Document:

EX-10.27

EXHIBIT 10.27

2009

RESTRICTED STOCK AGREEMENT

This Restricted Stock Agreement is dated as of the 4th day of March, 2009, between FBL Financial
Group, Inc., an Iowa corporation (the “Company”), and                                          (“Employee”).

     1. Award.

          (a) Shares. Pursuant to the FBL Financial Group, Inc. 2006 Class A Common Stock
Compensation Plan (the “Plan”),                      shares (the “Restricted Shares”) of the Company’s common
stock, without par value (“Stock”), shall be issued as hereinafter provided in Employee’s name
subject to certain restrictions thereon.

          (b) Issuance of Restricted Shares. The Restricted Shares shall be issued upon
acceptance hereof by Employee, subject to satisfaction of the conditions of this Agreement.

          (c) Plan Incorporated. Employee acknowledges receipt of a copy of the Plan, and
agrees that this award of Restricted Shares shall be subject to all of the terms and conditions set
forth in the Plan, including future amendments thereto, if any, pursuant to the terms thereof,
which Plan is incorporated herein by reference as a part of this Agreement.

          (d) Policy Incorporated. Employee acknowledges receipt of a copy of Exhibit A, the
Impact of Restatement of Financial Statements Upon Awards Policy (“Clawback Policy”) adopted by the
Management Development and Compensation Committee of the Board of Directors and agrees that this
award of Restricted Shares shall be subject to all of the terms and conditions set forth in the
Clawback Policy, including future amendments thereto, if any, which Clawback Policy is incorporated
herein by reference as part of this Agreement.

          (e) Additional Definitions.

(i) Good Reason.  “Good Reason” means one or more of the following
conditions arising without the consent of the Employee:

	 	(1)	 	A material diminution in the Employee’s authority, duties, or
responsibilities of the Employee;
	 
	 	(2)	 	A material diminution in the Employee’s base compensation;
	 
	 	(3)	 	A material diminution in the authority, duties, or
responsibilities of the corporate officer or employee to whom the Employee is
required to

 

 

	 	 	 	report, including a requirement that the Employee report to a corporate
officer or employee instead of reporting directly to the Board;

	 	(4)	 	A material diminution in the budget over which the Employee
retains authority;
	 
	 	(5)	 	A material change in the geographic location at which the
Employee must perform the services Employee provides to the Company; or
	 
	 	(6)	 	Any other action or inaction that constitutes a material breach
by the Company of any agreement under which the Employee provides services.

(ii)
Cause. “Cause” means:

	 	(1)	 	the Employee’s willful and continued failure to substantially
perform the Employee’s duties with the Company or its Affiliates (other than
any such failure resulting from the Employee’s incapacity due to physical or
mental illness), after a written demand for substantial performance is
delivered to the Employee by the Company which specifically identifies the
manner in which the Company believes that the Employee has not substantially
performed his or her duties;
	 
	 	(2)	 	the final conviction of the Employee of, or an entering of a
guilty plea or a plea of no contest by the Employee to, a felony; or
	 
	 	(3)	 	the willful engaging by the Employee in illegal conduct or
gross misconduct which is materially and demonstrably injurious to the Company.
	 
	 	 	 	For purposes of this definition, no act or failure to act on the part of the
Employee shall be considered “willful” unless it is done, or omitted to be
done, by the Employee in bad faith or without a reasonable belief that the
action or omission was in the best interests of the Company or its
Affiliates. Any act, or failure to act, based on authority given pursuant to
a resolution duly adopted by the Board, the instructions of a more senior
officer of the Company or the advice of counsel to the Company or its
Affiliates will be conclusively presumed to be done, or omitted to be done,
by the Employee in good faith and in the best interests of the Company and
its Affiliates.

     2. Restricted Shares. Employee hereby accepts the Restricted Shares when issued and
agrees with respect thereto as follows:

          (a) Forfeiture Restrictions. The Restricted Shares may not be sold, assigned,
pledged, exchanged, hypothecated or otherwise transferred, encumbered or disposed of to the extent
then subject to the Forfeiture Restrictions (as hereinafter defined), and in the event of
termination of

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Employee’s employment with the Company or employing subsidiary for any reason other than (i) normal
or early retirement as defined in the Company’s defined benefit plan, (ii) death or (iii)
disability as determined by the Company, or except as otherwise provided in the last sentence of
subparagraph (b) of this Paragraph 2, Employee shall, for no consideration, forfeit to the Company
all Restricted Shares to the extent then subject to the Forfeiture Restrictions. The prohibition
against transfer and the obligation to forfeit and surrender Restricted Shares to the Company upon
termination of employment are herein referred to as “Forfeiture Restrictions.” The Forfeiture
Restrictions shall be binding upon and enforceable against any transferee of Restricted Shares.

          (b) Lapse of Forfeiture Restrictions. The Forfeiture Restrictions shall lapse as to
the Restricted Shares on the Lapse Date in accordance with the following schedule:

	(i)	 	Lapse Date:

Date in 2012 which is the second anniversary of the date the Management Development and
Compensation Committee certifies the extent to which performance goals have been met, which
certification will be made not later than February 28, 2010 (the “Certification Date”).

	(ii)	 	Restricted Stock Agreement Earnings Per Share (RSAEPS):

RSAEPS means Operating Income as defined in the Accounting Policy for Determination of Operating
Income that is in effect and previously approved by the Audit Committee on May 15, 2007 per
weighted-average common share for the year ended December 31, 2009.

