Document:

Specimen Incentive Stock Option Agreement for Non-Section 16 Officers

 Exhibit 10.7 (b) 

 HORACE MANN EDUCATORS CORPORATION 

2010 Comprehensive Executive Compensation Plan 
 (Non-Section 16) 
 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
	 	 		 
	 	 		 	By:	 	 
	 	 	 
	
Date:                     
                                   

 
	 	 	 	Title:           
                                         
                                       

 Attachment: Incentive Stock Option Terms and Conditions. Effective 3/1/11 

 HORACE MANN EDUCATORS CORPORATION 

2010 Comprehensive Executive Compensation Plan 
 INCENTIVE STOCK OPTION 
 (Non-Section 16) 

TERMS AND CONDITIONS 
 The following Terms and Conditions apply to the Option granted to Employee by the Company under the Plan as specified in the Incentive Stock Option Agreement of which these Terms and Conditions form a
part. Certain specific terms of the Option, including the number of shares purchasable, the Grant Date, the vesting schedule, the Expiration Date, and Exercise Price, are set forth on the designations page of this Agreement. 

1. General.    By accepting the grant of the Option, Employee agrees to be bound by all of the terms
and provisions of this Agreement and the Plan (as presently in effect or later amended), which are incorporated herein by reference, the rules and regulations under the Plan adopted from time to time, and any interpretations, decisions and
determinations the Compensation Committee of the Company’s Board of Directors (the “Committee”) may make from time to time. Terms used in this Agreement but not defined herein shall have the same meanings as in the Plan. If there is
any conflict between the provisions of this Agreement and mandatory provisions of the Plan, the provisions of the Plan govern. 

The Option is an incentive stock option as defined under Section 422 of the Internal Revenue Code of 1986, as amended, to the
maximum extent possible, and to the extent the Option does not qualify as an incentive stock option, it is a non-qualified stock option. 
 2. Right to Exercise Option.    Employee may exercise the Option only after the time and to the extent the Option has become vested and exercisable and prior to the
Expiration Date or other termination or forfeiture of the Option. 
 3. Method of
Exercise.    To exercise the Option, Employee must (a) give written notice to the Vice President, Shared Services: HR Financial Services or other designee of the Company, which notice shall specifically refer to this
Agreement, state the number of shares of Stock as to which the Option is being exercised, state whether the Employee wishes the shares of Stock to be in his or her name or jointly in the names of the Employee and the Employee’s spouse (and if
so, the spouse’s name), and be signed by Employee, and (b) pay in full to the Company the Exercise Price of the Option for the number of Shares being purchased either (i) in cash (including by check), payable in United States dollars,
(ii), by delivery of a number of whole Shares already owned by Employee having a fair market value, determined as of the date the Option is exercised, equal to (but not in excess of) all or the part of the aggregate Exercise Price being paid in this
way, or (iii) in any other manner then permitted by the Committee. The value of any fractional share shall be paid in cash. Once Employee gives notice of exercise, such notice may not be revoked. When Employee exercises the Option, or part
thereof, the Company will transfer shares of Stock (or make a non-certificated credit) to Employee’s brokerage account at a designated securities brokerage firm or otherwise deliver shares of Stock to Employee. No Employee or Beneficiary shall
have at any time any rights with respect to shares of Stock covered by the Option prior to the valid exercise and full payment for the shares, and no 

  
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adjustment shall be made for dividends or other rights for which the record date is prior to such valid exercise and payment. 

 

