Document:

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                                                                   EXHIBIT 10.16

                 ASSURANT APPRECIATION INCENTIVE RIGHTS PLAN
              (AS AMENDED AND RESTATED EFFECTIVE JANUARY 1, 2004)

      The Assurant Appreciation Incentive Rights Plan (the "Plan") is hereby
amended and restated by Assurant, Inc. (the "Corporation") effective as of
January 1, 2004.

                                    ARTICLE 1
                                     PURPOSE

      1.1 GENERAL. The Plan is intended to enhance the value, of Assurant, Inc.
and its subsidiaries by linking the financial interests of its eligible
employees to those of Corporation shareholders and by providing its eligible
employees with an incentive for outstanding performance. The Plan is further
intended to assist the Corporation in motivating, attracting, and retaining the
services of employees upon whose judgment, interest, and special effort the
successful conduct of the Company's operation is largely dependent. The Plan
addresses these objectives by providing eligible employees of the Corporation
and its operating subsidiaries with the opportunity to receive long term
incentive compensation based on the appreciation in value of Assurant, Inc. as
well as the appreciation in value of the Business Units with which the eligible
employee is affiliated.

      The Plan was initially adopted effective January 1, 1999. At the time it
was adopted, the stock of Fortis, Inc., the predecessor sponsor of the Plan, was
not publicly traded. The prior Plan provided for the issuance of Fortis, Inc.
Appreciation Incentive Rights and Business Unit Appreciation Incentive Rights.
Prior to this restatement, the value of Appreciation Incentive Rights in both
Fortis, Inc. and its Business Units was determined by the Plan Committee with
assistance from the Appraiser as of each Valuation Date.

      Fortis, Inc. intends to engage in transactions whereby (i) Fortis, Inc.
will merge into Assurant, Inc., which is currently an indirect, wholly-owned
subsidiary of Fortis, Inc., and, as a result, Assurant, Inc. will succeed to
the business, operations, and obligations of Fortis, Inc. and will become the
sponsor of this Plan; and (ii) an initial public offering (the "IPO") of
Assurant, Inc. common stock.

      This amendment and restatement shall be effective as of January 1, 2004.
As soon as possible following a special valuation of Assurant, Inc. described in
Section 8.1 of the Plan, and prior to the closing of the IPO, the Fortis, Inc.
Appreciation Incentive Rights that were granted prior to January 1, 2004, will
be cashed out and cancelled, as described in Article 8 of this Plan,
participants will be granted replacement Assurant, Inc. Appreciation Incentive
Rights, and the measurement value of the Assurant, Inc. Appreciation Incentive
Rights will be established not by the Committee, but by reference to the trading
value of common stock of Assurant, Inc. There will be no change in the number or
measurement value of the Business Unit Appreciation Incentive Rights solely as a
result of this restatement of the Plan or the IPO, and the measurement value of
the Business Units Appreciation Incentive Rights will continue to be determined
by the Committee with assistance from the Appraiser as described herein.
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                                    ARTICLE 2
                                   DEFINITIONS

      2.1 DEFINITIONS. When a word or phrase appears in this Plan with the
initial letter capitalized, and the word or phrase does not commence a sentence,
the word or phrase shall generally be given the meaning ascribed to it in this
Section unless a clearly different meaning is required by the context. The
following words and phrases shall have the following meanings:

            (a) "Appraiser" shall mean an independent third party appraiser
      selected by the Committee from time to time to assist the Committee in
      establishing the value of the Corporation (prior to the IPO) and the
      Business Units as of each Valuation Date.

            (b) "Assurant, Inc. Appreciation Incentive Right" shall mean a right
      granted to a Participant under Section 5.1 to receive the increase in the
      Fair Market Value of one (1) Share of Stock in Assurant, Inc. from the
      effective date of the grant of such Right to the date of exercise of such
      Right.

            (c) "Assurant, Inc. Officer" shall mean the Chief Executive Officer
      of the Corporation and any other officers of the Corporation who are
      designated by the Committee for participation in the Plan.

            (d) "Award" means a grant to a Participant of Assurant, Inc.
      Appreciation Incentive Rights, Business Unit Appreciation Incentive
      Rights, and/or Fortis, Inc. Appreciation Incentive Rights (prior to the
      IPO).

            (e) "Award Agreement" means any written agreement, contract, or
      other instrument or document evidencing an Award.

            (f) "Board" means the Board of Directors of the Corporation.

            (g) "Business Unit" shall mean each direct or indirect subsidiary of
      the Corporation which is designated by the Committee as eligible for
      participation in the Plan. As of the Effective Date, the Business Units
      are listed on Appendix A to the Plan.

            (h) "Business Unit Appreciation Incentive Right" shall mean a right
      granted to a Participant under Section 5.1 to receive a designated
      increase in the Entity Value of the applicable Business Unit from the date
      of the Award of such Right to the date of exercise of such Right.

            (i) "Business Unit Executive" shall mean each President of a
      Business Unit and each other executive employee of a Business Unit who is
      designated by the Committee for participation in the Plan.

            (j) "Change in Control of Corporation" means and includes each of
      the following:

                  (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

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            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
            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

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            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 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.

            (k) A Change in Control of a Business Unit shall be determined on
      the same criteria as applied to a Change in Control of Corporation in
      Section 2.1(j) but with reference to such Business Unit only.

            (l) "Code" means the Internal Revenue Code of 1986, as amended from
      time to time, and all regulations promulgated thereunder.

            (m) "Committee" means the committee established by the Board as
      described in Article 3.

            (n) "Corporation" means Assurant, Inc., a Delaware corporation.

            (o) "Disability" shall have the same meaning as it has in the
      Corporation's Employees Uniform Retirement Plan or any comparable plan
      that replaces such plan, as such plan may be amended from time to time,
      provided that, if such plan shall be terminated and not replaced by
      another comparable plan, then Disability shall mean any illness or other
      physical or mental condition of a Participant that renders the Participant
      incapable of performing his customary and usual duties for the Corporation
      or a Business Unit, 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 Committee, is permanent and
      continuous in nature; and the Committee may require such medical or other
      evidence as it deems necessary to judge the nature and permanency of the
      Participant's condition.

            (p) "Effective Date" of this amendment and restatement shall mean
      January 1, 2004. The Plan was initially adopted effective January 1, 1999.

