Document:

Torchmark Corporation Amended and Restated 2005 Incentive Plan

 Exhibit 10.1 
  
 Appendix A 
  
 TORCHMARK CORPORATION 
 Amended and
Restated 2005 INCENTIVE PLAN 
  
 ARTICLE 1 

PURPOSE 
  
 1.1.         GENERAL.    The purpose of the Torchmark Corporation Amended and Restated
2005 Incentive Plan (the “Plan”) is to promote the success, and enhance the value, of Torchmark Corporation (the “Company”), by linking the personal interests of employees, officers, directors and consultants of the Company or
any Affiliate (as defined below) to those of Company shareholders and by providing such persons with an incentive for outstanding performance. The Plan is further intended to provide flexibility to the Company in its ability to motivate, attract,
and retain the services of employees, officers, directors and consultants upon whose judgment, interest, and special effort the successful conduct of the Company’s operation is largely dependent. Accordingly, the Plan permits the grant of
incentive awards from time to time to selected employees, officers, directors and consultants of the Company and its Affiliates. 
  
 ARTICLE 2 
 DEFINITIONS

  
 2.1.        
DEFINITIONS.    When a word or phrase appears in this Plan with the initial letter capitalized, and the word or phrase does not commence a sentence, the word or phrase shall generally be given the meaning ascribed to it in
this Section or in Section 1.1 unless a clearly different meaning is required by the context. The following words and phrases shall have the following meanings: 
  
 (a)    “Affiliate” means (i) any Subsidiary or Parent, or (ii) an
entity that directly or through one or more intermediaries controls, is controlled by or is under common control with, the Company, as determined by the Committee. 
  
 (b)    “Award” means any Option or Restricted Stock Award granted to a
Participant under the Plan. 
  
 (c)    “Award Certificate” means a written document, in such form as the Committee prescribes from time to time, setting forth the terms and conditions of an Award. Award Certificates may be in the form of
individual award agreements or certificates or a program document describing the terms and provisions of an Awards or series of Awards under the Plan. 
  
 (d)    “Board” means the Board of Directors of the Company. 
  
 (e)    “Cause” as a reason for
a Participant’s termination of employment shall have the meaning assigned such term in the employment, severance or similar agreement, if any, between such Participant and the Company or an Affiliate, provided, however that if there is no such
employment, severance or similar agreement in which such term is defined, and unless otherwise defined in the applicable Award Certificate, “Cause” shall mean any of the following acts by the Participant, as determined by the Committee or
the Board: gross neglect of duty, prolonged absence from duty without the consent of the Company, intentionally engaging in any activity that is in conflict with or adverse to the business or other interests of the Company, or willful misconduct,
misfeasance or malfeasance of duty which is reasonably determined to be detrimental to the Company. With respect to a Participant’s termination of directorship, “Cause” means a Participant’s willful misconduct or dishonesty, any
of which is directly and materially harmful to the business or reputation of the Company or any Subsidiary or Affiliate. 

 (f)    “Change in Control” means and includes the
occurrence of any one of the following events: 
  
 (i) The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the 1934 Act) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the 1934
Act) of 25% or more of the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for
purposes of this subsection (1), the following acquisitions shall not constitute a Change in Control: (i) any acquisition by a Person who is on the Effective Date the beneficial owner of 25% or more of the Outstanding Company Voting Securities,
(ii) any acquisition directly from the Company, (iii) any acquisition by the Company, (iv) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the
Company, or (v) any acquisition by any corporation pursuant to a transaction which complies with clauses (i), (ii) and (iii) of subsection (3) of this definition; or 
  
 (ii) Individuals who, as of the Effective Date, constitute the Board (the “Incumbent Board”) cease
for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the Effective Date whose election, or nomination for election by the Company’s shareholders, was approved by
a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of
office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or

  
 (iii) Consummation of a reorganization,
merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company (a “Business Combination”), in each case, unless following such Business Combination, (i) all or substantially all of the
individuals and entities who were the beneficial owners of the Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the combined voting power of the then
outstanding voting securities entitled to vote generally in the election of directors of the corporation resulting from such Business Combination (including, without limitation, a corporation which as a result of such transaction owns the Company or
all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination of the Outstanding Company Voting
Securities, and (ii) no Person (excluding any corporation resulting from such Business Combination or any employee benefit plan (or related trust) of the Company or such corporation resulting from such Business Combination) beneficially owns,
directly or indirectly, 25% or more of the combined voting power of the then outstanding voting securities of such corporation except to the extent that such ownership existed prior to the Business Combination, and (iii) at least a majority of
the members of the board of directors of the corporation resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business
Combination; or 
  
 (iv) approval by the
shareholders of the Company of a complete liquidation or dissolution of the Company. 
  
 (g)    “Code” means the Internal Revenue Code of 1986, as amended from time to time, and includes a
reference to the underlying final regulations. 
  
 (h)    “Committee” means the committee of the Board described in Article 4. 
  
 (i)    “Company” means Torchmark Corporation, a Delaware corporation, or any successor corporation.

  

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 (j)    “Continuous Status as a Participant” means the
absence of any interruption or termination of service as an employee, officer, director or consultant of the Company or any Affiliate, as applicable; provided, however, that for purposes of an Incentive Stock Option, “Continuous Status as a
Participant” means the absence of any interruption or termination of service as an employee of the Company or any Parent or Subsidiary, as applicable, pursuant to applicable tax regulations. Continuous Status as a Participant shall continue to
the extent provided in a written severance or employment agreement during any period for which severance compensation payments are made to an employee, officer, director or consultant and shall not be considered interrupted in the case of any
short-term disability or leave of absence authorized in writing by the Company prior to its commencement; provided, however, that for purposes of Incentive Stock Options, no such leave may exceed 90 days, unless reemployment upon expiration of such
leave is guaranteed by statute or contract. If reemployment upon expiration of a leave of absence approved by the Company is not so guaranteed, on the 91st day of such leave any Incentive Stock Option held by the Participant shall cease to be
treated as an Incentive Stock Option and shall be treated for tax purposes as a Nonstatutory Stock Option. 
  
 (k)    “Covered Employee” means a covered employee as defined in Code Section 162(m)(3). 
  
 (l)    “Disability” or
“Disabled” has the same meaning as provided in the long-term disability plan or policy maintained by the Company or if applicable, most recently maintained, by the Company or if applicable, an Affiliate, for the Participant, whether or not
such Participant actually receives disability benefits under such plan or policy. If no long-term disability plan or policy was ever maintained on behalf of Participant or if the determination of Disability relates to an Incentive Stock Option,
Disability means Permanent and Total Disability as defined in Section 22(e)(3) of the Code. In the event of a dispute, the determination whether a Participant is Disabled will be made by the Committee and may be supported by the advice of a
physician competent in the area to which such Disability relates. 
  
 (m)     “Effective Date” has the meaning assigned such term in Section 3.1. 
  
 (n)    “Eligible Participant” means an employee, officer, director or consultant of the Company or any
Affiliate. 
  
 (o)    “Exchange” means the New York Stock Exchange or any other national securities exchange or, if applicable, the Nasdaq National Market on which the Stock may from time to time be listed or traded.

  
 (p)    “Fair Market
Value”, on any date, means (i) if the Stock is listed on a securities exchange or is traded over the Nasdaq National Market, the closing sales price on such exchange or over such system on such date or, in the absence of reported sales on
such date, the closing sales price on the immediately preceding date on which sales were reported, or (ii) if the Stock is not listed on a securities exchange or traded over the Nasdaq National Market, the mean between the bid and offered
prices as quoted by Nasdaq for such date, provided that if it is determined that the fair market value is not properly reflected by such Nasdaq quotations, Fair Market Value will be determined by such other method as the Committee determines in good
faith to be reasonable. 
  
 (q)    “Good Reason” has the meaning assigned such term in the employment, severance or similar agreement, if any, between a Participant and the Company or an Affiliate, provided, however that if there is no
such employment, severance or similar agreement in which such term is defined, and unless otherwise defined in the applicable Award Certificate, “Good Reason” shall mean a reduction by the Company or an Affiliate in the Participant’s
base salary (other than an overall reduction in salaries that affects substantially all full-time employees of the Company and its Affiliates). 
  
 (r)    “Grant Date” of an Award means the first date on which all necessary corporate action has been taken
to approve the grant of the Award as provided in the Plan, or such later date as is determined and specified as part of that authorization process. Notice of the grant shall be provided to the grantee within a reasonable time after the Grant Date.

  

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 (s)    “Incentive Stock Option” means an Option that is
intended to be an incentive stock option and meets the requirements of Section 422 of the Code or any successor provision thereto. 
  
 (t)    “Non-Employee Director” means a director of the Company who is not a common law employee of the
Company or an Affiliate. 
  
 (u)    “Nonstatutory Stock Option” means an Option that is not an Incentive Stock Option. 
  
 (v)    “Option” means a right granted to a Participant under Article 7 of the Plan to purchase Stock at a
specified price during specified time periods. An Option may be either an Incentive Stock Option or a Nonstatutory Stock Option. 
  
 (w)    “Parent” means a corporation, limited liability company, partnership or other entity which owns or
beneficially owns a majority of the outstanding voting stock or voting power of the Company. Notwithstanding the above, with respect to an Incentive Stock Option, Parent shall have the meaning set forth in Section 424(e) of the Code.

