Document:

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                                                                     EXHIBIT 4.1

                                 COMPUTRAC, INC.

                             ----------------------

                             1999 STOCK OPTION PLAN

                             ----------------------

         1. Purpose. The purpose of this Plan is to advance the interests of
CompuTrac, Inc., a Texas corporation (the "Company"), and its Subsidiaries by
providing an additional incentive to attract and retain qualified and competent
persons who provide management and director services and upon whose efforts and
judgment the success of the Company and its Subsidiaries is largely dependent,
through the encouragement of stock ownership in the Company by such persons.

         2. Definitions. As used herein, the following terms shall have the
meaning indicated:

                  (a) "Board" shall mean the Board of Directors of the Company.

                  (b) "Code" shall mean the Internal Revenue Code of 1986, as
amended.

                  (c) "Committee" shall mean the Compensation Committee of the
Board, or such other committee of the Board as may be designated by the Board to
administer the Plan; provided that the Committee shall consist of two or more
directors of the Company, all of whom are both a "Non-Employee Director" within
the meaning of Rule 16b-3 under the Exchange Act and an "outside director"
within the meaning of the definition of such term as contained in Treasury
Regulation Section 1.162-27(e)(3) interpreting Section 162(m) of the Code, or
any successor definitions adopted. The members of the Committee shall be
appointed from time to time by, and shall serve at the discretion of, the Board.

                  (d) "Company" shall mean CompuTrac, Inc., a Texas corporation,
or any successor thereto.

                  (e) "Director" shall mean a member of the Board.

                  (f) "Exchange Act" shall mean the Securities Exchange Act of
1934, as amended from time to time, including rules thereunder and successor
provisions and rules thereto.

                  (g) "Fair Market Value" of a Share on any date of reference
shall be the Closing Price of the Common Stock, par value $0.01 per share, of
the Company (the "Common Stock"), on the business day immediately preceding such
date, unless the Committee in its sole discretion shall determine otherwise in
good faith. For this purpose, the "Closing Price" of the Common Stock on any
business day shall be (i) if the Common Stock is listed or admitted for trading
on any United States national securities exchange, or if actual transactions are
otherwise reported on a consolidated transaction reporting system, the last
reported sale price of Common Stock on such exchange or reporting system, as
reported in any newspaper of general circulation, (ii) if the Common Stock is
quoted on the National Association of Securities Dealers Automated Quotations
System

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("NASDAQ"), or any similar system of automated dissemination of quotations of
securities prices in common use, the mean between the closing high bid and low
asked quotations for such day of Common Stock on such system, or (iii) if
neither clause (i) or (ii) is applicable, the mean between the high bid and low
asked quotations for the Common Stock as reported by the National Quotation
Bureau, Incorporated if at least two securities dealers have inserted both bid
and asked quotations for Common Stock on at least five of the ten preceding
days.

                  (h) "Incentive Stock Option" shall mean an incentive stock
option as defined in Section 422 of the Code.

                  (i) "Non-Statutory Stock Option" shall mean an Option which is
not an Incentive Stock Option.

                  (j) "Option" (when capitalized) shall mean any option granted
under this Plan.

                  (k) "Optionee" shall mean a person to whom a stock option is
granted under this Plan or any person who succeeds to the rights of such person
under this Plan by reason of the death of such person.

                  (l) "Plan" shall mean this CompuTrac, Inc. 1999 Stock Option
Plan.

                  (m) "Share(s)" shall mean a share or shares of the Common
Stock.

                  (n) "Subsidiary" shall mean any corporation (other than the
Company) in any unbroken chain of corporations beginning with the Company if, at
the time of the granting of the Option, each of the corporations other than the
last corporation in the unbroken chain owns stock possessing 50 percent or more
of the total combined voting power of all classes of stock in one of the other
corporations in such chain.

         3. Shares and Options. The Company may grant to Optionees from time to
time Options to purchase an aggregate of up to Five Hundred Thousand (500,000)
Shares from the authorized and unissued Shares of the Company or Shares
reacquired by the Company at the time; provided, however, that the maximum
number of Shares for which Options may be granted under the Plan to any one
person during a calendar year is Three Hundred Fifty Thousand (350,000). If any
Option granted under the Plan shall terminate, expire, or be canceled or
surrendered as to any Shares, new Options may thereafter be granted covering
such Shares. An Option granted hereunder shall be either an Incentive Stock
Option or a Non-Statutory Stock Option as determined by the Committee at the
time of grant of such Option and shall clearly state whether it is an Incentive
Stock Option or a Non-Statutory Stock Option. All Incentive Stock Options shall
be granted within 10 years of the effective date of this Plan.

         4. Dollar Limitation. Options otherwise qualifying as Incentive Stock
Options hereunder will be treated as Non-Statutory Stock Options to the extent
that the aggregate Fair Market Value (determined at the time the Option is
granted) of the Shares, with respect to which Options meeting the requirements
of Section 422(b) of the Code are exercisable for the first time by any

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individual during any calendar year (under all plans of the Company and its
parent and subsidiary corporations), exceeds $100,000.00.

         5. Conditions for Grant of Options.

                  (a) Each Option shall be evidenced by a written option
agreement between the Company and the Optionee that may contain any term deemed
necessary or desirable by the Committee, provided such terms are not
inconsistent with this Plan or any applicable law. In the event of a conflict
between an option agreement and the Plan, the terms of the Plan shall govern.
Optionees shall be those persons selected by the Committee from the class of all
regular employees of the Company and its Subsidiaries and all Directors, whether
or not employees; provided, however, that no Incentive Stock Option shall be
granted to a Director who is not also an employee of the Company or a
Subsidiary. Any person who files with the Committee, in a form satisfactory to
the Committee, a written waiver of eligibility to receive any Option under this
Plan shall not be eligible to receive an Option under this Plan for the duration
of such waiver.

                  (b) In granting Options, the Committee shall take into
consideration the contribution the person has made to the success of the Company
or its Subsidiaries and such other factors as the Committee shall deem to be
appropriate. The Committee shall also have the authority to consult with and
receive recommendations from officers and other personnel of the Company and its
Subsidiaries with regard to these matters. The Committee may from time to time
in granting Options under the Plan prescribe such other terms and conditions
concerning such Options as it deems appropriate, including, without limitation,
(i) prescribing the date or dates on which the Option becomes exercisable, (ii)
providing that the Option rights accrue or become exercisable in installments
over a period of years, or upon the attainment of stated goals or both, or (iii)
relating an Option to the continued employment of the Optionee for a specified
period of time, provided that such terms and conditions are not more favorable
to an Optionee than those expressly permitted in the Plan.

                  (c) Options granted to employees under this Plan shall be in
addition to regular salaries, pension, life insurance or other benefits related
to their employment with the Company or its Subsidiaries. Neither the Plan nor
any Option granted under the Plan shall confer upon any person any right to
employment or continuance of employment by the Company or its Subsidiaries.

         6. Exercise Price. The price at which a Share may be purchased upon
exercise of an Option shall be determined by the Committee, but such exercise
price shall not be less than 100% of the Fair Market Value of a Share on the
effective date of the Option's grant.

         7. Exercise of Options.

                  (a) An Option shall be deemed exercised when (i) the Company
has received written notice of such exercise in accordance with the terms of the
Option, (ii) full payment of the aggregate exercise price of the Shares as to
which the Option is exercised has been made, and (iii) arrangements that are
satisfactory to the Committee in its sole discretion have been made for the
Optionee's payment to the Company of the amount that is necessary for the
Company or Subsidiary

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employing the Optionee to withhold in accordance with applicable Federal or
state tax withholding requirements.