	(iii)	 	Restricted Stock Agreement Expense Target (RSAET)

RSAET means 2009 aggregate statutory expenses of Farm Bureau Life Insurance Company and EquiTrust
Life Insurance Company recorded as a percentage of the aggregate statutory expenses budgeted for
the year ended December 31, 2009 (budgets attached as Exhibit B), but excluding the following
expenses: inter-company management and investment management fees, short term cash incentives and
long term stock incentives, and as further reduced by any Allowable Expense Adjustments. Allowable
Expense Adjustments will be proposed to the Management Development and Compensation Committee
throughout 2009. The Allowable Expense Adjustments are for additional costs related to
implementing other expense savings. An example of such Allowable Expense Adjustment is severance
paid in relation to staff reductions.

	(iv)	 	Performance Goals

Lapse of Forfeiture Restrictions on the Restricted Stock Award is governed 25% by the RSAEPS goals
and 75% by the RSAET goals which follow.

	 	 	 
	Threshold RSAEPS goal:
	 	$2.47
	Target RSAEPS goal:
	 	$2.59
	Maximum RSAEPS goal:
	 	$2.84
	Threshold RSAET goal:
	 	100% of budget

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	Target RSAET goal:
	 	98.5% of budget
	Maximum RSAET goal:
	 	95.5% of budget

	(v)	 	Percentage of Number of Restricted Shares Awarded Pursuant to RSAEPS Goals to Which
Forfeiture Restrictions Lapse:

	 	 	 	 	 	 	 
	If RSAEPS equals or exceeds the maximum RSAEPS goal:
	 	 	100	%	 	 
	If RSAEPS equals the target RSAEPS goal:
	 	 	50	%	 	 
	If RSAEPS is less than the threshold RSAEPS goal:
	 	 	0	%	 	 

If RSAEPS for the year ended December 31, 2009 is at least the threshold RSAEPS goal (“A”) but less
than the target RSAEPS goal (“B”), the percentage of the 25% of Restricted Shares to which
Forfeiture Restrictions lapse will be calculated according to the following formula:

(RSAEPS — A)/(B — A)/2

If RSAEPS for the year ended December 31, 2009 is at least the target RSAEPS goal (“B”) but less
than the maximum RSAEPS goal (“C”), the percentage of the 25% of Restricted Shares to which
Forfeiture Restrictions lapse will be calculated according to the following formula:

(RSAEPS — B)/(C —_B)/2 + 50%

	(vi)	 	Percentage of Number of Restricted Shares Awarded Pursuant to RSAET Goals to Which Forfeiture
Restrictions Lapse:

	 	 	 	 	 	 	 
	If RSAET equals or exceeds the maximum RSAET goal:
	 	 	100	%	 	 
	If RSAET equals the target RSAET goal:
	 	 	50	%	 	 
	If RSAET is less than the threshold RSAET goal:
	 	 	0	%	 	 

If the RSAET percentage for the year ended December 31, 2009 is lower than the threshold RSAET goal
of 100% (“X”) but higher than the target RSAET goal of 98.5% (“Y”), the percentage of the 75% of
Restricted Shares to which the Forfeiture Restrictions lapse will be calculated according to the
following formula:

(RSAET — X)/(Y — X)/2

If the RSAET percentage for the year ended December 31, 2009 is lower than the target RSAET goal of
98.5% (“Y”), but higher than the maximum RSAET goal of 95.5% (“Z”), the percentage of the 75% of
Restricted Shares to which the Forfeiture Restrictions lapse will be calculated according to the
following formula:

(RSAET — Y)/(Z — Y)/2 + 50%

	(vii)	 	Effect of Termination of Employment:

Notwithstanding the foregoing:

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(A) On the occurrence of both a Change in Control (as such term is defined in the Plan) and
termination of Employee’s employment before the Lapse Date by the Company other than for Cause or
by the Employee for Good Reason, the Forfeiture Restrictions shall immediately lapse as to all the
Restricted Shares.

(B) If Employee’s employment with the Company is terminated before the Lapse Date by reason of
death, the Forfeiture Restrictions shall immediately lapse as to a prorata portion of the
Restricted Shares. The prorata portion shall be measured by months elapsed from the date of this
Agreement to the date of death, as compared to 36 months.

(C) If Employee’s employment with the Company is terminated before the Lapse Date by reason of
disability (as determined by the Company) or retirement as defined in the Plan, the Forfeiture
Restrictions shall lapse on the Lapse Date as to a prorata portion of the Restricted Shares which
would be available to Employee on the Lapse Date (according to the schedule above) had Employee not
terminated employment. The prorata portion shall be measured by months elapsed from the date of
this Agreement to termination of employment, as compared to 36 months.

(D) In the event Employee’s employment is terminated for any other reason, the Committee or its
delegate, as appropriate, may, in the Committee’s or such delegate’s sole discretion, approve the
lapse of Forfeiture Restrictions as to any or all Restricted Shares still subject to such
restrictions, such lapse to be effective on the Lapse Date.

          (c) Dividend Restriction. Payment of any dividends on the Restricted Shares is
contingent upon meeting the performance and service requirements contained in this Agreement, and
such dividends shall be retained by the Company and not paid to Employee until the Lapse Date, and
then only in respect to shares which have not been forfeited.

