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Employee Stock Purchase PlanMorgan Stanley’s website: Stockplanconnect.morganstanley.comMorgan Stanley Customer Service Representative: 877-AIZ-STKS (inside the U.S.)801-617-7410 (outside the U.S.)1
Table of ContentsKey Differences by Country .3Employee Stock Purchase Plan - An Overview . 4Understanding How the ESPP Works . 4Insider Trading Policy and Blackout Period . 4Enrolling or Changing Your Current Contribution Rate in the ESPP . 4Stopping Your Payroll Contribution . 5Effects of a Change in Employment Status on Your ESPP Participation . 5Managing Your Stock Account. 5Paying Dividends in the ESPP . 5Requesting a Distribution from Your ESPP Account. 6Tax Implications of Investing in the ESPP . 6Fees and Commissions . 6Who to Contact . 6Questions and Answers .7Eligibility .7Enrolling/Changing Contribution Rate .7Contributions .7Employment Status Changes . 8Purchasing Stock . 8Managing Your Morgan Stanley Account . 9Selling Stock .9Fees. 10Dividends . 10Taxes . 10Additional Questions. 11Enrollment Instructions . 12This summary highlights some of the features of the Assurant Employee Stock Purchase Plan (the“Plan”). It is not meant to be a complete description of the Plan. In the event of a conflict betweenthe provisions in this summary and the Plan, the Plan will govern. While the company intends tocontinue the benefits described in this summary, it reserves the right to change or terminate themat its sole discretion. Access the ESPP Prospectus for full details.2
Key Differences by CountryAside from this chart, the remainder of this brochure applies to employees in all countries, except where otherwise noted.Note: If not listed below, ESPP is not available in that country.Employees working in:Eligibility for EnrollmentYou are regularly scheduled towork at least 20 hours per weekand at least five months per yearYou have been continuouslyemployed for at least six monthsby the start of the offering periodYou are not a temporaryemployeeYou have not been on a leave ofabsence for more than 90 daysimmediately preceding theoffering periodESPP enrollment / withdrawalImpact of going on a leave ofabsence during the offering periodIf you wish to continueparticipating upon returning from aleave of absence, do you need tomake an election to participate inthe next offering period?Where to access the prospectusPersonal identifier to use whencalling Morgan StanleyIf you hit the 7,500 limit, do yourcontributions automatically stop?If you previously hit the 7,500limit, do you need to make a newelection to participate in the nextoffering period?U.S.UKAustralia, Brazil,Canada, Chile,Germany, Italy, Mexico,Netherlands, PuertoRico, Spain MyHRPlease contact your local payroll to inquire about your refund.Deductions continue to be taken fromYou’ll continue to participate in the ESPPyour paycheck for the first 90 days. Ifwhile on a leave of absence. If no longeryour leave lasts longer than 90 days, youpaid, any contributions you did make willwill not be eligible to contribute to thebe used to purchase shares at end ofESPP and the contributions deductedoffering period.from your pay during the offeringperiod will be refunded to you in yourpaycheck, without interest, as soon asadministratively feasible.YesNoAvailable on Connect:U.S. ProspectusContact your local People Organizationrepresentative for a copy.Social Security NumberGlobal IDYesNo (excess contributions over 7,500 arerefunded)No3
Employee Stock Purchase Plan – An OverviewThe Assurant Employee Stock Purchase Plan (ESPP) is abenefit program that allows you to buy shares of Assurantstock at least at a 10% discount with funds you contributethrough after-tax payroll deductions. Owning Assurantstock allows you to participate in the financial performanceof the company.Participation in the ESPP is entirely voluntary. Stockownership has certain risks and may not be a wiseinvestment for you. Please consult a financial adviser toensure that participating in the ESPP is appropriate foryour individual situation and investment risk profile.Understanding How the ESPP WorksEach calendar year, there are two, six-month offeringperiods – one that runs from January 1 through June 30 andanother that runs from July 1 through December 31. Eachpay period, you can contribute between 1% and 15% ofyour base compensation and commissions (in wholepercentages) toward the purchase of Assurant stock. Themaximum contribution amount is 7,500 per offeringperiod, for a total of 15,000 per year. The maximumnumber of shares you can purchase each offering period is5,000.There is another limit called the 25,000 calendar year limit,which