                  (b) Unless further limited by the Committee in any Option, the
exercise price of any Shares purchased shall be paid in cash, by certified or
official bank check, by money order, with Shares or by a combination of the
above; provided, however, that the Committee in its sole discretion may accept a
personal check in full or partial payment of any Shares. If the exercise price
is paid in whole or in part with Shares, the value of the Shares surrendered
shall be their Fair Market Value on the date the Option is exercised. The
Company in its sole discretion may, on an individual basis or pursuant to a
general program established in connection with this Plan, lend money to an
Optionee, guarantee a loan to an Optionee, or otherwise assist an Optionee to
obtain the cash necessary to exercise all or a portion of an Option granted
hereunder or to pay any tax liability of the Optionee attributable to such
exercise. If the exercise price is paid in whole or part with Optionee's
promissory note, such note shall (i) provide for full recourse to the maker,
(ii) be collateralized by the pledge of the Shares that the Optionee purchases
upon exercise of such Option, (iii) bear interest at the prime rate of the
Company's principal lender, and (iv) contain such other terms as the Board in
its sole discretion shall reasonably require.

                  (c) No Optionee shall be deemed to be a holder of any Shares
subject to an Option unless and until a stock certificate or certificates for
such Shares are issued to such person(s) under the terms of the Plan. No
adjustment shall be made for dividends (ordinary or extraordinary, whether in
cash, securities or other property) or distributions or other rights for which
the record date is prior to the date such stock certificate is issued, except as
expressly provided in Section 10 hereof.

         8. Exercisability of Options. Any Option shall become exercisable in
such amounts, at such intervals and upon such terms as the Committee shall
provide in such Option, except as otherwise provided in this Section 8.

                  (a) The expiration date of an Option shall be determined by
the Committee at the time of grant, but in no event shall an Option be
exercisable after the expiration of 10 years from the date of grant of the
Option.

                  (b) Unless otherwise provided in any Option, each outstanding
Option shall become immediately fully exercisable:

                           (i) if there occurs any transaction (which shall
         include a series of transactions occurring within 60 days or occurring
         pursuant to a plan), that has the result that stockholders of the
         Company immediately before such transaction cease to own at least 51
         percent of the voting stock of the Company or of an entity that results
         from the participation of the Company in a reorganization,
         consolidation, merger, liquidation or any other form of corporate
         transaction;

                           (ii) if the stockholders of the Company shall approve
         a plan of merger, consolidation, reorganization, liquidation or
         dissolution in which the Company does not

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         survive (unless the approved merger, consolidation, reorganization,
         liquidation or dissolution is subsequently abandoned); or

                           (iii) if the stockholders of the Company shall
         approve a plan for the sale, lease, exchange or other disposition of
         all or substantially all the property and assets of the Company (unless
         such plan is subsequently abandoned).

                  (c) The Committee may in its sole discretion accelerate the
date on which any Option may be exercised and may accelerate the vesting of any
Shares subject to any Option or previously acquired by the exercise of any
Option.

         9. Termination of Option Period.

                  (a) The unexercised portion of any Option shall automatically
and without notice terminate and become null and void at the time of the
earliest to occur of the following:

                           (i) three months after the date on which the
         Optionee's employment is terminated (or, in the case of a non-employee
         Director, the date on which the Optionee ceases to be a Director) for
         any reason other than by reason of (A) Cause, which, for purposes of
         this Plan, shall mean the termination of the Optionee's employment (or,
         in the case of a non-employee Director, the removal of the Optionee as
         a Director) by reason of the Optionee's wilful misconduct or gross
         negligence, (B) a mental or physical disability as determined by a
         medical doctor satisfactory to the Committee, or (C) death;

                           (ii) immediately upon the termination of the
         Optionee's employment (or, in the case of a non-employee Director, the
         removal of the Optionee as a Director) for Cause;

                           (iii) one year after the date on which the Optionee's
         employment is terminated (or, in the case of a non-employee Director,
         the date the Optionee is removed as a Director) by reason of a mental
         or physical disability (within the meaning of Section 22(e) of the
         Code) as determined by a medical doctor satisfactory to the Committee;

                           (iv) (A) twelve months after the date of termination
         of the Optionee's employment (or, in the case of a non-employee
         Director, the removal of the Optionee as a Director) by reason of death
         of the employee, or (B) three months after the date on which the
         Optionee shall die if such death shall occur during the one year period
         specified in Subsection 9(a)(iii) hereof.

                  (b) The Committee in its sole discretion may by giving written
notice ("cancellation notice") cancel, effective upon the date of the
consummation of any corporate transaction described in Subsections 8(b)(ii) or
(iii) hereof, any Option that remains unexercised on such date. Such
cancellation notice shall be given a reasonable period of time prior to the
proposed date of such cancellation and may be given either before or after
stockholder approval of such corporate transaction.

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         10. Adjustment of Shares.

                  (a) If at any time while the Plan is in effect or unexercised
Options are outstanding, there shall be any increase or decrease in the number
of issued and outstanding Shares through the declaration of a stock dividend or
through any recapitalization resulting in a stock split-up, combination or
exchange of Shares, then and in such event:

                           (i) appropriate adjustment shall be made in the
         maximum number of Shares available for grant under the Plan, so that
         the same percentage of the Company's issued and outstanding Shares
         shall continue to be subject to being so optioned; and

                           (ii) appropriate adjustment shall be made in the
         number of Shares and the exercise price per Share thereof then subject
         to an outstanding Option, so that the same percentage of the Company's
         issued and outstanding Shares shall remain subject to purchase at the
         same aggregate exercise price.

                  (b) Subject to the specific terms of any Option, the Committee
may change the terms of Options outstanding under this Plan, with respect to the
exercise price or the number of Shares subject to the Options, or both, when, in
the Committee's sole discretion, such adjustments become appropriate by reason
of a corporate transaction described in Subsections 8(b)(ii) or (iii) hereof.

                  (c) Except as otherwise expressly provided herein, the
issuance by the Company of shares of its capital stock of any class, or
securities convertible into shares of capital stock of any class, either in
connection with direct sale or upon the exercise of rights or warrants to
subscribe therefor, or upon conversion of shares or obligations of the Company
convertible into such shares or other securities, shall not affect, and no
adjustment by reason thereof shall be made with respect to the number of or
exercise price of Shares then subject to outstanding Options granted under the
Plan.

                  (d) Without limiting the generality of the foregoing, the
existence of outstanding Options granted under the Plan shall not affect in any
manner the right or power of the Company to make, authorize or consummate (i)
any or all adjustments, recapitalizations, reorganizations or other changes in
the Company's capital structure or its business; (ii) any merger or
consolidation of the Company; (iii) any issue by the Company of debt securities,
or preferred or preference stock that would rank above the Shares subject to
outstanding Options; (iv) the dissolution or liquidation of the Company; (v) any
sale, transfer or assignment of all or any part of the assets or business of the
Company; or (vi) any other corporate act or proceeding, whether of a similar
character or otherwise.

         11. Transferability of Options. Each Incentive Stock Option shall
provide that such Option shall not be transferable by the Optionee otherwise
than by will or the laws of descent and distribution, and each Incentive Stock
Option shall be exercisable during the Optionee's lifetime only by the Optionee.
Each Non-Statutory Stock Option shall provide that such Option shall be
exercisable only by the Optionee or by a person or entity to which the Optionee
is permitted to

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transfer the Option in accordance with this Section 11. A Non-Statutory Stock
Option granted under the Plan shall be transferrable by the Optionee only as
follows:

                  (a) By will or the laws of descent and distribution upon the
         death of the Optionee;

                  (b) By gift or a domestic relations order to a "family member"
         of the Optionee, as such term is defined in the instructions to Form
         S-8 under the Securities Act of 1933, as amended, including without
         limitation trusts in which family members of the Optionee have more
         than 50% of the beneficial interest, foundations in which such family
         members control the management of assets, and any other entity in which
         such family members or the Optionee own more than 50% of the voting
         interests; or

                  (c) To an entity in which more than 50% of the voting
         interests are owned by the Optionee or the Optionee's family members in
         exchange for an interest or interests in that entity.

