Voting Items | ||||||||||||||
Proposal 1: To elect the | Meeting and Voting Information | |||||||||||||
Proposal | ||||||||||||||
Proposal 3: | ||||||||||||||
Information | |||||||||||
Date and Time May 8:00 a.m. Eastern Daylight Time Record Date March | |||||||||||
Admission The Annual Meeting is being | |||||||||||
Voting You may cast your vote | |||||||||||
Proposal 4: To approve the adoption of the Amended and Restated Section 382 Shareholder Rights Plan. | |||||||||||
To consider other matters, if any, as may properly come before the Annual Meeting and any adjournment or postponement thereof. The Board of Directors unanimously recommends that you vote FOR all director nominees and in favor of approving Proposals 2, 3 and 4. Your Vote is Important. In accordance with the rules of the U.S. Securities and Exchange Commission (the “SEC”), on or about March 27, 2024, we either mailed you a Notice of Internet Availability of Proxy Materials (the “Notice”) notifying you how to vote online and how to access an electronic copy of this Proxy Statement and the Company’s Annual Report to Shareholders (together referred to as the “Proxy Materials”) or mailed you a complete set of the Proxy Materials and proxy card. If you have not received but would like to receive printed copies of these documents, including a proxy card in paper format, you should follow the instructions for requesting such materials contained in the Notice. If you received a paper copy of the Proxy Materials, management and the Board of Directors (the “Board”) respectfully request that you date, sign and return the enclosed proxy card in the postage-paid envelope so that we receive the proxy card prior to the Annual Meeting. Alternatively, you may follow the instructions on your proxy card or Notice for submitting a proxy electronically or by telephone. If your shares are held in the name of a bank, broker or other holder of record, please follow the procedures as described in the voting form that they send to you. If you subsequently attend the virtual meeting, you may withdraw your proxy and vote during the meeting. Our Proxy Statement follows. Our Proxy Statement (including all attachments), the Company’s Annual Report to Shareholders (which includes the Annual Report on Form 10-K for the year ended December 31, 2023) (which is not deemed to be part of the official proxy soliciting materials), and any amendments to the foregoing materials that are required to be provided to shareholders are available at www.proxyvote.com. Shareholders may obtain copies of the Proxy Statement, Annual Report to Shareholders (including financial statements and schedules thereto) and form of proxy relating to this or future meetings of the Company’s shareholders, free of charge on our website at www.CNOinc.com in the “Investors—Financials—SEC Filings” section, by calling (317) 817-2893 or by emailing the Company at ir@CNOinc.com. By Order of the Board of Directors, Rachel J. Spehler Vice President, Deputy General Counsel and Secretary March 27, 2024 Carmel, Indiana |
CNO Financial Group, Inc. 2024 Proxy Statement | 1 |
2 | CNO Financial Group, Inc. 2024 Proxy Statement |
| | | 12/17 | | | 12/18 | | | 12/19 | | | 12/20 | | | 12/21 | | | 12/22 | | ||||||||||||||||||
CNO Financial Group, Inc. | | | | $ | 100.00 | | | | | $ | 61.48 | | | | | $ | 76.90 | | | | | $ | 96.89 | | | | | $ | 106.10 | | | | | $ | 104.41 | | |
S&P 500 Life & Health Insurance | | | | | 100.00 | | | | | | 79.23 | | | | | | 97.60 | | | | | | 88.35 | | | | | | 120.76 | | | | | | 133.25 | | |
S&P 400 Mid Cap | | | | | 100.00 | | | | | | 88.92 | | | | | | 112.21 | | | | | | 127.54 | | | | | | 159.12 | | | | | | 138.34 | | |
12/18 | 12/19 | 12/20 | 12/21 | 12/22 | 12/23 | |||||||||||||||
CNO Financial Group, Inc. | $100.00 | $125.09 | $157.60 | $172.59 | $169.83 | $212.49 | ||||||||||||||
S&P Life & Health Insurance Index | 100.00 | 123.18 | 111.51 | 152.41 | 168.18 | 176.00 | ||||||||||||||
S&P MidCap 400 Index | 100.00 | 126.20 | 143.44 | 178.95 | 155.58 | 181.15 |
CNO Financial Group, Inc. 2024 Proxy Statement | 3 |
4 | CNO Financial Group, Inc. 2024 Proxy Statement |
CNO Financial Group, Inc. 2024 Proxy Statement | 5 |
ONLINE.You can vote in advance of the Annual Meeting at www.proxyvote.com, 24 hours a day, seven days a week. You will need the 16-digit control number that is shown on your Notice or on your proxy card (if you received a paper copy of the Proxy Materials). You may attend the Annual Meeting via the webcast and vote during the Annual Meeting. The Annual Meeting can be accessed by visiting www.virtualshareholdermeeting.com/ | ||||||||||
BY TELEPHONE. You can vote using a touch-tone telephone by calling the toll-free number included on your Notice, 24 hours a day, seven days a week. You will need the 16-digit control number that is shown on your Notice or on your proxy card (if you received a paper copy of the Proxy Materials). The internet and telephone voting procedures, which comply with Delaware law and the SEC rules, are designed to authenticate shareholders’ identities, to allow shareholders to vote their shares and to confirm that their instructions have been properly recorded. | ||||||||||
BY MAIL. If you have received a paper copy of the Proxy Materials by mail, you may complete, sign, date and return by mail the paper proxy card sent to you in the envelope provided to you with your Proxy Materials. |
6 | CNO Financial Group, Inc. 2024 Proxy Statement |
Proposal 1 | ||||||||
Election of Directors | ||||||||
Eight individuals are nominated for election to the Board at the Annual Meeting for one-year terms expiring at the | ||||||||
The Board of Directors unanimously recommends you vote FOR the election of all director nominees. | ||||||||
| | | | | | | | | | | Committee Memberships | | | | ||||||||||||||||||||||||||
| | | Director Nominees | | | | IND | | | | Age | | | | Director Since | | | | AR | | | | GOV | | | | HRC | | | | I | | | | E | | | | | |
| | Gary C. Bhojwani Chief Executive Officer, CNO Financial Group, Inc. | | | | — | | | | 55 | | | | 2017 | | | | — | | | | — | | | | — | | | | ● | | | | ● | | | | |||
| | Archie M. Brown President and Chief Executive Officer, First Financial Bancorp and First Financial Bank | | | | ★ | | | | 62 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | |||
| | Stephen N. David Senior Advisor, The Boston Consulting Group | | | | ★ | | | | 74 | | | | 2017 | | | | ● | | | | ● | | | | — | | | | — | | | | — | | | | |||
| | David B. Foss Board Chair and Chief Executive Officer, Jack Henry & Associates, Inc. | | | | ★ | | | | 61 | | | | 2019 | | | | — | | | | ● | | | | ● | | | | — | | | | — | | | | |||
| | Mary R. (Nina) Henderson Former Corporate Vice President, Bestfoods and President, Bestfoods Grocery | | | | ★ | | | | 72 | | | | 2012 | | | | — | | | | — | | | | ▲ | | | | ● | | | | — | | | | |||
| | Adrianne B. Lee Chief Financial Officer, Overstock.com, Inc. | | | | ★ | | | | 45 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | |||
| | Daniel R. Maurer Board Chair, CNO Financial Group, Inc. Former Executive, Intuit Inc. | | | | ★ | | | | 66 | | | | 2015 | | | | — | | | | — | | | | — | | | | — | | | | ▲ | | | | |||
| | Chetlur S. Ragavan Former Executive Vice President and Chief Risk Officer, Voya Financial | | | | ★ | | | | 68 | | | | 2021 | | | | ▲ | | | | — | | | | — | | | | ● | | | | — | | | | |||
| | Steven E. Shebik Former Vice Chair, The Allstate Corporation and Allstate Insurance Company | | | | ★ | | | | 66 | | | | 2020 | | | | ● | | | | — | | | | — | | | | ▲ | | | | ● | | | | |||
| | | Retiring Directors | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | Ellyn L. Brown Former Principal, Brown & Associates | | | | ★ | | | | 72 | | | | 2012 | | | | — | | | | ▲ | | | | ● | | | | — | | | | — | | | | |||
| | Frederick J. Sievert Former President, New York Life Insurance Company | | | | ★ | | | | 75 | | | | 2011 | | | | — | | | | ● | | | | ● | | | | — | | | | — | | | |
Committee Memberships | |||||||||||||||||||||||||||||
Director Nominees | IND | Age | Director Since | AER | GOV | HRC | I | E | |||||||||||||||||||||
Gary C. Bhojwani Chief Executive Officer, CNO Financial Group, Inc. | — | 56 | 2017 | — | — | — | ● | ● | |||||||||||||||||||||
Archie M. Brown President and Chief Executive Officer, First Financial Bancorp and First Financial Bank | ★ | 63 | 2023 | — | ● | ● | — | — | |||||||||||||||||||||
David B. Foss Board Chair and Chief Executive Officer, Jack Henry & Associates, Inc. | ★ | 62 | 2019 | — | ▲ | ● | — | — | |||||||||||||||||||||
Mary R. (Nina) Henderson Former Corporate Vice President, Bestfoods and President, Bestfoods Grocery | ★ | 73 | 2012 | — | — | ▲ | ● | — | |||||||||||||||||||||
Adrianne B. Lee Chief Financial and Administrative Officer, Beyond, Inc. | ★ | 46 | 2023 | ● | ● | — | — | — | |||||||||||||||||||||
Daniel R. Maurer Board Chair, CNO Financial Group, Inc. Former Executive, Intuit Inc. | ★ | 67 | 2015 | — | — | — | — | ▲ | |||||||||||||||||||||
Chetlur S. Ragavan Former Executive Vice President and Chief Risk Officer, Voya Financial | ★ | 69 | 2021 | ▲ | — | — | ● | — | |||||||||||||||||||||
Steven E. Shebik Former Vice Chair, The Allstate Corporation and Allstate Insurance Company | ★ | 67 | 2020 | ● | — | — | ▲ | ● | |||||||||||||||||||||
Retiring Director | |||||||||||||||||||||||||||||
Stephen N. David Senior Advisor, The Boston Consulting Group | ★ | 75 | 2017 | ● | ● | — | — | — |
★ Independent | ▲ Chair | ● Member | GOV Governance | HRC Human Resources | E Executive I Investment |
CNO Financial Group, Inc. 2024 Proxy Statement | 7 |
Independence | Director Nominee Tenure |
Director Nominee Age Distribution |
Diversity of the Board | Diversity of Committee Chairs |
8 | CNO Financial Group, Inc. 2024 Proxy Statement |
Bhojwani | Brown | Foss | Henderson | Lee | Maurer | Ragavan | Shebik | |||||||||||||||||||
CAPITAL MARKETS | l | l | l | l | l | l | ||||||||||||||||||||
CONSUMER INSIGHTS | l | l | ||||||||||||||||||||||||
CORPORATE AFFAIRS | l | l | l | l | l | |||||||||||||||||||||
FINANCE OR ACCOUNTING | l | l | ||||||||||||||||||||||||
FINANCIAL SERVICES INDUSTRY | l | l | l | l | ||||||||||||||||||||||
GOVERNANCE | l | l | l | l | l | l | ||||||||||||||||||||
INFORMATION SECURITY AND TECHNOLOGY | l | |||||||||||||||||||||||||
INVESTMENTS | l | l | ||||||||||||||||||||||||
LEGAL OR RISK MANAGEMENT | l | l | l | l | ||||||||||||||||||||||
PUBLIC COMPANY OPERATING LEADERSHIP | l | l | l | l | l |
CNO Financial Group, Inc. 2024 Proxy Statement | 9 |
Key Skill or Qualification | Definition | Link to Strategy | ||||||
CAPITAL MARKETS | Operating executive officer-level experience in capital markets transactions, capital allocation, and mergers and acquisitions. | Provides guidance and oversight of our capital structure and financial strategies, including dividends, share repurchases and prospective mergers and acquisitions. | ||||||
CONSUMER INSIGHTS | Operating executive officer-level experience in marketing, digital marketing, brand management or sales. | Provides insight and perspective on growth opportunities for our Company. | ||||||
CORPORATE AFFAIRS | Operating executive officer-level experience in company culture & transformation, human capital management, corporate communications, sustainability, community relations or corporate social responsibility. | Offers valuable insight on our goals and programs in these areas. | ||||||
FINANCE OR ACCOUNTING | Operating executive officer-level experience in corporate finance or accounting, or experience as a public company CFO. | Enables oversight of our financial affairs and financial reporting processes, and review of our financial results. | ||||||
FINANCIAL SERVICES INDUSTRY | Operating executive officer-level experience in the insurance, brokerage, investment adviser or other financial services industry. | Provides a deep understanding of the complexities, opportunities and challenges necessary to set the strategic direction of the Company. | ||||||
GOVERNANCE | Experience on another public company board. | Facilitates the appropriate exercise of the Board’s fiduciary duties to the Company and its shareholders, and provides perspective on the importance of governance best practices. | ||||||
INFORMATION SECURITY AND TECHNOLOGY | Operating executive officer-level experience in information technology; technology transformation or innovation; cybersecurity; information security; or data privacy. | Technology, innovation and data security expertise is critical to achieving our strategic objectives and maintaining the security of our customers’ information and Company data. | ||||||
INVESTMENTS | Operating executive officer-level experience in asset management, investment strategy and securities analysis. | Adds valuable perspective to, and provides oversight of, these critical functions of our business. | ||||||
LEGAL OR RISK MANAGEMENT | Operating executive officer-level experience in overseeing legal, compliance, government relations or enterprise risk functions in a complex, highly regulated organization. | Facilitates a sophisticated understanding of the challenges facing our business and enables effective oversight of the processes and procedures for managing risks and regulatory compliance. | ||||||
PUBLIC COMPANY OPERATING LEADERSHIP | Public company C-Suite operating experience as a CEO, enterprise-wide President (not division-level President), CFO, or COO leading one or more public companies at an enterprise-wide operating level; reporting to the board of directors; demonstrated expertise interacting with analysts and investors; and significant experience developing and executing strategic business plans. | Provides a range of perspectives on public company business opportunities and challenges. | ||||||
10 | CNO Financial Group, Inc. 2024 Proxy Statement |
The Board’s oversight capabilities are enhanced by its commitment to Board succession planning and refreshment, which results in directors’ varied tenures and provides a balance of perspectives. The Governance Committee regularly assesses a timetable of anticipated Board member retirements and actively plans for Board replenishment that focuses on the Board’s oversight and risk management responsibilities in the context of the Company’s strategic plans, future growth and continued innovation. As one element of this ongoing assessment, the Governance Committee maintains and utilizes an extensive inventory of current directors’ respective skills and experiences. The Governance Committee also seeks input from the current directors regarding desired candidate skills and experiences. This permits the Governance Committee to identify and focus on particular Board candidate skills and experiences that will optimize Board effectiveness, particularly for key Board positions such as committee chairs. | |||||||||||
5 New Directors in the past 5 years | |||||||||||
Board Process for Identification and Review of Director Candidates | ||||||||||||||||||||||||||||||||
CONSIDER ................. Current & Future Strategic Needs/ Initiatives Skills & Experience Matrix Succession Planning Diversity | Independent Director | } | Candidate Pool | } | IN-DEPTH REVIEW ....................... Screen Qualifications Review Independence and Potential Conflict Extensive Interview Process | } | Recommend Selected Candidates for Election to our Board | |||||||||||||||||||||||||
Shareholders | } | |||||||||||||||||||||||||||||||
Independent Search Firms | } | |||||||||||||||||||||||||||||||
Our People | } |
CNO Financial Group, Inc. 2024 Proxy Statement | 11 |
12 | CNO Financial Group, Inc. 2024 Proxy Statement |
Gary C. Bhojwani Chief Executive Officer, Age: Director since: 2017 Member, Executive Committee | Archie M. Brown President and Chief Executive Officer, First Financial Bancorp and First Financial Bank Age: 63 Director since: 2023 Member, Human Resources & Compensation Committee and Governance & Nominating Committee | |||||||||||||||
CareerMr. Bhojwani became Chief Executive Officer of CNO on January 1, 2018. He previously served as President of CNO from April 2016 to December Prior to joining CNO, Mr. Bhojwani was a member of the Board of Management at Allianz SE and was Chairman of Allianz of America, Allianz Life Insurance Company and Fireman’s Fund Insurance Company from 2012 to 2015. He was Chief Executive Officer of Allianz Life Insurance Company of North America from 2007 to 2012 and was President of Commercial Business, Fireman’s Fund Insurance Company from 2004 to 2007. Mr. Bhojwani was Chief Executive Officer of Lincoln General Insurance Company from 2002 to 2004, Founder and Chief Executive Officer of Avalon Risk Management from 1998 to 2002 and President of Trade Insurance Services from 1995 to 1997. Mr. Bhojwani is a member of the Governing Committee of CEO Action for Racial Equity and a signatory of the CEO Action for Diversity & Inclusion™ pledge to advance diversity and inclusion within the workplace. | ||||||||||||||||
