Document:

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                                                                   EXHIBIT 10.12

                                 ASSURANT, INC.
                           DIRECTORS COMPENSATION PLAN

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                                 ASSURANT, INC.
                           DIRECTORS COMPENSATION PLAN

                                TABLE OF CONTENTS

<TABLE>
<S>                                                                               <C>
ARTICLE 1  PURPOSE......................................................          1

         1.1      Purpose...............................................          1

         1.2      Eligibility...........................................          1

ARTICLE 2  DEFINITIONS..................................................          1

         2.1      Definitions...........................................          1

ARTICLE 3  ADMINISTRATION...............................................          2

         3.1      Administration........................................          2

         3.2      Reliance..............................................          2

         3.3      Indemnification.......................................          3

ARTICLE 4  SHARES.......................................................          3

         4.1      Shares Subject to the Plan............................          3

ARTICLE 5  CASH COMPENSATION............................................          3

         5.1      Base Annual Retainer..................................          3

         5.2      Supplemental Annual Retainer..........................          3

         5.3      Fees..................................................          4

         5.4      Travel Expense Reimbursement..........................          4

ARTICLE 6  EQUITY COMPENSATION..........................................          4

         6.1      Stock Grants..........................................          4

         6.2      Stock Appreciation Rights.............................          5

         6.3      Adjustments...........................................          6

ARTICLE 7  AMENDMENT, MODIFICATION AND TERMINATION......................          7

         7.1      Amendment, Modification and Termination...............          7

ARTICLE 8  GENERAL PROVISIONS...........................................          7

         8.1      Election to Defer Payment.............................          7

         8.2      Restriction of Lenders................................          7

         8.3      Duration of the Plan..................................          7
</TABLE>

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<TABLE>
<S>                                                                               <C>
         8.4      Expenses of the Plan..................................          7

         8.5      Effective Date........................................          8
</TABLE>

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                                 ASSURANT, INC.
                           DIRECTORS COMPENSATION PLAN

                                    ARTICLE 1
                                     PURPOSE

         1.1.     PURPOSE. The purpose of the Assurant, Inc. Directors
Compensation Plan is to attract, retain and compensate highly-qualified
individuals who are not employees of Assurant, Inc. or any of its subsidiaries
or affiliates for service as members of the Board by providing them with
competitive compensation and an ownership interest in the Common Stock of the
Company. The Company intends that the Plan will benefit the Company and its
stockholders by allowing Non-Employee Directors to have a personal financial
stake in the Company through an ownership interest in the Common Stock and will
closely associate the interests of Non-Employee Directors with that of the
Company's stockholders.

         1.2.     ELIGIBILITY. All active Non-Employee Directors shall
automatically be participants in the Plan.

                                    ARTICLE 2
                                   DEFINITIONS

         2.1.     DEFINITIONS. Unless the context clearly indicates otherwise,
the following terms shall have the following meanings:

         (a)      "Base Annual Retainer" means the annual cash retainer
(excluding meeting fees and expenses) payable by the Company to a Non-Employee
Director pursuant to Section 5.1 hereof for service as a director of the Company
(i.e., excluding any Supplemental Annual Retainer), as such amount may be
changed from time to time.

         (b)      "Board" means the Board of Directors of the Company or, in the
case of the initial approval of the Plan, the Board of Directors of Fortis,
Inc., the predecessor of the Company.

         (c)      "Company" means Assurant, Inc., a Delaware corporation.

         (d)      "Common Stock" means the common stock, par value $0.01 per
share, of the Company.

         (e)      "Disability" means any illness or other physical or mental
condition of a Non-Employee Director that renders him or her incapable of
performing as a director of the Company, or any medically determinable illness
or other physical or mental condition resulting from a bodily injury, disease or
mental disorder which, in the judgment of the Board, is permanent and continuous
in nature. The Board may require such medical or other evidence as it deems
necessary to judge the nature and permanency of a Non-Employee Director's
condition.

         (f)      "Effective Date" has the meaning set forth in Section 8.4 of
the Plan.

         (g)      "Fair Market Value", on any date, means (i) if the Common
Stock is listed on a securities exchange or is traded over the Nasdaq National
Market, the closing sales price on such

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exchange or over such system on such date or, in the absence of reported sales
on such date, the closing sales price on the immediately preceding date on which
sales were reported, or (ii) if the Common Stock is not listed on a securities
exchange or traded over the Nasdaq National Market, the mean between the bid and
offered prices as quoted by Nasdaq for such date, provided that if it is
determined that the fair market value is not properly reflected by such Nasdaq
quotations, Fair Market Value will be determined by such other method as the
Board determines in good faith to be reasonable.

         (h)      "Non-Employee Director" means a director of the Company who is
not an employee of the Company or Fortis, or any of its respective subsidiaries
or affiliates.

         (i)      "Plan" means the Assurant, Inc. Directors Compensation Plan,
as amended from time to time.

         (j)      "Plan Year(s)" means the approximate twelve-month periods
between annual meetings of the stockholders of the Company, which, for purposes
of the Plan, are the periods for which annual retainers are earned.

         (k)      "Retirement" means retirement as a director of the Company in
accordance with the provisions of the Company's bylaws as in effect from time to
time.

         (l)      "Stock Appreciation Rights" or "SARs" has the meaning set
forth in Section 6.2 of the Plan.

         (m)      "Stock Grant Date" has the meaning set forth in Section 6.1(c)
of the Plan.

         (n)      "Supplemental Annual Retainer" means the annual retainer
(excluding meeting fees and expenses) payable by the Company to a Non-Employee
Director pursuant to Section 5.2 hereof for service as a member or chair of a
committee of the Board, as such amount may be changed from time to time.

