Document:

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                                                                 EXHIBIT 10.12

                              Amended and Restated

                                AmerUs Group Co.

                                MIP Deferral Plan

                                  May 10, 2001

Section 1.  General Purpose of Plan; Definitions.

The name of this plan is the AmerUs Group MIP Deferral Plan (the "Plan"). This
Plan amends and restates the MIP Deferral Plan dated September 1, 1998 as set
forth herein. Notwithstanding anything contained herein to the contrary, nothing
in this Plan shall in any way alter or adversely affect any of the rights of
Participants relative to, or to receive, (1) any Deferred Amounts deferred under
the Plan prior to May 10, 2001 ("Previously Deferred Amounts") and (2) any
Corresponding Employer Matches prior to May 10, 2001 ("Previously Matched
Amounts"). The purpose of the Plan is to enable the respective management
employees of AmerUs Group Co. (the "Company") and its Subsidiaries to
participate in the long-term success of the Company by investing in the
performance of the stock of the Company.

For purposes of the Plan, the following terms shall be defined as set forth
below:

(a)  "Alternatives," "Alternative One" and "Alternative Two" shall have the
     meanings set forth in Section 10 hereof.

(b)  "Board" means the Board of Directors of the Company and its Subsidiaries.

(c)  "Change of Control" means any of the following events:

     (a)  any person (as such term is used in Rule 13d-5 under the Securities
          Exchange Act of 1934, as amended (the "Exchange Act")) or group (as
          such term is defined in Sections 3(a)(9) and 13(d)(3) of the Exchange
          Act) other than a Subsidiary or any employee benefit plan (or any
          related trust) of the Company or a Subsidiary, becomes the beneficial
          owner (as such term is defined in Rule 13d-3 of the Exchange Act) of
          (1) more than 25% or more of the common stock of the Company or (2)
          securities of the Company that are entitled to vote generally in the
          election of directors of the Company ("Voting Securities")
          representing 25% or more of the combined voting power of all Voting
          Securities of the Company;

     (b)  the individuals who, prior to a Merger (as defined below), constituted
          the Board of Directors of the Company ceasing to constitute at least a
          majority thereof, unless the election, or the nomination for election
          of each director of the Company

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          for a period of two (2) years following the consummation of such
          Merger was approved by a vote of at least two-thirds of the directors
          of the Company then still in office who were directors of the Company
          prior to such Merger; or

     (c)  consummation by the Company of either of the following:

          (i)  a merger, reorganization, consolidation or similar transaction
               (any of the foregoing, a "Merger") as a result of which the
               persons who were the respective beneficial owners of the
               outstanding common stock and Voting Securities of the Company
               immediately before such Merger are not expected to beneficially
               own, immediately after such Merger, directly or indirectly, more
               than 60% of, respectively, the common stock and the combined
               voting power of the Voting Securities of the Company resulting
               from such Merger in substantially the same proportions as
               immediately before such Merger, or

          (ii) a plan of liquidation of the Company or a plan or agreement for
               the sale or other disposition of all or substantially all of the
               assets of the Company.

(d)  "Code" means the Internal Revenue Code of 1986, as amended.

(e)  "Committee" means the Human Resources Committee of the Board. If at any
     time there is no Committee, the functions of the Committee specified in the
     Plan shall be exercised by the Board.

(f)  "Commission" means the Securities and Exchange Commission, or any successor
     thereto.

(g)  "Company" means AmerUs Group Co., a corporation organized under the laws of
     the State of Iowa, or any successor corporation.

(h)  "Corresponding Employer Match" means in reference to a Deferred Amount, or
     Re-Deferred Amount, the Employer Match granted in the year such Deferred
     Amount, or Re-Deferred Amount, was deferred, or Re-Deferred, by a
     Participant and calculated as a percentage of such Deferred Amount or
     Re-Deferred Amount.

(i)  "Deferred Amount" means the amount of payment granted under the Management
     Incentive Plan elected by a Participant to be deferred under the Plan, as
     described in Section 4 of the Plan.

(j)  "Disability" means total and permanent disability, as determined under the
     long term disability program of the Company and its Subsidiaries.

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(k)  "Employer Match" means the number of Stock Units calculated which is the
     result of (x) the product of (a) the Percentage Match and (b) the Deferred
     Amount, being divided by (y) the Fair Market Value of a share of Stock on
     the Employer Match Grant Date for such year.

(l)  "Employer Match Grant Date" means the MIP Payment Date in each year.

(m)  "Exchange Act" means the Securities and Exchange Act of 1934, as amended.

(n)  "Fair Market Value" means, as of any given date, the closing price of the
     Stock on such date on the New York Stock Exchange.

(o)  "MIP Payment Date" means the date on which bonuses under the Management
     Incentive Plan of the Company are paid.

(p)  "Non-Employee Director" means a director who is a "non-employee director"
     under Rule 16b-3 under Section 16 of the Exchange Act and is an "outside
     director" under Section 1.162-27(e)(3) of the regulations promulgated under
     the Code.

(q)  "Participant" means an employee of the Company or any Subsidiary who is
     eligible for participation in the Plan under Section 3 of the Plan and who
     elects to participate in the Plan under Section 4 of the Plan.

