Company: PRI
Filing Date: 2025-04-01
Form Type: DEF 14A
Source: 0000950170-25-048061
Chunk: 45

Company: Primerica, Inc.
Filing Date: 2025-04-01
Form: DEF 14A
Chunk 45
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 both the achievement during the performance period and the increase in the market price of our common stock during the performance period, the total payout of the 2022 awards was 234.4% of the original grant value. Impact of Senior Health Exit on Performance Targets As outlined in the financial statements included in our 2024 Annual Report, the Company presented the results of the Senior Health segment as discontinued operations upon exiting the business in the third quarter of 2024 in accordance with GAAP. As a result, the Company restated its GAAP results of operations for all periods presented in the 2024 Annual Report, which included fiscal years 2022 through 2024, to remove the Senior Health segment’s results from income from continuing operations. The adjusted operating revenues, adjusted net operating income and ROAE metrics used in our short-term incentive plan and the ROAE and average annual EPS metrics used in our long-term incentive plan exclude discontinued operations as these non-GAAP metrics are derived from income from continuing operations. However, for purposes of determining the performance results for the 2022 PSU awards, the Compensation Committee included in the ROAE and average annual EPS calculations the results of operations for the Senior Health business during 2022 and 2023, which had a negative impact on the performance results and reduced the final payout of the 2022 PSU awards from what it otherwise would have been. In addition, to neutralize the impact on incentive compensation of the receipt of $50 million in representation and warranty insurance proceeds in 2024 relating to the Company's 2021 acquisition of e-TeleQuote Insurance, Inc. ("e-TeleQuote"), we increased the amount of the equity denominator that was used to calculate the short-term and PSU ROAE targets in 2024. Executive Compensation Actions The Board of Directors believes that Primerica is well positioned for the future, owing in part to the significant business accomplishments of 2024, including successful executive transitions and restructuring of our management teams and the independent sales force milestone referenced above. In recognition of these achievements, in December 2024, we awarded our Chief Executive Officer $2.5 million in RSUs that are scheduled to cliff vest in December 2027. As reported in the proxy statements for the Company's Annual Meeting of Stockholders held in 2023 and 2024, the Board agreed to the Chef Executive Officer’s request to reduce his compensation by 20% beginning in September 2022, in response to the hardships being faced by middle income families as a result of elevated