Assurant 2005 Annual Report Download - page 36

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exercise over the base value of the stock appreciation right. Stock appreciation rights granted under the Directors Compensation Plan will be
fully vested on the date of grant, but may not be exercised until the fifth anniversary of the date of grant. To the extent not previously exercised,
such stock appreciation rights will be automatically exercised on the earlier of the first anniversary of the grantee’s termination as a director of
the Company for any reason or the tenth anniversary of the date of grant.
Directors who are employees of the Company or any of its subsidiaries or affiliates, or of Fortis or any of its subsidiaries or affiliates, and
directors who are designated by Fortis to serve as directors, are not eligible to participate in the Directors Compensation Plan or to receive
payment for service as a director.
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