(r)  "Percentage Match" means the percentage which the Committee determines each
     year to be used in calculating the Employer Match for that year and which
     percentage may equal zero (0).

(s)  "Plan" means this MIP Deferral Plan.

(t)  "Previously Deferred Amount" has the meaning set forth in the preamble to
     this Section 1.

(u)  "Previously Matched Amount" has the meaning set forth in the preamble to
     this Section 1.

(v)  "Prime Rate" means the highest bank prime loan rate as published in The
     Wall Street Journal in its Money Rate Section on the 15th day (or the next
     business day if the 15th day is not a business day) of each calendar month.

(w)  "Re-Defer" or "Re-Deferral" means the election of a Participant to defer
     the receipt of all of a Deferred Amount and the Corresponding Employer
     Match, or all Re-Deferred Amounts and all Corresponding Employer Matches,
     for an additional Restricted Period beginning on the date on which such
     immediately preceding Restricted Period ends with such election being made
     at a time set by the Committee which is prior to the end of such
     immediately preceding Restricted Period.

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(x)  "Re-Deferred Amount" means an amount a Participant has Re-Deferred in
     accordance with the immediately preceding Sub-Section 1 (w) of the Plan.

(y)  "Re-Deferred Amount Match" means the number of Stock Units which is the
     result of (x) the product of (a) the Percentage Match for the year in which
     the Re-Deferral is occurring and (b) the Re-Deferred Amount plus the
     Corresponding Employer Match, being divided by (y) the Fair Market Value of
     one share of Stock on the date on which the Re-Deferred Amount is
     Re-Deferred.

(z)  "Restricted Period" means, with respect to a particular Stock Unit, the
     period determined by the Committee during which such Stock Unit may not be
     cashed out, which period shall be no shorter than the period beginning on
     the MIP Payment Date on which the Stock Unit is purchased and ending on the
     third successive MIP Payment Date thereafter. Restricted Period shall also
     mean any Restricted Period relating to a Re-Deferred Amount, which period
     will begin on the date a Participant Re-Defers such Re-Deferred Amount.

(aa) "Retirement" means "normal retirement" or "early retirement," as those
     terms are defined in the All*AmerUs Savings & Retirement Plan.

(bb) "Stock" means the Common Stock of the Company.

(cc) "Stock Unit" means an equivalent unit comparable to a share of the Stock.

(dd) "Subsidiary" means any corporation in an unbroken chain of corporations
     beginning with the Company if each of the corporations (other than the last
     corporation in the unbroken chain) owns stock possessing fifty percent
     (50%) or more of the total combined voting power of all classes in one of
     the other corporations in the chain.

Section 2.  Administration.

The Plan shall be administered by the Committee, which shall at all times
consist of not less than two Non-Employee Directors.

The Committee shall have the power and authority to grant eligible employees
Stock Units pursuant to the terms of the Plan.

In addition, the Committee shall have the power to take all actions that it
determines, in its sole and absolute discretion, are necessary or appropriate to
carry out the provisions of the Plan, including, but not limited to, the
following powers and duties:

     (a)  To determine the terms and conditions, not inconsistent with the terms
          of the Plan, of any award granted under the Plan;

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     (b)  To determine the percentage to be used for determining the Employer
          Match and the Re-Deferred Amount Match to be granted with respect to
          Stock Units granted under the Plan and to notify Participants of the
          same;

     (c)  To construe and interpret the provisions of the Plan (and any
          agreements relating thereto) and to make, alter, or repeal rules and
          regulations under the Plan to the extent deemed advisable from time to
          time by the Committee;

     (d)  To determine and decide all questions as to eligibility for
          participation and benefits under the Plan and as to the rights of
          Participants under the Plan, and to render and review decisions
          respecting claims for (or denials of claims for) benefits under the
          Plan;

     (e)  To determine such facts, and to obtain from any person such
          information, as shall be necessary for the proper administration of
          the Plan;

     (f)  To construe any uncertain terms and to correct any defect, supply any
          omission, or reconcile any inconsistency that may appear in the Plan
          in such manner and to such extent as the Committee shall deem
          necessary or appropriate to accomplish the purposes of the Plan; and

     (g)  To do such other acts as are necessary or appropriate to administer
          the Plan in accordance with its provisions or as may be provided for
          or required by law.

The Committee shall have sole and absolute discretion in the exercise of all of
its powers and duties under the Plan to the maximum extent permitted by law. To
the maximum extent permitted by law, any decisions, determinations, or other
acts made with respect to the Plan by the Committee shall be final and binding
on all persons, including the Company and Participants. In the event that any
decision, determination, or other act referred to in the prior sentence is the
subject of judicial review, it is intended that the Court shall give deference
to such decision, determination, or other act to the maximum extent permitted by
law.

Section 3.  Eligibility.

Officers and other key and high performing employees of the Company and its
Subsidiaries who are eligible to receive bonuses under the Management Incentive
Plan of the Company are eligible to participate in the Plan.

Section 4.  Election.