Each permitted transferee will execute an agreement satisfactory to the Company
agreeing to be bound by the terms and provisions of this Plan and the Optionee's
original option agreement relating to the Option.

         12. Issuance of Shares. As a condition of any sale or issuance of
Shares upon exercise of any Option, the Committee may require such agreements or
undertakings, if any, as the Committee may deem necessary or advisable to assure
compliance with any such law or regulation including, but not limited to, the
following:

                           (i) a representation and warranty by the Optionee to
         the Company, at the time any Option is exercised, that he is acquiring
         the Shares to be issued to him for investment and not with a view to,
         or for sale in connection with, the distribution of any such Shares;
         and

                           (ii) a representation, warranty and/or agreement to
         be bound by any legends that are, in the opinion of the Committee,
         necessary or appropriate to comply with the provisions of any
         securities law deemed by the Committee to be applicable to the issuance
         of the Shares and are endorsed upon the Share certificates.

In addition and notwithstanding anything contained in the Plan to the contrary,
the Company shall have no obligation to issue or deliver Shares under the Plan
prior to (a) the obtaining of any approval from any governmental agency which
the Company shall, in its sole discretion, determine to be necessary or
advisable, (b) the admission of such shares to listing on the stock exchange or
stock market on which the Common Stock may be listed and (c) the completion of
any registration of any governmental body which the Company shall, in its sole
discretion, determine to be necessary or advisable.

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         13. Administration of the Plan.

                  (a) The Plan shall be administered by the Committee, which
shall consist of one or more members of the Board. The Committee shall have all
of the powers of the Board with respect to the Plan. Any member of the Committee
may be removed at any time, with or without cause, by resolution of the Board
and any vacancy occurring in the membership of the Committee may be filled by
appointment by the Board.

                  (b) The Committee, from time to time, may adopt rules and
regulations for carrying out the purposes of the Plan. The determinations and
the interpretation and construction of any provision of the Plan by the
Committee shall be final and conclusive.

                  (c) Any and all decisions or determinations of the Committee
shall be made either (i) by a majority vote of the members of the Committee at a
meeting or (ii) without a meeting by the unanimous written approval of the
members of the Committee.

         14. Options for 10% Shareholders. Notwithstanding any other provisions
of the Plan to the contrary, an Incentive Stock Option shall not be granted to
any person owning directly or indirectly (through attribution under Section
424(d) of the Code) at the date of grant, stock possessing more than 10% of the
total combined voting power of all classes of stock of the Company (or of its
parent or subsidiary as defined in Section 424 of the Code at the date of grant)
unless the exercise price of such Option is at least 110% of the Fair Market
Value of the Shares subject to such Option on the date the Option is granted,
and such Option by its terms is not exercisable after the expiration of five
years from the date such Option is granted.

         15. No Fractional Shares. No fractional shares of Common Stock shall be
issued pursuant to any Option granted under the Plan, and no payment or other
adjustment shall be made in respect of any such fractional share.

         16. Withholding Taxes. The Company shall be entitled to deduct from any
payment made under the Plan, regardless of the form of such payment, the amount
of all applicable income and employment taxes required by law to be withheld
with respect to such payment and may require the Optionee to pay to the Company
such withholding taxes prior to and as a condition of the making of any payment
or the issuance or delivery of any shares of Common Stock under the Plan. In
addition, the Company or Subsidiary employing the Optionee shall be entitled to
deduct from any other compensation payable to the Optionee any withholding
obligations with respect to Options under the Plan.

         17. Binding Effect. The obligation of the Company under the Plan shall
be binding upon any successor corporation or organization resulting from the
merger, consolidation or other reorganization of the Company, or upon any
successor corporation or organization succeeding to all or substantially all of
the assets and business of the Company. The terms and conditions of the Plan
shall be binding upon each Optionee and his or her heirs, legatees, distributees
and legal representatives.

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         18. Interpretation.

                  (a) The Plan shall be administered and interpreted so that all
Incentive Stock Options granted under the Plan will qualify as Incentive Stock
Options under section 422 of the Code. If any provision of the Plan should be
held invalid for the granting of Incentive Stock Options or illegal for any
reason, such determination shall not affect the remaining provisions hereof, but
instead the Plan shall be construed and enforced as if such provision had never
been included in the Plan.

                  (b) This Plan shall be governed by the laws of the State of
Texas.

                  (c) Headings contained in this Agreement are for convenience
only and shall in no manner be construed as part of this Plan.

                  (d) Any reference to the masculine, feminine, or neuter gender
shall be a reference to such other gender as is appropriate.

         19. Amendment and Discontinuation of the Plan. The Board may at any
time suspend, terminate, amend or modify the Plan, in whole or in part;
provided, however, that no amendment or modification of the Plan shall become
effective without the approval of such amendment or modification by the
stockholders of the Company if the Company, on the advice of counsel, determines
that such stockholder approval is necessary or desirable. Upon termination of
the Plan, the terms and provisions of the Plan shall, notwithstanding such
termination, continue to apply to Options granted prior to such termination. No
suspension, termination, amendment or modification of the Plan shall adversely
affect in any material way any Option previously granted under the Plan, without
the consent of the Optionee holding such Option (except that such consent shall
not be required in the case of an amendment or modification required following a
change in law or interpretation thereof to cause the Options under the Plan to
continue to qualify as "performance- based compensation" within the meaning of
Section 162(m) of the Code).

         20. Effective Date and Termination Date. The Plan shall be effective as
of June 4, 1999, the date of its adoption by the Board, provided it is duly
approved by the holders of at least a majority of the Shares of Common Stock
present or represented and entitled to vote at a meeting of the shareholders of
the Company duly held in accordance with applicable law within twelve months
after the date of adoption of the Plan by the Board. If the Plan is not so
approved, the Plan shall terminate and any Option granted hereunder shall be
null and void. If approved, the Plan shall terminate on the 30th anniversary of
the effective date, unless earlier terminated by the Board in accordance with
Section 16 hereof.

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         IN WITNESS WHEREOF, this Plan has been executed this 4th day of June,
1999.

                                             COMPUTRAC, INC.

                                             By: /s/ Dana E. Margolis
                                                 -------------------------------
                                                 Name: Dana E. Margolis
                                                 Title: Secretary and Treasurer

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                              INVESTMENT ADVISORY

                                   AGREEMENT

                                     BY AND

                                    BETWEEN

                      INDIANAPOLIS LIFE INSURANCE COMPANY

                                      AND

                     AMERUS CAPITAL MANAGEMENT GROUP, INC.

