Business Context and Reporting Period
This Form 8-K filing by Assurant, Inc. is dated May 15, 2008. The report addresses Item 5.02 regarding the departure of a senior officer and associated compensatory arrangements.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. It focuses exclusively on executive compensation details.
- Retirement Benefit (SERP): Approximately $3.17 million, payable six months post-retirement.
- Equity Vesting: 196 shares of restricted common stock and 14,825 stock appreciation rights.
Material Changes
The primary material change is the acceleration of the retirement date for Jerome Atkinson, Executive Vice President and Chief Compliance Officer. Originally scheduled for July 1, 2008, his retirement was moved to June 16, 2008, due to the early completion of his transition responsibilities.
Management Commentary and Unusual Items
The Compensation Committee of the Board of Directors approved the following on May 15, 2008:
- Pro-rata vesting of 2007 and 2008 restricted stock and stock appreciation rights awards under the 2004 Long Term Incentive Plan upon the new retirement date.
- Vesting of 90% of the benefit accrued through the retirement date under the Supplemental Executive Retirement Plan (SERP).
- Payment of the SERP benefit in accordance with Section 409A of the Internal Revenue Code.
Investor Verification Checklist
- Confirm the exact retirement date of Jerome Atkinson (June 16, 2008).
- Verify the total value of the SERP payout ($3.17 million) and its payment timeline.
- Review the specific terms of the 2004 Long Term Incentive Plan regarding pro-rata vesting for early retirement.
- Check for any subsequent filings regarding the appointment of a replacement Chief Compliance Officer.