Company: PRI
Filing Date: 2025-04-01
Form Type: DEF 14A
Source: 0000950170-25-048061
Chunk: 44

Company: Primerica, Inc.
Filing Date: 2025-04-01
Form: DEF 14A
Chunk 44
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 officers, whereby an individual’s calculated payout can be adjusted up or down by up to 20%. For 2024, our Chief Executive Officer and Compensation Committee determined to exercise that discretion and increase the bonus payout for our former Chief Operating Officer by 20%. Mr. Pitts has served the Company for nearly 40 years and has been a very valuable executive leader especially since Primerica became a public company in 2010. Despite announcing his intention to retire in April 2025, he has continued to contribute at a high level and led a number of important projects during the year. We also appreciate how closely and thoughtfully he has worked with our CEO on the Chief Operating Officer succession, which has involved reassignment of a number of his responsibilities and restructuring of his role. Succession efforts have gone very smoothly and were largely completed by the end of 2024. Beginning in 2024, we introduced a short-term incentive program, paid out solely in cash, for our managers and senior professionals that is tied to corporate and individual performance. As a result, approximately 350 other employees received bonuses that were directly impacted by corporate performance. Long-Term Incentives Each of our executive officers also receives long-term incentives in the form of annual equity awards of RSUs and PSUs, each constituting 50% of the total grant value. The RSUs are time-vested ratably over three years, while the PSUs have a three-year cliff vest tied to performance. There are two equally weighted metrics used to measure performance for the PSUs: average ROAE and average annual EPS growth. Again, the performance targets are based on Board expectations that are reasonable but challenging.

| Primerica 2025 Proxy Statement | 45 |

| EXECUTIVE COMPENSATION |

The performance period for the February 2022 PSU awards to our executive officers ended on December 31, 2024, and the PSU awards were paid out in March 2025. The number of shares of our common stock ultimately delivered represented 109.1% of the number of originally granted PSUs. Average ROAE for the three-year performance period was equal to the target value and average annual adjusted operating EPS growth was above the target value. The total economic payout of the 2022 PSUs benefited meaningfully from the increase in our stock price from $130.30 on February 21, 2022 (the trading day immediately preceding the grant date) to $271.42 on December 31, 2024. Giving effect to