Each officer and employee of the Company and its Subsidiaries who is eligible to
participate in the Plan may elect to defer up to one hundred percent (100%) of
bonuses he or she may receive after

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May 10, 2001 under the Management Incentive Plan of the Company. Participants
who received bonuses under the Management Incentive Plan before May 10, 2001
were eligible to elect to defer only up to fifty percent (50%) of such bonuses.
Such Deferred Amount shall be used by the Participant to purchase Stock Units,
as described in Section 6 of the Plan. Such election shall be made annually no
later than such date as the Committee shall determine.

At the end of any Restricted Period applicable to a Deferred Amount, a
Participant may elect to Re-Defer receipt of all of a Deferred Amount together
with the Corresponding Employer Matches.

Section 5.  Employer Match.

A Participant may receive a grant of an Employer Match of up to $20,000 with
respect to each Deferred Amount. Subject to the last sentence of this Section 5,
a Participant may also receive a grant of a Re-Deferred Amount Match with
respect to each Deferred Amount, or Re-Deferred Amount, such Participant elects
to Re-Defer so long as all corresponding Employer Matches in the aggregate do
not exceed $20,000. On the Employer Match Grant Date, the Company and its
Subsidiaries shall grant an Employer Match, which the Participant shall be
entitled to receive following the end of the Restricted Period, or after any
additional Restricted Periods if the Deferred Amount corresponding to such
Employer Match has been Re-Deferred, in accordance with Section 6 (d) hereof.
Following the end of the applicable Restricted Period, the Participant shall be
entitled to receive in accordance with the terms and conditions of Section 6
hereof, unless such Participant elects to Re-Defer the Deferred Amount to which
such Employer Match corresponds, such Employer Match which shall be an amount
equal to the Fair Market Value, on the first business day immediately following
the end of the Restricted Period, of the Stock Units comprising the Employer
Match. Following the end of any Restricted Period applicable to a Re-Deferred
Amount, the Participant may receive any Re-Deferred Amount Matches corresponding
thereto which shall equal the Fair Market Value of the Stock Units comprising
such Re-Deferred Amount Matches on the first business day immediately following
the end of such Restricted Period. Except as provided in Section 1, after May
10, 2001, all Corresponding Employer Matches relating back to each individual
Deferred Amount shall not exceed $20,000 in the aggregate.

Section 6.  Stock Units.

Stock Units purchased under the Plan shall be subject to the following terms and
conditions and shall contain such additional terms and conditions, not
inconsistent with the terms of the Plan, as the Committee shall deem desirable:

a.   Purchase Date. A Participant shall purchase Stock Units on the first MIP
     Payment Date following the election by such Participant to participate in
     the Plan.

b.   Price of Stock Units. The price per share of Stock Units under the Plan
     shall be determined on the MIP Payment Date, but shall not be less than the
     Fair Market Value of the Stock on

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     that date. Stock Units may only be purchased with Deferred Amounts and
     Re-Deferred Amounts.

c.   Restricted Period. No Stock Unit may be cashed out during its Restricted
     Period; provided, however, that in the event of the death, Disability,
     Retirement or Termination of a Participant, the Stock Units of such
     Participant may be cashed out as described in Sections 6(f) or 6(g) of the
     Plan.

d.   Cash Out. On the first business day following the end of a Restricted
     Period for particular Stock Units, such Stock Units, together with the
     Corresponding Employer Matches, shall be cashed out by each Participant,
     unless a Participant elects to Re-Defer such cash out. Upon cashing a Stock
     Unit, a Participant shall be entitled to receive an amount in cash equal in
     value to the Fair Market Value of one share of Stock on the first business
     day following the end of the Restricted Period (the "Cash Out Amount").
     Payment of the Cash Out Amount to Participants shall be made in the sole
     discretion of the Committee either (1) in a lump sum within ten (10) days
     of the end of the Restricted Period or (2) in substantially equal
     installments over a period not to exceed five (5) years; provided, however,
     that with respect to any Previously Deferred Amount, the Participant shall
     be entitled to receive such Previously Deferred Amount and corresponding
     Previously Matched Amount in a lump sum, unless such Participant elects to
     Re-Defer such amounts in accordance with Section 4 hereof. With respect to
     any Cash Out Amount the Company or its Subsidiaries pays in installments,
     any unpaid portion of such Cash Out Amount shall accrue interest monthly at
     the Prime Rate. Subject to Committee approval, each Participant may elect
     to be paid in either a lump sum or in installments. The Committee has the
     right to determine the form of payment any Participant shall receive for
     cashing out.

e.   Non-Transferability of Stock Units. No Stock Unit shall be transferable by
     a Participant other than by will or by the laws of descent and
     distribution, and all Stock Units shall be cashable, during the
     Participant's lifetime, only by the Participant. The Committee shall have
     the discretionary authority, however, to grant Stock Units which would be
     transferable to members of a Participant's immediate family, including
     trusts for the benefit of such family members and partnerships in which
     such family members are the only partners. In exercising such discretionary
     authority, the Committee may take into account whether the granting of such
     transferable Stock Units would require registration with the Commission
     under a form other than Form S-8. A transferred Stock Unit may be cashed
     out by the transferee only to the extent that the Participant would have
     been able to cash out such Stock Unit had the Stock Unit not been
     transferred.