            (q) "Entity Value" shall mean (i) prior to the IPO, with respect to
      Fortis, Inc. and the Business Units considered together, the aggregate
      value of such entities as determined by the Committee as of each Valuation
      Date, and (ii) with respect to each Business Unit both before and after
      the IPO, the value of such Business Unit as determined by the Committee as
      of each Valuation Date. The Entity Value of Assurant, Inc. shall be
      irrelevant following the IPO, because the value of each Assurant, Inc.
      Appreciation Incentive Right shall be determined with reference to the
      trading value of Assurant, Inc. common stock. The Committee shall
      determine the Entity Value of Fortis, Inc. (prior to the IPO) and each
      Business Unit with finality in its sole and uncontrolled discretion,
      considering such factors as the Committee deems appropriate from time to
      time, provided that the Committee shall consider information provided by
      the Appraiser with respect to the value of Fortis, Inc. and each Business
      Unit. If a Business Unit is sold, then the Committee in its sole
      discretion may reduce or otherwise adjust the Entity

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      Value of such Business Unit to take into account reductions in value
      related to the sale of such Business Unit, including but not limited to
      taxes, advisor fees, and severance costs.

            (r) "Exchange" means the Nasdaq National Market or any national
      securities exchange on which the Stock may from time to time be listed or
      traded.

            (s) "Exercise Period" means, (i) with respect to any Assurant, Inc.
      Appreciation Incentive Right, each business day for which the Fair Market
      Value of the Stock is established on an Exchange; and (ii) with respect to
      any Business Unit Appreciation Incentive Right, the 45-day period
      following the formal announcement by the Committee of a Business Unit
      Entity value.

            (t) "Fair Market Value", on any date, means (i) if the Stock is
      listed on a securities exchange or is traded over the Nasdaq National
      Market, the closing sales price on the immediately preceding date on which
      sales were reported, or (ii) if the 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 immediately preceding
      trading 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 Committee determines in
      good faith to be reasonable.

            (u) "Fortis, Inc. Appreciation Incentive Right" shall mean a right
      granted to a Participant under Section 5.1 prior to the IPO to receive a
      fraction of the increase in the Entity Value of Fortis, Inc. from the
      effective date of the Award of such Right to the date of exercise of such
      Right. All Fortis, Inc. Appreciation Incentive Rights will be cashed out
      and cancelled prior to the IPO, as described in Section 8.1.

            (v) "IPO" shall mean the initial public offering of Assurant, Inc.
      Stock.

            (w) "Outstanding Appreciation Incentive Right" shall mean an
      Appreciation Incentive Right which has been granted but which remains
      outstanding for any reason.

            (x) "Participant" means a person who, as an employee or officer of
      the Corporation or a Business Unit, has been designated by the Committee
      for participation in the Plan and who has been issued one or more Awards
      under the Plan.

            (y) "Plan" means the Assurant, Inc. Appreciation Incentive Rights
      Plan, as amended from time to time.

            (z) "Retirement" (i), for officers and employees, shall have the
      same meaning as it has in the Corporation's Employees Uniform Retirement
      Plan or any comparable plan that replaces such plan, as such plan may be
      amended from time to time, provided that, if such plan shall be terminated
      and not replaced by another comparable plan, then Retirement shall mean a
      Participant's termination of employment with the Corporation or a Business
      Unit after attaining any normal or early retirement age specified in any
      pension, profit sharing or other retirement program sponsored by the
      Corporation or a Business Unit, or, in the event of the inapplicability
      thereof with respect to the individual in question, as determined by the
      Committee in its reasonable judgment, and (ii), for directors, shall mean
      any termination of service as a director. A Participant shall not be
      retired in a circumstance in which a Participant ceases to be an employee
      but continues as a director of the Corporation, until the Participant
      retires as a director.

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            (aa) "Shares" means shares of the Corporation's Stock. If there has
      been an adjustment or substitution pursuant to Section 4.2, the term
      "Shares" shall also include any shares of stock or other securities that
      are substituted for Shares or into which Shares are adjusted pursuant to
      Section 4.2.

            (bb) "Stock" means the $0.01 par value common stock of the
      Corporation and such other securities of the Corporation as may be
      substituted for Stock pursuant to Article 4.

            (cc) "Valuation Date" shall mean (i) with respect to Assurant, Inc.
      Appreciation Incentive Rights, each business day for which a Fair Market
      Value of the Stock is established on an Exchange, and (ii) with respect to
      Business Unit Appreciation Incentive Rights, the last business day of each
      calendar year or such more frequent date as the Committee may so
      determine.

                                    ARTICLE 3
                                 ADMINISTRATION

      3.1 COMMITTEE. The Plan shall be administered by a committee (the
"Committee") appointed by the Board or, at the discretion of the Board from time
to time, the Plan may be administered by the Board. The members of the Committee
shall be appointed by and may be changed at any time and from time to time in
the discretion of the Board. During any time that the Board is acting as
administrator of the Plan, it shall have all the powers of the Committee
hereunder, and any reference herein to the Committee (other than in this Section
3.1) shall include the Board.

      3.2 ACTION BY THE COMMITTEE. For purposes of administering the Plan, the
following rules of procedure shall govern the Committee. A majority of the
Committee shall constitute a quorum. The acts of a majority of the members
present at any meeting at which a quorum is present, and acts approved
unanimously in writing by the members of the Committee in lieu of a meeting,
shall be deemed the acts of the Committee. Each member of the Committee is
entitled to, in good faith, rely or act upon any report or other information
furnished to that member by any officer or other employee of the Corporation or
any Business Unit, the Corporation's independent certified public accountants,
or any executive compensation consultant or other professional retained by the
Corporation to assist in the administration of the Plan.

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

            (a) Designate Business Units that shall participate in the Plan;

            (b) Designate Participants, determine the number of Appreciation
      Incentive Rights for each Participant, including the mix of each
      Participant's rights among Assurant, Inc. and one or more Business Units;

            (c) Select the Appraiser, determine the Entity Values, and adjust
      the number of Appreciation Incentive Rights from time to time under
      Article 4;

            (d) Certify and announce the beginning of each 45-day Appreciation
      Incentive Right Exercise Period under Article 6;

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            (e) Determine whether a Participant is Retired, Disabled, or has
      otherwise terminated employment;

            (f) Determine whether a Change in Control of the Corporation or a
      Business Unit has occurred;

            (g) Determine whether to modify the Valuation Date for the exercise
      of a given Appreciation Incentive Right under Article 6;

            (h) Determine whether the payment for Appreciation Incentive Rights
      would violate restrictions of lenders under Section 6.7;

            (i) Determine the terms and conditions of any Award granted under
      the Plan, including but not limited to, any restrictions or limitations on
      the Award, any schedule for lapse of forfeiture restrictions or
      restrictions on the exercisability of an Award, and accelerations or
      waivers thereof, based in each case on such considerations as the
      Committee in its sole discretion determines;

            (j) Accelerate the vesting or lapse of restrictions of any
      outstanding Award, based in each case on such considerations as the
      Committee in its sole discretion determines;

            (k) Prescribe the form of each Award Agreement, which need not be
      identical for each Participant;

            (l) Decide all other matters that must be determined in connection
      with an Award;

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

            (n) 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

            (o) Amend the Plan or any Award Agreement as provided herein.

