Business Context and Reporting Period
This Form 8-K filing by Assurant, Inc. reports a corporate governance event dated June 29, 2009. The report details the election of a new member to the Board of Directors.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. The only financial figure disclosed relates to director compensation: a grant of restricted stock units (RSUs) valued at $80,000.
Material Changes
The primary material change is the appointment of Lawrence V. Jackson to the Board of Directors, effective July 1, 2009. He will serve as a Class II director and has not been assigned to any specific board committees at this time.
Guidance, Outlook, and Compensation Details
- Compensation: Mr. Jackson will receive annual retainers and per-meeting fees under the Assurant Directors Compensation Plan.
- Equity Grant: He received a grant of time-based RSUs valued at $80,000 under the Assurant, Inc. Long Term Equity Incentive Plan (ALTEIP).
- Vesting Schedule: The RSUs vest in equal annual installments over three years, contingent on continuous service.
- Dividends: RSUs are credited with dividend equivalents paid in cash.
- Termination Provisions: Unvested RSUs are forfeited upon termination for reasons other than death or disability; death or disability triggers pro rata vesting.
- Change of Control: RSUs fully vest upon a Change of Control.
Investor Verification Checklist
- Verify the total number of RSUs granted by dividing the $80,000 value by the fair market value of Assurant stock on the grant date.
- Review the 2009 Proxy Statement for details on the annual retainers and per-meeting fees applicable to directors.
- Confirm the specific vesting dates based on the July 1, 2009 effective date.
- Check for any subsequent press releases or filings regarding committee assignments for Mr. Jackson.