                                      DATED

                               FEBRUARY 18, 2000

<PAGE>   2

                               TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                        Page
<S>     <C>                                                                                            <C>
1.      INVESTMENT MANAGEMENT AND SERVICES ...........................................................    2
        1.1     Authorization and Appointment ........................................................    2
        1.2     Services and Advice ..................................................................    2
        1.3     Documentation ........................................................................    4
        1.4     Compliance With Investment Laws and Company Policies and Guidelines ..................    4
        1.5     Custodian ............................................................................    5
        1.6     Reports to Boards of Directors .......................................................    6
        1.7     Supervision by Board of Directors ....................................................    6
        1.8     Powers of Advisor ....................................................................    7

2.      PERSONNEL, FACILITIES AND COSTS ..............................................................    8
        2.1     Personnel ............................................................................    8
        2.2     Facilities ...........................................................................    8
        2.3     Costs and Expenses ...................................................................    8
        2.4     Brokerage ............................................................................    9
        2.5     Non-Exclusive Advisory Services ......................................................   10
        2.6     Agency Cross Transactions ............................................................   10
        2.7     Aggregation ..........................................................................   11
        2.8     Conflict of Interest .................................................................   12

3.      AMOUNT AND PAYMENT OF FEES ...................................................................   12
        3.1     Fees for Services ....................................................................   12
        3.2     Adjustment to Fees ...................................................................   12
        3.3     Proration of Fees ....................................................................   13

4.      CONFIDENTIALITY, PERFORMANCE, AND RELATIONSHIP OF PARTIES ....................................   13
        4.1     Disclosure of Information ............................................................   13
        4.2     Records and Reports ..................................................................   14
        4.3     Inspection of Books and Records ......................................................   14
        4.4     Performance ..........................................................................   15
        4.5     Relationship of Parties ..............................................................   15
        4.6     Standard of Care .....................................................................   15
        4.7     Indemnification ......................................................................   16
        4.8     Arbitration of Disputes ..............................................................   17

5.      REPRESENTATIONS AND WARRANTIES ...............................................................   19
        5.1     Representations and Warranties of the Company ........................................   19
        5.2     Representations and Warranties of Advisor ............................................   20
</TABLE>

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<TABLE>
<S>     <C>                                                                                            <C>
6.      ACKNOWLEDGEMENTS AND CONSENTS ................................................................   20
        6.1     Regulatory Approvals .................................................................   20
        6.2     Rule 204-3 Notice ....................................................................   21
        6.3     No Representation ....................................................................   21
        6.4     Confidential Information .............................................................   21

7.      MISCELLANEOUS ................................................................................   22
        7.1     Termination and Cancellation .........................................................   22
        7.2     Notices ..............................................................................   22
        7.3     Entire Agreement .....................................................................   23
        7.4     Governing Law ........................................................................   23
        7.5     Amendments ...........................................................................   23
        7.6     Binding Agreement ....................................................................   23
        7.7     Severable Provisions .................................................................   23
        7.8     Assignment ...........................................................................   24
        7.9     Counterparts .........................................................................   24
        7.10    Required CFTC Legend .................................................................   24
</TABLE>

                                       ii
<PAGE>   4

                  THIS INVESTMENT ADVISORY AGREEMENT (the "Investment Advisory
Agreement") is dated this ___ day of February, 2000, made and entered into by
and between INDIANAPOLIS LIFE INSURANCE COMPANY, an Indiana domiciled life
insurance company (the "Company"), and AMERUS CAPITAL MANAGEMENT GROUP, INC., an
Iowa corporation (the "Advisor").

                                R E C I T A L S:

                  WHEREAS, the Company desires to have the Advisor provide
certain investment advisory services, including investment management,
investment accounting and asset/liability management services on the terms and
conditions set forth herein; and

                  WHEREAS, the Advisor agrees to provide such investment
advisory services on the terms and conditions set forth herein; and

                  WHEREAS, the Company and the Advisor acknowledge that all
investment advisory services provided under this Agreement are subject to the
applicable investment provisions of the Indiana Insurance Law as well as
oversight by the Company's Board of Directors;

                  NOW THEREFORE, in consideration of the foregoing and the
respective representations, warranties, covenants, agreements and conditions set
forth herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending to
be legally bound, agree as follows:

<PAGE>   5

         1.       INVESTMENT MANAGEMENT AND SERVICES

         1.1 AUTHORIZATION AND APPOINTMENT. The Company hereby authorizes and
appoints the Advisor to act as its investment advisor and to exercise full
investment discretion subject to the terms of this Investment Advisory
Agreement, as the Company's agent and attorney-in-fact, with respect to all cash
and invested assets of the Company (consisting of all assets required to be
listed on Lines 1 through 10 of Page 2 of the NAIC Annual Statement blank for
Life and Accident and Health Companies, other than policy loans (Line 5) and
real estate properties occupied by the Company (Line 4.1)) (all of which cash
and invested assets are collectively referred to in this Investment Advisory
Agreement as the "Assets"), and to perform the investment-related services
described in this Investment Advisory Agreement.

         1.2 SERVICES AND ADVICE. The Advisor agrees to manage and service the
Assets of the Company. The services to be rendered by the Advisor to the Company
pursuant to this Section 1.2 shall include:

         (a) Providing a continuous investment program for the Company,
including recommending investment policies and establishing procedures and asset
allocation and investment strategies commensurate with the Company's risk,
return, income, tax and asset/liability goals and objectives;

         (b) Supervising, managing and directing the investment and reinvestment
of cash, securities, loans and all other property that comprise the Assets of
the Company;

         (c) Obtaining and evaluating pertinent economic, financial, and other
relevant data affecting the Assets and other investment opportunities which the
Advisor considers suitable for

                                       2
<PAGE>   6

the Company, and purchasing and selling or otherwise disposing of Assets in the
name and on behalf of the Company;

         (d) Taking or causing all supervisory and ministerial actions to be
taken which are necessary to implement, manage, and service the investment
program of the Company, including but not limited to effecting and documenting
all transactions in the Assets and obtaining legal evidence of the ownership of
all Assets purchased or otherwise acquired for the Company's account;

         (e) Performing, as requested by the Company, asset/liability matching
services including, but not limited to, cash flow testing, modeling activities,
the development of asset baseline strategies commensurate with the risk
characteristics of associated liabilities and to give advice on the investment
aspects of product development for traditional as well as investment oriented
products; and

         (f) Providing investment accounting services and reports as follows:

                  (i)      providing financial reporting on all invested
                           asset-related accounts and all investment
                           income-related accounts necessary for inclusion in
                           the Company's general ledger, with the level of
                           detail deemed appropriate by the parties, and

                  (ii)     providing additional accounting services as are
                           normally provided in the course of investment
                           management for a life insurance company, such as
                           providing information for regulatory reports,
                           industry statistics, rating agency compilations and
                           examination reports.

                                       3
<PAGE>   7

         1.3 DOCUMENTATION. The Advisor shall maintain, and cause any Custodian
(as herein defined) having custody of any of the Assets to furnish to the
Advisor, copies or originals of the documentation pertaining to the servicing
and management of the Assets, including trade confirmations.

         1.4 COMPLIANCE WITH INVESTMENT LAWS AND COMPANY POLICIES AND
GUIDELINES. In carrying out its responsibilities under this Investment Advisory
Agreement, the Advisor agrees to comply with all applicable requirements of the
Investment Advisers Act of 1940, as amended (the "Investment Advisers Act"), the
federal securities laws and all other applicable laws and regulations, and
acknowledges that its management of the Assets is subject to the following
guidelines, limitations and restrictions:

         (a) All investments shall be made in compliance with all applicable
laws and regulations, including, without limitation, the relevant investment
provisions of Indiana's Insurance Law, including the qualitative and
quantitative limitations set forth therein;

         (b) All investments shall be, in addition, subject to the investment
policies and guidelines approved by the Company's Board of Directors which are
attached hereto as Schedule 1.4(b)(ii)(as such investment policies may be
amended from time to time by the Company's Board of Directors, the "Company's
Investment Policies"). The Company reserves the right, in its sole discretion,
to amend the Company's Investment Policies and agrees that any such amendments
shall take effect only upon notice to the Advisor.