                                    ARTICLE 3
                                 ADMINISTRATION

         3.1.     ADMINISTRATION. The Plan shall be administered by the Board.
Subject to the provisions of the Plan, the Board shall be authorized to
interpret the Plan, to establish, amend and rescind any rules and regulations
relating to the Plan, and to make all other determinations necessary or
advisable for the administration of the Plan. The Board's interpretation of the
Plan, and all actions taken and determinations made by the Board pursuant to the
powers vested in it hereunder, shall be conclusive and binding upon all parties
concerned including the Company, its stockholders and persons granted awards
under the Plan. The Board may appoint a plan administrator to carry out the
ministerial functions of the Plan, but the administrator shall have no other
authority or powers of the Board.

         3.2.     RELIANCE. In administering the Plan, the Board may rely upon
any information furnished by the Company, its public accountants and other
experts. No individual will have personal liability by reason of anything done
or omitted to be done by the Company or the Board in connection with the Plan.

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         3.3.     INDEMNIFICATION. Each person who is or has been a member of
the Board or who otherwise participates in the administration or operation of
the Plan shall be indemnified by the Company against, and held harmless from,
any loss, cost, liability or expense that may be imposed upon or incurred by him
or her in connection with or resulting from any claim, action, suit or
proceeding in which such person may be involved by reason of any action taken or
failure to act under the Plan and shall be fully reimbursed by the Company for
any and all amounts paid by such person in satisfaction of judgment against him
or her in any such action, suit or proceeding, provided he or she will give the
Company an opportunity, by written notice to the Board, to defend the same at
the Company's own expense before he or she undertakes to defend it on his or her
own behalf. This right of indemnification shall not be exclusive of any other
rights of indemnification.

                                    ARTICLE 4
                                     SHARES

         4.1.     SHARES SUBJECT TO THE PLAN. The shares of Common Stock that
may be issued pursuant to the Plan shall not exceed in the aggregate 500,000.
Such shares may be authorized and unissued shares or treasury shares.

                                    ARTICLE 5
                                CASH COMPENSATION

         5.1.     BASE ANNUAL RETAINER. Each Non-Employee Director shall be paid
a Base Annual Retainer for service as a director during each Plan Year, payable
quarterly beginning on the first day of the Plan Year, or the Effective Date in
the case of the Plan Year ending on the 2005 annual meeting of stockholders. The
amount of the Base Annual Retainer shall be established from time to time by the
Board. Until changed by the Board, the Base Annual Retainer shall be $35,000 for
a full Plan Year. Each person who first becomes a Non-Employee Director on a
date other than an annual meeting date shall be paid a pro-rata retainer equal
to the Base Annual Retainer for such Plan Year, multiplied by a fraction, the
numerator of which is the number of full months before the next regularly
scheduled annual meeting of the Company's stockholders, and the denominator of
which is 12. Payment of such prorated Base Annual Retainer shall begin on the
date that the person first becomes a Non-Employee Director.

         5.2.     SUPPLEMENTAL ANNUAL RETAINER. Certain Non-Employee Directors
shall be paid a Supplemental Annual Retainer for service as Chairman of the
Board or as a member or chair of a committee of the Board during a Plan Year,
payable quarterly at the same times as installments of the Base Annual Retainer
are paid. The amount of the Supplemental Annual Retainer shall be established
from time to time by the Board. Until changed by the Board, the Supplemental
Annual Retainer for a full Plan Year shall be as follows:

<TABLE>
<CAPTION>
                                               CHAIR       NON-CHAIR MEMBER
<S>                                            <C>         <C>
Chairman of the Board                          $7,500              n/a
Audit Committee                                $7,500           $3,750
Compensation Committee                         $5,000           $2,500
Governance/Nominating Committee                $5,000           $2,500
Executive Committee                            $    0           $    0
</TABLE>

A pro-rata Supplemental Annual Retainer will be paid to any Non-Employee
Director who

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becomes chairman or joins a committee of the Board on a date other than the
beginning of a Plan Year, based on the number of full months between the date
such Non-Employee Director became chairman or joined such committee and the
beginning of the next Plan Year.

         5.3.     FEES. Each Non-Employee Director shall be paid a fee for each
meeting or conference call of the Board or committee thereof in which he or she
participates. The amount of the fees shall be established from time to time by
the Board. Until changed by the Board, the fee for attending a meeting of the
Board or any committee thereof shall be $2,000, and the fee for participating in
a conference call of the Board or any committee thereof shall be $500; provided
that no more than one fee will be payable for meetings or conference calls held
on a single day. For purposes of this provision, the Chairman of the Board or
chairman of the respective Board committee may authorize the full meeting fee to
be payable with respect to any extended conference call or any other special
off-site meeting required as part of a Non-Employee Director's service on the
Board or any committee thereof.

         5.4.     TRAVEL EXPENSE REIMBURSEMENT. All Non-Employee Directors shall
be reimbursed for reasonable travel expenses (including spouse's expenses to
attend events to which spouses are invited) in connection with attendance at
meetings of the Board and its committees, or other Company functions at which
the Chief Executive Officer requests the Non-Employee Director to participate.
If the travel expense is related to the reimbursement of commercial airfare,
such reimbursement will not exceed full-coach rates for domestic travel or
business-class rates for international travel. If the travel expense is related
to reimbursement of non-commercial air travel, such reimbursement shall not
exceed the rate for comparable travel by means of commercial airlines.

