Summary of Horace Mann Educators Corporation Non-Employee Director Compensation
Exhibit 10.10
Summary of Horace Mann Educators Corporation Non-Employee Director Compensation
| Compensation Element | Non-Employee Director Compensation | |
| Board Chairman Annual Retainer | $75,000 | |
| Board Member Annual Retainer | $25,000 | |
| Committee Chair Annual Retainers | $10,000 Audit Committee $ 6,000 Compensation Committee $ 4,000 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. $40,000 in RSUs upon joining the Board and an additional $40,000 in RSUs if joining within 6 months after the prior Annual Shareholder Meeting or an additional $20,000 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 $40,000 in RSUs thereafter following the Annual Shareholder Meeting. All awards have a 1 year vesting period. | |
| Board Meeting Fee | $1,500 per meeting | |
| Committee Meeting Fees | $1,500 for Audit Committee members $2,500 for Audit Committee Chair $1,000 for all other meetings | |
| 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 |
Retainer fees are paid following the Annual Shareholder Meeting of each year. The retainer fees are prorated to the extent that a non-employee director joins the Board after the Annual Shareholder Meeting.
Last revision date: May 28, 2009
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