Document:

Amended and Restated 2005 Non-Employee Director Incentive Plan

 Exhibit 10.3 
 STATE OF ALABAMA ) 
 JEFFERSON COUNTY ) 
 TORCHMARK CORPORATION 
 DIRECTOR STOCK OPTION 
 AWARD NOTICE 
 TORCHMARK CORPORATION, a corporation organized and existing under the laws of the state of Delaware (the “Company”) hereby awards [NAME]
(the “Optionee”), the following non-qualified stock option (the “Option”) upon the terms and conditions hereinafter set forth. 
 AUTHORITY FOR GRANT 
 1. Stock Incentive Plan. The Option is awarded pursuant to the
provisions of the Torchmark Corporation Amended and Restated 2005 Non-Employee Director Incentive Plan (the “Plan”), a subplan of the Torchmark Corporation Amended and Restated 2005 Incentive Plan. This option is subject to the terms and
provisions of said Plan, as it may be from time to time amended. Capitalized terms used but not defined herein shall have the meaning given them in the Plan, which is incorporated by reference herein. 
 TERMS OF OPTION 
 2. Number of
Shares. The Optionee is hereby awarded an option to purchase from the Company              shares (the “Shares”) of the Company’s common capital stock.

 3. Option Price Per Share. The option price for each Share subject to the Option shall be
$            , the Fair Market Value per Share of the Stock on
                     (the “Option Grant Date”). 
 4. Vesting of Options; Option Period. The Option shall be and become first exercisable in full six (6) months from the Grant Date of the
Option. This Agreement shall terminate on the date which is seven (7) years from the Option Grant Date, and the parties hereto shall have no further rights or obligation hereunder. For the purposes of this Agreement, “Option Period”
shall mean the seven (7) year period commencing on the Grant Date. 
 5. Method of Exercise. The Option may be exercised to the
extent then exercisable in whole or in part at any time during the Option Period, by giving written notice of exercise to the Company specifying the number of Shares to be purchased, accompanied by payment in full of the purchase price, in cash, by
check or such other instrument as may be acceptable to the Compensation Committee of the Board of Directors of the Company (the “Committee”). Payment in full or in part may also be made in the form of unrestricted Stock already owned by
the Optionee (based on the Fair Market Value of the Stock on the date the Option is exercised). The Optionee shall have the right to dividends or other rights of a stockholder with respect to the Shares subject to the Option when the Optionee has
given written notice of exercise and has paid in full for such Shares. 

 6. Transferability of Options. The Option shall not be assignable or transferable by the Optionee
otherwise than by will or by laws of descent and distribution; provided, however, that the Committee may (but need not) permit other transfers where it concludes that such transferability (i) does not result in accelerated taxation, and
(ii) is otherwise appropriate and desirable, taking into account any state or federal securities laws applicable to transferable Options and such Option shall be exercisable during the Optionee’s lifetime, only by the Optionee. 

TERMINATION OF OPTION 
 7.
Accelerated Vesting. Notwithstanding paragraph 4 above, the Option shall become immediately fully exercisable and vested upon the occurrence of a Change in Control as defined in the Plan and the value of said Option shall be settled pursuant
to the provisions of Section 9 of the Plan. In no event will the Optionee’s death, retirement, other termination of directorship or failure to be reelected as a director shorten the term of this Option. 
 GENERAL TERMS AND PROVISIONS 
 8.
Shares Listed on the Exchange. The Shares for which the Option is hereby granted shall have been listed on the New York Stock Exchange at the time the Option is exercised. 
 9. Shares May Be Newly Issued or Purchased. The Shares to be delivered upon the exercise of the Option shall be made available, at the discretion
of the Company, either from authorized but previously unissued Shares or from Shares held in the treasury of the Company. 