f.   Termination of Employment. Notwithstanding anything in the Plan to the
     contrary, unless otherwise determined by the Committee at grant, if a
     Participant's employment with the Company or any Subsidiary is voluntarily
     or involuntarily terminated, the Stock Units purchased by such Participant
     with the Deferred Amount(s) shall be deemed vested, and such Participant
     shall be entitled to a cash payout with respect to such Stock Units.
     Except in the

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     event of a Change of Control, the Participant shall forfeit, and cease to
     have any right to receive, any Employer Matches (other than an Employer
     Match that has been Re-Deferred in accordance with Section 4) as of the
     date of the termination of his/her employment and shall have no further
     rights under the Plan.

g.   Terms of Cash Out Upon Termination of Employment. Except as otherwise set
     forth in the Plan, all of the terms relating to the cash out, cancellation
     or other disposition of a Stock Unit and Employer Match upon the
     termination of the employment of a Participant by the Company or a
     Subsidiary, or upon the Disability, Retirement, death of a Participant
     shall be determined by the Committee.

h.   Changes in Stock. In the event of a change in the number of outstanding
     shares of Stock by reason of any stock dividend, subdivision,
     reclassification, recapitalization, split, combination or exchange of
     shares, the number of Stock Units issued to each participant shall be
     correspondingly adjusted to the extent appropriate to reflect such stock
     dividend, subdivision, reclassification, recapitalization, split,
     combination or exchange of shares.

Section 7.  Taxes.

The Company shall be entitled, if the Committee deems it necessary or desirable,
to withhold the amount of any withholding or other tax required by law to be
withheld or paid by the Company with respect to any Stock Units issuable under
the Plan, and the Company may defer cashing out any Stock Unit unless the
Company is indemnified to its satisfaction against any liability for any tax.
The amount of withholding or tax payment shall be determined by the Committee or
its delegate and shall be payable by a Participant at such time as the Committee
determines. A Participant may satisfy his or her tax-withholding obligation by
the payment of cash to the Company or in any other manner determined by the
Committee. The Committee shall be authorized, in its sole discretion, to
establish such rules and procedures relating to withholding methods as it deems
necessary or appropriate.

Section 8.  Amendments and Termination.

The Committee may amend, alter or discontinue the Plan, but no amendment,
alteration or discontinuation shall be made which would impair the right of a
Participant without his or her consent.

The Committee may amend the terms of any Employer Match theretofore granted,
prospectively, but no amendment shall impair the rights of any Participant
without his or her consent.

Section 9.  Unfunded Status of the Plan.

The Plan is intended to constitute an "unfunded" plan for incentive and deferred
compensation. With respect to any payments not yet made to a Participant by the
Company, nothing set forth in the Plan shall give any such Participant any
rights that are greater than those of a general creditor of the

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Company. In its sole discretion the Committee may authorize the creation of
trusts or other arrangements to meet the obligations created under the Plan with
respect to awards hereunder; provided, however, that the existence of such
trusts or other arrangements is consistent with the unfunded status of the Plan.

Section 10.  Change of Control.

Notwithstanding anything contained in this Plan to the contrary, on the
occurrence of a Change of Control, each Participant shall be vested in, and have
an absolute right to receive, all of his or her Corresponding Employer Matches
relative to all Deferred Amounts deferred prior to the date of the Change of
Control subject to the terms and conditions set forth in the next sentence.
Except as otherwise permitted by the Committee, within ninety (90) days prior to
the Change of Control each Participant shall irrevocably elect either to:

     (1) receive all Deferred Amounts and Corresponding Employer Matches in a
lump sum within ten (10) business days following the Change of Control
("Alternative One"); or

     (2) receive each Deferred Amount and Corresponding Employer Matches in a
lump sum(s) as such amounts become due within ten (10) business days following
the end of each of the Restricted Periods applicable to such Deferred Amounts
and Corresponding Employer Matches ("Alternative Two") (collectively the
"Alternatives").

The Fair Market Value of each of the Stock Units comprising the lump sum(s) of
the Deferred Amounts and Corresponding Employer Matches referenced in each of
the two preceding Alternatives shall be the Fair Market Value of such Stock
Units on the last business day immediately preceding the Change of Control. Any
unpaid amounts due a Participant electing Alternative Two shall accrue interest
monthly at the Prime Rate.

Section 11.  General Provisions.

All certificates for Stock Units delivered under the Plan shall be subject to
such stock transfer orders and other restrictions as the Committee may deem
advisable under the rules, regulations and other requirements of the Commission,
any stock exchange upon which the Stock is listed, and any applicable federal or
state securities law, and the Committee may cause a legend or legends to be put
on any such certificates to make appropriate reference to such restrictions.

Section 12.  Effective Date of Plan.

The Plan shall be effective as of May 10, 2001.

