanings provided in the Credit
Agreement and the provisions of Sections 1.2, 1.3 and 1.4 of the Credit
Agreement related to the definitions shall apply herein.

                                   WITNESSETH

         WHEREAS, a $37,500,000 credit facility has been extended to the
Borrowers pursuant to the terms of that certain Credit Agreement dated as of
March 27, 2002 (as amended, modified or otherwise supplemented from time to
time, the "Credit Agreement") among the Borrowers, the Lenders, the
Administrative Agent and the Canadian Agent;

         WHEREAS, the Borrowers have requested that certain Lenders provide an
Interest Rate Protection Agreement regarding certain obligations pursuant to the
2008 Senior Note Indenture or the 2009 Senior Note Indenture and to induce such
Lenders to provide such Interest Rate Protection Agreement, the Borrowers have
agreed to add, to the extent not already included, Interest Rate Protection
Agreements as Secured Obligations pursuant to the U.S. Security Agreement and as
Pledgor Obligations pursuant to the U.S. Pledge Agreement; and

         WHEREAS, as a result of the inducement described herein and the other
good and valuable consideration provided to the Lenders entering into Interest
Rate Protection Agreements with certain of the Borrowers, the undersigned
Lenders agree to enter into certain Interest Rate Protection Agreements and to
the amendments to certain of the Credit Documents set forth in this Agreement;

         NOW, THEREFORE, in consideration of these premises and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

<PAGE>

         (A)      Amendments.

         1.       The definition of "Hedging Agreements" in Section 1.1 of the
Credit Agreement is amended by adding the following to the end of the definition
"or any other derivative product hedging arrangement."

         2.       The definition of "Obligations" in Section 1.1 of the Credit
Agreement is amended by replacing "all liabilities and obligations owing from
any Borrower to any Lender, or any affiliate of a Lender, arising under Interest
Rate Protection Agreements entered into for the purpose of hedging interest rate
risk under this Credit Agreement and the other Credit Documents," with "all
liabilities and obligations arising under Interest Rate Protection Agreements,".

         3.       The definition of "U.S. Borrowing Base" in Section 1.1 of the
Credit Agreement is hereby replaced by the following:

                  "U.S. Borrowing Base" means a U.S. dollar amount equal to the
         sum of (a) an amount equal to 85% of Eligible Accounts Receivable of
         the U.S. Credit Parties, plus (b) an amount equal to the lesser of (i)
         60% of Eligible Inventory of the U.S. Credit Parties consisting of raw
         materials and finished goods inventory or (ii) $17,500,000 minus, in
         the Administrative Agent's sole discretion, (c) IRPA Obligations.

         4.       The following definition of "IRPA Obligations" is hereby added
to Section 1.1 of the Credit Agreement in the appropriate alphabetical order:

         "IRPA Obligations" means, a continuing reserve, calculated at a
         frequency determined by the Administrative Agent in its sole
         discretion, for the aggregate amount for liabilities and obligations
         arising under Interest Rate Protection Agreements, each valued as the
         termination value thereof calculated according to a method approved by
         the International Swap and Derivatives Association and as such
         International Swap and Derivatives Association method may be further
         specified in each Interest Rate Protection Agreement.

         5.       The Credit Agreement is amended by replacing the first
paragraph Section 2.1(a) thereof with the following:

         (a)      U.S. Revolving Loan Commitment. Subject to the terms and
         conditions set forth herein, each U.S. Lender agrees, severally and not
         jointly, at any time and from time to time from the Effective Date to
         the U.S Maturity Date, to make revolving loans (each a "U.S. Revolving
         Loan" and collectively, the "U.S. Revolving Loans") in U.S. dollars to
         the U.S. Borrowers; provided, however, that (i) the aggregate amount of
         U.S. Revolving Loans outstanding plus IRPA Obligations plus U.S. LOC
         Obligations outstanding at any one time may not exceed the lesser of
         the U.S. Borrowing Base and the U.S. Revolving Loan Commitment; (ii)
         the aggregate amount of U.S. Revolving Loans outstanding plus Canadian
         Revolving Loans outstanding plus IRPA Obligations plus LOC Obligations
         outstanding plus the aggregate Face Amount of Bankers' Acceptances at
         any one time may not exceed the lesser of the Total Borrowing Base and
         $37,500,000 (U.S.); and (iii) with regard to each

