Document:

Amended and Restated Bylaws of the Company

 

EXHIBIT 4.2

AMENDED AND RESTATED

BY-LAWS

OF

AMERUS GROUP CO.

ARTICLE I

PRINCIPAL OFFICE

Section 1.1. The location of the principal office of AmerUs Group Co. (the
“Corporation”) in the State of Iowa will be identified in the Corporation’s
annual report filed with the Iowa Secretary of State. The Corporation may
have such other offices either within or without the State of Iowa as the
business of the Corporation may from time to time require.

ARTICLE II

REGISTERED OFFICE AND AGENT

Section 2.1. The initial registered agent and office of the Corporation are
set forth in the Amended and Restated Articles of Incorporation. The
registered agent or registered office, or both, may be changed by resolution
of the Board of Directors.

ARTICLE III

MEETINGS OF SHAREHOLDERS

Section 3.1. Annual Meeting.

The annual meeting of the shareholders for the election of directors and for
the transaction of such other business as may properly come before the
meeting, shall be held on such date and at such time as may be fixed from
time to time by the Board of Directors or if no date and time are so fixed,
at 2:00 p.m. on the second Thursday in May of each year at such place as the
Board of Directors shall each year fix. The date of the annual meeting of
shareholders shall in all events be within the earlier of the first six (6)
months after the end of the Corporation’s fiscal year or fifteen (15) months
after the shareholders’ last annual meeting.

 

 

Section 3.2. Special Meetings.

Special meetings of the shareholders, for any purpose or purposes, unless
otherwise prescribed by law (which for purposes of these bylaws shall mean as
required from time to time by the Iowa Business Corporation Act (the “IBCA”)
or the Amended and Restated Articles of Incorporation of the Corporation),
may be called by the Chairman of the Board or the Board of Directors, and
shall be called by the Board of Directors upon the written demand, signed,
dated and delivered to the Secretary, of the holders of at least ten percent
(10%) of all the votes entitled to be cast on any issue proposed to be
considered at the meeting. Such written demand shall state the purpose or
purposes for which such meeting is to be called. The time, date and place of
any special meeting shall be determined by the Board of Directors.

Section 3.3. Notices and Reports to Shareholders.

	 	(a)	 	Notice of the place, date and time of all meetings of
shareholders and, in the case of a special meeting, the purpose or
purposes for which the meeting is called, shall be communicated
not fewer than ten (10) days nor more than sixty (60) days before
the date of the meeting to each shareholder entitled to vote at
such meeting. The Board of Directors may establish a record date
for the determination of shareholders entitled to notice, as
provided in Section 3.5 of these bylaws. Notice of adjourned
meetings need only be given if required by law or Section 3.7 of
these bylaws.
	 
	 	(b)	 	In the event (i) of the issuance, or the authorization
for issuance of shares for promissory notes or promises to render
services in the future, or (ii) of any indemnification of or
advancement of expenses to a director required by law to be
reported to shareholders, the Corporation shall report the same to
the shareholders with or before the notice of the next
shareholders’ meeting, including, in the case of issuance of
shares, the number of shares and the consideration received.
	 
	 	(c)	 	In the event corporate action is taken without a meeting
in accordance with the IBCA by less than unanimous written
consent, prompt notice of the taking of such corporate action
shall be given to those shareholders who have not consented in
writing.
	 
	 	(d)	 	If notice of proposed corporate action is required by law
to be given to shareholders not entitled to vote and the action is
to be taken by consent of the voting shareholders, the Corporation
shall give all shareholders written notice of the proposed action
at least ten (10) days before the action is taken. The notice must
contain or be accompanied by the same material that would have
been required to be sent to shareholders not entitled to vote in a
notice of meeting at which the proposed action would have been
submitted to the shareholders for action.

 

 

Section 3.4. Waiver of Notice.

	 	 	 	(a) Any shareholder may waive any notice required by law or these
bylaws if in writing and signed by any shareholder entitled to such
notice, whether before or after the date and time stated in such
notice. Such a waiver shall be equivalent to notice to such shareholder
in due time as required by law or these bylaws. Any such waiver shall
be delivered to the Corporation for inclusion in the minutes or filing
with the corporate records.
	 
	 	 	 	(b) A shareholder’s attendance at a meeting, in person or by proxy,
waives (i) objection to lack of notice or defective notice of such
meeting, unless the shareholder at the beginning of the meeting or
promptly upon the shareholder’s arrival objects to holding the meeting
or transacting business at the meeting, and (ii) objection to
consideration of a particular matter at the meeting that is not within
the purpose or purposes described in the meeting notice, unless the
shareholder objects to considering the matter when it is presented.

Section 3.5. Record Date.

The Board of Directors may fix, in advance, a date as the record date for any
determination of shareholders for any purpose, such date in every case to be
not more than seventy (70) days prior to the date on which the particular
action or meeting requiring such determination of shareholders is to be taken
or held. If no record date is so fixed for the determination of shareholders,
the close of business on the day before the date on which the first notice of
a shareholders’ meeting is communicated to shareholders or the date on which
the Board of Directors authorizes a share dividend or a distribution (other
than one involving a repurchase or reacquisition of shares), as the case may
be, shall be the record date for such determination of shareholders. When a
determination of shareholders entitled to vote at any meeting of shareholders
has been made as provided in this section, such determination shall apply to
any adjournment thereof, unless the adjourned meeting is scheduled to be
reconvened on a date which is more than 120 days after the date fixed for the
original meeting or unless the Board of Directors selects a new record date
or unless a new record date is required by law.

Section 3.6. Shareholders’ List.

After fixing a record date for a meeting, the Corporation shall prepare an
alphabetical list of the names of all shareholders who are entitled to notice
of a shareholders’ meeting. The list must be arranged by voting group and
within each voting group by class or series of shares, and show the address
of and number of shares held by each shareholder. The shareholders’ list must
be available for inspection by any shareholder beginning two (2) business
days after notice of the meeting is given for which the list was prepared and
continuing through the meeting, at the Corporation’s principal office or at a
place identified in the meeting notice in the city where the meeting will be
held. A shareholder, or a shareholder’s agent or attorney, is entitled on
written demand to inspect and, subject to the requirements of law, to copy
the list, during regular business hours and at such

 

 

person’s expense, during
the period it is available for inspection. The Corporation shall make the
shareholders’ list available at the meeting, and any shareholder, or a
shareholder’s agent or attorney, is entitled to inspect the list at any time
during the meeting or any adjournment.

Section 3.7. Quorum.

	 	(a)	 	At any meeting of the shareholders, a majority of the
votes entitled to be cast on the matter by a voting group
constitutes a quorum of that voting group for action on that
matter, unless the representation of a different number is
required by law or the Articles of Incorporation, and in that
case, the representation of the number so required shall
constitute a quorum. If a quorum shall fail to attend any meeting,
the chairperson of the meeting or a majority of the votes present
may adjourn the meeting to another place, date or time.
	 
	 	(b)	 	When a meeting is adjourned to another place, date or
time, notice need not be given of the adjourned meeting if the
place, date and time thereof are announced at the meeting at which
the adjournment is taken; provided, however, that if the date of
any adjourned meeting is more than one hundred twenty (120) days
after the date for which the meeting was originally noticed, or if
a new record date is fixed for the adjourned meeting, notice of
the place, date and time of the adjourned meeting shall be given
in conformity with these bylaws. At any adjourned meeting, any
business may be transacted which might have been transacted at the
original meeting.
	 
	 	(c)	 	Once a share is represented for any purpose at a meeting,
it is deemed present for quorum purposes for the remainder of the
meeting and for any adjournment thereof unless a new record date
is or must be set for that adjourned meeting.

Section 3.8. Organization.

	 	(a)	 	The Chairman of the Board, or in the absence of the
Chairman, such person as the Board of Directors may have
designated, or, in the absence of such a person, such person as
shall be designated by the holders of a majority of the votes
present at the meeting, shall call meetings of the shareholders to
order and shall act as presiding officer of such meetings.
	 
	 	(b)	 	The Secretary of the Corporation shall act as secretary
at all meetings of the shareholders, but in the absence of the
Secretary at any meeting of the shareholders, the presiding
officer may appoint any person to act as secretary of the meeting.

 

 

Section 3.9. Voting of Shares.

	 	(a)	 	Every shareholder entitled to vote may vote in person or
by proxy. Unless otherwise provided by law, directors shall be
elected by a majority of the votes cast by the shares entitled to
vote in the election at a meeting at which a quorum is present.
Shareholders do not have the right to cumulate their votes for the
election of directors.
	 
	 	(b)	 	The shareholders having the right to vote shares at any
meeting shall be only those of record on the stock books of the
Corporation, on the record date fixed by law or pursuant to the
provisions of Section 3.5 of these bylaws.
	 
	 	(c)	 	Absent special circumstances approved by the Board of
Directors, the shares of the Corporation held, directly or
indirectly, by another corporation, are not entitled to vote if a
majority of the shares entitled to vote for the election of
directors of such other corporation is held by the Corporation.
The foregoing does not limit the power of the Corporation to vote
any shares held by the Corporation in a fiduciary capacity.
	 
	 	(d)	 	Voting by shareholders on any question or in any election
may be viva voce unless the chairperson of the meeting shall order
or any shareholder shall demand that voting be by ballot. On a
vote by ballot, each ballot shall be signed by the shareholder
voting, or in the shareholder’s name by proxy, if there be such
proxy, and shall state the number of shares voted by such
shareholder.
	 
	 	(e)	 	If a quorum exists, action on a matter, other than the
election of directors, by a voting group is approved if the votes
cast within the voting group favoring the action exceed the votes
cast opposing the action, unless a greater number is required by
law.

Section 3.10. Proxies.

Any shareholder entitled to vote at any meeting of the shareholders may
authorize another person or persons to vote at any such meeting for such
shareholder by proxy. A shareholder may authorize a valid proxy by executing
a written instrument signed by such shareholder, or such shareholder’s
authorized officer, director, employee or agent, or by causing such signature
to be affixed to such writing by any reasonable means including, but not
limited to, by facsimile signature, or by transmitting or authorizing the
transmission of a telegram, cablegram, data and voice telephonic
communications, computer network, e-mail or other means of electronic
transmission to the person designated as the holder of the proxy, a proxy
solicitation firm, a proxy support service organization or a like authorized
agent. No such proxy shall be voted or acted upon after the expiration of
eleven years from the date of such proxy, unless such proxy provides for a
longer period. Every proxy shall be revocable at the pleasure of the
shareholder executing it, except in those cases where applicable law provides
that a proxy shall be irrevocable. A shareholder may revoke any proxy which
is not irrevocable by attending the meeting and voting in person or by filing
an instrument in writing revoking the proxy or by filing another duly
executed proxy bearing a later date with the Secretary. Proxies by telegram,
cablegram, data and voice telephonic communications, computer network, e-

 

 

mail
or other electronic transmission must either set forth or be submitted with
information from which it can be determined that such electronic transmission
was authorized by the shareholder. If it is determined that such electronic
transmission is valid, the inspectors shall specify the information
upon which they relied. Any copy, facsimile telecommunication or other
reliable reproduction of a writing or transmission created pursuant to this
section may be substituted or used in lieu of the original writing or
transmission for any and all purposes for which the original writing or
transmission could be used, provided that such copy, facsimile
telecommunication or other reproduction shall be a complete reproduction of
the entire original writing or transmission.

