Business Context and Reporting Period
Company: Assurant, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: February 1, 2010
Reporting Period: Effective as of February 1, 2010
Key Financial Metrics
This filing does not contain financial performance data. Revenue, profit, cash flow, margins, debt, and liquidity metrics are not reported in this document.
Material Changes
The filing reports a material change to executive compensation arrangements:
- Change of Control Agreements: Effective February 1, 2010, all members of the Management Committee, including named executive officers, entered into amendments to their Change of Control Employment Agreements.
- Elimination of Gross-Ups: The amendments eliminate gross-up payments intended to offset excise taxes imposed under Section 4999 of the Internal Revenue Code regarding payments made in connection with a change of control.
Guidance, Outlook, and Risks
This filing does not provide financial guidance, outlook, or management commentary on business operations. The primary risk disclosed relates to the modification of tax treatment for executive severance payments in the event of a change of control.
Investor Verification Checklist
- Verify the specific terms of the amendment to the Change of Control Employment Agreement (Exhibit 10.1).
- Confirm the list of Management Committee members and named executive officers affected by the amendment.
- Assess the potential impact of removing Section 4999 tax gross-ups on executive retention and compensation costs during a change of control scenario.