Company: PRI
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029882
Chunk: 361

Company: Primerica, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1B
Chunk 361
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, the Company issued stock options to certain of its executive officers under the OIP as part of their annual equity compensation. Stock options were granted with an exercise price equal to the fair market value of our common stock on the grant date, and they would expire 10 years from the date of grant. These options had time-based restrictions with equal and annual graded vesting over a three-year period. We did not issue any stock options and we did not have any compensation expense or related tax benefits for stock option awards during the years ended December 31, 2024, 2023 or 2022. No stock options were exercised during the year ended December 31, 2022. All remaining stock options representing approximately 60,000 shares were exercised with a weighted average exercise price of $44.62 during the year ended December 31, 2023. The intrinsic value of the options exercised during the year ended December 31, 2023 was $8.6 million, and the value of issued shares withheld to satisfy option exercise price was $2.7 million.Non-Employee Share-Based Compensation. Non-employee share-based transactions relate to the granting of RSUs to members of the independent sales force (“agent equity awards”). Agent equity awards are generally granted as a part of quarterly contests for successful life insurance policy acquisitions and for sales of investment and savings products for which the grant and the service period occur within the same quarterly reporting period.The following table summarizes non-employee RSU activity during the years ended December 31, 2024, 2023, and 2022: 

        Shares

        Weighted-average measurement-date fair value per share

        (Shares in thousands)

        Unvested non-employee RSUs, December 31, 2021

        31

        $
        154.59

        Granted

        118

        129.99

        Vested

        (117
        )

        133.25

        Unvested non-employee RSUs, December 31, 2022

        32

        141.60

        Granted

        79

        189.64

        Vested

        (86
        )

        167.07

        Unvested non-employee RSUs, December 31, 2023

        25

        205.67

        Granted

        59

        255.05

        Vested

        (68
        )