                                    ARTICLE 6
                               EQUITY COMPENSATION

         6.1.     STOCK GRANTS.

         (a)      Initial Stock Grant. Each Non-Employee Director shall receive,
on the later of the Effective Date of the Plan or the first date he or she
becomes a Non-Employee Director, an award of shares of Common Stock having an
aggregate Fair Market Value on the grant date equal to the non-prorated Base
Annual Retainer for such Plan Year. Such shares shall be subject to the transfer
restrictions described below in Section 6.1(d).

         (b)      Annual Stock Grants. On the day following the 2005 annual
meeting of the Company's stockholders, and on the day following each subsequent
annual meeting of the Company's stockholders, each Non-Employee Director in
service on that date (other than a director who first became a Non-Employee
Director at the stockholders meeting held on the previous day) will receive an
award of shares having a Fair Market Value on the date of grant equal to the
non-prorated Base Annual Retainer for such Plan Year. Such shares shall be
subject to the transfer restrictions described below in Section 6.1(d). In no
event will a director receive both an initial award and an annual award of
shares for the same Plan Year.

         (c)      Reduced Awards. Each day that shares are to be granted under
the Plan is referred to hereinafter as a "Stock Grant Date." If on any Stock
Grant Date, shares of Common Stock are not available under the Plan to grant to
Non-Employee Directors the full amount of a grant contemplated by Section 6.1(a)
or (b), then each Non-Employee Director then entitled to an

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award of shares shall receive a reduced grant of shares (a "Reduced Grant") in
an amount equal to the number of shares of Common Stock then available under the
Plan, divided by the number of Non-Employee Directors entitled to an award of
shares as of the applicable Stock Grant Date. Fractional shares shall be ignored
and not granted. If a Reduced Grant has been made and, thereafter, during the
term of the Plan, additional shares of Common Stock become available for grant
(e.g., by an amendment to the Plan approved by the stockholders), then each
person who was a Non-Employee Director both on the Stock Grant Date on which the
Reduced Grant was made and on the date additional shares of Common Stock become
available (a "Continuing Non-Employee Director") shall receive an additional
grant of shares. The number of newly available shares shall be divided equally
among the shares granted to the Continuing Non-Employee Directors up to the full
number of shares that were due to be granted. If more than one Reduced Grant has
been made, available shares shall be granted beginning with the earliest such
Stock Grant Date.

         (d)      Minimum Holding Period. A Non-Employee Director receiving
shares of Common Stock under the Plan shall not sell, transfer, exchange,
assign, pledge, hypothecate or otherwise encumber such shares to or in favor of
any party other than the Company, or subject such shares to any lien, obligation
or liability of the grantee to any other party other than the Company, for a
period of five (5) years from the date of grant or unless the Non-Employee
Director ceases to be a director of the Company by reason of his or her death,
Disability or Retirement, or failure to be re-nominated or re-elected to the
Board.

         6.2.     STOCK APPRECIATION RIGHTS.

         (a)      Initial SAR Grant. Each Non-Employee Director shall receive,
on the later of the Effective Date of the Plan or the first date he or she
becomes a Non-Employee Director, an award of Stock Appreciation Rights ("SARs")
with respect to that number of shares of Common Stock having an aggregate Fair
Market Value on the grant date equal to the non-prorated Base Annual Retainer
for such Plan Year.

         (b)      Annual SAR Grants. On the day following the 2005 annual
meeting of the Company's stockholders, and on the day following each subsequent
annual meeting of the Company's stockholders, each Non-Employee Director in
service on that date (other than a director who first became a Non-Employee
Director at the stockholders meeting held on the previous day) will receive an
award of SARs with respect to that number of shares of Common Stock having a
Fair Market Value on the date of grant equal to the non-prorated Base Annual
Retainer for such Plan Year. In no event will a director receive both an initial
award and an annual award of SARs for the same Plan Year.

         (c)      Terms and Conditions of SARs.

                  (i)      Base Value and Benefit. The base value of each SAR
granted under this Plan shall equal the Fair Market Value of a share of Common
Stock on the date of grant of the SAR. Each SAR entitles the grantee, in
accordance with and subject to the restrictions set forth in this Section 6.2,
to receive from the Company upon the exercise of the SAR an amount, payable in
cash, equal to the excess, if any, of (a) the Fair Market Value of one share of
Common Stock on the date of exercise; over (b) the base value of the SAR.

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                  (ii)     Vesting and Exercise of SARs. The SARs shall be fully
vested on the date of grant, but may not be exercised until the 5th anniversary
of the date of grant. Notwithstanding the foregoing, to the extent not
previously exercised, all SARs granted hereunder shall be automatically
exercised (and shall thereupon expire) on earlier of (i) the first anniversary
of a Non-Employee Director's termination as a director of the Company for any
reason, or (ii) the 10th anniversary of the date of grant of the SAR. The Board
may at its discretion force the early exercise of SARs in order to facilitate
any reorganization, recapitalization, or other need of the Company. In requiring
such mandatory exercise, the Board in its discretion shall select which SARs
shall be exercised.

                  (iii)    Restrictions on Transfer and Pledge. The SARs may not
be pledged, encumbered, or hypothecated to or in favor of any party other than
the Company or an affiliate, nor shall they be subject to any lien, obligation,
or liability of the grantee to any party other than the Company or an affiliate.
The SARs are not assignable or transferable by the grantee other than by will or
the laws of descent and distribution. The SARs may be exercised during the
lifetime of the grantee only by the grantee.

                  (iv)     Award Agreements. All awards of SARs under this Plan
shall be evidenced by a written Award Agreement between the Company and the
Non-Employee Director, which shall include such provisions, not inconsistent
with the Plan, as may be specified by the Board.

