Document:

Exh 10.5 Mgmt Services Agreement

MANAGEMENT SERVICES AGREEMENT

THIS AGREEMENT is entered into by and between FARM BUREAU MUTUAL HOLDING COMPANY (hereinafter referred to as "FBMHC"), FARM BUREAU MULTI-STATE SERVICES, INC. (hereinafter referred to as "FBMSSI"), FARM BUREAU PROPERTY & CASUALTY INSURANCE COMPANY (hereinafter referred to as "FBPCIC") and WESTERN AGRICULTURAL INSURANCE COMPANY (hereinafter referred to as "WAIC"),  all  Iowa corporations, (hereinafter referred to as “the Companies), and FBL Financial Group, Inc., an Iowa corporation, (hereinafter referred to as “FBL”).

WHEREAS, FBPCIC  and WAIC are members of the mutual holding company system of which FBMHC and FBMSSI are also members; and

WHEREAS,  FBPCIC and WAIC are licensed to provide property and casualty insurance to Farm Bureau members and others in their service areas; and

WHEREAS, FBMHC, FBMSSI, FBPCIC and WAIC desire to establish an arrangement with a reputable management firm which will facilitate offering more diversified property and casualty insurance than it can offer directly under its own organizational structure; and

WHEREAS, FBL desires to provide management, administrative and other management related services to persons and entities engaged in the insurance industry; and

WHEREAS, the parties all desire to provide or arrange for the provision of quality, cost-efficient products to Farm Bureau members and others; and

WHEREAS, the parties all desire that the Companies operate on a financially sound basis; and

WHEREAS, it is the intent of this Agreement that FBL will manage the Companies' business activities in accordance with sound management practices and consistent with the quality of practices previously provided to the Companies by their management staff; and

WHEREAS, FBMHC, FBMSSI and FBPCIC operate in cooperation with and through the assistance of their affiliated state Farm Bureau organizations to promote quality, flexibility and continuity of service to Farm Bureau insurance programs sponsored for the purpose of membership service.

NOW, THEREFORE, in consideration of the mutual promises stated in this Agreement and intending to be legally bound, the parties agree as follows:

1.    PERSONNEL SERVICES PROVIDED BY FBL

		
	1.1
	FBL shall provide personnel competent to perform the management functions of the Companies as provided in this Agreement.  FBL personnel shall at all times perform their duties in accordance with the Bylaws of the Companies and subject to the overall policy direction of the Companies' Boards of Directors.  FBL shall be responsible for the proper performance of management duties by the personnel and shall be responsible for compensating all personnel assigned to perform services for the Companies.

		
	1.2
	FBL shall provide the Companies' Boards of Directors with qualified nominees for officer positions of the Companies.  Final appointment of such nominees shall require action by  the Companies' Board.  Such officers of the Companies, other than Chairman and/or Vice 

Chairman, shall be employees of FBL or Farm Bureau Management Corporation (pursuant to its Services Agreement with FBL), and compensated by FBL or Farm Bureau Management Corporation; however, the Companies retain the right to request in writing the removal of any FBL personnel from an officer position, and FBL shall, without delay, remove the person and shall nominate, as soon as possible, another qualified person for the vacant position.  The appointment, removal or replacement of any officer of the Companies by FBL shall be subject to action by the Companies' Boards of Directors.  Nothing in this Agreement permits the Companies' Boards of Directors to terminate any individual's employment relationship with FBL. 

		
	1.3
	FBL shall consider any request by the Companies, consistent with the requirements of applicable law, to remove employees on FBL's marketing staff whose performance negatively affects the marketing of the Companies' products.

		
	1.4
	Personnel necessary for the operation of the Companies shall be employees of FBL, Farm Bureau Management Corporation (pursuant to its Services Agreement with FBL) or FBPCIC.  FBL shall recruit, hire, train, promote, assign, set the compensation for, and, except as otherwise specifically provided in this Agreement, shall be solely responsible for discharging all personnel, in order to carry out the terms of this Agreement.