                                       2

<PAGE>

         individual U.S. Lender, the U.S. Lender's pro rata share of outstanding
         U.S. Revolving Loans plus IRPA Obligations plus U.S. LOC Obligations
         outstanding shall not exceed such U.S. Lender's U.S. Revolving Loan
         Commitment Percentage of the U.S. Revolving Loan Commitment; provided,
         however, upon any Canadian Maturity Date occurring prior to the U.S.
         Maturity Date, the Borrowers shall be entitled to receive (and the
         Administrative Agent is hereby authorized by the Lenders to provide) a
         U.S. Revolving Loan in an amount which is sufficient to pay in full the
         Canadian Obligations so long as (i) the proceeds of such U.S. Revolving
         Loan are applied to repay in full the Canadian Obligations
         simultaneously with the making of such U.S. Revolving Loan and (ii) the
         Borrowers are in compliance with the foregoing provisions of this
         Section 2.1(a) immediately after such application and (iii) the
         Borrowers are in compliance in all respects with Section 5.2.

         6.       Section 5.2 of the Credit Agreement is amended by deleting the
word "and" at the end of subsection (g); replacing the period at the end of
subsection (h) thereof with "; and"; inserting the following as immediately
after the end of subsection (h): "(i) Interest Rate Protection Agreements.
Immediately after giving effect to the making of a Loan or the issuance of a
Letter of Credit or the creation of a Banker's Acceptance, the Company shall not
be in violation of the terms of any Interest Rate Protection Agreement." and by
replacing "(b), (c), (d), (e), (f), (g) and (h)" in the last paragraph Section
5.2 with the following "(b), (c), (d), (e), (f), (g), (h) and (i)".

         7.       The text of Section 9.4 of the Credit Agreement is hereby
amended and restated in its entirety to read as follows:

         No Consolidated Party shall dissolve, liquidate or wind up its affairs
         or enter into any transaction of merger, amalgamation or consolidation;
         provided, however, that (i) the Company may merge or consolidate with
         any Subsidiary so long as the Company shall be the continuing or
         surviving corporation, (ii) any U.S. Credit Party (other than the
         Company) may merge or consolidate with any other U.S. Credit Party,
         (iii) any Canadian Credit Party may merge or consolidate with any other
         Canadian Credit Party, (iv) any Subsidiary of the Company that is not a
         Credit Party may be merged with or into any other Subsidiary of the
         Company that is not a Credit Party and (v) any Subsidiary of the
         Company that is not a Credit Party may merge or consolidate with any
         Credit Party so long as the Credit Party shall be the continuing or
         surviving corporation.

         8.       Section 11.1(g) of the Credit Agreement is amended by
replacing the phrase "or the 2008 Senior Notes or the 2009 Senior Notes," with
", the 2008 Senior Notes, the 2009 Senior Notes or any Interest Rate Protection
Agreement".

         (B)      Representations and Warranties. Each Credit Party hereby
represents and warrants that (i) the representations and warranties contained in
Article VI of the Credit Agreement are true and correct in all material respects
on and as of the date hereof as though made on and as of such date (except for
those representations and warranties which by their terms relate solely to an
earlier date) and after giving effect to the transactions contemplated herein,
(ii) no Default or Event of Default exists under the Credit Agreement on and as
of the date hereof and after giving effect to the transactions contemplated
herein, (iii) it has the corporate, limited liability company or limited
partnership power and authority to execute

