Document:

EX-10.24

 Exhibit 10.24 

 
 Payments to Directors 
  
 Non-employee directors of the Company are compensated on the following basis: 

 
 (1) Cash Compensation—(a) Directors will be paid
$85,000 of their all-in annual retainer in cash in quarterly installments unless a timely election is made under the non-employee director sub-plan of the 2011 Plan to receive an equivalent amount of market value stock options, restricted stock or
RSUs or to defer the cash to an interest-bearing account under the terms of that sub-plan of the 2011 Plan; (b) The Lead Director receives an additional $25,000 annual retainer in cash, payable in quarterly installments; (c) Annual Board committee
chair retainers, payable in quarterly installments in cash, are $20,000 for the Audit Committee Chair and $10,000 for each of the Chairs of the Compensation Committee and the Governance and Nominating Committee; and (d) All members of the Audit
Committee (including the Chair) receive an additional annual Audit Committee Member Retainer of $7,500, payable quarterly; and 
  

(2) Equity Compensation—Directors are paid $85,000 of their all-in annual retainer in equity, either in the form of market
value stock options, restricted stock or RSUs, based on the director’s timely election, with the equity issued on the first NYSE trading day of January of each calendar year valued at the NYSE market closing price of Company common stock on
that date. If no timely election is made, the non-employee director receives his or her annual equity compensation in the form of $85,000 of market value stock options awarded on the first NYSE trading day of each year. 

 
 Non-employee directors do not receive meeting fees or fees for the
execution of written consents in lieu of Board meetings or in lieu of Board committee meetings. They receive reimbursement for their travel and lodging expenses if they do not live in the area where a meeting is held. 

 
 Pursuant to the non-employee director sub-plan of the 2011 plan, newly
elected non-employee directors will receive upon the date of their initial election to the Board $85,000 of restricted stock, valued at the market closing price of Company common stock on that date. 

 
 Non-employee directors receive very limited perquisites and other
personal benefits, which may include holiday gifts, personal use of Company airplanes and costs associated with spouses’ travel to Board meetings. In 2011, no non-employee director received perquisites with an aggregate incremental cost to the
Company in excess of $10,000 or any other personal benefits. 
  

Non-employee directors may currently elect to defer all or a designated portion of their cash-based annual director compensation into an
interest-bearing account pursuant to a timely election made under the non-employee director sub-plan of the 2011 Plan. These accounts bear interest at non-preferential rates set from time to time by the Compensation Committee. The amounts in such
accounts are paid to the director in a lump sum or equal monthly installments for up to 120 months as elected by the director with payments commencing on the earliest of (a) December 31 of the fifth year after the year for which the deferral
was made, (b) the first business day of the fourth month after the director’s death or (c) the director’s termination as a non-employee director of the Company or any of its subsidiaries for a reason other than death. No non-employee
director chose to defer any compensation pursuant to these provisions in 2011. 
  
 Directors who are employees of the Company or its subsidiaries receive no compensation for Board service.EX-10.54

 Exhibit 10.54 
 AMENDMENT FIVE 
 TO THE 

TORCHMARK CORPORATION 

SAVINGS AND INVESTMENT PLAN 

(As Restated Effective January 1, 2009) 
  

Pursuant to Sections 13.1 and 14.7 of the Torchmark Corporation Savings and Investment Plan (the “Thrift Plan”), Torchmark Corporation
(the “Company”) hereby amends the Thrift Plan effective November 28, 2011 (except as otherwise provided below) to merge the Profit Sharing and Retirement Plan of Liberty National Life Insurance Company (the “Profit Sharing
Plan”) into the Thrift Plan, as follows: 
  

1.      New Section 7.14 is added to the Thrift Plan effective January 1, 2009 and also amends the merged Profit Sharing
Plan retroactively to January 1, 2009, and shall read as follows: 
  
 7.14 2009 RMD Suspension. Notwithstanding the foregoing provisions of Sections 7.10—7.13, a Participant or Beneficiary who would have been required to receive required minimum distributions for 2009 but
for the enactment of Code Section 401(a)(9)(H) (“2009 RMDs”), and who would have satisfied that requirement by receiving distributions that are (i) equal to the 2009 RMDs or (ii) one or more payments in a series of
substantially equal distributions (that include the 2009 RMDs) made at least annually and expected to last for the life (or life expectancy) of the Participant, the joint lives (or joint life expectancy) of the Participant and the Participant’s
designated Beneficiary, or for a period of at least 10 years (“Extended 2009 RMDs”), will not receive those distributions for 2009 unless the Participant or Beneficiary chooses to receive such distributions. Participants and Beneficiaries
described in the preceding sentence will be given the opportunity to elect to receive the distributions described in the preceding sentence. In addition, and solely for purposes of applying the direct rollover provisions of the Plan, distributions
of 2009 RMDs and Extended 2009 RMDs will be treated as Eligible Rollover Distributions. 
  

	2.	 	Section 1.1 of the Thrift Plan is replaced in its entirety and shall read as follows: 

 
 Account. A separate account for each Participant consisting of
an Employer Contributions Account, a Participant Contributions Account, a Salary Deferral Account, a Matching Contributions Account, a Rollover Account, and a Merged Profit Sharing Account, as the case may be. 