	4.	 Termination of Service or Change in Control Prior to the Expiration Date of the Option. 

(a) Termination of Service in General.    Except as otherwise provided in this paragraph 4, if
the Employee has a termination of service for any reason prior to the Option Expiration Date, the Option, whether or not vested, shall immediately terminate and shall not thereafter be exercisable, and any unvested portion of the Option shall be
forfeited. 
 (b) Death.    In the event of Employee’s termination of service
due to death prior to the Expiration Date, the Option, to the extent then outstanding, will immediately vest and become nonforfeitable (to the extent not already vested) and shall be immediately exercisable in full by Employee’s Beneficiary.
The Option will remain exercisable until the earlier of the Expiration Date of the Option or the second anniversary of the Employee’s death. 
 (c) Disability.    In the event of Employee’s termination of service due to Disability (as defined below), the Option, to the extent then outstanding, will immediately vest
and become nonforfeitable (to the extent not already vested) and shall be immediately exercisable in full by Employee. The Option and will remain exercisable until the Expiration Date. (Note: If the Option is exercised more than one year after
termination due to Disability, it will not qualify as an incentive stock option. Also, certain Disabilities (as defined below) may not qualify as a “disability” under incentive stock option tax rules, so that if the Option is exercised
more than three months after termination of service due to a non-qualifying Disability, it will not qualify as an incentive stock option.)  

(d) Retirement.    In the event of Employee’s termination of service
due to Retirement (as defined below), the Option, to the extent then vested and outstanding or becoming vested as provided below, will remain exercisable (unless sooner exercised or terminated) until the Expiration Date. Upon the Employee’s
termination of service due to Retirement, a portion of the unvested Option shall become vested immediately, such portion determined by (a) multiplying the number of Options granted (as shown on the designations page) by a fraction, the
numerator of which is the number of months elapsed since the Grant Date (for example, if the Grant Date is March 15, one month elapses as of the 14th of each subsequent month) and the denominator of which is 48, and (b) subtracting the number of Options that
became vested prior to the Employee’s Retirement. (Note: To the extent the Option is exercised more than three months after termination of service due to Retirement, it will not qualify as an incentive stock option.)  

(e) Change in Control.    If a Change in Control occurs prior to the Expiration Date of the
Option and prior to or coincident with the date of Employee’s termination of service, then unless the Committee provides otherwise in the exercise of its discretion, the following terms shall apply: 

(i) If the acquiring company assumes the Options (as determined in the discretion of the Committee), and
if Employee is involuntarily terminated by the employer other than for Cause, death or Disability on or prior to the first anniversary of the Change in Control, then 

  
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to the extent outstanding, the Option will vest, become nonforfeitable, and remain exercisable (unless sooner exercised) until the Expiration Date. (Note: To the extent the Option is
exercised more than three months after termination of service, it will not qualify as an incentive stock option.) 
 (ii) If the acquiring company does not assume the Options, then upon the Change in Control (whether Employee is terminated or not), to the extent outstanding, the Option will vest and become
nonforfeitable (to the extent not previously vested) and become immediately exercisable in full and remain exercisable (unless sooner exercised) until the Expiration Date. 

(f) Certain Definitions.     The following definitions apply for purposes of this Agreement:

 (i) “Disability” means a disability entitling the Employee to long-term disability benefits under
the Company’s long-term disability policy applicable to the Employee (or which would be applicable if Employee were covered by the policy) as in effect at the date of Employee’s Termination of Employment. 

(ii) “Retirement” means termination of service with the Company and its subsidiaries (other than a termination
by the Company for Cause) after attaining the earlier of (A) age 65 with 5 years of service or (B) age 55 with 10 years of service. 
 5.      Employee Representations and Warranties.    Employee acknowledges receipt of a form of S-8 prospectus in
connection with the Option. As a condition to the exercise of the Option, the Company may require Employee to make any representation or warranty to the Company as may be determined by the Committee or by counsel to the Company to be appropriate or
required by law or regulation. 
 6.      Nontransferability and Other
Limitations.    Employee may not transfer the Option or any rights thereunder to any third party other than by will or the laws of descent and distribution, and, during Employee’s lifetime, only Employee or his or
her duly appointed guardian or legal representative may exercise the Option. Notwithstanding the foregoing, Employee may designate a Beneficiary to exercise the Option after Employee’s death, and Employee may transfer any portion of the Option
that is not an incentive stock option to a Permitted Transferee during Employee’s lifetime, provided such transfer is not for value, subject to the applicable terms and conditions set forth in Section 12.03 of the Plan. Additional events
could result in forfeiture of loss of the Option. Sales of shares of Stock will be subject to any Company policy regulating trading by Employees. 
  

