DEF 14A of Horace Mann Educators Corp /De/, Apr 6, 2026

DEF 14A of Horace Mann Educators Corp /De/

Filed Apr 6, 2026 · FY20250000850141-26-000014

Open on EDGAR

  1. Board Nominees

    Board Nominees Upon the recommendation of the Nominating & Governance Committee, the Board nominated Mr. Bradley, Mr. Fetter, Mr. Hines, Mr. Konen, Ms. McClure, Mr. Reece, Dr. Samuel, Ms. Sarsynski and Ms. Zuraitis (Board Nominees) to hold office as Directors. The proxies solicited by and on behalf of the Board will be voted FOR the election of the Board Nominees unless you specify otherwise. The Company has no reason to believe that any of the foregoing Board Nominees is not available to serve or will not serve if elected, although in the unexpected event that any such Board Nominee should become unavailable to serve as a Director, full discretion is reserved to the persons named as proxies to vote for such other persons as may be nominated, or the Board may reduce the size of the Board. Each Director will serve until the next Annual Meeting of Shareholders and until their respective successor is duly elected and qualified. The following information, as of March 15, 2026, is provided with respect to each Board Nominee:

  2. Board Nominees

    | Independent Age: 68 Director Since: 2021 Committees: Audit (Chair) Executive | Thomas A. Bradley | | | Qualifications Mr. Bradley has an extensive finance and accounting background and is recognized as a financial expert. His knowledge in these areas assists the Board in its oversight responsibilities. | | | Background Mr. Bradley is the former Executive Chairman and Chief Executive Officer of Argo Group International Holdings, Ltd., an international underwriter of specialty insurance and reinsurance products in the property and casualty market, a position he held until 2023. From 2018 to 2022, he served as a non-executive Director of Argo and was non-executive Chairman of the Board from 2020 to 2022. He retired from Allied World Assurance Company Holdings, AG, an insurance holding company, in July 2018 as Executive Vice President and Chief Financial Officer, a position he had held since 2012. He previously served as the Executive Vice President and Chief Financial Officer for both Fair Isaac Corporation and the St. Paul Companies. Mr. Bradley also held senior financial and operational positions at Zurich Insurance Group, including Chief Financial Officer for North America and Chief Executive Officer of the Universal Underwriters Group. He is currently a member of the Board of Directors of Palomar Holdings, Inc. Education Mr. Bradley received a Bachelor of Arts degree in accounting from the University of Maryland and a Master of Business Administration with a concentration in finance from Loyola University. |

  3. Board Nominees

    | 6 2026 Annual Meeting of Shareholders Meeting Notice & Proxy Statement | Horace Mann Educators Corporation |

  4. Board Nominees

    | Technology Liaison Independent Age: 57 Director Since: 2023 Committees: Audit | Victor P. Fetter | | | Qualifications Mr. Fetter’s extensive experience in digital transformation, cybersecurity and technology risk management brings a unique perspective and assists the Board with its oversight responsibilities. | | | Background Mr. Fetter is the Global Chief Information Officer of Fortive, an industrial technology company, a position he has held since January 2020. He previously served as Chief Digital Officer at Vertiv, a critical infrastructure provider, from 2017 to 2019. Prior to that, he served as Chief Information Officer for LPL Financial and Dell’s online division. He is National Association of Corporate Directors (NACD) Directorship Certified and has completed the NACD Cyber-Risk Oversight Program. Education Mr. Fetter received a Bachelor of Science degree in computer information systems and business administration from Spring Hill College. | | Independent Age: 63 Director Since: 2018 Committees: Investment & Finance Nominating & Governance | Perry G. Hines | | | Qualifications Mr. Hines’ cross-sector expertise in general management, brand building and strategic marketing brings a unique perspective and insight to the Board. | | | Background Mr. Hines is a retired corporate marketing executive and is the President and CEO of The Hines Group, LLC, a firm he formed in 2006 specializing in marketing, communications and strategic planning. He has nearly three decades of cross-sector experience in general management, brand, communications and marketing with a specific focus on financial services. Mr. Hines previously served as Senior Vice President, Chief Marketing and Communications Officer for Irwin Mortgage Corporation, a position he held from 2002 to 2007, Senior Vice President, Chief Marketing and Sales Officer of Lincoln Reinsurance Corporation and its subsequent successor Swiss Reinsurance Corporation from 1998 to 2002 and Vice President of Marketing & Communications of Safeco from 1995 to 1998. He has held previous management and senior marketing roles with General Mills, Target, Pfizer and Canadian-based Imasco, Inc., where he stewarded well known household brands. Education Mr. Hines received a Bachelor of Arts degree in journalism and government from Western Kentucky University and a Master of Business Administration from the University of Minnesota Carlson School of Business. |

  5. Board Nominees

    | Horace Mann Educators Corporation | 2026 Annual Meeting of Shareholders Meeting Notice & Proxy Statement 7 |

  6. Board Nominees

    | Independent Age: 67 Director Since: 2019 Committees: Compensation (Chair) Audit Executive | Mark E. Konen | | | Qualifications Mr. Konen’s 35-year insurance career, extensive background and proven leadership in the life and retirement business provides the Board with a valuable perspective on these topics. | | | Background Mr. Konen retired from Lincoln Financial Group, a financial services company, in February 2017 as President of the Insurance and Retirement Solutions division, a position he had held since 2008. He was responsible for all aspects of strategic leadership, product development and client services as well as profitability management of the individual life insurance, group protection and retirement plan services businesses. He oversaw Lincoln Financial Group’s individual life and annuity business as President, Individual Markets, from 2006 to 2008. Prior to its merger with Lincoln Financial Group in 2006, he served in various senior management positions with Jefferson Pilot Financial. Mr. Konen is currently a member of the Board of Directors of Lincoln Life & Annuity Company of New York. Education Mr. Konen received a Bachelor of Science degree in mathematics from the University of Nebraska. | | Independent Age: 71 Director Since: 2013 Committees: Nominating & Governance (Chair) Compensation | Beverley J. McClure | | | Qualifications Ms. McClure’s broad experience in the areas of service excellence, customer experience, culture creation, employee engagement and quality management provides the Board with a valuable perspective on these topics. | | | Background Ms. McClure retired in 2007 after a 35-year career with United Services Automobile Association, a diversified financial services group, as Senior Vice President, Enterprise Operations. In 2007, she founded Fresh Perspectives LLC, an executive coaching and small business consulting firm, which was dissolved in 2019. Ms. McClure previously served as Senior Advisor of Endeavor Management, a consulting firm specializing in service culture creation, leadership coaching, business transformation, operational execution, and customer experience management, a position she held from 2010 to 2013. She holds the Chartered Life Underwriter and Fellow and Life Management Institute designations. Education Ms. McClure received a Bachelor of Applied Arts and Sciences from Texas State University. |

  7. Board Nominees

    | 8 2026 Annual Meeting of Shareholders Meeting Notice & Proxy Statement | Horace Mann Educators Corporation |

  8. Board Nominees

    | Chairman of the Board Independent Age: 69 Director Since: 2016 Committees: Executive (Chair) Compensation Nominating & Governance | H. Wade Reece | | | Qualifications Mr. Reece’s in-depth knowledge of the insurance industry, leadership skills and broad experience with agency management provides the Board with industry insight and perspective. | | | Background Mr. Reece retired in 2015 after a 37-year career with BB&T Corporation, a bank holding company, where he served as the Chairman of the Board and Chief Executive Officer of BB&T Insurance Services, Inc. and BB&T Insurance Holdings, Inc. Until his retirement in 2015, Mr. Reece served as Vice Chairman of the Foundation of Agency Management Excellence Board of Directors and a member of the Executive Committee of The Institutes (American Institute for Chartered Property Casualty Underwriters and Insurance Institute of America). He was also a Chairman of the Council of Insurance Agents & Brokers and Chairman of the Board of Trustees of The Institutes and is a former member of the Board of Directors of the North Carolina State University Foundation. Education Mr. Reece received a Bachelor of Science degree in economics from North Carolina State University. | | Independent Age: 47 Director Since: 2023 Committees: Investment & Finance | Aaliyah A. Samuel, EdD | | | Qualifications Dr. Samuel’s extensive experience in public education and educational policy development provides the Board with valuable insight into the Company’s niche market and the challenges and opportunities within that market. | | | Background Dr. Samuel is the President and Chief Executive Officer of CASEL(1), a nonpartisan, nonprofit organization dedicated to making evidence-based social and emotional learning an essential part of education for all students, a position she has held since January 2022. Prior to joining CASEL, she served as Deputy Assistant Secretary of Local, State and National Engagement at the U.S. Department of Education, a position she held from February 2021 to December 2021. Prior to her role in the Department of Education, she was with NWEA, a research-based not-for-profit that creates academic assessments, including service as Executive Vice President of Government Affairs & Partnerships and Vice President, Policy & Advocacy, from January 2019 to February 2021. She served as Director of Education at the National Governors Association from November 2015 to December 2018. She currently serves as a Senior Fellow at the Center on the Developing Child at Harvard University, a research center to drive innovation in early childhood education practice and policy. (1) Dr. Samuel has advised the Company that she will step down as President and Chief Executive Officer of CASEL effective March 27, 2026. Education Dr. Samuel holds an undergraduate degree from Tuskegee University, a master’s degree from University of South Florida, and a specialist and doctorate degree from NOVA Southeastern. |

  9. Board Nominees

    | Horace Mann Educators Corporation | 2026 Annual Meeting of Shareholders Meeting Notice & Proxy Statement 9 |

  10. Board Nominees

    | Independent Age: 70 Director Since: 2021 Committees: Investment & Finance (Chair) | Elaine A. Sarsynski | | | Qualifications Ms. Sarsynski’s extensive knowledge in managing institutional investments and proven strategic leadership is a valuable asset to the Board. | | | Background Ms. Sarsynski was Chairwoman, Chief Executive Officer and President of Mass Mutual International, an insurance company, until her retirement in 2017. She joined Mass Mutual Life Insurance Company in 2005 as Managing Director at Babson Capital Management LLC, a MassMutual subsidiary. She became Executive Vice President, Chief Administrative Officer, Chief Executive Officer and President of MassMutual International in 2006 and Executive Vice President, member of the Office of the Chief Executive Officer and President of MassMutual Retirement Services, as well as Chairwoman of MassMutual International, in 2008. Prior to joining Babson Capital, she served two elected terms as First Selectman for the town of Suffield, Connecticut. In 1998, she founded Sun Consulting Group LLC, offering consulting services to the real estate industry. Ms. Sarsynski previously spent 17 years at Aetna where she held multiple senior management positions overseeing segments of the company’s Investments Division and leading the Corporate Finance Department. She currently serves on the Board of Directors of Genworth Financial, Inc. and Horizon Technology Finance Corporation and previously served on the Board of Directors of TI Fluid Systems PLC prior to its sale in April 2025. Education Ms. Sarsynski received a Bachelor of Arts degree in economics from Smith College and a Master of Business Administration from Columbia University. |