2.    MANAGEMENT SERVICES PERFORMED BY FBL

FBL shall perform those functions reasonably required to manage the Companies in accordance with sound management techniques, including, but not limited to, executive management, marketing, financial contractual arrangements for property/casualty insurance and such other services on behalf of the Companies as described below.

		
	2.1
	Management Information System.  FBL shall provide and maintain data processing services necessary to provide adequate and appropriate data for the operation of the Companies.

		
	2.2
	Licenses and Permits.     FBL shall apply for and use its best efforts to maintain, in the name of the Companies, all state licenses and permits which are or may be required or appropriate in connection with the management and operation of the Companies.

		
	2.3
	Government Regulation.  FBL shall use its best efforts to assist the Companies in meeting the requirements of and shall advise the Companies of changes in any applicable state or federal statute, ordinance, law, rule, regulation or order of any governmental regulatory body.

		
	2.4
	Contractual Undertakings.

		
	2.4.1
	FBL shall negotiate on behalf of the Companies such contracts and agreements as may be necessary or advisable for provision of utilities, services, concessions and supplies for the maintenance and operation of the Companies.

		
	2.4.2
	FBL shall perform its responsibilities on behalf of the Companies under this Agreement in a manner consistent with all contracts to which the Companies are a party and which are in force as of the date of this Agreement.    

		
	2.5
	Underwriting.  FBL shall underwrite and process all the Companies insurance business in accordance with sound underwriting principles.

		
	2.6
	Claims.  FBL shall review, process and adjudicate claims, and arrange for the defense of actions as necessary or appropriate arising out of insurance policies issued by FBPCIC and WAIC.

		
	2.7
	Policyholder Service.  FBL shall maintain policyholder records and provide service necessary and appropriate to maintain the insurance in force.

		
	2.8
	Financial.  FBL shall provide the following financial services:

		
	2.8.1
	A financial reporting system, including operations statements and any reports that are required by statute, or by any regulatory agency having jurisdiction over the operations of the Companies, including an annual report, or any reports required by the Internal Revenue Service or the Iowa Department of Insurance.  FBL shall report on a regular basis to the Companies' Boards of Directors and appropriate committees concerning the business activities of the Companies in order to enable the directors to fulfill their fiduciary responsibilities.

		
	2.8.2
	Prepare and maintain financial planning, budgeting, accounting, internal auditing, and such systems and reports, as may be necessary for the operations of the Companies.  All anticipated annual expenses to be incurred by the Companies and recoverable by FBL under this Agreement shall be contained in annual budgets approved each year by the Companies' Board of Directors.

		
	2.8.3
	Maintain appropriate banking relationships and open and maintain bank accounts in the names of the Companies and make deposits therein and disbursements therefrom in accordance with authorization by the Companies' Boards of Directors.

		
	2.8.4
	Conduct accounting activities, including general accounting and bookkeeping, payroll, accounts payable, accounts receivable, property accounting, cost accounting, premium billing and collection.

		
	2.8.5
	Provide for and support audit and state examination activities.

		
	2.8.6
	Invest any funds on behalf of the Companies but only in such investments and in such securities as are approved as investments for insurance companies by the statutes of the State of Iowa and by any and all rules and regulations promulgated by the Iowa Insurance Commissioner and the Companies' Boards of Directors.

		
	2.9
	Insurance and Reinsurance.  FBL shall, on behalf of the Companies, obtain and maintain general liability insurance, including professional liability insurance, directors and officers liability insurance, reinsurance, and any bonds or other insurance necessary and appropriate for a property/casualty insurance company.

		
	2.10
	Marketing.  FBL Shall provide to the Companies the following marketing services:

		
	2.10.1
	Plan, organize and conduct sales programs, marketing strategies, and market development programs.

		
	2.10.2
	Obtain and maintain distribution systems to sell and service the products offered by the Companies.

		
	2.10.3
	Prepare and maintain appropriate marketing, advertising and promotional materials.

		
	2.10.4
	Develop and maintain appropriate policyholder relations.

		
	2.11
	Legal Services.

		
	2.11.1
	FBL shall provide or arrange for the provisions of legal services as are necessary to meet the legal needs of the Companies.