                                       3

<PAGE>

and deliver this Agreement and to perform its obligations hereunder and has
taken all necessary organizational action to authorize the execution, delivery
and performance by it of this Agreement; (iv) it has duly executed and delivered
this Agreement, and this Agreement constitutes its legal, valid and binding
obligation enforceable in accordance with its terms except as the enforceability
thereof may be limited by bankruptcy, insolvency or other similar laws affecting
the rights of creditors generally or by general principles of equity and (v)
neither the execution and delivery of this Agreement, nor the consummation of
the transactions contemplated therein, nor performance of and compliance with
the terms and provisions thereof will violate or conflict in any material
respect with any material provision of its articles or certificate of
incorporation or certificate of limited partnership or certificate of formation,
bylaws, agreement of limited partnership or limited liability company agreement
or violate, contravene or conflict in any material respect with contractual
provisions of, or cause an event of default under, any indenture, including
without limitation the 2008 Senior Note Indenture and 2009 Senior Note
Indenture, loan agreement, mortgage, deed of trust, contract or other agreement
or instrument to which it is a party or by which it may be bound.

         (C)      Effectiveness. This Agreement shall become effective upon
satisfaction of the following conditions precedent:

                  1.       Executed Agreement. The Administrative Agent shall
         have received a fully executed counterpart of this Agreement.

                  2.       Secretary's Certificates. Receipt by the
         Administrative Agent of secretary's certificates from each Borrower
         (except the Canadian Borrowers party to the Credit Agreement prior to
         the date hereof) dated as of the date hereof either substantially in
         the form required by Section 5.1(d) of the Credit Agreement, mutatis
         mutandis or a bring-down certificate if no change has occurred to the
         secretary's certificate since the delivery thereof on the Closing Date,
         in each case, and otherwise in form and substance acceptable to the
         Administrative Agent.

         (D)      No Other Modification. Except to the extent specifically
provided to the contrary in this Agreement, all terms and conditions of the
Credit Agreement (including Exhibits and Schedules thereto) and the other Credit
Documents shall remain in full force and effect, without modification or
limitation. This Agreement shall not operate as a consent to any other action or
inaction by the Borrowers or any other Credit Party, or as a waiver or amendment
of any right, power, or remedy of any Lender, the Administrative Agent or the
Canadian Agent under the Credit Agreement or any other Credit Document nor
constitute a consent to any such action or inaction, or a waiver or amendment of
any provision contained in the Credit Agreement or any other Credit Document
except as specifically provided herein.

         (E)      Release. In consideration of entering into this Agreement,
each Credit Party (a) represents and warrants to each Agent and each Lender that
as of the date hereof there are no causes of action, claims, actions,
proceedings, judgments, suits, demands, damages or offsets against or defenses
or counterclaims to its Obligations or Secured Obligations under the Credit
Documents and furthermore, such Credit Party waives any and all such causes of
action, claims, actions, proceedings, judgments, suits, demands, damages,
offsets, defenses or counterclaims

                                       4

<PAGE>

whether known or unknown, arising prior to the date of this Agreement and (b)
releases each Agent and each Lender and each of their respective Affiliates,
Subsidiaries, officers, employees, representatives, agents, counsel and
directors from any and all actions, causes of action, claims, actions,
proceedings, judgments, suits, demands, damages and liabilities of whatever kind
or nature, in law or in equity, now known or unknown, suspected or unsuspected
to the extent that any of the foregoing arises from any action or failure to act
with respect to any Credit Document, on or prior to the date hereof.

         (F)      Governing Law. This Agreement shall be governed by and
construed and interpreted in accordance with the laws of the State of North
Carolina, without regard to the principles governing conflicts of laws thereof.

         (G)      INCORPORATION BY REFERENCE OF CERTAIN PROVISIONS. THE
PROVISIONS IN SECTIONS 14.5, 14.6, 14.8, 14.9, 14.10, 14.12, 14.13, 14.14, 14.15
AND 14.19 OF THE CREDIT AGREEMENT ARE HEREBY INCORPORATED BY REFERENCE HEREIN,
MUTATIS MUTANDIS.