                  (v)      Beneficiaries. A Non-Employee Director may, in the
manner determined by the Board, designate a beneficiary to exercise the rights
of the Non-Employee Director and to receive any distribution with respect to any
SAR upon his or her death. A beneficiary, legal guardian, legal representative,
or other person claiming any rights under the Plan is subject to all terms and
conditions of the Plan and any Award Agreement applicable to the Non-Employee
Director, except to the extent the Plan and Award Agreement otherwise provide,
and to any additional restrictions deemed necessary or appropriate by the Board.
If no beneficiary has been designated or survives the Non-Employee Director,
payment shall be made to the Non-Employee Director's estate. Subject to the
foregoing, a beneficiary designation may be changed or revoked by a Non-Employee
Director at any time provided the change or revocation is filed with the Board.

         6.3.     ADJUSTMENTS. In the event that the Board determines that any
distribution (whether in the form of cash, Common Stock, other securities, or
other property), recapitalization, reclassification, stock split, reverse stock
split, reorganization, merger, consolidation, split-up, spin-off, combination,
repurchase, or exchange of Common Stock or other securities of the Company,
issuance of warrants or other rights to purchase Common Stock or other
securities of the Company, or other similar corporate transaction or event, in
the Board's sole discretion, affects the Common Stock such that an adjustment is
determined by the Board to be appropriate in order to prevent dilution or
enlargement of the benefits or potential benefits intended to be made available
under the Plan or with respect to an award or awards hereunder, then the Board
shall, in such manner as it may deem equitable, adjust the number and type of
shares (or other securities or property) which may be granted under the Plan.
Any decision of the Board pursuant to the terms of this Section 6.3 shall be
final, binding and conclusive upon the Non-Employee Directors, the Company and
all other interested parties. Without limiting the foregoing, in the event of a
subdivision of the outstanding Common Stock (stock-split), a declaration of a
dividend payable in shares of Common Stock, or a combination or consolidation

                                     - 6 -
<PAGE>

of the outstanding Common Stock into a lesser number of shares, the
authorization limit under Article 4 shall automatically be adjusted
proportionately, any outstanding SARs shall automatically be adjusted
proportionately, and any resulting shares payable with respect to shares of
Common Stock granted under this Plan shall be subject to any remaining minimum
holding period for such host shares imposed under Section 6.1(d) hereof.

                                    ARTICLE 7
                     AMENDMENT, MODIFICATION AND TERMINATION

         7.1.     AMENDMENT, MODIFICATION AND TERMINATION. The Board may, at any
time and from time to time, amend, modify or terminate the Plan without
stockholder approval; provided, however, that if an amendment to the Plan would,
in the reasonable opinion of the Board, (i) materially increase the number of
shares of Common Stock available under the Plan, (ii) expand the types of awards
available under the Plan, (iii) materially extend the term of the Plan, or (iv)
otherwise constitute a material change requiring shareholder approval under
applicable laws, policies or regulations or the applicable listing or other
requirements of a securities exchange on which the Common Stock is listed or
traded, then such amendment shall be subject to stockholder approval; and
provided further, that the Board may condition any other amendment or
modification on the approval of stockholders of the Company for any reason.

                                    ARTICLE 8
                               GENERAL PROVISIONS

         8.1.     ELECTION TO DEFER PAYMENT. A Participant may elect to defer
receipt of any cash payment under this Plan. Such election shall be made in
writing and delivered to the plan administrator (i) with respect to cash
payments under Article 5, not later than the beginning of the Plan Year with
respect to which such payments are made, and (ii) with respect to SARs granted
under Article 6, not later than such SARs first become exercisable. As elected
by the Participant, such payment may be deferred under the terms of the
Assurant, Inc. Investment Plan, and such deferral shall be governed solely by
the terms of such Plan.

         8.2.     RESTRICTIONS OF LENDERS. The Company's obligations under this
Plan shall be subject to, and may from time to time be prohibited by, agreements
that may be in effect from time to time among or between the Company or its
affiliates and their respective lenders. In the event that the Company would not
be able to perform any of its agreements or fulfill any of its obligations
hereunder without violating such a loan agreement, the Company shall be excused
from such performance or fulfillment with no liability therefor to the
Non-Employee Directors; provided that if and when such performance or
fulfillment would no longer be such a violation, the Company shall have the
obligation to complete such performance or fulfillment at that time.

         8.3.     DURATION OF THE PLAN. The Plan shall remain in effect until
the day immediately following the 2013 annual meeting of Company's stockholders,
unless terminated earlier by the Board.

         8.4.     EXPENSES OF THE PLAN. The expenses of administering the Plan
shall be borne by the Company.

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         8.5.     EFFECTIVE DATE. The Plan was originally adopted by the Board
on October 15, 2003 and was approved by the sole stockholder on October 15,
2003. The Plan will become effective on the closing date of the initial public
offering of the Common Stock pursuant to a registration statement filed by the
Company under the Securities Act of 1933, as amended, which is anticipated to
occur in 2004 (the "Effective Date").

                                            ASSURANT, INC.

                                            By:    /s/ Robert Haertel
                                               ------------------------------
                                            Its:   Senior Vice President

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                                                                   EXHIBIT 10.14

                                 ASSURANT, INC.
                       EXECUTIVE MANAGEMENT INCENTIVE PLAN
<PAGE>
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                                                                               .
                                                                               .

