Document:

exv10w2

 

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]

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     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                                                         	 	 

-8-exv10w3

 

Exhibit 10.3

AMENDMENT NUMBER TWO

TO THE FORTIS, INC.

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

     THIS AMENDMENT to the Fortis, Inc. Supplemental Executive Retirement Plan,
as amended and restated effective as of January 1, 2000 (the “Plan”), is
adopted by Assurant, Inc. (the “Company”), effective as of the dates set forth
herein.

W I T N E S S E T H:

     WHEREAS, the Company currently maintains the Plan;

     WHEREAS, the Company wishes to change the name of the Plan and to amend
its governance provisions;

     WHEREAS, the Fortis, Inc. Supplemental Executive Retirement Plan Committee
previously reserved the right to amend the Plan; and

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

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

1.

     Effective as of February 4, 2004, the name of the Plan is changed to
“Assurant Supplemental Executive Retirement Plan” and the name of the Company
shall be changed to “Assurant, Inc.” each place such names appear.

2.

     Effective as of February 4, 2004, the defined term “Fortis” is changed to
“Assurant” each place such defined term appears.

3.

     Effective as of October 1, 2004, the following definitions in Article 2
are revised to read as follows:

“Assurant Executive Pension Plan shall mean the defined benefit portion
of the Assurant Executive Pension and 401(k) Plan, a nonqualified,
unfunded, deferred compensation plan, as it may be amended from time to
time, or its successor.”

“Assurant Pension Plan shall mean the Assurant Pension Plan, as it may be
amended from time to time, or its successor plan.”

 

 

“Committee shall mean the Benefit Plans Committee as it may be
constituted from time to time.”

In addition, the defined terms as revised above are changed each place each
such defined term appears.

4.

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

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

“Executive shall mean an executive officer of an Employer.”

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

“Investment Committee shall mean the Investment Committee described in
Section 8.01C.”

5.

     Effective as of October 1, 2004, Article 3 is revised to read as follows:

“ARTICLE THREE — PARTICIPATION

     To participate in this Plan, an Executive of Assurant or any of its
subsidiaries must be nominated for participation herein by the Executive
Committee. However, at the next meeting of the Compensation Committee
following the nomination of an Executive’s participation in this Plan,
such nomination shall be approved by the Compensation Committee. Upon
becoming eligible to participate, an Executive must complete and execute
a Joinder Agreement in a form satisfactory to the Committee.”

6.

     Effective as of October 1, 2004, the last sentence of Section 4.02 is
revised to read as follows:

“If a Participant was formerly employed by a company that is acquired by
Assurant or any of its subsidiaries, then Benefit Service prior to the
date of such acquisition shall be determined by the Compensation
Committee in its sole discretion, and shall be recorded on the
Participant’s Joinder Agreement.”

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7.

Effective as of October 1, 2004, Section 4.07 is revised to read as
follows:

	“4.07	 	Participant’s Covenants. Notwithstanding the other
provisions of this Plan, if a Participant receiving or eligible to
receive a Comprehensive Benefit under this Plan commits a material
breach, as determined by the Compensation Committee, of his
covenants given to Assurant in the Joinder Agreement concerning
noncompetition, confidentiality, nonsolicitation of employees or
nonsolicitation of customers, then the Participant shall cease to
participate in the Plan as of the date of such breach and Assurant
shall have no further obligation to make Comprehensive Benefit
payments to the Participant or his Spouse or Beneficiary.

	 	 	For purposes of determining whether the Participant has committed a
material breach of his covenants concerning noncompetition, it
shall be within the sole power of the Compensation Committee to
determine whether the Participant has become associated with or
engaged in or rendered services to any business that is in
competition in a substantive way with the Employer.”

8.

	 	 	Effective as of October 1, 2004, Section 8.01 is revised to read as
follows:

	“8.01	 	Committee.

(a)The Compensation Committee shall appoint the members of the
Committee who shall serve at the pleasure of the Compensation
Committee and, except as otherwise provided in this Plan, shall
have complete control of the administration of the Plan with all
powers necessary to enable it to carry out properly the provisions
of the Plan.

