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Exhibit
10.53
AMENDMENT
ONE
TO THE
TORCHMARK
CORPORATION
SUPPLEMENTAL EXECUTIVE
RETIREMENT PLAN
Pursuant to Section 9.1
of the Torchmark Corporation Supplemental Executive Retirement Plan
as established effective January 1, 2007 (the
“Plan”), Torchmark Corporation (the
“Company”) hereby amends the Plan, effective
January 1, 2007, as follows:
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1. |
Section 2.5 of the Plan is replaced in its entirety and
shall read as follows: |
2.5 Beneficiary shall
mean the person or persons designated to receive
(a) pre-retirement death benefits payable under Article 5 of
this Plan or (b) payments remaining under a period certain of
10 or 20 years option at the Participant’s death. A
Participant shall have the right to change his Beneficiary at any
time, whether before or after benefit commencement, including a
Participant who has elected a Joint and Contingent Survivor Annuity
with a period certain of 10 or 20 years. If a Participant fails to
designate a Beneficiary, then his Beneficiary shall be the
Participant’s surviving spouse, if one, or if not, the
Participant’s estate.
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2. |
Section 2.15 of the Plan is replaced in its entirety and
shall read as follows: |
2.15 Joint and Contingent
Survivor Annuity shall mean an Actuarially Equivalent annuity
payable monthly during the lifetime of the Participant with either
50%, 66 2/3% or 100% of such amount continuing after the
Participant’s death for the lifetime of the
Participant’s Contingent Joint Annuitant. A Participant may
elect to add a period certain of either 10 or 20 years in which
event no reduction in payments will be made for the longer of the
10 or 20 year period or the period during which both the
Participant and the Contingent Joint Annuitant (who may or may not
be the same person as the Beneficiary) remain alive.
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3. |
New Section 2.27 is added to the Plan and shall read as
follows: |
2.27 Contingent Joint
Annuitant shall mean the person or persons designated to
receive any survivor annuity benefit payable under this Plan after
the death of a Participant receiving benefits in the form of a
Joint and Contingent Survivor Annuity. A Participant who has
elected a Joint and Contingent Survivor Annuity shall not have the
right to change his Contingent Joint Annuitant except as provided
in Section 4.5 hereof. In no event may the Contingent Joint
Annuitant for a Joint and Survivor Annuity be changed after benefit
commencement. If a Participant
fails to designate a
Contingent Survivor Annuitant, then his Contingen
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