<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT
REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;13 or 15(d) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): January&nbsp;23, 2019 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>CITIZENS, INC. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact
name of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>COLORADO</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">0-16509</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">84-0755371</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2900 Esperanza Crossing </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Austin, Texas 78758 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive offices) (Zip Code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="white-space:nowrap">(512)&nbsp;837-7100</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Registrant&#146;s telephone number, including area code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Not Applicable </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former
name or former address, if changed since last report) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below
if the <FONT STYLE="white-space:nowrap">Form&nbsp;8-K&nbsp;filing</FONT> is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting material pursuant <FONT STYLE="white-space:nowrap">to&nbsp;Rule&nbsp;14a-12&nbsp;under</FONT> the
Exchange Act (17 <FONT STYLE="white-space:nowrap">CFR&nbsp;240.14a-12)</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement&nbsp;communications</FONT> pursuant <FONT
STYLE="white-space:nowrap">to&nbsp;Rule&nbsp;14d-2(b)&nbsp;under</FONT> the Exchange Act (17 <FONT STYLE="white-space:nowrap">CFR&nbsp;240.14d-2(b))</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement&nbsp;communications</FONT> pursuant <FONT
STYLE="white-space:nowrap">to&nbsp;Rule&nbsp;13e-4(c)&nbsp;under</FONT> the Exchange Act (17 <FONT STYLE="white-space:nowrap">CFR&nbsp;240.13e-4(c))</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;&nbsp;230.405 of this
chapter) or <FONT STYLE="white-space:nowrap">Rule&nbsp;12b-2&nbsp;of</FONT> the Securities Exchange Act of <FONT STYLE="white-space:nowrap">1934&nbsp;(&#167;&nbsp;240.12b-2&nbsp;of</FONT> this chapter). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Emerging growth company&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange
Act.&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On January&nbsp;23, 2019, Citizens, Inc. (&#147;Company&#148;) entered into a new employment
agreement, effective January&nbsp;1, 2019 (the &#147;Employment Agreement&#148;) with Geoffrey M. Kolander, Chief Executive Officer and President of the Company (the &#147;Executive&#148;). The Company entered into the Employment Agreement following
a review of the Executive&#146;s compensation package by the Compensation Committee of the Board of Directors, which was assisted in its review by an independent compensation consultant. The Employment Agreement replaces and supersedes the
Executive&#146;s prior employment agreement dated January&nbsp;16, 2017, as amended by an amendment dated October&nbsp;15, 2018. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Below is a summary of
certain key terms of the Employment Agreement. The summary does not purport to be complete and is qualified in its entirety by reference to the text of the Employment Agreement, a copy of which is filed as Exhibit 10.1, and is incorporated herein by
reference. Capitalized terms used but not defined below have the meanings set forth in the Employment Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Term</I>. The Employment Agreement
has an initial term of three (3)&nbsp;years from January&nbsp;1, 2019 (the &#147;Effective Date&#148;) and will automatically renew on each anniversary of the Effective Date unless either the Company or the Executive provides at least 90 days&#146;
notice not to renew. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Base Salary</I>. The Executive&#146;s annual base salary will be $1,000,000. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Annual Bonus and Retention Bonus</I>. The Executive will be eligible to receive an annual bonus of 120% of base salary. In addition, the Executive will be
eligible to receive a cash retention bonus of $300,000, which will be payable within fifteen (15)&nbsp;days of December&nbsp;15, 2019, subject to the Executive&#146;s continued employment on the payment date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Restricted Stock Unit Awards</I>. The Executive will be entitled to receive an immediate <FONT STYLE="white-space:nowrap">one-time</FONT> grant with a
value of $1,000,000 in restricted stock units upon execution of the Employment Agreement (the &#147;One Time Grant&#148;). The One Time Grant will vest immediately upon execution of the Employment Agreement. In addition, beginning in 2020, the
Executive will be granted restricted stock units with a value of $1,200,000 annually. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Benefits</I>. The Executive will be eligible to participate in
the Company&#146;s employee benefit plans and programs available generally to other executives of the Company. The Executive will also be eligible for a reimbursement by the Company for all costs and expenses in connection with the Executive&#146;s
