Assurant 2005 Annual Report Download - page 18

Long-Term Incentive Plan Awards
The following table presents information concerning long-term incentive plan awards to the named executive officers under the
Appreciation Incentive Rights Plan during the fiscal year ended December 31, 2004:
12
(3) The option grants shown in this table represent options granted for the particular year pursuant to the Fortis, Inc. Stock Option Plan to
acquire shares of Fortis Inc.’s Series D Preferred Stock, the value of which is related to the market value of shares of Fortis N.V. and
Fortis SA/ NV, and the Euro to U.S. dollar conversion rate. On October 15, 2003, our Board of Directors authorized the discontinuance of
this plan effective September 22, 2003, and all stock options outstanding thereunder were cancelled in exchange for a payment of the fair
value of such options, as determined by an independent third party.
(4) Amounts shown in this column represent amounts that were paid or payable in the given year under the Appreciation Incentive Rights
Plan.
(5) Amounts shown in this column for the fiscal year ended December 31, 2004, include the following amounts: (i) for Mr. Clayton, $14,350
for Company contributions under the Assurant 401(k) Plan and $158,018 for Company contributions under the 401(k) portion of the
Assurant Executive Pension and 401(k) Plan; (ii) for Mr. Pollock, $14,350 for Company contributions under the Assurant 401(k) Plan
and $109,921 for Company contributions under the 401(k) portion of the Assurant Executive Pension and 401(k) Plan; (iii) for
Ms. Landreth, $14,350 for Company contributions under the Assurant 401(k) Plan and $70,224.01 for Company contributions under the
401(k) portion of the Assurant Executive Pension and 401(k) Plan; (iv) for Mr. Camacho, $14,350 for Company contributions under the
Assurant 401(k) Plan and $46,000.51 for Company contributions under the 401(k) portion of the Assurant Executive Pension and 401(k)
Plan; and (v) for Ms. Silvester, $14,350 for Company contributions under the Assurant 401(k) Plan and $56,376.61 for Company
contributions under the 401(k) portion of the Assurant Executive Pension and 401(k) Plan.
(6) Ms. Landreth voluntarily terminated her employment on December 31, 2004, and on such date forfeited the 943 shares of restricted stock
that were granted to her in 2004.
Estimated Future
Payouts Under
Performance or Non-Stock
Number of Shares, Other Period Until Price-Based
Units or Other Maturation or Plans
Name
Rights (#) Payout Target(1)($)
J. Kerry Clayton
124,136
(2)
3 Years
840,000
Robert B. Pollock
89,378
(2)
3 Years
604,800
Lucinda Landreth(3)
—
—
—
Philip Bruce Camacho
21,625
(4)
3 Years
353,600
Lesley Silvester
49,655
(2)
3 Years
336,000
(1) As described more fully under “— Assurant Appreciation Incentive Rights Plan,” during 2004, an eligible employee of Assurant, Inc.
received 75% of his or her award in Assurant, Inc. incentive rights and 25% of his or her award in operating business segment incentive
rights. Conversely, an eligible employee of an operating business segment of Assurant received 25% of his or her award in Assurant, Inc.
incentive rights and 75% of his or her award in operating business segment incentive rights. Each incentive right represents the right to
the appreciation in value of an incentive right over the vesting period of the award, based on a valuation provided by an independent,
qualified appraiser.
(2) Represents the total number of incentive rights awarded. Rights are distributed between Assurant, Inc. (75%) and each of the four
operating business segments (25%). The Assurant, Inc. incentive rights were replaced with stock appreciation rights on shares of Assurant
common stock following the Company’s initial public offering, as more fully described under “— Assurant Appreciation Incentive
Rights Plan.
”