          (d) Certificates. A certificate evidencing the Restricted Shares shall be issued by
the Company in Employee’s name, or at the option of the Company, in the name of a nominee of the
Company, pursuant to which Employee shall have voting rights and such rights to dividends as are
described in paragraph 2(c), above. As required by the Plan, the certificate shall bear a legend
reading as follows: “The sale or other transfer of the Shares of Stock represented by this
certificate, whether voluntary, involuntary, or by operation of law, is subject to certain
restrictions on transfer as set forth in the FBL Financial Group, Inc. 2006 Class A Common Stock
Compensation Plan and in a Restricted Stock Agreement dated March 4, 2009. A copy of the Plan and
such Restricted Stock Agreement may be obtained from the Secretary of FBL Financial Group, Inc.”
The Company may cause the certificate to be delivered upon issuance to the Secretary of the Company
or to such other depository as may be designated by the Company as a depository for safekeeping
until the forfeiture occurs or the Forfeiture Restrictions lapse pursuant to the terms of the Plan
and this award. Alternatively, the Company may maintain the shares in an uncertificated record at
the offices of its stock transfer agent. Upon request of the Committee or its delegate, Employee
shall deliver to the Company a stock power, endorsed in blank, relating to the Restricted Shares
then subject to the Forfeiture Restrictions. Upon the lapse of the Forfeiture Restrictions without
forfeiture, the Company shall cause a new certificate or certificates to be issued without legend
in the name of Employee for the shares upon which Forfeiture Restrictions lapsed, or at the
election of

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Employee, cause uncertificated shares to be transferred to an account for the benefit of Employee
at such bank or brokerage firm as Employee directs. Notwithstanding any other provisions of this
Agreement, the issuance or delivery of any shares of Stock (whether subject to restrictions or
unrestricted) may be postponed for such period as may be required to comply with applicable
requirements of any national securities exchange or any requirements under any law or regulation
applicable to the issuance or delivery of such shares. The Company shall not be obligated to issue
or deliver any shares of Stock if the issuance or delivery thereof shall constitute a violation of
any provision of any law or of any regulation of any governmental authority or any national
securities exchange.

     3. Withholding of Tax. To the extent that the receipt of the Restricted Shares,
dividends paid upon the Restricted Shares or the lapse of any Forfeiture Restrictions results in
compensation income to Employee for federal or state income tax purposes, Employee shall deliver to
the Company at the time of such receipt or lapse, as the case may be, such amount of money or
shares of unrestricted Stock as the Company may require to meet its withholding obligation under
applicable tax laws or regulations, and, if Employee fails to do so, the Company is authorized to
withhold from any cash or Stock remuneration then or thereafter payable to Employee any tax
required to be withheld by reason of such resulting compensation income.

     4. Status of Stock. Employee agrees that the Restricted Shares will not be sold or
otherwise disposed of in any manner which would constitute a violation of any applicable federal or
state securities laws. Employee also agrees (i) that the certificates representing the Restricted
Shares may bear such legend or legends as the Company deems appropriate in order to assure
compliance with applicable securities laws, (ii) that the Company may refuse to register the
transfer of the Restricted Shares on the stock transfer records of the Company if such proposed
transfer would be in the opinion of counsel satisfactory to the Company constitute a violation of
any applicable securities law and (iii) that the Company may give related instructions to its
transfer agent, if any, to stop registration of the transfer of the Restricted Shares.

     5. Employment Relationship. For purposes of this Agreement, Employee shall be
considered to be in the employment of the Company as long as Employee remains an employee of either
the Company, any successor corporation or a parent or subsidiary corporation (as defined in section
424 of the Code) of the Company or any successor corporation. Any question as to whether and when
there has been a termination of such employment, and the cause of such termination, shall be
determined by the Committee, or its delegate, as appropriate, and its determination shall be final.

     6. Committee’s Powers. No provision contained in this Agreement shall in any way
terminate, modify or alter, or be construed or interpreted as terminating, modifying or altering
any of the powers, rights or authority vested in the Committee or, to the extent delegated, in its
delegate pursuant to the terms of the Plan or resolutions adopted in furtherance of the Plan,
including, without limitation, the right to make certain determinations and elections with respect
to the Restricted Shares. By execution of this Agreement, Company affirms that the Committee has
waived the provisions of Section 9(i) of the Plan which would otherwise require automatic
forfeiture of all shares of Restricted Stock still subject to restrictions upon termination of
Employee’s employment, and has substituted therefore the provisions stated in Paragraphs 2(a) and
2(b), above.

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     7. Binding Effect. This Agreement shall be binding upon and inure to the benefit of
any successors to the Company and all persons lawfully claiming under Employee.

     8. Governing Law. This Agreement shall be governed by, and construed in accordance
with, the laws of the State of Iowa

     IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by an officer
thereunto duly authorized, and Employee has executed this Agreement, with an effective date of
March 4, 2009.

	 	 	 	 	 
	 	FBL FINANCIAL GROUP, INC.

 	 
	 	By:  	 	 
	 	 	
(name and title) 	 
	 	 	
Employee 	 
	 

Please Initial Appropriate Item (One of the lines must be initialed):

	 	 	 	 	 
	 	—	 	 	I do not desire the
alternative tax
treatment provided
for in the Internal
Revenue Code
Section 83(b).

	 	—	 	 	I do desire the
alternative tax
treatment provided
for in Internal
Revenue Code
Section 83(b) and
desire that forms
for such purpose be
forwarded to me. *

	 	•	 	I acknowledge that the Company has suggested that before this line is initialed that I
check with a tax consultant of my choice.

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Exhibit A

Policy: Impact of Restatement of Financial Statements Upon Awards. (Adopted by Management
Development and Compensation Committee December 2006.)