                                 ASSURANT, INC.
                       EXECUTIVE MANAGEMENT INCENTIVE PLAN

                                TABLE OF CONTENTS

<TABLE>
<S>                                                                                        <C>
ARTICLE 1  ESTABLISHMENT OF PLAN................................................            3

         1.1      Background....................................................            3

         1.2      Purpose.......................................................            3

ARTICLE 2  DEFINITIONS..........................................................            3

         2.1      Definitions...................................................            3

ARTICLE 3  ADMINISTRATION.......................................................            6

         3.1      Committee.....................................................            6

         3.2      Authority of Committee........................................            6

         3.3      Decisions Binding.............................................            6

ARTICLE 4  ELIGIBILITY..........................................................            6

         4.1      Eligible Participants.........................................            6

         4.2      Partial Year Participation....................................            7

         4.3      Demotions.....................................................            7

ARTICLE 5  OPERATION OF THE PLAN................................................            7

         5.1      Plan Structure................................................            7

         5.2      Establishment of Performance Goals............................            7

         5.3      Establishment of Incentive Award Targets......................            8

         5.4      Percent of Target Earned......................................            8

         5.5      Payout Form and Timing........................................            8

         5.6      Death, Disability and Retirement..............................            8

         5.7      Other Terminations of Employment..............................            8

         5.8      Change of Control.............................................            9

ARTICLE 6  INDEMNIFICATION......................................................            9

ARTICLE 7  AMENDMENT, MODIFICATION AND TERMINATION..............................            9

         7.1      Amendment, Modification and Termination.......................            9

         7.2      Termination After or During a Performance Period..............            9

ARTICLE 8  GENERAL PROVISIONS...................................................           10
</TABLE>

<PAGE>

<TABLE>
<S>                                                                                        <C>
         8.1      No Right to Participate.......................................           10

         8.2      No Right to Employment........................................           10

         8.3      Withholding...................................................           10

         8.4      Unfunded Status of Awards.....................................           10

         8.5      Expenses......................................................           10

         8.6      Titles and Headings...........................................           10

         8.7      Gender and Number.............................................           10

         8.8      Governing Law.................................................           10
</TABLE>

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<PAGE>

                                 ASSURANT, INC.
                       EXECUTIVE MANAGEMENT INCENTIVE PLAN

                                    ARTICLE 1
                              ESTABLISHMENT OF PLAN

         1.1      BACKGROUND OF PLAN. The Company hereby establishes, effective
as of January 1, 2004 (the "Effective Date"), an annual cash incentive plan for
its senior officers known as the Assurant, Inc. Executive Management Incentive
Plan. The Plan was adopted by the Board on October 15, 2003 and by the sole
stockholder on October 15, 2003.

         1.2      PURPOSE. The purpose of the Plan is to advance the interests
of the Company by providing Participants with performance incentives in the form
of annual monetary awards equal to a percentage of such Participant's base
salary based upon the achievement by the Company of certain performance goals.

                                    ARTICLE 2
                                   DEFINITIONS

         2.1      DEFINITIONS. Certain terms of the Plan have defined meanings
set forth in this Article and which shall govern unless the context in which
they are used clearly indicates that some other meaning is intended.

         (a)      "Beneficiary" means any person or persons designated by a
         Participant, in accordance with procedures established by the
         Committee, to receive benefits hereunder in the event of the
         Participant's death. If any Participant shall fail to designate a
         Beneficiary or shall designate a Beneficiary who shall fail to survive
         the Participant, the Beneficiary shall be the Participant's surviving
         spouse, or, if none, the Participant's surviving descendants (who shall
         take per stirpes) and if there are no surviving descendants, the
         Beneficiary shall be the Participant's estate.

         (b)      "Board" means the Board of Directors of the Company or, in the
         case of the initial approval of the Plan, the Board of Directors of
         Fortis, Inc., the predecessor of the Company.

         (c)      "Change of Control" means and includes the occurrence of any
         one of the following events but shall specifically exclude a public
         offering of securities of the Company:

                           (i)      individuals who, on the Effective Date,
                  constitute the Board of Directors of the Company (the
                  "Incumbent Directors") cease for any reason to constitute at
                  least a majority of such Board, provided that any person
                  becoming a director after the Effective Date and whose
                  election or nomination for election was approved by a vote of
                  at least a majority of the Incumbent Directors then on the
                  Board shall be an Incumbent Director; provided, however, that
                  no individual initially elected or nominated as a director of
                  the Company as a result of an actual or threatened election
                  contest with respect to the election or removal of directors
                  ("Election Contest") or other actual or threatened
                  solicitation of proxies or consents by or on behalf of any
                  "Person" (such term for purposes of this

<PAGE>

                  definition being as defined in Section 3(a)(9) of the 1934 Act
                  and as used in Section 13(d)(3) and 14(d)(2) of the 1934 Act)
                  other than the Board ("Proxy Contest"), including by reason of
                  any agreement intended to avoid or settle any Election Contest
                  or Proxy Contest, shall be deemed an Incumbent Director; or

                           (ii)     any Person is or becomes a "beneficial
                  owner" (as defined in Rule 13d-3 under the 1934 Act), directly
                  or indirectly, of either (A) 30% or more of the
                  then-outstanding shares of common stock of the Company
                  ("Company Common Stock") or (B) securities of the Company
                  representing 30% or more of the combined voting power of the
                  Company's then outstanding securities eligible to vote for the
                  election of directors (the "Company Voting Securities");
                  provided, however, that for purposes of this subsection (ii),
                  the following acquisitions shall not constitute a Change in
                  Control: (v) an acquisition directly from the Company, (w) an
                  acquisition by the Company or a Subsidiary of the Company, (x)
                  an acquisition by a Person who is on the Effective Date the
                  beneficial owner, directly or indirectly, of 50% or more of
                  the Company Common Stock or the Company Voting Securities, (y)
                  an acquisition by any employee benefit plan (or related trust)
                  sponsored or maintained by the Company or any Subsidiary of
                  the Company, or (z) an acquisition pursuant to a
                  Non-Qualifying Transaction (as defined in subsection (iii)
                  below); or

