Business Context and Reporting Period
This Form 8-K Current Report was filed by Assurant, Inc. on August 11, 2005. The filing discloses the entry into a material definitive agreement regarding executive compensation adjustments following recent leadership appointments.
Key Financial Metrics
The filing does not provide consolidated revenue, profit, cash flow, margins, debt, or liquidity metrics. The financial data presented is limited to specific executive compensation adjustments approved by the Compensation Committee.
| Executive | Position | 2005 Base Salary | Short-Term Incentive Target | Long-Term Incentive (ALTIP) Target | Additional Bonus |
|---|---|---|---|---|---|
| Robert B. Pollock | President & COO | $750,000 | 100% of Base | 130% of Base | N/A |
| Philip Bruce Camacho | EVP & CFO | $600,000 | 100% of Base | 100% of Base | $25,000 (Promotional) |
Material Changes Versus Prior Period
- Robert B. Pollock: Base salary increased from $692,000 to $750,000. Short-term and long-term incentive targets remained unchanged at 100% and 130% of base salary, respectively.
- Philip Bruce Camacho: Base salary increased from $585,000 to $600,000. Short-term incentive target increased from 75% to 100% of base salary. Long-term incentive target increased from 90% to 100% of base salary.
- One-Time Payment: A $25,000 promotional cash bonus was authorized for Mr. Camacho, payable in August 2005.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or management commentary regarding future business performance. It references prior 8-K filings (March 16, 2005, and April 27, 2005) for the material terms of the incentive award plans. No specific risks or contingencies are detailed in this report beyond the standard disclosure of the compensation agreement.
Key Facts for Investor Verification
- Verify the total incremental cost of the salary increases and the promotional bonus against the company's current fiscal year budget.
- Review the referenced March 16, 2005, and April 27, 2005, 8-K filings to understand the specific performance metrics tied to the Short-Term and ALTIP awards.
- Confirm the effective date of the new compensation packages relative to the fiscal year-end to assess the full-year impact on operating expenses.