Summary of Horace Mann Educators Corporation Non-Employee Director Compensation
Exhibit 10.11
Summary of Horace Mann Educators Corporation Non-Employee Director Compensation
| Compensation Element | Non-Employee Director Compensation | |||
| Board Chairman Annual Retainer | $95,000 | |||
| Board Member Annual Retainer (other than Board Chairman) | $45,000 | |||
| Committee Chairman Annual Retainer | $30,000 Audit Committee $20,000 Compensation Committee $15,000 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. $70,000 in RSUs upon joining the Board and an additional $70,000 in RSUs if joining within 6 months after the prior Annual Shareholder Meeting or an additional $35,000 in RSUs if joining more than 6 months after the prior Annual Shareholder Meeting but before the next Annual Shareholder Meeting. An annual award of $70,000 in RSUs thereafter following the 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 or leaves the Board prior to the next Annual Shareholder Meeting.
Last revision date: May 25, 2011
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