......................................................................................... Qualifications Experience as Chief Executive Officer of the Company and extensive insurance, financial services, corporate affairs, consumer insights, sales and executive management | ||||||||||||||||
......................................................................................... Other Board Experience » Hormel Foods Corporation (NYSE: HRL), 2014–present » American Council of Life Insurers (ACLI), 2008−2014, 2022–present » Allina Health, 2016–2022 |
Officer, First Financial Bancorp and First Financial Bank | |||||||
Career Mr. Brown During his Mr. Brown Mr. Brown previously served as an executive committee member of the Ohio Banking Commission of the Ohio Department of Commerce. | |||||||
......................................................................................... Qualifications Extensive finance, executive management, and risk and regulatory experience in delivering financial services to both individual consumers and businesses, and experience as a public company chief executive | |||||||
......................................................................................... Other Board Experience » First Financial Bancorp (Nasdaq: FFBC), 2018–present » »Cincinnati Branch of the Federal Reserve Bank of Cleveland, 2022–present |
The Boston Consulting Group Risk Committee and Governance and Nominating Committee | |||||
(upon sale of the company) |
CNO Financial Group, Inc. 2024 Proxy Statement | 13 |
David B. Foss Board Chair and Chief Age: Director since: 2019 Chair, Governance & Nominating Committee; and Member, Nominating Committee and | Mary R. (Nina) Henderson Former Corporate Vice President, Bestfoods and Former President, Bestfoods Grocery Age: 73 Director since: 2012 Chair, Human Resources & Compensation Committee; and Member, Investment Committee | |||||||||||||||
CareerMr. Foss is Board Chair and Chief Executive Officer of Jack Henry and Associates, Inc. (“Jack Henry”), a leading provider of technology solutions to the financial services industry. He served as President of Jack Henry from 2014 to January 2022 and was named Chief Executive Officer in 2016. He was elected to the Jack Henry Board of Directors in 2017 and was named Board Chair in 2021. Mr. Foss will retire from his current role on June 30, 2024, and become Executive Board Chair of Jack Henry. Mr. Foss joined Jack Henry in 1999 when he arranged the sale of BancTec’s financial solutions division to Jack Henry and subsequently served as President of Jack Henry’s Open Systems Group and General Manager of the Complementary Solutions Group. He was named General Manager of Jack Henry’s ProfitStars division in 2006 and as its President in 2009. Mr. Foss previously served as President and a board member of the Association for Financial Technology from 2007 to 2012. Before joining Jack Henry, he held a variety of positions in the financial services industry, including senior operations management, sales management and supervisory roles at BancTec, Advanced Computer Systems and NCR. | ||||||||||||||||
................................................................................... Qualifications Extensive experience in technology, data security, financial services, innovation, corporate affairs, change management and leadership, and experience as a public company chief executive | ||||||||||||||||
................................................................................... Other Board Experience » Jack Henry & Associates, Inc. » Association for Financial Technology, 2007–2012 |
President, Bestfoods and President, Bestfoods Grocery Compensation Committee; and Member, Investment Committee | |||||||
Career Ms. Henderson is a former Corporate Vice President of Bestfoods and former President of Bestfoods Grocery. During her 30-year career with Bestfoods, and its predecessor company CPC International, Ms. Henderson has held a wide variety of international and North American general management and executive marketing positions. Ms. Henderson was also the Managing Partner of Henderson Advisory, a consulting practice providing marketing perspective and business evaluation to investment management firms on consumer markets. She is Vice Chair of the Board of Trustees of Drexel University and a director of VNS Health, VNS Health Choice and the Foreign Policy Association. She also serves as a Commissioner of the Smithsonian National Portrait Gallery and as the President of the Kent Land Trust Foundation. | |||||||
................................................................................... Qualifications Extensive general management, corporate affairs, human capital management, governance, risk management, consumer marketing and sales | |||||||
................................................................................... Other Board Experience » IWG plc (International Workplace Group), 2014−present » Hikma Pharmaceuticals plc, 2016–present » Walter Energy, Inc., 2013–2016 » Del Monte Foods Company, 2002–2011 » The Equitable Companies, 1996−2000 » AXA Financial, 2001−2011 » Pactiv Corporation, 2000−2010 » Royal Dutch Shell plc and its predecessor The Shell Transport and Trading Company, 2001−2009 » Hunt Corporation, 1991–2002 |
14 | CNO Financial Group, Inc. 2024 Proxy Statement |
Adrianne B. Lee Chief Financial and Administrative Officer, Overstock.com, Age: Director Member, Audit & Enterprise Risk Committee and Governance & Nominating Committee | Daniel R. Maurer Former Executive, Intuit Inc. Age: 67 Director since: 2015 Chair, Board; and Chair, Executive Committee | |||||||||||||||
Career Ms. Lee is Chief Financial and Administrative Officer of Ms. Lee held several roles in finance, strategic planning, accounting, financial reporting, investor relations and audit at Best Buy, PepsiCo, Allianz Life and PricewaterhouseCoopers. | ||||||||||||||||
......................................................................................... Qualifications Chief financial and administrative officer for a publicly traded e-commerce |
Career Mr. Maurer has extensive experience in consumer sales, marketing and product management. From 2006 until his retirement in 2014, Mr. Maurer was a member of the senior management team at Intuit Inc. In his most recent role at Intuit, he oversaw the Small Business Solutions Group (including QuickBooks payroll, DemandForce and QuickBase). He previously led the Prior to Intuit, Mr. Maurer spent over 20 years in executive management at Procter & Gamble (“P&G”), including 15 years internationally. Subsequent to his tenure at P&G, Mr. Maurer was Vice President of Strategy for Global Sales and U.S. Business at Campbell Soup Company. | |||||||
......................................................................................... Qualifications Extensive experience in consumer sales, product management, financial services, corporate affairs, management, technology and consumer insights, including the use of digital marketing strategies to reach the middle | |||||||
......................................................................................... Other Board Experience » Zagg Inc. (formerly » Checkpoint Systems, Inc., January 2016–May 2016 (upon sale of the company) » Iomega Corporation, 2006–2008 |
CNO Financial Group, Inc. 2024 Proxy Statement | 15 |
Chetlur S. Ragavan Former Executive Vice Age: Director since: 2021 Chair, Audit | Steven E. Shebik Former Vice Chair, The Allstate Corporation and Allstate Insurance Company Age: 67 Director since: 2020 Chair, Investment Committee; and Member, Audit & Enterprise Risk Committee and Executive Committee | |||||||||||||||
Career Mr. Ragavan is the former Executive Vice President and Chief Risk Officer of Voya Financial, Inc., a position he held from 2014 until his retirement in 2019. He was a member of Voya’s Executive Committee and Chair of its Enterprise Risk Committee. From 2008 to 2013, he served as Managing Director and Chief Risk Officer for Voya Investment Management. Prior to joining Voya Financial, Mr. Ragavan was Managing Director and Co-Head of the Portfolio Analytics Group for BlackRock, Inc. from 2006 to 2008. Mr. Ragavan began his career at Merrill Lynch in 1980 and held several senior technology, investment and risk management positions within its various subsidiaries during his 26-year career with the company. His leadership roles included serving as Managing Director and Global Head of Fixed-Income Research of Merrill Lynch Investment Managers from 2000 to 2006 and as Managing Director and Head of Risk Management of Merrill Lynch Asset Management from 1992 to 2000. Mr. Ragavan is a current board member of the Council for Economic Education (CEE) and a former board member of the Voya Foundation and the Fixed Income Analysts Society. He earned the CERT Certification in Cybersecurity Oversight from Carnegie Mellon University, the AI for Decision Making: Business Strategies and Applications Certification from The Wharton School, University of Pennsylvania, and the Sustainability and Climate Risk (SCR™) Certificate from the Global Association of Risk Professionals. Mr. Ragavan has been a Chartered Financial Analyst (CFA) charterholder since 1987. | ||||||||||||||||
......................................................................................... Qualifications Extensive insurance and financial services industry experience in risk management, portfolio optimization, data analytics, accounting, investment research and ......................................................................................... Other Board Experience »The Federal National Mortgage Association (OTCQB: FNMA), 2023–present |
Corporation and Allstate Insurance Company and Member, Audit and Enterprise Risk Committee and Executive Committee | |||||||
Career Mr. Shebik served as the Vice Chair of The Allstate Corporation and Allstate Insurance Company and Chief Executive Officer of Allstate Life Insurance Company from 2018 until his retirement in May 2020, after a 25-year career with the company. He was a member of Allstate’s executive management team from 2012 to 2020. As Vice Chair, Mr. Shebik oversaw Allstate Life and Retirement, Allstate Benefits, the direct and independent agency personal property-casualty and commercial insurance businesses, and corporate business transformation and analytics. From 2012 to 2018, Mr. Shebik served as Executive Vice President and Chief Financial Officer and was Interim Chief Investment Officer from 2016 to 2017 and Interim Chief Risk Officer on two occasions. Mr. Shebik’s additional leadership positions included service as the senior financial executive for Allstate Investments, Allstate Protection, and Allstate Financial, and various roles in accounting, treasury and mergers and acquisitions. Prior to joining Allstate in 1995, he held positions in finance and accounting with Sears, Roebuck and Co. and auditing with Arthur Andersen & Co. Mr. Shebik is a Vice Chair of the Board of the Chicago Symphony Orchestra (CSO) and the Vice Chair of the CSO’s Negaunee Music Institute. He also serves on an advisory council of the Gies College of Business at the University of Illinois Urbana-Champaign and on the Salvation Army Chicago Advisory Board. Mr. Shebik has been a Certified Public Accountant (CPA) since 1978. | |||||||
......................................................................................... Qualifications Extensive experience in insurance company management, finance, investment and risk management and in financial reporting and mergers and |
16 | CNO Financial Group, Inc. 2024 Proxy Statement |
Stephen N. David Senior Advisor, The Boston Consulting Group Age: 75 Director since: 2017 Member, Audit & Enterprise Risk Committee and Governance & Nominating Committee | |||||
Career Mr. David has been a Senior Advisor with The Boston Consulting Group since 2005, providing strategic planning services in sales, marketing and technology to a variety of clients across multiple industries, including financial services. He retired in 2005 after 34 years with Procter & Gamble (“P&G”). During his P&G career, Mr. David held multiple senior management positions including Chief Information Officer, Global Customer Development Officer and Senior Vice President, Business Development. ................................................................................... Qualifications Extensive leadership experience in technology, innovation, data security, corporate affairs, marketing and sales. ................................................................................... Other Board Experience »Checkpoint Systems, Inc., 2012–2016 (upon sale of the company) »Iomega Corporation, 2002–2008 |
CNO Financial Group, Inc. 2024 Proxy Statement | 17 |
18 | CNO Financial Group, Inc. 2024 Proxy Statement |
Committee Members | Key Responsibilities | ||||||||||||
All Independent | » Appoints, sets compensation, determines retention and oversees the independent registered public accounting firm (“independent auditor”) that is retained to provide an audit opinion on the Company’s financial statements and internal control over financial reporting. • Reviews the arrangements for the scope of the audit and reviews any non-audit services and the impact of such services on the continued independence of the independent auditor. • Meets regularly with the independent auditor’s lead engagement partner to discuss, among other matters, audit issues, the effectiveness of internal controls over financial reporting and Critical Audit Matters (“CAMs”) arising from the audit and the relevant financial statement accounts or disclosures that relate to each CAM. • Evaluates the performance of the independent auditor, including the senior members of the audit engagement team and determines whether to reengage the independent auditor or to consider other audit firms. • Selects a new lead engagement partner when such partner » Oversees the integrity of the Company’s financial reporting process and internal controls. » Oversees the performance of the Company's internal audit function. » Reviews and monitors the Company’s compliance with legal and regulatory requirements and the Company’s Code of Conduct. » Discusses the drafts of annual and quarterly financial statements with management and the independent auditor, as well as other key accounting and reporting matters. » Prepares the annual Audit Committee report, which appears on page » Oversees management’s processes for managing enterprise risk. » Reviews with management the adequacy and effectiveness of the Company’s policies and internal controls regarding information security and cybersecurity. Additional information regarding the Audit Committee, including the factors considered by the Audit Committee in the appointment of the independent auditor and selection of the lead engagement partner, can be found beginning on page | ||||||||||||
Chetlur S. Ragavan, Chair | |||||||||||||
Stephen N. David | |||||||||||||
Steven E. Shebik | |||||||||||||
Key Skills & Experience • • • • Industry experience • Consumer insights (1)Based on their respective experience, the Board has determined that |
CNO Financial Group, Inc. 2024 Proxy Statement | 19 |
Committee Members | Key Responsibilities | ||||||||||||
