Richey and Records
...The current term of George J. Records will expire at the April 28, 2005 Annual Meeting of Shareholders and in February 2005, Mr. Records formally notified the Company that he would retire from the Board upon the expiration of his current term.Mr. Records retires from the Board with no disagreements with the Board or Company management.
Contingent upon shareholder approval of the 2005 Director Plan, in December 2004, Harold T. McCormick and George J. Records
elected to defer 100% of their 2005 director compensation and to receive contingently
McCormick and Records
were contingently granted (subject to shareholder approval of the plan) stock options on 4,542 and 1,030 shares, respectively, with a $55.05 per share exercise price, the fair market value of Torchmark common stock on the date of the grant.
Based on these categorical standards, after review and deliberation at their February 26, 2004 meeting, the Board
determined that the following independent directors meet the standards set by the Board
: Charles E. Adair, David L. Boren, Joseph M. Farley, Joseph L. Lanier, Jr., Harold T. McCormick, George J. Records
and Paul J. Zucconi.
It was determined in February 2005 that George J. Records
(who will retire in April 2005) no longer met Categorical Standard No. v above and accordingly, he
was not independent thereafter.