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                                                                  EXHIBIT 10.19

                                                                [EXECUTION COPY]

                      AMENDMENT NO. 3 TO FACILITY AGREEMENT

     This AMENDMENT NO. 3 TO FACILITY AGREEMENT (this "Amendment") is entered
into as of December 12, 2001 by and among AmerUs Group Co. (successor by merger
to AmerUs Life Holdings, Inc.) (the "Company"), Bank One, NA (f/k/a The First
National Bank of Chicago), individually and as agent ("Agent"), and the other
financial institutions signatory hereto (the "Lenders").

                                    RECITALS

     A. The Company, the Agent and the Lenders are party to that certain
Facility and Guaranty Agreement dated as of February 12, 1999 (as previously
amended, the "Facility Agreement"). Unless otherwise specified herein,
capitalized terms used in this Amendment shall have the meanings ascribed to
them by the Facility Agreement.

     B. The Company, the Agent and the undersigned Lenders wish to amend the
Facility Agreement on the terms and conditions set forth below.

     Now, therefore, in consideration of the mutual execution hereof and other
good and valuable consideration, the parties hereto agree as follows:

        1. Amendment to Facility Agreement. Upon the Effective Date (as defined
below), the Facility Agreement shall be amended as follows:

           (a) Article I is amended as follows:

           (i) by deleting the definitions of "Change of Control", "Existing
     Credit Agreement", "Material Adverse Effect", "Material Subsidiary,"
     "Ongoing Credit Agreement" and "Subsidiary" and replacing each in its
     entirety to read as follows:

          "Change of Control" shall mean the occurrence of any of the following
        events: (i) the Company shall cease to own, directly, or indirectly
        through Wholly-Owned Subsidiaries, 100% of the issued and outstanding
        voting stock of AmerUs Life, AmerUs Annuity and Indianapolis Life
        ordinarily entitled to vote for the election of directors, or any
        other class of stock of AmerUs Life, AmerUs Annuity or Indianapolis
        Life of which the Company owns 50% or less shall become entitled to
        elect a majority of AmerUs Life's, AmerUs Annuity's or Indianapolis
        Life's board of directors; (ii) during any period of 25 consecutive
        calendar months, individuals who at the beginning of such period
        constituted the Board of Directors of the Company (together with any
        new directors whose election by such Board of Directors or whose
        nomination for election by the

<PAGE>

        stockholders or members, as the case may be, of the Company was
        approved by a vote of a majority of the directors then still in office
        who were either directors at the beginning of such period or whose
        election or nomination for election was previously so approved) cease
        for any reason to constitute a majority of such Board of Directors
        then in office; or (iii) any Person or "group" (within the meaning of
        Sections 13(d) and 14(d) under the Securities Exchange Act, as in
        effect on September 30, 2001), shall have (A) acquired beneficial
        ownership of 25% or more on a fully diluted basis of the voting
        interest in the Company's capital stock or (B) obtained the power
        (whether or not exercised) to elect a majority of the Company's
        directors."

           "Existing Credit Agreement" means that certain Credit Agreement
        dated as of December 12, 2001 by and among the Company, as borrower,
        the financial institutions parties thereto in their capacities as
        lenders thereunder, JPMorgan Chase Bank, as administrative agent, as
        in effect on the date hereof (without giving effect to any future
        amendments, supplements, modifications or waivers of the terms thereof
        unless consented to in writing by the Required Lenders and without
        giving effect to any future termination thereof).";

           "Material Adverse Effect" shall mean a material adverse effect on
        the assets, liabilities or financial condition of the Company or of
        the Company and its Subsidiaries taken as a whole.

           "Material Subsidiary" shall mean any Subsidiary of the Company
        the book value (determined in accordance with GAAP (as defined in the
        Existing Credit Agreement)) of whose assets constitutes 3% or more of
        the book value (determined in accordance with GAAP) of the
        consolidated assets of the Company and its Subsidiaries; provided
        that, if at any time the aggregate book value (determined in
        accordance with GAAP) of the assets of all Subsidiaries of the Company
        which would otherwise not be Material Subsidiaries as provided above
        exceeds 10% of the aggregate book value (determined in accordance with
        GAAP) of the assets of the Company and its Subsidiaries at such time,
        then the 3% referred to above in this definition shall be
        automatically reduced to the extent necessary such that, after giving
        effect to such reduction, the aggregate book value (determined in
        accordance with GAAP) of the assets of all Subsidiaries of the Company
        which are not Material Subsidiaries does not exceed 10% of the
        aggregate book value (determined in accordance with GAAP) of the
        assets of the Company and its Subsidiaries at such time.