All Independent | » Develops, maintains and periodically reviews the Company’s governance policies, including the Corporate Governance Guidelines and Code of Conduct, and recommends to the Board new or amended policies designed to encourage the highest levels of ethical corporate conduct by the Board, the Company and its officers, employees and agents. » Identifies, evaluates, recruits and recommends director candidates (including any nominees recommended by shareholders) for nomination by the Board and election by the shareholders. » Establishes criteria for Board membership, including: • Relevant experience; • Desired skill sets; • Thorough understanding of the Board’s fiduciary duty to act in the best interests of the Company and its shareholders; and • Diversity in gender, ethnicity, race, age, cultural framework, economic background and geographic origin, in addition to other personal and professional characteristics, experiences and competencies. » With the Board Chair, evaluates Board and committee performance and establishes procedures by which such evaluations will be conducted. » Considers questions of possible conflicts of interest involving Board members, senior officers and key employees. » Recommends to the Board new or amended policies intended to enhance the Board’s effectiveness, including with respect to the size and composition of the Board and its committees, and the frequency and structure of the Board and committee meetings. » Oversees the implementation of governance-related legal and regulatory changes and monitors expectations of shareholders and proxy advisory firms. » Oversees and reviews, in coordination with the Company’s management committee, the formulation and execution of the Company’s corporate citizenship and sustainability strategy, including providing input as to the Company’s public reporting of such matters and potential impact on the Company’s sustainability and corporate citizenship profile and reputation. » Oversees and reviews the Company’s policies and practices regarding public policy advocacy and political activities, including political contributions, lobbying and support of organizations that may engage in political activity. | ||||||||||||
Stephen N. David | |||||||||||||
Key Skills & Experience • Governance • Legal • |
Committee Members | Key Responsibilities | ||||||||||||
All Independent | » Evaluates the performance of the CEO against his or her goals pursuant to the Company’s plans, incorporating all directors’ input, and recommends CEO compensation to the Board for final determination. » Reviews and approves the corporate goals and objectives relevant to CEO compensation. » Reviews, modifies and approves (or, if appropriate, recommends to the full Board for determination and approval) the Company’s executive compensation philosophy and strategy. » In conjunction with the CEO, reviews and approves the evaluation process and compensation structure for the Company’s other executive officers. » Ensures that appropriate programs and procedures are established to provide for the development, selection, retention and succession of officers and key personnel. » Establishes compensation programs and practices intended to align management’s interests with those of shareholders in order to contribute to the creation of long-term shareholder value. » » Produces the annual Compensation Committee Report in compliance with SEC rules, which appears on page The Committee may, in its discretion, delegate all or a portion of its duties and responsibilities to a subcommittee. Additional information regarding the compensation of the CEO and other executives can be found under “Compensation Discussion and Analysis” beginning on page | ||||||||||||
Mary R. (Nina) Henderson, Chair | |||||||||||||
David B. Foss | |||||||||||||
Key Skills & Experience • • Corporate affairs • Governance |
CNO Financial Group, Inc. 2024 Proxy Statement | 21 |
Committee Members | Key Responsibilities | ||||||||||||
Majority Independent | » Reviews investment strategies, policies, programs and tolerances of the Company and its subsidiaries, including those relating to: • Asset-liability management; • Responsible investing; • • • Applicable » Reviews the »Reviews the investment-related aspects of the • Alignment of asset duration to liabilities, including the approval of tolerances for asset-liability duration alignment; • The Company’s, and its subsidiaries’, investment borrowings and associated leverage in furtherance of their respective investment plans and activities. » »Together with the Human Resources | ||||||||||||
Steven E. Shebik, Chair | |||||||||||||
Gary C. Bhojwani | |||||||||||||
Mary R. (Nina) Henderson | |||||||||||||
Chetlur S. Ragavan | |||||||||||||
Key Skills & Experience • Investments • Risk management • Industry experience |
Committee Members | Key Responsibilities | ||||||||||||
Majority Independent | » Assists the Board in handling matters » Subject to the requirements of applicable law | ||||||||||||
Daniel R. Maurer, Chair | |||||||||||||
Gary C. Bhojwani | |||||||||||||
Steven E. Shebik | |||||||||||||
Key Skills & Experience • • Industry experience • Corporate affairs |
22 | CNO Financial Group, Inc. 2024 Proxy Statement |
What We Do Our Emphasis on Equity Compensation for Our Board » Includes a significant percentage of compensation in the form of equity-based awards. » Seeks to align director compensation with the Company’s pay-for-performance philosophy. Robust Equity Ownership Requirements » Each director has five years from the date of his or her initial election to own shares of common stock with a value of at least five times his or her annual base cash compensation. As of | |||||||||
What We Don’t Do » We do not permit directors to hedge, pledge or » We do not pay additional compensation to CNO’s CEO for service as a director. » We do not pay meeting fees to directors. » We do not offer a retirement program for our non-employee directors. |
CNO Financial Group, Inc. 2024 Proxy Statement | 23 |
Director Compensation | ||||||||||||||||||
Components | Annual Compensation(1) | Form of Payment | ||||||||||||||||
Non-Chair Base Fees(2) | $100,000 cash; annual equity award valued at approximately | $150,000 | ||||||||||||||||
Committee Chair Fees | $20,000–$45,000 | Cash | ||||||||||||||||
Committee | $5,000–$15,000 | Cash | ||||||||||||||||
Board Chair Fees | $176,000 cash; annual equity award valued at approximately |
24 | CNO Financial Group, Inc. 2024 Proxy Statement |
| | Director Compensation in 2022 | | | |||||||||||||||||||||
| | Name | | | | Fees Paid in Cash(1) | | | | Stock Awards(2) | | | | Total | | | |||||||||
| | Ellyn L. Brown(3) | | | | | $ | 129,473 | | | | | | $ | 150,015 | | | | | | $ | 279,488 | | | |
| | Stephen N. David(4) | | | | | | 119,473 | | | | | | | 150,015 | | | | | | | 269,488 | | | |
| | David B. Foss(5) | | | | | | 114,473 | | | | | | | 150,015 | | | | | | | 264,488 | | | |
| | Robert C. Greving(6) | | | | | | 19,477 | | | | | — | | | | | | 19,477 | | | | |||
| | Mary R. (Nina) Henderson(7) | | | | | | 144,473 | | | | | | | 150,015 | | | | | | | 294,488 | | | |
| | Daniel R. Maurer(8) | | | | | | 173,890 | | | | | | | 264,012 | | | | | | | 437,902 | | | |
| | Chetlur S. Ragavan(9) | | | | | | 145,516 | | | | | | | 150,015 | | | | | | | 295,531 | | | |
| | Steven E. Shebik(10) | | | | | | 134,473 | | | | | | | 150,015 | | | | | | | 284,488 | | | |
| | Frederick J. Sievert(11) | | | | | | 114,473 | | | | | | | 150,015 | | | | | | | 264,488 | | | |
2023 Director Compensation | |||||||||||
Name | Fees Paid in Cash(1) | Stock Awards(2) | Total | ||||||||
Archie M. Brown(3) | $102,679 | $150,018 | $252,697 | ||||||||
Ellyn L. Brown(4) | $13,929 | — | $13,929 | ||||||||
Stephen N. David(5) | $120,000 | $150,018 | $270,018 | ||||||||
David B. Foss(6) | $128,393 | $150,018 | $278,411 | ||||||||
Mary R. (Nina) Henderson(7) | $145,000 | $150,018 | $295,018 | ||||||||
Adrianne B. Lee(8) | $107,143 | $150,018 | $257,161 | ||||||||
Daniel R. Maurer(9) | $176,000 | $264,013 | $440,013 | ||||||||
Chetlur S. Ragavan(10) | $150,000 | $150,018 | $300,018 | ||||||||
Steven E. Shebik(11) | $135,000 | $150,018 | $285,018 | ||||||||
Frederick J. Sievert(12) | $12,321 | — | $12,321 |
CNO Financial Group, Inc. 2024 Proxy Statement | 25 |
Sets and approves agenda for Board meetings. | Focuses on Board effectiveness and engagement. | Leads general and executive sessions of the Board. | Serves as a liaison between independent directors and management. | |||||||||||||||||
26 | CNO Financial Group, Inc. 2024 Proxy Statement |
2023 Meetings | |||||||||||||||
Board of Directors | 7 | ||||||||||||||
Audit | |||||||||||||||
Governance | |||||||||||||||
Human Resources | 7 | ||||||||||||||
Investment Committee | 4 | ||||||||||||||
» During » In between formal Board and committee meetings, members of the Board and management communicated » Each director attended at least » The independent directors routinely meet in executive session without the CEO or any other member of management. The Board Chair presides over executive sessions of the Board. Committee Chairs preside over the executive sessions of their respective committees. » All directors are expected to attend annual meetings of shareholders. All directors attended the Annual Meeting of Shareholders held in | |||||||||||
Board and Committee Meetings | |||||||||||
CNO Financial Group, Inc. 2024 Proxy Statement | 27 |
Board of Directors | |||||||||||||||||||||||||||||||||||||||||||||||
Overall Risk Management Capital structure • Capital management • Strategic and competitive • Financial • Brand and reputation • Operational Legal and regulatory • Insurance • Investment • Succession planning • Transactions • Corporate social responsibility | |||||||||||||||||||||||||||||||||||||||||||||||
Primary Committee Oversight | |||||||||||||||||||||||||||||||||||||||||||||||
Human Resources & Compensation •Executive compensation •Equity-based incentive plans •Human capital management •Succession planning •Talent •Compensation-related regulations | Audit & Enterprise Risk •Financial reporting and internal controls •Enterprise risk •Overall risk management structure, process and function •Insurance reserves •Fraud •Internal audit •Legal and regulatory compliance; litigation •Technology delivery •Cybersecurity, privacy and data management risk •Business continuity •Climate risk | Governance & Nominating •Governance structure and controls •Governance-related legal and regulatory compliance •Corporate citizenship and sustainability •Board succession planning •Board, Committee and Chair evaluations •Code of Conduct •Corporate Governance Guidelines •Director independence •Public policy advocacy and political activities | Investment •Investment strategies, policies, programs and tolerances •Investment allocation •Asset and liability management •Investment performance •Responsible investing •Derivatives use and hedging | ||||||||||||||||||||||||||||||||||||||||||||
Management |
28 | CNO Financial Group, Inc. 2024 Proxy Statement |
CNO Financial Group, Inc. 2024 Proxy Statement | 29 |
How Do We Manage Risk Related to Our Compensation Programs? CNO’s compensation programs carefully and appropriately balance risks and rewards and do not incent inappropriate risk-taking. | |||||||||||||||||
Multiple performance measures | •Mostly financial and quantitative in nature. •Designed to hold associates accountable for sustained improvement in core operating performance of the Company. •Minimizes potential for any single indicator to have undue influence. | ||||||||||||||||
Fixed and variable components | •Variable capped at no more than two-times target, mitigating risk of excessive rewards for temporary and unsustainable results. •Officer’s equity-based compensation aligns their interests with those of shareholders. | ||||||||||||||||
Multiple-year vesting | •Serves as a retention tool. •Encourages decisions based on long-term results rather than temporary stock price increases. | ||||||||||||||||
Executives subject to stock ownership guidelines | •Requires compliance with baseline stock ownership guidelines for duration of employment. •Encourages executives to focus on sustaining long-term performance rather than maximizing performance in any one year. •Aligns executives’ interests with those of shareholders. | ||||||||||||||||
Strong clawback provisions | •Clawback policy provides right to recapture incentive compensation from our executive officers in the event of an accounting restatement or other detrimental conduct that has caused, or is likely to cause, material financial, operational or reputational harm to the Company. •Our Annual Cash Incentive/P4P and LTI plans contain additional clawback provisions. See page 63 for more information. | ||||||||||||||||
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CNO Financial Group, Inc. 2024 Proxy Statement | 31 |
32 | CNO Financial Group, Inc. 2024 Proxy Statement |
CNO Financial Group, Inc. 2024 Proxy Statement | 33 |
34 | CNO Financial Group, Inc. 2024 Proxy Statement |
» Promoting ethical and responsible business practices. | » | ||||||||
Serving our customers. | » | ||||||||
Developing and supporting our associates. | » »Caring for the environment. »Giving back to our communities. |
CNO Financial Group, Inc. 2024 Proxy Statement | 35 |
36 | CNO Financial Group, Inc. 2024 Proxy Statement |
CNO Financial Group, Inc. 2024 Proxy Statement | 37 |
Proposal 2 | ||||||||
Approval, by non-binding advisory vote, of the executive compensation of the Company’s Named Executive Officers | ||||||||
The Board of Directors unanimously recommends you vote FOR this proposal. | ||||||||
38 | CNO Financial Group, Inc. 2024 Proxy Statement |
CNO Financial Group, Inc. 2024 Proxy Statement | 39 |
40 | CNO Financial Group, Inc. 2024 Proxy Statement |
CNO Financial Group, Inc. 2024 Proxy Statement | 41 |
What We Do | ||||||||||
Pay for Performance: The vast majority of NEO target total compensation is tied to Company-wide, business segment or individual performance or a combination thereof and therefore is considered to be | ||||||||||
Balanced View on Performance: We take a balanced approach to measuring our performance by employing (1) relative and absolute and (2) quantitative and qualitative performance metrics in our compensation design. | ||||||||||
Stock Ownership Guidelines: | ||||||||||
Double-Trigger Change in Control: Severance and accelerated vesting of equity awards are triggered in connection with a change in control of the Company only by a qualified termination of employment within six months in anticipation of, or within two years following, a change-in-control event. See pages | ||||||||||
Strong Clawback Rights: Our incentive compensation is subject to strong clawback rights. Our | ||||||||||
Independence of Executive Compensation Consultant: Willis Towers Watson (“WTW”) has served as the Committee’s independent executive compensation consultant since August 6, 2019. | ||||||||||
Ongoing Succession Planning: Throughout the year, the HRCC regularly engages in in-depth discussions regarding executive succession planning and talent development. Succession planning is reviewed by the entire Board at least annually. | ||||||||||
Strive to Understand Our Shareholders’ Views: We undertake an annual shareholder outreach program focused on executive compensation, governance, environmental | ||||||||||
Proxy Access: Our Bylaws provide shareholders with proxy access rights for Board member nominations. | ||||||||||
Corporate | ||||||||||
Contractual Protections: Every executive officer is subject to non-solicitation and confidentiality agreements that extend one year beyond termination of employment. In addition, our CEO and Division Presidents are subject to non-competition agreements that extend one year beyond termination of employment. Additional information on these protections may be found on pages | ||||||||||
42 | CNO Financial Group, Inc. 2024 Proxy Statement |
What We Do Not Do | ||||||||||
No Supplemental Executive Retirement Plans: We do not offer SERPs to our current executive officers other than the Company’s non-qualified deferred compensation plan (“Deferred Compensation Plan”). | ||||||||||
No Excise Tax Gross-Up Provisions: We do not increase the gross amount of payments to account for excise taxes. | ||||||||||
No Significant Perquisites: Our executive officers generally participate in broad-based, Company-sponsored, benefits programs on the same basis as other full-time associates (e.g., 401(k), medical, dental, life insurance). | ||||||||||
No Re-Pricing of Stock Options: Re-pricing of underwater Stock Options without shareholder approval is prohibited except in the event of certain permissible corporate events, including but not limited to stock splits or recapitalizations. | ||||||||||
No | ||||||||||
Limited Use of Employment Contracts: Except for our CEO, none of our executive officers are parties to employment agreements. Additional information on the CEO’s employment agreement may be found on page | ||||||||||
No Uncapped Awards: All awards under our Annual Cash Incentive/P4P and LTI plans are subject to caps. | ||||||||||
CNO Financial Group, Inc. 2024 Proxy Statement | 43 |
44 | CNO Financial Group, Inc. 2024 Proxy Statement |