  11. Board Nominees

    | 10 2026 Annual Meeting of Shareholders Meeting Notice & Proxy Statement | Horace Mann Educators Corporation |

  12. Board Nominees

    | President and Chief Executive Officer Age: 65 Director Since: 2013 Committees: Executive Investment & Finance | Marita Zuraitis | | | Qualifications Ms. Zuraitis’s knowledge of and extensive background in the insurance industry contributes to Board discussion and understanding of issues impacting the Company. | | | Background Ms. Zuraitis was appointed to her present position as President and Chief Executive Officer of the Company in September 2013 after joining the Company in May 2013 as President and Chief Executive Officer-Elect. Ms. Zuraitis came to Horace Mann from The Hanover Insurance Group, where she was an Executive Vice President and a member of The Hanover’s Executive Leadership Team. From 2004 to 2013, she served as President, Property and Casualty Companies, of The Hanover Insurance Group. Prior to 2004, Ms. Zuraitis was with The St. Paul/Travelers Companies for six years, where she achieved the position of President and Chief Executive Officer, Commercial Lines. She also held a number of increasingly responsible underwriting and field management positions with United States Fidelity and Guaranty Company and Aetna Life and Casualty. She is past Chair of the Board of Trustees of The Institutes, the leading provider of risk management and property-casualty insurance education, whose offerings include the premier CPCU® designation, and a past member of the Board of Directors of LL Global, Inc., a trade association with operating divisions LIMRA and LOMA. She is also a member of the Board of Directors of Citizens Financial Group, Inc. Ms. Zuraitis has over 30 years of experience in the insurance industry. Education Ms. Zuraitis received a Bachelor of Science degree in business administration from Fairfield University. |

  13. Board Nominees

    All of the Board Nominees were elected Directors at the last Annual Meeting of Shareholders of the Company held on May 14, 2025. The Board recommends that Shareholders vote FOR the election of these nine nominees as Directors. Board of Directors and Committees There were nine members on the Board as of March 15, 2026. The Board met nine times during 2025. No incumbent Director of the Company attended fewer than 90% of the Board meetings and the committee meetings to which they were appointed and served during 2025. The Board Chair presides over all executive sessions of the Board, including executive sessions of non-employee Directors, and may be contacted as described in “Corporate Governance - Communications with Directors.” The members of the Board are expected to be present at the Annual Meeting. The following nine Directors serving on the Board at the time of last year’s Annual Meeting attended the meeting: Mr. Bradley, Mr. Fetter, Mr. Hines, Mr. Konen, Ms. McClure, Mr. Reece, Dr. Samuel, Ms. Sarsynski and Ms. Zuraitis.

  14. Committees of the Board

    | Compensation Element | Non-Employee Director Compensation(1) | | Board Chair Annual Retainer | $210,000 | | Board Member Annual Retainer (other than Board Chair) | $85,000 | | Committee Chair Annual Retainer | $30,000 Audit Committee $20,000 all other Committees(2) | | Technology Liaison Annual Retainer | $15,000 | | 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 $130,000 in RSUs following the Annual Shareholder Meeting. $130,000 in RSUs if joining the Board within six months after the prior Annual Shareholder Meeting, $65,000 in RSUs if joining more than six 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 |

  15. Committees of the Board

    | Director | Fees Earned or Paid in Cash ($) | Stock Awards ($) (1) | All Other Compensation ($) (2) | Total ($) | | Thomas A. Bradley | 115,000 | 130,000 | 21 | 245,021 | | Victor P. Fetter | 100,000 | 130,000 | 21 | 230,021 | | Perry G. Hines | 85,000 | 130,000 | 21 | 215,021 | | Mark E. Konen | 105,000 | 130,000 | 21 | 235,021 | | Beverley J. McClure | 105,000 | 130,000 | 21 | 235,021 | | H. Wade Reece | 210,000 | 130,000 | 21 | 340,021 | | Aaliyah A. Samuel, EdD | 85,000 | 130,000 | 21 | 215,021 | | Elaine A. Sarsynski | 105,000 | 130,000 | 21 | 235,021 |

  16. 2025 Business Highlights

    Executive Compensation Highlights Elements of the executive compensation program are described in greater detail on the following pages. •In response to decreased support for Say on Pay in 2024, the Company undertook an extensive shareholder engagement process regarding compensation and the shareholder feedback was used to implement programmatic plan design changes •The Board of Directors did not increase CEO compensation in 2025 •Delivered strong 2025 performance with record core earnings of $195.8 million, or $4.71 per share, and core return on equity of 12.4%, reflecting sustained profitability across all segments, tangible book value growth of 9.2% and continued improvement in multi-year TSR, demonstrating clear alignment between executive pay and shareholder value creation •2025 performance reflected meaningful progress toward our three-year financial goals introduced at Investor Day of a 10% compound annual growth rate in core earnings and 12-13% core return on equity, positioning the Company on track to achieve these commitments and reinforcing our long-term, performance-based incentive design •Pay mix comprised of base salary, cash annual incentives under the Annual Incentive Plan (AIP), and equity-based long-term incentives under the Long-term Incentive Plan (LTIP) •85% of the CEO’s target compensation is tied to performance-based vehicles, including service-vested shares which are inherently linked to our stock performance. 59% of all the other NEOs’ as a group is tied to performance and service incentives(1) •Balanced performance measures designed with a focus on shareholder return, both absolute and relative and incenting operating growth while managing risk; return on equity remains a key long-term metric to align responsible stewardship of capital with shareholder value creation over time and beginning in 2026, absolute return on equity was removed from AIP to enhance differentiation between short- and long-term measures •Performance incentives tied to multiple overlapping performance periods •All incentives are capped •Annual cash incentives tied to company performance measures •Long-term incentives entirely equity-based and dividends are only paid if underlying shares actually vest: ◦60% Performance-based RSUs vest following a 3-year period, based on 100% relative measures (TSR and operating return on equity), which increased from 50% in 2024 ◦20% Service-vested stock options with a 4-year vesting period, which reduced from 30% in 2024. We also prohibit repricing or exchanging underwater options absent shareholder approval ◦20% Service-vested RSUs with a 3-year vesting period •Stock ownership guidelines for NEOs: –Twelve-month post-exercise holding requirement for stock options –Minimum 12-month vesting for all equity awards •Clawback policy applicable to both cash and equity awards which complies with regulatory guidance •Executive change in control plan excludes “tax gross-up” provision and includes a “double trigger” provision •Prohibit hedging and pledging •Limited perks and executive benefits (1) Calculation excludes Mr. Conklin as he did not receive a 2025 equity grant due to his announced retirement, effective January 2, 2026.

  17. Say on Pay

    •Strengthened pay-for-performance alignment by increasing the weighting of performance-based equity awards, with a significant majority of CEO compensation now at risk and tied to relative performance, •Did not increase the CEO’s compensation opportunity. •Enhanced incentive transparency through expanded disclosure regarding goal-setting, metric selection, and performance outcomes in both the annual and long-term incentive plans. •Improved alignment with shareholders by increasing the CEO’s stock ownership guideline and strengthening post-exercise holding requirements for equity awards. •Refined the equity mix by reducing the use of stock options and increasing the emphasis on performance-based restricted stock units. •For 2026, absolute ROE was removed from the annual incentive plan to reduce overlap with the ROE measure used in the PBRSU program, which is measured on a relative basis over a multi-year performance period. Executive Compensation Program

  18. Strong pay-for-performance alignment

    Strong pay-for-performance alignment We target compensation around the median of the competitive market, with executives earning more or less than median based on their experience, the performance of the Company and value delivered to Shareholders, and their individual performance. Our core executive compensation program includes base salary, an annual cash incentive plan (AIP), and long-term equity awards (LTIP). Both AIP and LTIP are administered under the Shareholder-approved 2010 Comprehensive Executive Compensation Plan, as amended and restated March 9, 2021. Incentive awards are earned upon the achievement of short-term and long-term business goals that are reviewed and approved by the Committee at the beginning of each performance period. Performance goals are structured to reward business growth, profitability, and relative TSR, balanced with productivity, risk and capital management. Our incentive plans are highly performance-based and aligned with shareholders.

  19. Incentive compensation drives long-term value creation and rewards strong performance

    Incentive compensation drives long-term value creation and rewards strong performance The AIP performance goals are based on premiums, adjusted operating income, and adjusted annual ROE, which drive long-term value and are metrics management can control. The LTIP performance goals are directly linked to relative multi-year TSR and return measures to focus executives on value creation, with both metrics based on performance versus peers to focus on outperforming our peers. Our historical incentive plan payouts are aligned with both company performance and value delivered to Shareholders, as displayed in the table below.

  20. Incentive compensation drives long-term value creation and rewards strong performance

    | 28 2026 Annual Meeting of Shareholders Meeting Notice & Proxy Statement | Horace Mann Educators Corporation |

  21. Incentive compensation drives long-term value creation and rewards strong performance

    *Since not all NEOs are members of the Steering Committee, the LTIP payout percentages presented above do not reflect the application of the Sustainability, Inclusivity, and Governance modifier.

  22. Significant portion of compensation is “at risk” based on the Company’s performance and aligns with Shareholders’ interests

    Significant portion of compensation is “at risk” based on the Company’s performance and aligns with Shareholders’ interests For 2025, 85% of the CEO’s target total pay (base salary, target annual incentive, and target long-term incentive) and on average are 59% of target total pay for all other NEOs is at risk and is variable from year to year(1). For the majority of compensation, the level of payout is dependent on the Company’s performance. To encourage executive performance on a long-term basis and to align executive interests with Shareholders’, the Committee grants equity awards with multi-year performance periods and multi-year vesting. In 2025, Ms. Zuraitis received approximately 60% of her target compensation in equity. With respect to the other NEOs, excluding Mr. Conklin, approximately 30% to 40% of their compensation was equity-based. (1) Calculation excludes Mr. Conklin as he did not receive a 2025 equity grant due to his announced retirement, effective January 2, 2026.