         (c) All hedging activity in which the Company may become involved
relating to the investments and income generation activity by means of
derivative transactions will be subject to a Derivative Use Plan to be adopted
by the Company's Board of Directors and approved by the

                                       4
<PAGE>   8

Indiana Insurance Department (the "IID"). The Advisor will assist the Company in
developing the Derivative Use Plan after the date hereof. The Company reserves
the right, in its sole discretion, to amend such Derivative Use Plan and agrees
that any such amendments shall take effect only upon notice to the Advisor and
approval by the IID.

         1.5 CUSTODIAN. (a) Assets consisting of cash and securities shall be
held by those institutions specified in writing by the Company on Schedule 1.5
hereto (the "Custodians"). The Company's list of Custodians on Schedule 1.5 may
be modified from time to time by the Company after consultation with the
Advisor. The Company hereby represents that the institutions set forth on
Schedule 1.5 have agreed to act as Custodians for its Assets.

         (b) The Assets will be established and maintained with the relevant
Custodians as provided herein and will be subject to any applicable custodial
agreements. The Company agrees to cooperate with the Advisor and the Custodians
in taking all such action as may be necessary or advisable to establish the
Advisor's and the Custodians' authority with respect to the management of the
securities and other Assets held in the Company's account.

         (c) The Company shall furnish such authorization as any Custodian may
require from time to time in order that the Advisor may direct such Custodian to
deliver Assets sold and to pay out of the cash portion of the Assets managed by
the Advisor for any additional Assets purchased in accordance with any relevant
custodial agreement and this Investment Advisory Agreement.

         (d) The Advisor shall give the Custodians appropriate instructions in
writing or orally and confirmed in writing as soon as practicable thereafter.
The Company shall instruct the Custodians to provide the Advisor with such
periodic reports concerning the status of the Company's account as the Advisor
may reasonably request from time to time. All income, gains

                                       5
<PAGE>   9

and accruals from or to the Assets shall be collected by the relevant Custodian
and credited to the Company's account.

         (e) The Company agrees that the Advisor shall have no liability to the
Company or any other person for any loss or other harm to any property of the
Company held in the custody of a Custodian (or its nominee), including any harm
to any property of the Company resulting from the bankruptcy of the Custodian or
any acts of the agents or employees of a Custodian and whether or not the full
amount of such loss is covered by the Securities Investor Protection Corporation
("SIPC") or any other insurance which may be carried by a Custodian. The Company
understands that SIPC provides only limited protection for the loss of property
held by a broker dealer.

         1.6 REPORTS TO BOARDS OF DIRECTORS. The Advisor shall furnish such
periodic reports as may be requested by the Board of Directors of the Company,
or its duly authorized committee with respect to: (i) the Advisor's investment
activities and the performance of the Assets and the Company's investment
program; (ii) the Advisor's recommended changes, if any, in the Company's
investment program; and (iii) any and all other actions taken by the Advisor
relating to the Company's investment program.

         1.7 SUPERVISION BY BOARD OF DIRECTORS. The Advisor acknowledges that
the Board of Directors of the Company is vested with the power, authority and
responsibility for managing the business and affairs of the Company including,
without limitation, its investment program. The Advisor acknowledges that any
and all actions, whether supervisory or ministerial, taken pursuant to this
Section 1 by the Advisor shall be subject to the continuous supervision of said
Board of Directors.

                                       6
<PAGE>   10

         1.8 POWERS OF ADVISOR. (a)Subject to the terms of this Investment
Advisory Agreement, the Company's Investment Policies and such written
investment instructions as the Company may deliver to the Advisor from time to
time (such terms, policies and instructions are collectively referred to herein
as the "Terms and Instructions"), the Advisor shall have power to supervise,
direct and execute the investment and reinvestment of the cash, securities and
other property that comprise the Assets and engage in such transactions on the
Company's behalf as the Advisor may deem appropriate, in the Advisor's sole
discretion and without prior consultation with the Company, in any and all forms
of securities or other property as permitted by the Terms and Instructions, and
to hold temporary cash balances without liability of the Advisor to the Company
for interest thereon or to invest such temporary cash balances in money market
funds or comparable short-term investments pending reinvestment thereof. The
Company hereby ratifies and confirms any and all transactions hereafter engaged
in by the Advisor in respect of its Assets provided that such transactions
comply with the Terms and Instructions.

         (b) The Advisor shall, subject to the terms of this Investment Advisory
Agreement and the Company's Investment Policies, have the exclusive right to
manage the Assets and may use and rely on such information and materials as it
may deem pertinent (including seeking advice from its affiliates). Subject to
the foregoing, the Advisor may delegate all or a portion of its responsibilities
with respect to all or a portion of the Assets to one or more sub-advisors with
the consent of the Company, each of whom shall be an agent of the Advisor;
provided, that no such delegation shall relieve the Advisor from its obligations
hereunder.

                                       7
<PAGE>   11

         (c) Subject to the Terms and Instructions, and with respect to any
Assets in the form of securities, the Advisor is authorized, but shall not be
required: (i) to vote, tender or convert any such securities: (ii) to execute
waivers, consents and other instruments with respect to such securities; and
(iii) to endorse, transfer or deliver such securities or to consent to any class
action, plan of reorganization, merger, combination, consolidation, liquidation,
or similar plan with reference to such securities.

         2.       PERSONNEL, FACILITIES AND COSTS

         2.1 PERSONNEL. Except as otherwise provided herein, the Advisor shall
furnish all personnel necessary to provide all the services to the Company as
are required to be rendered under this Investment Advisory Agreement.

         2.2 FACILITIES. The Advisor shall furnish all equipment, software and
other facilities necessary to provide all of the services to the Company as are
required to be rendered under this Investment Advisory Agreement.

         2.3 COSTS AND EXPENSES. The Company shall pay directly or reimburse the
Advisor for all costs and expenses reasonably necessary or required for Advisor
to render the services provided for by this Investment Advisory Agreement,
including, without limitation, all subadvisory fees, Custodian fees, mortgage
servicing fees, brokers' fees, bank fees, legal expenses and fees for tax advice
(provided the fees for legal services and tax advice are incurred for such
services beyond those provided in the normal course of originating or acquiring
securities, mortgage loans and other Assets and, in respect to any single
request for such services that the Advisor reasonably expects will exceed
$5,000.00, with the consent of the Company) and any costs of safekeeping or
transport in connection with the acquisition and disposition of

                                       8
<PAGE>   12

Assets, including execution costs, custody fees, margin costs and any other
transaction expenses incurred in connection with a transaction in any of the
Assets; provided, however, that no employee of the Advisor shall receive any
salary or other compensation directly from the Company in connection with the
services, advice, and assistance to be rendered by the Advisor under this
Investment Advisory Agreement.

         2.4 BROKERAGE. The Advisor is authorized to use its discretion to
select the brokers or dealers that will execute transactions in securities which
are included in the Assets. The Advisor will use reasonable efforts to obtain
prompt execution of orders at the most favorable prices reasonably obtainable
and, in doing so, will consider a number of factors, including, without
limitation, the overall direct net economic result of the transaction (including
commission, which may not be the lowest available but which ordinarily will not
be higher than the generally prevailing competitive range), the financial
strength and stability of the broker, the efficiency with which the transaction
is effected, the ability to effect a transaction involving a large block, the
availability of the broker to stand ready to execute possible difficult
transactions in the future and other matters involved in the receipt of
"brokerage and research services" as defined in and in compliance with Section
28(e) of the Securities Exchange Act of 1934, as amended, and regulations
thereunder. It is further understood that any supplemental advisory or
statistical services which may be provided to the Advisor from time to time by a
broker-dealer or other person for whatever reason shall not reduce the amount of
the fees payable to the Advisor hereunder, notwithstanding that such
supplemental advisory or statistical services are being furnished in connection
with or incident to the execution of portfolio securities transactions of the
Assets.