1 Pay for Performance | 2 Target Total Rewards Position | 3 Compensation Benchmarking | |||||||||||||||||||||
Rewards are differentiated based on Company, business segment and individual performance. | To attract, retain and motivate, overall rewards are competitive by targeting compensation at approximately the median of the relevant comparator group with additional compensation for achieving superior performance. | We utilize a Comparator Peer Company proxy data and survey data to benchmark compensation. | |||||||||||||||||||||
| | Summary of Components of Regular Total Direct Compensation (TDC) in 2022 at Target(1) | | | ||||||||||||||||||||||||||||||||
| | Named Executive Officer | | | | Base Salary | | | | Target Incentive | | | | Target Total Annual Cash | | | | P-Share Value(2) | | | | RSU Value(2) | | | | Total LTI Value(2) | | | | Target TDC(3) | | | ||||
| Amount | | | | % of Salary | | | |||||||||||||||||||||||||||||
| | Gary C. Bhojwani % of TDC | | | | $1,030,000 13% | | | | $1,648,000 20% | | | | 160% | | | | $2,678,000 | | | | $3,038,062 | | | | $2,476,509 | | | | $5,514,571 67% | | | | $8,192,571 100% | | |
| | Paul H. McDonough % of TDC | | | | 661,000 24% | | | | 661,000 24% | | | | 100% | | | | 1,322,000 | | | | 794,332 | | | | 629,748 | | | | 1,424,080 52% | | | | 2,746,080 100% | | |
| | Bruce K. Baude % of TDC | | | | 660,000 31% | | | | 660,000 31% | | | | 100% | | | | 1,320,000 | | | | 453,904 | | | | 359,856 | | | | 813,760 38% | | | | 2,133,760 100% | | |
| | Scott L. Goldberg % of TDC | | | | 635,000 29% | | | | 635,000 29% | | | | 100% | | | | 1,270,000 | | | | 510,642 | | | | 404,838 | | | | 915,480 42% | | | | 2,185,480 100% | | |
| | Eric R. Johnson % of TDC | | | | 635,000 29% | | | | 635,000 29% | | | | 100% | | | | 1,270,000 | | | | 510,642 | | | | 404,838 | | | | 915,480 42% | | | | 2,185,480 100% | | |
CNO Financial Group, Inc. 2024 Proxy Statement | 45 |
2023 Comparator Peer Companies | |||||
American Equity Investment Life Holding Co. | Horace Mann Educators Corporation | ||||
American Financial Group, Inc. | Kemper Corporation | ||||
Assurant, Inc. | Lincoln National Corporation | ||||
Brighthouse Financial, Inc. | Primerica, Inc. | ||||
Cincinnati Financial Corporation | Reinsurance Group of America, Incorporated | ||||
Globe Life Inc. | Unum Group | ||||
The Hanover Insurance Group, Inc. | Voya Financial, Inc. |
46 | CNO Financial Group, Inc. 2024 Proxy Statement |
Summary of Executive Compensation Components | |||||||||||||||||||||||
Description | Why We Pay This Component | How We Determine Amount | |||||||||||||||||||||
Fixed | |||||||||||||||||||||||
Fixed Cash Compensation/Base Salary •May be adjusted annually. •The only fixed component. •Smallest percentage of executive compensation. | •To attract, retain and motivate top talent. | •Established using data targeting the 50th percentile for our Comparator Peer Companies. •Adjusted to reflect factors such as job role and responsibility, experience level, performance, retention, future potential and time in position, competitive labor pressures, comparison to market data, and internal equity. | |||||||||||||||||||||
Variable Annual | |||||||||||||||||||||||
Variable Cash Compensation/Annual Cash Incentive and P4P •Earned based on Company, business-segment and individual financial and operational performance. | •To reward our associates, including our executive officers, for delivering targeted financial and operational results that align with our strategic priorities and will contribute to the Company's long-term success. •Serves as primary vehicle for recognizing and differentiating performance each year. | •Established using data targeting the 50th percentile of the market. •Target cash incentive opportunities are expressed as a percentage of base salary. | |||||||||||||||||||||
Variable Long-Term | |||||||||||||||||||||||
Equity Compensation/Performance Shares (P-Shares) •Earned based on achievement of one-year performance goals, each as adjusted by relative TSR over a three-year period. •Three-year cliff vesting. •P-shares account for 55% of the 2023 annual grant target, and were divided evenly between those tied to (1) 2023 Operating ROE and (2) 2023 Operating EPS, each as adjusted by relative TSR over a three-year period. | •To focus management on long-term Company performance. •To balance the short-term focus of the Annual Cash Incentives/P4P by tying rewards to performance achieved over both single- and multi-year periods. •To align the interests of management with those of shareholders. •To help drive long-term shareholder value creation while incentivizing key executive talent. | •The Committee established compensation levels for equity compensation based on competitive market data. •The grant date value of target P-shares awarded may be adjusted annually up or down to reflect performance, potential and other individual considerations. | |||||||||||||||||||||
Equity Compensation/Restricted Stock Units (RSUs) •Time-vested awards that generally vest over three years. •Realizable value is variable based on long-term stock price appreciation. •In addition to the annual grant, used selectively for retention and recognition. •RSUs account for 45% of the 2023 annual grant target. | •To encourage retention and reward for exceptional performance and/or potential. •To align the interests of management with those of shareholders. | •The Committee established compensation levels for equity compensation based on competitive market data. •The grant date value of RSUs awarded may be adjusted annually up or down to reflect performance, potential and other individual considerations. | |||||||||||||||||||||
CNO Financial Group, Inc. 2024 Proxy Statement | 47 |
Summary of Components of Regular Total Direct Compensation (TDC) in 2023 at Target(1) | ||||||||||||||||||||||||||
Base Salary | Target Annual Cash Incentive | Target Total Annual Cash | P-Share Value(2) | RSU Value(2) | Total LTI Value(2) | Target TDC(3) | ||||||||||||||||||||
Amount | % of Salary | |||||||||||||||||||||||||
Gary C. Bhojwani | $1,065,000 | $1,704,000 | 160% | $2,769,000 | $3,671,168 | $2,879,182 | $6,550,350 | $9,319,350 | ||||||||||||||||||
% of TDC | 11% | 18% | 71% | 100% | ||||||||||||||||||||||
Paul H. McDonough | $684,000 | $684,000 | 100% | $1,368,000 | $1,018,240 | $800,341 | $1,818,581 | $3,186,581 | ||||||||||||||||||
% of TDC | 21% | 21% | 58% | 100% | ||||||||||||||||||||||
Scott L. Goldberg | $635,000 | $635,000 | 100% | $1,270,000 | $627,456 | $490,944 | $1,118,400 | $2,388,400 | ||||||||||||||||||
% of TDC | 27% | 27% | 46% | 100% | ||||||||||||||||||||||
Eric R. Johnson | $635,000 | $635,000 | 100% | $1,270,000 | $610,944 | $478,159 | $1,089,103 | $2,359,103 | ||||||||||||||||||
% of TDC | 27% | 27% | 46% | 100% | ||||||||||||||||||||||
Matthew J. Zimpfer | $610,000 | $610,000 | 100% | $1,220,000 | $610,944 | $478,159 | $1,089,103 | $2,309,103 | ||||||||||||||||||
% of TDC | 26% | 26% | 48% | 100% |
48 | CNO Financial Group, Inc. 2024 Proxy Statement |
CNO Financial Group, Inc. 2024 Proxy Statement | 49 |
NEO 2023 Annual Cash incentive/P4P Plan Metrics and Weightings | ||||||||||||||||||||
Corporate Performance Metrics | Gary C. Bhojwani | Paul H. McDonough | Scott L. Goldberg | Eric R. Johnson | Matthew J. Zimpfer | |||||||||||||||
Operating Earnings Before Interest, Taxes and Non-Deferred Acquisition Expenses | 30% | 30% | 30% | 20% | 30% | |||||||||||||||
Combined Total Life and Health Collected Premium | 10% | 10% | 7% | 7% | 10% | |||||||||||||||
Annuity Collected Premium | 10% | 10% | 7% | 7% | 10% | |||||||||||||||
Combined Total Fee Revenue | 10% | 10% | 6% | 6% | 10% | |||||||||||||||
Investment Performance Metrics (see below) | 20% | 20% | 10% | 40% | 20% | |||||||||||||||
Individual Qualitative Assessment (including social component) | 20% | 20% | 20% | 20% | 20% | |||||||||||||||
Consumer Division Performance Metrics | ||||||||||||||||||||
Life and Health NAP | — | — | 7% | — | — | |||||||||||||||
Annuity Collected Premium | — | — | 7% | — | — | |||||||||||||||
Fee Revenue | — | — | 6% | — | — | |||||||||||||||
Total | 100% | 100% | 100% | 100% | 100% | |||||||||||||||
Investment Performance Metrics and Weightings | ||||||||||||||||||||
Effective Yield (GAAP Net Yield %) | 40% | 40% | 40% | 40% | 40% | |||||||||||||||
Pre-tax C1/AUM | 35% | 35% | 35% | 35% | 35% | |||||||||||||||
Total Return Versus Benchmark | 15% | 15% | 15% | 15% | 15% | |||||||||||||||
ESG Investment | 10% | 10% | 10% | 10% | 10% |
50 | CNO Financial Group, Inc. 2024 Proxy Statement |
CNO Financial Group, Inc. 2024 Proxy Statement | 51 |
52 | CNO Financial Group, Inc. 2024 Proxy Statement |
2022 Results | 2023 Annual Cash Incentive/P4P Plan Performance Levels | ||||||||||||||||
Corporate Performance Metrics | 2022 As Reported | 2022 Excluding Significant Items | Threshold | Target | Maximum | ||||||||||||
Operating Earnings Before Interest, Taxes and Non-Deferred Acquisition Expenses* | $623.5 MM | $600.3 MM | $423.3 MM | $604.7 MM | $786.1 MM | ||||||||||||
Combined Total Life and Health Collected Premium | $2,520.2 MM | $2,520.2 MM | $2,400.7 MM | $2.527.1 MM | $2,653.5 MM | ||||||||||||
Annuity Collected Premium | $1,604.6 MM | $1,604.6 MM | $1,498.1 MM | $1,664.5 MM | $1,831.0 MM | ||||||||||||
Combined Total Fee Revenue | $169.3 MM | $169.3 MM | $148.8 MM | $175.0 MM | $201.3 MM | ||||||||||||
Consumer Division Performance Metrics | 2022 As Reported | 2022 Excluding Significant Items | Threshold | Target | Maximum | ||||||||||||
Life and Health NAP | $315.8 MM | $315.8 MM | $304.5 MM | $338.3 MM | $372.1 MM | ||||||||||||
Annuity Collected Premium | $1,604.6 MM | $1,604.6 MM | $1,498.1 MM | $1,664.5 MM | $1,831.0 MM | ||||||||||||
Fee Revenue | $125.2 MM | $125.2 MM | $111.7 MM | $124.1 MM | $136.5 MM | ||||||||||||
Investment Performance Metrics | 2022 As Reported | 2022 Excluding Significant Items | Threshold | Target | Maximum | ||||||||||||
Effective Yield (GAAP Net Yield %) | 4.86% | — | 4.34% | 4.88% | 5.42% | ||||||||||||
Pre-tax C1/AUM | 1.34% | — | 1.76% | 1.60% | 1.44% | ||||||||||||
Total Return Versus Benchmark | -11.0 bps | — | ≥ −150 bps of benchmark performance | Plan >0 | ≥ +150 bps of benchmark performance | ||||||||||||
ESG Investment | 6.54% | — | 5.76% | 6.55% | 7.34% |
Performance Levels | ||||||||||||||||||||||||||||||
Performance Metrics | Reported | Excluding Significant Items | ||||||||||||||||||||||||||||
Collected Premium | ||||||||||||||||||||||||||||||
Division Performance Metrics | Reported | Excluding Significant Items | ||||||||||||||||||||||
| | Investment Performance Metrics | | | | 2021 As Reported | | | | 2021 Excluding Significant Items | | | | Threshold | | | | Target | | | | Maximum | | |
| | Effective Yield (GAAP Net Yield %) | | | | 5.14% | | | | — | | | | 4.24% | | | | 4.77% | | | | 5.29% | | |
| | Pre-tax C1/AUM | | | | 1.35% | | | | — | | | | 1.76% | | | | 1.60% | | | | 1.44% | | |
| | Portfolio Excess Returns | | | | 149 bps | | | | — | | | | ≥ −150 bps of benchmark performance | | | | Benchmark Performance | | | | ≥ +150 bps of benchmark performance | | |
| | Total Return versus Benchmark | | | | 0.7 bps | | | | — | | | | ≥ −150 bps of benchmark performance | | | | Benchmark Performance | | | | ≥ +150 bps of benchmark performance | | |
| | ESG Metric versus Benchmark | | | | 4.15% | | | | — | | | | Benchmark +0% | | | | Benchmark +4.3% | | | | Benchmark + 8.6% | | |
Corporate Performance Metrics | 2023 Target* | Target* | Payout % | |||||||||||||||||||||||
Operating Earnings Before Interest, Taxes and Non-Deferred Acquisition Expenses | ||||||||||||||||||||||||||
Combined Total Life and Health Collected Premium | ||||||||||||||||||||||||||
Annuity Collected Premium | ||||||||||||||||||||||||||
Combined Total Fee Revenue |
Consumer Division Performance Metrics | 2023 Target* | Target* | Payout % | |||||||||||||||||||||
Life | ||||||||||||||||||||||||
Annuity Collected Premium | ||||||||||||||||||||||||
Fee Revenue |
| | Investment Performance Metrics | | | | 2022 Target* | | | | 2022 As Reported | | | | Payout % of Target | | |
| | Effective Yield (GAAP Net Yield %) | | | | 4.77% | | | | 4.86% | | | | 117% | | |
| | Pre-tax C1/AUM | | | | 1.60% | | | | 1.34% | | | | 200% | | |
| | Portfolio Excess Returns | | | | Benchmark Performance | | | | –144 bps | | | | 52% | | |
| | Total Return versus Benchmark | | | | Benchmark Performance | | | | –11 bps | | | | 96% | | |
| | ESG Metric versus Benchmark | | | | Benchmark +4.3% | | | | 5.31% | | | | 123% | | |
Investment Performance Metrics | 2023 Target* | 2023 As Reported | Payout % of Target | ||||||||
Effective Yield (GAAP Net Yield %) | 4.88% | 4.71% | 84% | ||||||||
Pre-tax C1/AUM | 1.60% | 1.32% | 150% | ||||||||
Total Return Versus Benchmark | Plan >0 | 29 bps | 110% | ||||||||
ESG Investment | 6.55% | 6.74% | 112% |
54 | CNO Financial Group, Inc. 2024 Proxy Statement |
| | 2022 Annual Cash Incentive/P4P Plan Payouts(1) | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | Actual Performance | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||
| | | | | | Target Annual P4P Incentive(2) | | | | Financial Metrics (80% of Total) | | | | Qualitative Metric (20% of Total) | | | | Total P4P Payout | | | ||||||||||||||||||||||||||||||||||||||||
| | Named Executive Officer | | | | % of Base Salary | | | | $ | | | | % | | | | $ | | | | % | | | | $ | | | | % of Target | | | | $ | | | ||||||||||||||||||||||||
| | Gary C. Bhojwani | | | | | | 160 | | | | | | | 1,648,000 | | | | | | | 113 | | | | | | | 1,488,996 | | | | | | | 111 | | | | | | | 365,856 | | | | | | | 113 | | | | | | | 1,854,852 | | | |
| | Paul H. McDonough | | | | | | 100 | | | | | | | 661,000 | | | | | | | 113 | | | | | | | 597,225 | | | | | | | 111 | | | | | | | 146,742 | | | | | | | 113 | | | | | | | 743,967 | | | |
| | Bruce K. Baude | | | | | | 100 | | | | | | | 660,000 | | | | | | | 113 | | | | | | | 596,321 | | | | | | | 100 | | | | | | | 132,000 | | | | | | | 110 | | | | | | | 728,322 | | | |
| | Scott L. Goldberg | | | | | | 100 | | | | | | | 635,000 | | | | | | | 112 | | | | | | | 568,807 | | | | | | | 95 | | | | | | | 120,650 | | | | | | | 109 | | | | | | | 689,457 | | | |
| | Eric R. Johnson | | | | | | 100 | | | | | | | 635,000 | | | | | | | 118 | | | | | | | 600,744 | | | | | | | 90 | | | | | | | 114,300 | | | | | | | 113 | | | | | | | 715,044 | | | |
2023 Annual Cash Incentive/P4P Plan Payouts(1) | ||||||||||||||||||||||||||
Named Executive Officer | Target Annual P4P Incentive(2) | Actual Performance | Total P4P Payout | |||||||||||||||||||||||
Financial Metrics (80% of Total) | Qualitative Metric (20% of Total) | |||||||||||||||||||||||||
% of Base Salary | $ | % | $ | % | $ | % of Target | $ | |||||||||||||||||||
Gary C. Bhojwani | 160 | 1,704,000 | 104 | 1,412,499 | 105 | 357,840 | 104 | 1,770,339 | ||||||||||||||||||
Paul H. McDonough | 100 | 684,000 | 104 | 566,989 | 105 | 143,640 | 104 | 710,629 | ||||||||||||||||||
Scott L. Goldberg | 100 | 635,000 | 105 | 533,710 | 97 | 123,190 | 103 | 656,900 | ||||||||||||||||||
Eric R. Johnson | 100 | 635,000 | 114 | 576,754 | 97 | 123,190 | 110 | 699,944 | ||||||||||||||||||
Matthew J. Zimpfer | 100 | 610,000 | 104 | 505,648 | 115 | 140,300 | 106 | 645,948 |
CNO Financial Group, Inc. 2024 Proxy Statement | 55 |
56 | CNO Financial Group, Inc. 2024 Proxy Statement |
2023 Annual LTI Grants | |||||||||||
P-Shares | RSUs | ||||||||||
Named Executive Officer | Operating ROE | Operating EPS | |||||||||
Gary C. Bhojwani | 66,700 | 66,700 | 112,600 | ||||||||
Grant Date Fair Value | $1,835,584 | $1,835,584 | $2,879,182 | ||||||||
Paul H. McDonough | 18,500 | 18,500 | 31,300 | ||||||||
Grant Date Fair Value | $509,120 | $509,120 | $800,341 | ||||||||
Scott L. Goldberg | 11,400 | 11,400 | 19,200 | ||||||||
Grant Date Fair Value | $313,728 | $313,728 | $490,944 | ||||||||
Eric R. Johnson | 11,100 | 11,100 | 18,700 | ||||||||
Grant Date Fair Value | $305,472 | $305,472 | $478,519 | ||||||||
Matthew J. Zimpfer | 11,100 | 11,100 | 18,700 | ||||||||
Grant Date Fair Value | $305,472 | $305,472 | $478,519 |
CNO Financial Group, Inc. 2024 Proxy Statement | 57 |
58 | CNO Financial Group, Inc. 2024 Proxy Statement |
| | 2022 Annual LTI Grants | | | ||||||||||||||
| | | | | | 2022 Equity Grant | | | ||||||||||
| | Named Executive Officer | | | | P-Shares | | | | RSUs | | | ||||||
| | Gary C. Bhojwani | | | | | | 117,800 | | | | | | | 99,100 | | | |
| | Grant Date Fair Value | | | | | $ | 3,038,062 | | | | | | $ | 2,476,509 | | | |
| | Paul H. McDonough | | | | | | 30,800 | | | | | | | 25,200 | | | |
