Exhibit 10.53
AMENDMENT THREE
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
September 1, 2008, as follows:
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1.
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New
Section 2.29 is added to the Plan and shall read as
follows:
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2.29 Separation from Service
shall mean the date on which a Participant dies, retires, or
otherwise has a termination of employment. Termination of
employment means the Participant and the Employer reasonably
anticipated that no further services would be performed after a
certain date or that the level of bona fide services the
Participant would perform after such date would permanently
decrease to no more than 33 percent of the average level of bona
fide services performed over the immediately preceding 36-month
period.
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2.
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Section 4.2(a) is replaced in its entirety
and shall read as follows:
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(a) Determine the annual benefit
which would be payable to the Participant as a Single Life Annuity
under Article III (but not including Sections 3.1.5 and 3.4
thereof) of the Pension Plan at the Participant’s Normal
Retirement Date (or Deferred Retirement Date if the Participant is
retiring after his Normal Retirement Date) without applying the
Annual Compensation Limit and the Section 415 Limit, provided,
however, that a Participant’s Final Average Compensation, for
purposes of this calculation, will be limited to $1,000,000. The
calculation made pursuant to this subsection (a) shall be made
pursuant to said Article III (but not including Sections 3.1.5 and
3.4 thereof) for each Participant notwithstanding that the
Participant may have his qualified retirement benefit determined
under a different formula within the Pension Plan or a different
qualified retirement plan. For purposes of this calculation, each
Participant’s Compensation shall be the Participant’s
Compensation as defined in Article I of the Pension Plan, except
that elective contributions under the Torchmark Corporation
Restated Deferred Compensation Plan shall be included in the
Participant’s Compensation.
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3.
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Section 4.5 is replaced in its entirety and
shall read as follows:
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4.5 Modifications to Election
. A Participant’s election of an optional form of benefit, or
failure to elect an optional form upon initial eligibility shall
not be subject to later change or modification except in accordance
with the following:
(a) If the Participant elected a
Joint and Contingent Survivor Annuity and subsequent to such
election, but prior to benefit commencement, the
Participant’s Contingent Joint Annuitant shall d
