Here’s the deal
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James Hohmann was named interim CEO of FBL Financial Group Inc. in April, succeeding James Noyce. The company’s quarterly report, filed with the Securities and Exchange Commission earlier this month, spelled out the details of Hohmann’s employment. Here are some of the key points.
• The term of employment ends Dec. 31, 2009.
• During this term, Hohmann will be paid an annualized base salary of $669,600, payable in equal monthly installments of $55,800.
• The company will reimburse Hohmann for the cost of weekly travel between FBL’s West Des Moines headquarters and his home in North Barrington, Ill.; will provide a vehicle and credit card for his business use while in West Des Moines; and will reimburse him for living expenses incurred in West Des Moines. The company will hold him harmless for any tax liability attributable to the reimbursement.
• 181,160 shares of FBL’s common stock were to be issued in Hohmann’s name. This stock may be forfeited if he is terminated for cause, but each month forfeiture restrictions will lapse on about 9,000 of those shares.
• Payment of any dividends on the stock shares is contingent upon meeting the performance and service requirements listed in the agreement.