Section 3.11. Inspectors.

The Board of Directors in advance of any meeting of shareholders may (but
shall not be obligated to) appoint inspectors to act at such meeting or any
adjournment thereof. If inspectors are not so appointed, the officer or
person acting as presiding officer of any such meeting may, and on the
request of any shareholder or the shareholder’s proxy, shall make such
appointment. In case any person appointed as inspector shall fail to appear
or act, the vacancy may be filled by appointment made by the Board of
Directors in advance of the meeting, or at the meeting by the officer or
person acting as presiding officer. The inspectors shall register proxies,
determine the number of shares outstanding, the voting power of each, the
shares represented at the meeting, the existence of a quorum, the
authenticity, validity and effect of proxies, receive votes, ballots, assents
or consents, hear and determine all challenges and questions in any way
arising in connection with the vote, count and tabulate all votes, assents
and consents, determine and announce the result, and do such acts as may
appear proper to conduct the election or vote with fairness to all
shareholders. The maximum number of such inspectors appointed shall be three
(3), and no inspector whether appointed by the Board of Directors or by the
officer or person acting as presiding officer need be a shareholder.

Section 3.12. New Business and Nomination of Directors.

	 	(a)	 	At an annual meeting of the shareholders, only such
business shall be conducted as shall have properly been brought
before the meeting. To be properly brought before an annual
meeting, business must be: (A) specified in the notice of meeting
(or any supplement thereto) given by or at the direction of the
Board of Directors; (B) otherwise properly brought before the
meeting by or at the direction of the Board of Directors; or (C)
otherwise properly brought before the meeting by a shareholder of
the Corporation who is entitled to vote with respect thereto and
who complies with the notice procedures set forth in this
paragraph. For business to be properly brought before an annual
meeting by a shareholder, the shareholder must have given a timely
notice thereof in writing to the Secretary of the Corporation. To
be timely, a shareholder’s notice must be delivered or mailed to
and received at the principal executive offices of the Corporation
not less than one hundred twenty (120) calendar days in advance of
the date specified in the Corporation’s proxy statement released
to shareholders in connection with the previous

 

 

	 	 	 	year’s annual
meeting of shareholders; provided, however, that in the event that
no annual meeting was held in the previous year or the date of the
annual meeting has been changed by more than thirty (30) days from
the date contemplated at the time of the previous year’s proxy
statement, notice by the shareholder to be timely must be received
not later
than the close of business on the later of one hundred twenty (120)
calendar days in advance of such annual meeting or ten (10) calendar
days following the date on which public announcement of the date of
the meeting is first made. A shareholder’s notice to the Secretary
shall set forth as to each matter the shareholder proposes to bring
before the annual meeting: (i) a brief description of the business
desired to be brought before the annual meeting and the reasons for
conducting such business at the annual meeting, (ii) the name and
address, as they appear on the Corporation’s books, of the
shareholder proposing such business, (iii) the class and number of
shares of the Corporation’s capital stock that are beneficially
owned by such shareholder and (iv) any material interest of the
shareholder in such business, and any other information that is
required to be provided by the shareholder pursuant to Regulation
14A under the Securities and Exchange Act of 1934, as amended (the
“1934 Act”), in his or her capacity as a proponent to a shareholder
proposal. Notwithstanding the foregoing, in order to include
information with respect to a shareholder proposal in the proxy
statement and form of proxy for a shareholder’s meeting,
shareholders must provide notice as required by regulations
promulgated under the 1934 Act. Notwithstanding anything in these
Bylaws to the contrary, no business shall be brought before or
conducted at an annual meeting except in accordance with the
provisions of this paragraph. The officer of the Corporation or
other person presiding over the annual meeting shall, if the facts
so warrant, determine and declare to the meeting that business was
not properly brought before the meeting in accordance with the
provisions of this paragraph (a), and, if he or she should so
determine, he or she shall so declare at the meeting that any such
business not properly brought before the meeting shall not be
transacted. This provision shall not prevent the consideration and
approval or disapproval at the annual meeting of reports of
officers, directors, and committees, but, in connection with such
reports, no new business shall be acted upon at such annual meeting
unless stated and filed as herein provided.
	 
	 	(b)	 	At any special meeting of the shareholders, only such
business shall be conducted as shall have been brought before the
meeting by or at the direction of the Board of Directors, unless
such special meeting of the shareholders was called in accordance
with Section 3.2 of these By-laws pursuant to the written demand
of at least ten percent (10%) of all the votes entitled to be cast
on any issue proposed to be considered at such meeting, in which
case only such business as is stated in the applicable written
demand may be brought before the special meeting of the
shareholders.
	 
	 	(c)	 	Only persons who are nominated in accordance with the
procedures set forth in this paragraph (c) shall be eligible for
election as directors. Nominations of persons for election to the
Board of Directors of the Corporation may be made at a meeting of
shareholders at which directors are to be elected only (i) by or
at the direction of the Board of Directors or (ii) by any
shareholder of the Corporation entitled to vote for the election
of directors at the meeting who complies with the notice
procedures set forth in this paragraph (c). Such nominations,
other than those made by or at the direction of the

 

 

	 	 	 	Board of
Directors, shall be made pursuant to timely notice in writing to
the Secretary of the Corporation in accordance with the provisions
of paragraph (a) of this Section 3.12. Such shareholder’s notice
shall set forth (i) as to each person whom the shareholder
proposes to nominate for election or re-election as a director:
(A) the name, age, business address and residence address of such
person, (B) the principal occupation or
employment of such person, (C) the class and number of shares of the
Corporation which are beneficially owned by such person, (D) a
description of all arrangements or understandings between the
shareholder and each nominee and any other person or persons (naming
such person or persons) pursuant to which the nominations are to be
made by the shareholder, and (E) any other information relating to
such person that is required to be disclosed in solicitations of
proxies for election of directors, or is otherwise required, in each
case pursuant to Regulation 14A under the 1934 Act (including
without limitation such person’s written consent to being named in
the proxy statement as a nominee and to serving as a director if
elected); and (ii) as to the shareholder giving the notice, the
information required to be provided pursuant to paragraph (a) of
this Section 3.12. At the request of the Board of Directors, any
person nominated by a shareholder for election as a director shall
furnish to the Secretary of the Corporation that information
required to be set forth in a shareholder’s notice of nomination
which pertains to the nominee. No person shall be eligible for
election as a director of the Corporation unless nominated in
accordance with the provisions of this paragraph (c). The officer
of the Corporation or other person presiding at the meeting shall,
if the facts so warrant, determine and declare at the meeting that a
nomination was not made in accordance with the procedure proscribed
by bylaws and, if he or she should so determine, he or she shall so
declare at the meeting, and the defective nomination shall be
disregarded.

Section 3.13. Organization.

Meetings of shareholders shall be presided over by the chairman of the board,
if any, or in his or her absence by the Chief Executive Officer, if any, or
in his or her absence by the president, if any, or in his or her absence by
an executive vice president, if any, or in the absence of the foregoing
persons by a chairman designated by the Board of Directors, or in the absence
of such designation by a chairman chosen at the meeting by the vote of a
majority in interest of the shareholders present in person or represented by
proxy and entitled to vote thereon. The secretary or in his or her absence
an assistant secretary or in the absence of the secretary and all assistant
secretaries a person whom the chairman of the meeting shall appoint shall act
as secretary of the meeting and keep a record of the proceedings thereof.

The Board of Directors of the Corporation shall be entitled to make such
rules or regulations for the conduct of meetings of shareholders as it shall
deem necessary, appropriate or convenient. Subject to such rules and
regulations of the Board of Directors, if any, the chairman of the meeting
shall have the right and authority to prescribe such rules, regulations and
procedures and to do all such acts as, in the judgment of such chairman, are
necessary, appropriate or convenient for the proper conduct of the meeting,
including, without limitation, establishing an agenda or order of business
for the meeting, rules and procedures for maintaining order at the meeting
and the safety of those

 

 

present, limitations on participation in such meeting
to shareholders of record of the corporation and their duly authorized and
constituted proxies, and such other persons as the chairman shall permit,
restrictions on entry to the meeting after the time fixed for the
commencement thereof, limitations on the time allotted to questions or
comments by participants and regulations of the opening and closing of the
polls for balloting and matters which are to be voted on by ballot. Unless
and to the extent
determined by the Board of Directors or the chairman of the meeting, meetings
of shareholders shall not be required to be held in accordance with rules of
parliamentary procedure.

ARTICLE IV

BOARD OF DIRECTORS

Section 4.1. Qualifications and General Powers.

No director is required to be an officer or employee or a shareholder of the
Corporation or a resident of the State of Iowa. The business and affairs of
the Corporation shall be managed under the direction of the Board of
Directors. The Board of Directors may authorize any officer or officers,
agent or agents, to enter into any contract or to execute and deliver any
instrument in the name and on behalf of the Corporation, and such authority
may be general or confined to specific instances.

Section 4.2. Number of Directors: Tenure.

The number of directors of the Corporation shall be not less than seven (7)
nor more than twenty-one (21), the exact number within such range to be
determined from time to time by resolution of the Board of Directors adopted
by the affirmative vote of a majority of the entire Board of Directors then
in office. The Board of Directors shall not be authorized to change the range
or to change to a fixed number of directors without the approval of the
shareholders. At each annual election commencing at the first annual meeting
next following the end of calendar year 1999, the successors to the class of
directors whose term expires at that time shall be elected by the
shareholders to hold office for a term of three years to succeed those
directors whose term expires and until his or her successor shall have been
elected and qualified, or until his or her death, resignation or removal.

Section 4.3. Quorum and Manner of Acting.

A quorum of the Board of Directors consists of a majority of the number of
directors prescribed in accordance with Section 4.2. If at any meeting of the
board there be less than a quorum present, a majority of the directors
present may adjourn the meeting from time to time until a quorum shall be
present. Notice of any adjourned meeting need not be given. At all meetings
of directors, a quorum being present, the act of the majority of the
directors present at the meeting shall be the act of the Board of Directors.

 

 

Section 4.4. Resignation.

Any director of the Corporation may resign at any time by delivering written
notice to the Chairman of the Board, the Board of Directors, or the
Corporation. A resignation is effective when the notice is delivered unless
the notice specifies a later effective date.

Section 4.5. Removal.

A director shall be subject to removal, with or without cause, at a meeting
of the shareholders called for that purpose in the manner prescribed by law
and these By-laws.

Section 4.6. Vacancies.

Any vacancy occurring in the Board of Directors through death, resignation,
removal or any other cause, including an increase in the number of directors,
may be filled by the Board of Directors. If the directors remaining in office
constitute fewer than a quorum of the board, they may fill the vacancy by the
affirmative vote of a majority of the remaining directors.

Section 4.7. Compensation of Directors.

