Business Context and Reporting Period
This Form 8-K was filed by Assurant, Inc. on November 13, 2008. The report addresses a specific corporate governance event regarding executive compensation rather than periodic financial results.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. The only financial figure disclosed is the value of a specific equity award granted to an executive.
Material Changes
The material change reported is the grant of a restricted stock award to Michael J. Peninger, who was previously appointed as interim Chief Financial Officer in July 2007. The award recognizes his performance in the interim role.
Management Commentary and Unusual Items
- Executive Compensation: On November 13, 2008, the Compensation Committee granted Mr. Peninger a restricted stock award valued at $250,000 based on the market price of the Company's common stock on the grant date.
- Vesting Schedule: The award vests one-third annually, beginning on the first anniversary of the grant date, with full vesting occurring on the third anniversary.
- Plan Details: The award was made under the Assurant, Inc. Long Term Executive Incentive Plan.
Investor Verification Checklist
- Verify the current market price of Assurant, Inc. common stock as of November 13, 2008, to confirm the share count underlying the $250,000 award.
- Review the Assurant, Inc. Long Term Executive Incentive Plan documents for specific forfeiture or acceleration clauses.
- Confirm whether Michael J. Peninger has since been appointed as the permanent Chief Financial Officer or if the interim status has changed.