                           (iii)    the consummation of a reorganization,
                  merger, consolidation, statutory share exchange or similar
                  form of corporate transaction involving the Company or a
                  Subsidiary (a "Reorganization"), or the sale or other
                  disposition of all or substantially all of the Company's
                  assets (a "Sale") or the acquisition of assets or stock of
                  another corporation (an "Acquisition"), unless immediately
                  following such Reorganization, Sale or Acquisition: (A) all or
                  substantially all of the individuals and entities who were the
                  beneficial owners, respectively, of the outstanding Company
                  Common Stock and outstanding Company Voting Securities
                  immediately prior to such Reorganization, Sale or Acquisition
                  beneficially own, directly or indirectly, more than 60% of,
                  respectively, the then outstanding shares of common stock and
                  the combined voting power of the then outstanding voting
                  securities entitled to vote generally in the election of
                  directors, as the case may be, of the corporation resulting
                  from such Reorganization, Sale or Acquisition (including,
                  without limitation, a corporation which as a result of such
                  transaction owns the Company or all or substantially all of
                  the Company's assets or stock either directly or through one
                  or more subsidiaries, the "Surviving Corporation") in
                  substantially the same proportions as their ownership,
                  immediately prior to such Reorganization, Sale or Acquisition,
                  of the outstanding Company Common Stock and the outstanding
                  Company Voting Securities, as the case may be, and (B) no
                  Person (other than (x) the Company or any Subsidiary of the
                  Company, (y) the Surviving Corporation or its ultimate parent
                  corporation, or (z) any employee benefit plan (or related
                  trust) sponsored or maintained by any of the foregoing is the
                  beneficial owner, directly or indirectly, of 30% or more of
                  the total common stock or 30% or more of the total voting
                  power of the outstanding voting securities eligible to elect
                  directors of the Surviving Corporation, and (C) at least a
                  majority of the members of the board of directors of the
                  Surviving Corporation were Incumbent Directors at the time of
                  the Board's approval of the execution of the initial agreement
                  providing for such Reorganization, Sale or Acquisition (any
                  Reorganization, Sale or Acquisition

                                      - 4 -
<PAGE>

                  which satisfies all of the criteria specified in (A), (B) and
                  (C) above shall be deemed to be a "Non-Qualifying
                  Transaction"); or

                           (iv)     approval by the stockholders of the Company
                  of a complete liquidation or dissolution of the Company.

         (d)      "Code" means the Internal Revenue Code of 1986, as amended
         from time to time.

         (e)      "Committee" means the Compensation Committee of the Board.

         (f)      "Company" means Assurant, Inc., a Delaware corporation.

         (g)      "Disability" or "Disabled" has the same meaning as provided in
         the long-term disability plan or policy maintained by the Company or if
         applicable, most recently maintained, by the Company or if applicable,
         a Subsidiary, for the Participant, whether or not such Participant
         actually receives disability benefits under such plan or policy. If no
         long-term disability plan or policy was ever maintained on behalf of
         Participant, Disability means Permanent and Total Disability as defined
         in Section 22(e)(3) of the Code. In the event of a dispute, the
         determination whether a Participant is Disabled will be made by the
         Committee and may be supported by the advice of a physician competent
         in the area to which such Disability relates.

         (h)      "Incentive Award" has the meaning described in Section 5.1.

         (i)      "Participant" a senior officer of the Company or any of its
         Subsidiaries selected by the Committee to participate in the Plan for
         any Performance Period.

         (j)      "Performance Criteria" means the performance criteria listed
         in or otherwise designated pursuant to Section 5.2 from among which the
         Committee may set Performance Goals for a Performance Period.

         (k)      "Performance Goals" means the performance goals established
         each Performance Period by the Committee from among the Performance
         Criteria listed in or otherwise designated pursuant to Section 5.2.

         (l)      "Performance Period" means the Company's fiscal year.

         (m)      "Person" means any individual, entity or group, within the
         meaning of Section 13(d)(3) or 14(d)(2) of the 1934 Act.

         (n)      "Plan" means the Assurant, Inc. Executive Management Incentive
         Plan as set forth in this document, together with any subsequent
         amendments hereto.

         (o)      "Retirement" means a Participant's termination of employment
         with the Company or a Subsidiary after attaining any normal or early
         retirement age specified in any pension, profit sharing or other
         retirement program sponsored by the Company, or, in the event of the
         inapplicability thereof with respect to the person in question, as
         determined by the Committee in its reasonable judgment.

                                      - 5 -
<PAGE>

         (p)      "Subsidiary" means any corporation, limited liability company,
         partnership or other entity of which a majority of the outstanding
         voting stock or voting power is beneficially owned directly or
         indirectly by the Company.

         (q)      "Target Award" has the meaning described in Section 5.3.

         (r)      "1934 Act" means the Securities Exchange Act of 1934, as
         amended from time to time.

