Business Context and Reporting Period
This Form 8-K Current Report was filed by Assurant, Inc. on July 16, 2020. The report discloses a material corporate governance event regarding the departure of a senior executive officer.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on executive compensation and separation terms rather than financial performance metrics.
Material Changes
The primary material change disclosed is the separation of Robyn Price Stonehill, Executive Vice President and Chief Human Resources Officer. Her departure is effective December 31, 2020.
Management Commentary and Separation Terms
On July 16, 2020, the Company entered into a separation agreement with Ms. Price Stonehill. The key terms include:
- Cash Payments: Base salary payments for a twelve-month period following the Separation Date.
- Bonus: A cash payment equal to her 2020 annual performance bonus.
- Benefits: Company contributions for medical coverage during the twelve-month Relevant Period.
- Equity: Unvested equity awards will vest on a prorated basis following the Separation Date.
- Other: An annual membership to a human resources association in lieu of outplacement services and non-solicitation restrictions for the Relevant Period.
The full text of the agreement will be filed as an exhibit to the Company's Form 10-Q for the quarter ending September 30, 2020.
Investor Verification Checklist
- Verify the exact base salary amount used to calculate the twelve-month separation payment.
- Confirm the specific value of the 2020 annual performance bonus awarded.
- Review the upcoming Form 10-Q (Q3 2020) for the full separation agreement exhibit.
- Monitor the appointment of a successor Chief Human Resources Officer.