  
 (x)    “Participant” means a person who, as an employee, officer, director or consultant of the Company or any Affiliate, has been granted an Award under the Plan; provided that in the case of the death of a
Participant, the term “Participant” refers to a beneficiary designated pursuant to Section 9.5 or the legal guardian or other legal representative acting in a fiduciary capacity on behalf of the Participant under applicable state law
and court supervision. 
  
 (y)    “Person” means any individual, entity or group, within the meaning of Section 3(a)(9) of the 1934 Act and as used in Section 13(d)(3) or 14(d)(2) of the 1934 Act. 
  
 (z)    “Plan” means this
Torchmark Corporation Amended and Restated 2005 Incentive Plan, as amended or supplemented from time to time. 
  
 (aa)    “Restricted Stock Award” means Stock granted to a Participant under Article 8 that is subject to
certain restrictions and to risk of forfeiture. 
  
 (bb)    “Retirement” means a Participant’s termination of employment with the Company or an Affiliate with the Committee’s approval after attaining any normal or early retirement age specified in any
pension, profit sharing or other retirement program sponsored by the Company, or, in the event of the inapplicability thereof with respect to the Participant in question, as determined by the Committee in its reasonable judgment. 
  
 (cc)    “Section 162(m)
Exemption” means the exemption from the limitation on deductibility imposed by Section 162(m) of the Code that is set forth in Section 162(m)(4)(C) of the Code or any successor provision thereto. 
  
 (dd)    “Shares” means shares
of the Company’s Stock. If there has been an adjustment or substitution pursuant to Section 10.1, the term “Shares” shall also include any shares of stock or other securities that are substituted for Shares or into which Shares
are adjusted pursuant to Section 10.1. 
  
 (ee)    “Stock” means the $.1.00 par value common stock of the Company and such other securities of the Company as may be substituted for Stock pursuant to Article 10. 
  
 (ff)    “Subsidiary” means any
corporation, limited liability company, partnership or other entity of which a majority of the outstanding voting stock or voting power is beneficially owned directly or indirectly by the Company. Notwithstanding the above, with respect to an
Incentive Stock Option, Subsidiary shall have the meaning set forth in Section 424(f) of the Code. 
  
 (gg)    “1933 Act” means the Securities Act of 1933, as amended from time to time. 
  
 (hh)    “1934 Act” means the
Securities Exchange Act of 1934, as amended from time to time. 
  

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 ARTICLE 3 
 EFFECTIVE TERM OF PLAN 
  
 3.1.         EFFECTIVE DATE.    The Plan shall be effective as of the date it is approved by the shareholders of the Company (the “Effective Date”). 
  
 3.2.        TERMINATION OF
PLAN.     The Plan shall terminate on the tenth anniversary of the Effective Date unless earlier terminated as provided herein. The termination of the Plan on such date shall not affect the validity of any Award outstanding
on the date of termination. 
  
 ARTICLE 4 
 ADMINISTRATION 
  
 4.1.        COMMITTEE.    The Plan shall be administered by a Committee appointed by
the Board (which Committee shall consist of at least two directors) or, at the discretion of the Board from time to time, the Plan may be administered by the Board. It is intended that at least two of the directors appointed to serve on the
Committee shall be “non-employee directors” (within the meaning of Rule 16b-3 promulgated under the 1934 Act) and “outside directors” (within the meaning of Code Section 162(m)) and that any such members of the Committee who
do not so qualify shall abstain from participating in any decision to make or administer Awards that are made to Eligible Participants who at the time of consideration for such Award (i) are persons subject to the short-swing profit rules of
Section 16 of the 1934 Act, or (ii) are reasonably anticipated to become Covered Employees during the term of the Award. However, the mere fact that a Committee member shall fail to qualify under either of the foregoing requirements or
shall fail to abstain from such action shall not invalidate any Award made by the Committee which Award is otherwise validly made under the Plan. The members of the Committee shall be appointed by, and may be changed at any time and from time to
time in the discretion of, the Board. The Board may reserve to itself any or all of the authority and responsibility of the Committee under the Plan or may act as administrator of the Plan for any and all purposes. To the extent the Board has
reserved any authority and responsibility or during any time that the Board is acting as administrator of the Plan, it shall have all the powers of the Committee hereunder, and any reference herein to the Committee (other than in this
Section 4.1) shall include the Board. To the extent any action of the Board under the Plan conflicts with actions taken by the Committee, the actions of the Board shall control. 
  
 4.2.        ACTION AND INTERPRETATIONS BY THE
COMMITTEE.    For purposes of administering the Plan, the Committee may from time to time adopt rules, regulations, guidelines and procedures for carrying out the provisions and purposes of the Plan and make such other
determinations, not inconsistent with the Plan, as the Committee may deem appropriate. The Committee’s interpretation of the Plan, any Awards granted under the Plan, any Award Certificate and all decisions and determinations by the Committee
with respect to the Plan are final, binding, and conclusive on all parties. Each member of the Committee is entitled to, in good faith, rely or act upon any report or other information furnished to that member by any officer or other employee of the
Company or any Affiliate, the Company’s or an Affiliate’s independent certified public accountants, Company counsel or any executive compensation consultant or other professional retained by the Company to assist in the administration of
the Plan. 
  
 4.3.        AUTHORITY OF COMMITTEE.    Except as provided below, the Committee has the exclusive power, authority and discretion to: 
  
 (a)    Grant Awards; 
  
 (b)    Designate Participants;

  
 (c)    Determine the type
or types of Awards to be granted to each Participant; 
  

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 (d)    Determine the number of Awards to be granted and the number of
Shares or dollar amount to which an Award will relate; 
  
 (e)    Determine the terms and conditions of any Award granted under the Plan, including but not limited to, the exercise price, grant price, or purchase price, any restrictions or limitations on the Award, any schedule
for lapse of forfeiture restrictions or restrictions on the exercisability of an Award, and accelerations or waivers thereof, based in each case on such considerations as the Committee in its sole discretion determines; 
  
 (f)    Determine whether, to what
extent, and under what circumstances an Award may be settled in, or the exercise price of an Award may be paid in, cash, Stock, other Awards, or other property, or an Award may be canceled, forfeited, or surrendered; 
  
 (g)    Prescribe the form of each Award
Certificate, which need not be identical for each Participant; 
  
 (h)    Decide all other matters that must be determined in connection with an Award; 
  
 (i)    Establish, adopt or revise any rules, regulations, guidelines or procedures as it may deem necessary or
advisable to administer the Plan; 
  
 (j)    Make all other decisions and determinations that may be required under the Plan or as the Committee deems necessary or advisable to administer the Plan; 
  
 (k)    Amend the Plan or any Award
Certificate as provided herein; and 
  
 (l)    Adopt such modifications, procedures, and subplans as may be necessary or desirable to comply with provisions of the laws of non-U.S. jurisdictions in which the Company or any Affiliate may operate, in order to
assure the viability of the benefits of Awards granted to participants located in such other jurisdictions and to meet the objectives of the Plan. 
  
 Notwithstanding the foregoing, grants of Awards to Non-Employee Directors hereunder shall be made only in accordance with the terms, conditions and
parameters of a plan, program or policy for the compensation of Non-Employee Directors as in effect from time to time, and the Committee may not make discretionary grants hereunder to Non-Employee Directors. 
  
 Notwithstanding the above, the Board or the Committee may, by resolution,
expressly delegate to a special committee, consisting of one or more directors who are also officers of the Company, the authority, within specified parameters, to (i) designate Eligible Participants to be recipients of Awards under the Plan,
and (ii) to determine the number of such Awards to be granted to any such Participants; provided that a limit on the total number or dollar value of Awards to be granted to any such Participants shall be approved in advance by the Board or the
Committee and provided further that such delegation of duties and responsibilities to such special committee may not be made with respect to the grant of Awards to Eligible Participants (a) who are subject to Section 16(a) of the 1934 Act
at the Grant Date, or (b) who as of the Grant Date are reasonably anticipated to be become Covered Employees during the term of the Award. The acts of such delegates shall be treated hereunder as acts of the Board and such delegates shall
report regularly to the Board and the Compensation Committee regarding the delegated duties and responsibilities and any Awards so granted. 
  
 4.4.        AWARD CERTIFICATES.    Each Award shall be evidenced by an Award
Certificate. Each Award Certificate shall include such provisions, not inconsistent with the Plan, as may be specified by the Committee. 
  
 ARTICLE 5 
 SHARES SUBJECT TO THE PLAN

  
 5.1.        NUMBER OF SHARES.    Subject to adjustment as provided in Sections 5.2, the aggregate number of Shares reserved and available for issuance pursuant to Awards
granted under the Plan shall be 

  

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5,789,805. The maximum number of Shares that may be issued upon exercise of Incentive Stock Options granted under the Plan shall be 1,000,000. The maximum
number of Shares that may be issued as Restricted Stock under the Plan shall be [50,000]. 
  
 5.2.        SHARE COUNTING.    To the extent that an Award is canceled, terminates, expires, is forfeited or lapses for any reason, any unissued or
forfeited Shares from such Award will again be available for issuance pursuant to Awards granted under the Plan. 
  
 5.3.        STOCK DISTRIBUTED.    Any Stock distributed pursuant to an Award may
consist, in whole or in part, of authorized and unissued Stock, treasury Stock or Stock purchased on the open market. 
  