      3.4.  DECISIONS BINDING.  The Committee's interpretation of the Plan,
any Awards granted under the Plan, any Award Agreement and all decisions and
determinations by the Committee with respect to the Plan are final, binding,
and conclusive on all parties.

                                    ARTICLE 4
             ADJUSTMENT OF VALUE OF APPRECIATION INCENTIVE RIGHTS

      4.1. ADJUSTMENT OF VALUE OF A BUSINESS UNIT APPRECIATION INCENTIVE RIGHT.
The Committee reserves the right as of any Valuation Date, to adjust the
fraction value of Business Unit Appreciation Incentive Rights for any Business
Unit as the Committee deems appropriate in its sole discretion to reflect
contributions to capital to the Business Unit, dividends, extraordinary
expenses, and such other financial events as the Committee deems appropriate. If
the fraction value of Appreciation Incentive Rights is so adjusted, this shall
adjust both Outstanding Appreciation Incentive Rights and future grants of
Appreciation Incentive Rights. Furthermore, if the fraction value of
Appreciation Incentive Rights is so

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adjusted, this shall be deemed to automatically adjust the corresponding
fractions set forth in Sections 2.1(w) and 6.5. For example, if as of a given
Valuation Date the Committee decided to adjust the number of Appreciation
Incentive Rights of a given Business Unit from one-ten millionth to one-eleven
millionth, then each Outstanding Appreciation Incentive Right for such Business
Unit would thereafter represent .0000000909 of the Entity Value of Such Business
Unit for all purposes under this plan. This paragraph shall also apply to the
Fortis, Inc. Appreciation Incentive Rights granted prior to January 1, 2004,
until such time as all such Rights are cashed out and cancelled.

      4.2. ADJUSTMENT OF ASSURANT, INC. APPRECIATION INCENTIVE RIGHTS. In the
event of a corporate event or transaction involving the Corporation (including,
without limitation, any stock dividend, stock split, extraordinary cash
dividend, recapitalization, reorganization, merger, consolidation, split-up,
spin-off, combination or exchange of shares), the Committee may adjust Awards to
preserve the benefits or potential benefits of the Awards. Action by the
Committee may include: (i) adjustment of the measure to be used to determine the
amount of the benefit payable on an Award; and (ii) any other adjustments that
the Committee determines to be equitable. In addition, the Committee may, in its
sole discretion, provide (i) that Awards will become immediately vested and
exercisable and will expire after a designated period of time to the extent not
then exercised, (ii) that Awards will be assumed by another party to a
transaction or otherwise be equitably converted or substituted in connection
with such transaction, or (iii) any combination of the foregoing. The
Committee's determination need not be uniform and may be different for different
Participants whether or not such Participants are similarly situated.

                                    ARTICLE 5
                    GRANT OF APPRECIATION INCENTIVE RIGHTS

            5.1. GRANT OF APPRECIATION INCENTIVE RIGHTS. The Committee is
authorized to grant Appreciation Incentive Rights from time to time to
Participants as determined by the Committee in its sole discretion. All awards
of Appreciation Incentive Rights shall be evidenced by an Award Agreement. The
terms, methods of exercise, methods of settlement, and any other terms and
conditions of any Appreciation Incentive Right shall be determined by the
Committee at the time of the grant of the Award and shall be reflected in the
Award Agreement.

                                    ARTICLE 6
            VESTING AND EXERCISE OF APPRECIATION INCENTIVE RIGHTS

      6.1. VESTING OF APPRECIATION INCENTIVE RIGHTS. Each Award of Appreciation
Incentive Rights shall vest as of the third anniversary of the effective date
the Award was granted and the Participant must be actively employed by the
Company or a Business Unit as of such date for vesting to occur. However, (i) a
Participant shall become fully vested in all of his Appreciation Incentive
Rights as of the date of an Assurant, Inc. Change in Control, or, in the case of
a Business Unit Executive, as of the date of a Business Unit Change in Control;
(ii) if a Business Unit Change in Control occurs, then all Appreciation
Incentive Rights issued with respect to such Business Unit shall become fully
vested as of the date of such Change in Control; and (iii) if a Participant
Retires, becomes Disabled, or dies, then the Participant shall vest in 1/36th

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of each award for each month elapsed from effective date of grant to the date of
termination. See special rules in Article 8 regarding vesting of certain
replacement appreciation incentive rights.

      6.2 EXERCISE OF APPRECIATION INCENTIVE RIGHTS. Assurant, Inc. Appreciation
Incentive Rights which have become vested may be exercised by a Participant only
during an Exercise Period. As indicated in Section 2.1(s), the Exercise Period
means (i) with respect to any Assurant, Inc. Incentive Appreciation Right, each
business day for which a Fair Market Value of the Stock is established on an
Exchange; and (ii) with respect to any Business Unit Appreciation Incentive
Right, the 45-day period following the formal announcement by the Committee of a
Business Unit Entity value. A terminated Participant must exercise all vested
Assurant, Inc. Appreciation Incentive Rights and Business Unit Appreciation
Incentive Rights no later than the last day of the 45-day Exercise Period for
Business Unit Appreciation Incentive Rights that next follows or occurs during
his termination of employment from the Corporation and all Business Units. A
Participant who dies, becomes Disabled, Retires or terminates employment from
the Corporation and all Business Units within 12 months of a Change in Control
must exercise all vested Assurant, Inc. Appreciation Incentive Rights and
Business Unit Appreciation Incentive Rights no later than the last day of the
45-day Exercise Period for Business Unit Appreciation Incentive Rights that next
follows or occurs during the first anniversary of death, Disability, Retirement,
or such termination of employment following a Change in Control. Any
Appreciation Incentive Rights not exercised as provided in this Section shall be
forfeited. See special rules in Article 8 regarding exercise of certain
replacement appreciation incentive rights.