If any of the Company’s financial statements are restated because of errors, omissions or fraud,
the Committee may (in its sole discretion, but acting in good faith) direct that the Company
recover all or a portion of awards of bonuses, and grants of options and restricted stock options
(together, “awards”) with respect to any fiscal year of the Company the financial results of which
are negatively affected by such restatement. Recoveries may be made from all officers in the
Section 16 reporting group regardless of fault, and from any other persons whom the Committee
believes were involved in misconduct causing the required restatement (together, “Participants”).
Misconduct involves more than mere negligent job performance. The amount to be recovered from the
Participant shall be the amount by which awards exceeded the amount that would have been payable to
the Participant had the financial statements been initially filed as restated, or any greater or
lesser amount (including, but not limited to, the entire award) that the Committee shall determine.
The Committee shall determine whether the Company shall effect any such recovery (i) by seeking
repayment from the Participant, (ii) by reducing (subject to applicable law and the terms and
conditions of the applicable plan, program or arrangement) the amount that would otherwise be
payable to the Participant under any compensatory plan, program or arrangement maintained by the
Company or any of its affiliates, (iii) by withholding payment of future increases in compensation
(including the payment of any discretionary bonus amount) or grants of compensatory awards that
would otherwise have been made in accordance with the Company’s otherwise applicable compensation
practices, or (iv) by any combination of the foregoing. Provisions reflecting this policy shall be
placed in all award grant instruments delivered to Participants.

Exhibit B

FARM BUREAU LIFE INSURANCE COMPANY

GENERAL EXPENSES

2009 Plan over 2008 Projected

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	2009	 	2009 %
	 	 	2008	 	2009	 	Increase	 	Increase
	 	 	Projected	 	Plan	 	(Decrease)	 	(Decrease)
	 	 	(Dollars in thousands)	 	 	 	 
	Salaries and payroll taxes
	 	$	24,971	 	 	$	25,081	 	 	$	110	 	 	 	0.4	%
	Employee benefits
	 	 	8,169	 	 	 	8,670	 	 	 	501	 	 	 	6.1	 
	Travel and meetings
	 	 	1,675	 	 	 	1,245	 	 	 	(430	)	 	 	(25.7	)
	Rent
	 	 	3,231	 	 	 	2,988	 	 	 	(243	)	 	 	(7.5	)
	Office expenses
	 	 	4,463	 	 	 	4,063	 	 	 	(400	)	 	 	(9.0	)
	Furniture, equipment and
software costs
	 	 	11,934	 	 	 	11,425	 	 	 	(509	)	 	 	(4.3	)
	Sales expenses
	 	 	6,626	 	 	 	4,412	 	 	 	(2,214	)	 	 	(33.4	)
	Professional fees
	 	 	10,242	 	 	 	10,070	 	 	 	(172	)	 	 	(1.7	)
	Management fees
	 	 	7,949	 	 	 	8,389	 	 	 	440	 	 	 	5.5	 
	 	 	 
	Area and departmental expenses
	 	$	79,260	 	 	$	76,343	 	 	 	($2,917	)	 	 	(3.7	)%
	Less payroll taxes
	 	 	(1,745	)	 	 	(1,839	)	 	 	(94	)	 	 	5.4	%
	Less investment expenses
	 	 	(5,442	)	 	 	(5,536	)	 	 	(94	)	 	 	1.7	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Plus distribution expenses
	 	 	10,241	 	 	 	10,726	 	 	 	485	 	 	 	4.7	%
	 	 	 
	General expenses
	 	$	82,314	 	 	$	79,694	 	 	 	($2,620	)	 	 	(3.2	)%
	 	 	 

8

 

EQUITRUST LIFE INSURANCE COMPANY

GENERAL EXPENSES

2009 Plan over 2008 Projected

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	2009	 	2009 %
	 	 	2008	 	2009	 	Increase	 	Increase
	 	 	Projected	 	Plan	 	(Decrease)	 	(Decrease)
	 	 	(Dollars in thousands)	 	 	 	 
	Salaries and payroll taxes
	 	$	12,620	 	 	$	12,549	 	 	 	($71	)	 	 	(0.6	)%
	Employee benefits
	 	 	3,312	 	 	 	3,810	 	 	 	498	 	 	 	15.0	 
	Travel and meetings
	 	 	760	 	 	 	440	 	 	 	(320	)	 	 	(42.1	)
	Rent
	 	 	1,222	 	 	 	1,218	 	 	 	(4	)	 	 	(0.3	)
	Office expenses
	 	 	2,077	 	 	 	1,597	 	 	 	(480	)	 	 	(23.1	)
	Furniture, equipment and
software costs
	 	 	2,061	 	 	 	2,174	 	 	 	113	 	 	 	5.5	 
	Sales expenses
	 	 	1,786	 	 	 	163	 	 	 	(1,623	)	 	 	(90.9	)
	Professional fees
	 	 	3,047	 	 	 	2,672	 	 	 	(375	)	 	 	(12.3	)
	Management fees
	 	 	12,608	 	 	 	10,298	 	 	 	(2,310	)	 	 	(18.3	)
	Recoverable expenses
	 	 	(1,894	)	 	 	(1,976	)	 	 	(82	)	 	 	4.3	 
	 	 	 
	Area and departmental expenses
	 	$	37,599	 	 	$	32,945	 	 	 	($4,654	)	 	 	(12.4	)%
	Less payroll taxes
	 	 	(823	)	 	 	(875	)	 	 	(52	)	 	 	(6.3	)
	Less investment expenses
	 	 	(7,935	)	 	 	(8,084	)	 	 	(149	)	 	 	1.9	 
	Plus distribution expenses
	 	 	350	 	 	 	350	 	 	 	—	 	 	 	—	 
	 	 	 
	General expenses
	 	$	29,191	 	 	$	24,336	 	 	 	($4,855	)	 	 	(16.6	)%
	 	 	 

9EX-10.28

Exhibit 10.28

EMPLOYMENT AGREEMENT

THIS AGREEMENT, made and entered into as of the 29th day of April, 2009 by and between
FBL Financial Group, Inc., an Iowa corporation (together with its successors and assigns permitted
under this Agreement, the “Company”), and James E. Hohmann (the “Executive”).

