The Employee Stock Purchase Plan allows you to buy shares of Assurant stock at least at a 10 percent discount with funds you contribute through after-tax payroll deductions. Owning Assurant stock allows you to participate in the financial performance of the company.
During an enrollment period, you are eligible to participate in the ESPP if:
- You are regularly scheduled to work at least 20 hours per week for at least five months per year, and
- You have been continuously employed for at least six months by the start of the offering period, and
- You are not a temporary employee or independent contractor, and
- You have not been on a leave of absence for more than 90 days immediately preceding the offering period.
Each calendar year, there are two six-month offering periods, one that runs from January 1 through June 30 and another that runs from July 1 through December 31. Each pay period you can contribute between 1 percent and 15 percent of your base compensation and commissions toward the purchase of Assurant , Inc. stock. The maximum contribution amount is $7,500 per offering period, for a total of $15,000 per year. The maximum number of shares you may purchase each offering period is 5,000.
When you participate in the ESPP, your contributions accumulate, without interest, until the end of the offering period. At that time, Morgan Stanley purchases on your behalf whole and fractional shares of Assurant, Inc. stock equal to the value of your accumulated contributions. The purchase price of your shares will be 90 percent of the lower of:
- The closing price of Assurant, Inc. stock on the offering date (the first trading day of the offering period), or
- The closing price of Assurant, Inc. stock on the purchase date (the last trading day of the offering period).
You must be employed on the last trading day of the offering period in order to purchase Assurant, Inc. stock under the ESPP.
Review the ESPP Brochure for more information.