	7.	 Miscellaneous. 

 (a) Binding Agreement; Written Amendments.    This Agreement shall be binding upon the heirs, executors, administrators and successors of the parties. This Agreement and the
Plan constitute the entire agreement between the parties with respect to the Option, and supersede any prior agreements or understandings with respect to the Option. No amendment or alteration of this Agreement which may impose any additional
obligation upon the Company shall be valid unless expressed in a written instrument duly executed in the name of the 

  
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 Company, and no amendment, alteration, suspension or termination of this
Agreement which materially impairs the rights of Employee with respect to the Option shall be valid unless expressed in a written instrument executed by Employee. Any amendment, alteration, suspension or termination required by law or the terms of
any Agreement to which the Company is a party, or necessary to preserve or improve the tax status of the Option for the Employee shall be deemed not to materially impair the rights of the Employee with respect to the Option. 

(b) Adjustments; No Dividend Equivalents.    The number and/or type of shares of Stock and or
the Option Exercise Price shall be appropriately adjusted in order to prevent dilution or enlargement of Employee’s rights or economic benefits with respect to the Option or to reflect any changes in the number or type of outstanding shares of
Stock resulting from an event described in Section 12.05 of the Plan, as the Committee shall determine. Dividend Equivalents shall not be credited to the Option. 

(c) No Promise of Continued Employment.    The Option and the granting thereof shall not
constitute or be evidence of any agreement or understanding, express or implied, that Employee has a right to continue as an officer or employee of the Company for any period of time, or at any particular rate of compensation. 

(d) Governing Law.    The validity, construction, and effect of this agreement shall be
determined in accordance with the laws (including those governing contracts) of the state of Delaware, without giving effect to principles of conflicts of laws, and in accordance with applicable federal law. 

(e) Mandatory Tax Withholding.    Unless otherwise determined by the Committee, if and at the
time the Option becomes subject to tax, the Company will withhold from any shares deliverable in settlement of the Options a number of whole shares of Stock having a value nearest to, but not exceeding, the amount of income and employment taxes
required to be withheld under applicable laws and regulations, and pay the amount of such withholding taxes in cash to the appropriate taxing authorities. Employee will be responsible for any withholding taxes not satisfied by means of such
mandatory withholding and for all taxes in excess of such withholding taxes that may be due with respect to the Option on exercise or otherwise. Employee will be responsible for any withholding taxes not satisfied by means of such mandatory
withholding and for all taxes in excess of such withholding taxes that may be due with respect to the Option upon exercise or otherwise. 
 (f) Notices.    Any notice to be given the Company under this Agreement shall be addressed to the Company at its principal executive offices, in care of the Vice President,
Shared Services: HR Financial Services, and any notice to the Employee shall be addressed to the Employee at Employee’s address as then appearing in the records of the Company. 

(g) No Shareholder Rights.    Employee and any Beneficiary or Permitted Transferee shall not
have any rights with respect to Stock (including voting rights) covered by this Agreement prior to the exercise of the Option and delivery of the shares of Stock in accordance with such exercise. 

  
 4 

 Effective 3/1/11 

  
 5Specimen Employee Service-Vested Restricted Stock Units Agreement

 Exhibit 10.7 (c) 

 HORACE MANN EDUCATORS CORPORATION 

2010 Comprehensive Executive Compensation Plan 
 Specimen Service-Vested Restricted Stock Units Agreement – Employee 
 This Service-Vested Restricted Stock Units Agreement (consisting of this page containing designations and the Service-Vested Restricted Stock Units Terms and Conditions attached hereto or delivered
concurrently herewith) (“Agreement”) evidences the grant by HORACE MANN EDUCATORS CORPORATION, a Delaware corporation (the “Company”), to you of Restricted Stock Units (“Units”) under the 2010 Comprehensive Executive
Compensation Plan (“Plan”). 
 Designations: 

 

					
			
	Grantee:	  	 	  	(“Employee” or “you”)
			
	Grant Date:	  	 	  	
			
	Number of Units Granted:	  	 	  	

  

					
	The Units shall vest and become nonforfeitable on the following Vesting Dates:	  	%age
vested	 	Cumulative
%age
vested
	 Prior to third anniversary of Grant Date
	  	0%	 	0%
	 Third anniversary of Grant Date
	  	33%	 	33%
	 Fourth Anniversary of Grant Date
	  	33%	 	66%
	 Fifth Anniversary of Grant Date
	  	34%	 	100%

 Except as otherwise provided in this Agreement, if Employee has a
termination of service prior to the Vesting Date for any reason, any Units for which the Vesting Date has not occurred shall thereupon be forfeited immediately. If a Change in Control (as defined in Section 3.08(b) of the Plan) occurs and the
acquiror does not assume this Agreement (as determined by the Committee in its discretion), the Units shall immediately vest and become nonforfeitable. 
  