directs that a participant may not purchase morethan 25,000 worth of stock during any calendar year. The 25,000 worth of stock is based upon the market price ofAssurant stock on the offering date. Please refer to the ESPPProspectus for additional information.Note for U.S. employees only: If you have elected to defer aportion of your base and/or commission compensation intothe Assurant Deferred Compensation Plan (ADC Plan), theamounts deferred under the ADC Plan are deducted fromthis compensation prior to applying the appropriate ESPPcontribution percentage. In other words, amounts that aredeferred in the ADC Plan are not considered “eligiblecompensation” for purposes of determining the amount ofyour ESPP deductions. Additionally, if you are active andreceive distributions from the ADC Plan, these paymentsare also not considered part of your eligible compensationfor purposes of the ESPP.Your contributions are deducted from your pay on an aftertax basis. They accumulate, without interest, until the endof the offering period. At that time, Morgan Stanleypurchases on your behalf whole and fractional shares ofAssurant stock equal to the value of your accumulatedcontributions.The purchase price of your shares will be 90% of the lowerof: The closing price of Assurant stock on the offering date– the first trading day of the offering period, and The closing price of Assurant stock on the purchase date– the last trading day of the offering period.You must be employed on the last trading day of theoffering period in order to purchase Assurant stock underthe ESPP.The following chart illustrates how the purchase price ofyour stock will be determined for the current offeringperiod:How to Determine Your Purchase Price Per Share* Closing Price at Offering Date Closing Price at Purchase Date 100 105 Your Purchase Price 90 ( 100 X 90%)*The stock prices and the purchase price used in this example are forillustration purposes only. The actual purchase price will depend onthe actual closing price of Assurant stock on the offering date and thepurchase date.Shares of stock purchased on your behalf are credited toyour ESPP stock account. This account is a specialbrokerage account that is set up in your name with MorganStanley for ESPP shares only. The stock account isestablished when your initial shares of Assurant stock arepurchased, not when your contributions are deducted fromyour pay. You have full ownership rights to all of theshares of stock held in your stock account.Insider Trading Policy and Blackout PeriodIf the company has notified you that you have beendesignated a “covered person” under the Insider TradingPolicy, you may not enroll in the ESPP when the companyis in a blackout period. In addition, whether or not you area “covered person," you may not enroll at any time whenyou are in possession of material nonpublic informationabout the company.Similarly, you may not sell your shares when the companyis in a blackout period or at any time when you are inpossession of material nonpublic information.If you are not a designated “covered person,” then you arenot subject to these restrictions, unless you possess materialinformation about the company that has not been disclosedto the public. If you are unsure whether you are adesignated “covered person,” please contact the AssurantLaw Department in New York at 212-859-7000.Note that, once you have enrolled in the ESPP andestablished your contribution rate, the Insider TradingPolicy does not apply to automatic contributions you haveelected to make to the ESPP. This means that contributionsyou have already set up in advance can still be made evenif the company is in a blackout period or you are otherwisein possession of material nonpublic information.Enrolling or Changing Your Current Contribution Rate inthe ESPPIf you want to enroll in the ESPP or change your currentcontribution rate, you can do so by using MyHR.Refer to the “Enrollment Instructions” section of thisbrochure for additional information.4