WITNESSETH:

WHEREAS, the Company is in need of a Chief Executive Officer (“CEO”) on an interim basis until a
permanent CEO is selected; and

WHEREAS, the Company desires to employ the Executive on an interim basis as a CEO and to enter into
an agreement embodying the terms of such employment (this “Agreement”) and the Executive desires to
enter into this Agreement and to accept such employment, subject to the terms and provisions of
this Agreement;

NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein and for
other good and valuable consideration, the receipt of which is mutually acknowledged, the
Company and the Executive (individually a “Party” and together the “Parties”) agree as follows:

SECTION 1. Definitions.

	(a)	 	“Affiliate” of a person or other entity shall mean a person or other entity that directly or
indirectly controls, is controlled by, or is under common control with the person or other
entity specified. The Company’s current affiliates applicable to this Agreement ( “Affiliated
Companies”) are listed on Exhibit A, attached hereto.
	 
	(b)	 	“FBL” shall mean FBL Financial Group, Inc., an Iowa corporation.
	 
	(c)	 	“Base Salary” shall mean the annual rate of salary provided for in Section 4 below or any
increased annual rate of salary granted to the Executive pursuant to Section 4.
	 
	(d)	 	“Board” shall mean the Board of Directors of the Company.
	 
	(e)	 	“Cause” shall mean:

	 	(i)	 	The Employee’s willful and continued failure to substantially perform the Employee’s
duties with the Company or its Affiliates (other than any such failure resulting from the
Employee’s incapacity due to physical or mental illness), after a written demand for
substantial performance is delivered to the Employee by the Company which specifically
identifies the manner in which the Company believes that the Employee has not substantially
performed his or her duties;
	 
	 	(ii)	 	The final conviction of the Employee of, or an entering of a guilty plea or a plea of
no contest by the Employee to, a felony; or
	 
	 	(iii)	 	The willful engaging by the Employee in illegal conduct or gross misconduct which is
materially and demonstrably injurious to the Company.

 

 

	 	 	 	For the purposes of this definition, no act or failure to act on the part of the
Employee shall be considered “willful” unless it is done, or omitted to be done, by the
Employee in bad faith or without a reasonable belief that the action or omission was in
the best interests of the Company or its Affiliates. Any act, or failure to act, based
on authority given pursuant to a resolution duly adopted by the Board, the instructions
of a more senior officer of the Company or the advice of counsel to the Company or its
Affiliates, will be conclusively presumed to be done, or omitted to be done, by the
Employee in good faith and in the best interests of the Company and its Affiliates.

	(f)	 	“Code” shall mean the Internal Revenue Code of 1986, as amended.
	 
	(g)	 	“Constructive Termination Without Cause” shall mean termination by the Executive of his
employment at his initiative following the occurrence of any of the following events without
his consent:

	 	(i)	 	A reduction in the Executive’s current Base Salary, or the current total number of
restricted stock shares available under the Incentive Bonus which may (or may not) become
vested in Executive.
	 
	 	(ii)	 	The failure of the Company to obtain the assumption in writing of its obligation to
perform this Agreement by any successor to all or substantially all of the assets of the
Company within 15 calendar days after a merger, consolidation, sale or similar transaction;
or
	 
	 	(iii)	 	Any breach of this Agreement by the Company.

Following written notice from the Executive, as described above, the Company shall have 15 calendar
days in which to cure. If the Company fails to cure, the Executive’s termination shall become
effective on the 16th calendar day following the written notice.

	(h)	 	“Disability” shall mean the Executive’s inability, due to physical incapacity, to
substantially perform his duties and responsibilities under this Agreement as determined by a
medical doctor selected by the Company and the Executive. If the Parties cannot agree on a
medical doctor, each Party shall select a medical doctor and the two doctors shall select a
third who shall be the approved medical doctor for this purpose.
	 
	(i)	 	“Effective Date” shall mean April 29, 2009.
	 
	(j)	 	“Stock” shall mean Class A Common Stock of the Company.
	 
	(k)	 	“Incentive Bonus” shall have the definition set forth in Section 5(a) of this Agreement.
	 
	(l)	 	“Term of Employment” shall mean the period specified in Section 2 below.

SECTION 2. Term of Employment.

	(a)	 	The Term of Employment shall begin on the Effective Date and end on December 31, 2009.
Notwithstanding the foregoing, after the Effective Date, the Term of Employment may be earlier
terminated by either Party in accordance with the provisions of Section 9 and the Articles of
Incorporation and the By-Laws of the Company.

Employment Agreement between FBL Financial Group, Inc. and James E. Hohmann

Page 2

 

	(b)	 	Executive agrees to execute such resignations as deemed necessary by the Board for the board
of director and/or officer positions which Executive automatically assumes as a result of his
duties specified in Section 3 herein, with such resignations to become effective on December
31, 2009 in the event the Executive is not appointed as the permanent CEO by such date.

SECTION 3. Position, Duties and Responsibilities.

	(a)	 	Commencing on the Effective Date and continuing until the date of December 31, 2009, the
Executive shall be employed as the Interim Chief Executive Officer of FBL and its Affiliated
Companies and shall have the duties and responsibilities of the Chief Executive Officer as are
set forth in the Articles of Incorporation and the By-Laws of FBL and its Affiliated
Companies. The Executive, in carrying out his duties under this Agreement, shall report to the
Board. During the Term of Employment, the Executive shall devote such business time and
attention to the business and affairs of the Company as shall be necessary to discharge his
responsibilities hereunder and shall use his best efforts, skills and abilities to promote its
interests.
	 