  23. Compensation levels are market competitive

    Benchmarking to similar companies for Horace Mann is a challenge as we are the only multiline insurance company within our size range. Being a multiline insurance company that offers both Property & Casualty and Life & Health coverage along with retirement products creates a level of complexity for our senior executives that does not exist at most of our peers. The Committee considers this level of complexity where relevant to the position, when setting pay. The Committee does not seek to benchmark or set executive compensation at any specific level relative to the peer group. The Committee uses the median as a reference point, but then considers individual performance and the overall competitive landscape for the role. The Committee also considers the experience and tenure of an executive when setting pay, therefore, if an executive is continuing to perform and has a long track record of success, they will typically be positioned higher relative to market as compared to an executive who is performing well, but has a less robust track record. This approach has led to a bigger absolute difference in pay for our CEO who has a longer track record of success and a newer management team beyond the CEO. The Committee also considers this as it sets pay. They also take a measured approach to bringing executives up to the market level over time. For 2025, CAP’s analysis indicated that Ms. Zuraitis’ total direct compensation remained positioned around median. The Committee considered an increase, given her tenure, performance and the scope and complexity of her role running a multi-line insurance company. Despite her strong performance and value to the company, given the feedback from shareholders, the Committee did not increase Ms. Zuraitis’ pay in 2025. The Committee will continue to evaluate Ms. Zuraitis’ competitive positioning each year as well as her performance. Based on the data received and CAP’s analysis, the Committee deliberates in executive session to determine its recommendation for approval by the Board. The other NEOs are assessed against comparable functional matches in the insurance industry and the broader general industry, as appropriate.

  24. Compensation levels are market competitive

    | 2025 Peer Group | | | | Ambac Financial Group, Inc. | Kemper Corporation | Selective Insurance Group, Inc. | | American Equity Investment Life Holding Co | Primerica, Inc. | The Hanover Insurance Group | | CNO Financial Group, Inc. | ProAssurance Corporation | United Fire Group, Inc. | | Employers Holdings, Inc. | RLI Corporation | White Mountains Insurance Group |

  25. Compensation levels are market competitive

    For 2025, Argo Group and National Western Life Group were removed from the peer group following their acquisitions by Brookfield Reinsurance (effective November 2023) and Prosperity Life Group (effective July 2024), respectively. Due to M&A activity in recent years, several former peers are no longer publicly traded, reducing the peer group to 12 companies. As a result, for the 2026 peer group, the Compensation Committee removed American Equity Investment Life Holding Company, ProAssurance Corporation, and Ambac Financial Group, Inc. The Committee added Globe Life Inc., Kinsale Capital Group, Inc., Universal Insurance Holdings, Inc., Root, Inc., Safety Insurance Group, Inc., and Palomar Holdings, Inc. to maintain a robust and relevant peer group.

  26. Compensation Mix

    Compensation Mix Our NEOs’ annual compensation consists of base salary and annual and long-term incentives. The targeted compensation mix of total direct compensation for the NEOs for 2025 is illustrated below. The mix of 2025 actual compensation varied as a result of actual incentives earned. (1) Mr. Conklin did not receive a 2025 equity award due to his announced retirement.

  27. Annual Incentive Plan

    Annual Incentive Plan Our AIP is a cash incentive plan, administered under the Comprehensive Executive Compensation Plan (CECP), and designed to drive and reward strong performance over a one-year period. Annually, the Committee establishes the performance objectives, threshold, target and maximum performance levels, and the related threshold, target and maximum AIP opportunities for each NEO, expressed as a percentage of base salary. In addition to the NEOs, most of our employees are eligible to participate in the annual incentive plan. Target incentive opportunity levels for the NEOs are intended to approximate the median of the target bonus potential for similarly situated executives in comparable companies. Maximum incentive opportunities are set at 200% of target. For 2025, there were three performance measures, with 50% of the award based on company-wide adjusted core earnings and the remaining 50% divided equally among AIP adjusted return on equity (25%) and insurance premiums and contract charges earned (25%), as defined below and shown in the chart. This provides a balance between shareholder return and growth, while complementing the longer-term LTIP metrics, which focus on long-term shareholder value creation.

  28. 2025 Annual Incentive Plan Performance Measures

    2025 Annual Incentive Plan Performance Measures AIP Adjusted Core Earnings - Core earnings (GAAP net income after tax, excluding net investment gains and losses) adjusted for Property and Casualty catastrophe costs different than the annual Plan, annuity market risk benefit adjustment different than Plan, the impact on investment income of share repurchases different than Plan, debt structure/costs including debt retirement different than Plan and impact of changes to the statutory tax rate different than Plan. AIP Adjusted Return on Equity - Company’s annual return (AIP adjusted core earnings) divided by the value of its total Shareholders’ equity (excluding the fair value adjustment for investments). Insurance Premiums & Contract Charges Earned - The amount of ratably earned insurance premiums and contract charges from Horace Mann products. Most employees, in addition to the NEOs, are eligible to participate in the annual incentive program with measures based on corporate objectives to promote alignment. The targets were based on a review of market conditions and expectations of other companies in the industry as well as our financial plan for 2025 (2025 Plan). The 2025 Plan was the basis of our 2025 earnings guidance, which was publicly disclosed in February 2025 in connection with the announcement of results for the year ended December 31, 2024. The Committee believes that tying the AIP to overall company performance provides appropriate alignment for an executive’s compensation as it recognizes that the Company as a whole must perform well in order to deliver value to our Shareholders. It is the goal of the Committee to establish measurements and targets that are reasonable, but not easily achieved. The measures and targets are discussed with the CEO, other NEOs, CAP and other members of management and the Board before they are set. The Committee takes goal setting seriously and sets goals with a significant degree of difficulty. In setting goals, the Committee considers prior year results, industry trends and broader macroeconomic factors. We believe philosophically that goals should have a significant stretch while also still being achievable in order to retain and incentivize executives appropriately. Our business, in particular the Property & Casualty side, is subject to “down cycles” which are experienced by all P&C underwriters. This can lead to years where despite exceptional execution, financial results are expected to be below the prior year. While it does not happen often and did not for 2025, the Committee will occasionally determine that a goal below the prior year actual performance is appropriate given the degree of difficulty needed to achieve it.

  29. 2025 Annual Incentive Plan Performance Measures

    | 32 2026 Annual Meeting of Shareholders Meeting Notice & Proxy Statement | Horace Mann Educators Corporation |

  30. 2025 Annual Incentive Plan Performance Measures

    | Each February, the Committee certifies performance and determines AIP payouts for the prior year. Based on the 2025 results of 172.5% of target for Ms. Zuraitis and the other NEOs, the 2025 AIP payouts (paid in March 2026) are detailed below. | Our 2025 Annual Incentive Plan payout is reflective of the highest revenue in our history, 38% growth in adjusted core earnings and 11% ROE, which is 170bp improvement over 2024. |

  31. 2025 Annual Incentive Plan Performance Measures

    Charitable giving is an important component of the Company’s culture and commitment to sharing in its success. In recognition of the Company’s 2025 performance, the Company made a $5 million contribution to the Horace Mann Educators Foundation. Consistent with the Committee’s approach to evaluating operating performance, this contribution was excluded from the calculation of the 2025 AIP.

  32. 2025 Annual Incentive Plan Performance Measures

    | 2025 AIP Measures | Threshold | Target | Maximum | Actual | Results | Weighting | Payout | | AIP Adjusted Core Earnings ($M) | 154 | 170 | 179 | 179 | 200.0% | 50% | 100.0% | | AIP Adjusted Return on Equity (%) | 9.7 | 10.7 | 11.2 | 11.3 | 200.0% | 25% | 50.0% | | Insurance Premiums and Contract Charges Earned ($M) | 1,214 | 1,232 | 1,257 | 1,228 | 90.0% | 25% | 22.5% | | Total | | | | | | 100% | 172.5% |

  33. 2025 Annual Incentive Plan Performance Measures

    | Named Individual | 2025 Target AIP Opportunity | 2025 Actual AIP Payout ($) | 2025 Actual AIP Payout as a % of Base Salary | | Marita Zuraitis | 175% | 3,139,500 | 301.9% | | Ryan E. Greenier | 60% | 398,232 | 83.8% | | Bret A. Conklin | 70% | 658,088 | 120.8% | | Donald M. Carley | 60% | 440,279 | 92.7% | | Mark R. Desrochers | 50% | 356,141 | 81.9% | | Stephen J. McAnena | 70% | 793,334 | 138.0% |

  34. 2025 Annual Incentive Plan Performance Measures

    The Committee sets goals that have a significant degree of stretch, though are viewed as achievable. Achieving target is challenging and the Annual Incentive payouts over the years have varied, further highlighting the rigor with which the Committee sets goals.

  35. 2025 Annual Incentive Plan Performance Measures

    | Horace Mann Educators Corporation | 2026 Annual Meeting of Shareholders Meeting Notice & Proxy Statement 33 |

  36. Long-term Incentive Plan

    Long-term Incentive Plan The intent of our LTIP is to focus executives on shareholder value and key strategic objectives, while promoting retention.

  37. 2025 LTIP Aggregate Target Opportunity

    2025 LTIP Aggregate Target Opportunity In setting the dollar values of the 2025 opportunities under the LTIP for each NEO, the Committee targeted amounts that would achieve the Company’s overall objective of positioning total compensation within competitive range of the market median with flexibility to recognize individual performance and tenure. The 2025 target grant values for the NEOs were as follows:

  38. 2025 LTIP Aggregate Target Opportunity

    | Named Individual | 2025 LTIP Target ($) | | Marita Zuraitis | 4,160,000 | | Ryan E. Greenier | 375,000 | | Bret A. Conklin(1) | 0 | | Donald M. Carley | 400,000 | | Mark R. Desrochers | 275,000 | | Stephen J. McAnena | 650,000 |

  39. 2025 LTIP Aggregate Target Opportunity

    (1) Mr. Conklin did not receive a 2025 equity award due to his announced retirement.

  40. 2025 LTIP Award Vehicles

    2025 LTIP Award Vehicles For 2025, the LTIP is comprised of three vehicles, as illustrated in the chart: (1) performance-based RSUs; (2) service-vested RSUs; and (3) service-vested stock options. Performance-based RSUs - Earned over a three-year period, based upon Relative Measures that are equally weighted. For each Relative Measure, the threshold is the 25th percentile, target is the 50th percentile, and maximum is the 90th percentile of the peer group. The Company believes utilizing all Relative Measures holds management accountable for the Company’s performance versus peers on TSR and ROE, which benefits our Shareholders. In addition to the ROE and TSR component, the PBRSUs can be modified up or down by 10% based upon performance vs our Corporate Social Responsibility scorecard, which is detailed further below. If any shares are earned at the end of the three-year performance period, the executive fully vests in the award. Service-vested RSUs - Vest in three annual installments. Stock options - Granted at fair market value with a 10- year life, options vest in four annual installments.