 5.4.        LIMITATION ON AWARDS.    Notwithstanding any provision in the Plan to the
contrary, the maximum number of Shares with respect to one or more Options that may be granted during any one calendar year under the Plan to any one Participant shall be 800,000. The maximum aggregate grant with respect to Restricted Stock Awards
in any one calendar year to any one Participant shall be 7,000. 
  
 ARTICLE 6 
 ELIGIBILITY 
  
 6.1.        GENERAL.    Awards may be granted only to Eligible Participants; except
that Incentive Stock Options may be granted to only to Eligible Participants who are employees of the Company or a Parent or Subsidiary as defined in Section 424(e) and (f) of the Code. 
  
 ARTICLE 7 
 STOCK OPTIONS 
  
 7.1.        GENERAL.    The Committee is authorized to grant Options to Participants on the following terms and conditions: 
  
 (a)    EXERCISE PRICE. The
exercise price per Share under an Option shall be determined by the Committee; provided, however, that the exercise price of an Option shall not be less than the Fair Market Value as of the Grant Date. 
  
 (b)    TIME AND CONDITIONS OF
EXERCISE. The Committee shall determine the time or times at which an Option may be exercised in whole or in part, subject to Section 7.1(d). The Committee shall also determine the performance or other conditions, if any, that must be
satisfied before all or part of an Option may be exercised or vested. Except under certain circumstances contemplated by Section 9.9 or as may be set forth in an Award Certificate with respect to death, Disability or Retirement of a
Participant, Options granted after June 30, 2005 will not be exercisable before the expiration of one year from the Grant Date. 
  
 (c)    PAYMENT. The Committee shall determine the methods by which the exercise price of an Option may be paid,
the form of payment, including, without limitation, cash, Shares, or other property (including “cashless exercise” arrangements), and the methods by which Shares shall be delivered or deemed to be delivered to Participants. 
  
 (d)    EXERCISE TERM. In no event
may any Option be exercisable for more than seven years from the Grant Date. 
  
 7.2.        INCENTIVE STOCK OPTIONS.    The terms of any Incentive Stock Options granted under the Plan must comply with the following additional
rules: 
  
 (a)    EXERCISE
PRICE. The exercise price of an Incentive Stock Option shall not be less than the Fair Market Value as of the Grant Date. 
  

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 (b)    LAPSE OF OPTION. Subject to any earlier termination
provision contained in the Award Certificate, an Incentive Stock Option shall lapse upon the earliest of the following circumstances; provided, however, that the Committee may, prior to the lapse of the Incentive Stock Option under the circumstances
described in subsections (3), (4) or (5) below, provide in writing that the Option will extend until a later date, but if an Option is so extended and is exercised after the dates specified in subsections (3) and (4) below, it
will automatically become a Nonstatutory Stock Option: 
  
 (1) The expiration date set forth in the Award Certificate. 
  
 (2) The seventh anniversary of the Grant Date. 
  
 (3) Three months after termination of the Participant’s Continuous Status as a Participant for any reason other than the
Participant’s Disability or death. 
  
 (4)
One year after the Participant’s Continuous Status as a Participant by reason of the Participant’s Disability. 
  
 (5) One year after the Participant’s death if the Participant dies while employed, or during the three-month period described in
paragraph (3) or during the one-year period described in paragraph (4) and before the Option otherwise lapses. 
  
 Unless the exercisability of the Incentive Stock Option is accelerated as provided in Article 9, if a Participant exercises an Option
after termination of employment, the Option may be exercised only with respect to the Shares that were otherwise vested on the Participant’s termination of employment. Upon the Participant’s death, any exercisable Incentive Stock Options
may be exercised by the Participant’s beneficiary, determined in accordance with Section 9.5. 
  
 (c)    INDIVIDUAL DOLLAR LIMITATION. The aggregate Fair Market Value (determined as of the Grant Date) of all
Shares with respect to which Incentive Stock Options are first exercisable by a Participant in any calendar year may not exceed $100,000.00. 
  
 (d)    TEN PERCENT OWNERS. No Incentive Stock Option shall be granted to any individual who, at the Grant Date,
owns stock possessing more than ten percent of the total combined voting power of all classes of stock of the Company or any Parent or Subsidiary unless the exercise price per share of such Option is at least 110% of the Fair Market Value per Share
at the Grant Date and the Option expires no later than five years after the Grant Date. 
  
 (e)    EXPIRATION OF AUTHORITY TO GRANT INCENTIVE STOCK OPTIONS. No Incentive Stock Option may be granted
pursuant to the Plan after the day immediately prior to the tenth anniversary of the Effective Date of the Plan, or the termination of the Plan, if earlier. 
  
 (f)    RIGHT TO EXERCISE. During a Participant’s lifetime, an Incentive Stock Option may be exercised only
by the Participant or, in the case of the Participant’s Disability, by the Participant’s guardian or legal representative. 
  
 (g)    ELIGIBLE GRANTEES. The Committee may not grant an Incentive Stock Option to a person who is not at the
Grant Date an employee of the Company or a Parent or Subsidiary. 
  
 ARTICLE 8 
 RESTRICTED STOCK AWARDS 
  
 8.1        GRANT OF RESTRICTED STOCK.    The Committee is
authorized to make Awards of Restricted Stock to Participants in such amounts and subject to such terms and conditions as may be selected by the Committee, subject to Section 5.4 
  
 8.2.        ISSUANCE AND RESTRICTIONS.    Restricted
Stock shall be subject to such restrictions on transferability and other restrictions as the Committee may impose (including, without limitation, limitations on 

  

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the right to vote Restricted Stock or the right to receive dividends on the Restricted Stock) covering a period of time specified by the Committee (the
“Restricted Period”). These restrictions may lapse separately or in combination at such times, under such circumstances, in such installments, upon the satisfaction of performance goals or otherwise, as the Committee determines at the time
of the grant of the Award or thereafter. Except as otherwise provided in an Award Certificate or any special Plan document governing an Award, the Participant shall have all of the rights of a shareholder with respect to the Restricted Stock.

  
 8.3.        FORFEITURE.    Except for certain limited situations (including the death, Disability or Retirement of the Participant or a Change in Control referred to in
Section 9.8), Restricted Stock Awards subject solely to continued employment restrictions shall have a Restriction Period of not less than five years from the Grant Date (but permitting pro-rata vesting over such time). Except as otherwise
determined by the Committee at the time of the grant of the Award or thereafter, immediately after termination of Continuous Status as a Participant during the applicable Restriction Period or upon failure to satisfy a performance goal during the
applicable Restriction Period, Restricted Stock that is at that time subject to restrictions shall be forfeited. 
  
 8.4.        DELIVERY OF RESTRICTED STOCK.    Shares of Restricted Stock shall be
delivered to the Participant at the time of grant either by book-entry registration or by delivering to the Participant, or a custodian or escrow agent (including, without limitation, the Company or one or more of its employees) designated by the
Committee, a stock certificate or certificates registered in the name of the Participant. If physical certificates representing shares of Restricted Stock are registered in the name of the Participant, such certificates must bear an appropriate
legend referring to the terms, conditions, and restrictions applicable to such Restricted Stock. 
  
 ARTICLE 9 
 PROVISIONS APPLICABLE TO AWARDS 
  
 9.1.        STAND-ALONE AND TANDEM
AWARDS.    Awards granted under the Plan may, in the discretion of the Committee, be granted either alone or in addition to, in tandem with, any other Award granted under the Plan. Subject to Section 9.2, Awards granted
in addition to or in tandem with other Awards may be granted either at the same time as or at a different time from the grant of such other Awards. 
  
 9.2.        TERM OF AWARD.    The term of each Award shall be for the period as
determined by the Committee, provided that in no event shall the term of any Stock Option exceed a period of seven years from its Grant Date (or, if Section 7.2(d) applies, five years from its Grant Date). 
  
 9.3.        FORM OF PAYMENT FOR
AWARDS.    Subject to the terms of the Plan and any applicable law or Award Certificate, payments or transfers to be made by the Company or an Affiliate on the grant or exercise of an Award may be made in such form as the
Committee determines at or after the Grant Date, including without limitation, cash, Stock, or other property, or any combination, and may be made in a single payment or transfer, in installments, or on a deferred basis, in each case determined in
accordance with rules adopted by, and at the discretion of, the Committee. 
  
 9.4.        LIMITS ON TRANSFER.    No right or interest of a Participant in any unexercised or restricted Award may be pledged, encumbered, or
hypothecated to or in favor of any party other than the Company or an Affiliate, or shall be subject to any lien, obligation, or liability of such Participant to any other party other than the Company or an Affiliate. No unexercised or restricted
Award shall be assignable or transferable by a Participant other than by will or the laws of descent and distribution or, except in the case of an Incentive Stock Option, pursuant to a domestic relations order that would satisfy
Section 414(p)(1)(A) of the Code if such Section applied to an Award under the Plan; provided, however, that the Committee may (but need not) permit other transfers where there is no consideration whatsoever to any party for said transfer and
the Committee concludes that such transferability (i) does not result in accelerated taxation, (ii) does not cause any Option 

  

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intended to be an Incentive Stock Option to fail to be described in Code Section 422(b), and (iii) is otherwise appropriate and desirable, taking
into account any factors deemed relevant, including without limitation, state or federal tax or securities laws applicable to transferable Awards. 
  
