Document:

EX-10.1

 

Exhibit 10.1

AMENDMENT NUMBER ONE

TO THE

ASSURANT, INC.

AMENDED AND RESTATED

2004 EMPLOYEE STOCK PURCHASE PLAN

     THIS AMENDMENT to the Assurant, Inc. Amended and Restated 2004 Employee
Stock Purchase Plan (the “Plan”), is adopted by Assurant, Inc. (the “Company”).

W I T N E S S E T H:

     WHEREAS, the Company currently maintains the Plan;

     WHEREAS, the Company wishes to amend the Plan’s governance provisions;

     WHEREAS, the Compensation Committee of the Board of Directors of the
Company (the “Compensation Committee”) previously had the right to amend the
Plan; and

     WHEREAS, the Board of Directors of the Company has transferred such
amendment authority to the Assurant, Inc. Benefit Plans Committee (the
“Committee”).

     NOW, THEREFORE, the Committee hereby amends the Plan as follows:

1.

Effective as of October 1, 2004, Section 2.4 is revised to read as
follows:

“2.4 Committee. Committee shall mean the Assurant, Inc. Benefit Plans
Committee that shall have the general responsibility for the
administration of the Plan. The Committee also shall have the authority
set forth in Section 9.6 of the Plan.”

2.

Effective as of October 1, 2004, Article 2 is amended to add the following
definitions:

“2.7A Compensation Committee shall mean the Compensation Committee of the
Board.”

“2.13A Executive Committee shall mean the committee consisting of the
Company’s Chief Executive Officer, Chief Financial Officer and Executive
Vice President of Human Resources.”

 

3.

Effective as of October 1, 2004, the first paragraph of Section 8.2 is
amended as follows:

“8.2 Termination. The Plan will continue into effect for a term of ten
(10) years from the Effective Date unless earlier terminated by the
Executive Committee. The Executive Committee may terminate the Plan in
whole or in part at any time in its sole and absolute discretion. The
Plan shall be terminated by the Executive Committee if at any time the
number of shares of Common Stock authorized for purposes of the Plan is
not sufficient to meet all purchase requirements, except as specified in
Section 4.1.”

4.

Effective as of October 1, 2004, Section 9.6 is amended to add the
following paragraph:

“The Committee also shall have the authority to amend any or all of the
provisions of the Plan, except if any amendment would significantly
increase the liabilities of the Plan. In such case, the Executive
Committee shall have the authority to amend the Plan. In addition, the
Committee shall also have the authority to appoint and remove the
administrators or other outside persons or vendors, and to delegate such
duties to each administrator or other persons or vendors as the Committee
deems appropriate.”

5.

Effective as of October 1, 2004, Article 9 is amended to add the following
new sections to read as follows:

“9.6A Authority of the Compensation Committee. The Compensation
Committee shall have the authority to appoint and/or remove the members
of the Committee. The Compensation Committee shall have no other
responsibilities with respect to the Plan.

9.6B Authority of the Executive Committee. The Executive Committee shall
have the authority to determine the source of the shares authorized for
purposes of the Plan and that are to be made available for purchase by
Participants. The Executive Committee also shall approve any amendment
to the Plan that would significantly increase the cost of the Plan, and
to terminate the Plan at any time in whole or in part. The Executive
Committee shall have no other responsibilities with respect to the Plan.”

* * * * *

Except as amended herein, the Plan shall continue in full force and
effect.

[Signature on Next Page]

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     IN WITNESS WHEREOF, the Committee has caused this Amendment to be executed
effective as of the dates set forth above.

	 	 	 	 	 	 	 
	 	 	ASSURANT, INC.
	 	 	BENEFIT PLANS COMMITTEE

	Date                                      

	 	By
	 	                                                         	 	 
	

	 	 	 	Name                                                         	 	 
	

	 	 	 	Title                                                         	 	 

-3-EX-10.2

 

Exhibit 10.2

AMENDMENT NUMBER ONE

TO THE FORTIS

EXECUTIVE PENSION AND 401(k) PLAN

     THIS AMENDMENT to the Fortis Executive Pension and 401(k) Plan, as
amended, renamed and restated effective as of January 1, 2001 (the “Plan”), is
adopted by the Assurant, Inc. Benefit Plans Committee (the “Committee”).