  41. 2025 LTIP Award Vehicles

    | 34 2026 Annual Meeting of Shareholders Meeting Notice & Proxy Statement | Horace Mann Educators Corporation |

  42. Performance-based RSUs (PBRSUs)

    Performance-based RSUs (PBRSUs) The Committee believes that PBRSUs provide an effective vehicle for rewarding executives based on a three-year performance period. Each year, a new three-year period starts, partially overlapping the periods that started the prior two years. PBRSUs were granted on March 5, 2025 for the 2025-2027 performance period and comprise 60% of the 2025 LTIP opportunity. These RSUs will be earned and vested on January 1, 2028, if at all, based on the level of achievement. From the date of grant, PBRSUs accrue dividend equivalents at the same rate as dividends paid to our Shareholders, but the dividend equivalents are only paid on the corresponding shares that are earned. If no shares are earned, the dividend equivalents are forfeited. Earned dividend equivalents are converted into additional RSUs. As discussed in more detail under “Corporate Social Responsibility” in the Summary, Horace Mann strives to be a good corporate citizen and to have a positive impact on our stakeholders. Horace Mann demonstrates its focus on operating responsibly through the security it provides customers, the initiatives and investments the Company deploys in the communities it serves, the claims it pays and the grants it gives in times of need. For 2025, the Company continued to include a modifier (+/- 10%) into the PBRSUs to hold designated key executives accountable for achieving our initiatives utilizing a scorecard approach. The scorecard consists of key metrics for each component of our Corporate Social Responsibility program: •Sustainability (25%) - focused on reducing its carbon footprint, as well as monitoring and managing climate risks that affect our stakeholders •Social Considerations (50%) - focused on the strategy and progress related to inclusion and enhancing employee engagement to make a positive social impact on America’s educational community, our employees, and the communities in which we live and work •Governance (25%) - focused on board composition, succession planning, and risk management policies and procedures to ensure a financially strong company that operates ethically To ensure the company is progressing on these efforts, the Compensation Committee and Board receive regular updates related to the scorecard metrics. Beginning in 2026, we have removed the modifier from the program.

  43. Service-Vested RSUs

    Service-Vested RSUs The Committee believes that service-vested RSUs assist in the retention of key executive talent. Service-vested RSUs were granted on March 5, 2025 and comprise 20% of the 2025 LTIP opportunity. Service-vested RSUs vest 33% after the first year, vest an additional 33% after the second year and vest the final 34% after the third year from the grant date and are subject to continued employment through the vesting date. From the date of the grant, the RSUs accrue dividend equivalents at the same rate as dividends paid to our Shareholders. These dividend equivalents are converted into additional RSUs and vest when the underlying RSUs vest.

  44. Stock Options

    Stock Options The Committee believes that non-qualified stock options (NQSOs) provide strong alignment with shareholder interests, as participants do not realize any value unless our stock price appreciates. They also promote retention. Stock options granted under the LTIP have an exercise price equal to the closing price of our Common Stock on the date of grant, vest in four annual installments subject to continued employment on each vesting date and have a ten-year term. Stock options were granted to the CEO and Executive Vice Presidents on March 5, 2025 and comprise 20% of the 2025 LTIP opportunity. The number of options granted was determined using the Black-Scholes valuation method. For additional information regarding assumptions used for these valuations, see the Company’s 2025 Annual Report “Notes to Consolidated Financial Statements – Note 1 – Summary of Significant Accounting Policies – Share-Based Compensation.” Upon exercise, Executive Officers are required to hold shares equivalent to any proceeds (net of exercise price and related taxes and the costs of the exercise) for a minimum of twelve months.

  45. Timing of Equity Grants

    Timing of Equity Grants The Committee has granted long-term incentives only at its regularly scheduled Board meetings. The grant date is the date the applicable resolution is approved or a future date as otherwise specified in the resolution. Moreover, the Committee does not approve the grant of stock options in anticipation of the release of material nonpublic information that is likely to result in changes to the price of the Company’s common stock, such as a significant positive or negative

  46. Timing of Equity Grants

    | Horace Mann Educators Corporation | 2026 Annual Meeting of Shareholders Meeting Notice & Proxy Statement 35 |

  47. Timing of Equity Grants

    earnings announcement and may not be timed with the public release of such information based on stock option grant dates. It is our policy to not grant stock options or similar awards during periods in which there is material nonpublic information about the Company, including (i) during “blackout” periods or outside a “trading window” established in connection with the public release of earnings information under our Insider Trading Policy or (ii) at any time during the four business days prior to or the one business day following the filing of our periodic reports or the filing or furnishing of a Form 8-K that discloses material nonpublic information. These restrictions do not apply to RSUs or other types of equity awards that do not include an exercise price related to the market price of the Company’s common stock on the date of grant. 2025-2027 Performance-based RSUs The Performance-based RSUs granted in 2025 have two equally weighted performance measures: Relative TSR - TSR for the three-year period (from the average price five trading days before and five trading days after the beginning of the measurement period (1/1/25) to the average price five trading days before and five trading days after the end of the measurement period (12/31/27) measured against a peer group of companies. Relative 3-Year Core Return on Equity - Average annual core earnings return (net income excluding net investment gains and losses) on average equity (excluding the fair value adjustment for investments) for the three-year period measured against a peer group of companies.

  48. Prior Years PBRSU Grants

    | 2023-2025 Performance Measures | Threshold (2) | Target (2) | Maximum (2) | Weighting | Result | | Relative (1) Measures | | | | | | | TSR (3) | 25th Percentile Ranking vs Peer Companies | 50th Percentile Ranking vs Peer Companies | 90th Percentile Ranking vs Peer Companies | 50% | 44.8% | | Core ROE (4) | 25th Percentile Ranking vs Peer Companies | 50th Percentile Ranking vs Peer Companies | 90th Percentile Ranking vs Peer Companies | 50% | 53.7% | | | | | Total | | 98.5% |

  49. Prior Years PBRSU Grants

    (1) Peer group comprised of Russell 2000® Index insurance companies excluding brokerage, reinsurance, financial guarantee and health companies. (2) Threshold award (25th percentile) is 50% of target LTIP opportunity; Target award (50th percentile) is 100%; Maximum (90th percentile) is 200% of target. Awards for results between Threshold-Target and Target-Maximum are interpolated. (3) TSR for the three-year period. Measured from the average price five trading days before and five trading days after the beginning of the measurement period (1/1/23) to the average price five trading days before and five trading days after the end of the measurement period (12/31/25). Source: S&P Market Intelligence (4) Average annual Core Earnings return (net income excluding net investment gains and losses) for the three-year performance period. Source: S&P Market Intelligence

  50. Minimum Vesting Period

    Minimum Vesting Period In 2017, through an amendment approved by the Board, the Company updated the CECP to reflect a minimum vesting period of one year for all equity grants. No portion of any equity grant, including Stock Options, Stock Appreciation Rights, Restricted Stock or Restricted Stock Units, will become vested before the first anniversary of the grant date except in the cases of death or disability.

  51. Annual Performance and Pay Review

    Annual Performance and Pay Review To further reinforce a performance-based culture and the tie between company results and compensation, the Committee reviews each Executive Officer’s performance annually, coinciding with the review of corporate performance results. Each Executive Officer is reviewed not only on prior year business results but also on the individual’s demonstration of leadership skills and progress on specific strategic initiatives and other key priorities. The Committee also considers any adjustments to base salary, annual incentive opportunity, and long-term incentive opportunity at this review. The Committee recognizes the need to have market-competitive compensation opportunities to attract, retain and reward high performing executive talent.

  52. Minimal Use of Employment Agreements

    Minimal Use of Employment Agreements Standard practice for the Company is to not enter into any individual employment agreements with any Executive Officer. We intend to continue to minimize their use, while recognizing that in isolated situations an agreement may be needed for succession planning, attraction and retention of key executive talent. We do on a targeted basis, when executing against our succession plan, tailor vesting of equity awards to align with succession. For Ms. Zuraitis, consistent with select prior NEOs, the Company will fully vest her outstanding equity awards at the time of her separation or retirement if she remains employed through December 31, 2027. Performance awards will remain subject to achievement of the specified performance goals and vest consistent with the terms of the outstanding agreements. This agreement does not guarantee any level of compensation or payout, it merely allows Ms. Zuraitis to fully vest instead of pro-rata vest in the awards, which she was entitled to under our retirement provisions.

  53. Executive Severance and Change in Control Plans

    Executive Severance and Change in Control Plans To maintain market competitiveness and allow for the successful recruitment of key executives, the Company maintains the Horace Mann Service Corporation Executive Severance Plan (Executive Severance Plan)1 and the Horace Mann Service Corporation Executive Change in Control Plan (CIC Plan). The Executive Severance Plan provides benefits due to loss of position with or without a change in control. The CIC Plan is intended to provide a level of security consistent with market practices, mitigate some of the conflicts an executive may be exposed to in a potential acquisition or merger situation and serve to ensure a more stable transition if a corporate transaction were to occur. The CIC Plan provides for benefits only in the event of the loss of position following a change in control (double trigger), as defined in the CIC Plan. Participants in the CIC Plan are designated by position. This plan does not have tax gross-up provisions. The CIC Plan does not permit duplicate benefits under the Executive Severance Plan.

  54. Executive Severance and Change in Control Plans

    | 40 2026 Annual Meeting of Shareholders Meeting Notice & Proxy Statement | Horace Mann Educators Corporation |

  55. Executive Severance and Change in Control Plans

    The multiple is based on the sum of salary plus target annual incentive, payable in the form of salary continuation (for the Executive Severance Plan) and payable in a lump sum (for the CIC Plan) based on the following table:

  56. Executive Severance and Change in Control Plans

    | | Multiple | | | Named Individual | Executive Severance | Change In Control | | Marita Zuraitis | 2.0 | 2.5 | | Ryan E. Greenier | 1.5 | 2.0 | | Bret A. Conklin | 1.5 | 2.0 | | Donald M. Carley | 1.5 | 2.0 | | Mark R. Desrochers | 1.0 | N/A | | Stephen J. McAnena | 1.5 | 2.0 |

  57. Executive Severance and Change in Control Plans

    (1) Mr. McAnena stepped down from his executive officer position during 2025 and left the company effective March 1, 2026, as previously disclosed in the Company’s Current Report on Form 8-K. His separation is subject to the terms of the Executive Severance Plan.

  58. Early Retirement Offering

    Early Retirement Offering In December 2025, the Company announced a voluntary Early Retirement Offering as part of disciplined workforce planning efforts aligned with our long-term business strategy. Eligibility for the program was based on age and years of service. The program was voluntary and designed to provide eligible employees with enhanced benefits as they consider retirement or other life transitions. Eligible participants receive enhanced severance benefits equal to two times their respective Severance Pay Plan entitlement (capped at 18 months), remain eligible for 2026 bonus payments based on eligible earnings during active employment, and are provided a one-time $6,500 transition payment to support post-employment needs; equity awards are treated in accordance with standard plan provisions.

