Exhibit 10.10
Summary of Horace Mann Educators Corporation Non-Employee Director Compensation
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Compensation Element | | Non-Employee Director Compensation |
Board Chairman Annual Retainer | | $90,000 |
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Board Member Annual Retainer (other than Board Chairman) | | $40,000 |
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Committee Chairman Annual Retainer | | $30,000 Audit Committee $10,000 Compensation Committee $ 7,500 all other Committees |
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Committee Member Annual Retainer (other than Committee Chairman) | | $10,000 Audit Committee $ 5,000 all other Committees |
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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. |
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Deferred Fees Match | | Directors electing to defer cash compensation into Common Stock equivalent units (“CSUs”) receive a 25% match in additional CSUs. |
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Basic Group Term Life Insurance | | Premium for $10,000 face amount |
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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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