Business Context and Reporting Period
This Form 8-K Current Report was filed by Assurant, Inc. on October 2, 2014, covering events occurring on October 1, 2014. The filing addresses a change in executive compensation arrangements following the departure of a senior officer.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on a specific contractual agreement.
Material Changes
The primary material change reported is the execution of a Consulting Agreement with Michael J. Peninger, the former Executive Vice President and Chief Financial Officer. Key terms include:
- Role: Independent contractor providing consulting services.
- Duration: From October 1, 2014, until October 2, 2015, or earlier termination.
- Compensation: A fee of $25,000 per month.
- Restrictions: Mr. Peninger is restricted from engaging in competitive business activities without prior written consent during the consultancy period.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on business outlook, or discussion of general corporate risks. The only contingency noted is the potential for earlier termination of the Consulting Agreement.
Investor Verification Checklist
- Verify the exact terms and termination clauses in the attached Exhibit 10.1 (Consulting Agreement).
- Confirm the total potential cost of the agreement ($300,000 if held for the full 12 months).
- Review subsequent filings to determine if the agreement was terminated early or if Mr. Peninger engaged in any competitive activities.