(b)In addition to all implied powers and responsibilities
necessary to carry out the objectives of the Plan and any Joinder
Agreement, the Committee shall have the power:

(i) to construe the Plan and to determine all questions
arising in the administration, interpretation and operation
of the Plan and any Joinder Agreement, and to adopt such
rules and by-laws as it may find necessary for the proper
administration, interpretation and operation of the Plan or
any Joinder Agreement provided that all interpretations,
determinations and decisions of the Committee in respect of
any matter hereunder shall be final, conclusive and binding
upon the Employer, Participants, and all other persons
claiming any interest under the Plan or any Joinder
Agreement, subject only to (i) the provisions of this Section
regarding

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review by the Compensation Committee, and (ii) the claims
procedure described in Section 8.02; and

(ii) to amend any or all of the provisions of the Plan,
except if any amendment would significantly increase the
liabilities of the Plan.

(c) The Committee shall 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.

(d) If a member of the Committee is also a Participant in this
Plan, and if an issue or action with respect to this Plan relates
specifically and uniquely to such Participant, then such
Participant shall take no part in the deliberations or decision
concerning such issue or action.

(e) Each material decision or action by the Committee shall be
subject to review by the Compensation Committee. Any decision or
action by the Committee that relates specifically and uniquely to
the Chief Executive Officer of Assurant shall be deemed to be a
material decision or action.

(f) Wherever this Plan provides that a decision or action of the
Committee (material or otherwise) shall be subject to the review of
the Compensation Committee, then such decision or action shall be
reported to the Compensation Committee, and such decision or action
may be overruled or modified by the Compensation Committee. If the
Compensation Committee takes no action with respect to any such
decision or action within sixty (60) days of it being reported, the
decision or action shall be deemed approved. Until a decision or
action subject to this paragraph has been reviewed or is deemed
approved by the Compensation Committee, such decision or action
shall have no legal effect.”

9.

     Effective as of October 1, 2004, Article 8 is amended to add sections
8.01A and 8.01B to read as follows:

     “8.01A Compensation Committee. The Compensation Committee shall
have the power to appoint and remove the members of the Committee and to
review material financial decisions and/or actions of the Committee,
including the power to make any Plan amendment that would significantly
increase the liabilities of the Plan. In addition to the provisions in
Section 4.07, the Compensation Committee shall have the power to approve
an Executive’s nomination for participation in the Plan, and to amend any
Joinder Agreement to provide for an increased benefit to any Participant
(including, without limitation, by crediting additional years of Benefit
Service to the Participant, or by assuming that the Participant is a
given number of years older than is actually the case). Furthermore, the
Compensation Committee shall have the power to terminate the

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Plan at any time in whole or in part. The Compensation Committee
shall have no other responsibilities with respect to the Plan.”

     8.01B Executive Committee. The Executive Committee shall have the
power to nominate Executives to participate in the Plan. The Executive
Committee also shall have the power to determine the Plan’s funding
policy, if any. The Executive Committee shall have no other
responsibilities with respect to the Plan.

     8.01C Investment Committee. The Investment Committee shall have the
power to develop the Plan’s investment strategy and determine the
economic assumptions to be used for any actuarial valuation and
disclosures.”

10.

     Effective as of October 1, 2004, the second sentence of Section 8.02 is
revised to read as follows:

“Subject to the provisions of Section 8.01, within 90 days after the date
such claim is received by the Committee, it shall issue a ruling with
respect to the claim.”

11.

Effective as of October 1, 2004, Section 10.01 is revised to read as
follows:

     “10.01 Right to Amend and Terminate. Subject to the provisions in
Article 8 regarding the amendment authority of the Committee, the
Compensation Committee reserves the right to modify, alter, amend, or
terminate the Plan, at any time and from time to time, without notice;
provided, however, that no such amendment or termination shall (without
the written consent of the Participant, if living, and if not, of the
Participant’s Spouse or other applicable Beneficiary) reduce the amount
or delay the timing of payment of any retirement benefit, disability
benefit, or survivor benefit under the Plan which has accrued with
respect to the Participant or his Spouse or Beneficiary as of the date of
such amendment or termination (regardless of whether or not such benefit
is vested under Section 4.05 and regardless of whether or not such
benefit is in pay status). For this purpose, the benefit that shall have
accrued as of the date of a given amendment or date of termination shall
be based on the Participant’s Annual Target Earnings, Benefit Service,
Vesting Service, and other applicable factors as of the date of such
amendment or termination.”

12.

     Effective as of October 1, 2004, Section 10.09 is revised to provide that
all notices and other communications be sent to “Attention: Benefit Plans
Committee.”

* * * * *

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     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

	 	 	 
	

	 	By                                                          
	

	 	Name                                                          
	

	 	Title                                                          

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