			
		
	 Settlement Date:
	 	 (Administrator will check only one)

 ___   No election to defer settlement has been made and the
Units shall be settled as soon as administratively practicable after the date they become nonforfeitable, subject to the Terms and Conditions herein. 

___ A valid election to defer settlement has heretofore been filed with the Company, and settlement shall
be made in accordance with such election, whose terms are incorporated by reference. 
 The
Units (Administrator will check only one) ____ include ___ do not include a right to Dividend Equivalents, which shall become nonforfeitable and be settled at the same time and manner as the Units to which they relate. The term
“Units” includes any Dividend Equivalents credited to Employee’s Account. 

Settlement:    The Units, together with Units, if any, credited as a result of
Dividend Equivalents, will be settled by delivery of one share of the Company’s Stock for each Unit being settled. 
 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized officer and Employee has acknowledged the terms provisions of this Agreement. 

 
  

			
	 	  	 HORACE MANN EDUCATORS CORPORATION

		
	 Date:______________________
	  	 By:_____________________________________

 Attachment: Service-Vested Restricted Stock Units Terms and Conditions
(3/1/11) 

 HORACE MANN EDUCATORS CORPORATION 

2010 Comprehensive Executive Compensation Plan 
 SERVICE-VESTED RESTRICTED STOCK UNITS 
 TERMS AND CONDITIONS

 The following Terms and Conditions apply to the Restricted Stock Units granted to Employee by the Company and Units
resulting from Dividend Equivalents (if any), as specified in the Restricted Stock Units Agreement of which these Terms and Conditions form a part. Certain terms of the Units, including the number of Units granted, general vesting date(s) and
settlement date, are set forth on the preceding page. 
 1. General.    By accepting the grant
of the Units, Employee agrees to be bound by all of the terms and provisions of this Agreement and the Plan (as presently in effect or later amended) which are incorporated herein by reference, the rules and regulations under the Plan adopted from
time to time, and any interpretations, decisions and determinations the Compensation Committee of the Company’s Board of Directors (the “Committee”) may make from time to time. Terms used in this Agreement but not defined herein shall
have the same meanings as in the Plan, except that the term “Units” shall refer solely to the Units granted hereunder. If there is any conflict between the provisions of this Agreement and mandatory provisions of the Plan, the provisions
of the Plan govern. 
 2. Account for Employee.    The Company shall maintain a
bookkeeping account for Employee (the “Account”) reflecting the number of Units granted hereunder, and adjusted for any Dividend Equivalents or other adjustments to the Units or any settlement or forfeiture thereof. 

3. Settlement in General; Six-month Delay for Specified Employees.    Settlement of Units
for which no valid deferral election is in effect shall be made as soon as practicable following the date such the Units vest and become nonforfeitable, and in any event within 90 days following such date. Settlement of units for which a valid
deferral election is in effect shall be made in accordance with such deferral election. Notwithstanding the foregoing provisions of this paragraph 3, if the Employee is a Specified Employee on the date of termination of service, any Units subject to
Code Section 409A becoming subject to settlement on account of termination of service for any reason other than death shall not be settled earlier than six months and one day after the Employee’s termination of service. 

4. Nontransferability and Other Limitations.    Until a Unit has been settled, Employee may not
transfer the Unit or any rights relating thereto to any third party other than by will or the laws of descent and distribution, except for transfers to a Beneficiary or as otherwise permitted and subject to the conditions under Section 12.03 of
the Plan. Sales of shares of Stock delivered in settlement of Units will be subject to any Company policy regulating trading by Employees. Additional events could result in forfeiture or loss of the Units. 

