Assurant 2005 Annual Report Download - page 22
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between the date his or her termination and the date of the change in control. These agreements also provide additional rights including, but not
limited to, outplacement services, legal fee reimbursement and reimbursement for any excise tax imposed on the employee by section 4999 of
the U.S. tax code.
American Bankers Insurance Group has a severance agreement with Mr. Camacho. If Mr. Camacho terminates his employment because of
retirement (as determined in accordance with normal Company policies) or death, then Mr. Camacho will receive a severance payment equal to
150% of his current salary, defined as his salary for the 12 months preceding the severance, excluding any bonus or deferred compensation. If
Mr. Camacho’s employment is terminated because of disability, then Mr. Camacho will receive a severance payment equal to 50% of his
current annual salary, as defined above. If either Mr. Camacho’s employment is terminated without cause (as defined in the agreement), or
Mr. Camacho terminates employment after a decrease in his base salary to a level less than 80% of the level for any prior year, then
Mr. Camacho will receive a severance payment equal to 100% of his current salary, as defined. In each case the severance benefit will be paid
in a lump sum on the fifth business day following termination of employment.
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