Company: PRI
Filing Date: 2025-04-01
Form Type: DEF 14A
Source: 0000950170-25-048061
Chunk: 43

Company: Primerica, Inc.
Filing Date: 2025-04-01
Form: DEF 14A
Chunk 43
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 termination of Board service or, in the case of an installment election, within 60 days of termination of Board service and up to five anniversaries of such date. During fiscal 2024, Messrs. Babbit, Crittenden, and R. Williams, and Ms. Cottle, Ms. Day and Ms. Perez, deferred director compensation into the Nonemployee Directors’ Deferred Compensation Plan. Director Stock Ownership Guidelines Our non-employee directors are required to own shares with a value at least equal to five times their annual cash retainer. In determining compliance with these guidelines, stock ownership includes shares beneficially owned by the director (or by immediate family members) and unvested RSUs and deferred stock units. The non-employee directors have five years from the date of their initial election to our Board to achieve the targeted level of stock ownership. Except with respect to Mr. Wilson, who joined our Board in February 2024 and has until February 2029 to meet the required ownership guidelines, the stock ownership of each of our non-employee directors exceeds the required ownership guidelines.

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E XECUTIVE C OMPENSATION Co mpensation Committee Message To Our Fellow Stockholders, Fiscal 2024 was a strong year for Primerica and our management team. Adjusted operating revenues increased 10.2%, adjusted net operating income grew 14.2%, ROAE was a robust 31.2% and the number of life-licensed independent sales representatives surpassed 151,000, a 7% increase since year-end 2023. All of these measures, which are the performance measures for our short-term incentive plan, exceeded our expectations for the year, earning our executive officers and the over 350 officers and assistant vice presidents a bonus payout equal to 147.4% of target. We believe these compensation results align well not only with the Company’s performance but also with the returns experienced by stockholders. Our common stock price increased 31.9% during 2024. The Company returned approximately $538 million to stockholders through dividends and common share repurchases. All in, total stockholder return was 33.6%. Short-Term Incentives Our short-term incentive plan uses solely the four corporate performance measures cited above for our executive officers and a blend of the corporate performance metrics and individual performance for other officers and key employees. The performance targets are based on the Board’s expectations for the year. The short-term incentive plan also includes a +/-20% modifier for the executive