5. Termination of Service Prior to the Vesting Date.    Except as provided below in this
paragraph 5, if Employee has a termination of service for any reason, any unvested Units shall thereupon be forfeited immediately. 

  
 1 

 (a) Death.    If Employee has a
termination of service on account of Employee’s death, any unvested Units shall thereupon become vested and no longer subject to forfeiture, and shall be settled in accordance with the terms designated in this Agreement under “Settlement
Date.” 
 (b) Disability.    If Employee has a termination of service on account
of Employee’s disability, any unvested Units shall thereupon become vested and no longer subject to forfeiture, and shall be settled in accordance with the terms designated in this agreement under “Settlement Date.” The determination
of disability under the Company’s long-term disability policy applicable to Employee (or which would be applicable if Employee had elected coverage) shall govern. 

(c) Retirement.    If Employee Retires, a portion of Employees’
unvested Units shall thereupon become vested and no longer subject to forfeiture, and shall be settled in accordance with the terms designated in this agreement under “Settlement Date.” The portion that vests when the Employee Retires
shall be determined by (a) multiplying the number of Units granted (as shown on the designations page) by a fraction, the numerator of which is the number of months elapsed since the Grant Date (for example, if the Grant Date is March 15,
one month elapses as of the 14th of each subsequent month)
and the denominator of which is 60, and then (b) subtracting the number of Units that became vested prior to the date the Employee Retired. Employee shall be deemed to have Retired upon termination of service for any reason other than death,
disability, or Cause on or after the earlier of (i) the Employee’s attainment of 65 years of age and at least 5 years of service or (ii) the Employee’s attainment of age 55 and at least 10 years of service. 

(d) Change in Control.    If a Change in Control (as defined in
Section 3.08(b) of the Plan) occurs and on or after the occurrence of the Change in Control, but prior to the first anniversary thereof, Employee (i) has an involuntary termination of service other than for Cause and other than on account
of death (as provided in Section 5(a)) or disability (as provided in Section 5(b)), or (ii) has a constructive termination, Employee’s unvested Units shall thereupon become vested and no longer subject to forfeiture, and shall be
settled in accordance with the terms designated in this agreement under “Settlement Date.” Determination of whether Employee has had a constructive termination shall be made by the Committee in its discretion, consistent with the
“good reason” definition under applicable Code Section 409A regulations Section 1.409A-1(n)(2). 
  

	6.	 Dividend Equivalents and Adjustments. 

(a) Dividend Equivalents.    Dividend Equivalents will be credited on Units (other than Units
that, at the relevant record date, previously have been settled or forfeited) and deemed reinvested in additional Units. Such crediting shall be as follows, except that the Committee may, in its discretion, vary the manner of crediting (for example,
by crediting cash dividend equivalents rather than additional Units for administrative convenience), and Dividend Equivalents so credited will be distributed or settled when the underlying Account is settled: 

(i) Cash Dividends.    If the Company declares and pays a dividend or distribution on

  
 2 

 Stock in the form of cash, then additional Units shall be credited to
Employee’s Account in lieu of payment or crediting of cash dividend equivalents equal to the number of Units credited to the Account as of the relevant record date multiplied by the amount of cash paid per share in such dividend or distribution
divided by the Fair Market Value of a share of Stock at the payment date for such dividend or distribution. 