	(b)	 	Nothing herein shall preclude the Executive, subject to the approval of the Board, from (i)
serving on the boards of directors of a reasonable number of other corporations, (ii) serving
on the boards of a reasonable number of trade associations and/or charitable organizations,
(iii) engaging in charitable activities and community affairs, and (iv) managing his personal
investments and affairs, provided that such activities set forth in this Section 3(b) do not
materially interfere with the proper performance of his duties and responsibilities under
Section 3(a).

SECTION 4. Base Salary.

During the Term of Employment, the Executive shall be paid an annualized Base Salary, payable in
accordance with the regular payroll practices of the Company, of $669,600. This amount will be
payable in equal monthly installments of $55,800, and will be payable on such dates each month
during the Term of Employment as all other salaried employees of the Company.

SECTION 5. Incentive Compensation.

During the Term of Employment, the Executive may qualify for an Incentive Bonus as provided for in
the Restricted Stock Agreement attached hereto as Exhibit B.

SECTION 6. Pension. 

If at the end of the Term of Employment as Interim Chief Executive Officer, Executive applies for
and is hired as Chief Executive Officer of FBL, time served as Interim chief Executive Officer, the
amount paid as base salary, and time served under this agreement, shall be credited towards the
Company’s pension plan.

SECTION 7. Employee Benefit Programs.

During the Term of Employment, the Executive shall be entitled to participate in all employee
pension and welfare benefit plans and programs made available to the Company’s senior level
executives or to its employees generally, as such plans or programs may be in effect from time to
time, including, without limitation, pension, profit sharing, savings and other retirement plans
or programs, 401(k), medical, dental, hospitalization, short-term and long-term disability and
life insurance plans,

Employment Agreement between FBL Financial Group, Inc. and James E. Hohmann

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accidental death and dismemberment protection, travel accident insurance, and any other pension or
retirement plans or programs and any other employee welfare benefit plans or programs that may be
sponsored by the Company from time to time, including any plans that supplement the above-listed
types of plans or programs, whether funded or unfunded. Notwithstanding the above, Company shall
have no obligation to provide benefits to Executive for which Executive does not qualify pursuant
to the terms of the benefit plans or programs as a result of the limited term of Executive’s
employment under this Agreement.

SECTION 8. Reimbursement of Business and Other Expenses; Executive Services; Vacation.

	(a)	 	The Executive is authorized to incur reasonable expenses in carrying out his duties and
responsibilities under this Agreement and the Company shall promptly reimburse him for all
business expenses incurred in connection with carrying out the business of the Company,
subject to documentation in accordance with the Company’s policies.
	 
	(b)	 	During the Term of Employment, the Company shall provide full-time secretarial support for
the Executive’s principal office. The Company shall make available for the Executive’s use
appropriate office space (which shall be on the executive floor) and secretarial support when
he performs services at the Company’s principal offices in West Des Moines, Iowa.
	 
	(c)	 	The Executive shall be entitled to reasonable vacation during the Term of Employment.
	 
	(d)	 	The Company shall reimburse the Executive for the cost of weekly travel transportation
between West Des Moines and his home in North Barrington, Illinois; shall provide a vehicle
and credit card for his business use while the Executive is in West Des Moines, Iowa; and
shall reimburse the Executive for living expenses (to the extent previously authorized by the
Chairman of the FBL Board) incurred in West Des Moines, Iowa during the Term of Employment.
The Company shall hold Executive harmless for any tax liability attributable to the
reimbursement for such expenses.

SECTION 9. Termination of Employment.

	(a)	 	Termination by the Company for Cause.

	 	(i)	 	In the event the Company terminates the Executive’s employment for Cause, the
Executive shall be entitled to Base Salary through the date of the termination; and
	 
	 	(ii)	 	All restricted stock which was vested as of the termination date.

	(b)	 	Termination without Cause or constructive termination without Cause.

In the event the Executive’s employment is terminated by the Company without Cause, including
termination due to Disability or death, or in the event there is a Constructive Termination without
Cause, the Executive shall be entitled to the following benefits:

	 	(i)	 	Base Salary through the Term of Employment; and
	 
	 	(ii)	 	All non-contingent restricted stock which was vested as of the termination
date.
	 
	 	(iii)	 	Such contingent restricted stock as appropriate based upon the goals attained
prior to the termination date.

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	(c)	 	Voluntary Termination.

Except as otherwise provided herein, termination of employment by the Executive on his own
initiative, shall have the same consequences as provided in Section 9(a). A voluntary termination
under this Section 9(c) shall be effective 30 calendar days after prior written notice is received
by the Company.

SECTION 10. Confidential Information; Prohibited Public Statements; Publicity.

	(a)	 	The Company (as hereinafter specially defined for purposes of Sections 10 through 12
hereof), pursuant to the Executive’s employment hereunder, provides him access to and
confides in him business methods and systems, techniques and methods of operation
developed at great expense by the Company (“Trade Secrets”) and which the Executive recognizes
to be unique assets of the Company’s business. The Executive shall not, during or at any time
after the Term of Employment, directly or indirectly, in any manner utilize or
disclose to any person, firm, corporation, association or other entity, except (i) where
required by law, (ii) to directors, consultants or employees of the Company in the ordinary
course of his duties or (iii) during his employment and in the ordinary course of his services
as CEO for such use and disclosure as he shall reasonably determine to be in the best
interest of the Company: (A) any such Trade Secrets, (B) any sales prospects, customer
lists, products, research or data of any kind, or (C) any information relating to
strategic plans, sales, costs, profits or the financial condition of the Company or any of its
customers or prospective customers, which are not generally known to the public or
recognized as standard practice in the industry in which the Company shall be engaged. The
Executive further covenants and agrees that he will promptly deliver to the Company all
tangible evidence of the knowledge and information described in (A), (B) and (C), above,
prior to or at the termination of the Executive’s employment.
	 
