Company: PRI
Filing Date: 2025-04-01
Form Type: DEF 14A
Source: 0000950170-25-048061
Chunk: 8

Company: Primerica, Inc.
Filing Date: 2025-04-01
Form: DEF 14A
Chunk 8
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 our executive officers that is market competitive. Further, a meaningful percentage of compensation is tied to the achievement of challenging corporate performance objectives. Set forth below is a brief description of our executive compensation program for fiscal 2024. • Compensation components include base salary, long-term equity awards, annual cash incentive awards and other compensation. • The Compensation Committee set cash incentive award targets for each of our executive officers at the beginning of fiscal 2024. o Cash incentive awards are based on the Company’s achievement of pre-determined performance goals related to adjusted operating revenues, adjusted net operating income, ROAE and size of life-licensed sales force at year end. Award amounts can be increased or decreased by the Compensation Committee by up to 20% for personal performance, including the impact of unanticipated events.

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| PROXY SUMMARY |

o The 2024 corporate performance award was equal to 147.4% of the target. o The Compensation Committee made a personal performance adjustment for Mr. Pitts, as discussed in "Executive Compensation -- Compensation Committee Message." • The Compensation Committee made an annual grant of long-term equity awards to each of our executive officers in February 2024 based on fixed values determined by the Compensation Committee. o Equity award value is split equally between time-based restricted stock units (“RSUs”) and performance stock units (“PSUs”). o The RSUs vest in equal installments over three years. o The PSUs will be earned based equally on the Company’s average ROAE and average annual adjusted operating earnings per share (“EPS”) growth over a three-year performance period of 2024 through 2026, and our executive officers will receive between 0% and 150% of the awarded shares in March 2027. • The Compensation Committee made a special equity grant valued at $2.5 million to our Chief Executive Officer in December 2024. The special equity grant is scheduled to cliff vest in December 2027. • Each of our executive officers has an employment agreement that provides for severance payments upon a termination of employment without cause or a resignation for good reason. The Company provides only limited perquisites, and the Compensation Committee has adopted an Executive and Director Perquisites Policy. This policy provides that all perquisites paid to directors and senior executives must be approved by the Compensation Committee and it lists certain categories of perquisites that have been pre-approved. The table below highlights the fiscal 2024 compensation for our named executive officers as disclosed in the “Summary Compensation Table” on page 71.

| Summary