		
	2.11.2
	FBL shall have authority to initiate, in the name or at the direction of the Companies, such legal actions or proceedings as are ordinary, necessary and advisable in the normal course of business.

		
	2.11.3
	To the extent not otherwise covered by insurance, FBL shall arrange for the legal defense of the Companies, to the extent reasonably required or necessary, in any and all legal proceedings, including administrative proceedings and arbitrations, brought against the Companies.

		
	2.12
	Actuarial Services.  FBL shall provide or arrange for the provision of actuarial services as are necessary to meet the actuarial needs of the Companies.

		
	2.13
	Property, Equipment and Capital Improvements.

		
	2.13.1
	FBL may purchase or lease, on behalf of the Companies and with the funds of the Companies, any property and equipment required by the Companies to carry out their business or other insurance functions.  Title to any property purchased shall be held by the Companies.

		
	2.13.2
	In order to keep and maintain the property and equipment in good working order and condition, FBL shall negotiate, contract for and supervise the repair and maintenance of the physical property and equipment of the Companies, as shall be reasonably necessary to keep and maintain such property in good working order and condition.  Repairs and renewals that FBL considers capital improvements for the Companies shall be undertaken in accordance with subsection 2.13.3.

		
	2.13.3
	FBL shall review and make recommendations to the Companies concerning proposed major capital improvements to the Companies' property.  Upon approval by the Boards of Directors of the Companies, FBL shall, in the name of and for the account of the Companies, negotiate, contract for, and supervise the installation of all such major capital improvements.

		
	2.14
	Farm Bureau Relations.  FBL shall promote and maintain a productive and harmonious relationship with the Farm Bureau organizations affiliated with the Companies.  The Companies shall recognize and abide by state Farm Bureau membership requirements and shall not initiate any action to alter such requirements.

		
	2.15
	Boards of Directors and Committee Meetings.  FBL shall arrange and provide support staff for the Companies' Board of Directors meetings, committee meetings and other activities 

related to the Companies subject to the approval of the Companies and, upon approval, shall be paid for as an expense of the Companies.

		
	2.16
	Confidentiality of Records.  FBL shall use all reasonable efforts to protect the confidentiality of the records of the Companies and shall comply with all applicable federal, state and local laws and regulations, and ethical property/casualty insurance standards relating to the records of the Companies.  This subsection does not prohibit the reasonable use of policyholder records in connection with the administration of policyholder applications, property/casualty insurance policies or in the Companies supervised programs to improve the efficiency and quality of insurance products offered by the Companies to their policyholders.

3.    THE COMPANIES' RIGHTS AND OBLIGATIONS

		
	3.1
	Control.  The Companies, acting through their Boards of Directors, shall, at all times, exercise ultimate control over the assets and operation of the Companies.  FBL shall perform the services and functions described in this Agreement in accordance with policies, directives, resolutions and Bylaws adopted by the Companies.  The Companies retain the final authority and responsibility regarding the powers, duties, and responsibilities vested in the Companies by law and regulation.  In particular, without limiting the foregoing, the Companies shall continue to exercise final approval authority over the following:

		
	(a)
	selection of the Companies' officers, and the right to require FBL to remove the Companies' officers who are employees of FBL or Farm Bureau Management Corporation upon the request of the Companies;

		
	(b)
	selection of auditors of the Companies' accounts;

		
	(c)
	to the extent required under procedures and parameters established by the Companies' Board of Directors, the terms of all the Companies contracts;

		
	(d)
	approval and adoption of operating and capital budgets submitted by FBL;

		
	(e)
	investment activities of the Companies.

It is understand and agreed that approval of the foregoing shall not be unreasonably withheld by the Boards.