 9.5.        BENEFICIARIES.    Notwithstanding Section 9.4, a Participant may, in
the manner determined by the Committee, designate a beneficiary to exercise the rights of the Participant and to receive any distribution with respect to any Award upon the Participant’s death. A beneficiary, legal guardian, legal
representative, or other person claiming any rights under the Plan is subject to all terms and conditions of the Plan and any Award Certificate applicable to the Participant, except to the extent the Plan and Award Certificate otherwise provide, and
to any additional restrictions deemed necessary or appropriate by the Committee. If no beneficiary has been designated or survives the Participant, payment shall be made to the Participant’s estate. Subject to the foregoing, a beneficiary
designation may be changed or revoked by a Participant at any time provided the change or revocation is filed with the Company. 
  
 9.6.        STOCK TRANSFERS.    All Stock issuable under the Plan is subject to any
stop-transfer orders and other restrictions as the Committee deems necessary or advisable to comply with federal or state securities laws, rules and regulations and the rules of any national securities exchange or automated quotation system on which
the Stock is listed, quoted, or traded. The Committee may place legends on any Stock certificate or issue instructions to the transfer agent to reference restrictions applicable to the Stock. 
  
 9.7.        ACCELERATION UPON
DEATH OR DISABILITY.    Except as otherwise provided in the Award Certificate or any special Plan document governing an Award, upon the Participant’s death or Disability during his or her Continuous Status as a
Participant, (i) all of such Participant’s outstanding Options shall become fully exercisable and (ii) all time-based vesting restrictions on the Participant’s outstanding Awards shall lapse. To the extent that this provision
causes Incentive Stock Options to exceed the dollar limitation set forth in Section 7.2(c), the excess Options shall be deemed to be Nonstatutory Stock Options. 
  
 9.8.        ACCELERATION UPON A CHANGE IN
CONTROL.    Except as otherwise provided in the Award Certificate or any special Plan document governing an Award if a Participant’s employment is terminated without Cause or the Participant resigns for Good Reason
within one year after the effective date of a Change in Control, (i) all outstanding Options shall become fully exercisable and (ii) all time-based vesting restrictions on outstanding Awards shall lapse. 
  
 9.9.        DISCRETIONARY
ACCELERATION.    Regardless of whether an event has occurred as described in Section 9.7 or 9.8 above, the Committee may in its sole discretion at any time determine that, upon the death, Disability, Retirement or
termination of service of a Participant, all or a portion of such Participant’s Options shall become fully or partially exercisable, and/or that all or a part of the restrictions on all or a portion of the Participant’s outstanding Awards
shall lapse as of such date as the Committee may, in its sole discretion, declare. The Committee may discriminate among Participants and among Awards granted to a Participant in exercising its discretion pursuant to this Section 9.9.

  
 9.10.        TERMINATION OF EMPLOYMENT.    Whether military, government or other service or other leave of absence shall constitute a termination of employment shall be
determined in each case by the Committee at its discretion, and any determination by the Committee shall be final and conclusive. A Participant’s Continuous Status as a Participant shall not be deemed to terminate (i) in a circumstance in
which a Participant transfers from the Company to an Affiliate, transfers from an Affiliate to the Company, or transfers from one Affiliate to another Affiliate, or (ii) in the discretion of the Committee as specified at or prior to such
occurrence, in the case of a spin-off, sale or disposition of the Participant’s employer from the Company or any Affiliate. To the extent that this provision causes Incentive Stock Options to extend beyond three months from the date a
Participant is deemed to be an employee of the Company, a Parent or Subsidiary for purposes of Sections 424(e) and 424(f) of the Code, the Options held by such Participant shall be deemed to be Nonstatutory Stock Options. 
  

 10 

 9.11.        FORFEITURE EVENTS.    The
Committee may specify in an Award Certificate that the Participant’s rights and benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain specified events, in addition
to any otherwise applicable vesting or performance conditions of an Award. Such events may include, but are not limited to, termination of employment for cause, violation of material Company or Affiliate policies, breach of non-competition,
confidentiality or other restrictive covenants that may apply to the Participant, or other conduct by the Participant that is detrimental to the business or reputation of the Company or any Affiliate. 
  
 9.12.        SUBSTITUTE
AWARDS.    The Committee may grant Awards under the Plan in substitution for stock and stock-based awards held by employees of another entity who become employees of the Company or an Affiliate as a result of a merger or
consolidation of the former employing entity with the Company or an Affiliate or the acquisition by the Company or an Affiliate of property or stock of the former employing corporation. The Committee may direct that the substitute awards be granted
on such terms and conditions as the Committee considers appropriate in the circumstances. 
  
 ARTICLE 10 
 CHANGES IN CAPITAL STRUCTURE 
  
 10.1.        GENERAL.    In the event of a corporate event or transaction involving the Company (including, without limitation, any stock dividend, stock split,
extraordinary cash dividend, recapitalization, reorganization, merger, consolidation, split-up, spin-off, combination or exchange of shares), the authorization limits under Section 5.1 and 5.4 shall be adjusted proportionately, and the
Committee may adjust the Plan and Awards to preserve the benefits or potential benefits of the Awards. Action by the Committee may include: (i) adjustment of the number and kind of shares which may be delivered under the Plan;
(ii) adjustment of the number and kind of shares subject to outstanding Awards; (iii) adjustment of the exercise price of outstanding Awards; and (iv) any other adjustments that the Committee determines to be equitable. In addition,
the Committee may, in its sole discretion, provide (i) that Awards will be settled in cash rather than Stock, (ii) that Awards will become immediately vested and exercisable and will expire after a designated period of time to the extent
not then exercised, (iii) that Awards will be assumed by another party to a transaction or otherwise be equitably converted or substituted in connection with such transaction, (iv) that outstanding Awards may be settled by payment in cash
or cash equivalents equal to the excess of the Fair Market Value of the underlying Stock, as of a specified date associated with the transaction, over the exercise price of the Award, or (v) any combination of the foregoing. The
Committee’s determination need not be uniform and may be different for different Participants whether or not such Participants are similarly situated. Without limiting the foregoing, in the event of a subdivision of the outstanding Stock
(stock-split), a declaration of a dividend payable in Shares, or a combination or consolidation of the outstanding Stock into a lesser number of Shares, the authorization limits under Section 5.1 and 5.4 shall automatically be adjusted
proportionately, and the Shares then subject to each Award shall automatically be adjusted proportionately without any change in the aggregate purchase price therefor. To the extent that any adjustments made pursuant to this Article 10 cause
Incentive Stock Options to cease to qualify as Incentive Stock Options, such Options shall be deemed to be Nonstatutory Stock Options. 
  
 ARTICLE 11 
 AMENDMENT, MODIFICATION
AND TERMINATION 
  
 11.1.        AMENDMENT, MODIFICATION AND TERMINATION. 
  
 (a)    The Board or the Committee may, at any time and from time to time, amend, modify or terminate the Plan without
shareholder approval; provided, however, that if an amendment to the Plan would, in the reasonable opinion of the Board or the Committee, either (i) materially increase the benefits accruing to Participants, (ii) materially increase the
number of Shares available under the Plan, (iii) expand the types of 

  

 11 

 
awards under the Plan, (iv) materially expand the class of participants eligible to participate in the Plan, (v) materially extend the term of the
Plan, or (vi) otherwise constitute a material change requiring shareholder approval under applicable laws, policies or regulations or the applicable listing or other requirements of an Exchange, then such amendment shall be subject to
shareholder approval; and provided, further, that the Board or Committee may condition any other amendment or modification on the approval of shareholders of the Company for any reason, including by reason of such approval being necessary or deemed
advisable to (i) permit Awards made hereunder to be exempt from liability under Section 16(b) of the 1934 Act, (ii) to comply with the listing or other requirements of an Exchange, or (iii) to satisfy any other tax, securities or
other applicable laws, policies or regulations. 
  
 (b)    No termination, amendment, or modification of the Plan shall adversely affect any Award previously granted under the Plan, without the written consent of the Participant affected thereby. An outstanding Award
shall not be deemed to be “adversely affected” by a Plan amendment if such amendment would not reduce or diminish the value of such Award determined as if the Award had been exercised, vested or otherwise settled on the date of such
amendment (with the per-share value of an Option for this purpose being calculated as the excess, if any, of the Fair Market Value as of the date of such amendment over the exercise or base price of such Award). 
  
 11.2.        AWARDS PREVIOUSLY
GRANTED.    At any time and from time to time, the Committee may amend, modify or terminate any outstanding Award without approval of the Participant; provided, however: 
  
 (a)    Subject to the terms of the
applicable Award Certificate, such amendment, modification or termination shall not, without the Participant’s consent, reduce or diminish the value of such Award determined as if the Award had been exercised, vested or otherwise settled on the
date of such amendment or termination (with the per-share value of an Option for this purpose being calculated as the excess, if any, of the Fair Market Value as of the date of such amendment or termination over the exercise or base price of such
Award); 
  
 (b)    The
original term of an Option may not be extended without the prior approval of the shareholders of the Company; and 
  
 (c)    Except as otherwise provided in Article 10, the exercise price of an Option may not be reduced, directly or
indirectly, without the prior approval of the shareholders of the Company. 
  