Once you enroll in the ESPP, your enrollment andcontribution rate remain in effect until you elect to changeyour contributions. You do not need to re-enroll in theESPP before each offering period.Stopping Your Payroll ContributionYou may elect to stop your contributions to the ESPP.However, you must do so at least 30 days before the end ofthe offering period.To stop your contributions, go to Connect, click on theMyHR tile and log in to MyHR. Next go to your Benefitsworklet in the Applications area and select “Benefits”under the Change heading. Select “Withdraw from ESPP”in the Benefit Event Type drop down menu and inputtoday’s date as the Benefit Event Date. Hit the “Submit”button to complete your transaction.Your payroll deductions will be stopped as soon asadministratively feasible. The contributions deductedduring that offering period will be refunded to you in yourpaycheck, without interest, as soon as administrativelyfeasible. Please contact your local payroll to inquire aboutyour refund.If you discontinue your contributions, you cannot re-enrollduring the same offering period. You must wait until thenext offering period to re-enroll in the ESPP.Effects of a Change in Employment Status on Your ESPPParticipationLeave of AbsenceRefer to the ”Key Differences by Country” section of thisbrochure to determine impact to your ESPP participation ifyou go on a leave of absence.TerminationIf you terminate employment and have a stock accountwith Morgan Stanley, you can: Keep your stock in your ESPP account with MorganStanley, Transfer your stock to another broker, or Sell some or all your shares of stock.If you terminate employment before the last trading day ofan offering period, the contributions deducted from yourpay during that offering period will be refunded to you inyour paycheck, without interest, as soon asadministratively feasible.DeathIf you die and have a stock account with Morgan Stanley,your estate representative should contact a Morgan Stanleycustomer service representative for special assistance.Morgan Stanley will administer the account in accordancewith applicable local laws. For additional questions, pleasecontact Morgan Stanley.The contributions deducted from your pay during anoffering period will be refunded to your estate, withoutinterest, as soon as administratively feasible.Managing Your Stock AccountAfter the close of each offering period, the shares youpurchased will be deposited into a stock account withMorgan Stanley. You’ll be able to access your stock accountthrough Morgan Stanley's website or by calling CustomerService at 1-877-AIZ-STKS (inside the U.S.) or 801-617-7410(outside of the U.S.). Representatives are available Mondaythrough Friday from 8 a.m. to 8 p.m. ET (on market days).You may access your account online to: Determine the value of your stock account,View any transaction history,Sell shares in your stock account, andTake advantage of many additional online features.For employees who are purchasing shares for the first time,Morgan Stanley will email a welcome package to yourAssurant email address a few weeks before your stockaccount is opened detailing how to activate and access yourstock account. If you purchased shares during a previousoffering period but misplaced your welcome package, youcan request another copy to be emailed to you or you canrequest a hard copy version to be mailed to you bycontacting Morgan Stanley. Remember, your stock accountis set up when the initial shares of Assurant stock arepurchased, not when your contributions are deducted fromyour pay.Paying Dividends in the ESPPWhile dividends are not guaranteed, if they are paid, youwill receive dividends on any shares you own at the timethe company declares a dividend payment on itsoutstanding shares of stock.Dividends can be paid in one of two ways: They can automatically be reinvested in additionalshares of Assurant stock, or They can be paid to you in cash.Dividends automatically will be reinvested in Assurantstock unless you contact a Morgan Stanley customer servicerepresentative and request that your dividends be paid toyou in cash. If you elect to have dividends paid out to you,all future dividends will be paid to you by check. Yourelection will remain in effect until you contact a customerservice representative and elect a different option before 8p.m. ET on the business day before the dividend recorddate. The record date is the date you must own shares inorder to receive the dividend, which is typically threeweeks before the payment date.5
Shares purchased by dividends are bought on the openmarket based on the share price on that date. There is nodiscount on reinvested dividends.Any dividends paid will be taxable to you in the year inwhich they are received, regardless of whether or not theyare reinvested in Assurant stock.Requesting a Distribution from Your ESPP AccountYou can request a total or partial distribution of your stockaccount. This distribution can be paid to you in cash ortransferred to another brokerage account.Visit Morgan Stanley's website or contact Morgan Stanleyand request a distribution from your stock account.Tax Implications of Investing in the ESPPFor more information on the tax implications of investing inthe ESPP, refer to the ESPP Prospectus. You also may wishto consult a financial