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Exhibit 10.7 (a)

HORACE MANN EDUCATORS CORPORATION

2010 Comprehensive Executive Compensation Plan

(Section 16 Officer)

Specimen Incentive Stock Option Agreement

This Incentive Stock Option Agreement, consisting of this page containing designations and the Incentive Stock Option Terms and Conditions attached hereto or delivered concurrently herewith, (the “Agreement”) evidences the grant by HORACE MANN EDUCATORS CORPORATION, a Delaware corporation (the “Company”), to you of an incentive stock option (the “Option”) to purchase shares of Common Stock, par value $.001 per share if the Company under the 2010 Comprehensive Executive Compensation Plan (“Plan”).

Designations:

 

Grantee:

  

 

  

(“Employee” or “you”)

  

Grant Date:

  

 

  

(“Grant Date”)

  

Number of shares of Stock for which the Option is granted:

  

 

  

shares

Exercise Price:

  

 

  

per share ( “Exercise Price” )

  

Expiration Date:

  

                                           , provided you remain continuously employed by the Company, except as otherwise provided herein.

Vesting Schedule:

  

(Numbers shall be rounded up or down to the nearest whole share.)

 

The Option shall vest and become nonforfeitable on the following Vesting Dates:

  

%age
becoming
vested

 

Cumulative
%age
vested

Prior to first anniversary of Grant Date

  

0%

 

0%

First anniversary of Grant Date

  

25%

 

25%

Second Anniversary of Grant Date

  

25%

 

50%

Third Anniversary of Grant Date

  

25%

 

75%

Fourth Anniversary of Grant Date

  

25%

 

100%

Except as otherwise provided in this Agreement, if you have a termination of service prior to the Vesting Date for any reason, the unvested portion of the Option shall be forfeited immediately. If the portion of this Option and the portion of any previously granted incentive stock option which vest in any one year have an aggregate exercise price in excess of $100,000, the portion of this Option becoming vested whose exercise price exceeds that $100,000 limit will not qualify as an incentive stock option but will be treated as a vested non-qualified stock option.

 

 

 

 

 

 

 

 

HORACE MANN EDUCATORS CORPORATION

 

 


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