| | Grant Date Fair Value | | | | | $ | 794,332 | | | | | | $ | 629,748 | | | |
| | Bruce K. Baude | | | | | | 17,600 | | | | | | | 14,400 | | | |
| | Grant Date Fair Value | | | | | $ | 453,904 | | | | | | $ | 359,856 | | | |
| | Scott L. Goldberg | | | | | | 19,800 | | | | | | | 16,200 | | | |
| | Grant Date Fair Value | | | | | $ | 510,642 | | | | | | $ | 404,838 | | | |
| | Eric R. Johnson | | | | | | 19,800 | | | | | | | 16,200 | | | |
| | Grant Date Fair Value | | | | | $ | 510,642 | | | | | | $ | 404,838 | | | |
Adjusted Results: 11.92% |
Adjusted Results: $2.34 |
CNO Financial Group, Inc. 2024 Proxy Statement | 59 |
2021 Operating ROE Performance(1) | % Amount | 3-Year Relative TSR Performance (1/1/ | TSR Performance Share Modifier | |||||||||||||
≥ | 200% | ≥ 75th Percentile | +25% | |||||||||||||
8.4% (Target) | 100% | Between 25th Percentile and 75th Percentile | NO ADJUSTMENT | |||||||||||||
4.2% (Threshold) | 50% | ≤ 25th Percentile | −25% | |||||||||||||
< 4.2% | NO PAYOUT | |||||||||||||||
As Reported Excluding Significant Items: 11.8% | Payout % of Target: 181.2% | Actual Results: 28.4% 8th Percentile | Modifier %: -25% Payout % of Target: 135.9% |
2021 Operating EPS Performance | TSR Performance (1/1/21 to 12/31/23) | Share Modifier | ||||||||||||||
and 75th Percentile | ||||||||||||||||
≤ 25th Percentile | −25% | |||||||||||||||
< $0.94 | NO PAYOUT | |||||||||||||||
As Reported Excluding Significant Items: $2.72 | Payout % of Target: 189.9% | Actual Results: 8th Percentile | Modifier %: | Payout % of Target: 142.4% |
60 | CNO Financial Group, Inc. 2024 Proxy Statement |
| | P-Share Vesting for the 2020-2022 Performance Period | | | |||||||||||||||||||||||||
| | Named Executive Officer | | | | Metric(1) | | | | P-Shares Granted | | | | P-Shares Opportunity Earned (% of Target) | | | | P-Shares Vested | | | |||||||||
| | Gary C. Bhojwani | | | | Operating ROE | | | | | | 67,650 | | | | | | | 200% | | | | | | | 135,300 | | | |
| | | | | | Operating EPS | | | | | | 67,650 | | | | | | | 200% | | | | | | | 135,300 | | | |
| | Paul H. McDonough | | | | Operating ROE | | | | | | 13,550 | | | | | | | 200% | | | | | | | 27,100 | | | |
| | | | | | Operating EPS | | | | | | 13,550 | | | | | | | 200% | | | | | | | 27,100 | | | |
| | Bruce K. Baude | | | | Operating ROE | | | | | | 10,500 | | | | | | | 200% | | | | | | | 21,000 | | | |
| | | | | | Operating EPS | | | | | | 10,500 | | | | | | | 200% | | | | | | | 21,000 | | | |
| | Scott L. Goldberg | | | | Operating ROE | | | | | | 12,000 | | | | | | | 200% | | | | | | | 24,000 | | | |
| | | | | | Operating EPS | | | | | | 12,000 | | | | | | | 200% | | | | | | | 24,000 | | | |
| | Eric R. Johnson | | | | Operating ROE | | | | | | 12,000 | | | | | | | 200% | | | | | | | 24,000 | | | |
| | | | | | Operating EPS | | | | | | 12,000 | | | | | | | 200% | | | | | | | 24,000 | | | |
P-Share Vesting for the 2021−2023 Performance Period | ||||||||||||||
Named Executive Officer | Metric(1) | P-Shares Granted | P-Shares Opportunity Earned (% of Target) | P-Shares Vested(2) | ||||||||||
Gary C. Bhojwani | Operating ROE Operating EPS | 59,250 59,250 | 135.9% 142.4% | 80,520 84,372 | ||||||||||
Paul H. McDonough | Operating ROE Operating EPS | 13,350 13,350 | 135.9% 142.4% | 18,142 19,010 | ||||||||||
Scott L. Goldberg | Operating ROE Operating EPS | 10,300 10,300 | 135.9% 142.4% | 13,997 14,667 | ||||||||||
Eric R. Johnson | Operating ROE Operating EPS | 10,300 10,300 | 135.9% 142.4% | 13,997 14,667 | ||||||||||
Matthew J. Zimpfer | Operating ROE Operating EPS | 10,300 10,300 | 135.9% 142.4% | 13,997 14,667 |
2023 TSR Performance Peers | ||||||||||||
Aflac, Inc. | ||||||||||||
American Equity Investment Life Holding Co. | Primerica, Inc. | |||||||||||
Principal Financial Group, Inc. | ||||||||||||
Brighthouse Financial, Inc. | Prudential Financial, Inc. | |||||||||||
Globe Life, Inc. | Unum Group | |||||||||||
Lincoln National Corporation | Voya Financial, Inc. |
CNO Financial Group, Inc. 2024 Proxy Statement | 61 |
62 | CNO Financial Group, Inc. 2024 Proxy Statement |
CNO Financial Group, Inc. 2024 Proxy Statement | 63 |
64 | CNO Financial Group, Inc. 2024 Proxy Statement |
CNO Financial Group, Inc. 2024 Proxy Statement | 65 |
Name and Principal Position | | | Year | | | Salary | | | Stock Awards(1) | | | Non-Equity Incentive Plan Compensation(2) | | | All Other Compensation(3) | | | Total | | ||||||||||||||||||
Gary C. Bhojwani Chief Executive Officer | | | | | 2022 | | | | | $ | 1,030,000 | | | | | $ | 5,514,571 | | | | | $ | 1,854,852 | | | | | $ | 352,323 | | | | | $ | 8,751,746 | | |
| | | | | 2021 | | | | | | 1,030,000 | | | | | | 5,139,686 | | | | | | 2,556,103 | | | | | | 222,377 | | | | | | 8,948,166 | | |
| | | | | 2020 | | | | | | 1,025,000 | | | | | | 4,901,181 | | | | | | 2,231,527 | | | | | | 103,178 | | | | | | 8,260,886 | | |
Paul H. McDonough Chief Financial Officer | | | | | 2022 | | | | | | 653,833 | | | | | | 1,424,080 | | | | | | 743,967 | | | | | | 76,250 | | | | | | 2,898,130 | | |
| | | | | 2021 | | | | | | 618,000 | | | | | | 1,134,231 | | | | | | 958,539 | | | | | | 24,730 | | | | | | 2,735,500 | | |
| | | | | 2020 | | | | | | 615,000 | | | | | | 980,275 | | | | | | 836,823 | | | | | | 15,349 | | | | | | 2,447,447 | | |
Bruce K. Baude Chief Operations & Technology Officer | | | | | 2022 | | | | | | 659,000 | | | | | | 813,760 | | | | | | 728,322 | | | | | | 2,065,533 | | | | | | 4,266,615 | | |
| | | | | 2021 | | | | | | 654,000 | | | | | | 763,179 | | | | | | 1,001,296 | | | | | | 42,297 | | | | | | 2,460,772 | | |
| | | | | 2020 | | | | | | 650,833 | | | | | | 761,068 | | | | | | 872,558 | | | | | | 37,082 | | | | | | 2,321,541 | | |
Scott L. Goldberg President, Consumer Division(6) | | | | | 2022 | | | | | | 625,000 | | | | | | 915,480 | | | | | | 689,457 | | | | | | 107,077 | | | | | | 2,337,014 | | |
| | | | | 2021 | | | | | | 566,333 | | | | | | 875,177 | | | | | | 890,730 | | | | | | 63,540 | | | | | | 2,395,781 | | |
Eric R. Johnson Chief Investment Officer(7) | | | | | 2022 | | | | | | 620,833 | | | | | | 915,480 | | | | | | 715,044 | | | | | | 63,379 | | | | | | 2,314,736 | | |
| | | | | 2020 | | | | | | 550,000 | | | | | | 870,623 | | | | | | 745,242 | | | | | | 24,407 | | | | | | 2,190,272 | | |
Name and Principal Position | Year | Salary(1) | Stock Awards(2) | Non-Equity Incentive Plan Compensation(3) | All Other Compensation(4) | Total | ||||||||||||||
Gary C. Bhojwani Chief Executive Officer | 2023 | $1,059,167 | $6,550,350 | $1,770,339 | $408,311 | $9,788,167 | ||||||||||||||
2022 | 1,030,000 | 5,514,571 | 1,854,852 | 352,323 | 8,751,746 | |||||||||||||||
2021 | 1,030,000 | 5,139,686 | 2,556,103 | 222,377 | 8,948,166 | |||||||||||||||
Paul H. McDonough Chief Financial Officer | 2023 | 680,167 | 1,818,581 | 710,629 | 115,424 | 3,324,801 | ||||||||||||||
2022 | 653,833 | 1,424,080 | 743,967 | 76,250 | 2,898,130 | |||||||||||||||
2021 | 618,000 | 1,134,231 | 958,539 | 24,730 | 2,735,500 | |||||||||||||||
Scott L. Goldberg President, Consumer Division | 2023 | 635,000 | 1,118,400 | 656,900 | 116,799 | 2,527,099 | ||||||||||||||
2022 | 625,000 | 915,480 | 689,457 | 107,077 | 2,337,014 | |||||||||||||||
2021 | 566,333 | 875,177 | 890,730 | 63,540 | 2,395,781 | |||||||||||||||
Eric R. Johnson Chief Investment Officer(5) | 2023 | 635,000 | 1,089,103 | 699,944 | 72,761 | 2,496,808 | ||||||||||||||
2022 | 620,833 | 915,480 | 715,044 | 63,379 | 2,314,736 | |||||||||||||||
Matthew J. Zimpfer General Counsel(6) | 2023 | 610,000 | 1,089,103 | 645,948 | 86,440 | 2,431,491 | ||||||||||||||
2021 | 600,000 | 875,177 | 924,620 | 58,865 | 2,458,662 |
Name | | | Group Life Insurance Premiums | | | 401(k) Plan Contributions | | | Dividends | | | Tax Reimbursement | | | Perquisites and Other Personal Benefits(4) | | | Commissions | | | Separation Payments(5) | | |||||||||||||||||||||
Gary C. Bhojwani | | | | $ | 966 | | | | | $ | 12,200 | | | | | $ | 276,365 | | | | | $ | 24,295 | | | | | $ | 38,497 | | | | | $ | — | | | | | $ | — | | |
Paul H. McDonough | | | | | 1,806 | | | | | | 12,200 | | | | | | 56,102 | | | | | | 6,142 | | | | | | — | | | | | | — | | | | | | — | | |
Bruce K. Baude | | | | | 1,806 | | | | | | 12,200 | | | | | | 54,662 | | | | | | 5,990 | | | | | | — | | | | | | — | | | | | | 1,990,875 | | |
Scott L. Goldberg | | | | | 966 | | | | | | 12,200 | | | | | | 61,186 | | | | | | 11,268 | | | | | | 21,268 | | | | | | 189 | | | | | | — | | |
Eric R. Johnson | | | | | 2,772 | | | | | | — | | | | | | 60,607 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Name | Group Life Insurance Premiums | 401(k) Plan Contributions | Dividends | Tax Reimbursement | Perquisites and Other Personal Benefits(a) | Commissions | ||||||||||||||
Gary C. Bhojwani | $1,806 | $13,200 | $364,047 | $10,048 | $19,210 | $— | ||||||||||||||
Paul H. McDonough | 1,806 | 13,200 | 81,378 | 6,578 | 12,462 | — | ||||||||||||||
Scott L. Goldberg | 966 | 13,200 | 69,861 | 11,828 | 20,755 | 189 | ||||||||||||||
Eric R. Johnson | 2,772 | — | 69,989 | — | — | — | ||||||||||||||
Matthew J. Zimpfer | 1,806 | 13,200 | 71,434 | — | — | — |
66 | CNO Financial Group, Inc. 2024 Proxy Statement |
| | | | | | | | | Estimated Future Payouts Under Non-Equity Incentive Plan Awards(1) | | | Estimated Future Payouts (in Shares of Common Stock) Under Equity Incentive Plan Awards(2) | | | All Other Stock Awards: Number of Shares of Stock or Units(3) | | | Grant Date Fair Value of Stock and Option Awards(4) | | ||||||||||||||||||||||||||||||||||||
Name | | | Grant Date | | | Threshold | | | Target | | | Maximum | | | Threshold | | | Target | | | Maximum | | |||||||||||||||||||||||||||||||||
Gary C. Bhojwani | | | | | | | | | | $ | 824,000 | | | | | $ | 1,648,000 | | | | | $ | 3,296,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 2-15-22 | | | | | | | | | | | | | | | | | | | | | | | | 58,900 | | | | | | 117,800 | | | | | | 235,600 | | | | | | | | | | | $ | 3,038,062 | | |
| | | | | 2-15-22 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 99,100 | | | | | | 2,476,509 | | |
Paul H. McDonough | | | | | | | | | | | 330,500 | | | | | | 661,000 | | | | | | 1,322,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 2-15-22 | | | | | | | | | | | | | | | | | | | | | | | | 15,400 | | | | | | 30,800 | | | | | | 61,600 | | | | | | | | | | | | 794,332 | | |
| | | | | 2-15-22 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 25,200 | | | | | | 629,748 | | |
Bruce K. Baude | | | | | | | | | | | 330,000 | | | | | | 660,000 | | | | | | 1,320,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 2-15-22 | | | | | | | | | | | | | | | | | | | | | | | | 8,800 | | | | | | 17,600 | | | | | | 35,200 | | | | | | | | | | | | 453,904 | | |
| | | | | 2-15-22 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 14,400 | | | | | | 359,856 | | |
Scott L. Goldberg | | | | | | | | | | | 317,500 | | | | | | 635,000 | | | | | | 1,270,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 2-15-22 | | | | | | | | | | | | | | | | | | | | | | | | 9,900 | | | | | | 19,800 | | | | | | 39,600 | | | | | | | | | | | | 510,642 | | |
| | | | | 2-15-22 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 16,200 | | | | | | 404,838 | | |
Eric R. Johnson | | | | | | | | | | | 317,500 | | | | | | 635,000 | | | | | | 1,270,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 2-15-22 | | | | | | | | | | | | | | | | | | | | | | | | 9,900 | | | | | | 19,800 | | | | | | 39,600 | | | | | | | | | | | | 510,642 | | |
| | | | | 2-15-22 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 16,200 | | | | | | 404,838 | | |
Grant Date | Estimated Future Payouts Under Non-Equity Incentive Plan Awards(1) | Estimated Future Payouts (in Shares of Common Stock) Under Equity Incentive Plan Awards(2) | All Other Stock Awards: Number of Shares of Stock or Units(3) | Grant Date Fair Value of Stock and Option Awards(4) | |||||||||||||||||||||||||
Name | Threshold | Target | Maximum | Threshold | Target | Maximum | |||||||||||||||||||||||
Gary C. Bhojwani | $852,000 | $1,704,000 | $3,408,000 | ||||||||||||||||||||||||||
2-14-23 | 66,700 | 133,400 | 266,800 | $3,671,168 | |||||||||||||||||||||||||
2-14-23 | 112,600 | 2,879,182 | |||||||||||||||||||||||||||
Paul H. McDonough | 342,000 | 684,000 | 1,368,000 | ||||||||||||||||||||||||||
2-14-23 | 18,500 | 37,000 | 74,000 | 1,018,240 | |||||||||||||||||||||||||
2-14-23 | 31,300 | 800,341 | |||||||||||||||||||||||||||
Scott L. Goldberg | 317,500 | 635,000 | 1,270,000 | ||||||||||||||||||||||||||
2-14-23 | 11,400 | 22,800 | 45,600 | 627,456 | |||||||||||||||||||||||||
2-14-23 | 19,200 | 490,944 | |||||||||||||||||||||||||||
Eric R. Johnson | 317,500 | 635,000 | 1,270,000 | ||||||||||||||||||||||||||
2-14-23 | 11,100 | 22,200 | 44,400 | 610,944 | |||||||||||||||||||||||||
2-14-23 | 18,700 | 478,159 | |||||||||||||||||||||||||||
Matthew J. Zimpfer | 305,000 | 610,000 | 1,220,000 | ||||||||||||||||||||||||||
2-14-23 | 11,100 | 22,200 | 44,400 | 610,944 | |||||||||||||||||||||||||
2-14-23 | 18,700 | 478,159 |
CNO Financial Group, Inc. 2024 Proxy Statement | 67 |
68 | CNO Financial Group, Inc. 2024 Proxy Statement |
Options Awards | Stock Awards | ||||||||||||||||||||||||||||
Name | Award Date | Number of Securities Underlying Unexercised Options Exercisable | Number of Securities Underlying Unexercised Options Unexercisable | Option Exercise Price | Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested(1) | Market Value of Shares or Units of Stock That Have Not Vested(2) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested(1) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested(2) | ||||||||||||||||||||
Gary C. Bhojwani | 2-23-17 | 44,250 | — | $21.06 | 2-23-27 | — | $— | $— | $— | ||||||||||||||||||||
2-21-18 | 100,150 | — | 23.33 | 2-21-28 | — | — | — | — | |||||||||||||||||||||
2-19-19 | 164,600 | — | 17.48 | 2-19-29 | — | — | — | — | |||||||||||||||||||||
2-16-21 | 33,594(3) | 937,273 | |||||||||||||||||||||||||||
2-16-21 | 80,520(4) | 2,246,508 | |||||||||||||||||||||||||||
2-16-21 | 84,372(5) | 2,353,979 | |||||||||||||||||||||||||||
2-15-22 | 65,406(6) | 1,824,827 | |||||||||||||||||||||||||||
2-15-22 | 58,900(7) | 1,643,310 | |||||||||||||||||||||||||||
2-15-22 | 58,900(8) | 1,643,310 | |||||||||||||||||||||||||||
2-14-23 | 112,600(9) | 3,141,540 | |||||||||||||||||||||||||||
2-14-23 | 66,700(10) | 1,860,930 | |||||||||||||||||||||||||||
2-14-23 | 66,700(11) | 1,860,930 | |||||||||||||||||||||||||||
Paul H. McDonough | 4-1-19 | 31,800 | — | $16.50 | 4-1-29 | — | $— | $— | $— | ||||||||||||||||||||
2-16-21 | 7,227(3) | 201,633 | |||||||||||||||||||||||||||
2-16-21 | 18,142(4) | 506,162 | |||||||||||||||||||||||||||
2-16-21 | 19,010(5) | 530,379 | |||||||||||||||||||||||||||
2-15-22 | 16,632(6) | 464,033 | |||||||||||||||||||||||||||
2-15-22 | 15,400(7) | 429,660 | |||||||||||||||||||||||||||
2-15-22 | 15,400(8) | 429,660 | |||||||||||||||||||||||||||
2-14-23 | 31,300(9) | 873,270 | |||||||||||||||||||||||||||
2-14-23 | 18,500(10) | 516,150 | |||||||||||||||||||||||||||
2-14-23 | 18,500(11) | 516,150 | |||||||||||||||||||||||||||
Scott L. Goldberg | 2-23-16 | 51,000 | — | $17.38 | 2-23-26 | — | $— | $— | $— | ||||||||||||||||||||
2-23-17 | 22,120 | — | 21.06 | 2-23-27 | — | — | — | — | |||||||||||||||||||||
2-21-18 | 20,620 | — | 23.33 | 2-21-28 | — | — | — | — | |||||||||||||||||||||
2-19-19 | 33,800 | — | 17.48 | 2-19-29 | — | — | — | — | |||||||||||||||||||||
2-16-21 | 5,577(3) | 155,598 | |||||||||||||||||||||||||||
2-16-21 | 13,997(4) | 390,516 | |||||||||||||||||||||||||||
2-16-21 | 14,667(5) | 409,209 | |||||||||||||||||||||||||||
2-15-22 | 10,692(6) | 298,307 | |||||||||||||||||||||||||||
2-15-22 | 9,900(7) | 276,210 | |||||||||||||||||||||||||||
2-15-22 | 9,900(8) | 276,210 | |||||||||||||||||||||||||||
2-14-23 | 19,200(9) | 535,680 | |||||||||||||||||||||||||||
2-14-23 | 11,400(10) | 318,060 | |||||||||||||||||||||||||||
2-14-23 | 11,400(11) | 318,060 |
| | | | | | | | | OPTION AWARDS | | | STOCK AWARDS | | ||||||||||||||||||||||||||||||||||||||||||
Name | | | Award Date | | | Number of Securities Underlying Unexercised Options Exercisable | | | Number of Securities Underlying Unexercised Options Unexercisable | | | Option Exercise Price | | | Option Expiration Date | | | Number of Shares or Units of Stock That Have Not Vested(1) | | | Market Value of Shares or Units of Stock That Have Not Vested(2) | | | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested(3) | | | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested(4) | | |||||||||||||||||||||||||||