The directors shall be entitled to be reimbursed for any expenses paid by
them on account of attendance at any regular or special meeting of the Board
of Directors and the board may fix the compensation of directors from time to
time by resolution of the board.

Section 4.8. Place of Meetings, etc.

The Board of Directors may hold its meetings at such place or places within
or without the State of Iowa. The Board of Directors may meet in person or
via any means of communication, including, but not limited to telephone
conference call, by which all directors participating may simultaneously hear
each other during the meeting. A director participating in a meeting by this
means is deemed to be present in person at the meeting.

Section 4.9. Annual Meeting.

Immediately after the final adjournment of each annual meeting of the
shareholders for the election of directors, or at such other time or place as
the Board of Directors shall designate, the Board of Directors shall meet for
the purpose of organization, the election of officers and the transaction of

 

 

other business. Notice of such meeting shall be given as set forth in
Sections 4.10 and 4.11. Such
meeting may be held at any other time or place as shall be specified in a
notice given as hereinafter provided for special meetings of the Board of
Directors or in a consent and waiver of notice thereof signed by all the
directors, at which meeting the same matters shall be acted upon as is above
provided.

Section 4.10. Regular Meetings.

Regular meetings of the Board of Directors shall be held at such place and at
such times as the Board of Directors shall by resolution fix and determine
from time to time. Notice of each such meeting shall be communicated to each
director at least five (5) days before the date on which the meeting is to be
held.

Section 4.11. Special Meetings: Notice.

	 	(a)	 	Special meetings of the Board of Directors shall be
held whenever called by direction of the Chairman of the Board
or one-fourth (1/4) of the directors at the time being in
office.
	 
	 	(b)	 	Notice of each such meeting shall be communicated
to each director at least two (2) days before the date on which
the meeting is to be held. Each notice shall state the date,
time and place of the meeting. Unless otherwise stated in the
notice thereof, any and all business may be transacted at a
special meeting. At any meeting at which every director shall
be present, even without any notice, any business may be
transacted.

Section 4.12. Waiver of Notice.

A director may waive any notice required by law or these bylaws if in writing
and signed by a director entitled to such notice, whether before or after the
date and time stated in such notice. Such a waiver shall be equivalent to
notice in due time as required by these bylaws. Attendance of a director at
or participation in a meeting shall constitute a waiver of notice of such
meeting, unless the director at the beginning of the meeting or promptly upon
arrival objects to holding the meeting or transacting business at the meeting
and does not thereafter vote for or assent to action taken at the meeting.

 

 

Section 4.13. Director’s Assent Presumed.

A director who is present at a meeting of the Board of Directors at which
action on any corporate matter is taken shall be presumed to have assented to
the action taken unless the director objects at the beginning of the meeting,
or promptly upon the director’s arrival to holding it or transacting business
at the meeting, or the director’s dissent or abstention shall be entered in
the minutes of the meeting or unless the director shall file a written
dissent or abstention to such action with the person acting as the secretary
of the meeting before the adjournment thereof or shall forward such dissent
or abstention by registered or certified mail to the Secretary immediately
after the adjournment of the meeting. Such right to dissent or abstain shall
not apply to a director who voted in favor of such action.

Section 4.14. Order of Business.

	 	(a)	 	At meetings of the Board of Directors, business shall be
transacted in such order as, from time to time, the Chairman of
the Board or the Board of Directors may determine.
	 
	 	(b)	 	At all meetings of the board, the Chairman of the Board
or, in his or her absence, the person designated by the vote of a
majority of the directors present shall preside.

Section 4.15. Action Without Meeting.

Any action required or permitted by law to be taken at any meeting of the
Board of Directors may be taken without a meeting if the action is taken by
all the directors and if one or more consents in writing describing the
action so taken shall be signed by each director then in office and included
in the minutes or filed with the corporate records reflecting the action
taken. Action taken under this section is effective when the last director
signs the consent, unless the consent specifies a different effective date.

Section 4.16. Dividends.

The Board of Directors may authorize and the Corporation may make
distributions to its shareholders in cash or property, but no distribution
may be made if, after giving it effect, either of the following would result:

	 	(a)	 	The Corporation would not be able to pay its debts as they become
due in the usual course of business; or

 

 

	 	 	 	(b) The Corporation’s total assets would be less than the sum of its
total liabilities plus, unless the Articles of Incorporation permit
otherwise, the amount that would be needed, if the
Corporation were to be dissolved at the time of this distribution, to
satisfy the preferential rights upon dissolution of shareholders whose
preferential rights are superior to those receiving the distribution.

The Board of Directors may base a determination that a distribution is not
prohibited either on financial statements prepared on the basis of accounting
practices and principles that are reasonable in the circumstances or on a
fair valuation or other method that is reasonable in the circumstances.

ARTICLE V

THE EXECUTIVE COMMITTEE AND OTHER COMMITTEES

Section 5.1.

The Board of Directors may establish an Executive Committee. The members of
the Executive Committee shall serve at the will of the Board of Directors.
The Executive Committee shall have and may exercise all of the powers of the
Board of Directors in the management of the business and affairs of the
Corporation except when the Board of Directors is in session, subject to the
limitations set forth in Section 5.3 of these bylaws. The Executive Committee
shall fix its own rules governing the conduct of its activities.

Section 5.2. Other Committees.

The Board of Directors, by resolution adopted by the affirmative vote of a
majority of the number of directors then in office, may establish one or more
other committees of the Board of Directors, each committee to consist of two
(2) or more directors appointed by the Board of Directors. Any such committee
shall serve at the will of the Board of Directors. Each such committee shall
have the powers and duties delegated to it by the Board of Directors. The
Board of Directors may elect one or more of its members as alternate members
of any such committee who may take the place of any absent member or members
at any meeting of such committee, upon request of the Chief Executive Officer
or the chairperson of such committee. Each such committee shall fix its own
rules governing the conduct of its activities as the Board of Directors may
request.

Section 5.3. Limitations.

A committee of the board shall not: (a) authorize or approve distributions,
except according to formula or method, or within limits, prescribed by the
Board of Directors; (b) approve or propose to shareholders of the Corporation
action that the law requires be approved by shareholders; (c) fill vacancies
on the Board of Directors of the Corporation or on any of its committees; (d)
amend the

 

 

Articles of Incorporation of the Corporation; (e) adopt, amend or
repeal bylaws of the Corporation; (f) approve a plan of merger not requiring
shareholder approval; or (g) authorize or approve
reacquisition of shares by the Corporation, except according to a formula or
method prescribed by the Board of Directors.

ARTICLE VI

OFFICERS

Section 6.1. Officers.

The officers of the Corporation shall be a Chairman of the Board, a Chief
Executive Officer, a President, one or more Vice Presidents, a Secretary, a
Treasurer and such other officers as may from time to time be appointed by
the Board of Directors. One person may hold the offices and perform the
duties of any two or more of said offices. In its discretion, the Board of
Directors may delegate the powers or duties of any officer to any other
officer or agents, notwithstanding any provision of these bylaws, and the
Board of Directors may leave unfilled for any such period as it may fix, any
office except those of Chairman of the Board, Chief Executive Officer,
President, Treasurer and Secretary. The officers of the Corporation shall be
appointed annually by the Board of Directors at the annual meeting thereof
and shall perform such duties as from time to time may be assigned to them by
the Chief Executive Officer, the President, or by the Board of Directors.
Each such officer shall hold office until the next succeeding annual meeting
of the Board of Directors and until his or her successor shall have been duly
chosen and shall qualify or until his or her death or until he or she shall
resign or shall have been removed.

Section 6.2. Resignation and Removal.

An officer may resign at any time by delivering notice to the Secretary. A
resignation is effective when the notice is delivered unless the notice
specifies a later effective date. Any officer may be removed by the Board of
Directors at any time with or without cause, but such removal shall be
without prejudice to the contract rights, if any, of the person so removed.

Section 6.3. Chairman of the Board.

The Chairman of the Board shall, when present, preside at all meetings of the
shareholders. The Chairman of the Board shall, when present, preside at all
meetings of the Board of Directors. In general he or she shall perform all
duties incident to the office of Chairman of the Board and such other duties
as may be prescribed by the Board of Directors from time to time.

 

 

Section 6.4. Powers and Duties of the Chief Executive Officer.

Subject to the control of the Board of Directors, the Chief Executive Officer
shall have general charge of and direct the operations of the Corporation and
shall be the Chief Executive Officer of the Corporation. The Chief Executive
Officer shall keep the Board of Directors fully informed and shall freely
consult with them concerning the business of the Corporation in his or her
charge. The Chief Executive Officer shall have authority to sign, execute and
acknowledge all contracts, checks, deeds, mortgages, bonds, leases or other
obligations on behalf of the Corporation as the Chief Executive Officer may
deem necessary or proper to be executed in the course of the Corporation’s
regular business as authorized by the Board of Directors. The Chief Executive
Officer may sign, together with the Secretary or Assistant Secretary,
certificates for shares of stock of the Corporation. The Chief Executive
Officer may sign in the name of the Corporation reports and all other
documents or instruments which are necessary or proper to be executed in the
course of the Corporation’s business. He or she shall perform all duties
incident to the office of Chief Executive Officer as herein defined, and all
such other duties as from time to time may be assigned by the Board of
Directors.

Section 6.5. Powers and Duties of the President.

In the absence of the Chief Executive Officer or in the event of his or her
death, inability or refusal to act, the President shall perform the duties of
the Chief Executive Officer and when so acting shall have the powers of and
be subject to all the restrictions upon the Chief Executive Officer. The
President may sign with the Secretary or Assistant Secretary all certificates
for the shares of stock of the Corporation. The President shall perform all
duties incident to the office of President, as herein defined, and all such
other duties as from time to time may be assigned by the Chief Executive
Officer or by the Board of Directors.

Section 6.6. Powers and Duties of the Vice President(s).

In the absence of the President or in the event of the death, inability or
refusal to act of the President, the Vice President (or in the event there is
more than one Vice President, the Vice President selected by the Board of
Directors) shall perform on an interim basis the duties of the President, and
when so acting, shall have all the powers of and be subject to all the
restrictions upon the President. Any Vice President may sign, with the
Secretary or Assistant Secretary, certificates for shares of stock of the
Corporation; and shall perform such other duties and have such authority as
from time to time may be assigned to such Vice President by the Chief
Executive Officer, the President or by the Board of Directors.

 

 

Section 6.7. Powers and Duties of the Secretary.

The Secretary shall (a) keep minutes of all meetings of the shareholders and
of the Board of Directors; (b) authenticate records of the Corporation and
attend to giving and serving all notices of the Corporation as provided by
these bylaws or as required by law; (c) be custodian of the corporate seal,
if any, the stock certificate books and such other books, records and papers
as the Board of Directors may direct; (d) keep a stock record showing the
names of all persons who are shareholders of the Corporation, their post
office addresses as furnished by each such shareholder, and the number of
shares of each class of stock held by them respectively, and timely prepare
the list referred to in Section 3.6; (e) sign with the Chief Executive
Officer, the President or a Vice President certificates for shares of stock
of the Corporation, the issuance of which shall have been duly authorized;
and (f) in general, perform all duties incident to the office of Secretary
and such other duties as from time to time may be assigned to the Secretary
by the Chief Executive Officer or the Board of Directors.