adviser.Fees and CommissionsAssurant pays the fees for the administration,recordkeeping services, and the reinvestment of anydividends under the ESPP. However, you are responsiblefor any brokerage commissions and other related expensesif you elect to sell your stock. Contact Morgan Stanley forcurrent commission rates and fees.Contact InformationMorgan Stanley can assist you with your stock accountquestions. You can reach a customer service representativeat 1-877-AIZ-STKS (inside the U.S.) or at 801-617-7410(outside the U.S.) Monday through Friday from 8 a.m. to 8p.m. ET (on market trading days). For general questionsabout the ESPP itself, please contact the People ExperienceCenter at 1-866-324-6513 or MyHR@assurant.com. If youhave tax questions, you should consult a financial adviser.6
Questions and AnswersEligibility1. Q. Who is eligible to participate in the ESPP?A. Refer to the “Key Differences by Country” section ofthis brochure for eligibility rules in each country.Enrolling/Changing Contribution Rate2. Q. When can I enroll in the ESPP for the next offeringperiod?A. Watch Connect for announcements regarding the nextoffering period. Enrollment usually takes place in thefirst two weeks of the month prior to the offeringperiod.3. Q. How do I enroll in the ESPP?A. You may only enroll during designated enrollmentperiods using MyHR. Refer to the “EnrollmentInstructions” section of this brochure for additionalinformation.4. Q. Can I enroll or change my contribution rate in theESPP during an offering period?A. No. There is a specific enrollment period prior to thebeginning of each offering period. You can enroll orchange your contribution only during that enrollmentperiod. However, once you enroll in the ESPP, yourenrollment will remain in effect unless you elect towithdraw. You do not need to re-enroll in the ESPPbefore each offering period.5. Q. If I don’t enroll for the upcoming offering period,when will I be able to enroll in the ESPP in thefuture?A. There are two offering periods each year, one fromJanuary 1 through June 30 and another from July 1through December 31. There will be a specificenrollment period prior to the beginning of eachoffering period. You can enroll only during thatenrollment period. Please watch Connect for theannouncement of each enrollment period.this brochure for information on changing yourcurrent contribution rate for the next offering period.8. Q. I reached the 7,500 limit this current offeringperiod. Do I need to enroll again for the nextoffering period?A. If you want to have the contribution rate that was ineffect before reaching the 7,500 for the next offeringperiod, then you do not need to do anything. If youwant to change your contribution rate, you can do soduring the enrollment period using MyHR.9. Q. Will I receive confirmation of my enrollment in theESPP?A. After you enroll using MyHR, you can print a copy ofyour enrollment election for your records. If you haveany questions about your election, please contact thePeople Experience Center at 1-866-324-6513 orMyHR@assurant.com.10. Q. When will the payroll deductions begin to be takenfrom my paycheck?A. Your contributions will begin with the first paycheckof each offering period.11. Q. If I elect to participate, but change my mind after theenrollment period ends, when can I withdraw fromthe Plan and stop my payroll deductions?A. You may log in to MyHR up to 30 days prior to theend of the offering period to withdraw from the Planfor that offering period and stop your payrolldeductions. Your payroll deductions will be stoppedas soon as administratively feasible to discontinueyour contributions. The contributions deductedduring that offering period will be refunded to you inyour paycheck, without interest, as soon asadministratively feasible. Please contact your localpayroll to inquire about your refund.To stop your contributions, go to Connect, click theMyHR tile and log in to MyHR. Next go to yourBenefits worklet in the Applications area and select“Benefits” under the Change heading. Select“Withdraw from ESPP” in the Benefit Event type dropdown menu and input a benefit event date. Hit the“Submit” button to complete your transaction.6. Q. I currently am participating in the Plan. Do I need tore-enroll for this offering period?A. No.Contributions7. Q. I currently am participating in the Plan and want tochange my contribution rate for the next offeringperiod. How do I do that?A. You can change your contribution rate during theenrollment period for the upcoming offering period.Please refer to the “Enrollment Instructions” section of12. Q. How much can I contribute to the ESPP?A. You can contribute from 1% to 15% of your basecompensation and commissions (in wholepercentages) each pay period. The maximumcontribution per offering period is 7,500 ( 15,000annually).7