      6.3 MANDATORY EXERCISE OF APPRECIATION INCENTIVE RIGHTS. Notwithstanding
anything to the contrary in this Plan, all vested Appreciation Incentive Rights
granted in an Award shall be automatically exercised on the 10th anniversary of
the effective date the Award was granted.

      6.4 DISCRETIONARY EXERCISE OF APPRECIATION INCENTIVE RIGHTS. The Committee
may at its discretion force the early exercise of Rights in order to facilitate
any reorganization, recapitalization, or other need of the corporation. In
requiring such mandatory exercise, the Committee in its discretion shall select
in its discretion which Outstanding Appreciation Incentive Rights shall be
exercised, without requirement that such exercise affect Participants on an
equal or pro rata basis.

      6.5   RIGHT TO PAYMENT.

            (a) Upon the exercise of a Business Unit Appreciation Incentive
      Right, the Participant to whom it is granted has the right to receive the
      excess, if any, of:

                  (i) One ten millionth (.0000001) (as adjusted under Section
            4.2) of the Entity Value of the applicable Business Unit as of the
            Valuation Date immediately preceding the date of exercise, minus

                  (ii) One ten millionth (.0000001) (as adjusted under Section
            4.2) of the Entity Value of the applicable Business Unit as of the
            Valuation Date immediately preceding the date of grant (as specified
            in Award Agreement).

      The foregoing shall also apply to the cash-out pursuant to Article 8 of
Fortis, Inc. Appreciation Incentive Rights that were granted prior to January 1,
2004.

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            (b) Upon the exercise of an Assurant, Inc. Appreciation Incentive
      Right, the Participant to whom it is granted has the right to receive the
      excess, if any, of:

                  (i)   The Fair Market Value of one (1) Share of Stock of
            Assurant, Inc. as of the Valuation Date immediately preceding the
            date of exercise, minus

                  (ii)  The Fair Market Value of one (1) Share of Stock of
            Assurant, Inc. as of the Valuation Date immediately preceding the
            date of grant.

            (c) Upon exercise, the value of all Appreciation Incentive Rights
      shall be paid solely in cash in one lump sum, unless payment is deferred
      by the Participant pursuant to Article 7.

      6.6 BENEFICIARIES. A Participant may, in the manner determined by the
Committee, designate a beneficiary to exercise the rights of the Participant and
to receive any distribution with respect to any Award upon the Participant's
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 Participant, except to the extent
the Plan and Award Agreement otherwise provide, and to any additional
restrictions deemed necessary or appropriate by the Committee. If no beneficiary
has been designated or survives the Participant, payment shall be made to the
Participant's estate. Subject to the foregoing, a beneficiary designation may be
changed or revoked by a Participant at any time provided the change or
revocation is filed with the Committee.

      6.7 RESTRICTIONS OF LENDERS. The Corporation'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 Corporation or any of
its parents or Business Units and their respective lenders. In the event that
the Corporation would not be able to perform any of its agreements or fulfill
any of its obligations hereunder without violating such a loan agreement, the
Corporation shall be excused from such performance or fulfillment with no
liability therefor to the Participant; provided that if and when such
performance or fulfillment would no longer be such a violation, the Corporation
shall have the obligation to complete such performance or fulfillment at that
time.

                                    ARTICLE 7
              DEFERRAL OF PAYMENT FOR APPRECIATION INCENTIVE RIGHTS

      7.1 ELECTION TO DEFER PAYMENT UPON EXERCISE OF APPRECIATION INCENTIVE
RIGHTS. A Participant may elect to defer receipt of the cash payment that would
otherwise be payable upon exercise of an Appreciation Incentive Right under
Article 6. Such election shall be made in writing and delivered to the Committee
not later than the day preceding the vesting date for the Appreciation Incentive
Rights with respect to which the Participant wishes to defer payment. 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.

                                     - 10 -
<PAGE>
                                    ARTICLE 8
    CASH-OUT AND CANCELLATION OF FORTIS, INC. APPRECIATION INCENTIVE RIGHTS;
                           GRANT OF REPLACEMENT RIGHTS

      8.1 CASH-OUT AND CANCELLATION OF FORTIS, INC. APPRECIATION INCENTIVE
RIGHTS. Notwithstanding anything to the contrary in the Plan, the measurement
value of each Outstanding Fortis, Inc. Appreciation Incentive Right as of
December 31, 2003, shall be determined using a special valuation method, as
follows: (i) begin with the measurement value of a Fortis, Inc. Appreciation
Incentive Right as of December 31, 2002; (ii) add to that an adjustment for
dividends paid, determined consistent with past practice; (iii) determine the
arithmetic mean of the changes from January 1, 2003 to December 31, 2003 in the
Dow Jones Life Insurance Index, the Dow Jones Property Casualty Insurance Index,
and the Dow Jones Healthcare Providers Index; and (iv) multiply the result
determined under clause (ii) by the arithmetic mean determined under clause
(iii). The special valuation method described in this Section shall be used to
cash out each vested and non-vested Outstanding Fortis, Inc. Appreciation
Incentive Right that was granted prior to January 1, 2004. As soon as
practicable after the Committee completes the special valuation described in
this Section, and prior to the Closing of the IPO, the Corporation will cash out
each vested and non-vested Outstanding Fortis, Inc, Appreciation Incentive Right
that was granted prior to January 1, 2004. For each such Right, the cash-out
amount will be equal to the difference, if any, between the measurement value of
each such Right determined under Section 6.5(a)(ii) as of the Valuation Date
immediately preceding the date of grant, and the measurement value of each such
Right determined under Section 6.5(a)(i) as of December 31, 2003, using the
special valuation method described in this Section. Each Outstanding Fortis,
Inc. Appreciation Incentive Right, whether or not vested, shall be cancelled
effective as of the date the Right is cashed out, as described in this Section
8.1. Any questions about the special valuation method described in this Section
shall be resolved by the Committee in its sole discretion.