                                    ARTICLE 3
                                 ADMINISTRATION

         3.1      COMMITTEE. The Plan shall be administered by the Committee.

         3.2      AUTHORITY OF COMMITTEE. The Committee has the exclusive power,
authority and discretion to:

                  (a)      Designate Participants;

                  (b)      Establish Performance Goals and weightings for
         difference Performance Goals;

                  (c)      Establish target Incentive Awards for Participants;

                  (d)      Determine whether Performance Goals were achieved in
         a given Performance Period;

                  (e)      Increase or reduce any Incentive Award, regardless of
         the achievement of Performance Goals;

                  (f)      Establish, adopt or revise any rules and regulations
         as it may deem necessary or advisable to administer the Plan;

                  (g)      Make all other decisions and determinations that may
         be required under the Plan or as the Committee deems necessary or
         advisable to administer the Plan; and

                  (h)      Amend the Plan as provided herein.

         3.3      DECISIONS BINDING. The Committee's interpretation of the Plan
and all decisions and determinations by the Committee with respect to the Plan
are final, binding, and conclusive on all parties.

                                    ARTICLE 4
                                   ELIGIBILITY

         4.1      ELIGIBLE PARTICIPANTS. Only senior officers of the Company or
a Subsidiary may be selected to participate in the Plan by the Committee.
Participation in one Performance Period does not guarantee participation in a
following Performance Period. The Committee will notify Participants of their
eligibility to participate, and the terms thereof, in writing.

                                      - 6 -
<PAGE>

         4.2      PARTIAL YEAR PARTICIPATION. When an officer is chosen for
participation in the Plan after the beginning of a Performance Period, the
Committee may prorate his or her Incentive Award amount based on the number of
days he or she participated in the Plan during the Performance Period.

         4.3      DEMOTIONS. If a Participant is demoted during a Performance
Period, the Committee will determine whether his or her participation in the
Plan ends at that time, or is continued, perhaps at a reduced level. If
participation ends, the Participant's Incentive Award will be prorated based on
the number of days he or she participated in the Plan during the Performance
Period, and only if the Participant is still an employee at the time Incentive
Awards are paid for that Performance Period.

                                    ARTICLE 5
                              OPERATION OF THE PLAN

         5.1      PLAN STRUCTURE. A Participant shall be eligible to receive an
Incentive Award with respect to a particular Performance Period if the
Performance Goals set by the Committee for the particular Performance Period and
applicable to that Participant are met or exceeded.

         5.2      ESTABLISHMENT OF PERFORMANCE GOALS. Not later than ninety (90)
days after the commencement of any Performance Period, the Committee will set in
writing Performance Goals for such Performance Period based on one or more or
any combination of the following criteria or any other performance criteria
approved by the Committee from time to time ("Performance Criteria"). The
Performance Goals may be expressed in terms of Company-wide objectives or in
terms of objectives that relate to the performance of Subsidiary or a division,
affiliate, region, department or function within the Company or a Subsidiary:

         -        Revenue

         -        Sales

         -        Profit (net profit, gross profit, operating profit, economic
                  profit, profit margins or other corporate profit measures)

         -        Earnings (EBIT, EBITDA, earnings per share, or other corporate
                  earnings measures)

         -        Net income (before or after taxes, operating income or other
                  income measures)

         -        Cash (cash flow, cash generation or other cash measures)

         -        Stock price or performance

         -        Total stockholder return (stock price appreciation plus
                  reinvested dividends)

         -        Return on equity

         -        Return on assets

         -        Return on investment

         -        Market share

         -        Improvements in capital structure

         -        Expenses (expense management, expense ratio, expense
                  efficiency ratios or other expense measures)

         -        Business expansion or consolidation (acquisitions and
                  divestitures)

         -        Customer satisfaction ratings

         -        Underwriting efficiency and/or quality

         -        Improved market value of a business or group based on
                  independent third-party valuation.

                                      - 7 -
<PAGE>

         All Performance Goals may be measured on the basis of improvement over
prior periods or absolute performance against budget.

         5.3      ESTABLISHMENT OF INCENTIVE AWARD TARGETS. At the time the
Committee sets the Performance Goals for a particular Performance Period, it
shall also set in writing the percentages of each Participant's base salary that
will be awarded to the Participant if the established Performance Goals are
achieved (the "Target Award"). The Target Award percent will be communicated in
writing to each Participant as soon as practicable after the Performance Goals
are set.

         The Committee may, but is not required to, establish weightings for
each Participant for performance within any category of the Performance Goals.
If established, the weightings would be expressed as a percent of the Target
Award that can be earned by the Participant from performance in each category.

         5.4      PERCENT OF TARGET EARNED. At the time the Committee sets the
Performance Goals for a particular Performance Period, the Committee may, but is
not required to, identify the percents of Target Award that will be earned at
various performance levels. For example, the Committee may establish separately
for each category of performance (e.g., revenues, sales, earnings per share,
return on assets, etc.) a level of "Expected," "Threshold," and "Outstanding"
performance, and provide that a percent of Target Award will correspond to each
level of performance, such as:

                  -- Exceptional: 200%

                  -- Outstanding: 150%

                  -- Expected: 100%

                  -- Threshold: 50%

                  -- Below Threshold: 0%

         5.5      PAYOUT FORM AND TIMING. Incentive Awards will be made as soon
as practicable after the audited results for the Company are available for the
Performance Period. Notwithstanding the above, the Committee may, in its
discretion, increase or reduce the amount of an Incentive Award otherwise
payable to one or more Participants under the Plan.

         5.6      DEATH, DISABILITY AND RETIREMENT. Except as provided in
Section 5.8, in the event of a Participant's termination of employment by reason
of death, Disability or Retirement, a prorata Incentive Award will be made,
based on the number of days in the Performance Period preceding the date of
termination. Performance criteria will be based on full-year performance.
Incentive Awards in these situations will be calculated and paid after the end
of the Performance Period, the same as for other Participants. Amounts paid on
behalf of a deceased Participant will be paid to the Participant's Beneficiary.