           "Ongoing Credit Agreement" means that certain Credit Agreement
        dated as of December 12, 2001 by and among the Company, as borrower,
        the financial institutions parties thereto in their capacities as
        lenders thereunder, JPMorgan Chase Bank, as administrative agent, as
        from time to time amended or restated.";

           "Subsidiary" of any Person shall mean and include (a) any
        corporation more than 50% of whose stock of any class or classes
        having by the terms thereof ordinary voting power to elect a majority
        of the directors of such corporation (irrespective of whether or not
        at the time stock of any class or classes of such

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        corporation shall have or might have voting power by reason of the
        happening of any contingency) is at the time owned by such Person
        directly or indirectly through Subsidiaries and (b) any partnership,
        association, joint venture or other entity in which such Person
        directly or indirectly through Subsidiaries has more than a 50% voting
        interest at the time for the board of directors or equivalent body.
        Unless otherwise expressly provided, all references herein to
        "Subsidiary" shall mean a Subsidiary of the Company; provided that,
        notwithstanding the foregoing provisions of this definition any
        grantor trust or limited liability company established by the Company
        and/or its Subsidiaries in order to effectuate the lease/leaseback
        transaction with Linzer Elektrizitats-, Fernwarme- und
        Verkehrsbetriebe Aktiengesellschaft ("ESG") with respect to a
        cogeneration facility in Linz, Austria as described in the summary of
        terms and structure delivered to the Administrative Agent and the
        Banks prior to December 4, 1998 (all as defined in the Existing Credit
        Agreement), and any trust or limited liability company formed by the
        Company and/or its Subsidiaries after December 4, 1998 to effectuate
        transactions with ESG or any other Person in which the Indebtedness of
        the Company and its Subsidiaries incurred in connection therewith is
        comprised solely of (x) obligations which are non-recourse to the
        Company or any of its Subsidiaries and (y) other obligations which are
        or will be 100% defeased by U.S. Government obligations (each such
        transaction, including the lease/leaseback with ESG, a "Permitted
        Transaction") shall not constitute a Subsidiary for purposes of this
        Agreement."

             (ii) by adding the following definitions for "AmerUs Annuity" and
        "Indianapolis Life" in alphabetical order:

             "AmerUs Annuity" shall mean AmerUs Annuity Group Co., a Kansas
        corporation."

             "Indianapolis Life" shall mean Indianapolis Life Insurance
        Company, an Indiana life insurance company."

             (b) Each reference therein to "AmerUs Life Holdings, Inc." is
        amended to be a reference to "AmerUs Group Co."

             (c) Section 5.01(a) is amended in its entirety to read as
        follows:

             "(a) Preservation of Corporate Existence, Etc. The Company shall
        (i) preserve and maintain its corporate existence; and (ii) preserve
        and maintain, and cause each Material Subsidiary to preserve and
        maintain, its corporate existence, rights (charter and statutory), and
        franchises except where the failure to do so could not reasonably be
        expected to have a Material Adverse Effect."

             (d) Section 5.01(d) is amended in its entirety to read as
        follows:

             "(d) Inspection. The Company shall permit, and cause each
        Material Subsidiary to permit, the Agent, and its representatives and
        agents, to inspect any of the properties, corporate books and
        financial records of the Company and its

                                       3

<PAGE>

        Material Subsidiaries, to examine and make copies of the books of
        account and other financial records of the Company and its Material
        Subsidiaries, and to discuss the affairs, finances and accounts of the
        Company and its Material Subsidiaries with, and to be advised as to
        the same by, their respective officers or directors, at such
        reasonable times during normal business hours and intervals as the
        Agent may reasonably designate."

             (e) Section 5.01(e) is amended in its entirety to read as
        follows:

             "(e) Liens. From and after the earliest date (the "Trigger Date")
        upon which (i) the Ongoing Credit Agreement is terminated, (ii) Bank
        One ceases to be a party thereto or (iii) the Ongoing Credit Agreement
        or any extension of credit thereunder is secured, the Company shall
        not, and shall not permit any Subsidiary to, create any Lien upon any
        of its assets or properties except (i) Liens permitted by the Ongoing
        Credit Agreement as in effect immediately prior to the Trigger Date,
        (ii) other Liens (as defined in the Ongoing Credit Agreement
        immediately prior to the Trigger Date) securing aggregate Indebtedness
        not in excess of $25,000,000 and (iii) Liens securing the Obligations.

             (f) Section 6.01(e) is amended in its entirety to read as
        follows:

             "(e) (i) The Company or any of its Material Subsidiaries shall
        (A) default in any payment with respect to Indebtedness (other than
        the Obligations) in excess of $20,000,000 (or such greater amount, not
        to exceed $25,000,000, as may be provided in the corresponding
        provision of the Ongoing Credit Agreement) individually or in the
        aggregate, for the Company and its Material Subsidiaries, beyond the
        period of grace, if any, provided in the instrument or agreement under
        which such Indebtedness was created or (B) default in the observance
        or performance of any agreement or condition relating to any such
        Indebtedness (or to Indebtedness under the Ongoing Credit Agreement)
        contained in any instrument or agreement evidencing, securing or
        relating thereto, or any other event shall occur or condition exist,
        the effect of which default or other event or condition is (x) to
        cause, or (y) to permit the holder or holders of such Indebtedness (or
        a trustee or agent on behalf of such holder or holders) to cause
        (determined without regard to whether any notice of acceleration, or
        any lapse of time prior to the effectiveness of any notice of
        acceleration, is required), any such Indebtedness to become due prior
        to its stated maturity (provided that, in the case of (y), no Program
        Event of Default shall occur unless such event or condition continues
        without cure or waiver for twenty days after the Company has knowledge
        of such event or condition); or (ii) Indebtedness of the Company or
        its Material Subsidiaries in excess of $20,000,000 (or such greater
        amount, not to exceed $25,000,000, as may be provided in the
        corresponding provision of the Ongoing Credit Agreement) shall be
        declared to be due and payable other than in accordance with the terms
        of such Indebtedness or required to be prepaid, other than by a
        regularly scheduled required prepayment or as a mandatory prepayment
        (unless such required prepayment or mandatory prepayment results from
        a default thereunder or an event of the type that constitutes an Event
        of Default under the Existing Credit Agreement), prior to the stated
        maturity thereof;"