 10. Change in Corporate Structure Affecting Shares. In the event of any change in the number of
issued Shares without new consideration to the Company such as by stock split, reorganization, exchange of shares, recapitalization, liquidation, combination, stock dividend, or other change in corporate structure affecting the Stock, on any
distribution of cash or property which has a substantial impact on the value of issued Shares such adjustment shall be made in the number and price of Shares subject to the Option as may be determined to be appropriate by the Committee in its sole
discretion so that the consideration payable to the Company and the value of the Option shall not be changed. 
 11. Certain
Reorganizations. The Committee shall authorize the issuance, continuation or assumption of any outstanding portion of the Option or provide for other equitable adjustments to the Option after changes in the Shares resulting from any merger,
consolidation, sale of assets, acquisition of property or stock, recapitalization, reorganization or similar occurrence in which the Company is the continuing or surviving corporation. 
 12. Payment of Taxes. If the Option is or becomes subject to any minimum withholding requirement, the Committee may require the Optionee to remit
such minimum withholding to the Company, or make other arrangements satisfactory to the Committee, in its sole discretion, regarding minimum withholding as a condition to exercising the Option or any portion thereof. The obligations of the Company
under this Stock Option Award Notice shall be conditional on such payment or arrangements. 

 13. Headings. The headings contained herein are for convenience of reference only, do not
constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof. 
 14. Notices. Any
notices required by or permitted to be given to the Company under this Agreement shall be made in writing and addressed to the Secretary of the Company in care of the Company’s Legal Department, 2001 Third Avenue South, Birmingham, Alabama
35233. Any such notice shall be deemed to have been given when received by the Company. 
 15. Effective Date of Stock Option. This
Option has been executed this day of                     ,
            , effective as of this      day of
                    ,             . 
  

			
	TORCHMARK CORPORATION
		
	By:	 	
	Its Duly Authorized Officer
	
	OPTIONEEAmendment One to Torchmark Corporation Supplementary Retirement Plan

 Exhibit 10.4 
 AMENDMENT ONE 
 TO THE 
 TORCHMARK CORPORATION 
 SUPPLEMENTARY RETIREMENT PLAN 
 Pursuant to Section 12.1 of the Torchmark Corporation Supplementary Retirement Plan as restated effective January 1, 1992 (the
“Plan”), Torchmark Corporation (the “Company”) hereby amends the Plan, effective March 1, 2006, as follows: 
  

	 	1.	Section 2.1 of the Plan is replaced in its entirety and shall read as follows: 

 2.1 Actuarial Equivalent shall have the same meaning as in the Qualified Defined Benefit Plan with respect to which the Retirement Income under the Plan is determined, except as may be modified by
Section 4.5. 
  

	 	2.	Section 4.1 is replaced in its entirety and shall read as follows: 

 4.1 Commencement of Retirement Income. No later than December 31, 2006, each Participant must elect one of the following dates for the commencement of Retirement Income from this Plan: the January 8
following his separation from service with the Employer; the January 8 following his 65th birthday; or the January 1 following the second, third, fourth, or fifth anniversary of his separation from service with the Employer. Upon such date
and in accordance with Section 4.3, the Employer shall pay the Participant’s Retirement Income from the Employer’s general funds. If a Participant fails to make a timely election, his Retirement Income shall commence on the
January 1 following the Participant’s 65th birthday. The form and the amount of the Retirement Income shall be determined as follows. 
  

	 	3.	Section 4.2 is replaced in its entirety and shall read as follows: 

 4.2 Amount of Retirement Income. The monthly amount of a Participant’s Retirement Income under this Plan shall be equal to the excess of 
 (a) the amount of the benefit which the Employee would have received from the Qualified Defined Benefit Plan with respect to which the obligation to pay
Retirement Income under this Plan is determined had benefits from that plan commenced on the date payment of his Retirement Income commences under this Plan, determined as if the amount of his compensation from the Employer for any year used in
determining his benefit under that plan had included any compensation as an Employee with respect 

 
to that year deferred under the Torchmark Corporation Deferred Compensation Plan for Directors, Advisory Directors, Directors Emeritus and Officers and any
compensation as an Employee with respect to that year in lieu of which stock options were granted and as if the limitations of Code §§401(a)(17) and 415 did not apply to that plan, over 
 (b) the amount of the benefit which the Employee would have received from the Qualified Defined Benefit Plan with respect to which the obligation to pay
Retirement Income under this Plan is determined had benefits from that plan commenced on the date payment of his Retirement Income commences under this Plan, determined as a Single Life Annuity under the Qualified Defined Benefit Plan. 