  59. Nonqualified Supplemental Defined Contribution and Other Nonqualified Deferred Compensation Plans

    Nonqualified Supplemental Defined Contribution and Other Nonqualified Deferred Compensation Plans The Company sponsors an unfunded nonqualified supplemental defined contribution plan, the Nonqualified Supplemental Defined Contribution Plan (NQDCP), which covers only the base salary compensation in excess of the IRC Section 401(a)(17) limit, which in 2025 was $350,000. The NQDCP accounts are established for the executives at the time their compensation exceeds the IRC Section 401(a)(17) limit and the NEOs are credited with an amount equal to 5% of the excess. In addition, the NQDCP accounts are credited with the same rate of return as the stable value fund available as an investment option under the qualified plan sponsored by the Company for all employees.

  60. Nonqualified Supplemental Defined Contribution and Other Nonqualified Deferred Compensation Plans

    | Horace Mann Educators Corporation | 2026 Annual Meeting of Shareholders Meeting Notice & Proxy Statement 41 |

  61. Nonqualified Supplemental Defined Contribution and Other Nonqualified Deferred Compensation Plans

    The Company offered a nonqualified deferred compensation plan to executives, which allowed them to defer receipt of long-term incentive cash compensation prior to 2009 when cash was a component of the LTIP. Executives were allowed to defer up to 100% of their earned long-term cash incentive into HMEC’s deferred Common Stock equivalent units. All the NEOs except Mr. Conklin were hired after 2009 and do not have an account in the plan.

  62. Summary Compensation Table

    Summary Compensation Table The following table sets forth information regarding compensation of the Company’s CEO, CFO and the three other most highly compensated executive officers during 2025, 2024, and 2023 as well as our Former Executive Vice President and Chief Operating Officer.

  63. Summary Compensation Table

    | Name & Principal Position | Year | Salary ($) (1) | Bonus ($) (2) | Stock Awards ($) (3) | Option Awards ($) (4) | Non-Equity Incentive Plan Compensation ($) (5) | All Other Compensation ($) (6) | Total ($) | | Marita Zuraitis President & Chief Executive Officer | 2025 | 1,040,000 | — | 3,328,000 | 832,000 | 3,139,500 | 113,612 | 8,453,113 | | | 2024 | 1,040,000 | — | 2,912,000 | 1,248,000 | 2,916,186 | 81,800 | 8,197,986 | | | 2023 | 1,033,333 | — | 2,693,600 | 1,154,400 | 1,109,490 | 144,707 | 6,135,530 | | Ryan E. Greenier Executive Vice President & Chief Financial Officer | 2025 | 410,417 | — | 300,000 | 75,000 | 398,232 | 50,098 | 1,233,747 | | | 2024 | 345,833 | — | 275,000 | — | 277,064 | 27,204 | 925,101 | | | 2023 | 325,000 | — | 225,000 | — | 93,054 | 25,282 | 668,336 | | Bret A. Conklin Former Executive Vice President, Finance Transformation | 2025 | 545,000 | 192,500 | — | — | 658,088 | 37,063 | 1,432,651 | | | 2024 | 541,667 | — | 420,000 | 180,000 | 607,539 | 34,048 | 1,783,254 | | | 2023 | 525,000 | — | 420,000 | 180,000 | 263,057 | 36,408 | 1,424,465 | | Donald M. Carley Executive Vice President, General Counsel and Chief Administrative Officer | 2025 | 453,750 | — | 320,000 | 80,000 | 440,279 | 48,710 | 1,342,739 | | | 2024 | 432,500 | — | 262,500 | 112,500 | 346,497 | 52,465 | 1,206,462 | | | 2023 | 418,333 | — | 262,500 | 112,500 | 149,722 | 51,604 | 994,659 | | Mark R. Desrochers Senior Vice President, Chief Actuarial & Strategy Officer (7) | 2025 | 412,917 | — | 275,000 | — | 356,141 | 22,414 | 1,066,471 | | | 2024 | — | — | — | — | — | — | — | | | 2023 | — | — | — | — | — | — | — | | Stephen J. McAnena Former Executive Vice President & Chief Operating Officer | 2025 | 566,667 | — | 520,000 | 130,000 | 793,334 | 51,095 | 2,061,095 | | | 2024 | 520,833 | — | 385,000 | 165,000 | 542,445 | 54,767 | 1,668,045 | | | 2023 | 324,039 | 250,000 | 350,000 | 150,000 | 139,168 | 25,627 | 1,238,834 |

  64. Summary Compensation Table

    (1) Represents each NEO’s actual base salary earnings as of December 31, 2025, 2024 and 2023, respectively. (2) Represents a sign-on bonus for Mr. McAnena in 2023 and cash bonus in lieu of a 2025 equity grant for Mr. Conklin. (3) Represents the grant date fair value of service-based and performance-based RSUs granted in 2025, 2024, and 2023. Performance-based RSUs are valued based on the probable performance of Target with the potential of 50% to 200% being earned based on performance results. (4) Represents the grant fair value of $10.12 per share for stock options granted on March 5, 2025, the grant date fair value of $8.12 per share for stock options granted on March 6, 2024, and the grant date fair value of $8.59 per share for stock options granted on March 8, 2023. The grant date fair value for Mr. McAnena is $7.67 per share for stock options granted on May 23, 2023. (5) Represents the cash payout for the AIP earned in each year. (6) Components of All Other Compensation are set forth on the following page. (7) Mr. Desrochers was not a Named Executive Officer or executive officer at year-end 2023 or 2024; accordingly, his compensation for those years is not disclosed.

  65. Summary Compensation Table

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  66. Pay Versus Performance

    Pay Versus Performance The following table sets forth information regarding the relationship between compensation of the Company’s Principal Executive Officer (PEO) and its non-PEO named executive officers, the total shareholder return of the Company and its peer group, and the Company’s AIP adjusted core earnings during 2025, 2024, 2023, 2022 and 2021.

  67. Pay Versus Performance

    | Year | Summary Compensation Table Total for PEO (1) | Compensation Actually Paid to PEO (2) | Average Summary Compensation Table Total for Non-PEO NEOs (1) (3) | Average Compensation Actually Paid to Non-PEO NEOs (2) (3) | Value of Initial Fixed $100 Investment Based On: | | Net Income/(Loss) (6) | AIP Adjusted Core Earnings (7) | | | | | | | Total Shareholder Return (4) | Peer Group Total Shareholder Return (4) (5) | | | | 2025 | 8,453,113 | 12,279,101 | 1,427,340 | 1,772,926 | 131.12 | 209.85 | 162.10 | 178.70 | | 2024 | 8,197,986 | 9,912,858 | 1,442,199 | 1,646,640 | 107.91 | 201.61 | 102.80 | 141.00 | | 2023 | 6,135,530 | 4,161,252 | 1,258,388 | 1,004,322 | 86.59 | 158.97 | 45.00 | 85.50 | | 2022 | 5,081,705 | 5,124,209 | 1,095,571 | 1,099,614 | 94.91 | 145.50 | (2.60) | 133.00 | | 2021 | 6,118,977 | 5,555,002 | 1,299,216 | 1,197,525 | 94.97 | 132.12 | 142.80 | 161.70 |

  68. Pay Versus Performance

    (1) Represents the total compensation for our PEO, Ms. Zuraitis, and the average total compensation for our non-PEO NEOs from the Summary Compensation Table for 2025, 2024, 2023, 2022 and 2021. (2) Represents the total compensation from the Summary Compensation Table for our PEO and the average total compensation for our non-PEO NEOs during 2025, 2024, 2023, 2022 and 2021 as adjusted to reflect changes in the fair value of outstanding stock and option awards in accordance with Item 402(v) of Regulation S-K.

  69. Pay Versus Performance

    | 44 2026 Annual Meeting of Shareholders Meeting Notice & Proxy Statement | Horace Mann Educators Corporation |

  70. Pay Versus Performance

    | Reconciliation of Summary Compensation Table and Compensation Actually Paid | | PEO | | | | | | | | 2025 | 2024 | 2023 | 2022 | 2021 | | Summary Compensation Table | | 8,453,113 | 8,197,986 | 6,135,530 | 5,081,705 | 6,118,977 | | Stock and Option Awards (a) | | (4,160,000) | (4,160,000) | (3,848,000) | (3,000,000) | (2,700,000) | | Equity Award Adjustments (b) | Fair Value at Year End of Outstanding and Unvested Equity Awards Granted in the Applicable Year | 5,023,612 | 4,854,661 | 3,188,263 | 3,013,866 | 2,605,028 | | | Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years | 2,085,810 | 321,552 | (1,706,428) | (290,878) | (605,669) | | | Change in Fair Value as of the Vesting Date of Equity Awards Granted in Prior Years that Vested in the Year | 177,439 | 123,355 | (52,628) | 160,589 | (13,771) | | | Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation | 699,128 | 575,304 | 444,515 | 158,927 | 150,437 | | Compensation Actually Paid | | 12,279,101 | 9,912,858 | 4,161,252 | 5,124,209 | 5,555,002 |

  71. Pay Versus Performance

    | Reconciliation of Summary Compensation Table and Compensation Actually Paid | | Average Non-PEO NEOs | | | | | | | | 2025 | 2024 | 2023 | 2022 | 2021 | | Summary Compensation Table | | 1,427,340 | 1,442,199 | 1,258,388 | 1,095,571 | 1,299,216 | | Stock and Option Awards (a) | | (340,000) | (470,000) | (518,750) | (456,250) | (431,250) | | Equity Award Adjustments (b) | Fair Value at Year End of Outstanding and Unvested Equity Awards Granted in the Applicable Year | 410,630 | 548,553 | 447,408 | 458,634 | 416,695 | | | Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years | 196,813 | 43,576 | (236,456) | (52,691) | (111,510) | | | Change in Fair Value as of the Vesting Date of Equity Awards Granted in Prior Years that Vested in the Year | 19,730 | 13,228 | (7,603) | 27,426 | (2,725) | | | Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation | 58,413 | 69,084 | 61,335 | 26,924 | 27,099 | | Compensation Actually Paid | | 1,772,926 | 1,646,640 | 1,004,322 | 1,099,614 | 1,197,525 |

  72. Pay Versus Performance

    (a) Represents the aggregate grant date fair value of all equity awards in the Stock Awards and Stock Option Awards columns in the Summary Compensation Table for the applicable year. (b) Represents the equity award adjustments which include: the year-end fair value of any stock and option awards granted in the covered fiscal year that are outstanding and unvested as of the end of the covered fiscal year; the amount of the change as of the end of the covered fiscal year (from the end of the prior fiscal year) in fair value of any stock or option awards granted in prior years that are outstanding and unvested as of the end of the covered fiscal year; for stock and option awards granted in prior years that vest in the covered fiscal year, the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value; and the dollar value of any dividends or other earnings paid on stock awards in the covered fiscal year prior to the vesting date that are not otherwise reflected in the fair value of such stock award or included in any other component of total compensation for the covered fiscal year. (3) Our non-PEO NEOs include the following individuals for each year: for 2025, Mr. Greenier, Mr. Conklin, Mr. Carley, Mr. Desrochers, and Mr. McAnena; for 2024, Mr. Greenier, Mr. Conklin, Mr. Sharpe, Mr. McAnena, and Mr. Carley; for 2023, Mr. Conklin, Mr. Sharpe, Mr. McAnena, and Mr. Carley; for 2022, Mr. Conklin, Mr. Sharpe, Mr. Carley, and Mr. Desrochers; for 2021, Mr. Conklin, Mr. Sharpe, Mr. Carley, and Mr. Desrochers. (4) Total Shareholder Return for each fiscal year is based on a $100 common equity investment at the close of December 31, 2020 measuring through and including the end of the applicable year. (5) Represents the Total Shareholder Return for S&P 500 Insurance Industry peer group.