 ARTICLE 12 
 GENERAL PROVISIONS 
  
 12.1        SPECIAL PROVISIONS RELATED TO SECTION 409A OF THE CODE.

  
 (a) Notwithstanding anything in the Plan or
in any Award Certificate to the contrary, to the extent that any amount or benefit that would constitute “deferred compensation” for purposes of Section 409A of the Code would otherwise be payable or distributable under the Plan or any
Award Certificate by reason the occurrence of a Change in Control or the Participant’s Disability or separation from service, such amount or benefit will not be payable or distributable to the Participant by reason of such circumstance unless
(i) the circumstances giving rise to such Change in Control, Disability or separation from service meet the description or definition of “change in control event”, “disability” or “separation from service”, as the case
may be, in Section 409A of the Code and applicable proposed or final regulations, or (ii) the payment or distribution of such amount or benefit would be exempt from the application of Section 409A of the Code by reason of the short-term deferral
exemption or otherwise. This provision does not prohibit the vesting of any Award or the vesting of any right to eventual payment or distribution of any amount or benefit under the Plan or any Award Certificate. 
  
 (b) Notwithstanding anything in the Plan or in any Award
Certificate to the contrary, to the extent necessary to avoid the application of Section 409A of the Code, (i) the Committee may not amend an outstanding Option, SAR or similar Award to extend the time to exercise such Award beyond the later of the

  

 12 

 
15th day of the third month following the date at which, or December 31 of the calendar year in which, the Award would otherwise have expired if the Award
had not been extended, based on the terms of the Award at the original Grant Date (the “Safe Harbor Extension Period”), and (ii) any purported extension of the exercise period of an outstanding Award beyond the Safe Harbor Extension Period
shall be deemed to be an amendment to the last day of the Safe Harbor Extension Period and no later. 
  
 12.2.        NO RIGHTS TO AWARDS; NON-UNIFORM DETERMINATIONS.    No Participant or any
Eligible Participant shall have any claim to be granted any Award under the Plan. Neither the Company, its Affiliates nor the Committee is obligated to treat Participants or Eligible Participants uniformly, and determinations made under the Plan may
be made by the Committee selectively among Eligible Participants who receive, or are eligible to receive, Awards (whether or not such Eligible Participants are similarly situated). 
  
 12.3.        NO SHAREHOLDER RIGHTS.    No Award gives a
Participant any of the rights of a shareholder of the Company unless and until Shares are in fact issued to such person in connection with such Award. 
  
 12.4.        WITHHOLDING.    The Company or any Affiliate shall have the authority and
the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy federal, state, and local taxes (including the Participant’s FICA obligation) required by law to be withheld with respect to any
exercise, lapse of restriction or other taxable event arising as a result of the Plan or an Award. If Shares are permitted to be surrendered to the Company to satisfy tax obligations in excess of the minimum tax withholding obligation, such Shares
must have been held by the Participant as fully vested shares for such period of time, if any, as necessary to avoid the recognition of an expense under generally accepted accounting principles. The Company shall have the authority to require a
Participant to remit cash to the Company in lieu of the surrender of Shares for tax withholding obligations if the surrender of Shares in satisfaction of such withholding obligations would result in the Company’s recognition of expense under
generally accepted accounting principles. With respect to withholding required upon any taxable event under the Plan, the Committee may, at the time the Award is granted or thereafter, require or permit that any such withholding requirement be
satisfied, in whole or in part, by withholding from the Award Shares having a Fair Market Value on the date of withholding equal to the minimum amount (and not any greater amount) required to be withheld for tax purposes, all in accordance with such
procedures as the Committee establishes. 
  
 12.5.        NO RIGHT TO CONTINUED SERVICE.    Nothing in the Plan, any Award Certificate or any other document or statement made with respect to the Plan, shall interfere
with or limit in any way the right of the Company or any Affiliate to terminate any Participant’s employment or status as an officer, director or consultant at any time, nor confer upon any Participant any right to continue as an employee,
officer, director or consultant of the Company or any Affiliate, whether for the duration of a Participant’s Award or otherwise. 
  
 12.6.        UNFUNDED STATUS OF AWARDS.    The Plan is intended to be an
“unfunded” plan for incentive and deferred compensation. With respect to any payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Award Certificate shall give the Participant any rights that are
greater than those of a general creditor of the Company or any Affiliate. This Plan is not intended to be subject to ERISA. 
  
 12.7.        RELATIONSHIP TO OTHER BENEFITS.    No payment under the Plan shall be
taken into account in determining any benefits under any pension, retirement, savings, profit sharing, group insurance, welfare or benefit plan of the Company or any Affiliate unless provided otherwise in such other plan. 
  
 12.8.        EXPENSES.    The expenses of administering the Plan shall be borne by the Company and its Affiliates. 
  
 12.9.        TITLES AND
HEADINGS.    The titles and headings of the Sections in the Plan are for convenience of reference only, and in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control. 

 

 13 

 12.10.        GENDER AND
NUMBER.    Except where otherwise indicated by the context, any masculine term used herein also shall include the feminine; the plural shall include the singular and the singular shall include the plural. 
  
 12.11.        FRACTIONAL
SHARES.    No fractional Shares shall be issued and the Committee shall determine, in its discretion, whether cash shall be given in lieu of fractional Shares or whether such fractional Shares shall be eliminated by rounding
up or down. 
  
 12.12.        GOVERNMENT AND OTHER REGULATIONS. 
  
 (a)    Notwithstanding any other provision of the Plan, no Participant who acquires Shares pursuant to the Plan may,
during any period of time that such Participant is an affiliate of the Company (within the meaning of the rules and regulations of the Securities and Exchange Commission under the 1933 Act), sell such Shares, unless such offer and sale is made
(i) pursuant to an effective registration statement under the 1933 Act, which is current and includes the Shares to be sold, or (ii) pursuant to an appropriate exemption from the registration requirement of the 1933 Act, such as that set
forth in Rule 144 promulgated under the 1933 Act. 
  
 (b)    Notwithstanding any other provision of the Plan, if at any time the Committee shall determine that the registration, listing or qualification of the Shares covered by an Award upon any Exchange or under any
foreign, federal, state or local law or practice, or the consent or approval of any governmental regulatory body, is necessary or desirable as a condition of, or in connection with, the granting of such Award or the purchase or receipt of Shares
thereunder, no Shares may be purchased, delivered or received pursuant to such Award unless and until such registration, listing, qualification, consent or approval shall have been effected or obtained free of any condition not acceptable to the
Committee. Any Participant receiving or purchasing Shares pursuant to an Award shall make such representations and agreements and furnish such information as the Committee may request to assure compliance with the foregoing or any other applicable
legal requirements. The Company shall not be required to issue or deliver any certificate or certificates for Shares under the Plan prior to the Committee’s determination that all related requirements have been fulfilled. The Company shall in
no event be obligated to register any securities pursuant to the 1933 Act or applicable state or foreign law or to take any other action in order to cause the issuance and delivery of such certificates to comply with any such law, regulation or
requirement. 
  
 12.13.        GOVERNING LAW.    To the extent not governed by federal law, the Plan and all Award Certificates shall be construed in accordance with and governed by the laws
of the State of Delaware. 
  
 12.14.        ADDITIONAL PROVISIONS.    Each Award Certificate may contain such other terms and conditions as the Committee may determine; provided that such other terms and
conditions are not inconsistent with the provisions of the Plan. 
  
 12.15.        NO LIMITATIONS ON RIGHTS OF COMPANY.    The grant of any Award shall not in any way affect the right or power of the Company to make adjustments,
reclassification or changes in its capital or business structure or to merge, consolidate, dissolve, liquidate, sell or transfer all or any part of its business or assets. The Plan shall not restrict the authority of the Company, for proper
corporate purposes, to draft or assume awards, other than under the Plan, to or with respect to any person. If the Committee so directs, the Company may issue or transfer Shares to an Affiliate, for such lawful consideration as the Committee may
specify, upon the condition or understanding that the Affiliate will transfer such Shares to a Participant in accordance with the terms of an Award granted to such Participant and specified by the Committee pursuant to the provisions of the Plan.

  
 12.16.        INDEMNIFICATION.    Each person who is or shall have been a member of the Committee, or of the Board, or an officer of the Company to whom authority was
delegated in accordance with Article 4 shall be indemnified and held harmless by the Company against and from any loss, cost, liability, or expense that may 

  

 14 

 
be imposed upon or reasonably incurred by him or her in connection with or resulting from any claim, action, suit, or proceeding to which he or she may be a
party or in which he or she may be involved by reason of any action taken or failure to act under the Plan and against and from any and all amounts paid by him or her in settlement thereof, with the Company’s approval, or paid by him or her in
satisfaction of any judgment in any such action, suit, or proceeding against him or her, provided he or she shall give the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it
on his or her own behalf, unless such loss, cost, liability, or expense is a result of his or her own willful misconduct or except as expressly provided by statute. The foregoing right of indemnification shall not be exclusive of any other rights of
indemnification to which such persons may be entitled under the Company’s charter or bylaws, as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless. 
  
