Summary of Non-Employee Director Compensation for Horace Mann Educators Corporation
This document outlines the compensation structure for non-employee directors of Horace Mann Educators Corporation. It details annual retainers for board and committee roles, share-based compensation in the form of restricted stock units, and additional benefits such as life and travel accident insurance. Directors may also defer cash compensation into stock units with a matching benefit. Compensation is prorated if a director joins or leaves the board mid-year. The summary was last revised on May 27, 2010.
Exhibit 10.10
Summary of Horace Mann Educators Corporation Non-Employee Director Compensation
| Compensation Element | Non-Employee Director Compensation | |
| Board Chairman Annual Retainer | $90,000 | |
| Board Member Annual Retainer (other than Board Chairman) | $40,000 | |
| Committee Chairman Annual Retainer | $30,000 Audit Committee $10,000 Compensation Committee $ 7,500 all other Committees | |
| Committee Member Annual Retainer (other than Committee Chairman) | $10,000 Audit Committee $ 5,000 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. $60,000 in RSUs upon joining the Board and an additional $60,000 in RSUs if joining within 6 months after the prior Annual Shareholder Meeting or an additional $30,000 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 $60,000 in RSUs thereafter following the Annual Shareholder Meeting. All awards have a 1 year vesting period. | |
| Deferred Fees Match | Directors electing to defer cash compensation into Common Stock equivalent units (“CSUs”) receive a 25% match in additional CSUs. | |
| 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 of 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 27, 2010
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