      8.2 GRANT OF ASSURANT, INC. REPLACEMENT RIGHTS. Immediately following the
cash-out and cancellation described in Section 8.1, the Corporation shall grant
to each Participant with Rights that were cashed out and cancelled, whether or
not vested, a number of Assurant, Inc. Appreciation Incentive Rights (referred
to herein as "Replacement Rights"). The number of Replacement Rights to be
granted to a Participant shall equal (i) the measurement value of the
Participant's cashed-out rights, divided by (ii) the public offering price of
one (1) Share of Assurant, Inc. Stock set forth on the cover of the final,
effective prospectus for the IPO. Notwithstanding Section 6.1, (i) each
Replacement Right that replaces a vested cashed-out Right shall be vested
immediately; and (ii) each Replacement Right that replaces a non-vested
cashed-out Right shall become vested on the vesting date for the corresponding
cashed-out Right. Furthermore, notwithstanding Section 6.2, no Replacement Right
may be exercised until the first anniversary of the Closing Date of the IPO, at
which time each Replacement Right shall become and shall remain exercisable for
the remaining term of the corresponding cancelled right described in Section
8.1.

                                    ARTICLE 9
                     AMENDMENT, MODIFICATION AND TERMINATION

      9.1. AMENDMENT, MODIFICATION AND TERMINATION. The Board or the Committee
may, at any time and from time to time, amend, modify or terminate the Plan
without shareholder approval; provided, however, that the Board or Committee may
condition any amendment or modification on the approval of shareholders of the
Corporation if such approval is

                                     - 11 -
<PAGE>
necessary or deemed advisable with respect to tax, securities or other
applicable laws, policies or regulations.

      9.2 RIGHTS PREVIOUSLY GRANTED. At any time and from time to time, the
Committee may amend, modify or terminate any outstanding Appreciation Incentive
Right; provided, however, that such amendment, modification or termination shall
not, without the Participant's consent, reduce or diminish the value of such
Appreciation Incentive Right determined as if the Right had been exercised,
vested, cashed in or otherwise settled on the date of such amendment or
termination.
                                   ARTICLE 10
                               GENERAL PROVISIONS

      10.1. 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.

      10.2. NO RIGHTS TO AWARDS.  No Participant or any eligible participant
shall have any claim to be granted any Award under the Plan, and neither the
Corporation nor the Committee is obligated to treat Participants or eligible
participants uniformly.

      10.3. NO STOCKHOLDER RIGHTS.  No Award gives the Participant any of the
rights of a shareholder of the Corporation.

      10.4 NO SALE OR ASSIGNMENT OF AWARDS. Appreciation Incentive Rights
granted under this Plan may not be sold, assigned, devised, or transferred by a
Participant or Beneficiary in any manner whatsoever. Appreciation Incentive
Rights granted under this Plan shall not be subject to any lien, directly, by
operation of law or otherwise, including but not limited to execution, levy,
garnishment, attachment, pledge or bankruptcy.

      10.5 PLAN IS UNFUNDED. This Plan is unfunded, and no assets have been set
aside in trust, escrow, or otherwise to pay benefits hereunder. The benefits
paid hereunder shall be paid solely from the general assets of the Corporation.
No Participant shall have any claim to payment hereunder greater than that of a
general, unsecured creditor of the Corporation.

      10.6. WITHHOLDING. The Corporation and each Business Unit shall have the
authority and the right to deduct or withhold, or require a Participant to remit
to the Corporation, 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.

      10.7. NO RIGHT TO CONTINUED SERVICE. Nothing in the Plan or any Award
Agreement shall interfere with or limit in any way the right of the Corporation
or any Business Unit to terminate any Participant's employment or status as an
officer, director or consultant at any time, nor confer upon any Participant any
right to continue as an employee or officer of the Corporation or any Business
Unit.

      10.8 TERMINATION OF EMPLOYMENT. 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 in its discretion and in
accordance with law, and any determination by the Committee shall be final and
conclusive. A termination of employment shall not occur when a Participant
transfers from the Corporation to one of its subsidiaries or

                                     - 12 -
<PAGE>
parents, transfers from a subsidiary or parent to the Corporation, transfers
from a parent to a parent or transfers from a subsidiary to another subsidiary.
A termination of employment shall not occur when a Participant ceases to be an
employee but continues as a director of the Corporation.

      10.9. INDEMNIFICATION. To the extent allowable under applicable law, each
member of the Committee and each other officer or employee of the Corporation
who assists in the administration of the Plan shall be indemnified and held
harmless by the Corporation from any loss, cost, liability, or expense 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 Corporation 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
Corporation's Certificate of Incorporation or Bylaws, as a matter of law, or
otherwise, or any power that the Corporation may have to indemnify them or hold
them harmless.

      10.10. RELATIONSHIP TO OTHER BENEFITS. No payment under the Plan shall be
taken into account in determining any benefits under any pension, retirement,
savings, profit sharing, group insurance, welfare or benefit plan of the
Corporation or any Business Unit unless provided otherwise in such other plan.

      10.11.      EXPENSES.  The expenses of administering the Plan shall be
borne by the Corporation and its Business Units.

      10.12.      TITLES AND HEADINGS.  The titles and headings of the
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.

      10.13.      GOVERNING LAW.  To the extent not governed by federal law,
the Plan and all Award Agreements shall be construed in accordance with and
governed by the laws of the State of New York.

      10.14 ADDITIONAL PROVISIONS. Each Award Agreement may contain such other
terms and conditions as the Committee may determine; provided that such other
terms and conditions are not inconsistent with the provisions of this Plan.

      IN WITNESS WHEREOF, the foregoing is hereby acknowledged as being the
Assurant Appreciation Incentive Rights Plan as adopted by the Board of Directors
of the Corporation on October 15, 2003.

                                    ASSURANT, INC.

                                    By:  /s/ Robert Haertel
                                         ----------------------

                                    Its:  Senior Vice President

                                     - 13 -
<PAGE>
                                   APPENDIX A

                 BUSINESS UNITS DESIGNATED UNDER SECTION 2.1(g)

                        Assurant, Inc.

                        Fortis Health Care

                        Fortis Benefits

                        Fortis Family

                        Fortis Financial Group

                        Assurant Group (?)

                        American Securities Group (for 1999 only)

                        Fortis Advisers

                        Fortis Investors

                        ACSIA

                        First Fortis

                        Long Term Care

                                     - 14 -<PAGE>

                                                                   EXHIBIT 10.17

                             FORTIS INVESTMENT PLAN
                                  PLAN DOCUMENT

1.    Purpose of the Plan. This plan shall be known as the Fortis Investment
      Plan. The purpose of the Plan is to provide the benefits of an option plan
      in order to attract and retain the highest quality employees for positions
      of substantial responsibility and to provide additional incentives to
      designated officers, directors and employees of Fortis, Inc. and its
      subsidiaries and affiliates, thereby promoting the continued success of
      the Company.