	(b)	 	Neither the Executive nor the Company, its subsidiaries and affiliates and its and their
officers or directors (collectively, the “Company Affiliated Entities”) shall, either during
or at any time after the Term of Employment, directly or indirectly make any public statement
(including a private statement reasonably likely to be repeated publicly) reflecting adversely
on the Company Affiliated Entities or the Executive, as the case may be, or the business
prospects of the Company except for (i) such statements which the Executive may be required to
make in the ordinary course of his service as a member of, including Chairman of, the Board or
(ii) with respect to each of the Executive and the Company Affiliated Entities, as otherwise
required by applicable law.
	 
	(c)	 	Neither the Executive nor the Company Affiliated Entities shall publicly comment (including
private statements reasonably likely to be repeated publicly) on, or discuss the circumstances
surrounding, this Agreement, except as mutually agreed or as required by applicable law.

SECTION 11. Noninterference and Nonsolicitation. 

	(a)	 	The Executive agrees that for a period of two (2) years following termination of employment
in accordance with this Agreement, the Executive will not, directly or indirectly, for himself
or on behalf of any third party at any time in any manner, request or cause any of the
Company’s customers to cancel or terminate any existing or continuing business relationship
with the Company; solicit, entice, persuade, induce, request or otherwise cause any employee,
officer or agent of the Company (other than clerical employees of the Company) to refrain from
rendering services to the Company or to terminate his or her relationship, contractual or
otherwise, with the

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Company; induce or attempt to influence any supplier to cease or refrain from doing business or
to decline to do business with the Company; divert or attempt to divert any supplier from the
Company; or induce or attempt to influence any supplier to decline to do business with any
businesses of the Company as such businesses are constituted immediately prior to the
termination of employment.

	(b)	 	The Executive acknowledges that the Company is engaged in business throughout the United
States. Accordingly and in view of the nature of his position and responsibilities, the
Executive agrees that the provisions of this Section shall be applicable to each state in
which the Company may be engaged in business during the Term of Employment, or, with respect
to the Executive’s obligations following termination of his employment, at the termination of
his employment or at any time within the two-year period following the effective date of his
termination of employment.

SECTION 12. Equitable Remedies.

The Executive acknowledges that his compliance with the covenants in Sections 10 and 11 of this
Agreement is necessary to protect the good will and other proprietary interests of the Company and
that, in the event of any violation by the Executive of the provisions of Section 10 or 11 of this
Agreement, the Company will sustain serious, irreparable and substantial harm to its business, the
extent of which will be difficult to determine and impossible to remedy by an action at law for
money damages. Accordingly, the Executive agrees that, in the event of such violation or threatened
violation by the Executive, the Company shall be entitled to any injunction before trial from any
court of competent jurisdiction as a matter of course and upon the posting of not more than a
nominal bond in addition to all such other legal and equitable remedies as may be available to the
Company. The Executive further agrees that, in the event any of the provisions of Sections 10 and
11 of this Agreement are determined by a court of competent jurisdiction to be contrary to any
applicable statute, law or rule, or for any reason to be unenforceable as written, such court may
modify any of such provisions so as to permit enforcement thereof as thus modified.

SECTION 13. Resolution of Disputes.

Except as provided in Section 13, any disputes arising under or in connection with this Agreement
shall be resolved by third party mediation of the dispute and, failing that, by binding
arbitration, to be held in a location mutually agreed to by the Parties, in accordance with the
rules and procedures of the American Arbitration Association. Judgment upon the award rendered by
the arbitrator(s) may be entered in any court having jurisdiction thereof. Each Party shall bear
his or its own costs of the mediation, arbitration or litigation, except that the Company shall
bear all such costs if the Executive prevails in such mediation, arbitration or litigation on any
material issue.

SECTION 14. Indemnification.

	(a)	 	The Company agrees that if the Executive is made a party, or is threatened to be made a
party, to any action, suit or proceeding, whether civil, criminal, administrative or
investigative (a “Proceeding”), by reason of the fact that he is or was a director, officer or
employee of the Company or is or was serving at the request of the Company as a director,
officer, member, employee or agent of another corporation, partnership, joint venture, trust
or other enterprise, including service with respect to employee benefit plans, whether or not
the basis of such Proceeding is the Executive’s alleged action in an official capacity while
serving as a director, officer, member, employee or agent, the Executive shall be indemnified
and held harmless by the Company to the fullest extent legally permitted or authorized by the
Company’s certificate of

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incorporation or bylaws or resolutions of the Company’s Board of Directors or, if greater, by
the laws of the State of Iowa, against all cost, expense, liability and loss (including, without
limitation, attorney’s fees, judgments, fines, ERISA excise taxes or other liabilities or
penalties and amounts paid or to be paid in settlement) reasonably incurred or suffered by the
Executive in connection therewith, and such indemnification shall continue as to the Executive
even if he has ceased to be a director, member, employee or agent of the Company or other entity
and shall inure to the benefit of the Executive’s heirs, executors and administrators. The
Company shall advance to the Executive all reasonable costs and expenses incurred by him in
connection with a Proceeding within 20 calendar days after receipt by the Company of a written
request for such advance. Such request shall include an undertaking by the Executive to repay
the amount of such advance if it shall ultimately be determined that he is not entitled to be
indemnified against such costs and expenses.

	(b)	 	Neither the failure of the Company (including its board of directors, independent legal
counsel or shareholders) to have made a determination prior to the commencement of any
Proceeding concerning payment of amounts claimed by the Executive under Section 14(a) above
that indemnification of the Executive is proper because he has met the applicable standard of
conduct, nor a determination by the Company (including its board of directors, independent
legal counsel or shareholders) that the Executive has not met such applicable standard of
conduct, shall create a presumption that the Executive has not met the applicable standard of
conduct.
	 
