Kemper Corporation Executive Separation Agreement

Kemper Corporation has entered into a Separation and Release Agreement with Duane A. Sanders, former Executive Vice President and Chief Claims Officer, P&C. The agreement, effective December 16, 2025, details the terms of Mr. Sanders' separation from the company without cause. He will receive a cash severance of $2,025,000, continued eligibility for a 2025 annual bonus based on performance, reimbursement for 18 months of COBRA premiums, and 12 months of financial planning services. Additionally, his outstanding equity awards will continue to vest under specific conditions related to retirement eligibility and compliance with restrictive covenants. The agreement includes non-disclosure, non-competition, and non-solicitation clauses, as well as a release of claims against the company. Mr. Sanders will transition to an Executive Advisor role until December 31, 2025, focusing on separation matters. This filing also includes the Separation and Release Agreement as an exhibit.