CNO Financial Group, Inc. (NYSE:CNO) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On May 17, 2017, CNO Financial Group, Inc. ("CNO" or the "Company") filed a Form 8-K to report that (i) Edward J. Bonach will be retiring as Chief Executive Officer and as a member of the Board of Directors of CNO (the "Board") effective December 31, 2017, (ii) Gary C. Bhojwani, currently President of CNO, was appointed Chief Executive Officer of the Company, effective January 1, 2018, and (iii) the Board had elected Mr. Bhojwani as a Director, effective May 16, 2017, increasing the size of the Board to 10 members through December 31, 2017.

On August 9, 2017, the Board approved an Amendment to the Employment Agreement between CNO and Mr. Bhojwani. The amendment extended the term of his employment agreement through December 31, 2020 and made other changes in connection with his appointment as successor Chief Executive Officer.

On December 12, 2017, the Board approved, effective January 1, 2018 when he becomes the Chief Executive Officer, an increase in the annual base salary for Mr. Bhojwani to $1,000,000 and an increase in his target annual bonus to 150% of his annual base salary, with a maximum annual bonus of 300% of his annual base salary. In addition, the Board agreed to grant restricted stock units under the Company’s Amended and Restated Long-Term Incentive Plan (the “Plan”) to Mr. Bhojwani in 2018 with a value of $2,000,000. Such grant will be in addition to the annual awards expected to be made under the Plan in 2018.

About CNO Financial Group, Inc. (NYSE:CNO)
CNO Financial Group, Inc. is a holding company for a group of insurance companies operating across the United States that develop, market and administer health insurance, annuity, individual life insurance and other insurance products. It operates through three operating segments: Bankers Life, Washington National and Colonial Penn. The Bankers Life segment markets and distributes Medicare supplement insurance, interest-sensitive life insurance, traditional life insurance, fixed annuities and long-term care insurance products through a field force of career agents and sales managers supported by a network of sales offices. The Washington National segment markets and distributes supplemental health, including specified disease, accident and hospital indemnity insurance products, and life insurance. The Colonial Penn segment markets graded benefit and simplified issue life insurance through television advertising, direct mail, the Internet and telemarketing.