  73. Pay Versus Performance

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  74. Pay Versus Performance

    (6) The dollar amounts reported represent the amount of net income reflected in the Company’s audited financial statements for the applicable year. Result is rounded to the nearest million dollars. (7) Represents the most important financial performance measure not otherwise reported in the above table that is used by the Company to link actual compensation paid during the most recent fiscal year to the Company’s performance, as required pursuant to Item 402(v) of Regulation S-K. The Company-selected measure is AIP adjusted core earnings, which is the Company’s net income calculated in accordance with GAAP adjusted to exclude the items described in the CD&A. Result is rounded to the nearest million dollars. The Compensation Committee considers the following financial measures to be the most important in aligning the long- and short-term incentive compensation of our PEO and other named executive officers with performance: •Core earnings •Return on equity •Total shareholder return •Insurance premiums and contract charges earned

  75. Pay Versus Performance

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  76. CEO Pay Ratio

    CEO Pay Ratio Pursuant to Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, we calculate a ratio of total pay for our CEO compared to total pay for our median employee (CEO Pay Ratio). To identify our median employee, we use total cash at target (annualized base salary as of 12/31/2025 plus annual bonus target), as we believe this is the most representative measure of annual compensation for our broader employee population. Once the median employee is identified, we compile the same pay elements for the median employee that we do for the NEOs as displayed in the Summary Compensation Table. We then compare total pay of our CEO (as displayed in the Total $ column of the Summary Compensation Table) to total pay of our median employee. The following table sets forth information regarding CEO Pay Ratio.

  77. CEO Pay Ratio

    | | Total Pay ($) | Pay Ratio | | Chief Executive Officer | 8,453,113 | 103:1 | | Median Employee | 81,946 | |

  78. CEO Pay Ratio

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  79. Grants of Plan Based Awards

    Grants of Plan Based Awards The following table sets forth information concerning the grant of the 2025 Annual Incentive and the grant of the 2025 Long-term Incentive for the 2025 – 2027 performance period. Actual payouts under the 2025 AIP are included in the Summary Compensation Table. Payouts for the 2024 Long-term incentive grant and the determination of the actual RSUs earned will not occur until after the completion of the 2024 – 2026 performance period.

  80. Grants of Plan Based Awards

    | Named Individual | Grant Date | | Estimated Future Payouts Under Non-Equity Incentive Plan Awards (1) | | | Estimated Future Payouts Under Equity Incentive Plan Awards (2) | | | All Other Stock Awards: Number of Shares of Stock or Units (#) (3) | All Other Option Awards: Number of Securities Underlying Options (#) (4) | Exercise or Base Price of Option Awards ($/Sh) | Grant Date Fair Value of Stock & Option Awards ($) (5) | | | | Incentive Plan | Threshold ($) | Target ($) | Maximum ($) | Threshold (#) | Target (#) | Maximum (#) | | | | | | Marita Zuraitis | | AIP | 910,000 | 1,820,000 | 3,640,000 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | | | 3/5/2025 | LTI | N/A | N/A | N/A | 29,964 | 59,928 | 119,856 | N/A | N/A | N/A | 2,496,000 | | | 3/5/2025 | LTI | N/A | N/A | N/A | N/A | N/A | N/A | 19,977 | N/A | N/A | 832,000 | | | 3/5/2025 | LTI | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 82,240 | $41.65 | 832,000 | | Ryan E. Greenier | | AIP | 115,430 | 230,859 | 461,718 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | | | 3/5/2025 | LTI | N/A | N/A | N/A | 2,702 | 5,403 | 10,806 | N/A | N/A | N/A | 225,000 | | | 3/5/2025 | LTI | N/A | N/A | N/A | N/A | N/A | N/A | 1,803 | N/A | N/A | 75,000 | | | 3/5/2025 | LTI | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 7,416 | $41.65 | 75,000 | | Bret A. Conklin | | AIP | 190,750 | 381,500 | 763,000 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | | | 3/5/2025 | LTI | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | | | 3/5/2025 | LTI | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | | | 3/5/2025 | LTI | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $41.65 | N/A | | Donald M. Carley | | AIP | 127,617 | 255,234 | 510,468 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | | | 3/5/2025 | LTI | N/A | N/A | N/A | 2,882 | 5,763 | 11,526 | N/A | N/A | N/A | 240,000 | | | 3/5/2025 | LTI | N/A | N/A | N/A | N/A | N/A | N/A | 1,923 | N/A | N/A | 80,000 | | | 3/5/2025 | LTI | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 7,908 | $41.65 | 80,000 | | Mark R. Desrochers | | AIP | 103,229 | 206,458 | 412,916 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | | | 3/5/2025 | LTI | N/A | N/A | N/A | 1,651 | 3,302 | 6,604 | N/A | N/A | N/A | 137,500 | | | 3/5/2025 | LTI | N/A | N/A | N/A | N/A | N/A | N/A | 3,303 | N/A | N/A | 137,500 | | | 3/5/2025 | LTI | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | $41.65 | 0 | | Stephen J. McAnena | | AIP | 198,333 | 396,666 | 793,332 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | | | 3/5/2025 | LTI | N/A | N/A | N/A | 4,682 | 9,364 | 18,728 | N/A | N/A | N/A | 390,000 | | | 3/5/2025 | LTI | N/A | N/A | N/A | N/A | N/A | N/A | 3,123 | N/A | N/A | 130,000 | | | 3/5/2025 | LTI | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 12,852 | $41.65 | 130,000 |

  81. Grants of Plan Based Awards

    N/A - Not applicable (1) Represents performance-based 2025 Annual Incentive. (2) Represents the performance-based portion of the 2025 Long-term Incentive grant. (3) Represents the service-based RSU portion of the 2025 Long-term Incentive grant. (4) Represents the stock option portion of the 2025 Long-term Incentive grant. (5) Totals equate to each NEO’s 2025 Long-term Incentive amount. The fair value of stock options was determined using the Black-Scholes model.

  82. Grants of Plan Based Awards

    | 48 2026 Annual Meeting of Shareholders Meeting Notice & Proxy Statement | Horace Mann Educators Corporation |

  83. Outstanding Equity Awards at Fiscal Year End

    Outstanding Equity Awards at Fiscal Year End The following table sets forth information regarding the exercisable and unexercisable stock options, as well as the unvested RSUs held by each NEO at December 31, 2025.

  84. Outstanding Equity Awards at Fiscal Year End

    | Named Individual | Option Awards | | | | | | Stock Awards (Restricted Stock Units) | | | | | | Number of Securities Underlying Unexercised Options Exercisable (#) | Number of Securities Underlying Unexercised Options Unexercisable (#)(1)(5) | Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) | Option Exercise Price ($) | Grant Date | Option Expiration Date | Number of Shares or Units of Stock that Have Not Vested (#)(2)(5) | Market Value of Shares or Units of Stock that Have Not Vested ($)(3) | Equity Incentive Plan Awards: Number of Unearned Shares, Units, or Other Rights that Have Not Vested (#)(4)(5) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units, or Other Rights that Have Not Vested ($)(3) | | Marita Zuraitis | 70,424 | 0 | 0 | 41.95 | 03/07/17 | 03/07/27 | 45,461 | 2,099,389 | 184,624 | 8,525,922 | | | 71,532 | 0 | 0 | 42.95 | 03/06/18 | 03/06/28 | | | | | | | 93,756 | 0 | 0 | 38.99 | 03/05/19 | 03/05/29 | | | | | | | 109,648 | 0 | 0 | 41.83 | 03/04/20 | 03/04/30 | | | | | | | 104,724 | 0 | 0 | 40.10 | 03/03/21 | 03/03/31 | | | | | | | 79,347 | 26,449 | 0 | 41.39 | 03/09/22 | 03/09/32 | | | | | | | 67,216 | 67,216 | 0 | 35.98 | 03/08/23 | 03/08/33 | | | | | | | 38,403 | 115,209 | 0 | 35.39 | 03/06/24 | 03/06/34 | | | | | | | 0 | 82,240 | 0 | 41.65 | 03/05/25 | 03/05/35 | | | | | | Ryan E. Greenier | 4,772 | 0 | 0 | 41.95 | 03/07/17 | 03/07/27 | 5,817 | 268,638 | 13,237 | 611,281 | | | 4,208 | 0 | 0 | 42.95 | 03/06/18 | 03/06/28 | | | | | | | 4,808 | 0 | 0 | 38.99 | 03/05/19 | 03/05/29 | | | | | | | 0 | 7,416 | 0 | 41.65 | 03/05/25 | 03/05/35 | | | | | | Bret A. Conklin | 8,180 | 0 | 0 | 41.95 | 03/07/17 | 03/07/27 | 3,680 | 169,936 | 18,407 | 850,034 | | | 13,676 | 0 | 0 | 42.95 | 03/06/18 | 03/06/28 | | | | | | | 27,412 | 0 | 0 | 41.83 | 03/04/20 | 03/04/30 | | | | | | | 23,272 | 0 | 0 | 40.10 | 03/03/21 | 03/03/31 | | | | | | | 15,870 | 5,290 | 0 | 41.39 | 03/09/22 | 03/09/32 | | | | | | | 0 | 10,482 | 0 | 35.98 | 03/08/23 | 03/08/33 | | | | | | | 0 | 16,617 | 0 | 35.39 | 03/06/24 | 03/06/34 | | | | | | Donald M. Carley | 12,952 | 0 | 0 | 41.95 | 03/07/17 | 03/07/27 | 4,277 | 197,518 | 17,454 | 806,016 | | | 11,572 | 0 | 0 | 42.95 | 03/06/18 | 03/06/28 | | | | | | | 14,424 | 0 | 0 | 38.99 | 03/05/19 | 03/05/29 | | | | | | | 17,444 | 0 | 0 | 41.83 | 03/04/20 | 03/04/30 | | | | | | | 14,548 | 0 | 0 | 40.10 | 03/03/21 | 03/03/31 | | | | | | | 10,581 | 3,527 | 0 | 41.39 | 03/09/22 | 03/09/32 | | | | | | | 6,552 | 6,552 | 0 | 35.98 | 03/08/23 | 03/08/33 | | | | | | | 3,462 | 10,386 | 0 | 35.39 | 03/06/24 | 03/06/34 | | | | | | | 0 | 7,908 | 0 | 41.65 | 03/05/25 | 03/05/35 | | | | | | Mark R. Desrochers | 7,044 | 0 | 0 | 41.95 | 03/07/17 | 03/07/27 | 7,496 | 346,153 | 11,458 | 529,114 | | | 6,312 | 0 | 0 | 42.95 | 03/06/18 | 03/06/28 | | | | | | | 7,212 | 0 | 0 | 38.99 | 03/05/19 | 03/05/29 | | | | | | Stephen J. McAnena | 9,782 | 9,782 | 0 | 32.13 | 05/23/23 | 05/23/33 | 6,597 | 304,629 | 26,607 | 1,228,698 | | | 5,078 | 15,234 | 0 | 35.39 | 03/06/24 | 03/06/34 | | | | | | | 0 | 12,852 | 0 | 41.65 | 03/05/25 | 03/05/35 | | | | |