2.    Definitions. As used herein, the following definition shall apply:

      (a)   "Administrator" shall mean the Board, or the person or persons
            appointed by the Board to serve under paragraph 16, below.

      (b)   "Award Date" shall mean the effective date of the Participant's
            Option Agreement, which, in the event of a Substitution, shall be
            the effective date of the new Option granted pursuant to the
            Substitution.

      (c)   "Board" shall mean the Board of Directors of Fortis, Inc.

      (d)   "Code" shall mean the Internal Revenue Code of 1986, as amended.

      (e)   "Company" shall mean Fortis, Inc. and its subsidiaries and
            affiliates.

      (f)   "Eligible Compensation" shall mean compensation that an Employee or
            Director could agree to exchange for Options under this Plan. For an
            Employee, "Eligible Compensation" shall include (i) base pay, (ii)
            short term cash incentives, (iii) amounts payable under the Fortis
            Appreciation Incentive Rights (FAIR) Plan, (iv) cash payments under
            a change in control severance agreement, (v) other severance
            payments, (vi) other cash compensation payments, (vii) amounts
            payable under the Fortis Executive Pension and Executive 401(k)
            Plan, and (viii) accrued but unused vacation pay. A Participant who
            wishes to exchange Eligible Compensation for Options under the Plan
            must elect to do so by notifying the Committee in writing no less
            than six months prior to the start of the year in which the Eligible
            Compensation may be paid to the Participant.

            Notwithstanding the foregoing, Eligible Compensation shall not
            include (x) any amounts payable as a lump sum later than the 90th
            day following the Participant's Termination of Employment; or (y)
            any amounts payable in installments following the Participant's
            Termination of Employment.

<PAGE>

      (g)   "Director" shall mean a member of the Board.

      (h)   "Disability" shall mean shall mean entitlement to income disability
            benefits as determined under the Company's then current long term
            disability plan.

      (i)   "Employee" shall mean 1) any employee of the Company or 2) member of
            the Board.

      (j)   "Fair Market Value" on any day of reference shall be the closing
            price of a Share on such date, unless the Administrator, in its sole
            discretion shall determine otherwise in a fair and uniform manner.

            For this purpose, the closing price of the Share on any business day
            shall be (i) if the Share is listed or admitted for trading on any
            United States national securities exchange, the last reported sale
            price of the Share on such exchange, as reported in any newspaper of
            general circulation, (ii) if the Share is not listed or admitted for
            trading on any United States national securities exchange, the
            average of the high and low sale prices of the Share for such day
            reported on The Nasdaq SmallCap Market or a comparable consolidated
            transaction reporting system, or if no sales are reported for such
            day, such average for the most recent business day within five
            business days before such day which sales are reported, or (iii) if
            neither clause (i) nor (ii) is applicable, the average between the
            lowest bid and highest asked quotations for the Share on such day as
            reported by The Nasdaq SmallCap Market or the National Quotation
            Bureau, Incorporated, if at least two securities dealers have
            inserted both bid and asked quotations for the Share on at least 5
            of the 10 preceding business days.

      (k)   "Option" shall mean an option granted pursuant to this Plan to
            purchase one or more Shares. The types of options that may be
            granted pursuant to this Plan are

            (i) Taxed Non Benefit Eligible Options. ("Taxed NBE Options"). These
            are Options that (A) have previously been included in the
            Participant's FICA wages; and (B) are not treated as compensation
            for purposes of determining other employee benefits provided by the
            Company.

            (ii) Benefit Eligible Options ("BE Options"). These are Options that
            (A) have not been included in the Participant's FICA wages, and (B)
            in the year granted, were treated as compensation for purposes of
            determining other employee benefits provided by the Company.

            (iii) Non Benefit Eligible Options ("NBE Options"). These are
            Options

                                     - 2 -
<PAGE>

            that (A) have not been included in the Participant's FICA wages, and
            (B) are not treated as compensation for purposes of determining
            other employee benefits provided by the Company.

      (l)   "Option Agreement" means the written agreement evidencing the award
            of an Option under the Plan.

      (m)   "Participant" shall mean any Employee who receives an Option under
            the Plan, as evidenced by an Option Agreement entered into between
            such Employee and Fortis, Inc.

      (n)   "Plan" shall mean the Fortis Investment Plan, as amended from time
            to time.

      (o)   "Retirement" shall mean normal retirement as defined in the
            Company's then current tax qualified deferred benefit pension plan,
            or, if there is no such retirement plan, "Retirement" shall mean
            voluntary termination of employment after age 55 with ten or more
            years service.

      (p)   "Shares" shall mean the shares of mutual funds, shares of common or
            preferred stock of a corporation listed or reported on a national
            securities exchange or quotation system, or shares of a regulated
            investment company, as designated and amended by the Administrator
            and referenced in Appendix A. Shares may include stock or other
            equity interest or bonds in Fortis, Inc. or any company related to
            Fortis, Inc. if so permitted by the Board. Shares do not include
            units of any money market funds or other cash equivalents. Shares
            subject to purchase pursuant to any Option shall also include any
            earnings and appreciation on such shares subsequent to the Award
            Date.

            If a Participant does not select a specific share, the share subject
            to the Option shall be the share selected by the Administrator.

      (q)   "Substitution" shall mean all exchanges of shares made within a
            single day.

      (r)   "Termination of Employment" shall mean an Employee's termination of
            employment with the Company by reason of Retirement, resignation,
            discharge, death, Disability or other termination. The Administrator
            may, in its discretion, determine whether any leave or other absence
            from service constitutes a Termination of Employment for purposes of
            the Plan. In the case of a Director, "Termination of Employment"
            shall mean that the Director has ceased to serve as a member of the
            Board.

                                     - 3 -
<PAGE>

3.    Term of Plan. The Plan shall become effective on the date it is adopted by
      the Board and shall continue in effect as amended from time to time until
      terminated pursuant to paragraph 18.

4.    Shares Subject to the Plan. The aggregate number and type of Shares
      subject to Options will be fully described in each Option Agreement.

5.    Eligibility. Employees and Directors who are designated as eligible and
      selected for inclusion in the Plan by the Administrator may receive
      Options under the Plan.