Section 6.8. Powers and Duties of the Treasurer.

The Treasurer shall (a) have custody of and be responsible for all moneys and
securities of the Corporation, shall keep full and accurate records and
accounts in books belonging to the Corporation, showing the transactions of
the Corporation, its accounts, liabilities and financial condition and shall
see that all expenditures are duly authorized and are evidenced by proper
receipts and vouchers; (b) deposit in the name of the Corporation in such
depository or depositories as are approved by the Board of Directors, all
moneys that may come into the Treasurer’s hands for the Corporation’s
account; (c) prepare annual financial statements that include a balance sheet
as of the end of the fiscal year and an income statement for that year; and
(d) in general, perform such duties as may from time to time be assigned to
the Treasurer by the Chief Executive Officer or by the Board of Directors.

Section 6.9. Assistants.

There shall be such number of Assistant Secretaries and Assistant Treasurers
as the Board of Directors may from time to time authorize and appoint. The
Assistant Secretaries and Assistant Treasurers, in general, shall perform
such duties as shall be assigned to them by the Secretary, or the Treasurer,
respectively, or by the Chief Executive Officer or the Board of Directors.
The Board of Directors shall have the power to appoint any person to act as
assistant to any other officer, or to perform the duties of any officer,
whenever for any reason it is impracticable for such officer to act
personally, and such assistant or acting officer so appointed shall have the
power to perform all the duties of the office to which he or she is so
appointed to be assistant, or as to which he or she is so appointed to act,
except as such power may be otherwise defined or restricted by the Board of
Directors.

 

 

ARTICLE VII

SHARES, THEIR ISSUANCE AND TRANSFER

Section 7.1. Consideration for Shares.

The Board of Directors may authorize shares to be issued for consideration
consisting of any tangible or intangible property or benefit to the
Corporation, including cash, promissory notes, services performed, contracts
for services to be performed, other securities of the Corporation or
securities of any other corporation. Before the Corporation issues shares,
the Board of Directors must determine that the consideration received or to
be received for shares to be issued is adequate.

Section 7.2. Certificates for Shares; Uncertificated Shares.

	 	(a)	 	Except as set forth in (b) below, every shareholder of
the Corporation shall be entitled to a certificate or
certificates, to be in such form as the Board of Directors shall
prescribe, certifying the number and class of shares of the
Corporation owned by such shareholder.
	 
	 	(b)	 	The Board of Directors may authorize the issue of some or
all the shares of any or all the classes or series of shares of
the Corporation, without certificates. The authorization does not
affect shares already represented by certificates until they are
surrendered to the Corporation. Within a reasonable time after
the issue or transfer of shares without certificates, the
Corporation shall send the shareholder a written statement of the
information required on certificates by Section 490.625,
subsections 2 and 3, and, if applicable, Section 490.627, in each
case of the IBCA, as such sections may be amended from
time-to-time.

Section 7.3. Execution of Certificates.

The certificates for shares of stock shall be numbered in the order in which
they shall be issued and shall be signed by the Chief Executive Officer,
President or a Vice President and the Secretary or an Assistant Secretary of
the Corporation. The signatures of the Chief Executive Officer, President or
Vice President and the Secretary or Assistant Secretary or other persons
signing for the Corporation upon a certificate may be facsimiles if the
certificate is countersigned by a transfer agent, or registered by a
registrar, other than the Corporation itself or an employee of the
Corporation. In case any officer or other authorized person who has signed or
whose facsimile signature has been placed upon such certificate for the
Corporation shall have ceased to be such officer or employee or agent before
such certificate is issued, it may be issued by the Corporation with the same
effect as if he or she were such officer or employee or agent at the date of
its issue.

 

 

Section 7.4. Share Record.

A record shall be kept by the Secretary, or by any other officer, employee or
agent designated by the Board of Directors, of the names and addresses of all
shareholders and the number and class of shares held by each represented by
such certificates and the respective dates thereof and in case of
cancellation, the respective dates of cancellation.

Section 7.5. Cancellation.

Every certificate surrendered to the Corporation for exchange or transfer
shall be canceled, and no new certificate or certificates shall be issued in
exchange for any existing certificate until such existing certificate shall
have been so canceled, except in cases provided in Section 7.8 of these
bylaws.

Section 7.6. Transfers of Stock.

Transfers of shares of the capital stock of the Corporation shall be made
only on the books of the Corporation by the record holder thereof, or by his
or her attorney thereunto authorized by power of attorney duly executed and
filed with the Secretary of the Corporation, and on surrender of the
certificate or certificates for such shares properly endorsed and the payment
of all taxes thereon or evidence deemed acceptable by the Secretary of the
Corporation with respect to uncertificated shares. The person in whose name
shares of stock stand on the books of the Corporation shall be deemed the
owner thereof for all purposes as regards the Corporation; provided, however,
that whenever any transfer of shares shall be made for collateral security,
and not absolutely, such fact, if known to the Secretary of the Corporation,
shall be so expressed in the entry of transfer.

Section 7.7. Regulations.

The Board of Directors may make such other rules and regulations as it may
deem expedient, not inconsistent with law, concerning the issue, transfer and
registration of certificates for shares of the stock of the Corporation.

Section 7.8. Lost, Destroyed, or Mutilated Certificates.

In the event of the loss, theft or destruction of any certificate of stock,
another may be issued in its place pursuant to such regulations as the Board
of Directors may establish concerning proof of such loss, theft or
destruction and concerning the giving of a satisfactory bond or bonds of
indemnity.

 

 

ARTICLE VIII

MISCELLANEOUS PROVISIONS

Section 8.1. Facsimile Signatures.

In addition to the provisions for use of facsimile signatures elsewhere
specifically authorized in these bylaws, facsimile signatures of any officer
or officers of the Corporation may be used whenever and as authorized by the
Board of Directors or a committee thereof.

Section 8.2. Fiscal Year.

The fiscal year of the Corporation shall be from the first day of January
through the last day of December.

Section 8.3. Books and Records.

The books and records of the Corporation shall be kept (except that the
shareholder list must also be kept at the places described in Section 3.6 of
these bylaws) at the principal office of the Corporation.

Section 8.4. Voting of Stocks Owned by the Corporation.

In the absence of a resolution of the Board of Directors to the contrary, the
Chief Executive Officer, the President and any Vice President acting within
the scope of his or her authority as provided in Section 6.6 of these bylaws,
are authorized and empowered on behalf of the Corporation to attend and vote,
or to grant discretionary proxies to be used, at any meeting of shareholders
of any corporation in which this Corporation holds or owns shares of stock,
and in that connection, on behalf of this Corporation, to execute a waiver of
notice of any such meeting or a written consent to action without a meeting.
The Board of Directors shall have authority to designate any officer or
person as a proxy or attorney-in fact to vote shares of stock in any other
corporation in which this Corporation may own or hold shares of stock.

Section 8.5. Shareholders’ Right to Information.

	 	(a)	 	A shareholder of the Corporation is entitled to inspect
and copy, during regular business hours at the Corporation’s
principal office, any of the following records of the Corporation,
if the shareholder gives the Corporation written notice of the
shareholder’s demand at least five (5) business days before the
date on which the shareholder wishes to

 

 

	 	 	 	inspect a copy of any of
the following: (i) Articles or Restated Articles of Incorporation
and all amendments currently in effect, (ii) bylaws or restated
bylaws and all amendments
currently in effect; (iii) resolutions adopted by the Board of
Directors creating one or more classes or series of shares and
fixing their relative rights, preferences and limitations, if shares
issued pursuant to those resolutions are outstanding; (iv) minutes
of all shareholders’ meetings and records of all action taken by
shareholders without a meeting, for the past three (3) years; (v)
all written communications to shareholders generally within the past
three (3) years, including the financial statements furnished for
the past three (3) years; (vi) a list of the names and business
addresses of the Corporation’s current directors and officers; and
(vii) the Corporation’s most recent annual report delivered to the
Iowa Secretary of State.
	 
	 	(b)	 	If a shareholder makes a demand in good faith and for a
proper purpose, the shareholder describes with reasonable
particularity the shareholder’s purpose and the records the
shareholder desires to inspect, and the record requested is
directly connected with the shareholder’s stated purpose, then the
shareholder shall be entitled to inspect and copy, during regular
business hours at a reasonable location specified by the
Corporation, any of the following records of the Corporation,
provided the shareholder gives the Corporation written notice of
the shareholder’s demand at least five (5) business days before
the date on which the shareholder wishes to
inspect and copy any
of the following: (i) excerpts from minutes of any meeting of the
Board of Directors, records of any actions of a committee of the
Board of Directors while acting in place of the Board of Directors
on behalf of the Corporation, minutes of any meeting of the
shareholders, and records of action taken by the shareholders or
the Board of Directors without a meeting to the extent not subject
to inspection under Section 8.5(a) of these bylaws; (ii)
accounting records of the Corporation; and (iii) the record of
shareholders of the Corporation.
	 
	 	(c)	 	The Corporation may impose a reasonable charge, covering
the costs of labor and material, for copies of any documents
provided to the shareholder. The charge shall not exceed the
estimated cost of production or reproduction of the records.
	 
	 	(d)	 	Upon written request from a shareholder, the Corporation,
at its expense, shall furnish to that shareholder the annual
financial statements of the Corporation, including a balance sheet
and income statement and, if the annual financial statements are
reported upon by a public accountant, that report must accompany
them.

ARTICLE IX

INDEMNIFICATION OF DIRECTORS AND OFFICERS

Section 9.1. Indemnity.