W I T N E S S E T H:

     WHEREAS, Assurant, Inc. (the “Company”) currently maintains the Plan;

     WHEREAS, the Committee wishes to amend the Plan for certain purposes; and

     WHEREAS, pursuant to Article 9 of the Plan, the Committee reserves the
right to amend the Plan.

     NOW, THEREFORE, the Committee amends the Plan as follows:

1.

     Effective as of February 4, 2004, the name of the Plan is changed to the
“Assurant Executive Pension and 401(k) Plan” and the name of the Company is
changed to “Assurant, Inc.” each place such names appear.

2.

     Effective as of February 4, 2004, Article 1 of the Plan is amended to add
the following as the third paragraph:

	 	 	“Effective as of February 4, 2004, Fortis, Inc. merged into Assurant,
Inc., and the name of the surviving entity is Assurant, Inc. Also
effective as of February 4, 2004, the name of the Plan was changed to the
Assurant Executive Pension and 401(k) Plan.”

3.

	 	 	Effective as of October 1, 2004, Section 4.05 is revised to read as
follows:

	“4.05	 	Investment of Accounts. Amounts credited to a Participant’s
Account will be invested in the Vanguard Prime Money Market Fund (or
such other investment fund as may be selected by the Investment
Committee) until such time as the Participant requests that such
amounts be re-allocated to such other investment fund(s) as may be
made available to Participants under the 401(k) Plan from time to
time. Such amounts may be re-allocated by the Participant
thereafter among such investment funds at such times as permitted by
the Committee on a basis

 

 

	 	 	applied uniformly to all Participants. The shares of such
investment funds shall be legally owned by the Company. Such
investments shall merely indicate the rate of return on the amounts
credited to a Participant’s Account, and shall not give the
Participant an ownership interest, security interest, or preferred
claim on the Company’s interest in such investments. Any change in
the investment fund will be uniformly applied to all Participants.

4.

	 	 	Effective as of October 1, 2004, Section  6.02 is revised to read as
follows:

	“6.02	 	Timing of Payment. Subject to Section 6.06, a Participant
will receive benefits under the Plan as soon as is administratively
feasible after the Participant terminates employment with an
Employer for any reason.”

5.

	 	 	Effective as of May 18, 2004, the following sentences are added to the end
of Article 7:

	 	 	“Notwithstanding the foregoing, the Company may establish a trust to
which it may contribute certain assets with respect to the Plan. Assets
held in such trust will remain subject to claims of the Company’s
creditors in the event of the Company’s insolvency, as defined in the
trust agreement.”

6.

	 	 	Effective as of October 1, 2004, Article 8 is amended in its entirety to
read as follows:

“ARTICLE 8

ADMINISTRATION OF THE PLAN

	8.01	 	Benefit Plans Committee. The Committee will have complete
control of the administration of the Plan with all powers necessary
to properly carry out the provisions of the Plan. In addition to
all implied powers and responsibilities necessary to carry out the
objectives of the Plan, the Committee will have the following
specific powers and responsibilities:

	(a)	 	to construe the terms of the Plan and to
determine all questions regarding the administration,
interpretation and operation of the Plan;
	 
	(b)	 	to amend any or all of the provisions of the
Plan, except if any amendment would significantly increase the
liabilities of the Plan;
	 
	(c)	 	to determine the amounts of any benefits payable
under the Plan to a Participant, Beneficiary or other person;

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	(d)	 	to keep records of all acts and determinations of
the Committee, and to keep all such records, books of
accounts, data and other documents as may be necessary for the
proper administration of the Plan;
	 
	(e)	 	to prepare and distribute information concerning
the Plan to all Participants and Beneficiaries;
	 
	(f)	 	to do all things necessary to operate and
administer the Plan in accordance with its provisions;
	 
	(g)	 	to delegate to one or more persons any of the
duties described above and these delegates may be employees of
the Company; and
	 
	(h)	 	to appoint administrators or other persons
outside the Company, and to delegate such duties to each
administrator or person outside the Company as the Committee
deems appropriate.