  85. Outstanding Equity Awards at Fiscal Year End

    (1) Long-term Incentive stock option grants are service-based and all exercisable options vest on each anniversary of the grant date at a rate of 25% of the original grant. (2) Represents the unvested service-based RSUs granted in 2023 that will vest 100% on 03/08/2026, unvested service-based RSUs granted in 2024 will vest 66% on 03/06/2026 and 100% on 03/06/2027 and the unvested service-based RSUs granted in 2025 will vest 33% on 03/05/2026, 66% on 03/05/2027, and 100% on 03/05/2028. (3) Represents the value of the RSUs based on the closing price of our Common Stock ($46.18) at December 31, 2025.

  86. Outstanding Equity Awards at Fiscal Year End

    | Horace Mann Educators Corporation | 2026 Annual Meeting of Shareholders Meeting Notice & Proxy Statement 49 |

  87. Outstanding Equity Awards at Fiscal Year End

    (4) The performance-based RSUs granted in 2023 will not be earned until the end of the 2023-2025 performance period. RSUs earned at the end of the performance period will vest 100% on 01/01/2026. The performance-based RSUs granted in 2024 will not be earned until the end of the 2024-2026 performance period. RSUs earned at the end of the performance period will vest 100% on 01/01/2027. The performance-based RSUs granted in 2025 will not be earned until the end of the 2025-2027 performance period. RSUs earned at the end of the performance period will vest 100% on 01/01/2028. (5) To support proactive succession planning efforts, Mr. Conklin’s 2024 performance-based agreement allows for full continued vesting if he retires in good standing after December 31, 2025 but before the end of the performance period. The award will vest at the end of the performance period based on actual performance. For Mr. Conklin’s time-based awards, his agreements allow for full vesting if he retires in good standing prior to the end of the vesting period, but remains active until at least January 1, 2026. The awards will vest in full as of the retirement date.

  88. Option Exercises and Stock Vesting

    Option Exercises and Stock Vesting The following table sets forth information regarding options exercised and stock awards acquired on vesting by the NEOs in 2025.

  89. Option Exercises and Stock Vesting

    | Named Individual | Option Awards | | Stock Awards | | | | Number of Shares Acquired on Exercise (#) | Value Realized on Exercise ($) | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting ($) (1) | | Marita Zuraitis | 0 | 0 | 52,838 | 2,186,006 | | Ryan E. Greenier | 1,499 | 17,868 | 8,553 | 359,359 | | Bret A. Conklin | 37,657 | 219,278 | 9,777 | 404,728 | | Donald M. Carley | 0 | 0 | 6,418 | 265,726 | | Mark R. Desrochers | 0 | 0 | 5,797 | 238,920 | | Stephen J. McAnena | 0 | 0 | 2,199 | 92,659 |

  90. Option Exercises and Stock Vesting

    (1) The value realized on vesting of stock awards is determined by multiplying the number of shares vested by the closing stock price on the date of vesting. The actual amounts realized from vested stock awards will depend upon the sale price of the shares when they are actually sold.

  91. Option Exercises and Stock Vesting

    | 50 2026 Annual Meeting of Shareholders Meeting Notice & Proxy Statement | Horace Mann Educators Corporation |

  92. Nonqualified Supplemental Defined Contribution and Other Nonqualified Deferred Compensation Plans

    Nonqualified Supplemental Defined Contribution and Other Nonqualified Deferred Compensation Plans The following table sets forth information regarding participation by the NEOs in the Company’s NQDCP and the nonqualified deferred compensation plan as of December 31, 2025.

  93. Nonqualified Supplemental Defined Contribution and Other Nonqualified Deferred Compensation Plans

    | Named Individual | Account Name | Executive Contributions in Last FY ($) | Registrant Contributions in Last FY ($) (1) | Aggregate Earnings in Last FY ($) (2) | Aggregate Balance at Last FYE ($) | | Marita Zuraitis | NQDCP Account | 0 | 34,500 | 2,167 | 382,015 | | | Deferred Compensation Account | 0 | 0 | 0 | 0 | | Ryan E. Greenier | NQDCP Account | 0 | 3,021 | 0 | 3,063 | | | Deferred Compensation Account | 0 | 0 | 0 | 0 | | Bret A. Conklin | NQDCP Account | 0 | 9,750 | 1,135 | 81,732 | | | Deferred Compensation Account | 0 | 0 | 96,738 | 546,936 | | Donald M. Carley | NQDCP Account | 0 | 5,188 | 906 | 37,155 | | | Deferred Compensation Account | 0 | 0 | 0 | 0 | | Mark R. Desrochers | NQDCP Account | 0 | 3,146 | 813 | 20,484 | | | Deferred Compensation Account | 0 | 0 | 0 | 0 | | Stephen J. McAnena | NQDCP Account | 0 | 10,833 | 1,094 | 19,625 | | | Deferred Compensation Account | 0 | 0 | 0 | 0 |

  94. Nonqualified Supplemental Defined Contribution and Other Nonqualified Deferred Compensation Plans

    (1) Represents the 2025 NQDCP registrant Company contributions. These contributions are included in the All Other Compensation column of the Summary Compensation Table for 2025. (2) Represents (a) the gains/losses in the NQDCP in 2025 and (b) the change in the deferred compensation account balance reflecting changes in the closing stock price of HMEC Common Stock from December 31, 2024 to December 31, 2025, each excluding contributions reflected in the first two columns.

  95. Illustration of Potential Payments upon Termination or Change in Control

    Illustration of Potential Payments upon Termination or Change in Control The following table presents the estimated payments and benefits that would have been payable as of the end of 2025 in the event of separation due to disability or death, cause, voluntary termination of employment, retirement, involuntary termination of employment without cause and a change of control of the Company. Consistent with SEC requirements, these estimated amounts have been calculated as if the NEOs’ employment had been terminated as of December 31, 2025, the last business day of 2025, using the closing price of our Common Stock on that date ($46.18). The amounts reported in the following table are hypothetical amounts based on the disclosure of compensation information about the NEOs. Actual payments will depend on the circumstances and timing of any termination of employment or other triggering event.

  96. Illustration of Potential Payments upon Termination or Change in Control

    | Horace Mann Educators Corporation | 2026 Annual Meeting of Shareholders Meeting Notice & Proxy Statement 51 |

  97. Illustration of Potential Payments upon Termination or Change in Control

    | Estimated Payments ($) Assuming Termination as of December 31, 2025 (1)(2)(4) | | | | | | | Name & Benefits | Disability or Death | For Cause | Retirement (5) | Involuntary Termination w/o Cause | Change in Control | | Marita Zuraitis | | | | | | | Cash Severance | 0 | 0 | 0 | 5,720,000 | 7,150,000 | | AIP | 1,820,000 | 0 | 0 | 1,820,000 | 1,820,000 | | Acceleration of Stock Options | 2,427,946 | 0 | 0 | 0 | 2,427,946 | | Acceleration of RSUs | 7,184,726 | 0 | 0 | 0 | 9,936,965 | | Health and Welfare | 0 | 0 | 0 | 35,691 | 35,691 | | Modified Cap Adjustment (3) | N/A | N/A | N/A | N/A | (4,557,258) | | TOTAL | 11,432,672 | 0 | 0 | 7,575,691 | 16,813,344 | | Ryan E. Greenier | | | | | | | Cash Severance | 0 | 0 | 0 | 1,113,281 | 1,484,375 | | AIP | 267,188 | 0 | 0 | 267,188 | 267,188 | | Acceleration of Stock Options | 33,594 | 0 | 0 | 0 | 33,594 | | Acceleration of RSUs | 599,673 | 0 | 0 | 0 | 826,060 | | Health and Welfare | 0 | 0 | 0 | 0 | 0 | | Modified Cap Adjustment (3) | N/A | N/A | N/A | N/A | N/A | | TOTAL | 900,455 | 0 | 0 | 1,380,469 | 2,611,217 | | Bret A. Conklin | | | | | | | Cash Severance | 0 | 0 | 0 | 0 | 0 | | AIP | 0 | 0 | 0 | 0 | 0 | | Acceleration of Stock Options | 0 | 0 | 243,884 | 0 | 0 | | Acceleration of RSUs | 0 | 0 | 1,146,795 | 0 | 0 | | Health and Welfare | 0 | 0 | 0 | 0 | 0 | | Modified Cap Adjustment (3) | N/A | N/A | N/A | N/A | N/A | | TOTAL | 0 | 0 | 1,390,679 | 0 | 0 | | Donald M. Carley | | | | | | | Cash Severance | 0 | 0 | 0 | 1,113,281 | 1,484,375 | | AIP | 267,188 | 0 | 0 | 267,188 | 267,188 | | Acceleration of Stock Options | 231,613 | 0 | 0 | 0 | 231,613 | | Acceleration of RSUs | 679,463 | 0 | 0 | 0 | 938,699 | | Health and Welfare | 0 | 0 | 0 | 47,118 | 47,118 | | Modified Cap Adjustment (3) | N/A | N/A | N/A | N/A | (157,837) | | TOTAL | 1,178,264 | 0 | 0 | 1,427,587 | 2,811,156 | | Mark R. Desrochers | | | | | | | Cash Severance | 0 | 0 | 0 | 652,500 | 652,500 | | AIP | 217,500 | 0 | 0 | 217,500 | 217,500 | | Acceleration of Stock Options | 0 | 0 | 0 | 0 | 0 | | Acceleration of RSUs | 658,225 | 0 | 0 | 0 | 819,840 | | Health and Welfare | 0 | 0 | 0 | 22,651 | 22,651 | | Modified Cap Adjustment (3) | N/A | N/A | N/A | N/A | N/A | | TOTAL | 875,725 | 0 | 0 | 892,651 | 1,712,491 | | Stephen J. McAnena | | | | | | | Cash Severance | 0 | 0 | 0 | 1,466,250 | 1,955,000 | | AIP | 402,500 | 0 | 0 | 402,500 | 402,500 | | Acceleration of Stock Options | 360,032 | 0 | 0 | 0 | 360,032 | | Acceleration of RSUs | 1,031,688 | 0 | 0 | 0 | 1,439,991 | | Health and Welfare | 0 | 0 | 0 | 44,867 | 44,867 | | Modified Cap Adjustment (3) | N/A | N/A | N/A | N/A | N/A | | TOTAL | 1,794,220 | 0 | 0 | 1,913,617 | 4,202,390 |

  98. Illustration of Potential Payments upon Termination or Change in Control

    N/A – Not applicable (1) All AIP and LTI earned payouts are assumed to be at target.