(ii) Non-Stock Dividends.    If the Company declares and pays a dividend or distribution on
Stock in the form of property other than shares of Stock, then a number of additional Units shall be credited to Employee’s Account as of the payment date for such dividend or distribution equal to the number of Units credited to the Account as
of the record date for such dividend or distribution multiplied by the fair market value of such property actually paid as a dividend or distribution on each outstanding share of Stock at such payment date, divided by the Fair Market Value of a
share of Stock at such payment date. 
 (iii) Stock Dividends and Splits.    If the
Company declares and pays a dividend or distribution on Stock in the form of additional shares of Stock, or there occurs a forward split of Stock, then a number of additional Units shall be credited to Employee’s Account as of the payment date
for such dividend or distribution or forward split equal to the number of Units credited to the Account as of the record date for such dividend or distribution or split multiplied by the number of additional shares of Stock actually paid as a
dividend or distribution or issued in such split in respect of each outstanding share of Stock. 
 (b)
Adjustments.    The number of Units credited to Employee’s Account shall be appropriately adjusted, in order to prevent dilution or enlargement of Employee’s rights with respect to Units or to reflect any changes
in the number of outstanding shares of Stock resulting from any event referred to in Section 12.05 of the Plan or otherwise, as the Committee may determine. 
 7.      Employee Representations and Warranties.    Employee acknowledges receipt of a Form S-8 Prospectus in
connection with the grant of Units. As a condition to the settlement of the Units, the Company may require Employee to make any representation or warranty to the Company as may be determined by the Committee or by counsel to the Company to be
appropriate or required by law or regulation. 
 8.      Miscellaneous. 

(a) Binding Agreement; Written Amendments.    This Agreement shall be binding upon the heirs,
executors, administrators and successors of the parties. This Agreement, the Plan, and any deferral election relating to the Units constitute the entire agreement between the parties with respect to the Units, and supersede any prior agreements or
understandings with respect to the Units. No amendment or alteration of this Agreement which may impose any additional obligation upon the Company shall be valid unless expressed in a written instrument duly executed in the name of the Company, and
no amendment, alteration, suspension or termination of this Agreement which materially impairs the rights of Employee with respect to the Units shall be valid unless expressed in a written instrument executed by Employee. Any amendment, alteration,
suspension or termination required by law or the 

  
 3 

 terms of any Agreement to which the Company is a party, or necessary to
preserve or improve the tax status of the Units for the Employee shall be deemed not to materially impair the rights of the Employee with respect to the Units. 
 (b) No Promise of Continued Employment.    The Units and the granting thereof shall not constitute or be evidence of any agreement or understanding, express or implied, that
Employee has a right to continue as an officer or employee of the Company for any period of time, or at any particular rate of compensation. 
 (c) Governing Law.    The validity, construction, and effect of this Agreement shall be determined in accordance with the laws (including those governing contracts) of the state
of Delaware, without giving effect to principles of conflicts of laws, and in accordance with applicable federal law. 
 (d) Fractional Units and Shares.    The number of Units credited to Employee’s Account shall include fractional Units calculated to at least two decimal places, unless
otherwise determined by the Committee. Upon settlement of the Units Employee shall be paid, in cash, an amount equal to the value of any fractional share that would have otherwise been deliverable in settlement of such Units. 

(e) Mandatory Tax Withholding.    Unless otherwise determined by the Committee, at the time
the Units become subject to tax, the Company will withhold from any shares deliverable in settlement of the Units (or if the Units become subject to tax prior to the settlement date, the Company will reduce the number of Units in the Employee’s
Account), in accordance with Section 12.06 of the Plan, the number of whole shares of Stock having a value nearest to, but not exceeding, the amount of income and employment taxes required to be withheld under applicable laws and regulations,
and pay the amount of such withholding taxes in cash to the appropriate taxing authorities. Employee will be responsible for any withholding taxes not satisfied by means of such mandatory withholding and for all taxes in excess of such withholding
taxes that may be due with respect to the Units upon vesting or settlement or otherwise. 
 (f) Unfunded
Obligations.    The grant of the Units and the maintenance of Employee’s Account shall be by means of bookkeeping entries on the books of the Company and shall not create in Employee any right to, or claim against any,
specific assets of the Company, nor result in the creation of any trust or escrow account for Employee. With respect to Employee’s entitlement to any distribution hereunder, Employee shall be a general creditor of the Company. 

(g) Notices.    Any notice to be given the Company under this Agreement shall be addressed to
the Company at its principal executive offices, in care of the Vice President, Shared Services: HR Financial Services, and any notice to the Employee shall be addressed to the Employee at Employee’s address as then appearing in the records of
the Company. 
 (h) No Shareholder Rights.    Employee and any Beneficiary shall not
have any rights with respect to Stock (including voting rights) covered by this Agreement prior to the settlement of the Units and distribution of the shares of Stock as specified herein. 

  
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 Effective 3/1/11 

  
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