	8.02	 	Compensation Committee. The Compensation Committee will have
the power and responsibility to appoint and/or remove members of the
Benefit Plans Committee and the Investment Committee. The
Compensation Committee also will have the power and responsibility
to approve the annual amount to be credited as 401(k) Benefits. The
Compensation Committee shall have no other responsibilities with
respect to the Plan.
	 
	8.03	 	Executive Committee. The Executive Committee will have the
power and responsibility to approve any amendment that would
significantly increase the liabilities of the Plan; to terminate the
Plan in whole or in part at any time; to authorize the annual amount
to be credited as 401(k) Benefits; and to determine the funding
policy, if any, for Pension Benefits. The Executive Committee shall
have no other responsibilities with respect to the Plan.
	 
	8.04	 	Investment Committee. The Investment Committee will have the
power and responsibility to determine the appropriate types of
investments for the 401(k) Benefits under the Plan; and to select,
modify, or eliminate the deemed investment funds to be made
available for 401(k) Benefits from time to time. Any change in
deemed investment funds will be uniformly applied to all
Participants. The Investment Committee also will have the power and
responsibility to appoint and/or remove any outside investment
advisor, including an investment advisor to monitor the Company
Stock held in the Company Stock Fund. In addition, the Investment
Committee will have the responsibility to determine the economic
assumptions to be used for any actuarial valuation and disclosures
for the Pension Benefits. The Investment Committee will have no
other responsibilities with respect to the Plan.”

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7.

Effective as of October 1, 2004, Article 9 is revised to read as follows:

“ARTICLE 9

AMENDMENT AND TERMINATION

The Executive Committee reserves the right to terminate the Plan, at any
time and from time to time, with or without notice. The Committee
reserves the right to modify, alter or amend the Plan, at any time and
from time to time, with or without notice, except that any amendment that
would significantly increase the Company’s liabilities for the Plan must
be approved by the Executive Committee; further provided, that no
amendment or termination of the Plan will (without the written consent of
the Participant, if living, and if not, of his Beneficiary) adversely
affect the amount of the benefit to which a Participant or his
Beneficiary is entitled under the terms of the Plan as of the date of the
amendment or termination.”

8.

     Effective as of October 1, 2004, the last two paragraphs of Article 11 of
the Plan are revised to read as follows:

“The Committee’s written notice of its decision on appeal will include
specific reasons for the decision, written in a manner calculated to be
understood by the Claimant, with specific references to the pertinent
Plan provisions on which the decision is based, and a statement that the
Participant is entitled to receive, upon request and free of charge,
reasonable access to, and copies of, all documents, records, and other
information relevant to the Participant’s claim for benefits.

Any suit for benefits must be brought within one year after the date the
Committee has made a final denial of a claim for benefits.
Notwithstanding any other provision of the Plan to the contrary, any suit
for benefits must be brought within two years after, in the case of any
lump-sum payment, the date on which the payment was made or for all other
claims, the date on which the action complained of occurred.”

9.

     Effective as of February 4, 2004, the definition of “401(k) Plan” in
Article 12 is revised to read as follows:

“401(k) Plan means, effective as of February 4, 2004, the Assurant 401(k)
Plan, as amended from time to time, or the successor to such plan.”

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10.

     Effective as of February 4, 2004, the definition of “Company” in Article
12 is revised to read as follows:

“Company means, effective as of February 4, 2004, Assurant, Inc. or any
Affiliate with employees covered under the applicable Qualified Plan.”

11.

     Effective as of October 1, 2004, the definition of “Committee” in Article
12 is revised to read as follows:

“Committee means the Assurant, Inc. Benefit Plans Committee. The members
of the Committee shall be appointed and/or removed by the Compensation
Committee.”