		
	3.2
	Obligations Relating to FBL Personnel.  The Companies shall cooperate with the management personnel provided by FBL pursuant to Article 1 of this Agreement by providing them, to the maximum extent feasible, with the resources and facilities necessary for performance of their duties.

		
	3.3
	Excluded Costs.  Notwithstanding anything in this Agreement to the contrary, FBL shall have no financial responsibility for any cost of expense relating to the operation of the Companies.

		
	3.4
	Maintenance of Sound Operations.

		
	3.4.1
	The Companies shall conduct their affairs in accordance with state and federal law, and, where appropriate, as state licensed insurance companies.  The Companies shall honor all legitimate debts and obligations to its creditors.

		
	3.4.2
	The Companies shall cooperate with and assist FBL, to the extent of any available resources, in meeting goals and objectives under this Agreement.

		
	3.4.3
	During the term of this Agreement, the Companies agree not to enter into any arrangement with any other person or entity that will directly or indirectly infringe upon or diminish the rights, duties or responsibilities of FBL hereunder.

4.    COMPENSATION

The Companies shall reimburse FBL for 100% of all budgeted and/or approved expenses incurred by FBL in providing services for the Companies pursuant to this Agreement.  In addition, the Companies  may pay FBL a fee  not to exceed three tenths of one percent (0.3%) of “statutory direct written premiums” incurred in the current year, subject to such terms, conditions, and performance measures, if any, as approved annually by the Companies' Board of Directors.  For purposes of this agreement, the term “statutory direct written premium” means the following:

Total direct written statutory premiums included in Schedule T of the Annual Convention Blank Statement plus reinsurance assumed included in Schedule T, if the underlying required policies are administered by the Company.

Fees and reimbursements required by this Agreement shall be paid by the Companies at least quarterly, with payment due within thirty (30) days of receipt of the quarterly reports.

5.    DEVELOPMENT OF OTHER LINES OF BUSINESS

		
	5.1
	FBL may form or acquire other business entities for the conduct of business which is complementary to and consistent with the business purpose or policies of the Companies.

		
	5.2
	Formation and operation of wholly or partially owned subsidiary corporations by FBL shall be fully within the discretion of FBL, unless limited by any other agreement with the Companies.

		
	5.3
	Sections 5.1 and 5.2 above notwithstanding, nothing in this Agreement shall authorize FBL to acquire or manage property casualty insurance companies which would operate in direct competition to FBPCIC and WAIC, without prior approval of the Companies' Board of Directors.

6.    MISCELLANEOUS

		
	6.1
	Effective Date.  Subject to any necessary regulatory approval, the effective date of this Agreement shall be January 1, 2012.

		
	6.2
	Term.  The term of this Agreement shall be for a period of ten (10) years from the effective date and may be extended for additional ten (10) year terms by written agreement of the parties.

		
	6.3
	Termination.

		
	6.3.1
	This Agreement may be terminated by either party upon one hundred eighty (180)  days' prior written notice to the other party.

		
	6.3.2
	Either party may terminate this Agreement at any time upon delivery of written notice (i) if the other party applies for or consents to the appointment of a receiver, trustee or liquidator of all or a substantial part of its assets, files a voluntary petition in bankruptcy, admits in writing its inability to pay its debts as they become due, makes a general assignment for the benefit of creditors, files a petition or an answer seeking reorganization or arrangement with creditors or taking advantage of any insolvency law; or (ii) if an order, judgment or decree is entered by a court of competent jurisdiction adjudicating the other party bankrupt or insolvent, approving a petition seeking reorganization, or appointing a receiver, trustee or liquidator of all or a substantial part of its assets; or (iii) by order from the Commissioner of Insurance for the State of Iowa.

		
	6.3.3
	In the event of termination by either party for any reasons, FBL shall proceed to transfer all of its responsibilities under this Agreement to the Companies, or any management company designated by the Companies, in an orderly fashion subject to full and complete accounting.