Gary C. Bhojwani | | | | | 2-23-17 | | | | | | 44,250 | | | | | | — | | | | | $ | 21.06 | | | | | | 2-23-27 | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| | | | | 2-21-18 | | | | | | 100,150 | | | | | | — | | | | | | 23.33 | | | | | | 2-21-28 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 2-19-19 | | | | | | 164,600 | | | | | | — | | | | | | 17.48 | | | | | | 2-19-29 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 2-18-20(5) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 36,531 | | | | | | 834,733 | | | | | | — | | | | | | — | | |
| | | | | 2-18-20(6) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 135,300 | | | | | | 3,091,605 | | | | | | — | | | | | | — | | |
| | | | | 2-18-20(7) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 135,300 | | | | | | 3,091,605 | | | | | | — | | | | | | — | | |
| | | | | 2-16-21(8) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 67,188 | | | | | | 1,535,246 | | | | | | 118,500 | | | | | | 2,707,725 | | |
| | | | | 2-16-21(9) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 118,500 | | | | | | 2,707,725 | | |
| | | | | 2-15-22(10) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 99,100 | | | | | | 2,264,435 | | | | | | 58,900 | | | | | | 1,345,865 | | |
| | | | | 2-15-22(11) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 58,900 | | | | | | 1,345,865 | | |
Paul H. McDonough | | | | | 4-1-19 | | | | | | 31,800 | | | | | | — | | | | | | 16.50 | | | | | | 4-1-29 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 2-18-20(5) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,293 | | | | | | 166,605 | | | | | | — | | | | | | — | | |
| | | | | 2-18-20(6) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 27,100 | | | | | | 619,235 | | | | | | — | | | | | | — | | |
| | | | | 2-18-20(7) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 27,100 | | | | | | 619,235 | | | | | | — | | | | | | — | | |
| | | | | 2-16-21(8) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 14,454 | | | | | | 330,274 | | | | | | 26,700 | | | | | | 610,095 | | |
| | | | | 2-16-21(9) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 26,700 | | | | | | 610,095 | | |
| | | | | 2-15-22(10) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 25,200 | | | | | | 575,820 | | | | | | 15,400 | | | | | | 351,890 | | |
| | | | | 2-15-22(11) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 15,400 | | | | | | 351,890 | | |
Bruce K. Baude(12) | | | | | 2-23-16 | | | | | | 71,400 | | | | | | — | | | | | | 17.38 | | | | | | 2-23-26 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 2-23-17 | | | | | | 30,970 | | | | | | — | | | | | | 21.06 | | | | | | 2-23-27 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 2-21-18 | | | | | | 20,620 | | | | | | — | | | | | | 23.33 | | | | | | 2-21-28 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 2-19-19 | | | | | | 29,500 | | | | | | — | | | | | | 17.48 | | | | | | 2-19-29 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 2-18-20(5) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 4,239 | | | | | | 96,861 | | | | | | | | | | | | | | |
| | | | | 2-18-20(6) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 21,000 | | | | | | 479,850 | | | | | | — | | | | | | — | | |
| | | | | 2-18-20(7) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 21,000 | | | | | | 479,850 | | | | | | — | | | | | | — | | |
| | | | | 2-16-21(8) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,623 | | | | | | 82,786 | | | | | | 12,000 | | | | | | 274,200 | | |
| | | | | 2-16-21(9) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 12,000 | | | | | | 274,200 | | |
| | | | | 2-15-22(10) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,759 | | | | | | 85,893 | | | | | | 2,930 | | | | | | 66,951 | | |
| | | | | 2-15-22(11) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,930 | | | | | | 66,951 | | |
Scott L. Goldberg | | | | | 2-23-16 | | | | | | 51,000 | | | | | | — | | | | | | 17.38 | | | | | | 2-23-26 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 2-23-17 | | | | | | 22,120 | | | | | | — | | | | | | 21.06 | | | | | | 2-23-27 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 2-21-18 | | | | | | 20,620 | | | | | | — | | | | | | 23.33 | | | | | | 2-21-28 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 2-19-19 | | | | | | 33,800 | | | | | | — | | | | | | 17.48 | | | | | | 2-19-29 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 2-18-20(5) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,501 | | | | | | 148,548 | | | | | | — | | | | | | — | | |
| | | | | 2-18-20(6) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 24,000 | | | | | | 548,400 | | | | | | — | | | | | | — | | |
| | | | | 2-18-20(7) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 24,000 | | | | | | 548,400 | | | | | | — | | | | | | — | | |
| | | | | 2-16-21(8) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 11,154 | | | | | | 254,869 | | | | | | 20,600 | | | | | | 470,710 | | |
| | | | | 2-16-21(9) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 20,600 | | | | | | 470,710 | | |
| | | | | 2-15-22(10) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 16,200 | | | | | | 370,170 | | | | | | 9,900 | | | | | | 226,215 | | |
| | | | | 2-15-22(11) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,900 | | | | | | 226,215 | | |
CNO Financial Group, Inc. 2024 Proxy Statement | 69 |
| | | | | | | | | OPTION AWARDS | | | STOCK AWARDS | | ||||||||||||||||||||||||||||||||||||||||||
Name | | | Award Date | | | Number of Securities Underlying Unexercised Options Exercisable | | | Number of Securities Underlying Unexercised Options Unexercisable | | | Option Exercise Price | | | Option Expiration Date | | | Number of Shares or Units of Stock That Have Not Vested(1) | | | Market Value of Shares or Units of Stock That Have Not Vested(2) | | | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested(3) | | | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested(4) | | |||||||||||||||||||||||||||
Eric R. Johnson | | | | | 2-25-15 | | | | | | 51,290 | | | | | | — | | | | | $ | 16.42 | | | | | | 2-25-25 | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| | | | | 2-23-16 | | | | | | 71,400 | | | | | | — | | | | | | 17.38 | | | | | | 2-23-26 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 2-23-17 | | | | | | 30,970 | | | | | | — | | | | | | 21.06 | | | | | | 2-23-27 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 2-21-18 | | | | | | 20,620 | | | | | | — | | | | | | 23.33 | | | | | | 2-21-28 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 2-19-19 | | | | | | 33,800 | | | | | | — | | | | | | 17.48 | | | | | | 2-19-29 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 2-18-20(5) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,284 | | | | | | 143,589 | | | | | | — | | | | | | — | | |
| | | | | 2-18-20(6) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 24,000 | | | | | | 548,400 | | | | | | — | | | | | | — | | |
| | | | | 2-18-20(7) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 24,000 | | | | | | 548,400 | | | | | | — | | | | | | — | | |
| | | | | 2-16-21(8) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 10,948 | | | | | | 250,162 | | | | | | 20,600 | | | | | | 470,710 | | |
| | | | | 2-16-21(9) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 20,600 | | | | | | 470,710 | | |
| | | | | 2-15-22(10) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 15,716 | | | | | | 359,111 | | | | | | 9,900 | | | | | | 226,215 | | |
| | | | | 2-15-22(11) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,900 | | | | | | 226,215 | | |
Options Awards | Stock Awards | ||||||||||||||||||||||||||||
Name | Award Date | Number of Securities Underlying Unexercised Options Exercisable | Number of Securities Underlying Unexercised Options Unexercisable | Option Exercise Price | Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested(1) | Market Value of Shares or Units of Stock That Have Not Vested(2) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested(1) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested(2) | ||||||||||||||||||||
Eric R. Johnson | 2-25-15 | 51,290 | — | $16.42 | 2-25-25 | — | $— | $— | $— | ||||||||||||||||||||
2-23-16 | 71,400 | — | 17.38 | 2-23-26 | — | — | — | — | |||||||||||||||||||||
2-23-17 | 30,970 | — | 21.06 | 2-23-27 | — | — | — | — | |||||||||||||||||||||
2-21-18 | 20,620 | — | 23.33 | 2-21-28 | — | — | — | — | |||||||||||||||||||||
2-19-19 | 33,800 | — | 17.48 | 2-19-29 | — | — | — | — | |||||||||||||||||||||
2-16-21 | 5,474(3) | 152,725 | |||||||||||||||||||||||||||
2-16-21 | 13,997(4) | 390,516 | |||||||||||||||||||||||||||
2-16-21 | 14,667(5) | 409,209 | |||||||||||||||||||||||||||
2-15-22 | 10,372(6) | 289,379 | |||||||||||||||||||||||||||
2-15-22 | 9,900(7) | 276,210 | |||||||||||||||||||||||||||
2-15-22 | 9,900(8) | 276,210 | |||||||||||||||||||||||||||
2-14-23 | 18,141(9) | 506,134 | |||||||||||||||||||||||||||
2-14-23 | 11,100(10) | 309,690 | |||||||||||||||||||||||||||
2-14-23 | 11,100(11) | 309,690 | |||||||||||||||||||||||||||
Matthew J. Zimpfer | 2-23-16 | 81,600 | — | $17.38 | 2-23-26 | — | $— | $— | $— | ||||||||||||||||||||
2-23-17 | 30,970 | — | 21.06 | 2-23-27 | — | — | — | — | |||||||||||||||||||||
2-21-18 | 23,570 | — | 23.33 | 2-21-28 | — | — | — | — | |||||||||||||||||||||
2-19-19 | 33,800 | — | 17.48 | 2-19-29 | — | — | — | — | |||||||||||||||||||||
2-16-21 | 5,577(3) | 155,598 | |||||||||||||||||||||||||||
2-16-21 | 13,997(4) | 390,516 | |||||||||||||||||||||||||||
2-16-21 | 14,667(5) | 409,209 | |||||||||||||||||||||||||||
2-15-22 | 10,692(6) | 298,307 | |||||||||||||||||||||||||||
2-15-22 | 9,900(7) | 276,210 | |||||||||||||||||||||||||||
2-15-22 | 9,900(8) | 276,210 | |||||||||||||||||||||||||||
2-14-23 | 18,700(9) | 521,730 | |||||||||||||||||||||||||||
2-14-23 | 11,100(10) | 309,690 | |||||||||||||||||||||||||||
2-14-23 | 11,100(11) | 309,690 |
70 | CNO Financial Group, Inc. 2024 Proxy Statement |
CNO Financial Group, Inc. 2024 Proxy Statement | 71 |
Options Awards | Stock Awards | |||||||||||||
Name | Number of Shares Acquired on Exercise | Value Realized Upon Exercise | Number of Shares Acquired on Vesting | Value Realized on Vesting(1) | ||||||||||
Gary C. Bhojwani | — | — | 374,419 | $9,111,899 | ||||||||||
Paul H. McDonough | — | — | 77,288 | 1,873,513 | ||||||||||
Scott L. Goldberg | 17,095 | $152,483 | 82,681 | 1,751,259 | ||||||||||
Eric R. Johnson | — | — | 65,661 | 1,602,848 | ||||||||||
Matthew J. Zimpfer | — | — | 65,586 | 1,598,776 |
| | | OPTION AWARDS | | | STOCK AWARDS | | ||||||||||||||||||
Name | | | Number of Shares Acquired On Exercise | | | Value Realized Upon Exercise | | | Number of Shares Acquired on Vesting | | | Value Realized on Vesting | | ||||||||||||
Gary C. Bhojwani | | | | | — | | | | | $ | — | | | | | | 311,111 | | | | | $ | 7,857,777 | | |
Paul H. McDonough | | | | | — | | | | | | — | | | | | | 59,417 | | | | | | 1,499,903 | | |
Bruce K. Baude | | | | | — | | | | | | — | | | | | | 53,993 | | | | | | 1,361,575 | | |
Scott L. Goldberg | | | | | — | | | | | | — | | | | | | 61,393 | | | | | | 1,549,164 | | |
Eric R. Johnson | | | | | — | | | | | | — | | | | | | 61,401 | | | | | | 1,548,940 | | |
Name | | | Executive Contributions in 2022 | | | CNO Contributions in 2022 | | | Aggregate Earnings (Loss) in 2022(1) | | | Aggregate Withdrawals/ Distributions | | | Aggregate Balance at 12/31/22(2) | | |||||||||||||||
Gary C. Bhojwani | | | | $ | 511,221 | | | | | $ | — | | | | | $ | (378,321) | | | | | $ | — | | | | | $ | 1,821,780 | | |
Paul H. McDonough | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Bruce K. Baude | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Scott L. Goldberg | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Eric R. Johnson | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Name | Executive Contributions in 2023 | CNO Contributions in 2023 | Aggregate Earnings (Loss) in 2023(1) | Aggregate Withdrawals/ Distributions | Aggregate Balance at 12-31-23(2) | ||||||||||||
Gary C. Bhojwani | $370,970 | $— | $391,013 | $— | $2,583,763 | ||||||||||||
Paul H. McDonough | — | — | — | — | — | ||||||||||||
Scott L. Goldberg | 344,729 | — | 73,278 | — | 418,007 | ||||||||||||
Eric R. Johnson | — | — | — | — | — | ||||||||||||
Matthew J. Zimpfer | — | — | 85,611 | — | 857,870 |
72 | CNO Financial Group, Inc. 2024 Proxy Statement |
Name | | | Voluntary Resignation Not With Reason or For Cause Termination(1) | | | Disability(2) | | | Death(3) | | | Without Just Cause or With Reason(4) | | | Involuntary Termination or Resignation With Reason within 6 months before or 2 years after Change In Control(5) | | |||||||||||||||
Gary C. Bhojwani(6) | | | | $ | — | | | | | $ | 12,338,753 | | | | | $ | 17,373,167 | | | | | $ | 19,889,405 | | | | | $ | 25,283,508 | | |
Paul H. McDonough(7) | | | | | — | | | | | | 2,286,523 | | | | | | 3,759,262 | | | | | | 5,499,625 | | | | | | 6,803,075 | | |
Bruce K. Baude(8) | | | | | — | | | | | | — | | | | | | — | | | | | | 4,626,740 | | | | | | — | | |
Scott L. Goldberg(9) | | | | | — | | | | | | 1,875,223 | | | | | | 3,048,810 | | | | | | 4,851,909 | | | | | | 5,933,078 | | |
Eric R. Johnson(10) | | | | | — | | | | | | 1,875,223 | | | | | | 3,028,085 | | | | | | 4,858,391 | | | | | | 5,927,701 | | |
Name | Voluntary Resignation Not With Reason or For Cause Termination(1) | Disability(2) | Death(3) | Without Just Cause or With Reason(4) | Involuntary Termination or Resignation With Reason Within 6 Months Before or 2 Years After Change In Control(5) | ||||||||||||
Gary C. Bhojwani(6) | $— | $9,736,187 | $16,039,827 | $17,767,820 | $24,082,556 | ||||||||||||
Paul H. McDonough(7) | — | 1,953,521 | 3,892,457 | 5,367,633 | 6,994,848 | ||||||||||||
Scott L. Goldberg(8) | — | 1,380,046 | 2,769,631 | 4,396,203 | 5,624,804 | ||||||||||||
Eric R. Johnson(9)) | — | 1,374,466 | 2,722,703 | 4,406,613 | 5,608,011 | ||||||||||||
Matthew J. Zimpfer(10) | — | 1,374,466 | 2,750,101 | 4,297,342 | 5,490,731 |
Pro Rata Bonus | Severance Payment | Outplacement Services | Financial and Tax Preparation | Welfare Benefit Subsidy | |||||||||||||
Paul H. McDonough(7) | $710,629 | $2,052,000 | $25,000 | $10,000 | $20,762 | ||||||||||||
Scott L. Goldberg(8) | 656,900 | 1,905,000 | 25,000 | 10,000 | 23,273 | ||||||||||||
Eric R. Johnson(9) | 699,944 | 1,905,000 | 25,000 | 10,000 | 10,364 | ||||||||||||
Matthew J. Zimpfer(10) | 645,948 | 1,830,000 | 25,000 | 10,000 | 19,682 |
| | | Pro Rata Bonus | | | Severance Payment | | | Outplacement Services | | | Financial and Tax Preparation | | | Welfare Benefit Subsidy | | |||||||||||||||
Paul H. McDonough(7) | | | | $ | 743,967 | | | | | $ | 1,983,000 | | | | | $ | 25,000 | | | | | $ | 10,000 | | | | | $ | 20,846 | | |
Bruce K. Baude(8) | | | | | 728,322 | | | | | | 1,980,000 | | | | | | — | | | | | | 3,861 | | | | | | 7,015 | | |
Scott L. Goldberg(9) | | | | | 689,457 | | | | | | 1,905,000 | | | | | | 25,000 | | | | | | 10,000 | | | | | | 19,811 | | |
Eric R. Johnson(10) | | | | | 715,044 | | | | | | 1,905,000 | | | | | | 25,000 | | | | | | 10,000 | | | | | | 9,572 | | |
CNO Financial Group, Inc. 2024 Proxy Statement | 73 |
Pro Rata Bonus | Severance Payment | Outplacement Services | Financial and Tax Preparation | Welfare Benefit Subsidy | |||||||||||||
Paul H. McDonough(7) | $710,629 | $2,736,000 | $25,000 | $10,000 | $20,762 | ||||||||||||
Scott L. Goldberg(8) | 656,900 | 2,540,000 | 25,000 | 10,000 | 23,273 | ||||||||||||
Eric R. Johnson(9) | 699,944 | 2,540,000 | 25,000 | 10,000 | 10,364 | ||||||||||||
Matthew J. Zimpfer(10) | 645,948 | 2,440,000 | 25,000 | 10,000 | 19,682 |
| | | Pro Rata Bonus | | | Severance Payment | | | Outplacement Services | | | Financial and Tax Preparation | | | Welfare Benefit Subsidy | | |||||||||||||||
Paul H. McDonough(7) | | | | $ | 743,967 | | | | | $ | 2,644,000 | | | | | $ | 25,000 | | | | | $ | 10,000 | | | | | $ | 20,846 | | |
Scott L. Goldberg(9) | | | | | 689,457 | | | | | | 2,540,000 | | | | | | 25,000 | | | | | | 10,000 | | | | | | 19,811 | | |
Eric R. Johnson(10) | | | | | 715,044 | | | | | | 2,540,000 | | | | | | 25,000 | | | | | | 10,000 | | | | | | 9,572 | | |
| | | Death or Disability | | | Without Just Cause or With Reason | | | Change in Control Termination | | |||||||||
Pro Rata Target Bonus | | | | $ | 1,648,000 | | | | | $ | — | | | | | $ | — | | |
Pro Rata Actual Bonus | | | | | — | | | | | | 1,854,852 | | | | | | 1,854,852 | | |
Severance Payment(a) | | | | | — | | | | | | 5,356,000 | | | | | | 8,034,000 | | |
Welfare Benefit Subsidy(b) | | | | | — | | | | | | 17,244 | | | | | | 34,489 | | |