enrollment in the Northwestern/Kellogg School of Business executive MBA program. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Payments upon Termination without Good Reason or Termination with
Cause. </I>If the Executive terminates his employment without Good Reason or if the Executive&#146;s employment is terminated by the Company for Cause, the Executive will be entitled to receive base salary, annual bonus, Kellogg reimbursement and
other compensation and benefits accrued through the date of termination, which reimbursement obligation shall survive the termination of the Employment Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Payments upon Death or Disability, Termination without Cause after January</I><I></I><I>&nbsp;1, 2021 or Termination for Good Reason. </I>If the
Executive&#146;s employment is terminated (A)&nbsp;due to the Executive&#146;s death or disability, (B)&nbsp;by the Company without Cause at any time after January&nbsp;1, 2021 or (C)&nbsp;by the Executive for Good Reason, then, in each case, the
Executive will be entitled to receive (i)&nbsp;base salary, annual bonus, Kellogg reimbursement, unpaid retention bonus and any other compensation and benefits accrued through the date of termination and (ii)&nbsp;severance payments and benefits
equal to three (3)&nbsp;times Executive&#146;s base salary and annual bonus, including acceleration of all unvested restricted stock units, payable within thirty (30)&nbsp;days following the termination, subject to Executive signing a release
agreement agreed to by the Company and the Executive, the form of which is attached to the Employment Agreement. </P>
</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Payments upon a Change of Control or Termination without Cause on or before January</I><I></I><I>&nbsp;1,
2021</I>. If the Executive&#146;s employment is terminated (A)&nbsp;by the Executive within eighteen (18)&nbsp;months of a Change in Control, (B)&nbsp;by the Company without Cause within eighteen (18)&nbsp;months of a Change in Control or
(C)&nbsp;by the Company without Cause at any time on or before January&nbsp;1, 2021 (not in connection with a Change in Control), the Executive will be entitled to receive (i)&nbsp;his base salary, annual bonus, Kellogg reimbursement, unpaid
retention bonus and any other compensation and benefits accrued through the date of termination and (ii)&nbsp;severance payments and benefits equal to four (4)&nbsp;times Executive&#146;s base salary and annual bonus, including acceleration of all
unvested restricted stock units, payable within thirty (30)&nbsp;days following the termination, subject to the Executive signing a release agreement agreed to by the Company and the Executive, the form of which is attached to the Employment
Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Good Reason. </I>The Employment Agreement defines &#147;Good Reason&#148; generally to mean: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">A reduction in Executive&#146;s base salary; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">A breach by the Company of a material term or provision of the Employment Agreement and such breach is not cured
within thirty (30)&nbsp;days from the date Executive provides written notice to Company; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">A material demotion or change in Executive&#146;s title or responsibilities where such reduction is not cured
within thirty (30)&nbsp;days from the date Executive provides written notification to Company; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">A change of the Executive&#146;s office to a location more than thirty (30)&nbsp;miles from Company&#146;s
present office location. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Cause</I>. The Employment Agreement defines &#147;Cause&#148; generally to mean any intentional act of
fraud, misappropriation of funds, embezzlement or material dishonesty committed by Executive in connection with Executive&#146;s employment to the detriment of the Company as evidenced by the filing of a criminal complaint by law enforcement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Change in Control</I>. The Employment Agreement defines a &#147;Change in Control&#148; generally to mean: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the dissolution or liquidation of the Company; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the merger, consolidation, or reorganization of the Company with one or more other entities in which the Company
is not the surviving entity or immediately following which the persons or entities who were beneficial owners of voting securities of the Company immediately prior thereto cease to beneficially own more than fifty percent (50%) of the voting
securities of the surviving entity immediately thereafter; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a sale of all or substantially all of the assets of the Company to another person or entity;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">regulatory approval of the transfer of any shares of the Company&#146;s Class&nbsp;B common stock from the Harold
E. Riley Trust to any individual, entity or &#147;group,&#148; other than regulatory approval of a transaction wherein the Company is the first to repurchase the Class&nbsp;B common stock directly from the Harold E. Riley Trust or the Harold E.