  99. Illustration of Potential Payments upon Termination or Change in Control

    | 52 2026 Annual Meeting of Shareholders Meeting Notice & Proxy Statement | Horace Mann Educators Corporation |

  100. Illustration of Potential Payments upon Termination or Change in Control

    (2) As of December 31, 2025, Ms. Zuraitis, Mr. Conklin and Mr. Desrochers are the only NEOs who are retirement eligible. (3) Benefit reduction to avoid the imposition of a “golden parachute” tax. (4) The amounts reflected for Pro Rata Short-Term (Annual) Incentive Compensation represent the entire value of the estimated liability at target, even though the actual value has also been disclosed in the Summary Compensation Table within this Proxy Statement as earned in 2025. (5) Represents compensation received by Mr. Conklin in connection with his retirement effective January 2, 2026. Compensation Committee Report The Compensation Committee has reviewed and discussed the Compensation Discussion and Analysis contained in this Proxy Statement with management. Based on our review of and the discussions with management with respect to the Compensation Discussion and Analysis, the Compensation Committee recommended to the Board of Directors that the Compensation Discussion and Analysis be included in this Proxy Statement and incorporated by reference in the Company’s Annual Report on Form 10-K for the 2025 fiscal year. COMPENSATION COMMITTEE MARK E. KONEN, Chairman BEVERLEY J. MCCLURE and H. WADE REECE, Members Equity Compensation Plan Information The following table provides information as of December 31, 2025 regarding outstanding awards and shares remaining available for future issuance under the Company’s equity compensation plans (excluding the Horace Mann 401(k) plan):

  101. Illustration of Potential Payments upon Termination or Change in Control

    | Equity Compensation Plans | Number of Securities to be Issued Upon Exercise of Outstanding Options and Rights | Weighted-Average Exercise Price of Outstanding Options and Rights | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (5) | | Plans Approved by Shareholders | | | | | Stock Incentive Plans (1) | | | | | Stock Options | 1,348,425 | 39.63 | | | Restricted Stock Units (2) (3) | 977,933 | | | | Subtotal | 2,326,358 | | | | Deferred Compensation Plan for Directors (2) & Employees (4) | 26,019 | | | | Subtotal | 2,352,377 | | 2,674,563 | | Total: | 2,352,377 | | 2,674,563 |

  102. Illustration of Potential Payments upon Termination or Change in Control

    (1) Includes grants under the CECP. (2) No exercise price is associated with the shares of Common Stock issuable under these rights. (3) Total includes unvested PBRSUs at Target and vested PBRSUs which are shown at their grants performance factor. (4) The CECP permits Directors and participants in certain cash incentive programs to defer compensation in the form of deferred cash RSUs, which can be settled in cash at the end of the specified deferral period. For purposes of the CECP, deferred cash RSUs are valued at 100% of the fair market value of Common Stock on the date of crediting to the participant’s deferral account. There are 73 senior executives of the Company currently eligible to participate in the CECP. The CECP does not reserve a specific number of shares for delivery in settlement of deferred cash RSUs but instead provides that shares will be available to the extent needed for such settlements. Further information on the CECP appears in the Compensation Discussion and Analysis. (5) Excludes securities reflected in the Securities to be Issued column and represents shares remaining as part of a fungible share pool. The pool of shares is reduced by 2.5 shares for every “full-value” award that is granted.

  103. Illustration of Potential Payments upon Termination or Change in Control

    | Horace Mann Educators Corporation | 2026 Annual Meeting of Shareholders Meeting Notice & Proxy Statement 53 |

  104. Illustration of Potential Payments upon Termination or Change in Control

    Security Ownership of Certain Beneficial Owners and Management The following table sets forth certain information regarding beneficial ownership of shares of Common Stock by each person who is known by the Company to own beneficially more than 5% of the issued and outstanding shares of Common Stock and by each of the Company’s Directors, Board Nominees and NEOs and by all Directors and Executive Officers of the Company as a group. Information in the table is as of March 15, 2026, except to the extent indicated otherwise in the footnotes. To the Company’s knowledge, all shares of Common Stock are beneficially owned and investment and voting power is held solely by the persons named as owners unless otherwise indicated.

  105. Illustration of Potential Payments upon Termination or Change in Control

    | Common Stock Ownership | Beneficial Ownership Amount | Percent of Class | | 5% Beneficial Owners | | | | BlackRock, Inc. (1) | 5,888,889 | 14.6% | | The Vanguard Group, Inc. (2) | 5,085,460 | 12.6% | | Franklin Mutual Advisers, LLC (3) | 3,349,788 | 8.3% | | Dimensional Fund Advisors LP (4) | 2,535,063 | 6.3% | | Fuller & Thaler Asset Management, Inc. (5) | 2,453,018 | 6.1% | | T. Rowe Price Associates, Inc. (6) | 2,162,264 | 5.4% | | Directors, Board Nominees and Named Executive Officers | | | | Thomas A. Bradley | 23,575 | * | | Victor P. Fetter (7) | 22,292 | * | | Perry G. Hines (8) | 24,735 | * | | Mark Konen (9) | 21,988 | * | | Beverley J. McClure (10) | 15,758 | * | | H. Wade Reece (11) | 39,297 | * | | Aaliyah A. Samuel, EdD (12) | 8,092 | * | | Elaine A. Sarsynski | 13,673 | * | | Marita Zuraitis (13) | 1,082,576 | 2.6% | | Ryan E. Greenier (14) | 29,531 | * | | Bret A. Conklin (15) | 183,876 | * | | Donald M. Carley (16) | 134,242 | * | | Mark R. Desrochers (17) | 46,227 | * | | Stephen J. McAnena (18) | 17,045 | * | | All Directors and Executive Officers as a group (18 persons) (19) | 1,489,806 | 3.6% |

  106. Illustration of Potential Payments upon Termination or Change in Control

    * Less than 1% (1) BlackRock has a principal place of business at 50 Hudson Yards, New York, New York 10001. BlackRock has sole voting power with respect to 5,814,853 shares and sole investment power with respect to 5,888,889 shares. The foregoing is based on Amendment No. 17 to Schedule 13G filed by BlackRock on January 23, 2024. (2) The Vanguard Group, Inc. (Vanguard) has a principal place of business at 100 Vanguard Boulevard, Malvern, Pennsylvania 19355. Vanguard has sole investment power with respect to 5,009,646 shares, shared voting power with respect to 32,337 shares and shared investment power with respect to 75,814 shares. The foregoing is based on Amendment No. 13 to Schedule 13G filed by Vanguard on February 13, 2024. (3) Franklin Mutual Advisers, LLC (Franklin) has a principal place of business at 101 John F. Kennedy Parkway, Short Hills, New Jersey 07078. Franklin has sole voting power with respect to 3,177,770 shares and sole investment power with respect to 3,349,788 shares. The foregoing is based on Amendment No. 7 to Schedule 13G filed by Franklin on January 27, 2025.

  107. Illustration of Potential Payments upon Termination or Change in Control

    | 54 2026 Annual Meeting of Shareholders Meeting Notice & Proxy Statement | Horace Mann Educators Corporation |

  108. Illustration of Potential Payments upon Termination or Change in Control

    (4) Dimensional Fund Advisors LP (Dimensional) has a principal place of business at 6300 Bee Cave Road, Building One, Austin, Texas 78746. Dimensional has sole voting power with respect to 2,493,737 shares and sole investment power with respect to 2,535,063 shares. Dimensional serves as investment manager or sub-advisor to certain other commingled funds, group trusts and separate accounts (Funds) and may possess voting and/or investment power over securities owned by the Funds. The securities reported are owned by the Funds, and Dimensional disclaims beneficial ownership of such securities. The foregoing is based on Amendment No. 18 to Schedule 13G filed by Dimensional on February 9, 2024. (5) Fuller & Thaler Asset Management, Inc. (Fuller & Thaler) has a principal place of business at 411 Borel Avenue, Suite 300, San Mateo, California 94402. Fuller & Thaler has sole voting power with respect to 2,414,458 shares and sole investment power with respect to 2,453,018 shares. The foregoing is based on Amendment No. 1 to Schedule 13G filed by Fuller & Thaler on November 12, 2024. (6) T. Rowe Price Associates, Inc. (T. Rowe Price) has a principal place of business at 100 E. Pratt Street, Baltimore, Maryland 21202. T. Rowe Price has sole voting power with respect to 2,155,257 shares and sole investment power with respect to 2,162,264 shares. The foregoing is based on the Schedule 13G filed by T. Rowe Price on February 14, 2025. (7) Includes 8,092 vested share-based RSUs pursuant to the CECP. (8) Consists entirely of 24,735 vested share-based RSUs pursuant to the CECP. (9) Consists entirely of 21,988 vested share-based RSUs pursuant to the CECP. (10) Includes 14,178 vested share-based RSUs pursuant to the CECP. (11) Consists entirely of 8,735 deferred cash RSUs and 30,562 vested share-based RSUs pursuant to the CECP. (12) Consists entirely of 8,092 vested share-based RSUs pursuant to the CECP. (13) Includes 754,070 vested stock options and 214,085 vested share-based RSUs pursuant to the CECP. (14) Includes 15,642 vested stock options and 620 vested share-based RSUs pursuant to the CECP. (15) Includes 112,926 vested stock options, 11,844 deferred cash RSUs and 49,912 vested share-based RSUs pursuant to the CECP. (16) Includes 103,777 vested stock options and 22,585 vested share-based RSUs pursuant to the CECP. (17) Includes 20,568 vested stock options pursuant to the CECP. (18) ) Includes 14,860 vested stock options pursuant to the CECP. (19) Includes 894,057 vested stock options, 8,735 deferred cash RSUs and 344,937 vested share-based RSUs pursuant to the CECP. Insider Trading Policy The Company has adopted a comprehensive Insider Trading Policy that we believe is reasonably designed to promote compliance with federal securities laws and prevent the misuse of material non-public information. This policy applies to the purchase, sale and other transactions in the Company’s securities by all members of the Board of Directors, Executive Officers and employees as well as their immediate family members and controlled entities.