12.

     Effective as of February 4, 2004, the definition of “Pension Plan” in
Article 12 is revised to read as follows:

“Pension Plan means, effective as of February 4, 2004, the Assurant
Pension Plan, as amended from time to time, or the successor to such
plan.”

13.

     Effective as of October 1, 2004, Article 12 is amended to add the
following definitions:

“Executive Committee means the committee consisting of the Company’s
Chief Executive Officer, Chief Financial Officer and Executive Vice
President of Human Resources.

Compensation Committee means the Compensation Committee of the Board of
Directors of the Company.

Investment Committee means the investment committee appointed by the
Compensation Committee.”

14.

     Effective as of May 18, 2004, the Plan is amended to add a new Article 13
to read as follows:

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“ARTICLE 13

COMPANY STOCK FUND

	13.01	 	Addition of the Company Stock Fund. Effective as of May 18,
2004, the Company Stock Fund (as defined in Section 13.08(b) of the
Plan) will be added as a fund in which Participants may allocate all
or a portion of their Accounts for deemed investment. The Company
Stock Fund will use unit accounting for record keeping purposes.
Units will represent the value of both the shares of Company Stock
and any cash held in the Company Stock Fund used to accommodate
daily transactions such as investment transfers. The Committee will
determine from time to time the target percentage range of the
Company Stock Fund that shall be held in cash.
	 
	13.02	 	Changes in Allocation. A Participant may re-allocate the
portion of his Account that is allocated to the Company Stock Fund
for deemed investment to one or more of the other investment funds
in accordance with the rules established by the Committee under
Section 4.05 of the Plan for changing investment allocations.
	 
	13.03	 	Dividends. If a Participant has all or any portion of his
Account allocated to the Company Stock Fund for deemed investment on
a dividend payment date, the dividends payable on the Company Stock
attributable to such allocation will be credited to the
Participant’s Account and will automatically be invested in the
Company Stock Fund.
	 
	13.04	 	No Pass-Through of Voting, Tender or Other Rights. A
Participant shall not be entitled to vote, tender or exercise any
other rights with respect to the shares of Company Stock
attributable to the portion of his Account that is allocated to the
Company Stock Fund for deemed investment.
	 
	13.05	 	No Distributions In Company Stock. The fact that a
Participant has directed that all or a portion of his Account be
allocated to the Company Stock Fund for deemed investment shall not
entitle the Participant to receive a distribution from the Plan in
the form of Company Stock.
	 
	13.06	 	Liquidation Upon Termination of Employment. Upon a
Participant’s termination of employment with the Employer, the
portion of the Company Stock Fund representing the Participant’s
deemed investment of his Account in the Company Stock Fund at the
time of his termination of employment may be liquidated and the
resulting funds used to fund the Participant’s distribution from the
Plan.
	 
	13.07	 	Insider Trading. Notwithstanding any other provision of the
Plan to the contrary, all transactions involving Company Stock under
the Plan, including but not limited to deemed investments in the
Company Stock Fund, shall be subject to the Employer’s insider
trading policy.

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	13.08	 	Definitions. For purposes of this Article 13, the following
terms shall have the following meanings:

	(a)	 	‘Company Stock’ shall mean the common stock of
Assurant, Inc. or any successor thereto.
	 
	(b)	 	‘Company Stock Fund’ shall mean a fund
established under the trust adopted in connection with the
Plan that invests primarily in Company Stock.”

* * * * *

     Except as amended herein, the Plan shall continue in full force and
effect.

[Signature on Next Page]

-7-

 

     IN WITNESS WHEREOF, the Committee has adopted this Amendment to the Plan
on the date shown below, but effective as of the dates set forth above.

	 	 	 	 	 	 	 
	 	 	ASSURANT, INC.
	 	 	BENEFIT PLANS COMMITTEE
	

	 	By
	 	                                                         	 	 
	

	 	 	 	Name                                                         	 	 
	

	 	 	 	Title                                                         	 	 

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