                                       4

<PAGE>

             (g) Section 6.01(f) is amended in its entirety to read as
        follows:

             "(f) The Company or any of its Material Subsidiaries shall
        commence a voluntary case concerning itself under Title 11 of the
        United States Code entitled "Bankruptcy," as now or hereafter in
        effect, or any successor thereto (the "Bankruptcy Code"); or an
        involuntary case is commenced against the Company or any of its
        Material Subsidiaries and the petition is not controverted within 20
        days, or is not dismissed within 60 days, after commencement of the
        case; or a custodian (as defined in the Bankruptcy Code) is appointed
        for, or takes charge of, all or substantially all of the property of
        the Company or any of its Material Subsidiaries; or the Company or any
        of its Material Subsidiaries commences (including by way of applying
        for or consenting to the appointment of, or the taking of possession
        by, a rehabilitator, receiver, custodian, trustee, conservator or
        liquidator (collectively, a "conservator") of itself or all or any
        substantial portion of its property) any other proceeding under any
        reorganization, arrangement, adjustment of debt, relief of debtors,
        dissolution, insolvency, liquidation, rehabilitation, conservatorship
        or similar law of any jurisdiction whether now or hereafter in effect
        relating to the Company or any of its Material Subsidiaries; or any
        such proceeding is commenced against (i) any Material Regulated
        Insurance Company (as defined in the Existing Credit Agreement) which
        is engaged in the business of underwriting insurance and/or
        reinsurance in the United States, or (ii) the Company or any of its
        Material Subsidiaries (other than (x) any Material Regulated Insurance
        Company described in the immediately preceding clause (i) or (y) any
        dissolution or liquidation proceeding commenced against any Material
        Subsidiary which is a non-Regulated Insurance Company), and in the
        case of either clause (i) or (ii) remains undismissed for a period of
        60 days; or the Company or any of its Material Subsidiaries is
        adjudicated insolvent or bankrupt; or any order of relief or other
        order approving any such case or proceeding is entered; or (i) any
        Material Regulated Insurance Company which is engaged in the business
        of underwriting insurance and/or reinsurance in the United States
        suffers any appointment of any conservator or the like for it or any
        substantial part of its property, or (ii) the Company or any of its
        Material Subsidiaries (other than any Regulated Insurance Company
        described in the immediately preceding clause (i)) suffers any
        appointment of any conservator or the like for it or any substantial
        part of its property either of which continues undischarged or
        unstayed for a period of 60 days; or the Company or any of its
        Material Subsidiaries makes a general assignment for the benefit of
        creditors; or any corporate action is taken by the Company or any of
        its Material Subsidiaries for the purpose of effecting any of the
        foregoing;"

             (h) Section 6.01(g) is amended in its entirety to read as
        follows:

             "(g) The Company shall default in the performance or observance
        of Section 5.01(e) and (h) herein or Section 7.10 or 7.11 of the
        Existing Credit Agreement;"

                                       5

<PAGE>

             (i) Section 6.01(h) is amended by deleting the word "or" from the
        end thereof, Section 6.01(i) is amended by substituting for the "." at
        the end thereof "; or" and a new Section 6.01(j) is added reading as
        follows:

             "(j) At any time the Company's 6.95% Senior Notes due June 15,
        2005 or the Ongoing Credit Agreement shall, with the consent or
        acquiescence of the Company, become secured by any assets or property,
        or are guarantied by any Person and the Company shall fail to
        substantially simultaneously cause the Obligations to be equally and
        ratably secured by such assets or property and/or, as applicable,
        equally and ratably guarantied by such Person pursuant, in either
        case, to documentation satisfactory to the Required Lenders."

             (j) A new Section 12.18 is added reading as follows:

             "Notwithstanding anything herein to the contrary, a Person which
        at any time is an "Unrestricted Subsidiary" under the Ongoing Credit
        Agreement by virtue of having been designated as such pursuant to
        Section 11.19 thereof (a) shall not at such time constitute a Material
        Subsidiary hereunder, (b) shall not at such time constitute a
        Subsidiary for purposes of the definition of Material Subsidiary and
        (c) shall not at such time be subject to Articles IV, V or VI of this
        Agreement (and the operations, assets and liabilities of such
        Unrestricted Subsidiary shall not be included in determining
        compliance with the financial covenants set forth in Sections 7.10 or
        7.11 of the Existing Credit Agreement for purposes of Section 6.01(g)
        hereof, except that the carrying value of any such Unrestricted
        Subsidiary recorded in accordance with GAAP (as defined in the
        Existing Credit Agreement) shall be included in the definition of Net
        Worth (as defined in the Existing Credit Agreement)."