 12.17.        FOREIGN
PARTICIPANTS.    In order to facilitate the granting of Awards to Eligible Participants who are foreign nationals or who are employed outside of the United States of America, the Committee may provide for such special terms
and conditions, including without limitation substitutes for Awards, as the Committee may consider necessary or appropriate to accommodate differences in local law, tax policy or custom. The Committee may approve any supplements to, or amendments,
restatements or alternative versions of this Plan as it may consider necessary or appropriate for the purposes of this Section 12.16 without thereby affecting the terms of this Plan as in effect for any other purpose, and the Secretary or other
appropriate officer of the Company may certify any such documents as having been approved and adopted pursuant to properly delegated authority; provided, that no such supplements, amendments, restatements or alternative versions shall include any
provisions that are inconsistent with the spirit of this Plan, as then in effect. Participants subject to the laws of a foreign jurisdiction may request copies of, or the right to view, any materials that are required to be provided by the Company
pursuant to the laws of such jurisdiction. 
  
 12.18.        NOTICE.    Except as otherwise provided in this Plan, all notices or other communications required or permitted to be given under this Plan to the Company
shall be in writing and shall be deemed to have been duly given if delivered personally or mailed, postage pre-paid, as follows: (i) if to the Company, at its principal business address to the attention of the Secretary; and (ii) if to any
Participant, at the last address of the Participant known to the sender at the time the notice or other communication is sent. 
  
 12.19.        INUREMENT OF RIGHTS AND OBLIGATIONS.    The rights and obligations under
this Plan and any related documents shall inure to the benefit of, and shall be binding upon, the Company, its successors and assigns, and the Participants and their beneficiaries. 
  
 12.20.        COSTS AND EXPENSES.    Except as otherwise
provided herein, the costs and expenses of administering this Plan shall be borne by the Company, and shall not be charged to any Award nor to any Participant receiving an Award. Costs and expenses associated with the redemption or exercise of any
Award under this Plan, including, but not limited to, commissions charged by any agent of the Company, may be charged to the Participant. 
  
 The foregoing is hereby acknowledged as being the Torchmark Corporation 2005 Amended and Restated Incentive Plan as adopted by the Board on
                         , 2006 and approved by the shareholders on
                         , 2006. 
  
 TORCHMARK CORPORATION 
  
 By:                                      
                                        
    
  Its: 
  

 15Amended and Restated 2005 Non-Employee Director Incentive Plan

 Exhibit 10.2 
 TORCHMARK CORPORATION 
 AMENDED AND RESTATED 
 2005 NON-EMPLOYEE DIRECTOR INCENTIVE PLAN 
 SECTION 1. GENERAL PURPOSE OF PLAN; DEFINITIONS. 
 The name of this plan is the Torchmark Corporation 2005 Non-Employee
Director Incentive Plan (the “Plan”). The purpose of the Plan is to enable Torchmark Corporation (the “Company”) and its Subsidiaries and Affiliates to attract and retain directors who contribute to the Company’s success by
their ability, ingenuity and industry, and to enable such directors to participate in the long-term success and growth of the Company through an equity interest in the Company. This Plan replaces those parts of the Company’s 1998 Stock
Incentive Plan (the “Prior Plan”) which provide benefits to and deferral opportunities to Non-Employee Directors of the Company. Compensation deferred and options and other rights granted under the Prior Plan before the effective date of
this Plan shall continue to be governed by the terms of the Prior Plan, but no additional Compensation shall be deferred by and no additional options or rights shall be granted to Non-Employee Directors under the Prior Plan after the effective date
of this Plan. 
 The Plan is a subplan of the Torchmark Corporation Amended and Restated 2005 Incentive Plan (the “Incentive
Plan”). Capitalized terms used in the Plan but not otherwise defined shall have the meanings given such terms in the Incentive Plan. In addition, the following terms shall be defined for purposes of the Plan as set forth below: 
 “Annual Compensation” means the annual cash retainer and meeting fees payable by the Company to a Non-Employee Director for services as a
director (and, if applicable, as the member or chairman of a committee of the Board) of the Company, as such amount may be changed from time to time. For purposes of an election under Section 6(d) to receive Stock Options in lieu of Annual
Compensation, meeting fees will be estimated and deemed to be earned at the beginning of the year for all scheduled meetings during the year, whether or not the Optionee later attends such meetings. 
 “Beneficiary” means any person or persons designated by a Participant, in accordance with procedures established by the Committee or Plan
Administrator, to receive benefits hereunder in the event of the Participant’s death. If any Participant shall fail to designate a Beneficiary or shall designate a Beneficiary who shall fail to survive the Participant, the Beneficiary shall be
the Participant’s surviving spouse, or, if none, the Participant’s surviving descendants (who shall take per stirpes) and if there are no surviving descendants, the Beneficiary shall be the Participant’s estate. 
 “Board” means the Board of Directors of the Company. 
 “Business Day” shall mean a day on which the New York Stock Exchange or any national securities exchange or over-the-counter market on which the Stock is traded is open for business. 
 “Code” means the Internal Revenue Code of 1986, as amended, or any successor thereto. 

 “Committee” means the Compensation Committee of the Board. If at any time no Committee shall be
in office, then the functions of the Committee specified in the Plan shall be exercised by the Board. 
 “Company” means Torchmark
Corporation, a corporation organized under the laws of the State of Delaware (or any successor corporation). 
 “Election Date”
means the date by which a Non-Employee Director must submit a valid Election Form to the Plan Administrator in order to participate under Section 6 of the Plan for a calendar year. For each calendar year, the Election Date is December 31
of the preceding calendar year; provided, however, that the Election Date for a newly eligible Participant shall be the 30th day following the date on which such individual becomes a Non-Employee Director. 
 “Election Form” means an Election Form for Annual Compensation, substantially in the form attached hereto as Exhibit A, pursuant to which a
Non-Employee Director elects to defer Annual Compensation under the Plan or to convert Annual Compensation into Stock Options. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor thereto. 
 “Fair Market
Value” means, as of any given date, the closing price of the Stock on such date on the New York Stock Exchange Composite Tape. 
 “Interest Account” means the account established by the Company for each Non-Employee Director for Annual Compensation deferred pursuant to the Plan and which shall be credited with interest on the last day of each calendar
quarter (or such other day as determined by Plan Administrator). 
 “Non-Employee Director” means a director of the Company who is
not an employee of the Company or of any Subsidiary or Affiliate (as determined by the Committee). 
 “Optionee” means a
Non-Employee Director to whom a Stock Option has been granted or, in the event of such individual’s death prior to the expiration of a Stock Option, such individual’s Beneficiary. 
 “Participant” means any Non-Employee Director. 
 “Plan” means this 2005 Non-Employee Director Incentive Plan. 
 “Plan Administrator”
means one or more agents to whom the Board shall have delegated administrative duties under the Plan or the Committee if no such delegation shall have occurred. 
 “Stock” means the common stock of the Company. 
 “Stock Option” means any option to
purchase shares of Stock granted pursuant to Section 5 or 6. 
  

 2 

 “Stock Option Award Notice” means a written award notice to a Non-Employee Director from the
Company evidencing a Stock Option. 
 SECTION 2. ADMINISTRATION. 
 The Plan shall be administered by the Committee. The Committee shall have the discretionary authority to adopt, alter and repeal such administrative
rules, guidelines and practices governing the Plan as it shall, from time to time, deem advisable; to construe and interpret the terms and provisions of the Plan and any award issued under the Plan (and any agreements relating thereto); and to
otherwise supervise the administration of the Plan. The Committee will not have the authority to award Stock Options pursuant to Section 5(b) of the Plan; only the Board shall have this authority. 
 The Committee may delegate administrative duties under the Plan to one or more agents as it shall deem necessary or advisable. No member of the Committee
or the Board or the Plan Administrator shall be personally liable for any action or determination made in good faith with respect to the Plan or any Option or to any settlement of any dispute between a Non-Employee Director and the Company.

 All decisions made by the Board or the Committee pursuant to the provisions of the Plan shall be final and binding on all persons,
including the Company and Participants. 
 SECTION 3. SOURCE OF SHARES FOR THE PLAN. 
 The shares of Stock that may be issued pursuant to the Plan shall be issued under the Incentive Plan, subject to all of the terms and conditions of the
Incentive Plan. The terms contained in the Incentive Plan are incorporated into and made a part of this Plan with respect to Stock Options granted pursuant hereto and any such Stock Options shall be governed by and construed in accordance with the
Incentive Plan. In the event of any actual or alleged conflict between the provisions of the Incentive Plan and the provisions of this Plan, the provisions of the Incentive Plan shall be controlling and determinative. This Plan does not constitute a
separate source of shares for the grant of the equity awards described herein. 
 SECTION 4. ELIGIBILITY. 
 All Non-Employee Directors are eligible to participate in the Plan. 
 SECTION 5. STOCK OPTIONS. 
 Stock Options granted under the Plan are non-qualified Stock Options. Such
Stock Options will be granted pursuant to the pre-established formula contained herein or may, in the sole discretion of the entire Board, be granted as to such number of shares and upon such terms and conditions as shall be determined by the Board.
In addition, Non-Employee Directors may elect to receive Stock Options in lieu of Annual Compensation as provided in Section 6. 
 Stock
Options granted under the Plan shall be evidenced by a Stock Option Award Notice in such form as the Committee shall from time to time approve, which agreements shall comply with and be subject to the following terms and conditions: 
  

	 	(a)	Formula-based Stock Options. For each calendar year, 6,000 Stock Options shall be granted automatically on the first day of each calendar year on which Stock is
publicly traded on the New York Stock Exchange to each member of the Board on that date who is a Non-Employee Director. Except as provided in Section 9, said Stock Options shall become exercisable in full six months from the date of the grant
of the Option and shall remain exercisable for a term of seven years from the date such Stock Option is granted. 