6.    Grant of Options. The Administrator shall determine the number of Shares
      to be offered from time to time pursuant to Options granted under the
      Plan. The grant of Options shall be evidenced by a written Option
      Agreement containing such terms and provisions as are approved by the
      Administrator, including, but not limited to, the following information,
      which shall be included on an Appendix to the Option Agreement: (i) the
      Award Date for the Options; (ii) the Shares subject to the Options; (iii)
      the Fair Market Value of the Shares subject to the Option; (iv) the net
      value of the Options; (v) the type of Options that are issued, i.e., Taxed
      NBE Options, BE Options, or NBE Options; and (vi) such other information
      as the Administrator deems appropriate. The Administrator shall execute an
      initial Option Agreement on behalf of the Company. From time to time, the
      Administrator or a third party designated by the Administrator shall issue
      an updated Appendix to the Option Agreement, and such updated Appendix
      shall supersede any prior Appendix to the Option Agreement.

7.    Time of Grant of Options. The date of grant of an Option under the Plan
      shall, for all purposes, be the date on which the Administrator awards the
      Option, as evidenced by an Appendix to the Option Agreement.

8.    Option Price. The exercise price for each Option shall be the greater of
      (i) twenty five percent (25%) of the Fair Market Value, as of the Award
      Date, of the Shares underlying the Option; or (ii) fifty percent (50%) of
      the Fair Market Value, as of the date the Option is exercised, of the
      Shares underlying the Option.

9.    Exercise. Except as otherwise provided in an Option Agreement, all Options
      granted under the Plan shall be vested at grant and therefore may be
      exercisable immediately.

      Options shall be exercised in the minimum amount of one thousand dollars
      ($1,000) of the Fair Market Value of Shares underlying the Options (or, if
      the Fair Market Value of the Shares underlying all outstanding Options is
      less than $1,000, the Option must be exercised in its entirety) at any
      time during the period beginning from the date of the grant as determined
      by the Option Agreement and ending on the date specified in the Option
      Agreement. The Participant will be allowed to exercise all or part of his
      Option(s) twice per calendar year, with all reasonable distribution fees
      paid by the Company. Additional distributions will

                                     - 4 -
<PAGE>

      need the written approval of the Administrator, in its sole discretion,
      and the Participant may be required to pay all associated fees.

      If cash dividends are paid on the Shares subject to an Option, such
      dividend will be reinvested in Shares of the same kind. Earnings,
      including dividends, shall be attributed proportionally to the Shares
      subject to the Option and will be purchased when the underlying award is
      exercised. For example, if an original grant of an Option to purchase 500
      Shares (after the payment of the exercise price) generates from reinvested
      dividends 100 additional Shares on such 500 Option Shares, an exercise of
      one-fourth of the originally granted Options shall result in the purchase
      (after the payment of the exercise price) of 150 Shares in order to
      proportionally include the resulting reinvested dividends. In the event of
      a noncash distribution, stock dividend, stock split recapitalization or
      similar transaction that affects the market value of Shares subject to an
      Option, then the exercise price will be adjusted to maintain the same
      ratio of exercise price to Fair Market Value that existed prior to such
      transaction.

      Each calendar year the Company shall pay the first $250 of any transaction
      fees or charges that are associated with investing, exercising or
      substituting any Option, provided that any unused part of the $250 amount
      may not be carried over to succeeding calendar years. Any such fees or
      charges in excess of $250 per calendar year shall be charged to the
      Participant's account(s) as directed by the Administrator.

      In addition, all Options granted under the Plan may only be exercised
      subject to any other terms specified in the Option Agreement. If such
      terms conflict with the terms of this Plan, the terms of the Option
      Agreement control.

10.   Limitations on Option Disposition. Any Option granted under the Plan and
      the rights and privileges conferred therewith shall not be sold,
      transferred, encumbered, hypothecated or otherwise assigned by the
      Participant other than by will or the laws of descent and distribution.
      Options shall not be subject to, in whole or in part, the debts,
      contracts, liabilities, or torts of the Participant, nor shall they be
      subject to garnishment, attachment, execution, levy or other legal or
      equitable process.

11.   Limitations on Option Exercise and Distribution. In the event that the
      listing, registration or qualification of an Option or Shares on any
      securities exchange or under any state or federal law, or the consent of
      approval of any governmental regulatory body, or the availability of any
      exemption therefrom, is necessary as a condition of, or in connection
      with, the exercise of an Option, then the Option shall not be exercised in
      whole or in part until such listing, registration, qualification, consent
      or approval has been effected or obtained. Notwithstanding any provision
      of the Plan to the contrary, the Company shall have no obligation or
      liability to deliver any Shares under the Plan unless such delivery would
      comply

                                     - 5 -
<PAGE>

      with all applicable laws and all applicable requirements of any securities
      exchange or similar entity.

12.   Option Financing. Upon the exercise of any Option granted under the Plan,
      the Participant may instruct the Administrator to sell or deem to sell a
      number of Shares otherwise deliverable to the Participant and attributable
      to the exercise of the Option in order to pay the exercise price of the
      Option.

13.   Withholding of Taxes. The Administrator may make such provisions and take
      such steps as it may deem necessary or appropriate for the withholding of
      any taxes which the Company is required by any law or regulation of any
      governmental authority, whether federal, state or local, domestic or
      foreign, to withhold in connection with any Option including, but not
      limited to, the withholding of the issuance of all or any portion of such
      Shares until the Participant reimburses the Company for the amount the
      Company is required to withhold with respect to such taxes, canceling any
      portion of such issuance in an amount sufficient to reimburse itself for
      the amount it is required to so withhold, or taking any other action
      reasonably required to satisfy the Company's withholding obligation.

14.   Modification of Option or Plan. At any time and from time to time, the
      Administrator may execute an instrument providing for the modification,
      extension, or renewal of any outstanding Option or the Option Plan.

15.   Substitution of Option. If a Participant has been granted an Option to
      purchase Shares under an Option Agreement, then except as limited by the
      terms of the Option Agreement, the Participant may direct that the Option
      be converted into an Option to purchase other Shares as permitted by the
      Option Agreement.

      The date of such Substitution shall result in a new Award Date for
      purposes of determining the exercise price of the grant.

      In no event shall a Participant be permitted to make Substitutions more
      often than 12 times within a calendar year.