 

	 	4.	Section 4.3 is replaced in its entirety and shall read as follows: 

 4.3 Normal Form of Payment of Retirement Income. Unless a participant makes a contrary election pursuant to Section 4.4, payment of Retirement Income under this Plan shall be in the form of a Single Life
Annuity. 
  

	 	5.	Section 4.4 is replaced in its entirety and shall read as follows: 

 4.4 Election of Optional Form of Payment of Retirement Income. In lieu of the form of payment of Retirement Income described in Section 4.3, a Participant may elect to receive Retirement Income in one of
the following forms: a lump sum distribution; annual installments of approximate equal value paid over a minimum of two years and a maximum of ten years; or any annuity form available under the Qualified Defined Benefit Plan with respect to which
the obligation to pay Retirement Income under this Plan is determined. Such election must be made no later than December 31, 2006. The amount of Retirement Income paid under this Plan in such form shall be the Actuarial Equivalent of the amount
of Retirement Income payable under this Plan as a Single Life Annuity commencing on the date selected by the Participant pursuant to Section 4.1. The Participant shall furnish the Administrator of this Plan a copy of his election of an optional
form for the payment of retirement benefits under this Plan. 
  

	 	6.	New Section 4.5 is added to the Plan and shall read as follows: 

 4.5 Limitation on Election. In no event shall an election under Section 4.1 and Section 4.4 be permitted nor shall the default provisions under Section 4.1 and Section 4.3 date be applied if
such election or default provision would have the effect of 

  

 2 

 
changing the time or form of payment of Retirement Income that the Participant would have otherwise received in 2006 or to cause the payment of Retirement
Income to be made during 2006. 
  

	 	7.	New Section 4.6 is added to the Plan and shall read as follows: 

 4.6 Interest Rate for Actuarial Equivalence. Section 2.1 notwithstanding, Retirement Income that commences to be paid in an optional form beginning on any date from March 1, 2006 through
February 28, 2007 shall be determined by applying an interest rate factor of 4.59% in determining actuarial equivalence. Retirement Income that commences to be paid in an optional form after February 28, 2007 shall be the Actuarial
Equivalent of the benefit determined pursuant to Section 4.1, using an interest rate equal to the annual rate of interest on 30-year Treasury securities for the second full calendar month preceding the month in which the equivalent actuarial
value is being determined. 
  

	 	8.	Article V is deleted in its entirety. 

  

	 	9.	Article VI is deleted in its entirety. 

  

	 	10.	Section 7.1 is replaced in its entirety and shall read as follows: 

  

	 	7.1	Eligibility for Pre-Retirement Death Benefit 

 7.1.1 A pre-retirement death benefit shall be payable under the Plan in the event of a death of a Participant prior to the commencement of his Retirement Income under this Plan if, on the date of death, the
Participant was either: 
 (a) actively employed by the Employer; 
 (b) disabled as defined in Section 7.4; or 
 (c) terminated but would have been eligible for early retirement benefits under the terms of this Plan as in effect prior to this
Amendment One. 
 The death benefit payable under this Section 7.1.1 shall be the larger of: 
 (1) the lump sum Actuarial Equivalent, as of the day before the death of the Participant, of the accrued Retirement Income under this Plan
that would have been payable on the Participant’s 65th birthday (or date of death, if later); or 
  

 3 

 (2) the lump sum Actuarial Equivalent of the monthly benefit which would have been
payable to the Participant’s Spouse under this Plan if (i) in the case of a Participant who dies after the date he would have been eligible for early retirement benefits under the terms of this Plan as in effect prior to this Amendment
One, the Participant had retired on the day before his death and elected an immediate annuity payable for his life with a survivor annuity for the life of his Spouse in an amount equal to one-half of the amount payable during the joint lives of the
Participant and his Spouse, and (ii) in the case of a Participant who dies before the date he would have attained eligibility for early retirement benefits under the terms of this Plan as in effect prior to this Amendment One, the Participant
had separated from service as of the date of his death, survived until the day he would have been eligible for early retirement benefits under the terms of this Plan as in effect prior to this Amendment One, retired on the day after attainment of
such eligibility, elected an immediate annuity payable for his life with a survivor annuity for the life of his Spouse in an amount which is equal to one-half of the amount payable during the joint lives of the Participant and his Spouse and died
immediately thereafter. 
 7.1.2 A pre-retirement death benefit shall also be payable under the Plan in the event of the death
of a married Participant prior to commencement of his Retirement Income under this Plan if the Participant terminated employment with a nonforfeitable right to retirement benefits under Section 8.1 of this Plan prior to the date he would have
attained eligibility for early retirement benefits under the terms of this Plan as in effect prior to this Amendment One. The death benefit payable under this Section 7.1.2 shall be equal to the benefit calculated under paragraph (2) of
Section 7.1.1. 
  

