Company: PRI
Filing Date: 2025-04-01
Form Type: DEF 14A
Source: 0000950170-25-048061
Chunk: 53

Company: Primerica, Inc.
Filing Date: 2025-04-01
Form: DEF 14A
Chunk 53
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 changes in GAAP or the tax code, restructuring and write-off charges, and the impact of significant unplanned acquisitions or dispositions. Under the Compensation Committee’s adjustment guidelines, the Compensation Committee may adjust the calculation of financial results for incentive programs to eliminate the effect of the types of items or events described above. In making these adjustments, the Compensation Committee’s policy is to seek to neutralize the impact of the unexpected or unplanned items or events, whether positive or negative, in order to provide consistent and equitable incentive payments that the Compensation Committee believes are reflective of Company performance. In considering whether to make a particular adjustment under its guidelines, the Compensation Committee will review whether the item or event was one for which management was responsible and accountable, treatment of similar items in prior periods, the extent of the item’s or event’s impact on the financial measure, and the item’s or event’s characteristics relative to normal and customary business practices. Adjustments to Short-Term Incentive Compensation The Company exited the Senior Health business as of September 30, 2024 and, as a result, that segment's results were reported as discontinued operations and were excluded from the Company's 2024 operating results. In order to ensure that the financial targets used for executive compensation purposes in 2024 were consistent with the financial results as reported, the Compensation Committee approved adjusted 2024 targets in the fourth quarter of 2024. Adjustments were modest and included adjustments to equity targets to neutralize the impact to the Company's balance sheet of the exit of the Senior Health business. 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, the Compensation Committee increased the amount of the equity denominator that was used to calculate the short-term and PSU ROAE targets in 2024. Adjustments to PSUs The Compensation Committee similarly adjusted equity targets in connection with outstanding PSU awards issued in 2022, 2023 and 2024. Adjustments were modest and included adjustments to exclude the Senior Health business from targeted results in fiscal 2024 and beyond. In calculating the payout for the PSUs issued in 2022, the Compensation Committee elected to include the negative impact of the Senior Health business in actual results for 2022 and 2023. Personal Performance Objectives Each executive officer had personal performance objectives for fiscal 2024 that were approved by our Board of Directors. The goals support the Company’s