        2. Representations and Warranties of the Company. The Company
represents and warrants that:

           (a) The execution, delivery and performance by the Company of this
     Amendment has been duly authorized by all necessary corporate action on the
     part of the Company and that this Amendment is the legal, valid and binding
     obligation of the Company, enforceable against the Company in accordance
     with its respective terms, except as the enforcement thereof may be subject
     to the effect of any applicable bankruptcy, insolvency, reorganization,
     moratorium or similar law affecting creditors' rights generally;

           (b) Neither the execution, delivery and performance by the Company of
     this Amendment, nor compliance with the terms and provisions hereof, nor
     the consummation of the transactions contemplated herein, (i) will
     contravene any applicable provision of any law, statute, rule, regulation,
     order, writ, injunction or decree of any court or governmental
     instrumentality, (ii) will conflict or be inconsistent with or result in
     any breach of any of the terms, covenants, conditions or provisions of, or
     constitute a default under, or result in the creation or imposition of (or
     the obligation to create or impose) any lien upon any of the property or
     assets of the Company or any of its respective Subsidiaries pursuant to the
     terms of, any indenture, mortgage, deed of trust,

                                       6

<PAGE>

     loan agreement, credit agreement (including without limitation the Existing
     Credit Agreement) or any other material instrument to which the Company or
     any of its respective Subsidiaries is a party or by which the Company or
     any of its respective property or assets are bound or to which the Company
     may be subject or (iii) will violate any provision of the Certificate of
     Incorporation or By-Laws of the Company or any of its respective
     Subsidiaries.

           (c) No order, consent, approval, license, authorization, or
     validation of, or filing, recording or registration with, or exemption by,
     any Governmental Authority (including without limitation the Iowa Insurance
     Division) is required to authorize or is required in connection with (i)
     the execution, delivery and performance of this Amendment or (ii) the
     legality, validity, binding effect or enforceability of this Amendment,
     other than those which shall have been obtained and shall be in effect as
     of the Effective Date in connection with this Amendment.

           (d) Immediately after giving effect to this Amendment, each of the
     representations and warranties contained in the Facility Agreement (other
     than Sections 4.01(f), (h) and (i)) will be true and correct in all
     material respects as if made at such time; and

           (e) Immediately after giving effect to this Amendment, no Program
     Event of Default or Unmatured Default will have occurred and be continuing.

        3. Effective Date. This Amendment shall become effective upon the date
(the "Effective Date") of the execution and delivery of this Amendment by the
Company, the Agent and the Required Lenders; provided, that this Amendment shall
not become effective until the date on which the Existing Credit Agreement (as
defined in the Facility Agreement) is terminated and the Existing Credit
Agreement (as defined herein) becomes effective.

        4. Reference to and Effect Upon the Facility Agreement.

           (a) Except as specifically amended above, the Facility Agreement
(including without limitation the Guaranty) and the other Loan Documents shall
remain in full force and effect and are hereby ratified and affirmed. Without
limiting the foregoing, the Company acknowledges and agrees that, as between the
Company and the Agent and Lenders, this Amendment shall be binding and
enforceable as to all Loan Documents without respect to its effect on any other
Person.

           (b) The execution, delivery and effectiveness of this Amendment
shall not operate as a waiver of any right, power or remedy of the Agent or any
Lender under the Facility Agreement or any Loan Document, nor constitute a
waiver of any provision of the Facility Agreement or any Loan Document, except
as specifically set forth herein. Upon the effectiveness of this Amendment, each
reference in the Facility Agreement to "this Agreement", "hereunder", "hereof",
"herein" or words of similar import shall mean and be a reference to the
Facility Agreement as amended hereby.

        5. Costs and Expenses. The Company hereby affirms its obligations under
Section 12.08 of the Facility Agreement to reimburse the Agent for all
reasonable costs, internal

                                       7

<PAGE>
charges and out-of-pocket expenses paid or incurred by the Agent in connection
with the preparation, negotiation, execution and delivery of this Amendment,
including but not limited to the attorneys' fees and time charges of attorneys
for the Agent with respect thereto.

        6. CHOICE OF LAW. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH
THE INTERNAL LAWS (INCLUDING, WITHOUT LIMITATION, 735 ILCS SECTION 105/5-1 ET
SEQ, BUT OTHERWISE WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS) OF THE
STATE OF ILLINOIS, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL
BANKS.

        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 purposes.

        8. Counterparts. This Amendment may be executed in any number of
counterparts, each of which when so executed shall be deemed an original but all
such counterparts shall constitute one and the same instrument.

                           [signature page to follow]

                                       8
<PAGE>

     IN WITNESS WHEREOF, the parties have executed this Amendment as of the date
and year first above written.

                                  AMERUS GROUP CO.

                                  By: /s/ Thomas C. Godlasky
                                      -----------------------------------------
                                  Name:  Thomas C. Godlasky
                                  Title: Executive Vice President and
                                         Chief Investment Officer

                                  BANK ONE, NA,
                                  Individually and as Agent

                                  By: /s/ Cynthia W. Priest
                                      -----------------------------------------
                                  Name:  Cynthia Priest
                                  Title: Director

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