                                       9
<PAGE>   13

         2.5 NON-EXCLUSIVE ADVISORY SERVICES. It is understood that the Advisor
performs investment advisory services for various clients including investment
companies. The Company agrees that the Advisor may give advice and take action
with respect to any of its other clients which may differ from the advice given,
or the timing or nature of action taken, with respect to the Assets, so long as
it is the Advisor's policy, to the extent practical, to allocate investment
opportunities to the Company over a period of time on a fair and equitable basis
relative to other clients. Nothing in this Investment Advisory Agreement shall
limit or restrict the Advisor or any of its directors, officers, affiliates or
employees from buying, selling or trading in any securities or other assets for
its or their own account or accounts, and the Company acknowledges that the
Advisor, its directors, officers, affiliates and employees, and other clients of
the Advisor, may at any time acquire, increase, decrease or dispose of positions
in investments which are at the same time being acquired, held or disposed of
for the Company. The Advisor will not have any obligation to initiate the
purchase or sale, or to recommend for purchase or sale, for the Company any
security or other asset which the Advisor, its directors, officers, affiliates
or employees may purchase, hold or sell for its or their own accounts or for the
accounts of any other clients of the Advisor.

         2.6 AGENCY CROSS TRANSACTIONS. From time to time, the Advisor or
brokers or dealers affiliated with it may find themselves in a position to buy
for certain of their brokerage clients securities which the Advisor's investment
advisory clients wish to sell, and to sell for certain of their brokerage
clients securities which advisory clients wish to buy. Where one of the parties
is an advisory client, the Advisor or the affiliated broker or dealer cannot
participate in this type of transaction (known as a cross transaction) on behalf
of an advisory client and retain commissions

                                       10
<PAGE>   14

from both parties to the transaction without the advisory client's consent. This
is because in a situation where the Advisor is making the investment decision
(as opposed to a brokerage client which makes its own investment decisions), and
the Advisor or an affiliate is receiving commissions from one or both sides of
the transaction, there is a potential conflicting division of loyalties and
responsibilities on the Advisor's part regarding the advisory client. The
Securities and Exchange Commission has adopted a rule under the Investment
Advisers Act which permits the Advisor or its affiliates to participate on
behalf of the Company in agency cross transactions if the Company has given
written consent in advance. By execution of this Investment Advisory Agreement,
the Company authorizes the Advisor or its affiliates to participate in agency
cross transactions involving the Assets, subject to the Company's prior written
consent with respect to each particular agency cross transaction.

         2.7 AGGREGATION. The Advisor is authorized, in its discretion, to
aggregate purchases and sales and other transactions made for the Company with
purchases and sales and other transactions in the same or similar securities or
instruments of the same issuer or counterparty for other clients of the Advisor
or with affiliates of the Advisor. When transactions are so aggregated, the
actual prices applicable to the aggregated transactions will be averaged, and
the Company will be deemed to have purchased or sold its proportionate share of
the instruments involved at the average price so obtained. Stock exchange
regulations may in certain instances prevent the executing broker/dealer from
delivering a separate confirmation slip with respect to the Company's
participation in the aggregated transactions and, in such event, the Advisor
will advise the Company in writing of any purchase or disposition of instruments
for the Company with respect to any such aggregated transaction.

                                       11
<PAGE>   15

         2.8 CONFLICT OF INTEREST. The Advisor shall not render any advice or
services concerning securities of companies of which any of the Advisor's, or
affiliates of the Advisor's, officers, directors, or employees are directors or
officers, or companies in which the Advisor or any of the Advisor's affiliates
or the officers, directors and employees of any of them has any substantial
economic interest, unless the Advisor discloses such conflict to the Company
prior to rendering such advice or services.

         3.       AMOUNT AND PAYMENT OF FEES

         3.1 FEES FOR SERVICES. As consideration for the Advisor providing the
services, advice and assistance in connection with the Company's Assets and
investment program set forth in this Investment Advisory Agreement, the Company
agrees to pay the Advisor the fees set forth on Schedule 3.1 to this Investment
Advisory Agreement. The fees payable to the Advisor hereunder shall be exclusive
of the costs and expenses described in Section 2.3 incurred by the Advisor in
connection with transactions in the Assets, which shall be paid directly by the
Company or, if paid by the Advisor, reimbursed to the Advisor in addition to the
fees set forth in Schedule 3.1.

         3.2 ADJUSTMENT TO FEES. The fees payable under Section 3.1 shall remain
payable each quarter for the duration of the term of this Investment Advisory
Agreement; provided, however, that if the amount of the Adjusted Assets (as
defined in Schedule 3.1) increases or decreases by at least 25% of the amount of
such Adjusted Assets as of the date of this Investment Advisory Agreement, then
the amount payable shall be subject to adjustment by the parties as set forth in
Schedule 3.1. For purposes of determining such increase or decrease, the
Adjusted Assets shall be valued as follows at the end of any calendar quarter
(each, a "Valuation Date") during the continuation of this Investment Advisory
Agreement. Bonds, debentures, notes, certificates of

                                       12
<PAGE>   16

deposit, and other fixed income securities of a similar nature, whether or not
traded on a national securities exchange, shall be valued in accordance with any
reasonable valuation method selected by the Advisor which is based on sales
prices of the same or comparable securities on or reasonably preceding the
Valuation Date. Other securities for which market quotations are readily
available will be valued at the known current bid price reasonably believed by
the Advisor to most nearly represent current market value. Other securities and
all other assets will be valued at fair market value as determined in good faith
by the Advisor.

         3.3 PRORATION OF FEES. In the event of (a) inception of this Investment
Advisory Agreement on a day other than the first day of a calendar quarter or
(b) termination of this Investment Advisory Agreement on a day other than the
last day of a calendar quarter, the fee accrued during the quarter in which such
event occurs shall be prorated on the basis of the number of days that the
Investment Advisory Agreement is in effect during such quarter relative to the
number of days in such quarter.

         4.       CONFIDENTIALITY, PERFORMANCE, AND RELATIONSHIP OF PARTIES

         4.1 DISCLOSURE OF INFORMATION. The Advisor agrees that all information
communicated to it by the Company while this Investment Advisory Agreement is in
force shall be used by the Advisor only for the purposes of this Investment
Advisory Agreement and for the benefit of the Advisor and its affiliates in
connection with the Combination and Investment Agreement, dated as of the date
hereof, between American Mutual Holding Company, AmerUs Life Holdings, Inc.,
Indianapolis Life Insurance Company and The Indianapolis Life Group of
Companies, Inc., and that, during the term of this Investment Advisory Agreement
and thereafter, the Advisor will not

                                       13
<PAGE>   17

disclose such information to any person who is not a director, officer, employee
or agent of the Company or the Advisor or, in furtherance of the performance of
this Investment Advisory Agreement, an affiliate thereof who shall agree to be
bound by this Section, except to the extent that such disclosure is required,
directly or indirectly, by applicable law, rule or regulation, it being
acknowledged that, to the extent such disclosure is made to any sub-advisor or
other agent of the Advisor, such agent shall be required to undertake to be
bound by the provisions of this Section.

         4.2 RECORDS AND REPORTS. All forms, records, statements, reports, files
and other data and information prepared, maintained or collected by the Advisor
in the performance of this Investment Advisory Agreement shall become the sole
property of the Company and, upon request, shall be furnished to the Company or
its designee.