Outplacement Services | | | | | — | | | | | | 25,000 | | | | | | 25,000 | | |
Financial and Tax Preparation | | | | | — | | | | | | 10,000 | | | | | | 10,000 | | |
Company Group Life Insurance(c) | | | | | 400,000 | | | | | | — | | | | | | — | | |
Restricted Stock Unit Vesting(d) | | | | | 4,634,414 | | | | | | 1,935,555 | | | | | | 4,634,414 | | |
Performance Share Vesting | | | | | 10,690,753 | | | | | | 10,690,753 | | | | | | 10,690,753 | | |
Death or Disability | Without Just Cause or With Reason | Change in Control Termination | |||||||||
Pro Rata Target Bonus | $1,704,000 | $— | $— | ||||||||
Pro Rata Actual Bonus | — | 1,770,339 | 1,770,339 | ||||||||
Severance Payment(a) | — | 5,538,000 | 8,307,000 | ||||||||
Welfare Benefit Subsidy(b) | — | 17,195 | 34,390 | ||||||||
Outplacement Services | — | 25,000 | 25,000 | ||||||||
Financial and Tax Preparation | — | 10,000 | 10,000 | ||||||||
Company Group Life Insurance(c) | 400,000 | — | — | ||||||||
Restricted Stock Unit Vesting(d) | 5,903,640 | 2,375,099 | 5,903,640 | ||||||||
Performance Share Vesting | 8,032,187 | 8,032,187 | 8,032,187 |
74 | CNO Financial Group, Inc. 2024 Proxy Statement |
CNO Financial Group, Inc. 2024 Proxy Statement | 75 |
Year | | | Summary Compensation Table Total for PEO(1) | | | Compensation Actually Paid to PEO(1)(4)(6) | | | Average Summary Compensation Table Total for Non-PEO Named Executive Officers(2) | | | Average Compensation Actually Paid to Non-PEO Named Executive Officers(2)(4)(6) | | | Value of Initial Fixed $100 Investment Based On: | | | Net Income (dollars in millions) | | | Operating Earnings per Share(5) | | |||||||||||||||||||||||||||
| Total Shareholder Return | | | Peer Group Total Shareholder Return(3) | | ||||||||||||||||||||||||||||||||||||||||||||
2022 | | | | $ | 8,751,746 | | | | | $ | 7,363,718 | | | | | $ | 2,954,124 | | | | | $ | 2,551,345 | | | | | $ | 136 | | | | | $ | 137 | | | | | $ | 397 | | | | | $ | 2.18 | | |
2021 | | | | | 8,948,166 | | | | | | 13,907,529 | | | | | | 2,512,679 | | | | | | 3,032,833 | | | | | | 138 | | | | | | 124 | | | | | | 441 | | | | | | 2.72 | | |
2020 | | | | | 8,260,886 | | | | | | 14,813,666 | | | | | | 2,318,955 | | | | | | 3,037,794 | | | | | | 126 | | | | | | 91 | | | | | | 302 | | | | | | 2.34 | | |
Compensation Table Total for PEO(1) | Compensation Actually Paid to PEO(1)(4)(6) | Average Summary Compensation Table Total for Non-PEO Named Executive Officers(2) | Average Compensation Actually Paid to Non-PEO Named Executive Officers(2)(4)(6) | Value of Initial Fixed $100 Investment Based On: | ||||||||||||||||||||||
Year | Total Shareholder Return | Peer Group Total Shareholder Return(3) | Net Income (dollars in millions) | Operating Earnings per Share(5) | ||||||||||||||||||||||
2023 | $9,788,167 | $11,114,047 | $2,695,050 | $2,949,004 | $170 | $143 | $277 | $2.72 | ||||||||||||||||||
2022 | 8,751,746 | 7,363,718 | 2,954,124 | 2,551,345 | 136 | 137 | 397 | 2.18 | ||||||||||||||||||
2021 | 8,948,166 | 13,907,529 | 2,512,679 | 3,032,833 | 138 | 124 | 441 | 2.72 | ||||||||||||||||||
2020 | 8,260,886 | 14,813,666 | 2,318,955 | 3,037,794 | 126 | 91 | 302 | 2.34 |
76 | CNO Financial Group, Inc. 2024 Proxy Statement |
Year | | | Summary Compensation Table Total | | | Deductions from Summary Compensation Table Total Pay(a) | | | Additions To Summary Compensation Table Total Pay(b)(c) | | | Compensation Actually Paid | | ||||||||||||
Gary C. Bhojwani, Chief Executive Officer serving as PEO | | | | | | ||||||||||||||||||||
2022 | | | | $ | 8,751,746 | | | | | $ | (5,514,571) | | | | | $ | 4,126,543 | | | | | $ | 7,363,718 | | |
2021 | | | | | 8,948,166 | | | | | | (5,139,686) | | | | | | 10,099,049 | | | | | | 13,907,529 | | |
2020 | | | | | 8,260,886 | | | | | | (4,901,181) | | | | | | 11,453,961 | | | | | | 14,813,666 | | |
Average for other NEOs indicated above | | | | | | ||||||||||||||||||||
2022 | | | | | 2,954,124 | | | | | | (1,017,200) | | | | | | 614,421 | | | | | | 2,551,345 | | |
2021 | | | | | 2,512,679 | | | | | | (911,941) | | | | | | 1,432,095 | | | | | | 3,032,833 | | |
2020 | | | | | 2,318,955 | | | | | | (870,647) | | | | | | 1,589,486 | | | | | | 3,037,794 | | |
2023 | Summary Compensation Table Total | Deductions from Summary Compensation Table Total Pay(a) | Additions to Summary Compensation Table Total Pay(b)(c) | Compensation Actually Paid | ||||||||||
Gary C. Bhojwani, Chief Executive Officer serving as PEO | $9,788,167 | $(6,550,350) | $7,876,230 | $11,114,047 | ||||||||||
Average for other NEOs indicated above | 2,695,050 | (1,278,797) | 1,532,751 | 2,949,004 |
| | | Year-End (YE) Value of Current Year Awards Outstanding as of YE | | | Change in Value as of YE for Prior Year Awards Outstanding as of YE | | | Change in Value as of Vesting Date for Prior Year Awards That Vested During the Year | | | Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year | | | Total Equity Award Adjustments | | |||||||||||||||
Gary C. Bhojwani, Chief Executive Officer serving as PEO | | ||||||||||||||||||||||||||||||
2022 | | | | $ | 4,516,380 | | | | | $ | (902,338) | | | | | $ | 512,501 | | | | | $ | — | | | | | $ | 4,126,543 | | |
2021 | | | | | 7,267,293 | | | | | | 2,355,452 | | | | | | 476,304 | | | | | | — | | | | | | 10,099,049 | | |
2020 | | | | | 8,427,591 | | | | | | 3,399,198 | | | | | | (372,828) | | | | | | — | | | | | | 11,453,961 | | |
Average for other NEOs indicated above | | | | | | | |||||||||||||||||||||||||
2022 | | | | | 662,729 | | | | | | (127,949) | | | | | | 76,617 | | | | | | 3,024 | | | | | | 614,421 | | |
2021 | | | | | 1,025,352 | | | | | | 346,556 | | | | | | 60,187 | | | | | | — | | | | | | 1,432,095 | | |
2020 | | | | | 1,166,101 | | | | | | 451,159 | | | | | | (30,776) | | | | | | 3,002 | | | | | | 1,589,486 | | |
2023 | Year-End (YE) Value of Current Year Awards Outstanding as of YE | Change in Value as of YE for Prior Year Awards Outstanding as of YE | Change in Value as of Vesting Date for Prior Year Awards That Vested During the Year | Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year | Total Equity Award Adjustments | ||||||||||||
Gary C. Bhojwani, Chief Executive Officer serving as PEO | $6,944,961 | $1,554,660 | ($623,391) | — | $7,876,230 | ||||||||||||
Average for other NEOs indicated above | 1,351,925 | 291,108 | (113,856) | 3,573 | 1,532,751 |
CNO Financial Group, Inc. 2024 Proxy Statement | 77 |
Proposal 3 | ||||||||
Ratify the appointment of PricewaterhouseCoopers LLP as the Company’s independent registered public accounting firm for | ||||||||
The Board of Directors unanimously recommends you vote FOR this proposal. | ||||||||
CNO Financial Group, Inc. 2024 Proxy Statement | 79 |
| | | Year Ended December 31, | | |||||||||
| | | 2022 | | | 2021 | | ||||||
Audit fees(1)(2) | | | | $ | 6.0 | | | | | $ | 4.8 | | |
Audit-related fees(3) | | | | | — | | | | | | — | | |
Tax fees(4) | | | | | — | | | | | | — | | |
All other fees(5) | | | | | — | | | | | | — | | |
Total | | | | $ | 6.0 | | | | | $ | 4.8 | | |
Year Ended December 31, | ||||||||
2023 | 2022 | |||||||
Audit fees(1) | $6.6 | $6.0 | ||||||
Audit-related fees(2) | — | — | ||||||
Tax fees(3) | — | — | ||||||
All other fees(4) | — | — | ||||||
Total | $6.6 | $6.0 |
80 | CNO Financial Group, Inc. 2024 Proxy Statement |
CNO Financial Group, Inc. 2024 Proxy Statement | 81 |
Proposal | ||||||||
Approval of Amended and Restated Section 382 Shareholder Rights Plan | ||||||||
The Board of Directors unanimously recommends you vote | |||||
82 | CNO Financial Group, Inc. 2024 Proxy Statement |
CNO Financial Group, Inc. 2024 Proxy Statement | 83 |
84 | CNO Financial Group, Inc. 2024 Proxy Statement |
CNO Financial Group, Inc. 2024 Proxy Statement | 85 |
86 | CNO Financial Group, Inc. 2024 Proxy Statement |
| | Name of Beneficial Owner | | | | Shares Beneficially Owned | | | |||||||
| Number(1) | | | | Percentage | | | ||||||||
| | BlackRock, Inc.(2) | | | | | | 15,179,705 | | | | | 13.30% | | |
| | The Vanguard Group(3) | | | | | | 13,871,812 | | | | | 12.13% | | |
| | Fuller & Thaler Asset Management, Inc.(4) | | | | | | 7,289,612 | | | | | 6.37% | | |
| | Pzena Investment Management, LLC(5) | | | | | | 7,627,617 | | | | | 6.66% | | |
| | Gary C. Bhojwani(6) | | | | | | 1,104,054 | | | | | * | | |
| | Archie M. Brown | | | | | | — | | | | | — | | |
| | Ellyn L. Brown | | | | | | 92,756 | | | | | * | | |
| | Stephen N. David | | | | | | 13,000 | | | | | * | | |
| | David B. Foss | | | | | | 32,388 | | | | | * | | |
| | Mary R. (Nina) Henderson | | | | | | 23,963 | | | | | * | | |
| | Adrianne B. Lee | | | | | | — | | | | | — | | |
| | Daniel R. Maurer | | | | | | 24,624 | | | | | * | | |
| | Chetlur S. Ragavan | | | | | | 12,988 | | | | | * | | |
| | Steven E. Shebik | | | | | | 23,919 | | | | | * | | |
| | Frederick J. Sievert(7) | | | | | | 16,479 | | | | | * | | |
| | Bruce K. Baude(8) | | | | | | 203,174 | | | | | * | | |
| | Scott L. Goldberg(9) | | | | | | 263,118 | | | | | * | | |
| | Eric R. Johnson(10) | | | | | | 766,149 | | | | | * | | |
| | Paul H. McDonough(11) | | | | | | 154,234 | | | | | * | | |
| | All directors, nominees and executive officers as a group – 22 persons(12) | | | | | | 3,481,512 | | | | | 3% | | |
Name of Beneficial Owner | Shares Beneficially Owned | ||||||||||
Number(1) | Percentage(2) | ||||||||||
BlackRock, Inc.(3) | 15,747,262 | 14.00 | % | ||||||||
The Vanguard Group(4) | 14,056,668 | 12.53% | |||||||||
Pzena Investment Management, LLC(5) | 6,982,684 | 6.20% | |||||||||
Fuller & Thaler Asset Management, Inc.(6) | 4,671,119 | 4.16% | |||||||||
Gary C. Bhojwani(7) | 1,160,113 | 1.07% | |||||||||
Archie M. Brown | 7,063 | * | |||||||||
Stephen N. David | 13,000 | * | |||||||||
David B. Foss | 39,451 | * | |||||||||
Mary R. (Nina) Henderson | 19,393 | * | |||||||||
Adrianne B. Lee | 7,063 | * | |||||||||
Daniel R. Maurer | 24,624(8) | * | |||||||||
Chetlur S. Ragavan | 20,051 | * | |||||||||
Steven E. Shebik | 43,482 | * | |||||||||
Scott L. Goldberg(9) | 254,477 | * | |||||||||
Eric R. Johnson(10) | 794,594 | * | |||||||||
Paul H. McDonough(11) | 172,988 | * | |||||||||
Matthew J. Zimpfer(12) | 402,368 | * | |||||||||
All directors, nominees and executive officers as a group – 20 persons(13) | 3,491,007 | 3.21% |
CNO Financial Group, Inc. 2024 Proxy Statement | 87 |
Name | 2023 Number of Deferred Stock Units(1) | Total Deferred Stock Units as of March 11, 2024(2) | ||||||
Stephen N. David | 7,063 | 52,977 | ||||||
Mary R. (Nina) Henderson | 7,063 | 52,977 | ||||||
Daniel R. Maurer | 12,430 | 85,290 |
| | Name | | | | 2022 Number of Deferred Stock Units | | | | Total Deferred Stock Units | | | ||||||
| | Stephen N. David | | | | | | 7,697 | | | | | | | 45,914 | | | |
| | Mary R. (Nina) Henderson | | | | | | 7,697 | | | | | | | 45,914 | | | |
| | Daniel R. Maurer | | | | | | 13,546 | | | | | | | 72,860 | | | |
| | Frederick J. Sievert | | | | | | 7,697 | | | | | | | 45,914 | | | |
88 | CNO Financial Group, Inc. 2024 Proxy Statement |
CNO Financial Group, Inc. 2024 Proxy Statement | 89 |
90 | CNO Financial Group, Inc. 2024 Proxy Statement |
| | Year ended December 31, | | ||||||||||||||||||||||||||
| | 2022 | | 2021 | | ||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||||||
2023 | 2023 | 2022 | |||||||||||||||||||||||||||
Insurance product margin: | | | | | | | | | | | | ||||||||||||||||||
Insurance product margin: | |||||||||||||||||||||||||||||
Insurance product margin: | |||||||||||||||||||||||||||||
Annuity margin | |||||||||||||||||||||||||||||
Annuity margin | |||||||||||||||||||||||||||||
Annuity margin | | | $ | 161.1 | | | | $ | 270.3 | | | ||||||||||||||||||
Health margin | | | | 477.3 | | | | | 493.0 | | | ||||||||||||||||||
Life margin | | | | 172.9 | | | | | 150.4 | | | ||||||||||||||||||
Total insurance product margin | | | | 811.3 | | | | | 913.7 | | | Total insurance product margin | 959.0 | 936.5 | |||||||||||||||
Allocated expenses | | | | (596.6) | | | | | (566.5) | | | ||||||||||||||||||
Income from insurance products | | | | 214.7 | | | | | 347.2 | | | Income from insurance products | 360.0 | 339.9 | |||||||||||||||
Fee income | | | | 23.7 | | | | | 19.4 | | | ||||||||||||||||||
Investment income not allocated to product lines | | | | 159.5 | | | | | 184.5 | | | ||||||||||||||||||
Expenses not allocated to product lines | | | | (40.8) | | | | | (80.5) | | | ||||||||||||||||||
Operating earnings before taxes | | | | 357.1 | | | | | 470.6 | | | Operating earnings before taxes | 459.5 | 466.7 | |||||||||||||||
Income tax expense on operating income | | | | (83.2) | | | | | (105.0) | | | ||||||||||||||||||
Net operating income | | | | 273.9 | | | | | 365.6 | | | Net operating income | 356.1 | 360.4 | 360.4 | ||||||||||||||
Non-operating items: | | | | | | | | | | | | ||||||||||||||||||
Net realized investment gains (losses) from sales, impairments and change in allowance for credit losses (net of related amortization) | | | | (58.8) | | | | | 34.8 | | | ||||||||||||||||||
Net realized investment losses from sales, impairments and change in allowance for credit losses | |||||||||||||||||||||||||||||
Net realized investment losses from sales, impairments and change in allowance for credit losses | |||||||||||||||||||||||||||||
Net realized investment losses from sales, impairments and change in allowance for credit losses | |||||||||||||||||||||||||||||
Net change in market value of investments recognized in earnings | | | | (73.2) | | | | | (17.4) | | | ||||||||||||||||||
Fair value changes in embedded derivative liabilities (net of related amortization) | | | | 247.2 | | | | | 67.2 | | | ||||||||||||||||||
Changes in fair value of embedded derivative liabilities and market risk benefits | |||||||||||||||||||||||||||||
Fair value changes related to agent deferred compensation plan | | | | 48.9 | | | | | 8.9 | | | ||||||||||||||||||
Other | | | | (3.9) | | | | | 3.6 | | | ||||||||||||||||||
Net non-operating income before taxes | | | | 160.2 | | | | | 97.1 | | | ||||||||||||||||||
Income tax expense on non-operating income | | | | 37.3 | | | | | 21.7 | | | ||||||||||||||||||
Net non-operating income | | | | 122.9 | | | | | 75.4 | | | ||||||||||||||||||
Net non-operating income (loss) before taxes | |||||||||||||||||||||||||||||
Income tax expense (benefit) on non-operating income | |||||||||||||||||||||||||||||
Net non-operating income (loss) | |||||||||||||||||||||||||||||
Net income | | | $ | 396.8 | | | | $ | 441.0 | | |
CNO Financial Group, Inc. 2024 Proxy Statement | A-1 |
| | | Year ended December 31, | | |||||||||
| | | 2022 | | | 2021 | | ||||||
Per diluted share: | | | | | | | | | | | | | |
Net operating income | | | | $ | 2.33 | | | | | $ | 2.79 | | |
Net realized investment gains (losses) from sales, impairments and change in allowance for credit losses (net of related amortization and taxes) | | ��� | | | (.38) | | | | | | .20 | | |
Net change in market value of investments recognized in earnings (net of taxes) | | | | | (.48) | | | | | | (.10) | | |
Fair value changes in embedded derivative liabilities (net of related amortization and taxes) | | | | | 1.61 | | | | | | .40 | | |
Fair value changes related to agent deferred compensation plan (net of taxes) | | | | | .32 | | | | | | .05 | | |
Other | | | | | (.03) | | | | | | .02 | | |
Net income | | | | $ | 3.37 | | | | | $ | 3.36 | | |
Year Ended December 31, | ||||||||
2023 | 2022 | |||||||
Per diluted share: | ||||||||
Net operating income (operating earnings per share) | $3.09 | $3.06 | ||||||
Net realized investment losses from sales, impairments and change in allowance for credit losses (net of taxes) | (0.42) | (0.41) | ||||||
Net change in market value of investments recognized in earnings (net of taxes) | (0.04) | (0.48) | ||||||
Changes in fair value of embedded derivative liabilities and market risk benefits (net of taxes) | (0.20) | 2.89 | ||||||
Fair value changes related to agent deferred compensation plan (net of taxes) | (0.03) | 0.32 | ||||||
Other (net of taxes) | — | (0.02) | ||||||
Net income | $2.40 | $5.36 |
| | | 2022 | | | 2021 | | ||||||
Expenses allocated to product lines | | | | $ | 596.6 | | | | | $ | 566.5 | | |
Expenses not allocated to product lines | | | | | 40.8 | | | | | | 80.5 | | |
Net expenses related to significant legal and regulatory matters | | | | | — | | | | | | (12.8) | | |
Experience refund related to a reinsurance agreement | | | | | 22.5 | | | | | | — | | |
Transaction expenses related to acquisition of DirectPath | | | | | — | | | | | | (2.5) | | |
