Horace Mann Educators Corporation Non-Employee Director Compensation Summary
This document outlines the compensation structure for non-employee directors of Horace Mann Educators Corporation. It details annual cash retainers for board and committee roles, including additional amounts for chairpersons, and describes annual awards of restricted stock units (RSUs) with a one-year vesting period. The compensation also includes basic group term life and business travel accident insurance. Retainer fees and RSU awards are prorated for directors who join mid-year. The summary was last revised on May 25, 2016.
Exhibit 10.7
Summary of Horace Mann Educators Corporation Non-Employee Director Compensation
| Compensation Element | Non-Employee Director Compensation |
| Board Chairman Annual Retainer | $115,000 |
| Board Member Annual Retainer (other than Board Chairman) |
$60,000 |
| Committee Chairman Annual Retainer | $25,000 Audit Committee $15,000 Compensation Committee $12,000 Nominating & Governance Committee $15,000 Customer Experience & Technology Committee $10,000 all other Committees |
| Committee Member Annual Retainer (other than Committee Chairman) | $10,000 Audit Committee $ 7,500 all other Committees |
| Share-based Compensation | Fair value on the date of the respective awards is used to determine the number of Restricted Stock Units (“RSUs”) awarded. An annual award of $95,000 in RSUs following the Annual Shareholder Meeting. $95,000 in RSUs if joining the Board within 6 months after the prior Annual Shareholder Meeting, $47,500 in RSUs if joining more than 6 months after the prior Annual Shareholder Meeting but before the next Annual Shareholder Meeting. All awards have a 1 year vesting period. |
| Basic Group Term Life Insurance | Premium for $10,000 face amount |
| Business Travel Accident Insurance | Premium for $100,000 coverage |
Annual retainer fees are paid following the Annual Shareholder Meeting each year. The annual retainer fees are prorated to the extent that a non-employee Director joins the Board after the Annual Shareholder Meeting.
Last revision date: May 25, 2016