         4.3 INSPECTION OF BOOKS AND RECORDS. The Advisor shall keep books of
account and records relating to the services performed hereunder, in which full
and correct entries will be made in accordance with generally accepted
accounting procedures. In addition, the books, records and accounts kept by
Advisor with respect to this Investment Advisory Agreement shall be so
maintained as to clearly and accurately disclose the precise nature and details
of the services, advice and assistance provided by Advisor to the Company. In
addition to the rights to have information and records furnished to it pursuant
to Section 4.2 above, the Company or its designated agents shall have, upon not
less than five (5) days prior written notice to the Advisor, the right to
inspect the books and records of the Advisor at the offices of the Advisor in
which said books and records are maintained during normal business hours for any
purpose related to the Advisor's performance under this Investment Advisory
Agreement. The Company and

                                       14
<PAGE>   18

affiliates of the Company who are also clients of the Advisor shall coordinate
their exercise of the rights described in this paragraph in order to minimize
the impact of such inspection on the Advisor.

         4.4 PERFORMANCE. The failure of any party to insist upon strict
performance of any provision of this Investment Advisory Agreement shall not
constitute a waiver of the right to insist upon strict performance of the
obligation to strictly perform thereafter.

         4.5 RELATIONSHIP OF PARTIES. The Advisor assumes no responsibility
under this Investment Advisory Agreement other than to render the services,
advice, and assistance provided for hereunder in accordance with this Investment
Advisory Agreement. It is expressly understood and agreed that with respect to
and for the purposes of this Investment Advisory Agreement, that the Advisor and
the Company are not partners or joint venturers. The relationship between the
Company and the Advisor with respect to and for the purposes of this Investment
Advisory Agreement shall be that of independent contractor.

         4.6 STANDARD OF CARE. (a)The Company understands that the Advisor has
assumed no responsibility under this Investment Advisory Agreement other than to
render the services provided for herein in accordance with this Investment
Advisory Agreement. The Advisor shall use its best judgment and knowledge in
carrying out its duties hereunder in good faith, and shall be liable for actions
and omissions constituting violations of the Investment Advisors Act, other
federal securities laws or any other applicable laws, but shall not be liable
for any mistake of judgment or for any other loss suffered by the Company in the
management of the Assets unless such loss results from the Advisor's willful
misfeasance, gross negligence, reckless disregard of its duties or bad faith in
connection with its performance hereunder. Without limiting the

                                       15
<PAGE>   19

generality of the foregoing, the Advisor shall have no liability to any person
for the acts or omissions of any third party (other than its own agents).

         (b) The Advisor shall use its best efforts to tender securities and
interest coupons in response to offers, calls or redemptions, or with respect to
exercise of conversion provisions, subscription rights and other options
relating to the Assets, but the Advisor shall not be liable to the Company or
otherwise for any failure to do so or to perform any act in connection therewith
or to do so on a timely basis, unless the Advisor has received written notice
thereof that refers to particular securities managed by it for the account of
the Company, in which case the Advisor shall exercise its sole discretion in
respect thereto in accordance with this Investment Advisory Agreement.

         (c) The Advisor is authorized to accept and rely upon all written or
oral instructions, reports or communications given by an authorized agent of the
Company listed on Schedule 5.1(c) (as such Schedule may be amended from time to
time). The Advisor shall not be responsible for any act, omission or bankruptcy
of any broker-dealer or Custodian or any other person with whom the Advisor may
deal in respect of this Investment Advisory Agreement, including, without
limitation, actions taken in reliance on directions given by any agent of the
Company.

         4.7 INDEMNIFICATION. (a) The Company shall indemnify and hold the
Advisor and each of its directors, members, managers, shareholders, officers,
controlling persons, employees, sub-advisors and agents (including any
individual who serves at the Advisor's request as director, officer, trustee or
the like of another corporation) and/or the legal representatives and
controlling persons of any of them harmless to the fullest extent permitted by
law from and against all losses,

                                       16
<PAGE>   20

claims, liabilities and expenses of any kind (including reasonable attorneys'
fees and expenses) and amounts paid in satisfaction of judgments, in compromise
or as fines or penalties (a "Loss") resulting from any inaccuracy of any
representation made by the Company herein or arising out of or as a consequence
of, or resulting from, any matter arising under this Investment Advisory
Agreement, including without limitation, actions taken by the Advisor pursuant
to this Investment Advisory Agreement other than with respect to any Loss
resulting from any failure by the Advisor to perform its duties and
responsibilities hereunder in accordance with the terms of this Investment
Advisory Agreement (including the standard of care set forth herein). The
Company agrees that this indemnity shall survive termination of this Investment
Advisory Agreement.

         (b) The Advisor shall indemnify and hold the Company harmless from and
against all Losses resulting from any inaccuracy of any representation made by
the Advisor herein or resulting from any failure by the Advisor to perform its
duties and responsibilities hereunder consistent with Section 4.6(a) of this
Investment Advisory Agreement. The Advisor agrees that this indemnity shall
survive termination of this Investment Advisory Agreement.

         4.8 ARBITRATION OF DISPUTES. (a)In the event of any dispute arising
between the Company and the Advisor with reference to any provision of this
Investment Advisory Agreement, the matter shall be arbitrated in accordance with
the Rules of the American Arbitration Association and the Federal Arbitration
Act, as provided below.

         (b) Neither party shall initiate arbitration unless, at least 30 days
prior thereto, the party requesting arbitration has given the other party
written notice of the intent to initiate arbitration and a detailed description
of the basis of the dispute. If the dispute remains

                                       17
<PAGE>   21

unresolved at the end of such 30-day period, then either party may notify the
other that it is proceeding to arbitration.

         (c) Within thirty (30) days following such second notification, the
Company shall appoint an arbitrator and the Advisor shall appoint an arbitrator.
In the event one of the parties fails to appoint an arbitrator within said
thirty (30) days, the other party shall appoint both arbitrators. Within fifteen
(15) days following their appointment, and before entering into arbitration, the
arbitrators shall select an umpire. In the event the arbitrators are not able to
decide upon an umpire within said fifteen (15) days, the umpire shall be
appointed by the American Arbitration Association. The arbitrators shall be
executive officers or retired officers of investment management firms. Within
sixty (60) days following the notification of the decision to arbitrate, the
arbitration panel shall begin arbitration in Chicago, Illinois unless some other
place is agreed upon by the Company and the Advisor, at which time the parties
hereto may submit their cases in writing to the arbitration panel.

         (d) The arbitration panel shall interpret this Investment Advisory
Agreement in accordance with Iowa laws and shall conduct proceedings in
accordance with the Federal Rules of Civil Procedure. Within sixty (60) days
after beginning the arbitration, the arbitrators shall file their written
decision on the matter under arbitration with the Company and with the Advisor.

         (e) The expenses of the arbitration shall be paid by the party or
parties in the proportion established by the arbitrators.

         (f) Any award of the arbitrators shall be deemed final and judgment
upon such award may be entered and enforced in any Iowa District Court and
transferred to any other jurisdiction.

                                       18
<PAGE>   22

         5.       REPRESENTATIONS AND WARRANTIES

         5.1 REPRESENTATIONS AND WARRANTIES OF THE COMPANY. The Company hereby
represents and warrants that as of the date of this Investment Advisory
Agreement:

         (a) This Investment Advisory Agreement has been duly authorized,
executed and delivered by the Company and constitutes its valid and binding
obligation, enforceable against the Company in accordance with its terms;

         (b) No governmental authorizations, approvals, consents or filings,
except for any filing with the Indiana State Department of Insurance, are
required in connection with the execution, delivery or performance of this
Investment Advisory Agreement by the Company; the execution, delivery and
performance of this Investment Advisory Agreement by the Company will not
violate or result in any default under the Company's certificate of
incorporation or bylaws (or equivalent constituent documents), any contract or
other agreement to which the Company is a party or by which it or its assets
(including the Assets) may be bound or any statute or any rule, regulation or
order of any government agency or body;

         (c) The list of signatures attached hereto as Schedule 5.1(c) with
respect to the Company constitutes the valid signatures of all directors,
officers, employees or agents of the Company authorized to take action with
respect to the Company's Assets and the Advisor shall be entitled to
conclusively rely on any document executed by any of them;

         (d) The Company is not an investment company (as that term is defined
in the Investment Company Act of 1940, as amended) and none of its Assets are
assets of an employee benefit plan subject to the provisions of the Employee
Retirement Income Security Act of 1974, as amended; and

                                       19
<PAGE>   23

         (e) The Company is a "qualified eligible client" as defined in Rule
4.7(b)(1)(ii) of the Commodity Exchange Act.