		
	6.3.4
	Upon termination of this Agreement at the expiration of the stated term, or upon earlier termination as provided above, the Companies shall pay FBL a termination fee.  The termination fee will be equal to the amount necessary to fund all employee related expenses accrued as of the date of termination, assuming for the purpose of this calculation that the employment of each employee of FBL ends on the date the Agreement terminates.

		
	6.4
	Assignment and Delegation.

		
	6.4.1
	This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.  Either party may assign its right and responsibilities under this Agreement to any entity which controls or is controlled by such party.  For the purpose of this paragraph, “control” means the ability to direct or cause the direction of another.

		
	6.4.2
	Except as provided in subsection 6.4.1 above, neither party shall in any manner inconsistent with this Agreement assign, subcontract or otherwise delegate its duties under this Agreement unless the other party approves by prior written consent.

		
	6.4.3
	The provisions of paragraphs 6.4.1 and 6.4.2 above notwithstanding, no assignment, transfer, or delegation of either party's rights or responsibilities under this Agreement shall be effective until approved by the Iowa Insurance Commissioner.

		
	6.5
	Interpretation.  The validity, enforceability and interpretation of any of the clauses of this Agreement shall be determined and governed by the laws of Iowa.  The invalidity or 

unenforceability of any term or provision of this Agreement shall not, unless otherwise specified herein, affect the validity or enforceability of any other term or provision.

		
	6.6
	Independent Contractors.  Nothing in this Agreement shall affect the separate identities of each of the Companies and FBL.  The parties to this Agreement do not intend to create a partnership or agency relationship other than as provided in this Agreement.  Except as specifically agreed herein, neither party to this Agreement intends to be the partner or agent of the other.  Neither party intends to limit the other party in any manner in the conduct of its businesses, ventures or activities not specifically provided for in this Agreement.

		
	6.7
	Complete Agreement.  This Agreement, including its attachments, includes all the terms and conditions agreed upon by the parties, and as of the effective date shall supersede all other agreements, oral or written between the parties with respect to the subject matter contained herein.

		
	6.8
	Amendments.  This Agreement may be amended at any time by mutual agreement of the parties, provided that any amendment shall be in writing, signed by both parties, and approved by the Iowa Insurance Commissioner before it becomes effective.

		
	6.9
	Inspection.  The Companies shall have the right, upon reasonable notice (and at Companies' expense) to inspect all records, ledgers and books of FBL, necessary to determine FBL's compliance with this Agreement.

		
	6.10
	Notices.  Any notice required to be given by this Agreement shall be in writing and shall be sent by certified mail, return receipt requested, postage prepared, to FBL at:

Attn:  General Counsel
5400 University Avenue
West Des Moines, IA  50266

or to the Companies at:

Attn:  General Counsel
5400 University Avenue
West Des Moines, IA  50266

		
	6.11
	Headings.  The headings in this Agreement are for convenience of reference only and are not intended to define, limit or describe the scope or intent of any provision of this Agreement.

		
	6.12
	Waiver.  The waiver by either party of any of the terms or provisions of this Agreement shall not constitute a waiver of any of its other terms or provisions.  No waiver of any provision of this Agreement shall constitute a continuing waiver, unless otherwise expressly mutually agreed between the parties as provided in Section 6.8.

    

IT WITNESS WHEREOF, the parties hereto have executed this Agreement on the 10th day of October, 2012

                
FARM BUREAU MUTUAL HOLDING COMPANY

By:    /s/  Dennis J. Presnall            
Dennis J. Presnall

         Title:    Sr. Vice President and Secretary    

         Date:    October 5, 2012            
                
FARM BUREAU MULTI-STATE SERVICES, INC.

By:    /s/  Dennis J. Presnall            
Dennis J. Presnall

         Title:    Sr. Vice President and Secretary    

         Date:    October 5, 2012            

FARM BUREAU PROPERTY & 
CASUALTY INSURANCE COMPANY

      By:    /s/  Dennis J. Presnall            
Dennis J. Presnall

         Title:    Sr. Vice President and Secretary    

         Date:    October 5, 2012            

WESTERN AGRICULTURAL INSURANCE
COMPANY

By:    /s/  Dennis J. Presnall              
Dennis J. Presnall

         Title:    Sr. Vice President and Secretary    

         Date:    October 5, 2012            

FBL FINANCIAL GROUP, INC.

