Summary of 2008 Named Executive Officer Compensation for FBL Financial Group, Inc.
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Summary
This document outlines the 2008 compensation for FBL Financial Group, Inc.'s Chief Executive Officer, Chief Financial Officer, and three other top executives. It details their base salaries, potential non-equity incentive plan payouts, stock option grants, and restricted stock grants. The compensation is subject to change by the company's management or board. Incentive payments depend on meeting specific performance goals, and stock awards are subject to vesting and performance conditions. The summary does not include other company benefit contributions.
EX-10.24 4 c24052exv10w24.htm SUMMARY OF NAMED EXECUTIVE OFFICER COMPENSATION exv10w24
EXHIBIT 10.24 SUMMARY OF NAMED EXECUTIVE OFFICER COMPENSATION
Summary of FBL Financial Group, Inc.
Named Executive Officer Compensation 2008
Named Executive Officer Compensation 2008
The table below summarizes certain calendar year 2008 compensation information regarding FBL Financial Group, Inc.s Chief Executive Officer, Chief Financial Officer and the other three highest compensated Executive Officers, (collectively the Named Executive Officers). These salaries are subject to change at the discretion of the Management Development and Compensation Committee and/or Board of Directors of the Company. These salaries do not include the Companys contributions to defined benefit and contribution plans and the Companys contributions to other employee benefit programs on behalf of the Named Executive Officers.
Name and Title | 2008 Base | 2008 Non-equity | 2008 Stock | 2008 Restricted | ||||||||
Salary | Incentive Plan | Option Grant | Stock Grant | |||||||||
threshold, target, cap | (#shares) (2) | (#shares) (3) | ||||||||||
as % of eligible pay, | ||||||||||||
payable in 2009 (1) | ||||||||||||
James W. Noyce, CEO | $732,000 | 45-90-180% | 70,000 | 30,000 | ||||||||
James P. Brannen, CFO | $416,250 | 30-60-120% | 26,411 | 14,554 | ||||||||
Bruce A. Trost, Executive VP Property/Casualty Companies | $410,141 | 30-60-120% | 26,023 | 14,341 | ||||||||
JoAnn Rumelhart, Executive VP Farm Bureau Life | $381,280 | 30-60-120% | 24,192 | 3,333 | ||||||||
John M. Paule, Executive VP EquiTrust Life | $390,246 | 30-60-120% | 24,761 | 13,645 |
(1) Payable pursuant to the FBL Financial Group, Inc. 2008 Management Performance Plan. Goals for the plan are set annually in such areas as membership accounts, insurance and annuity premium volume, expense controls and earnings per share. Payments are made in early February of the year following performance, upon certification by the Management Development and Compensation Committee of the level of goal attainment.
(2) Annually granted in mid-January pursuant to the 2006 Class A Common Stock Compensation Plan at date of grant closing stock price as the exercise price; vest in five annual installments and expire in ten years. The grants are incentive stock options to the extent permitted by tax law, with the remaining shares being nonqualified stock options.
(3) Annually issued in February pursuant to the 2006 Class A Common Stock Compensation Plan; these restricted shares are subject to forfeiture if Company performance goals (measured by earnings per share and return on equity) and other conditions are not met during the three years ended December 31, 2010, and assume that expected operations will result in earning the target amount of approximately 50% of the amount granted.