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TMK > SEC Filings for TMK > Form 8-K on 16-Apr-2014All Recent SEC Filings

Show all filings for TORCHMARK CORP

Form 8-K for TORCHMARK CORP


16-Apr-2014

Change in Directors or Principal Officers, Financial Statements and Exhibits


Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

e) On February 24, 2014, pursuant to the Torchmark Corporation 2011 Incentive Plan (the 2011 Plan) the Compensation Committee and/or the independent numbers of the Board of Directors of Torchmark Corporation (the Company) granted non-qualified stock options with a seven year term and an excise price per share equal to the NYSE market closing price of Company common stock on February 24, 2014 ($76.04) to the following executives: Gary L. Coleman, 100,000 shares; Larry M. Hutchison, 100,000 shares; Frank M. Svoboda, 40,000 shares; Roger C. Smith, 60,000 shares; Vern D. Herbel, 35,000 shares; and Charles F. Hudson, 35,000 shares. On February 24, 2014, the following executives were also issued performance share awards (shown at target level) for the three year performance period commencing January 1, 2014 through December 31, 2016 to be earned and issued (from 0% if below threshold to 200% at maximum) based upon the extent the Company achieves performance goals set by the Compensation Committee (40% weight to three year growth in earnings per share (ranging from 4% to 12%), 30% weight to three year growth in underwriting income (ranging from 0% to 8%), and 30% weight to average return on equity over the three year period (ranging from 14% to 16%)): Frank M. Svoboda, 8,000 shares; Roger C. Smith, 12,000 shares; and Vern D. Herbel, 7,500 shares. The Compensation Committee also fixed 2014 annual cash bonus targets for Messrs. Coleman, Hutchison, Svoboda, Smith, Herbel and Hudson as follows: 40% weight to growth in earnings per share (ranging from 3% to 12%); 30% weight to growth in underwriting income (ranging from 0% to 8%) and 30% weight to return on equity (ranging from 14% to 16%). Additionally, Mr. Hudson was awarded 5,000 shares of time-vested restricted stock. 2014 salaries were set as follows: $825,000 for Gary L. Coleman and Larry M. Hutchison; $450,000 for Frank M. Svoboda; $510,000 for Vern D. Herbel; $570,000 for Roger C. Smith; and $465,000 for Charles F. Hudson.

On March 4, 2014, pursuant to the 2011 Plan the independent members of the Board of Directors of the Company issued performance awards (shown at target level) for the three year performance period commencing January 1, 2014 through December 31, 2016 to be earned and issued (from 0% if below threshold to 200% at maximum) based upon the extent the Company achieves performance goals set by the Compensation Committee (40% weight to three year growth in earnings per share (ranging from 4% to 12%), 30% weight to three year growth in underwriting income (ranging from 0% to 8%), and 30% weight to average return on equity over the three year period (ranging from 14% to 16%)) as follows: Gary L. Coleman, 25,000 shares and Larry M. Hutchison, 25,000 shares.



Item 9.01 Financial Statements and Exhibits

(a) Financial statements of businesses acquired.

None.

(b) Pro forma financial information.

None.

(a) Shell company transactions.

None.

(b) Exhibits.

None.


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