Company: PRI
Filing Date: 2025-04-01
Form Type: DEF 14A
Source: 0000950170-25-048061
Chunk: 76

Company: Primerica, Inc.
Filing Date: 2025-04-01
Form: DEF 14A
Chunk 76
---
 the event of termination without cause or for good reason. (4) Health and welfare benefits are continued for up to 18 months from the separation date based on current elections and plan premiums. (5) Cash severance is equal to 200% of the sum of current annual base salary and target bonus. At Mr. Williams’ request, the Compensation Committee reduced his compensation by 20% from September 1, 2022 through December 31, 2024. If not for this reduction, his cash severance would have been $4,500,000. (6) Cash severance is equal to 100% of the sum of current annual base salary and target bonus. (7) Cash severance is equal to 150% of the sum of current annual base salary and target bonus.

| Primerica 2025 Proxy Statement | 77 |

| EXECUTIVE COMPENSATION |

A named executive officer’s rights upon the termination of his or her employment will depend upon the circumstances of the termination. Central to an understanding of the rights of each named executive officer under the employment agreements is an understanding of the definitions of “cause,” “good reason” and “change of control” that are used in those agreements. Cause means: (i) the executive’s willful misconduct or gross negligence that causes material harm to the Company; (ii) the executive’s habitual substance abuse; (iii) the executive’s willful and continued failure (other than as a result of physical or mental incapacity) to perform the duties of the executive’s position or to follow the legal direction of our Board following written notice from our Board specifying such failure; (iv) the executive’s being convicted of, or pleading guilty or nolo contendere to a felony or a crime involving moral turpitude; (v) the executive’s willful theft, embezzlement or act of comparable dishonesty against the Company; or (vi) a material breach by the executive of his or her employment agreement, which breach is not (if curable) cured by the executive within 30 days following his receipt of written notice thereof. For purposes of the definition of “cause,” no act or failure to act by the executive shall be considered willful unless it is done, or omitted to be done, in bad faith and without reasonable belief that the executive’s action or omission was in the best interests of the Company. Good Reason means: in the absence of the executive’s written consent, (i) a material diminution by the Company