  

 3 

	 	(b)	Non-Formula Based Options. Within its sole discretion, the entire Board may award Stock Options on a non-formula basis to all or such individual Non-Employee Directors
as it shall select. Such Stock Options may be awarded at such times and for such number of shares as the Board in its discretion determines. Said non-formula based Stock Options shall become first exercisable and shall have an option term as
determined by the Board in its discretion; provided, however, that except as provided in Section 9, no such Stock Option shall be first exercisable until six months from the date of grant. All other terms and conditions of such Non-Employee
Director Stock Options shall be as established by the Board in its sole discretion. 

  

	 	(c)	Exercise Price of Stock Options. The exercise price per share of each Stock Option shall be 100% of the Fair Market Value of the underlying Stock on the date of the
grant of the Stock Option. 

  

	 	(d)	Method of Exercise. Any Stock Option granted pursuant to the Plan may be exercised 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 Committee (including “cashless
exercise” arrangements). 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). No shares of Stock shall be
issued upon exercise of a Stock Option until the exercise price has been fully paid or satisfied. An Optionee shall have the rights to dividends or other rights of a stockholder with respect to shares subject to the Option when the Optionee has
given written notice of exercise and has fully paid or satisfied the exercise price for such shares. 

  

	 	(e)	Transferability of Options. A Stock Option shall not be transferable by the Optionee otherwise than by will or by the laws of descent and distribution, and all Stock
Options shall be exercisable, during the Optionee’s lifetime, only by the Optionee; provided, however, that the Committee may (but need not) permit other transfers where the Committee 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. 

  

 4 

	 	(f)	Termination of Service. Upon an Optionee’s termination of status as a Non-Employee Director with the Company for any reason, any Stock Options held by such
Optionee shall become immediately exercisable and may thereafter be exercised during the period ending on the expiration of the stated term of such Stock Options, provided, however, that no Option may be exercised within six months of the date of
grant of such Option. 

  

	 	(g)	Stock Options in Lieu of Annual Compensation. Non-Employee Directors are also eligible to elect to receive Stock Options in lieu of Annual Compensation pursuant to
Section 6(c) below. 

 SECTION 6. ELECTION TO RECEIVE STOCK OPTIONS IN LIEU OF ANNUAL COMPENSATION OR TO DEFER ANNUAL
COMPENSATION. 
  

	 	(a)	Deferral Election. A Non-Employee Director may elect to (i) receive Stock Options in lieu of his or her Annual Compensation pursuant to subsection (c) below,
or (ii) defer receipt of his or her Annual Compensation pursuant to subsection (d) below for a calendar year by delivering a properly completed and signed Election Form to the Plan Administrator on or before the Election Date. The Election
Form shall indicate: (1) the percentage or amount of Annual Compensation to which the election relates, (2) whether the director wants to receive Stock Options in lieu of his or her Annual Compensation or to defer his or her Annual
Compensation, and (3) the form and timing of the payout of any deferred compensation. Such election will be effective as of the first day of the calendar year beginning after the Plan Administrator receives the Non-Employee Director’s
Election Form, or, in the case of a newly eligible Participant, on the first day of the calendar month beginning after the Plan Administrator receives such Non-Employee Director’s Election Form, provided that the Election Form is received
within thirty (30) days following the Non-Employee Director’s date of initial eligibility to participate in the Plan. 

  

	 	(b)	Irrevocable Election. A Participant may not revoke or change his or her Election Form. For each year in which he or she is eligible to participate, a Non-Employee
Director may elect either (i) to defer receipt of his or her Annual Compensation pursuant to subsection (c) of this Section or (ii) to receive Stock Options in lieu of his or her Annual Compensation pursuant to subsection (d) of
this Section, but not a combination of the two for any year. 

  

	 	(c)	Stock Options in Lieu of Annual Compensation. A Non-Employee Director may elect to convert his or her Annual Compensation into Stock Options in accordance with the
provisions of this subsection (c). 

  

	 	(i)	Time of Issuance of Stock Options. If an election is made under this subsection, Stock Options will be issued to the Non-Employee Director on a date selected by the Committee
during the month of January in the calendar year to which the election relates (the “Option Grant Date”). 

  

 5 

	 	(ii)	Number of Stock Options. The number of shares subject to a Stock Option granted pursuant to this Article 6(c) shall be the number of whole Shares equal to A divided by B,
where: 

 A = the dollar amount which the Non-Employee Director has elected to convert to Stock Options; and 
 B = the per share value of a Stock Option on the Option Grant Date, as determined by the Committee using any recognized option valuation model selected
by the Board in its discretion (such value to be expressed as a percentage of the Fair Market Value per Share on the Option Grant Date). 
 In determining the number of shares subject to a Stock Option, (A) the Board may designate the assumptions to be used in the selected option valuation model, and (B) any fraction of a Share will be rounded up to the next whole
number of Shares. 
  

	 	(iii)	Terms of Stock Options. Except as provided in Section 9, Stock Options granted under this Section 6 shall become exercisable in full six months from the date of the
grant of the Option and shall otherwise have terms and conditions identical to Stock Options granted pursuant to Section 5. 

  

	 	(d)	Deferral of Annual Compensation. A Non-Employee Director may elect to defer up to 100% of his or her Annual Compensation (in 10% increments, but not less than 50%) to
his or her Interest Account. For bookkeeping purposes, the amount of the Annual Compensation, which the Participant elects to defer pursuant to the Plan, shall be transferred to and held in individual Interest Accounts (in annual designations)
pending distribution in cash pursuant to subsection (iii) below. 

  

	 	(i)	Interest Accounts. Amounts in a Participant’s Interest Account will be credited with interest as of the last day of each calendar quarter (or such other day as
determined by the Plan Administrator) at the rate set from time to time by the Committee to be applicable to the Interest Accounts of all Participants under the Plan. To the extent required for bookkeeping purposes, a Participant’s Interest
Accounts will be segregated to reflect Deferred Compensation on a year-by-year basis. Within a reasonable time after the end of each calendar year, the Plan Administrator shall report in writing to each Participant the amount held in his or her
Interest Accounts at the end of the year. 

  

	 	(ii)	Responsibility for Investment Choices. Each Participant is solely responsible for any decision to defer Annual Compensation into his or her Interest Account under the Plan
and accepts all investment risks entailed by such decision, including the risk of loss and a decrease in the value of the amounts he or she elects to defer. 

  

 6 

	 	(iii)	Payment Commencement Date. Payment of the balances in a Participant’s Interest Accounts shall commence on the earliest to occur of (a) December 31 of the fifth
year after the year with respect to which the deferral was made, (b) the first Business Day of the fourth month after the Participant’s death, or (c) the Participant’s termination as a Non-Employee Director of the Company or any
of its Subsidiaries or Affiliates, other than by reason of death. 

  

	 	(iv)	Optional Forms of Payment. Distributions from a Participant’s Interest Accounts may be paid to the Participant either in a lump sum or in a number of approximately equal
monthly installments designated by the Participant on his or her Election Form. Such monthly installments may be for any number of months up to 120 months; provided, however, that in the event of the Participant’s death during the payout
period, the remaining balance shall be payable to the Participant’s Beneficiary in a lump sum on or about the first Business Day of the fourth month after the Participant’s death. If a Participant elects to receive a distribution of his or
her Interest Accounts in installments, the Plan Administrator may purchase an annuity from an insurance company which annuity will pay the Participant the desired annual installments. If the Plan Administrator purchases an annuity contract, the
Participant will have no further rights to receive payments from the Company or the Plan with respect to the amounts subject to the annuity. If the Plan Administrator does not purchase an annuity contract, the value of the Interest Accounts
remaining unpaid shall continue to receive allocations of return as provided in subsection (f) above. If the Participant fails to designate a payment method in the Participant’s Election Form, the Participant’s Account shall be
distributed in a lump sum. 

  

	 	(v)	Irrevocable Elections. A Participant may elect a different payment form for each year’s Annual Compensation deferred under the Plan. The payment form elected or deemed
elected on the Participant’s election form shall be irrevocable. 

  

	 	(vi)	Acceleration of Payment. If a Participant elects an installment distribution and the value of such installment payment elected by the Participant would result in a
distribution of less than $3,000 per year (based on the value of the Participant’s Interest Accounts at the time the installments are due to commence), the Plan Administrator will accelerate payment of the Participant’s benefits over a
lesser number of whole years so that the annual amount distributed is at least $3,000. 

  

	 	(vii)	Effect of Adverse Determination. Notwithstanding the Election Form or any provision set forth herein, if the Internal Revenue Service determines, for any reason, that all or
any portion of the amounts credited under this Plan is currently includable in the taxable income of any Participant, then the amounts so determined to be includable in income shall be distributed in a lump sum to such Participant as soon as
practicable. 