16.   Administration of the Plan. The Administrator, in its sole discretion, is
      authorized to select the Employees and Directors who will receive Options,
      to determine when an Employee or Director shall be eligible to participate
      in the Plan, and to determine the number of Options and the number of
      Shares under each Option. The Board, or the person or persons appointed by
      the Board to serve as Administrator, shall be the Administrator of the
      Plan. The Administrator, in its sole discretion, is authorized to
      interpret the Plan, to prescribe, amend and rescind rules and regulations
      relating to the Plan and to the Options granted under the Plan, to
      determine the form and content of Options to be issued under the Plan, and
      to make such other determinations and exercise such other power and
      authority as may be necessary or advisable for the administration of the
      Plan. No

                                     - 6 -
<PAGE>

      fee or compensation shall be paid to any person for services as the
      Administrator (but this shall not prevent the payment of salary otherwise
      payable to an employee of Fortis, Inc. for other services as a Fortis,
      Inc. employee). The Administrator in its sole discretion may delegate and
      pay compensation for services rendered relating to the ministerial duties
      of plan administration including, but not limited to, selection of
      investments available under the Plan. Any determination made by the
      Administrator pursuant to the powers set forth herein are final, binding
      and conclusive upon each Participant and upon any other person affected by
      such decision, subject to the claims procedure hereinafter set forth. The
      Administrator shall decide any question which may arise regarding the
      rights of employees, Participants and beneficiaries and the amounts of
      their respective interests, adopt such rules and to exercise such powers
      as the Administrator may deem necessary for the administration of the
      Plan, and exercise any other rights, powers or privileges granted to the
      Administrator by the terms of the Plan. The Administrator's
      interpretations and determinations under the Plan and the Option Agreement
      shall be conclusive and binding on all parties with an interest in the
      Plan. The Administrator shall maintain full and complete records of its
      decisions. Its records shall contain all relevant data pertaining to the
      Participant and his rights and duties under the Plan. The Administrator
      shall have the duty to assure Account records are maintained for all
      Participants. The Administrator shall cause the principal provisions of
      the Plan to be communicated to the Participants and a copy of the Plan and
      other documents shall be available at the principal office of the Company
      for inspection by the Participants at reasonable times determined by the
      Administrator.

17.   Continued Employment Not Presumed. Nothing in the Plan or any document
      describing it nor the grant of an Option shall give any Participant the
      right to continue in employment with the Company or affect the right of
      the Company to terminate the employment of any such person, with or
      without cause.

18.   Amendment and Termination of the Plan or Option Agreement. The Board, in
      its sole discretion, may amend, suspend or discontinue the Plan.

19.   Governing Law. The Plan shall be governed by and construed in accordance
      with the laws of the State of New York.

20.   Severability of Provisions. Should any provision of the Plan be determined
      to be invalid, illegal or unenforceable, such invalidity, illegality or
      unenforceability shall not affect the remaining provisions of the Plan,
      but shall be fully severable, and the Plan shall be construed and enforced
      as if such provision had never been inserted herein.

21.   Establishment of Trust. In its sole discretion, Fortis, Inc. (or any other
      participating employer in the Plan) may establish, in connection with the
      Plan, a trust, designed to be a grantor trust, within the meaning of
      Section 671 of the Code. Notwithstanding any other provision of the Plan,
      the assets of any such

                                     - 7 -
<PAGE>

      trust shall remain the property of such employer and will be subject to
      the claims of its creditors in the event of its bankruptcy or insolvency.

22.   Designation of Beneficiary. A Participant, by filing the prescribed form
      with the Administrator (see Appendix B), may designate one or more
      beneficiaries and successor beneficiaries who shall be given the right to
      exercise Options in accordance with the terms of the Plan, in the event of
      the Participant's death. In the event the Participant does not file a form
      designating one or more beneficiaries, or no designated beneficiary
      survives the Participant, the Option shall be exercisable by the
      individual to whom such right passes by will or the laws or descent and
      distribution.

23.   Unsecured Promise. The obligation of the Company to deliver Shares subject
      to the Options granted under this Plan constitutes an unsecured promise of
      the Company to fulfill such obligations and any property of the Company
      that may be set aside to permit it to fulfill such obligations under the
      Plan shall, in the event of the Company's bankruptcy or insolvency, remain
      subject to the claims of the Company's general creditors until such
      Options are exercised.

24.   Intent. The Plan is not intended to be a plan described in Sections 401(a)
      or 457 of the Code. The obligation of the Company to deliver Shares
      subject to the Options granted under this Plan constitutes nothing more
      than an unsecured promise of the Company to fulfill such obligations and
      any property of the Company that may be set aside, to permit it to fulfill
      such obligations under the Plan, shall in the event of the Company's
      bankruptcy or insolvency, remain subject to the claims of the Company's
      general creditors until such Options are exercised.

********************************

      As evidence of its adoption of the Plan, Fortis, Inc. has caused this
instrument to be signed by its officer of representative duly authorized on this
17th day of March, 2003.

                                    Fortis, Inc.

                                    By: /s/ J. Kerry Clayton
                                        ____________________________
                                            J. Kerry Clayton

                                    Title: President and CEO

                                     - 8 -
<PAGE>

APPENDIX A

SHARES AVAILABLE TO THE COMPANY FOR GRANT OR SUBSTITUTION

Description

The Hartford Fund Family (to be removed as of 1/1/04)

AIM Family of Funds

Fidelity Advisor Funds

Putnam Fund Family

Warburg Pincus Fund Family

Janus Fund Family

Vanguard Fund Family

American Century Fund Family

One Group Ultra Short Term Fund

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APPENDIX B

BENEFICIARY DESIGNATION FOR INVESTMENT PLAN

I direct that, upon my death, any amount payable to me under the Fortis
Investment Plan shall be paid to the following person(s) as my primary
beneficiary (beneficiaries):

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Name                                Address                        Relationship

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Name                                Address                        Relationship

If, upon my death, no primary beneficiary is living, such amount shall be paid
to the following person(s) as my contingent beneficiary(ies):

--------------------------------------------------------------------------------
Name                                Address                        Relationship

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Name                                Address                        Relationship

If I have designated more than one primary beneficiary, the amount payable shall
be equally divided among my primary beneficiaries who are living at the time of
my death unless I have specified otherwise on this form. If, upon my death,
there is no primary beneficiary living, and if I have named more than one
contingent beneficiary, the amount shall be equally divided among my contingent
beneficiaries who are living at the time of my death unless I specify otherwise
on this form.

The foregoing beneficiary designation revokes any and all prior designation(s),
and shall remain in effect until such time as I may have filed another
beneficiary designation with Fortis, Inc., bearing a more recent date.

                                    By:
---------------------------               -------------------------
Witness                                   Signature

                                          -------------------------
                                          Print Name

                                    Date:
                                          -------------------------

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