Horace Mann Educators Corporation has issued a supplement to its definitive proxy statement on May 10, 2024, in preparation for its Annual Meeting of Shareholders scheduled for May 22, 2024. The supplement provides additional clarity on CEO target compensation, actual performance outcomes, and the pay-performance relationship following feedback on the initial proxy statement. The Compensation Committee, with the assistance of Compensation Advisory Partners, sets target pay levels considering market benchmarks, company performance, and individual performance. CEO Marita Zuraitis' 2023 target compensation was within 10% of the median of peer companies, with recent increases primarily in 'at-risk' pay. Despite challenging macroeconomic factors in 2023, the company set rigorous performance goals, with the annual incentive plan paying out at 71% of the target. The supplement also highlights the...Show More

Horace Mann Educators Corporation has issued a supplement to its definitive proxy statement on May 10, 2024, in preparation for its Annual Meeting of Shareholders scheduled for May 22, 2024. The supplement provides additional clarity on CEO target compensation, actual performance outcomes, and the pay-performance relationship following feedback on the initial proxy statement. The Compensation Committee, with the assistance of Compensation Advisory Partners, sets target pay levels considering market benchmarks, company performance, and individual performance. CEO Marita Zuraitis' 2023 target compensation was within 10% of the median of peer companies, with recent increases primarily in 'at-risk' pay. Despite challenging macroeconomic factors in 2023, the company set rigorous performance goals, with the annual incentive plan paying out at 71% of the target. The supplement also highlights the alignment of executive compensation with shareholder interests, noting that realizable pay for the CEO is 25% below the Summary Compensation Table pay, and all stock options granted in the last three years are currently out-of-the-money. The company emphasizes its commitment to strong shareholder alignment and adherence to stock ownership guidelines, with the CEO holding 15 times her base salary in company stock. Shareholders are encouraged to review the supplement and consider it when voting on the Say on Pay proposal.