  

 7 

	 	(e)	Unforeseeable Emergency. The Plan Administrator may, in its sole discretion, accelerate the making of payment to a Participant in the event that a participant incurs a
financial hardship as a result of an “unforeseeable emergency” (as such term is defined below). All unforeseeable emergency distributions shall be made in cash in a lump sum. Such payments will be made on a first-in, first-out basis so
that the oldest Annual Compensation deferred under the Plan shall be deemed distributed first. For purposes hereof, an “unforeseeable emergency” means a severe financial hardship to the Participant resulting from illness or accident of the
Participant, the Participant’s spouse, or a dependent (as defined in Section 152(a) of the Code) of the Participant, loss of the Participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances
arising as a result of events beyond the control of the Participant. The amounts distributable because of an unforeseeable emergency cannot exceed the amounts necessary to satisfy such emergency plus amounts necessary to pay taxes reasonably
anticipated as a result of the distribution, after taking into account the extent to which such emergency is or may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the Participant’s assets (to
the extent the liquidation of such assets would not itself cause severe financial hardship). Notwithstanding any provision in the Plan to the contrary, any payment made pursuant to this Section 5.1 shall comply with
Section 409A(a)(2)(A)(vi) of the Code and the regulations (or similar guidance) promulgated thereunder (or any successor provisions). 

  

	 	(f)	Payment to Minors and Incapacitated Persons. In the event that any amount is payable to a minor or to any person who, in the judgment of the Plan Administrator, is
incapable of making proper disposition thereof, such payment shall be made for the benefit of such minor or such person in any of the following ways as the Plan Administrator, in its sole discretion, shall determine: 

  

	 	(i)	By payment to the legal representative of such minor or such person; 

  

	 	(ii)	By payment directly to such minor or such person; 

  

	 	(iii)	By payment in discharge of bills incurred by or for the benefit of such minor or such person. The Plan Administrator shall make such payments without the necessary intervention of
any guardian or like fiduciary, and without any obligation to require bond or to see to the further application of such payment. Any payment so made shall be in complete discharge of the Plan’s obligation to the Participant and his or her
Beneficiaries. 

  

	 	(g)	Application for Benefits. The Plan Administrator may require a Participant or Beneficiary to complete and file certain forms as a condition precedent to receiving the
payment of benefits. The Plan Administrator may rely upon all such information given to it, including the Participant’s current mailing address. It is 

  

 8 

	 	    	the responsibility of all persons interested in receiving a distribution pursuant to the Plan to keep the Plan Administrator informed of their current mailing addresses.

  

	 	(h)	Designation of Beneficiary. Each Participant from time to time may designate any person or persons (who may be designated contingently or successively and who may be
an entity other than a natural person) as his or her Beneficiary or Beneficiaries to whom the Participant’s Interest Accounts are to be paid if the Participant dies before receipt of all such benefits. Each Beneficiary designation shall be on
the form prescribed by the Plan Administrator and will be effective only when filed with the Plan Administrator during the Participant’s lifetime. Each Beneficiary designation filed with the Plan Administrator will cancel all Beneficiary
designations previously filed with the Plan Administrator. The revocation of a Beneficiary designation, no matter how effected, shall not require the consent of any designated Beneficiary. 

 SECTION 7. AMENDMENTS AND TERMINATION. 
 The Board may amend, alter, or discontinue the Plan, but no amendment, alteration, or discontinuation shall be made which would impair the right of a Participant or an Optionee under a Stock Option heretofore granted, without the
Participant’s or Optionee’s consent. 
 Amendments may be made without stockholder approval except as required to satisfy stock
exchange listing requirements or other regulatory requirements. 
 The Board may amend the terms of any Stock Option (other than a Stock
Option granted pursuant to Section 5(a) hereof) theretofore granted, prospectively or retroactively; provided, however, (a) no such amendment shall impair the rights of any holder without his/her consent; (b) the original term of a
Stock Option may not be extended without prior approval of the stockholders of the Company; and (c) the exercise price of a Stock Option may not be reduced, directly or indirectly, without prior approval of the stockholders of the Company.

 SECTION 8. UNFUNDED STATUS OF PLAN. 
 The Plan is intended to constitute an “unfunded” plan for incentive and deferred compensation. With respect to any payments not yet made to a Participant or Optionee by the Company, nothing set forth herein
shall give any such Participant or Optionee any rights that are greater than those of a general creditor of the Company. In its sole discretion, the Committee may authorize the creation of trusts or other arrangements to meet the obligations created
under the Plan to deliver Stock or payments in lieu of or with respect to awards hereunder, provided, however, that the existence of such trusts or other arrangements is consistent with the unfunded status of the Plan. 
 SECTION 9. CHANGE IN CONTROL. 
 In the
event of a “Change in Control,” unless otherwise determined by the Board in writing at or after grant, but prior to the occurrence of such Change in Control, any Stock Options awarded under the Plan not previously exercisable and vested
shall become fully exercisable and vested. 
  

 9 

 SECTION 10. GENERAL PROVISIONS. 
  

	 	(a)	Nothing set forth in this Plan shall prevent the Board from adopting other or additional compensation arrangements, subject to stockholder approval if such approval is required; and
such arrangements may be either generally applicable or applicable only in the specified cases. The adoption of the Plan shall not confer upon any director of the Company, any Subsidiary or any Affiliate, any right to continued retention as a
director with the Company, a Subsidiary or an Affiliate, as the case may be. 

  

	 	(b)	At the time of grant or purchase, the Committee may provide in connection with any grant or purchase made under this Plan that the shares of Stock received as a result of such grant
or purchase shall be subject to a right of first refusal, pursuant to which the Participant shall be required to offer to the Company any shares that the participant wishes to sell, with the price being the then Fair Market Value of the Stock,
subject to the provisions of Section 9 hereof and to such other terms and conditions as the Board may specify at the time of grant. 

  

	 	(c)	No member of the Board or the Committee, nor any officer or employee of the Company acting on behalf of the Board or the Committee, shall be personally liable for any action,
determination, or interpretation taken or made in good faith with respect to the Plan, and all members of the Board or the Committee and each and any officer or employee of the Company acting on their behalf shall, to the extent permitted by law, be
fully indemnified and protected by the Company in respect of any such action, determination or interpretation. 

  

	 	(d)	In the event that any provision of the Plan or any related Stock Option Award Notice is held to be invalid, void or unenforceable, the same shall not affect, in any respect
whatsoever, the validity of any other provision of the Plan or any related Stock Option Award Notice. 

  

	 	(e)	The rights and obligations under the Plan and any related agreements shall inure to the benefit of, and shall be binding upon the Company, its successors and assigns, and the
Non-Employee Directors and their beneficiaries. 

  

	 	(f)	Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of the Plan. 

  

	 	(g)	The Plan shall be construed, governed and enforced in accordance with the law of Delaware, except as such laws are preempted by applicable federal law. 

 SECTION 11. EFFECTIVE DATE OF PLAN. 
 The Plan shall be effective on the date it is approved by a majority vote of the Company’s stockholders. 
 SECTION 12. TERM
OF PLAN. 
 No Stock Option shall be granted pursuant to the Plan on or after January 1, 2015, but awards theretofore granted may
extend beyond that date. 
  

 10 

 EXHIBIT A 
 ELECTION FORM 
 [FOR CALENDAR YEAR 2006] 
 ELECTION TO DEFER ANNUAL COMPENSATION OR RECEIVE STOCK OPTIONS 
 IN LIEU OF
ANNUAL COMPENSATION UNDER THE TORCHMARK 
 CORPORATION AMENDED AND RESTATED 2005 NON-EMPLOYEE 
 DIRECTOR INCENTIVE PLAN 
 The following
constitutes the irrevocable election of the undersigned under the Torchmark Corporation 2005 Amended and Restated Non-Employee Director Incentive Plan (the “Plan”) with respect to the undersigned’s annual cash retainer and meeting
fees payable to the undersigned by Torchmark Corporation (the “Company”) for services as a director (and, if applicable, as a member or chairman of a committee of the Board of Directors) of the Company during the calendar year identified
above (“Next Year’s Annual Compensation”). I understand that I may elect to (i) defer such compensation into an Interest Account or (ii) receive Stock Options in lieu of such compensation, but not a combination of the two.
To the extent that my deferral is less than 100% of my Annual Compensation, the balance of my Annual Compensation will be paid to me in cash. I further understand that my Annual Compensation, for purposes of receiving Stock Options, will be
estimated for the year, that the conversion to Stock Options will occur at the beginning of the year, and that, to the extent my actual Annual Compensation exceeds my estimated Annual Compensation, such excess will be paid to me in cash. Capitalized
terms used herein and not otherwise defined have the meanings assigned such terms in the Plan. 
 Interest Account Deferrals

              (Initials) I hereby irrevocably elect to defer
into my Interest Account under the Plan             % [indicate any percentage from 50% to 100%, in 10% increments] of my next year’s Annual Compensation until the earliest of
(a) December 31 of the fifth year after the year identified above, (b) the first Business Day of the fourth month after my death, or (c) my termination as a director of the Company for any reason other than my death (the
“Payment Date”). Any amount remaining in my Interest Account on the Payment Date will be paid to me or my Beneficiary [please check ONE box] [    ] in cash in a lump sum on the Payment Date, or [ ] in approximately
equal installments over              months [up to 120 months] beginning on the Payment Date; provided, however, that in the event of my death during such payout period, the
remaining balance shall be payable to my Beneficiary in a lump sum on the first Business Day of the fourth month after my death. 
 Stock Option Election 
              (Initials) I
hereby irrevocably elect to convert, as of the date hereof,             % [indicate any percentage from 50% to 100%, in 10% increments] of my Annual Compensation for the year
identified above to Options to purchase common stock of the Company in accordance with the terms and provisions of the Plan. 
 Executed this
             day of                     , 2005. 
  

	
	  

	(Signature)
	
	  

	(Printed Name)

  

 11

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