	(c)	 	The Company agrees to continue and maintain a directors’ and officers’ liability insurance
policy covering the Executive which is no less favorable than the policy covering other senior
officers of the Company.

SECTION 15. Assignability; Binding Nature.

This Agreement shall be binding upon and inure to the benefit of the Parties and their respective
successors, heirs (in the case of the Executive) and assigns. Rights or obligations of the Company
under this Agreement may be assigned or transferred by the Company pursuant to a merger or
consolidation in which the Company is not the continuing entity, or the sale or liquidation of all
or substantially all of the assets of the Company, provided that the assignee or transferee is the
successor to all or substantially all of the assets of the Company and such assignee or transferee
assumes the liabilities, obligations and duties of the Company, as contained in this Agreement,
either contractually or as a matter of law. The Company further agrees that, in the event of a sale
of assets or liquidation as described in the preceding sentence, it shall take whatever action it
reasonably can in order to cause such assignee or transferee to expressly assume the liabilities,
obligations and duties of the Company hereunder. No rights or obligations of the Executive under
this Agreement may be assigned or transferred by the Executive other than his rights to
compensation and benefits, which may be transferred only by will or operation of law.

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SECTION 16. Representation.

The Company represents and warrants that it is fully authorized and empowered to enter into this
Agreement and that the performance of its obligations under this Agreement will not violate any
agreement between it and any other person, firm or organization. The Executive represents that the
performance of his obligations under this Agreement will not violate any agreement between him and
any other person, firm or organization that would be violated by the performance of his obligations
under this Agreement.

SECTION 17. Entire Agreement.

This Agreement contains the entire understanding and agreement between the Parties concerning the
subject matter hereof and supersedes all prior agreements, understandings, discussions,
negotiations and undertakings, whether written or oral, between the Parties with respect thereto.

SECTION 18. Amendment or Waiver.

No provision in this Agreement may be amended unless such amendment is agreed to in writing and
signed by the Executive and an authorized officer of the Company. No waiver by either Party of any
breach by the other Party of any condition or provision contained in this Agreement to be performed
by such other Party shall be deemed a waiver of a similar or dissimilar condition or provision at
the same or any prior or subsequent time. Any waiver must be in writing and signed by the Executive
or an authorized officer of the Company, as the case may be.

SECTION 19. Severability.

In the event that any provision or portion of this Agreement shall be determined to be invalid or
unenforceable for any reason, in whole or in part, the remaining provisions of this Agreement shall
be unaffected thereby and shall remain in full force and effect to the fullest extent permitted by
law so as to achieve the purposes of this Agreement.

SECTION 20. Survivorship.

Except as otherwise expressly set forth in this Agreement, the respective rights and obligations of
the Parties hereunder, including the covenants and the agreements of Executive set forth in
Sections 10, 11 and 12, shall survive any termination of the Executive’s employment. This Agreement
itself (as distinguished from the Executive’s employment) may not be terminated by either Party
without the written consent of the other Party.

SECTION 21. References.

In the event of the Executive’s death or a judicial determination of his incompetence, reference in
this Agreement to the Executive shall be deemed, where appropriate, to refer to his beneficiary,
estate or other legal representative.

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SECTION 22. Governing Law/Jurisdiction.

This Agreement shall be governed in accordance with the laws of the State of Iowa without reference
to principles of conflict of laws.

SECTION 23. Notices.

All notices and other communications required or permitted hereunder shall be in writing and
shall be deemed given when (a) delivered personally, (b) sent by certified or registered mail,
postage prepaid, return receipt requested or (c) delivered by overnight courier (provided that a
written acknowledgment of receipt is obtained by the overnight courier) to the Party concerned at
the address indicated below or to such changed address as such Party may subsequently give such
notice of:

If to the Company: FBL Financial Group, Inc.

5400 University Avenue

West Des Moines, Iowa 50266

Attention: General Counsel

If to the Executive: Mr. James E. Hohmann

[REDACTED]

SECTION 24. Headings.

The headings of the sections contained in this Agreement are for convenience only and shall not be
deemed to control or affect the meaning or construction of any provision of this Agreement.

SECTION 25. Counterparts.

This Agreement may be executed in two or more counterparts.

IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first written
above.

	 	 	 	 	 
	 	FBL Financial Group, Inc.

 	 
	 	By:  	/s/ CRAIG A. LANG
 	 
	 	 	Name:  	Craig A. Lang 	 
	 	 	Title:  	Chairman of the Board 	 
	 
	 	 	 
	 	By:  	     /s/  JAMES E. HOHMANN
 	 
	 	 	        James E. Hohmann 	 
	 	 	 	 
	 

Employment Agreement between FBL Financial Group, Inc. and James E. Hohmann

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EXHIBIT A

“Affiliated Companies” shall include the following companies:

Farm Bureau Life Insurance Company

Farm Bureau Mutual Insurance Company

FBL Financial Group, Inc.

EquiTrust Life Insurance Company

Western Agricultural Insurance Company

EquiTrust Marketing Services, L.L.C.

EquiTrust Investment Management Services, Inc.

EquiTrust Series Fund, Inc.

EquiTrust Money Market Fund, Inc.

EquiTrust Variable Insurance Series Fund

FBL Leasing Services, Inc.

EquiTrust Assigned Benefit Company

FBL Insurance Brokerage, Inc.

Western Ag Insurance Agency, Inc.

Western Farm Insurance Agency, Inc.

Western Computer Services, Inc.

FBL Financial Services, Inc.

FBL Financial Group Capital Trust

Crop 1 Insurance Direct, Inc.

Employment Agreement between FBL Financial Group, Inc. and James E. Hohmann

Page 10

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