 

 

The Corporation shall indemnify and advance expenses to any person who was or
is a party to or is threatened to be made a party to any threatened, pending
or completed claim, action, suit or proceeding, whether civil, criminal,
administrative or investigative (including a grand jury proceeding) and
whether formal or informal, by reason of the fact that such person (a) is or
was a
director or officer of the Corporation, or any of the subsidiaries of the
Corporation, whether before or after the conversion of the Corporation from a
mutual insurance holding company to a stock company, or (b) while a director
or officer of the Corporation, or any of the subsidiaries of the Corporation,
whether before or after the conversion of the Corporation from a mutual
insurance holding company, is or was serving at the request of the
Corporation as a director, officer, employee, agent, partner or trustee (or
in a similar capacity) of another corporation, partnership, joint venture,
trust, other enterprise, or employee benefit plan, to the maximum extent it
is empowered to indemnify and advance expenses to a director by Part E of
Division VIII of the IBCA as the same exists or may hereafter be amended or
changed (but, in the case of any such amendment or change, only to the extent
that such amendment or change empowers the Corporation to provide broader
indemnification than said law empowered the Corporation to provide prior to
such amendment or change), against reasonable expenses (including attorneys’
fees), judgments, fines, penalties, including an excise tax assessed with
respect to an employee benefit plan, and amounts paid in settlement actually
and reasonably incurred by such person in connection with such claim, action,
suit or proceeding or any appeal thereof; provided, however, that except as
provided in Section 9.2 of these bylaws with respect to proceedings seeking
to enforce rights of indemnification, entitlement to such indemnification
shall be conditional upon the Corporation being afforded the opportunity to
participate directly on behalf of such person in such claim, action, suit or
proceeding or any settlement discussions relating thereto, and with respect
to any settlement or other nonadjudicated disposition of any threatened or
pending claim, action, suit or proceeding, entitlement to indemnification
shall be further conditional upon the prior approval by the Corporation of
the proposed settlement or nonadjudicated disposition. Such approval shall be
made (a) by the Board of Directors by majority vote of a quorum consisting of
directors not at the time parties to the claim, action, suit or proceeding,
or (b) by special legal counsel selected by the Board of Directors by
majority vote of a quorum consisting of directors not at the time parties to
the claim, action, suit, or proceeding, or, if the requisite quorum of the
full board cannot be obtained therefor, by a majority vote of the full board,
in which selection of counsel directors who are parties may participate.
Approval or disapproval by the Corporation of any proposed settlement or
other nonadjudicated disposition shall not subject the Corporation to any
liability to or require indemnification or reimbursement of any party whom
the Corporation would not otherwise have been required to indemnify or
reimburse. The right to indemnification conferred in this Article IX shall
include the right to payment or reimbursement by the Corporation of
reasonable expenses incurred in connection with any such claim, action, suit
or proceeding in advance of its final disposition; provided, however, that
the payment or reimbursement of such expenses in advance of the final
disposition of such claim, action, suit or proceeding shall be made only upon
(a) delivery to the Corporation of a written undertaking, by or on behalf of
the person claiming indemnification under this Article IX to repay all
amounts so advanced if it shall ultimately be determined that such person is
not entitled to be indemnified under this Article IX or otherwise, or (b)
delivery to the Corporation of a written affirmation of such person’s good
faith belief that such person has met the applicable standard of conduct
necessary to require indemnification by the Corporation pursuant to this
Article IX or

 

 

otherwise, or (c) a determination that the facts then known to
those making the determination would not preclude indemnification under this
Article IX.

Section 9.2. Payment.

Any indemnification or advancement of expenses required under this Article IX
shall be made promptly upon, and in any event within thirty (30) days after,
the written request of the person entitled thereto. If the Corporation denies
a written request for indemnity or advancement of expenses, in whole or in
part, or if payment in full pursuant to such request is not made within
thirty (30) days of the date such request is received by the Corporation, the
person seeking indemnification or advancement of expenses as granted by this
Article IX may at any time within the applicable statute of limitations bring
suit against the Corporation in any court of competent jurisdiction to
establish such person’s right to indemnity or advancement of expenses. Such
person’s costs and expenses incurred in connection with successfully
establishing his or her right to indemnification in any such action or
proceeding shall also be indemnified by the Corporation. It shall be a
defense to any action brought against the Corporation to compel
indemnification (other than an action brought to enforce a claim for the
advancement of expenses pursuant to this Article IX where the written
affirmation of good faith or the undertaking to repay as required above has
been received by the Corporation) that the claimant has not met the standard
of conduct set forth in Section 490.851 of the IBCA, but the burden of
proving such defense shall be on the Corporation. Neither (a) the failure of
the Corporation (including its Board of Directors, special legal counsel or
the shareholders) to have made a determination prior to the commencement of
such action that indemnification of the claimant is proper in the
circumstances because he or she has met the applicable standard of conduct
set forth in Section 490.851 of the IBCA, nor (b) the fact that there has
been an actual determination by the Corporation (including its Board of
Directors, special legal counsel or the shareholders) that the claimant has
not met such applicable standard of conduct, shall create a presumption that
the claimant has not met the applicable standard of conduct. In the event
that the applicable standard of conduct has been met as to some claims,
actions, suits or proceedings, but not as to others, a person who has a right
of indemnification pursuant to this Article IX shall be indemnified against
all expenses (including attorney fees) actually and reasonably incurred by
such person in connection with the claim, action, suit or proceeding as to
which the applicable standard has been met. Nothing contained in this
section shall limit the obligation, duty or ability of the Corporation to
indemnify such person as provided elsewhere in this Article IX.

Section 9.3. Contract.

The provisions of this Article IX shall be deemed a contract between the
Corporation and each director and officer who serves in such capacity at any
time while this Article IX and the relevant provisions of the IBCA are in
effect, and any repeal or modification of any such law or of this Article IX
shall not adversely affect any rights or obligations then existing with
respect to any state of facts then or theretofore existing or any claim,
action, suit or proceeding theretofore or thereafter brought or threatened
based in whole or in part upon any such state of facts.

 

 

Section 9.4. Witnesses.

The Corporation shall indemnify and advance expenses to any person who was or
is a witness in or is threatened to be made a witness in any threatened,
pending or completed claim, action, suit or proceeding, whether civil,
criminal, administrative or investigative (including a grand jury proceeding)
and whether formal or informal, by reason of the fact that such person (a) is
or was a director or officer of the Corporation, or any of the subsidiaries
of the Corporation, whether before or after the conversion from a mutual
insurance holding company, or (b) while a director or officer of the
Corporation, or any of the subsidiaries of the Corporation, whether before or
after the conversion from a mutual insurance holding company, is or was
serving at the request of the Corporation as a director, officer, employee,
agent, partner or trustee (or in a similar capacity) of another corporation,
partnership, joint venture, trust, other enterprise, or employee benefit
plan, to the same extent that such person would be entitled to
indemnification and advancement of expenses under this Article IX if such
person were, or were threatened to be made, a party to such claim, action,
suit or proceeding, against reasonable expenses (including attorneys’ fees)
actually and reasonably incurred by such person in connection with such
claim, action, suit or proceeding or any appeal thereof.

Section 9.5. Nonexclusive.

Except as limited by Section 490.851 of the IBCA, the indemnification and
advancement of expenses provided by or granted pursuant to this Article IX
shall not be deemed exclusive of any other rights to which a person seeking
indemnification or advancement of expenses may be entitled under any bylaw,
agreement, vote of shareholders or disinterested directors, law or otherwise;
provided, however, that in no event shall any such provision or agreement
provide indemnification to a person who was or is a director or officer of
the Corporation (a) for a breach of a director’s or officer’s duty of loyalty
to the Corporation or its shareholders, (b) for acts or omissions not in good
faith or which involve intentional misconduct or knowing violation of the
law, (c) for a transaction from which the person seeking indemnification
derived an improper personal benefit or (d) for liability under Section
490.833 of the IBCA.

Section 9.6. Applicability.

This Article IX shall be applicable to all claims, actions, suits or
proceedings commenced after the effective date hereof, whether arising from
acts or omissions occurring before or after the effective date hereof. Each
person who is now serving or who shall hereafter serve as a director or
officer of the Corporation or any of its subsidiaries shall be deemed to be
doing so in reliance upon the rights of indemnification provided for in this
Article IX, and such rights of indemnification shall continue as to a person
who has ceased to be a director or officer, and shall inure to the benefit of
the heirs, executors, administrators and legal or personal representatives of
such a person. If this Article IX or any portion hereof shall be invalidated
on any ground by any court of competent jurisdiction, and any of its
subsidiaries then the Corporation shall nevertheless indemnify each director
and officer of

 

 

the Corporation to the maximum extent permitted by any applicable portion of
this Article IX that shall not have been invalidated.

Section 9.7. Initiation of Claims.

Notwithstanding anything in this Article IX to the contrary, except with
respect to proceedings initiated to enforce rights of indemnification to
which such person is entitled under this Article IX or otherwise, the
Corporation shall indemnify any such person in connection with a claim,
action, suit or proceeding (or part thereof) initiated by such person only if
the initiation of such claim, action, suit or proceeding (or part thereof)
was authorized by the Board of Directors.

Section 9.8. Insurance.

The Corporation may purchase and maintain insurance, at its expense, to
protect itself and any person who is or was a director, officer, employee or
agent of the Corporation, or any of its subsidiaries, whether before or after
the conversion of the Corporation from a mutual insurance holding company, or
is or was serving at the request of the Corporation or any of its
subsidiaries, whether before or after the conversion from a mutual insurance
holding company, as a director, officer, partner, trustee, employee or agent
of another corporation, partnership, joint venture, trust, other enterprise,
or employee benefit plan against any liability asserted against such person
and incurred by such person in such capacity, or arising out of such person’s
status as such, whether or not the Corporation would have the power to
indemnify such person against such liability under the provisions of this
Article IX, the IBCA or otherwise. The Corporation may create a trust fund,
grant a security interest and/or use other means (including, without
limitation, letters of credit, surety bonds and/or similar arrangements), as
well as enter into contracts providing for indemnification to the maximum
extent permitted by law and including as part thereof any or all of the
foregoing, to ensure the payment of such sums as may become necessary to
effect full indemnification. The Corporation’s obligation to make
indemnification and pay expenses pursuant to this Article IX shall be in
excess of any insurance purchased and maintained by the Corporation and such
insurance shall be primary. To the extent that indemnity or expenses of a
person entitled to indemnification and payment of expenses pursuant to this
Article IX are paid on behalf of or to such person by such insurance such
payments shall be deemed to be in satisfaction of the Corporation’s
obligation to such person to make indemnification and pay expenses pursuant
to this Article IX.

 

 

ARTICLE X

EMERGENCY BYLAWS

Section l0.l.     National Emergency.

In the event of a national emergency because of some catastrophic event which
makes it impossible to conduct the business of the Corporation in accordance
with the Articles of Incorporation or these bylaws, the provisions of this
Article X (hereinafter referred to as the Emergency Bylaws) shall become
operative.

Section 10.2.     Emergency Executive Committee.

	 	(a)	 	Upon the Emergency Bylaws becoming operative a meeting of
the Executive Committee may be called by any director or officer
of the Corporation. Three (3) members of the Executive Committee
shall constitute a quorum for the transaction of business at all
such meetings of the Executive Committee. For purposes of this
Article X, in the event that an Executive Committee is not then in
existence, the following shall constitute members of the Executive
Committee: Chairman of the Board, Chief Executive Officer and the
chairmen of the other committees established pursuant to Section
5.2 hereof.
	 
	 	(b)	 	To the extent required to constitute a quorum at any such
meeting of the Executive Committee, first the available directors
who are not members of the Executive Committee in order of
seniority as directors and then the available officers of the
Corporation in order of seniority determined pursuant to Article
VI of these bylaws shall be deemed members of the Executive
Committee for such meeting. The Board of Directors may, before
these Emergency Bylaws become operative, prepare a list of other
officers of the Corporation or other persons who shall be deemed
members of the Executive Committee at any meeting of the Executive
Committee pursuant to these Emergency Bylaws in the event that
there are no directors or officers determined pursuant to Article
VI of these bylaws capable of serving as members of the Executive
Committee. The list shall specify the order of priority in which
such persons shall serve.
	 
	 	(c)	 	Any vacancy on the Executive Committee pursuant to these
Emergency Bylaws may be filled at any meeting of the Executive
Committee by a majority of the members, though less than a quorum,
or by the sole remaining member. Such members shall serve until
the annual meeting of the Board of Directors following the end of
the national emergency or until the successors are appointed and
qualified.

