Compensation Agreement for Non-Executive Chairman of Torchmark Corporation Board

Contract Categories: Human Resources › Compensation Agreements
Summary

This agreement outlines the compensation for the non-executive Chairman of the Board of Directors of Torchmark Corporation, effective after his June 2013 retirement as Executive Chairman and employee. The Chairman will receive an annual fee of $50,000, a $90,000 annual cash retainer, and, starting in 2014, a $100,000 annual equity retainer in the form of stock options or restricted stock, all pro-rated for months of service.

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EX-10.1 2 d590980dex101.htm EX-10.1 EX-10.1

Exhibit 10.1

Compensation of Chairman of the Board

The non-executive Chairman of the Board of Directors of Torchmark Corporation shall be paid, effective upon his June 2013 retirement as Executive Chairman and an employee of Torchmark Corporation, as follows:

 

  (1) $50,000 per year as a non-executive Chairman of the Board Fee, pro-rated for months of service;

 

  (2) $90,000 per year Annual Cash Retainer as a non -employee director, pro-rated for months of service; and

 

  (3) Commencing for 2014, $100,000 per year Annual Equity Retainer as a non-employee director in the form of options, restricted stock or restricted stock units based upon his timely election, pro-rated for months of service.