By:    /s/  James P. Brannen          
James P. Brannen

         Title:    Chief Executive Officer        

         Date:    October 5, 2012Ex 10.16 RSU form 2012

2013
RESTRICTED STOCK UNIT AGREEMENT

This Restricted Stock Unit Agreement (the “Agreement”), dated as of February 1, 2013 (the “Grant Date”), by and between FBL Financial Group, Inc., an Iowa corporation (the “Company”) and {Participant Name} (the “Participant”) is entered into as follows:

WHEREAS, the Company has established the FBL Financial Group, Inc. Cash-Based Restricted Stock Unit Plan (the “Plan”);

WHEREAS, pursuant to the Plan, the Management Development and Compensation Committee of the Board of Directors of the Company (the “Committee”), has the authority to award restricted stock units (“Units”) to certain Participants of the Company;

WHEREAS, the Committee has determined that the Participant should be awarded Units;

NOW, THEREFORE, the Company and the Participant agree as follows:

1.Grant of Units.  Subject to the terms and conditions of this Agreement and the Plan, the Company hereby credits to a separate account maintained on the books of the Company (the “Participant Account”), {Number of Units} Units.  On any date, the value of each Unit shall equal the Fair Market Value of one share of the Company's Class A Common Stock (the “Stock”), as determined in accordance with the Plan.

2.Vesting Schedule.
  
2.1    Generally.  Conditioned upon the continued employment of the Participant, the interest of the Participant in the Units shall vest as follows: 20% of the Units awarded hereunder shall, subject to Section 3, vest on the close of business on each calendar year anniversary of the Grant Date.  Each date on which one or more of the Participant's Unit's vests shall be deemed a “Vesting Date.”

2.2     Accelerated Vesting.  If Employee's employment with the Company is terminated before the Vesting Date by reason of death or Disability [as defined in Section 409A(a)(2)(C) of the Internal Revenue Code of 1986, as amended or restated from time to time (the “Code”)], the interest of the Participant in the Units shall vest as to a prorata portion of the Units.  The prorata portion shall be measured by months elapsed from the date of this Agreement to the date of death or date of Disability, as compared to the number of months from the date of this Agreement to the Vesting Date for each 20% portion of the Units.

3.    Forfeiture.  If the Participant's employment with the Company is involuntarily terminated by the Company or voluntarily terminated by the Participant, the balance of the Units subject to this Agreement that have not vested at the time of the Participant's termination of employment shall be forfeited by the Participant.

4.    Form and Timing of Payment.   As soon as reasonably practical after each Vesting Date and in no case later than the end of the Participant's tax year in which such Vesting Date occurred, the Company shall pay cash or cash equivalents to the Participant in an amount equal to the Fair Market Value of the Participant's Units that vested on such Vesting Date; provided, however:

(a)to the extent required by Section 409A(2)(B)(i) of the Code, no payment shall be made for 6 months after any Vesting Date;
(b)the Company may further defer a payment to the extent allowed under Section 1.409A-2(b)(7) of the Treasury Regulations; and
(c)the Company may accelerate a payment to the extent allowed under Section 1.409A-3(j)(4) of the Treasury Regulations.

5.    Taxes.     The Participant shall be liable for any and all taxes, including withholding taxes, arising out of this grant of Units, the vesting or payment thereof.  The Participant acknowledges that the Company may have the obligation to withhold taxes from the amounts paid to the Participant hereunder or otherwise and agrees that the Company may do so as it, in its sole discretion, determines is necessary to comply with its tax withholding obligations.