 

 

Section 10.3.     Alternative Places of Business.

The Board of Directors, before these Emergency Bylaws become operative, may,
effective when these Emergency Bylaws are operative, designate several
alternate places of business.

Section 10.4.     Duration.

To the extent not inconsistent with this Section, the bylaws of the
Corporation shall remain in effect during the national emergency and upon
termination of the national emergency these Emergency Bylaws shall cease to
be operative.

ARTICLE XI

AMENDMENTS

Section 11.1.    Amendments to Bylaws.

These bylaws may be amended or repealed by the Board of Directors or by the
shareholders; provided, however, that the shareholders may from time to time
specify particular provisions of the bylaws which shall not be amended or
repealed by the Board of Directors.AmerUs Group Co. 2003 Stock Incentive Plan

 

Exhibit 4.3

 

AMERUS GROUP CO. 2003 STOCK INCENTIVE
PLAN

SECTION
1.     General Purpose of Plan;
Definitions.

     
The name of this Plan is the AmerUs Group Co.
2003 Stock Incentive Plan. The purpose of the Plan is to enable
AmerUs Group Co., its Subsidiaries and Affiliates to attract and
retain individuals who contribute to the Company’s success
by their ability, ingenuity and industry, and to enable such
individuals to participate in the long-term success and growth
of the Company through an equity interest in the Company.

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

     
a. “Affiliate” means any
Person that, directly or indirectly through one or more
intermediaries, controls, is controlled by, or is under common
control with the Person specified.

     
b. “Award” means a Stock
Appreciation Right, Restricted Stock Award, or Option granted in
accordance with the terms of the Plan.

     
c. “Board” means the Board
of Directors of the Company.

     
d. “Cause” means the
willful and continued failure to substantially perform the
duties with the Company (other than a failure resulting from the
Participant’s Disability), the willful engaging in conduct
which is demonstrably injurious to the Company or any Subsidiary
or Affiliate, monetarily or otherwise, including any act of
dishonesty, commission of a felony, or a significant violation
of any statutory or common law duty of loyalty to the Company.

     
e. “Change of Control”
shall mean any of the following events: (a) any
“Person” (as such term is defined in Rule 13d-5
under the Exchange Act (as defined below) or group (as such term
is defined in Sections 3(a)(9) and 13(d)(3) of the Exchange
Act) other than a Subsidiary of the Company (for purposes of
this definition only, “Subsidiary” shall mean each of
those Persons of which another Person, directly or indirectly
through one or more Subsidiaries, owns beneficially securities
having more than 25% of the voting power in the election of
directors (or Persons fulfilling similar functions or duties) of
the owned Person (without giving effect to any contingent voting
rights)) or any employee benefit plan (or any related trust) of
the Company or a Subsidiary of the Company, becomes the
beneficial owner (as such term is defined in Rule 13d-3 of
the Exchange Act) of (1) 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 following individuals cease for any reason
to constitute a majority of the number of directors then
serving: individuals who, on the date hereof, constitute the
Board and any new director (other than a director whose initial
assumption of office is in connection with an actual or
threatened election contest, including but not limited to a
consent solicitation, relating to the election of directors of
the Company) whose appointment or election by the Board or
nomination for election by the Company’s stockholders was
approved or recommended by a vote of at least two-thirds
( 2/3) of the directors then still in office who either
were directors on the date hereof or whose appointment, election
or nomination for election was previously so approved or
recommended; or (c) there is consummated a merger,
reorganization or consolidation involving the Company or any
direct or indirect Subsidiary of the Company and any other
corporation or other entity, other than a merger, reorganization
or consolidation which results in the common stock and Voting
Securities of the Company outstanding immediately prior to such
merger, reorganization or consolidation continuing to represent
(either by remaining outstanding or by being converted into
voting securities of the surviving entity or any parent thereof)
at least 60%, respectively, of the common stock and combined
voting power of the Voting Securities of the Company or such
surviving entity or any parent thereof outstanding immediately
after such merger, reorganization or consolidation, or
(d) the stockholders of the Company approve a plan of
complete liquidation or dissolution of the Company or there is
consummated an agreement for the sale or disposition by the
Company of all or substantially all of the Company’s assets.

     
f. “Code” means the
Internal Revenue Code of 1986, as amended, or any successor
thereto.

 

 

     
g. “Committee”
means the Human Resources and Compensation Committee of the
Board. If at any time there is no Committee, then the functions
of the Committee specified in the Plan shall be exercised by the
Board. Notwithstanding the immediately preceding two sentences,
the Committee shall at all times (1) have no fewer than two
(2) members and (2) consist solely of Non-Employee
Directors.

     
h. “Commission” means the
Securities and Exchange Commission.

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

     
j. “Consultant” means any
person, including an advisor, engaged by the Company or a
Subsidiary or Affiliate to render services to such entity or any
person who is an advisor, director or consultant of an Affiliate.

     
k. “Director” means a
member of the Board.

     
l. “Disability” means total
and permanent disability as determined under the Company’s
long term disability program.

     
m. “Early Retirement” means
retirement from active employment with the Company, any
Subsidiary, and any Affiliate under the terms of the All*AmerUs
Savings & Retirement Plan adopted by the Company.

     
n. “Employee” means a
regular employee of the Company, any Subsidiary or any
Affiliate, including officers and Directors, who is treated as a
full time employee in the personnel records of the Company, its
Subsidiary or its Affiliate for the relevant period, but shall
exclude individuals who are classified by the Company, its
Subsidiary or its Affiliate as (A) leased from or otherwise
employed by a third party; (B) independent contractors; or
(C) intermittent or temporary, even if any such
classification is changed retroactively as a result of an audit,
litigation or otherwise. An individual shall not cease to be an
Employee in the case of (i) any leave of absence approved
by the Company, its Subsidiary or its Affiliate or (ii)
transfers between locations of the Company or between the
Company, its Subsidiary or its Affiliate or (iii) transfers
between locations of the Company or between the Company, any
Subsidiary, or any successor. Neither service as a Director nor
payment of a director’s fee by the Company shall be
sufficient to constitute “employment” by the Company.

     
o. “Exchange Act” means the
Securities and Exchange Act of 1934, as amended, and any
successor thereto.

     
p. “Fair Market Value”
means, as of any date, the closing price of the Stock as of such
date (or if no sales were reported on such date, the closing
price on the last preceding day a sale was made) as quoted on
the stock exchange or a national market system, with the highest
trading volume.

     
q. “Incentive Stock Option”
means any Stock Option intended to be and designated as an
“incentive stock option” within the meaning of
Section 422 of the Code and the requirements promulgated
thereunder.

     
r. “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.

     
s. “Non-Qualified Stock
Option” means any Stock Option that is not an Incentive
Stock Option.

     
t. “Normal Retirement”
means retirement from active employment with the Company, any
Subsidiary, and any Affiliate as this term is defined in the
All*AmerUs Savings & Retirement Plan adopted by the Company.

     
u. “Optionee” means a
Participant who receives a Stock Option.

     
v. “Option Period” means,
with respect to any Stock Option, the time during which an
Optionee may exercise such Stock Option.

     
w. “Participant” means an
Employee, Director or Consultant of the Company or of any
Subsidiary or Affiliate of the Company.

 

 

     
x. “Person” means any
natural person, corporation, general partnership, limited
partnership, limited liability company, proprietorship, trust,
union, association, court, tribunal, agency, government,
department, commission, self-regulatory organization,
arbitrator, board, bureau, instrumentality, or other entity,
enterprise, authority, or business organization.

     
y. “Plan” means this Stock
Incentive Plan.

     
z. “Restricted Stock Award”
means an Award of shares of Stock that are subject to
restrictions under Section 7 below.

     
aa. “Retirement” means
Normal or Early Retirement as those terms are defined in the
All*AmerUs Savings & Retirement Plan adopted by the Company.

     
bb. “Stock” means the
Common Stock of the Company.

     
cc. “Stock Appreciation
Right” means (i) a right granted under Section 6
below, to surrender to the Company all or a portion of a
Non-Qualified or Incentive Stock Option in exchange for an
amount in cash or shares of Stock equal to the difference
between (a) the Fair Market Value, as of the date such
Stock Option or such portion thereof is surrendered, of the
shares of Stock covered by such Stock Option, or such portion
thereof, and (b) the aggregate exercise price of such Stock
Option, or such portion thereof, or (ii) a right granted
under Section 6 which is not in conjunction with a stock
option to receive a cash payment equal in value to the
appreciation on a designated number of shares of stock between
the aggregate price of the Stock Appreciation Right (or such
portion thereof) set by the Committee, which shall not be less
than the Fair Market Value on the date on which the Stock
Appreciation Right was granted and the Fair Market Value on the
date on which the Participant exercises the Stock Appreciation
Right.

     
dd. “Stock Option” means
any option to purchase shares of Stock granted pursuant to
Section 5 below.

     
ee. “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 of stock in one of the other corporations in the chain.

     
ff. “Ten Percent
Shareholder” means a person who owns (after taking into
account the attribution rules of Code Section 424(d)) more
than ten percent (10%) of the total combined voting power of all
classes of stock of the company.

SECTION
2.     Administration.

     
The Plan shall be administered by the Committee.

     
The Committee shall have the power and authority
to grant to eligible Participants, pursuant to the terms of the
Plan: Non-Qualified Stock Options, Incentive Stock Options,
Stock Appreciation Rights, and/or Restricted Stock Awards.

     
In particular, the Committee shall have the
authority:

     
a. To select Participants to whom
Non-Qualified or Incentive Stock Options, Stock Appreciation
Rights, Restricted Stock or a combination of the foregoing from
time to time will be granted hereunder;

     
b. To determine whether and to what extent
Incentive Stock Options, Non-Qualified Stock Options, Stock
Appreciation Rights or a combination of the foregoing, are to be
granted hereunder;

     
c. To determine the number of shares of
Stock or Stock Appreciation Rights to be covered by each such
Award granted hereunder;

     
d. To determine the terms and conditions,
not inconsistent with the terms of the Plan, of any Award
granted hereunder;

     
e. To construe and interpret the terms of
the Plan and Awards granted pursuant to the Plan;

 

 

     
f. To adopt rules and procedures relating to
the operation and administration of the Plan to accommodate the
specific requirements of local laws and procedures.

     
g. To prescribe, amend and rescind rules and
regulations relating to the Plan;

     
h. To modify or amend each Award in a manner
not inconsistent with the Plan, including the discretionary
authority to extend the post-termination exercisability period
of Options or Stock Appreciation Rights longer than is otherwise
provided for in the Plan, provided, however, that any such
amendment is subject to Section 5 (c) of the Plan and
may not impair any outstanding Award unless agreed to in writing
by the Participant;

     
i. To authorize any person to execute on
behalf of the Company any instrument required to effect the
grant of an Award previously granted by the Administrator;

     
j. To make all other determinations deemed
necessary or advisable for administering the Plan and any Award
granted hereunder;

     
k. The Committee shall have the authority to
adopt, alter and repeal such administrative rules, guidelines
and practices governing the Plan as it shall, from time to time,
deem advisable, to interpret the terms and provisions of the
Plan (and any agreements relating thereto); and to otherwise
supervise the administration of the Plan.

