Excess Retirement Benefit Agreement

AGREEMENT entered into this ___ day ____________, 19__ between Employers Mutual Casualty Company, a corporation organized under the laws of the State of Iowa, and its subsidiaries and affiliates ("Company") and ____________________________ ("Employee").


WHEREAS, the benefit limitations of the Internal Revenue Code, as amended (the "Code") have severely curtailed the level of retirement income Employees otherwise would have been entitled to receive under the tax qualified Employers Mutual Casualty Company Retirement Plan, as amended from time to time (the "Pension Plan"), and


WHEREAS, to assist Employee in providing for the contingencies of death, disability and old age dependency, Company desires to provide Employee with a non-qualified benefit to compensate him/her for the curtailment of his/her pension under the Pension Plan; and


NOW, THEREFORE, the parties hereby agree as follows:


1. (a) Upon Employee's retirement from the employ of Company on or after his/her normal retirement date (as defined in the Pension Plan), or upon his/her termination of employment, or if Employee becomes disabled (as defined in the Pension Plan), Company agrees to pay him/her (or his/her beneficiary or contingent annuitant, as the case may be) an additional benefit equal to the difference between (A) the benefit Employee (or his/her beneficiary or contingent annuitant, as the case may be) would have been entitled to receive under the Pension Plan as if the benefit limitations of the Code were not in effect and not contained in such retirement plan, and as if his/her compensation and bonus for benefit purposes were determined without reduction with respect to any portion which Employee may have deferred pursuant to a non-qualified deferred compensation agreement between himself and Company, and (B) the actual benefit payable to Employee (or his/her beneficiary or contingent annuitant, as the case may be) under the Pension Plan taking into account such benefit limitations and taking into account only such compensation of Employee as is recognized under the Pension Plan. The benefit payable to Employee (or his/her beneficiary or contingent annuitant, as the case may be) pursuant to this Section 1(a) shall be payable to him/her as a lump sum benefit, and the calculation of the amount of such benefit shall be on the basis of the benefit formula and the same actuarial assumptions used by the Pension Plan.


(b) If by reason of Employee's death prior to the time his/her benefits have commenced under the Pension Plan, his/her beneficiary or spouse becomes entitled to a benefit under said plan, Company agrees to pay to such beneficiary or spouse, as the case may be, a benefit equal to the difference between (A) the benefit that would have ...