 

	3.	 	Section 3.1 of the Thrift Plan is replaced in its entirety and shall read as follows: 

 
 3.1 Establishment of Accounts. A Salary Deferral Account, a
Matching Account, and, if applicable, a Participant Contributions Account, an Employer Contributions Account, a Rollover Account and a Merged Profit Sharing Account shall be established for each Participant as applicable. All Contributions by or on
behalf of a Participant shall be deposited to the appropriate Account. 

 4.      A new sentence is added at the end of the second paragraph of Section 3.6
of the Thrift Plan effective January 1, 2011, and shall read as follows: 
  
 Compensation for this purpose shall satisfy Regulation § 1.414(s). 
  

	5.	 	New Section 3.16 is added to the Thrift Plan and shall read as follows: 

 
 3.16 Merged Profit Sharing Account. A separate account shall be
established and maintained for each Participant who had an account in the Profit Sharing Plan on November 28, 2011, the date on which such plan was merged into this Plan. Each such Participant’s Merged Profit Sharing Account shall be
credited with the amount received by this Plan in the merger on behalf of such Participant, which amount shall be fully vested. No additional contributions shall be made to the Merged Profit Sharing Account. 

 

	6.	 	New Section 6.11 is added to the Thrift Plan and shall read as follows: 

 
 6.11 Black Out Period. Effective as of November 28, 2011,
there shall be a black out period during which, notwithstanding anything in the Plan to the contrary, there shall not be allowed any transfers to or between Investment Funds or withdrawals, loans or distributions of benefits, with respect to the
Merged Profit Sharing Accounts. The black out period shall last as long as necessary to complete the consolidation of record keeping functions and transfer of assets and liabilities in connection with the merger of the Profit Sharing Plan of Liberty
National Life Insurance Company with and into the Plan. 
  

	7.	 	New Section 9.2.4 is added to the Plan and shall read as follows: 

  

9.2.4 If a Participant fails to designate a Beneficiary in accordance with Sections 9.2.1-9.2.3 and such Participant has benefits in the Merged
Profit Sharing Account, then the Participant’s Beneficiary shall be determined under the most recent designation of beneficiary made by the Participant under the Profit Sharing and Retirement Plan of Liberty National Life Insurance Company, if
one. Absent a designation under this Plan or under the Profit Sharing and Retirement Plan of Liberty National Life Insurance Company, the Participant’s Beneficiary shall be the Participant’s Surviving Spouse. If the Participant does not
have a Surviving Spouse, then the Beneficiary shall be the Participant’s estate. 
  

	8.	 	New Section 14.16 is added to the Thrift Plan and shall read as follows: 

 
 The Merged Profit Sharing Account shall preserve the Profit Sharing
and Retirement Plan of Liberty National Life Insurance Company offset for purposes of calculating benefits under the Torchmark Corporation Pension Plan. The offset provided by the Profit Sharing and Retirement Plan of Liberty National Life Insurance
Company benefit shall be provided by the Merged Profit Sharing Account benefit. 
  
 Done this the _____ day of November, 2011. 

  
 2 

 TORCHMARK CORPORATION 

 
 By:
                                         
                                
  
     Its:
                                         
                            

  
 3EX-10.48

 Exhibit 10.48 
 Director Compensation Policy 
 The following table sets forth the compensation
payable to nonemployee directors of Lexmark International, Inc.: 
  

					
	 Annual Retainer Fee
	  	$	60,000	  
	 Annual Retainer Fee – Finance and Audit Committee Member
	  	$	15,000	  
	 Annual Retainer Fee – Compensation and Pension Committee Member
	  	$	10,000	  
	 Annual Retainer Fee – Other Committees Member
	  	$	8,000	  
	 Annual Chair Retainer Fee – Finance and Audit Committee
	  	$	20,000	  
	 Annual Chair Retainer Fee – Compensation and Pension Committees
	  	$	12,000	  
	 Annual Chair Retainer Fee – Other Committees
	  	$	10,000	  
	 Presiding Director Annual Retainer Fee
	  	$	20,000	  
	 Initial Equity Award (Restricted Stock Units)
	  	$	150,000	  
	 Annual Equity Award (Restricted Stock Units)
	  	$	135,000	  

 Terms of Equity Awards 
 Initial Equity Award (Restricted Stock Units) 
  

	 	•	 	 Grant Date: Date of Election to the Board 

  

	 	•	 	 Number of RSUs: Face value of award divided by the closing price of Lexmark Class A Common Stock on the Grant Date, rounded up to the nearest
whole share 

  

	 	•	 	 Vesting: 100% vested on the sixth anniversary of the Grant Date 

 

	 	•	 	 Settlement: On termination of status as a Board member 

 Annual Equity Award (Restricted Stock Units) 
  

	 	•	 	 Grant Date: Annual Meeting of Stockholders 

  

	 	•	 	 Number of RSUs: Face value of award divided by the closing price of Lexmark Class A Common Stock on the Grant Date, rounded up to the nearest
whole share 

  

	 	•	 	 Vesting: 100% vested on the date immediately preceding the next Annual Meeting of Stockholders 

 

	 	•	 	 Settlement: 34% on the second anniversary of the date of grant and 33% on each of the third and fourth anniversaries of the date of grant

 Deferred Stock Units: Pursuant to the terms of the Lexmark International, Inc. 2005 Nonemployee Director Stock Plan,
each nonemployee director may defer his or her retainer and/or meeting fees into Deferred Stock Units based on the fair market value of Lexmark Class A Common Stock on the date of deferral. The Deferred Stock Units are eligible for settlement
initially on June 30th in the fifth year following the date of grant.

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