     
All decisions made by the Committee pursuant to
the provisions of the Plan shall be final and binding on all
persons, including the Company and the Participants.

     
Notwithstanding anything contained in the Plan to
the contrary, the Committee shall not: (i) grant any Stock
Option or Stock Appreciation Right with an exercise price less
than the Fair Market Value on the date of the grant of such
Award; (ii) subject to Section 3 of the Plan, change
the exercise price of any Stock Option or Stock Appreciation
Right or permit the exchange of Stock Options issued under the
Plan or any other Company plan for a lesser number of new Stock
Options to be granted under the Plan having a lesser exercise
price; or (iii) amend an award in a manner inconsistent
with the Plan.

SECTION
3.     Stock Subject to Plan;
Limitations.

     
The total number of shares of Stock reserved and
available for distribution under the Plan shall be 1,500,000
(subject to appropriate adjustments to reflect changes in
capitalization of the Company). Such shares may consist, in
whole or in part, of authorized and unissued shares or treasury
shares. If any shares of Stock that have been optioned cease to
be subject to option, or if any shares subject to a Restricted
Stock Award granted hereunder are forfeited or such Award
otherwise terminates, such shares shall again be available for
distribution in connection with future Awards under the Plan.

     
The maximum total number of shares subject to
Awards which may be granted under the Plan in any one year will
be 1,000,000, and the maximum number of shares subject to Awards
which may be granted under the Plan to any individual in any one
year is 250,000 (in both cases, subject to appropriate
adjustments to reflect changes in capitalization of the Company).

     
In the event of any merger, reorganization,
consolidation, recapitalization, stock dividend, or other change
in the corporate structure affecting the Stock, a corresponding
substitution or adjustment to the extent appropriate to reflect
the merger, consolidation, recapitalization, stock dividend or
other change shall be made in the aggregate number of shares
reserved for issuance under the Plan, in the number and option
price of the shares subject to outstanding Stock Options granted
under the Plan, in the number and price of any Stock
Appreciation Right granted under the plan and in the number of
shares subject to Restricted Stock Awards granted under the Plan
as may be determined by the Committee, provided that the number
of shares subject to any Awards shall always be a whole number.
Such adjusted option price shall also be used to determine the
amount payable by the Company upon the exercise of any Stock
Appreciation Rights associated with any Stock Option.

 

 

SECTION
4.     Eligibility.

     
Participants who are responsible for or
contribute to the management, growth and/or profitability of the
business of the Company, its Subsidiaries, or its Affiliates are
eligible to be granted Stock Options, Stock Appreciation Rights,
or Restricted Stock Awards. The Awards and Participants under
the Plan shall be selected from time to time by the Committee,
in its sole discretion, from among those eligible, and the
Committee shall determine, in its sole discretion, the number of
shares covered by each Award or grant.

SECTION
5.     Stock Options.

     
Stock Options may be granted either alone or in
addition to other Awards granted under the Plan. Any Stock
Option granted under the Plan shall be in such form as the
Committee may from time to time approve, and the provisions of
Stock Option Awards need not be the same with respect to each
Optionee.

     
The Stock Options granted under the Plan may be
of two types: Incentive Stock Options and Non-Qualified Stock
Options.

     
The Committee shall have the authority to grant
any Optionee Incentive Stock Options, Non-Qualified Stock
Options, or both types of Stock Options (in each case with or
without Stock Appreciation Rights). To the extent that any Stock
Option does not qualify as an Incentive Stock Option, it shall
constitute a separate Non-Qualified Stock Option.

     
Anything in the Plan to the contrary
notwithstanding, no term of this Plan relating to Incentive
Stock Options shall be interpreted, amended or altered, nor
shall any discretion or authority granted under the Plan be so
exercised, so as to disqualify either the Plan or any Incentive
Stock Option under Section 422 of the Code. Notwithstanding
the foregoing, in the event an Optionee voluntarily disqualifies
an option as an Incentive Stock Option within the meaning of
Section 422 of the Code, the Committee may, but shall not
be obligated to, make such additional grants, Awards or bonuses
as the Committee shall deem appropriate, to reflect the tax
savings to the Company which result from such disqualification.

     
Stock Options granted 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. Option Price. The option price per
share of Stock purchasable under a Stock Option shall be
determined by the Committee at the time of grant, but shall not
be less than the Fair Market Value of the Stock on the date of
grant of the Stock Option; provided, however, if the Option is
an Incentive Stock Option granted to a Ten Percent Shareholder,
the option price per each share of stock subject to such
Incentive Stock Option shall be no less than one hundred ten
percent (110%) of the Fair Market Value of a share of Stock on
the date such Incentive Stock Option is granted.

     
b. Option Term. The term of each
Stock Option shall be fixed by the Committee, but no Stock
Option shall be exercisable more than ten (10) years after
the date such Stock Option is issued.

     
c. Exercisability. Subject to
paragraph (g) of this Section 5 with respect to
Incentive Stock Options, Stock Options shall be exercisable at
such time or times and subject to such terms and conditions as
shall be determined by the Committee at the time of the grant;
provided, however, that, notwithstanding anything in the Plan to
the contrary, except pursuant to Section 5(h) of the Plan
and in connection with a Change of Control, no Stock Option
shall be exercisable prior to the first anniversary date of the
granting of the option.

     
d. Method of Exercise. Stock Options
which are then exercisable may be exercised in whole or in part
at any time during the Option Period by Optionee, the legal
representative of the Optionee, or the legatee under the
Optionee’s will through the giving of written notice of
exercise to the Company specifying the number of shares to be
purchased, accompanied by payment in full of the purchase price,
in cash, by check or such other instrument as may be acceptable
to the Committee; provided, however, the Committee shall accept
no form of payment that would violate applicable law. As
determined by the Committee, in its sole discretion, at or after
grant, payment in full or in part may also be made in the form
of unrestricted Stock already owned by the Optionee, Restricted
Stock or with the value of a Non-Qualified Stock Option equal to
the difference between

 

 

the Fair Market Value on the date of payment and
the exercise price of such Non-Qualified Stock Option (based, in
each case, on the Fair Market Value of the Stock on the date the
option is exercised, as determined by the Committee). If payment
of the option exercise price of a Non-Qualified Stock Option is
made in whole or in part in the form of Restricted Stock Award,
the shares received upon the exercise of such Stock Option shall
be restricted in accordance with the original term of the
Restricted Stock Award in question, except that the Committee
may direct that such shall apply only to the number of such
shares equal to the number of shares of Restricted Stock
surrendered upon the exercise of such option. No shares of
unrestricted Stock shall be issued until full payment thereof
has been made. An Optionee shall have the rights to dividends or
other rights of a stockholder with respect to shares subject to
the option when the Optionee has given written notice of
exercise and has paid in full for such shares.

     
e. Non-Transferability of Options.
Except as otherwise set forth in the Section 5(e), no Stock
Option shall be transferable by the Optionee otherwise than by
will or by the laws of descent and distribution, and all Stock
Options shall be exercisable, during the Optionee’s
lifetime, only by the Optionee. The Committee shall have the
discretionary authority, however, to grant Non-Qualified Stock
Options which would be transferable to members of an
Optionee’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 options would require
registration with the Securities and Exchange Commission under a
form other than Form S-8. A transferred Stock Option may be
exercised by the transferee only to the extent that the Optionee
would have been able to exercise such Stock Option had the
option not been transferred.

     
f. Termination of Employment for
Cause. Unless otherwise determined by the Committee at
grant, if an Optionee’s employment with the Company, any
Subsidiary, or any Affiliate is terminated for Cause, all of
such Optionee’s unvested Stock Options shall terminate
immediately at the date of the termination of employment.

     
g. Limit on Value of Incentive Stock
Option First Exercisable Annually. The aggregate Fair Market
Value (determined at the time of grant) of the Stock for which
“incentive stock options” within the meaning of
Section 422 of the Code are exercisable for the first time
by an Optionee during any calendar year under the Plan (and/or
any other stock option plans of the Company, any Subsidiary and
any Affiliate) shall not exceed $100,000.

     
h. Termination of Employment. All of
the terms relating to the exercise, cancellation or other
disposition of a Stock Option upon a termination of employment
with or service to the Company or a Subsidiary or Affiliate of
the Optionee, whether by reason of Disability, Retirement,
death, or other termination shall be determined by the
Committee. Such determination shall be made at the time of the
grant of such Stock Option and shall be specified in the written
agreement evidencing such Stock Option.

     
i. Vesting. The Committee shall
determine the vesting period applicable to any Stock Option
Award; provided, however, that no Stock Option shall vest prior
to the first anniversary of the Award grant, except to the
extent the Stock Option becomes exercisable under the proviso to
Section 5 (c).

SECTION
6.     Stock Appreciation
Rights.

     
a. Stock Appreciation Right Price.
The Stock Appreciation Right price per share of Stock shall be
determined by the Committee at the time of grant, but shall not
be less than the Fair Market Value of the Stock on the date of
grant of the Stock Appreciation Right.

     
b. Grant and Exercise. Stock
Appreciation Rights may or may not be granted in conjunction
with all or part of any Stock Option granted under the Plan. In
the case of a Non-Qualified Stock Option, such rights may be
granted either at or after the time of the grant of such
Non-Qualified Stock Options. In the case of an Incentive Stock
Option, such rights may be granted only at the time of grant of
such Incentive Stock Options. A Stock Appreciation Right or
applicable portion thereof granted with respect to a given Stock
Option shall terminate and no longer be exercisable upon the
termination or exercise of the related Stock Option, except
that, unless otherwise provided by the Committee at the time of
grant, a Stock Appreciation Right granted

 

 

with respect to less than the full number of
shares covered by a related Stock Option shall only be reduced
if and to the extent that the number of shares covered by the
exercise or termination of the related Stock Option exceeds the
number of shares not covered by the Stock Appreciation Right.

     
A Stock Appreciation Right granted in conjunction
with all or part of any Stock Option may be exercised by an
Optionee, in accordance with paragraph (b) of this
Section 6, by surrendering the applicable portion of the
related Stock Option. Upon such exercise and surrender, the
Optionee shall be entitled to receive an amount determined in
the manner prescribed in paragraph (b) of this
Section 6. Stock Options which have been so surrendered, in
whole or in part, shall no longer be exercisable to the extent
the related Stock Appreciation rights have been exercised.

     
c. Terms and Conditions. Stock
Appreciation Rights shall be subject to the terms and
conditions, not inconsistent with the provisions of the Plan, as
shall be determined from time to time by the Committee,
including the following:

		
	 	     
    1. If granted in conjunction with a Stock
    Option, Stock Appreciation Rights shall be exercised only at
    such time or times and to the extent that the Stock Options to
    which they relate shall be exercisable in accordance with the
    provisions of Section 5 and this Section 6 of the Plan.
    