                  [Remainder of Page Intentionally Left Blank]

                                       5

<PAGE>

         Each of the parties hereto has caused a counterpart of this Agreement
to be duly executed and delivered as of the date first above written.

                                       COMPANY:

                                       WOLVERINE TUBE, INC.

                                       By:
                                          --------------------------------------
                                       Name:
                                            ------------------------------------
                                       Title:
                                             -----------------------------------

                                       U.S. SUBSIDIARY BORROWERS:

                                       TF INVESTOR, INC.

                                       By:
                                          --------------------------------------
                                       Name:
                                            ------------------------------------
                                       Title:
                                             -----------------------------------

                                       TUBE FORMING HOLDINGS, INC.

                                       By:
                                          --------------------------------------
                                       Name:
                                            ------------------------------------
                                       Title:
                                             -----------------------------------

                                       TUBE FORMING, L.P.

                                       By: Tube Forming Holdings, Inc.,
                                           its General Partner

                                       By:
                                          --------------------------------------
                                       Name:
                                            ------------------------------------
                                       Title:
                                             -----------------------------------

<PAGE>

                                       WOLVERINE FINANCE COMPANY

                                       By:
                                          --------------------------------------
                                       Name:
                                            ------------------------------------
                                       Title:
                                             -----------------------------------

                                       STPC HOLDING, INC.

                                       By:
                                          --------------------------------------
                                       Name:
                                            ------------------------------------
                                       Title:
                                             -----------------------------------

<PAGE>

                                       SMALL TUBE MANUFACTURING CORPORATION

                                       By:
                                          --------------------------------------
                                       Name:
                                            ------------------------------------
                                       Title:
                                             -----------------------------------

                                       WOLVERINE JOINING TECHNOLOGIES, INC.

                                       By:
                                          --------------------------------------
                                       Name:
                                            ------------------------------------
                                       Title:
                                             -----------------------------------

                                       WOLVERINE CHINA INVESTMENTS, LLC

                                       By: Wolverine Tube, Inc.,
                                           its Managing Manager

                                           By:
                                              ----------------------------------
                                           Name:
                                                --------------------------------
                                           Title:
                                                 -------------------------------

<PAGE>

                                       CANADIAN BORROWERS:

                                       1105836 ONTARIO INC.

                                       By:
                                          --------------------------------------
                                       Name:
                                            ------------------------------------
                                       Title:
                                             -----------------------------------

                                       WOLVERINE JOINING TECHNOLOGIES
                                       (CANADA) INC.

                                       By:
                                          --------------------------------------
                                       Name:
                                            ------------------------------------
                                       Title:
                                             -----------------------------------

                                       CANADIAN SUBSIDIARY BORROWERS:

                                       1263143 ONTARIO INC.

                                       By:
                                          --------------------------------------
                                       Name:
                                            ------------------------------------
                                       Title:
                                             -----------------------------------

                                       1158909 ONTARIO INC.

                                       By:
                                          --------------------------------------
                                       Name:
                                            ------------------------------------
                                       Title:
                                             -----------------------------------

                                       WOLVERINE TUBE (CANADA) INC.

                                       By:
                                          --------------------------------------
                                       Name:
                                            ------------------------------------
                                       Title:
                                             -----------------------------------

                                       By:
                                          --------------------------------------
                                       Name:
                                            ------------------------------------
                                       Title:
                                             -----------------------------------

<PAGE>

                                       LENDERS:

                                       WACHOVIA BANK, NATIONAL
                                       ASSOCIATION, in its capacity as
                                       Administrative Agent and as a Lender

                                       By:
                                          --------------------------------------
                                       Name:
                                            ------------------------------------
                                       Title:
                                             -----------------------------------

<PAGE>

                                       CONGRESS FINANCIAL CORPORATION
                                       (CANADA),
                                       in its capacity as Canadian Agent and as
                                       a Lender

                                       By:
                                          --------------------------------------
                                       Name:
                                            ------------------------------------
                                       Title:
                                             -----------------------------------

                              [signature pages end]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00044-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00044-of-00352.parquet"}]]