Riley Foundation; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the exercise of a power of attorney granted by Harold E. Riley or control over the Company&#146;s Class&nbsp;B
common stock by the Harold E. Riley Trust or the Harold E. Riley Foundation; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any transaction that results in any person or entity or &#147;group&#148; owning thirty percent (30%) or more of
the combined voting power of all classes of shares of the Company; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">individuals who, as of the effective date of the Employment Agreement, constitute the Board cease for any reason
to constitute at least a majority of the Board. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Restrictive Covenants</I>. The Employment Agreement also includes restrictive
covenants with respect to confidentiality, intellectual property, <FONT STYLE="white-space:nowrap">non-disparagement,</FONT> <FONT STYLE="white-space:nowrap">non-competition</FONT> and <FONT STYLE="white-space:nowrap">non-solicitation.</FONT> </P>
</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;9.01 Financial Statements and Exhibits. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d) Exhibits </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Description</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d611590dex101.htm">Employment Agreement, effective January&nbsp;1, 2019, by and between Citizens, Inc. and Geoffrey M. Kolander </A></TD></TR>
</TABLE>
</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">CITIZENS, INC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">/s/ Geoffrey M. Kolander</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Geoffrey M. Kolander</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">President and Chief Executive Officer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date:&nbsp;January 25, 2019 </P>
</DIV></Center>

</BODY></HTML>
[{"type": "8-K", "sequence": "1", "filename": "d611590d8k.htm", "description": "FORM 8-K", "secsgml_size_bytes": 29842}]
{"company-data": {"conformed-name": "CITIZENS INC", "cik": "0000024090", "assigned-sic": "6311", "irs-number": "840755371", "state-of-incorporation": "CO", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-16509", "film-number": "19542076"}, "business-address": {"street1": "2900 ESPERANZA CROSSING", "street2": "2ND FLOOR", "city": "AUSTIN", "state": "TX", "zip": "78758", "phone": "5128377100"}, "mail-address": {"street1": "P O BOX 149151", "city": "AUSTIN", "state": "TX", "zip": "78714"}, "former-company": {"former-conformed-name": "CONTINENTAL INVESTORS LIFE INC", "date-changed": "19881222"}}
Form 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 23, 2019
CITIZENS, INC.
(Exact
name of registrant as specified in its charter)
COLORADO
0-16509
84-0755371
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
2900 Esperanza Crossing
Austin, Texas 78758
(Address of principal executive offices) (Zip Code)
(512) 837-7100
(Registrant's telephone number, including area code)
Not Applicable
(Former
name or former address, if changed since last report)
Check the appropriate box below
if the
Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant
to Rule 14a-12 under
the
Exchange Act (17
CFR 240.14a-12)
☐
Pre-commencement communications
pursuant
to Rule 14d-2(b) under
the Exchange Act (17
CFR 240.14d-2(b))
☐
Pre-commencement communications
pursuant
to Rule 13e-4(c) under
the Exchange Act (17
CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this
chapter) or
Rule 12b-2 of
the Securities Exchange Act of
1934 (§ 240.12b-2 of
this chapter).
Emerging growth company  ☐
If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange
Act.  ☐
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.
On January 23, 2019, Citizens, Inc. ("Company") entered into a new employment
agreement, effective January 1, 2019 (the "Employment Agreement") with Geoffrey M. Kolander, Chief Executive Officer and President of the Company (the "Executive"). The Company entered into the Employment Agreement following
a review of the Executive's compensation package by the Compensation Committee of the Board of Directors, which was assisted in its review by an independent compensation consultant. The Employment Agreement replaces and supersedes the
Executive's prior employment agreement dated January 16, 2017, as amended by an amendment dated October 15, 2018.
Below is a summary of
certain key terms of the Employment Agreement. The summary does not purport to be complete and is qualified in its entirety by reference to the text of the Employment Agreement, a copy of which is filed as Exhibit 10.1, and is incorporated herein by
reference. Capitalized terms used but not defined below have the meanings set forth in the Employment Agreement.
Term
. The Employment Agreement
has an initial term of three (3) years from January 1, 2019 (the "Effective Date") and will automatically renew on each anniversary of the Effective Date unless either the Company or the Executive provides at least 90 days'
notice not to renew.
Base Salary
. The Executive's annual base salary will be $1,000,000.
Annual Bonus and Retention Bonus
. The Executive will be eligible to receive an annual bonus of 120% of base salary. In addition, the Executive will be
eligible to receive a cash retention bonus of $300,000, which will be payable within fifteen (15) days of December 15, 2019, subject to the Executive's continued employment on the payment date.
Restricted Stock Unit Awards
. The Executive will be entitled to receive an immediate
one-time
grant with a
value of $1,000,000 in restricted stock units upon execution of the Employment Agreement (the "One Time Grant"). The One Time Grant will vest immediately upon execution of the Employment Agreement. In addition, beginning in 2020, the
Executive will be granted restricted stock units with a value of $1,200,000 annually.
Benefits
. The Executive will be eligible to participate in
the Company's employee benefit plans and programs available generally to other executives of the Company. The Executive will also be eligible for a reimbursement by the Company for all costs and expenses in connection with the Executive's
enrollment in the Northwestern/Kellogg School of Business executive MBA program.