	 
	 	     
    2. Subject to the term limit in paragraph
    (b) of Section 5 of the Plan, Stock Appreciation
    Rights not granted in conjunction with Stock Options shall be
    exercisable at such time or times and subject to such terms and
    conditions as shall be determined by the Committee at the time
    of grant; provided, however, that notwithstanding anything
    contained in the Plan to the contrary, except pursuant to
    Section 6 (c) (8) of the Plan and in connection with
    any Change of Control, no Stock Appreciation Right shall be
    exercisable prior to first anniversary date of the granting of
    the Stock Appreciation Right.
    
	 
	 	     
    3. Upon exercise of a Stock Appreciation
    Right, an Optionee shall be entitled to receive up to, but not
    more than, an amount in cash or shares of Stock equal in value
    to the excess of the Fair Market Value of one share of Stock
    over the option price per share specified in the related Stock
    Option agreement (or the exercise price stated in the Stock
    Appreciation Right agreement for Stock Appreciation Rights not
    granted in conjunction with Stock Options) multiplied by the
    number of shares in respect of which the Stock Appreciation
    Right shall have been exercised, with the Committee having the
    right to determine the form of payment; provided, however, the
    Committee shall accept no form of payment that would violate
    applicable law.
    
	 
	 	     
    4. Stock Appreciation Rights whether or not
    granted in conjunction with a Stock Option shall be transferable
    only when and to the extent that a Stock Option would be
    transferable under paragraph (e) of Section 5 of the Plan.
    
	 
	 	     
    5. Upon the grant of a Stock Appreciation
    Right granted in conjunction with a Stock Option, the Stock
    Option or part thereof to which such Stock Appreciation Right is
    related shall be deemed to have been granted for the purpose of
    the limitation set forth in Section 3 of the Plan on the
    maximum number of shares subject to Awards which may be granted
    under the Plan in any one year and the maximum number of shares
    subject to Awards which may be granted to any one individual in
    any one year, but shall not be deemed to have been issued for
    purposes of the limitation set forth in Section 3 of the
    Plan on the total number of shares of Stock to be issued under
    the Plan to the extent the Optionee received cash to satisfy the
    Stock Appreciation Right.
    
	 
	 	     
    6. A Stock Appreciation Right granted in
    connection with an Incentive Stock Option may be exercised only
    if and when the market price of the Stock subject to the
    Incentive Stock Option exceeds the exercise price of such Stock
    Option.
    
	 
	 	     
    7. Stock Appreciation Rights not granted in
    conjunction with Stock Options shall be deemed to have been
    granted for purposes of the limitations set forth in
    Section 3 of the Plan on the total number of shares of
    stock subject to Awards which may be granted under the Plan in
    any one year and the maximum number of shares of stock subject
    to Awards which may be granted under the Plan to any
    

 

 

		
	 	
    individual in any one year and shall also be
    deemed to have been issued for purposes of the limitations set
    forth in Section 3 of the Plan on the total number of
    shares of stock to be issued under the Plan.
    
	 
	 	     
    8. All of the terms relating to the
    exercise, cancellation or other disposition of a Stock
    Appreciation Right upon a termination of employment with, or
    service to, the Company or a Subsidiary or an Affiliate of the
    Participant receiving the Stock Appreciation Right, whether by
    reason of Disability, Retirement, death, or other termination
    shall be determined by the Committee. Such determination shall
    be made at the time of the grant of such Stock Appreciation
    Right and shall be specified in the written agreement evidencing
    such Stock Appreciation Right, unless otherwise determined by
    the Committee at the time of the grant. If the employment of a
    Participant receiving the Stock Appreciation Right is terminated
    for Cause, and such Stock Appreciation right is unvested, the
    Stock Appreciation Right shall terminate immediately as of the
    date of the termination of employment.
    
	 
	 	     
    9. Vesting. The Committee shall
    determine the vesting period applicable to any Stock
    Appreciation Right Award; provided, however, that no Stock
    Appreciation Right Award shall vest prior to the first
    anniversary of the Award grant, except to the extent the Stock
    Appreciation Right becomes exercisable under the proviso to
    Section 6 (c) (2).
    

SECTION
7.     Restricted Stock.

     
a. Administration. Shares of
Restricted Stock may be issued alone or in addition to Awards
granted under the Plan. The Committee shall determine the
Participants to whom, and the time or times at which, grants of
Restricted Stock will be made, the number of shares to be
awarded, the price, if any, to be paid by the recipient of
Restricted Stock (subject to Section 7(b) hereof), the time
or times within which such Awards may be subject to forfeiture,
and all other conditions of the Awards. The Committee may also
condition the grant of a Restricted Stock Award upon the
attainment of specified performance goals, or such other
criteria as the Committee may determine, in its sole discretion.
The provisions of the Restricted Stock Awards need not be the
same with respect to each recipient. Notwithstanding anything
contained in the Plan to the contrary and except pursuant to
Section 7 (b) (5) hereof or in connection with a
Change of Control, no Restriction Period shall be less than one
year.

     
b. Awards and Certificates. The
prospective Participants of an Award of shares of Restricted
Stock shall not have any rights with respect to such Award,
unless and until such recipient has executed an agreement
evidencing the Award (a “Restricted Stock Award
Agreement”) and has delivered a fully executed copy thereof
to the Company, and has otherwise complied with the then
applicable terms and conditions.

		
	 	     
    1. Awards of Restricted Stock must be
    accepted within a period of sixty (60) days (or such
    shorter period as the Committee may specify) after the Award
    date by executing a Restricted Stock Award Agreement and paying
    whatever price, if any, is required.
    
	 
	 	     
    2. A stock certificate in respect of shares
    of restricted Stock shall be issued in the name of each
    Participant who is awarded Restricted Stock. Such certificate
    shall be registered in the name of the Participant, and shall
    bear an appropriate legend referring to the terms, conditions,
    and restrictions applicable to such Award, substantially in the
    following form:
    
	 
	 	     
    3. “The transferability of this
    certificate and the shares of stock represented hereby are
    subject to the terms and conditions (including forfeiture) of
    the AmerUs Group Co. Stock Incentive Plan and a Restricted Stock
    Award Agreement entered into between the registered owner and
    the Company. Copies of such Plan and Agreement are on file on in
    the offices of the Company, (699 Walnut St, Des Moines, Iowa
    50309).”
    
	 
	 	     
    4. The Committee shall require that the
    stock certificates evidencing such shares be held in custody by
    the Company until the restrictions thereon have lapsed, and
    that, as a condition of any Restricted Stock Award, the
    Participant shall have delivered a stock power, endorsed in
    blank, relating to the Stock covered by such Award.
    

 

 

		
	 	     
    5. All of the terms relating to the
    satisfaction of specified performance goals and the termination
    of any period designated by the Committee during which the Stock
    subject to the Restricted Stock Award may not be sold,
    transferred, pledged or assigned, or any cancellation or
    forfeiture of such Restricted Stock Award upon a termination of
    employment with or service to the Company or any Subsidiary or
    any Affiliate of the holder of such Restricted Stock Award,
    whether by reason of Disability, retirement, death or other
    termination shall be set forth in the written agreement relating
    to such Restricted Stock Award. Unless otherwise determined by
    the Committee at grant, if a holder’s employment with the
    Company, any Subsidiary, or any Affiliate terminates or is
    involuntarily terminated with Cause, the portion of the
    Restricted Stock Award which is subject to a Restricted Period
    (as hereinafter defined) on the effective date of such
    holders’ termination of employment or service shall be
    forfeited by such holder and such portions shall be canceled by
    the Company.
    

     
c. Restrictions and Conditions. The
shares of Restricted Stock awarded pursuant to this
Section 7 shall be subject to the following restrictions
and conditions:

		
	 	     
    1. Subject to the provisions of the Plan and
    the Restricted Stock Award Agreements, during such period as may
    be set by the Committee commencing on the grant date (the
    “Restriction Period”), the Participant shall not be
    permitted to sell, transfer, pledge or assign shares of
    Restricted Stock awarded under the Plan. Subject to the
    limitation contained in the last sentence of Section 7(a)
    of the Plan, the Committee may, in its sole discretion, provide
    for the lapse of such restrictions in installments and may
    accelerate or waive such restrictions in whole or in part based
    on performance and/or such factors as the Committee may
    determine, in its sole discretion.
    
	 
	 	     
    2. Except as provided in paragraph c
    (1) of this Section 7, the Participant shall have,
    with respect to the shares of Restricted Stock, all of the
    rights of a stockholder of the Company, including the right to
    vote and receive any dividends. Dividends paid in Stock or other
    securities of the Company or Stock received in connection with a
    stock split with respect to Restricted Stock shall be subject to
    the same restrictions as on such Restricted Stock. Certificates
    for shares of unrestricted Stock shall be delivered to the
    Participant promptly after, and only after, the period of
    forfeiture shall expire without forfeiture in respect of such
    shares of Restricted Stock.
    

     
d. Limitation on Restricted Stock Awards.
Notwithstanding anything in the Plan to the contrary, the
maximum number of shares of Restricted Stock issuable under this
plan shall be 225,000 shares of Stock.

SECTION
8.     Amendments and
Termination.

     
Subject to the next sentence, the Board may
amend, alter or discontinue the Plan, but no amendment,
alteration or discontinuation shall be made which would impair
the right of an Optionee or Participant under a Stock Option,
Stock Appreciation Right, or Restricted Stock Award theretofore
granted, without the Optionee’s or Participant’s
consent. The Board may not materially alter or amend the Plan
without the prior approval of the stockholders. Material
amendments shall include without limitation any alteration or
amendment that would:

     
a. Except as expressly provided in this
Plan, increase the total number of shares reserved for the
purpose of the Plan;

     
b. Decrease the price of any Stock Option or
Stock Appreciation Right to less than the Fair Market Value on
the date of the granting of the Stock Option or Stock
Appreciation Right;

     
c. Change the class of persons who may be
Participants eligible to participate in the Plan;

     
d. Extend the maximum Option Term under
paragraph (b) of Section 5 of the Plan, or

     
e. Change the vesting period for a Stock
Option or Stock Appreciation Right or a Restriction Period to a
period of less than one year or render a Stock Option or Stock
Appreciation Right exercisable prior to the first anniversary of
such award.

 

 

     
The Committee may in a manner not inconsistent
with this Plan, amend the terms of any Award or option
theretofore granted, prospectively or retroactively, but no
amendment shall impair the rights of any holder without his
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 or Optionee by the Company, nothing set forth herein
shall give any such Participant or Optionee any rights that are
greater than those of a general creditor of the Company. In its
sole discretion the Committee may authorize the creation of
trusts or other arrangements to meet the obligations created
under the Plan to deliver Stock or payments in lieu thereof 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.     General
Provisions.

     
All certificates for shares of Stock 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
11.     Effective Date of
Plan.

     
The Plan shall be effective on the date that it
is approved by a majority vote of the holders of the
Company’s voting common stock.

SECTION
12.     Term of Plan.

     
No Stock Option, Stock Appreciation Right, or
Restricted Stock Award shall be granted pursuant to the Plan on
or after the tenth anniversary of the date of stockholder
approval, but Awards previously granted may extend beyond that
point.

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