         5.7      OTHER TERMINATIONS OF EMPLOYMENT. Except as provided in
Section 5.8, in the event of a termination of employment other than by reason of
death, Disability or Retirement, the Participant will forfeit any right to an
Incentive Award for the Performance Period in which the termination of
employment occurs. For terminations after the end of a Performance Period, but
before payout from the Plan for such Performance Period, payout will be made as
though the termination had not occurred. Whether military, government or other
service or other leave of absence shall constitute a termination of employment
shall be determined in each case by the Committee at its discretion, and any
determination by the Committee shall be

                                      - 8 -
<PAGE>

final and conclusive. A termination of employment shall not occur in a
circumstance in which a Participant transfers from the Company to one of its
Subsidiaries, transfers from a Subsidiary to the Company, or transfers from one
Subsidiary to another Subsidiary.

         5.8      CHANGE OF CONTROL. Notwithstanding any other provision of the
Plan to the contrary, if a Change of Control occurs during any pending
Performance Period, (a) such Performance Period shall be deemed to have been
completed as of the date of the Change of Control, (b) the respective
Performance Goals for such Performance Period shall be deemed to have been
attained at the higher of (i) target level performance or (ii) actual level of
performance through the latest practical date preceding or coincident with the
Change of Control, and (c) a prorata Incentive Award will be made to each
Participant, based on the number of days in the Performance Period preceding the
Change of Control. Such Incentive Awards shall be paid within 90 days after the
occurrence of the Change of Control.

                                    ARTICLE 6
                                 INDEMNIFICATION

         To the extent allowable under applicable law, each member of the
Committee shall be indemnified and held harmless by the Company from any loss,
cost, liability, or expense (including, but not limited to, attorneys fees) that
may be imposed upon or reasonably incurred by such member in connection with or
resulting from any claim, action, suit, or proceeding to which such member may
be a party or in which he may be involved by reason of any action or failure to
act under the Plan and against and from any and all amounts paid by such member
in satisfaction of judgment in such action, suit, or proceeding against him
provided he gives the Company an opportunity, at its own expense, to handle and
defend the same before he undertakes to handle and defend it on his own behalf.
The foregoing right of indemnification shall not be exclusive of any other
rights of indemnification to which such persons may be entitled under the
Company's Certificate of Incorporation or Bylaws, as a matter of law, or
otherwise, or any power that the Company may have to indemnify them or hold them
harmless.

                                    ARTICLE 7
                      AMENDMENT, SUSPENSION AND TERMINATION

         7.1      AMENDMENT, SUSPENSION AND TERMINATION. The Board or the
Committee may terminate the Plan in whole or in part, may suspend the Plan in
whole or in part from time to time, and may amend the Plan from time to time.

         7.2      TERMINATION AFTER OR DURING A PERFORMANCE PERIOD. Termination
of the Plan after a Performance Period but before Incentive Awards are paid will
not reduce Participants' rights to receive Incentive Awards for such Performance
Period. Termination or amendment of the Plan during a Performance Period may be
retroactive to the beginning of the Performance Period, at the discretion of the
Committee. If any amendment or termination of the Plan occurs during a
Performance Period, the Committee shall determine when and to what extent, if
any, Incentive Awards shall be paid for the portion of the Performance Period
preceding the amendment or termination of the Plan.

                                      - 9 -
<PAGE>

                                    ARTICLE 8
                               GENERAL PROVISIONS

         8.1      NO RIGHT TO PARTICIPATE. No officer or employee shall have any
right to be selected to participate in the Plan in any Performance Period.

         8.2      NO RIGHT TO EMPLOYMENT. Nothing in the Plan shall interfere
with or limit in any way the right of the Company or any Subsidiary to terminate
any Participant's employment at any time, nor confer upon any Participant any
right to continue in the employ of the Company or any Subsidiary.

         8.3      WITHHOLDING. The Company or any Subsidiary shall have the
authority and the right to deduct or withhold, or require a Participant to remit
to the Company, an amount sufficient to satisfy federal, state, and local taxes
(including the Participant's FICA obligation) required by law to be withheld
with respect to any taxable event arising as a result of the Plan.

         8.4      UNFUNDED STATUS OF AWARDS. The Plan is intended to be an
"unfunded" plan for incentive and deferred compensation. With respect to any
payments not yet made to a Participant pursuant to the Plan, nothing contained
in the Plan shall give the Participant any rights that are greater than those of
a general creditor of the Company or any Subsidiary.

         8.5      EXPENSES. The expenses of administering the Plan shall be
borne by the Company and its Subsidiaries.

         8.6      TITLES AND HEADINGS. The titles and headings of sections in
the Plan are for convenience of reference only, and in the event of any
conflict, the text of the Plan, rather than such titles or headings, shall
control.

         8.7      GENDER AND NUMBER. Except where otherwise indicated by the
context, any masculine term used herein also shall include the feminine; the
plural shall include the singular and the singular shall include the plural.

         8.8      GOVERNING LAW. To the extent not governed by federal law, the
Plan shall be construed in accordance with and governed by the laws of the State
of Delaware.

         The foregoing is hereby acknowledged as being the Assurant, Inc.
Executive Management Incentive Plan as adopted by the Board on October 15, 2003,
and approved by the sole stockholder on October 15, 2003.

                                            ASSURANT, INC.

                                            By:      /s/ Robert Haertel
                                               --------------------------------
                                            Its:     Senior Vice President

                                     - 10 -

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