Payments upon Termination without Good Reason or Termination with
Cause.
If the Executive terminates his employment without Good Reason or if the Executive's employment is terminated by the Company for Cause, the Executive will be entitled to receive base salary, annual bonus, Kellogg reimbursement and
other compensation and benefits accrued through the date of termination, which reimbursement obligation shall survive the termination of the Employment Agreement.
Payments upon Death or Disability, Termination without Cause after January
1, 2021 or Termination for Good Reason.
If the
Executive's employment is terminated (A) due to the Executive's death or disability, (B) by the Company without Cause at any time after January 1, 2021 or (C) by the Executive for Good Reason, then, in each case, the
Executive will be entitled to receive (i) base salary, annual bonus, Kellogg reimbursement, unpaid retention bonus and any other compensation and benefits accrued through the date of termination and (ii) severance payments and benefits
equal to three (3) times Executive's base salary and annual bonus, including acceleration of all unvested restricted stock units, payable within thirty (30) days following the termination, subject to Executive signing a release
agreement agreed to by the Company and the Executive, the form of which is attached to the Employment Agreement.
Payments upon a Change of Control or Termination without Cause on or before January
1,
2021
. If the Executive's employment is terminated (A) by the Executive within eighteen (18) months of a Change in Control, (B) by the Company without Cause within eighteen (18) months of a Change in Control or
(C) by the Company without Cause at any time on or before January 1, 2021 (not in connection with a Change in Control), the Executive will be entitled to receive (i) his base salary, annual bonus, Kellogg reimbursement, unpaid
retention bonus and any other compensation and benefits accrued through the date of termination and (ii) severance payments and benefits equal to four (4) times Executive's base salary and annual bonus, including acceleration of all
unvested restricted stock units, payable within thirty (30) days following the termination, subject to the Executive signing a release agreement agreed to by the Company and the Executive, the form of which is attached to the Employment
Agreement.
Good Reason.
The Employment Agreement defines "Good Reason" generally to mean:
•
A reduction in Executive's base salary;
•
A breach by the Company of a material term or provision of the Employment Agreement and such breach is not cured
within thirty (30) days from the date Executive provides written notice to Company;
•
A material demotion or change in Executive's title or responsibilities where such reduction is not cured
within thirty (30) days from the date Executive provides written notification to Company; or
•
A change of the Executive's office to a location more than thirty (30) miles from Company's
present office location.
Cause
. The Employment Agreement defines "Cause" generally to mean any intentional act of
fraud, misappropriation of funds, embezzlement or material dishonesty committed by Executive in connection with Executive's employment to the detriment of the Company as evidenced by the filing of a criminal complaint by law enforcement.
Change in Control
. The Employment Agreement defines a "Change in Control" generally to mean:
•
the dissolution or liquidation of the Company;
•
the merger, consolidation, or reorganization of the Company with one or more other entities in which the Company
is not the surviving entity or immediately following which the persons or entities who were beneficial owners of voting securities of the Company immediately prior thereto cease to beneficially own more than fifty percent (50%) of the voting
securities of the surviving entity immediately thereafter;
•
a sale of all or substantially all of the assets of the Company to another person or entity;
•
regulatory approval of the transfer of any shares of the Company's Class B common stock from the Harold
E. Riley Trust to any individual, entity or "group," other than regulatory approval of a transaction wherein the Company is the first to repurchase the Class B common stock directly from the Harold E. Riley Trust or the Harold E.
Riley Foundation;
•
the exercise of a power of attorney granted by Harold E. Riley or control over the Company's Class B
common stock by the Harold E. Riley Trust or the Harold E. Riley Foundation;
•
any transaction that results in any person or entity or "group" owning thirty percent (30%) or more of
the combined voting power of all classes of shares of the Company; or
•
individuals who, as of the effective date of the Employment Agreement, constitute the Board cease for any reason
to constitute at least a majority of the Board.
Restrictive Covenants
. The Employment Agreement also includes restrictive
covenants with respect to confidentiality, intellectual property,
non-disparagement,
non-competition
and
non-solicitation.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit
No.
Description
10.1
Employment Agreement, effective January 1, 2019, by and between Citizens, Inc. and Geoffrey M. Kolander
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
CITIZENS, INC
By:
/s/ Geoffrey M. Kolander
Geoffrey M. Kolander
President and Chief Executive Officer
Date: January 25, 2019