6.    Statutory Compliance.   This Agreement and the Plan shall, to the extent possible, be interpreted and operated in a manner to avoid the application of Section 409A(a)(1) of the Code.  Notwithstanding anything in this Agreement or the Plan to the contrary, the Committee shall be authorized to take any unilateral action, including the amendment of this Agreement and the Plan, that it deems necessary or desirable to avoid the application of or noncompliance with Section 409A of the Code; provided, however, that neither the Company, the Committee or any other officer, employee or agent shall have any liability to a Participant with respect to any amount paid or payable by the Participant by reason of the application or violation of Section 409A of the Code. 

7.    Miscellaneous.

7.1    Restrictions on Transfer.   The Units granted hereunder may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated.

7.2    Unfunded, Unsecured Promise. All amounts credited to the Participant's Account under this Agreement shall for all purposes be a part of the general assets of the Company.  The Participant's interest in his or her Participant Account shall only be that of a general, unsecured creditor of the Company.

7.3    No Stock Rights.  The Participant acknowledges that the Units awarded pursuant to this Agreement: (a) are not shares of Stock; (b) do not entitle the Participant to acquire shares of Stock; and (c) do not provide the Participant with any of the rights granted to the holders of Stock, including the rights to vote or to receive dividends or dividend equivalents.

7.4    Change in Capitalization.  The Participant acknowledges that the Committee may, in accordance with the Plan, make certain adjustments to the Participant's  rights hereunder in connection with a Change of Capitalization, as that term is defined in the Plan.

7.5    No Employment Rights. The Participant acknowledges and agrees that nothing contained in this Agreement or the Plan shall be construed or deemed under any circumstance to bind the Company to employ the Participant for any particular period of time.

7.6    Clawback.  The Participant acknowledges receipt of a copy of the Company's Impact of Restatement of Financial Statements Upon Awards Policy (the “Clawback Policy”) adopted by the Committee, Exhibit 1 hereto, and agrees that his/her rights hereunder are subject to the terms and conditions of the Clawback Policy, including future amendments thereto.

7.7    Further Actions.  The Participant and the Company each agree to execute such further instruments and to take such action as may reasonably be necessary to carry out the intent of this Agreement.

7.8    Plan.  The Company's grant of Units pursuant to this Agreement is subject to the terms and conditions of the Plan.  The Participant acknowledges receipt and review of the Plan. 

7.9    Merger.  This Agreement constitutes the final agreement between the Participant and the Company with respect to the subject matter hereof.  No other agreements, representations or understandings, whether oral or written, and whether express or implied, which are not set forth in this Agreement or the Plan have been made or entered into by either party with respect to the subject matter herein.  

7.10    Amendments. Except as otherwise provided herein or in the Plan, this Agreement may be amended only by a written agreement that identifies itself as an amendment to this Agreement and that is signed by the Participant and the Company.

7.11    Waiver.  Except as otherwise provided herein or in the Plan, this Agreement may only be waived by a writing that is signed by the Participant and the Company.  A waiver made in accordance with this Section is effective only in that instance and only for the specific purpose stated in such written waiver.

7.12    Choice of Law and Venue.  This Agreement, and the application or interpretation hereof, shall be governed exclusively by its terms and by the laws of the State of Iowa, without regard to its choice of law provisions.  This Agreement shall be enforced in any federal or state court sitting in Polk County, Iowa and each party to this Agreement hereby consents to the jurisdiction and venue of such court and waives any and all arguments that it may have relating to such matters.  If any party commences any action arising directly or indirectly from this Agreement in another jurisdiction or venue, the other party to this Agreement may transfer the case to the above-described jurisdiction and venue or, if such transfer cannot be accomplished, to have such case dismissed without prejudice.

IN WITNESS WHEREOF, the Company and the Participant have executed this Agreement, which shall be effective as of the Grant Date.

FBL FINANCIAL GROUP, INC.

____________________________
By:      Douglas Shelton
Its:    Vice President - Tax and Corporate Planning

PARTICIPANT

_________________________________
By:    (Participant Name)

EXHIBIT 1

CLAWBACK POLICY

Policy:  Impact of Restatement of Financial Statements Upon Awards. 

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.

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