	 	11.	Section 7.2 is replaced in its entirety and shall read as follows: 

 7.2 Form of Payment of Section 7.1.1 Benefit and Person(s) to Whom Paid 
 (a) The
form of payment of the Death Benefit under Section 7.1.1 of this Plan shall be the same as provided in Section 4.3. 
 (b) If an optional form has been elected pursuant to Section 4.4, the form for the payment of the Death Benefit under Section 7.1.1 shall be the same as the form elected pursuant to Section 4.4. 
  

 4 

 (c) The payee(s) of the Death Benefit under Section 7.1.1 of this Plan shall be the
same as the payee of the Death Benefit under the Qualified Defined Benefit Plan with respect to which Retirement Income under this Plan is determined. 
  

	 	12.	Section 7.3 is replaced in its entirety and shall read as follows: 

 7.3 Form of Payment of Section 7.1.2 Benefit and Person to Whom Paid. The pre-retirement Death Benefit payable under Section 7.1.2 shall be payable to the Surviving Spouse of the Participant in the
form of an Actuarially Equivalent Single Life Annuity commencing on the Participant’s 65th birthday. No benefit shall be payable under Section 7.1.2 unless the Spouse is alive on the Benefit Commencement Date. Notwithstanding the
foregoing, if the present value of the Death Benefit payable under Section 7.1.2 is $3,500 or less, such benefit shall be distributed to the Surviving Spouse in a single lump sum as soon as practicable following the Participant’s death.

  

	 	13.	New Section 7.4 is added to the Plan and shall read as follows: 

 7.4 Definition of Disability. A Participant shall be considered disabled if the Participant (a) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or
mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve months, or (b) is, by reason of any medically determinable physical or mental impairment which can be expected
to result in death or can be expected to last for a continuous period of not less than twelve months, receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the
Participant’s Employer. 
  

	 	14.	Article IX is deleted in its entirety. 

  

	 	15.	Subparagraph (a) of Section 13.6 is replaced in its entirety and shall read as follows: 

 (a) If the present value of monthly payments of Retirement Income to any person would amount to less than $3,500, the Administrator shall direct the
Employer to pay such person the then present value of such Retirement Income in one sum. 
  

 5 

	 	16.	New Article XIV is added to the Plan and shall read as follows: 

 ARTICLE XIV 
 CODE SECTION 409A PROVISIONS 
 14.1 Payments to Key Employees. In the event Retirement Income benefits commence on account of separation from service, in no event shall a
distribution to a key employee occur before the date which is six months after the date of the Participant’s separation from service (or, if earlier, the date of death of the Participant). For purposes of this Section 14.1, a key employee
is an employee defined in Code § 416(i) (without regard to paragraph (5) thereof). All Participants in this Plan shall be deemed to be a key employee for the limited purpose of applying the distribution delay of this Section 14.1.

 14.2 General. The Plan shall be administered in compliance with Code § 409A, the regulations issued thereunder and guidance
related thereto. The elections under Section 4.1 and Section 4.4 of this Amendment One are intended to comply with the transitional relief provided in Notice 2005-1 and the extension thereof provided in the preamble to the proposed
regulations issued under Code § 409A. 
 Done this the 27th day of April, 2006. 
  

			
	TORCHMARK CORPORATION
		
	By:	 	  

		
	Its:	 	  

  

 6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00103-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00103-of-00352.parquet"}]]