         5.2 REPRESENTATIONS AND WARRANTIES OF ADVISOR. The Advisor hereby
represents and warrants that as of the date of this Investment Advisory
Agreement:

         (a) The Advisor hereby acknowledges that it is registered as an
investment adviser under the Investment Advisers Act.

         (b) This Investment Advisory Agreement has been duly authorized,
executed and delivered by the Advisor and constitutes its valid and binding
obligation, enforceable against the Advisor in accordance with its terms; and

         (c) No governmental authorizations, approvals, consents or filings are
required in connection with the execution, delivery or performance of this
Investment Advisory Agreement by the Advisor; the execution, delivery and
performance of this Investment Advisory Agreement by the Advisor will not
violate or result in any default under the Advisor's certificate of
incorporation or bylaws (or equivalent constituent documents), any contract or
other agreement to which the Advisor is a party or by which it may be bound or
any statute or any rule, regulation or order of any government agency or body.

         6.       ACKNOWLEDGMENTS AND CONSENTS

         6.1 REGULATORY APPROVALS. The parties acknowledge that it is a
condition precedent to this Investment Advisory Agreement becoming effective
that all necessary insurance regulatory filings shall have been made and all
necessary insurance regulatory approvals shall have been obtained.

                                       20
<PAGE>   24

         6.2 RULE 204-3 NOTICE. The Advisor has delivered to the Company a copy
of the Advisor's Disclosure Statement, as required by Rule 204-3 under the
Investment Advisors Act. If the Company has not received the Advisor's
Disclosure Statement more than 48 hours prior to the date of execution of this
Investment Advisory Agreement, the Company understands that it may terminate
this Investment Advisory Agreement without penalty within five business days
after such date of execution, provided that any investment action taken by the
Advisor with respect to the Company's Assets prior to any such termination will
be at such Company's risk.

         6.3 NO REPRESENTATION. The Advisor makes no representation as to the
success of any investment strategy or security recommended by the Advisor to the
Company. The Company acknowledges that it understands that no particular rate of
return on the Assets has been promised or indicated by the Advisor.

         6.4 CONFIDENTIAL INFORMATION. By reason of the Advisor's investment
advisory activities and the investment banking and other activities of its
affiliates, the Advisor may acquire confidential information or be restricted
from initiating transactions in certain securities. The Company acknowledges and
agrees that the Advisor will not be free to divulge to the Company, or to act
upon, any such confidential information with respect to the Advisor's
performance of this Investment Advisory Agreement and that, due to such a
restriction, the Advisor may not initiate a transaction the Advisor otherwise
might have initiated.

                                       21
<PAGE>   25

         7.       MISCELLANEOUS

         7.1 TERMINATION AND CANCELLATION. (a)This Investment Advisory Agreement
shall terminate automatically if it is assigned (as such term is defined in the
Investment Advisers Act and the rules thereunder) by the Advisor without the
prior written consent of the Company.

         (b) This Investment Advisory Agreement may be terminated at any time by
either party by prior written notice to the other party, such termination to be
effective 60 days after receipt of such notice.

         (c) Upon termination, the Company shall immediately pay the Advisor all
sums due hereunder through the date of termination and the Advisor shall deliver
to the Company or its designee, as soon as reasonably practicable, all forms,
records, statements, files, reports and other data and information prepared or
collected by the Advisor in connection with the performance of this Investment
Advisory Agreement. Termination of this Investment Advisory Agreement shall not
affect any obligation or liability on the part of the Company for any
transaction entered into or obligation incurred on the Company's behalf prior to
the effective date of such termination.

         7.2 NOTICES. Any notices required or permitted under this Investment
Advisory Agreement shall be in writing and shall be deemed to have been duly
given if delivered or mailed, first class postage prepaid, to the parties at the
following addresses (or at such other address for a party as shall be specified
by like notice):

         If to the Company:         Indianapolis Life Insurance Company
                                    2960 North Meridian Street
                                    Indianapolis, Indiana  46208
                                    Attention:  Jan Funk

                                       22
<PAGE>   26

         If to the Advisor:         AmerUs Capital Management Group, Inc.
                                    699 Walnut, Suite 2000
                                    Des Moines, Iowa  50309-3948
                                    Attention: Thomas C. Godlasky, President

         7.3 ENTIRE AGREEMENT. This Investment Advisory Agreement contains the
entire understanding of the parties hereto and supersedes all prior agreements
of the parties with respect to the subject matter contained herein. Any
condition to a party's obligation hereunder may be waived in writing by such
party.

         7.4 GOVERNING LAW. It is understood that this Investment Advisory
Agreement shall be governed by and construed in accordance with the laws of the
State of Iowa applicable to contracts to be performed entirely within this
state, without regard to Iowa choice of law rules.

         7.5 AMENDMENTS. This Investment Advisory Agreement shall not be
amended, changed, modified, terminated or discharged in whole or in part, except
by an instrument in writing duly executed by the affected parties hereto, or
their respective successors or assigns, and shall be subject to any required
approval of the applicable state regulatory authority for the Company.

         7.6 BINDING AGREEMENT. This Investment Advisory Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective
permitted successors and assigns.

         7.7 SEVERABLE PROVISIONS. If any provisions of this Investment Advisory
Agreement shall be found to be invalid by any administrative agency or court of
competent jurisdiction, such finding shall not affect the remaining provisions
of this Investment Advisory Agreement and all such remaining provisions shall
remain in full force and effect.

                                       23
<PAGE>   27

         7.8 ASSIGNMENT. Any assignment, as defined by Section 202 of the
Investment Advisers Act to the extent applicable, by the Advisor shall require
the prior written consent of the Company, and any assignment by the Company or
the Advisor shall be subject to any required approval of the applicable state
regulatory authority for the Company.

         7.9 COUNTERPARTS. This Investment Advisory Agreement may be executed in
two or more separate counterparts, each of which shall be deemed to be an
original hereof, but all of which shall constitute one and the same instrument.

         7.10 REQUIRED CFTC LEGEND. PURSUANT TO AN EXEMPTION FROM THE COMMODITY
FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE
CLIENTS, THIS INVESTMENT ADVISORY AGREEMENT IS NOT REQUIRED TO BE, AND HAS NOT
BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES
NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE
ADEQUACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY
FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS INVESTMENT ADVISORY
AGREEMENT.

                                       24
<PAGE>   28

         IN WITNESS WHEREOF, the parties hereto have caused this Investment
Advisory Agreement to be executed as of this 18th day of February, 2000.

                                     AMERUS CAPITAL MANAGEMENT GROUP, INC.

                                     By: /s/ THOMAS C. GODLASKY
                                        -------------------------------------
                                     Name:  Thomas C. Godlasky
                                          -----------------------------------
                                     Title: President
                                           ----------------------------------

                                     INDIANAPOLIS LIFE INSURANCE COMPANY

                                     By: /s/ LARRY R. PRIBLE
                                        -------------------------------------
                                     Name:  Larry R. Prible
                                          -----------------------------------
                                     Title: Chairman, President and CEO
                                           ----------------------------------

                                       25

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