Adjusted total | | | | $ | 659.9 | | | | | $ | 631.7 | | |
2023 | 2022 | |||||||
Expenses allocated to product lines | $599.0 | $596.6 | ||||||
Expenses not allocated to product lines | 51.7 | 40.8 | ||||||
Experience refund related to a reinsurance agreement | — | 22.5 | ||||||
Net recoveries related to significant legal and regulatory matters | 21.7 | — | ||||||
Adjusted total | $672.4 | $659.9 |
A-2 | CNO Financial Group, Inc. 2024 Proxy Statement |
| | | Year ended December 31, | | |||||||||||||||
| | | 2022 | | | 2021 | | | 2020 | | |||||||||
Net operating income | | | | $ | 273.9 | | | | | $ | 365.6 | | | | | $ | 362.3 | | |
Net Income | | | | $ | 396.8 | | | | | $ | 441.0 | | | | | $ | 301.8 | | |
Average common equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) | | | | $ | 3,176.0 | | | | | $ | 3,026.0 | | | | | $ | 2,812.4 | | |
Average common shareholders’ equity | | | | $ | 2,632.8 | | | | | $ | 5,197.4 | | | | | $ | 4,665.4 | | |
Operating return on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) | | | | | 8.6% | | | | | | 12.1% | | | | | | 12.9% | | |
Return on equity | | | | | 15.1% | | | | | | 8.5% | | | | | | 6.5% | | |
Year Ended December 31, | |||||||||||
2023 | 2022 | 2021 | |||||||||
Net operating income | $356.1 | $360.4 | $400.4 | ||||||||
Net income | $276.5 | $630.6 | $570.3 | ||||||||
Average common equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) | $3,631.5 | $3,323.3 | $2,983.0 | ||||||||
Average common shareholders’ equity | $1,977.5 | $2,384.1 | $3,516.2 | ||||||||
Operating return on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) | 9.8 | % | 10.8 | % | 13.4 | % | |||||
Return on equity | 14.0 | % | 26.5 | % | 16.2 | % |
1/1/21 | ||||||||||||||
Consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) | $2,825.3 | |||||||||||||
Net operating loss carryforwards | 341.9 | |||||||||||||
Accumulated other comprehensive income | 106.3 | |||||||||||||
Common shareholders’ equity | $3,273.5 |
1Q21 | 2Q21 | 3Q21 | 4Q21 | |||||||||||
Consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) | $3,003.2 | $2,989.0 | $2,993.3 | $3,067.3 | ||||||||||
Net operating loss carryforwards | 323.1 | 292.9 | 266.9 | 243.7 | ||||||||||
Accumulated other comprehensive income | 73.1 | 306.7 | 337.5 | 373.7 | ||||||||||
Common shareholders’ equity | $3,399.4 | $3,588.6 | $3,597.7 | $3,684.7 |
1Q22 | 2Q22 | 3Q22 | 4Q22 | |||||||||||
Consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) | $3,141.7 | $3,329.0 | $3,510.3 | $3,557.1 | ||||||||||
Net operating loss carryforwards | 238.2 | 214.7 | 190.9 | 169.0 | ||||||||||
Accumulated other comprehensive loss | (561.5) | (1,415.8) | (1,837.8) | (1,957.3) | ||||||||||
Common shareholders’ equity | $2,818.4 | $2,127.9 | $1,863.4 | $1,768.8 |
| | | 4Q19 | | |||
Consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) | | | | $ | 2,761.9 | | |
Net operating loss carryforwards | | | | | 542.6 | | |
Accumulated other comprehensive income | | | | | 1,372.5 | | |
Common shareholders’ equity | | | | $ | 4,677.0 | | |
| | | 1Q20 | | | 2Q20 | | | 3Q20 | | | 4Q20 | | ||||||||||||
Consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non- GAAP financial measure) | | | | $ | 2,701.2 | | | | | $ | 2,784.2 | | | | | $ | 2,905.1 | | | | | $ | 2,956.2 | | |
Net operating loss carryforwards | | | | | 469.4 | | | | | | 426.8 | | | | | | 377.2 | | | | | | 341.9 | | |
Accumulated other comprehensive income | | | | | 595.2 | | | | | | 1,520.2 | | | | | | 1,801.6 | | | | | | 2,186.1 | | |
Common shareholders’ equity | | | | $ | 3,765.8 | | | | | $ | 4,731.2 | | | | | $ | 5,083.9 | | | | | $ | 5,484.2 | | |
| | | 1Q21 | | | 2Q21 | | | 3Q21 | | | 4Q21 | | ||||||||||||
Consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non- GAAP financial measure) | | | | $ | 3,019.5 | | | | | $ | 3,035.6 | | | | | $ | 3,036.3 | | | | | $ | 3,068.9 | | |
Net operating loss carryforwards | | | | | 323.1 | | | | | | 292.9 | | | | | | 266.9 | | | | | | 243.7 | | |
Accumulated other comprehensive income | | | | | 1,518.1 | | | | | | 1,995.5 | | | | | | 1,929.7 | | | | | | 1,947.1 | | |
Common shareholders’ equity | | | | $ | 4,860.7 | | | | | $ | 5,324.0 | | | | | $ | 5,232.9 | | | | | $ | 5,259.7 | | |
| | | 1Q22 | | | 2Q22 | | | 3Q22 | | | 4Q22 | | ||||||||||||
Consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non- GAAP financial measure) | | | | $ | 3,072.2 | | | | | $ | 3,162.3 | | | | | $ | 3,272.7 | | | | | $ | 3,324.9 | | |
Net operating loss carryforwards | | | | | 238.2 | | | | | | 214.7 | | | | | | 190.9 | | | | | | 169.0 | | |
Accumulated other comprehensive income (loss) | | | | | 380.5 | | | | | | (1,165.0) | | | | | | (2,165.7) | | | | | | (2,093.1) | | |
Common shareholders’ equity | | | | $ | 3,690.9 | | | | | $ | 2,212.0 | | | | | $ | 1,297.9 | | | | | $ | 1,400.8 | | |
CNO Financial Group, Inc. 2024 Proxy Statement | A-3 |
1Q23 | 2Q23 | 3Q23 | 4Q23 | |||||||||||
Consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) | $3,543.8 | $3,603.0 | $3,744.2 | $3,712.8 | ||||||||||
Net operating loss carryforwards | 152.4 | 126.3 | 102.6 | 79.6 | ||||||||||
Accumulated other comprehensive loss | (1,664.4) | (1,733.5) | (1,956.7) | (1,576.8) | ||||||||||
Common shareholders’ equity | $2,031.8 | $1,995.8 | $1,890.1 | $2,215.6 |
| | | Trailing four quarter average | | |||||||||||||||
| | | 4Q22 | | | 4Q21 | | | 4Q20 | | |||||||||
Consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) . | | | | $ | 3,176.0 | | | | | $ | 3,026.0 | | | | | $ | 2,812.4 | | |
Net operating loss carryforwards | | | | | 212.6 | | | | | | 293.9 | | | | | | 428.9 | | |
Accumulated other comprehensive income (loss) | | | | | (755.8) | | | | | | 1,877.5 | | | | | | 1,424.1 | | |
Common shareholders’ equity | | | | $ | 2,632.8 | | | | | $ | 5,197.4 | | | | | $ | 4,665.4 | | |
Trailing Four Quarter Average | |||||||||||
4Q23 | 4Q22 | 4Q21 | |||||||||
Consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) | $3,631.5 | $3,323.3 | $2,983.0 | ||||||||
Net operating loss carryforwards | 126.4 | 212.5 | 293.9 | ||||||||
Accumulated other comprehensive income (loss) | (1,780.4) | (1,151.7) | 239.3 | ||||||||
Common shareholders’ equity | $1,977.5 | $2,384.1 | $3,516.2 |
| | December 31, | | ||||||||||||||||||||||||||
| | 2022 | | 2021 | | ||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||
2023 | 2023 | 2022 | |||||||||||||||||||||||||||
Total shareholders’ equity | |||||||||||||||||||||||||||||
Total shareholders’ equity | |||||||||||||||||||||||||||||
Total shareholders’ equity | | | $ | 1,400.8 | | | | $ | 5,259.7 | | | ||||||||||||||||||
Shares outstanding at period end | | | | 114,343,070 | | | | | 120,377,152 | | | ||||||||||||||||||
Book value per share | | | $ | 12.25 | | | | $ | 43.69 | | | ||||||||||||||||||
Total shareholders’ equity | | | $ | 1,400.8 | | | | $ | 5,259.7 | | | ||||||||||||||||||
Accumulated other comprehensive income (loss) | | | | (2,093.1) | | | | | 1,947.1 | | | ||||||||||||||||||
Adjusted shareholders’ equity excluding accumulated other comprehensive income (loss) | | | $ | 3,493.9 | | | | $ | 3,312.6 | | | ||||||||||||||||||
Accumulated other comprehensive loss | |||||||||||||||||||||||||||||
Adjusted shareholders’ equity excluding accumulated other comprehensive loss | |||||||||||||||||||||||||||||
Shares outstanding at period end | | | | 114,343,070 | | | | | 120,377,152 | | | ||||||||||||||||||
Dilutive common stock equivalents related to: | | | | | | | | | | | | ||||||||||||||||||
Amounts related to employee benefit plans | | | | 2,499,071 | | | | | 2,953,586 | | | ||||||||||||||||||
Amounts related to employee benefit plans | |||||||||||||||||||||||||||||
Amounts related to employee benefit plans | |||||||||||||||||||||||||||||
Diluted shares outstanding | | | | 116,842,141 | | | | | 123,330,738 | | | ||||||||||||||||||
Book value per diluted share (a non-GAAP financial measure) | | | $ | 29.90 | | | | $ | 26.86 | | |
A-4 | CNO Financial Group, Inc. 2024 Proxy Statement |
| | | December 31, 2022 | | |||
Corporate notes payable | | | | $ | 1,138.8 | | |
Total shareholders’ equity | | | | | 1,400.8 | | |
Total capital | | | | $ | 2,539.6 | | |
Debt to capital ratio | | | | | 44.8% | | |
Corporate notes payable | | | | $ | 1,138.8 | | |
Total shareholders’ equity | | | | | 1,400.8 | | |
Less accumulated other comprehensive income (loss) | | | | | 2,093.1 | | |
Total capital | | | | $ | 4,632.7 | | |
Debt to total capital ratio, excluding accumulated other comprehensive loss (a non-GAAP financial measure) | | | | | 24.6% | | |
December 31, 2023 | |||||
Corporate notes payable | $1,140.5 | ||||
Total shareholders’ equity | 2,215.6 | ||||
Total capital | $3,356.1 | ||||
Debt to capital ratio | 34.0 | % | |||
Corporate notes payable | $1,140.5 | ||||
Total shareholders’ equity | 2,215.6 | ||||
Accumulated other comprehensive loss | 1,576.8 | ||||
Total capital | $4,932.9 | ||||
Debt to total capital ratio, excluding accumulated other comprehensive loss (a non-GAAP financial measure) | 23.1 | % |
| | | Year ended December 31, 2022 | | |||
Holding company cash flows, excluding capital transactions(1): | | | | | | | |
Dividends from subsidiaries, net of contributions | | | | $ | 156.7 | | |
Management fees | | | | | 124.0 | | |
Surplus debenture interest | | | | | 58.8 | | |
Earnings on corporate investments | | | | | 9.7 | | |
Other | | | | | 3.4 | | |
Holding company sources of cash, excluding capital transactions: | | | | | 352.6 | | |
Holding company expenses and other | | | | | (105.7) | | |
Tax payments | | | | | (22.9) | | |
Interest expense | | | | | (60.8) | | |
Cash flow to holding company, excluding capital transactions: | | | | | 163.2 | | |
Share repurchases | | | | | (179.9) | | |
Dividend payments to stockholders | | | | | (64.8) | | |
Net change in holding company cash and investments | | | | | (81.5) | | |
Non-cash changes in investment balances | | | | | — | | |
Cash and investments, beginning of period | | | | | 248.6 | | |
Cash and investments, end of period | | | | $ | 167.1 | | |
Year Ended December 31, 2023 | |||||
Holding company cash flows, excluding capital transactions(1): | |||||
Dividends from subsidiaries, net of contributions | $252.7 | ||||
Management fees | 116.1 | ||||
Surplus debenture interest | 82.0 | ||||
Earnings on corporate investments | 15.0 | ||||
Other | 5.2 | ||||
Holding company sources of cash, excluding capital transactions | 471.0 | ||||
Holding company expenses and other | (79.6) | ||||
Intercompany tax receipts | 28.6 | ||||
Tax payments | (48.0) | ||||
Interest expense | (60.8) | ||||
Cash flow to holding company, excluding capital transactions | 311.2 | ||||
Share repurchases | (154.6) | ||||
Dividend payments to stockholders | (68.1) | ||||
Net change in holding company cash and investments | 88.5 | ||||
Cash and investments, beginning of period | 167.1 | ||||
Cash and investments, end of period | $255.6 |
CNO Financial Group, Inc. 2024 Proxy Statement | A-5 |
B-1 | CNO Financial Group, Inc. 2024 Proxy Statement |
Page | ||||||||
Section 1. | Certain Definitions | B-4 | ||||||
Section 2. | Appointment of Rights Agent | B-6 | ||||||
Section 3. | Issuance of Right Certificates | B-7 | ||||||
Section 4. | Form of Right Certificates | B-8 | ||||||
Section 5. | Countersignature and Registration | B-8 | ||||||
Section 6. | Transfer, Split Up, Combination and Exchange of Right Certificates; Mutilated, Destroyed, Lost or Stolen Right Certificates | B-8 | ||||||
Section 7. | Exercise of Rights, Purchase Price; Expiration Date of Rights | B-9 | ||||||
Section 8. | Cancellation and Destruction of Right Certificates | B-9 | ||||||
Section 9. | Availability of Shares of Preferred Stock | B-10 | ||||||
Section 10. | Preferred Stock Record Date | B-10 | ||||||
Section 11. | Adjustment of Purchase Price, Number and Kind of Shares and Number of Rights | B-11 | ||||||
Section 12. | Certificate of Adjusted Purchase Price or Number of Shares | B-15 | ||||||
Section 13. | Consolidation, Merger or Sale or Transfer of Assets or Earning Power | B-15 | ||||||
Section 14. | Fractional Rights and Fractional Shares | B-17 | ||||||
Section 15. | Rights of Action | B-18 | ||||||
Section 16. | Agreement of Right Holders | B-18 | ||||||
Section 17. | Right Certificate Holder Not Deemed a Stockholder | B-19 | ||||||
Section 18. | Concerning the Rights Agent | B-19 | ||||||
Section 19. | Merger or Consolidation or Change of Name of Rights Agent | B-19 | ||||||
Section 20. | Duties of Rights Agent | B-20 | ||||||
Section 21. | Change of Rights Agent | B-21 | ||||||
Section 22. | Issuance of New Right Certificates | B-21 | ||||||
Section 23. | Redemption | B-21 | ||||||
Section 24. | Exchange | B-22 | ||||||
Section 25. | Notice of Certain Events | B-23 | ||||||
Section 26. | Notices | B-23 | ||||||
Section 27. | Supplements and Amendments | B-23 | ||||||
Section 28. | Process to Seek Exemption | B-24 | ||||||
Section 29. | Successors | B-24 | ||||||
Section 30. | Benefits of this Rights Agreement | B-24 | ||||||
Section 31. | Determinations and Actions by the Board of Directors | B-24 | ||||||
Section 32. | Severability | B-25 | ||||||
Section 33. | Governing Law | B-25 | ||||||
Section 34. | Counterparts | B-25 | ||||||
Section 35. | Descriptive Headings | B-25 | ||||||
Section 36. | Prior Agreement | B-25 |
CNO Financial Group, Inc. 2024 Proxy Statement | B-2 |
Acquiring Person | B-4 | Original Rights Agreement | B-4 | |||||||||||
Affiliate | B-5 | Person | B-6 | |||||||||||
Approved Acquisition | B-5 | Preferred Stock | B-6 | |||||||||||
Associate | B-5 | Principal Party | B-16 | |||||||||||
Authorized Officer | B-20 | Purchase Price | B-9 | |||||||||||
Beneficial Owner | B-5 | Record Date | B-4 | |||||||||||
Beneficial Ownership | B-5 | Redemption Date | B-9 | |||||||||||
Beneficially Own | B-5 | Redemption Price | B-21 | |||||||||||
Book Entry | B-5 | Requesting Person | B-24 | |||||||||||
Business Day | B-5 | Right | B-4 | |||||||||||
Close of Business | B-5 | Right Certificates | B-7 | |||||||||||
Code | B-5 | Rights Agent | B-4 | |||||||||||
Common Stock | B-5 | Rights Agreement | B-4 | |||||||||||
Common Stock Equivalents | B-12 | Second A&R Rights Agreement | B-4 | |||||||||||
Company | B-4 | Section 11(a)(ii) Trigger Date | B-12 | |||||||||||
Company 382 Securities | B-5 | Section 382 | B-6 | |||||||||||
Current Value | B-12 | Securities Act | B-6 | |||||||||||
Distribution Date | B-7 | Security | B-13 | |||||||||||
Equivalent Preferred Shares | B-12 | Spread | B-12 | |||||||||||
Exchange Act | B-5 | Stock Acquisition Date | B-6 | |||||||||||
Exchange Ratio | B-22 | Subsidiary | B-6 | |||||||||||
Exempted Person | B-5 | Substitution Period | B-12 | |||||||||||
Exemption Request | B-24 | Summary of Rights | B-7 | |||||||||||
Expiration Date | B-9 | Tax Benefits | B-6 | |||||||||||
Final Expiration Date | B-6 | Third A&R Rights Agreement | B-4 | |||||||||||
First A&R Rights Agreement | B-4 | Threshold Holder | B-6 | |||||||||||
Grandfathered Person | B-6 | Trading Day | B-13 | |||||||||||
Invalidation Time | B-11 | Treasury Regulations | B-6 | |||||||||||
NOLs | B-4 | Trust | B-22 | |||||||||||
NYSE | B-6 | Trust Agreement | B-22 |
B-3 | CNO Financial Group, Inc. 2024 Proxy Statement |
CNO Financial Group, Inc. 2024 Proxy Statement | B-4 |
B-5 | CNO Financial Group, Inc. 2024 Proxy Statement |
CNO Financial Group, Inc. 2024 Proxy Statement | B-6 |
B-7 | CNO Financial Group, Inc. 2024 Proxy Statement |
CNO Financial Group, Inc. 2024 Proxy Statement | B-8 |
B-9 | CNO Financial Group, Inc. 2024 Proxy Statement |
CNO Financial Group, Inc. 2024 Proxy Statement | B-10 |
B-11 | CNO Financial Group, Inc. 2024 Proxy Statement |
CNO Financial Group, Inc. 2024 Proxy Statement | B-12 |
B-13 | CNO Financial Group, Inc. 2024 Proxy Statement |
CNO Financial Group, Inc. 2024 Proxy Statement | B-14 |
B-15 | CNO Financial Group, Inc. 2024 Proxy Statement |
CNO Financial Group, Inc. 2024 Proxy Statement | B-16 |
B-17 | CNO Financial Group, Inc. 2024 Proxy Statement |
CNO Financial Group, Inc. 2024 Proxy Statement | B-18 |
B-19 | CNO Financial Group, Inc. 2024 Proxy Statement |
CNO Financial Group, Inc. 2024 Proxy Statement | B-20 |
B-21 | CNO Financial Group, Inc. 2024 Proxy Statement |
CNO Financial Group, Inc. 2024 Proxy Statement | B-22 |
B-23 | CNO Financial Group, Inc. 2024 Proxy Statement |
CNO Financial Group, Inc. 2024 Proxy Statement | B-24 |
B-25 | CNO Financial Group, Inc. 2024 Proxy Statement |
CNO Financial Group, Inc. 11299 North Illinois Street, Suite 200 Carmel, IN 46032 (317) 81702893 CNOinc.com © 2024 CNO Financial Group (03/24) 215997 |