EX-10.7 2 v441695_ex10-7.htm EXHIBIT 10.7

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