13. Q. Are my ESPP contributions made on a pre-tax orafter-tax basis?A. Your ESPP contributions are deducted from your payon an after-tax basis.14. Q. How do the payroll contributions work?A. The contribution percent you elect is an annualizedamount. For example, if your salary is 50,000 andyou elect to contribute 1% for the upcoming six-monthcycle, 250 (the equivalent of 1% for six months ofpay) will be deducted over the six months (13 payperiods). That would equate to 19.23 per paycheck.15. Q. May I make a cash contribution to the ESPP inaddition to my payroll deduction?A. No. Contributions only can be made through after-taxdeductions from your paycheck.16. Q. Do I earn interest on my contributions?A. No. Your contributions will accumulate until the endof the offering period. At that time, whole andfractional shares of company stock equal to the valueof your accumulated contributions will be purchasedat least at a 10% discount. Your purchase price will bebased on the lower of the closing price of the stock onthe first trading day of the offering period and theclosing price of the stock on the last trading day of theoffering period.17. Q. Will the company match the contributions I make tothe ESPP?A. No. While there is no company matching contributionto the ESPP, Assurant will pay the fees for theadministration, record keeping services, and thereinvestment of any dividends under the ESPP.18. Q. Can I change my ESPP contribution rate during theoffering period (after the enrollment period ends)?A. No. The only change you can make to your electionduring the offering period is to withdraw anddiscontinue your contributions. You can change yourelections during the enrollment period for the nextoffering period.19. Q. If the company is in a blackout period that I amsubject to as a “covered person,” or if I becomeaware of material nonpublic information, do I haveto stop my contributions to the ESPP?A. No. Once you have set up your contribution rate at thetime of enrollment, you do not have to stop thesecontributions, even if the company is in a blackoutperiod or if you become aware of material nonpublicinformation.20. Q. If I don’t remember the payroll contribution rate Ielected, where can I find this information?A. To see your current contribution rate, go to Connect,click the MyHR tile and log in to MyHR. From thereselect the Personal Information worklet View About Me Benefits.21. Q. Where can I find out how much I have contributedinto the ESPP year-to-date?A. You can find the information on your pay statement.Employment Status Changes22. Q. What happens to my company stock if I terminateemployment?A. If you terminate employment and have an accountwith Morgan Stanley, you can: Keep your stock in your ESPP account with MorganStanley, Transfer your stock to another broker, or Sell some or all of your shares of stock.If you terminate employment before the last tradingday of an offering period, the contributions deductedfrom your pay during that offering period will berefunded to you in your paycheck, without interest, assoon as administratively feasible.23. Q. What happens to my company stock if I die?A. If you die and have an account with Morgan Stanley,your estate representative should contact a MorganStanley customer service representative for specialassistance. Morgan Stanley will administer theaccount in accordance with applicable local laws. Foradditional questions, please contact Morgan Stanley.If you die before the last trading day of an offeringperiod, the contributions deducted from your payduring that offering period will be refunded to yourestate, without interest, as soon as administrativelyfeasible.24. Q. Can I designate a beneficiary for my ESPP account?A. No, Morgan Stanley accounts do not trackbeneficiaries. For additional questions, please contactMorgan Stanley.Purchasing Stock25. Q. Do I buy company stock each time a contribution iswithheld from my paycheck?A. No. Your contributions will accumulate, withoutinterest, until the end of the offering period. At thattime, whole and fractional shares of company stock8
equal to the value of your accumulated contributionswill be purchased and deposited in a stock account atMorgan Stanley.26. Q. How much stock can I buy?A. The amount of stock you can buy will depend on howmuch you contribute to the ESPP during the offeringperiod and the purchase price of the stock. Themaximum contribution amount is 7,500 per offeringperiod, for a total of 15,000 per year through theESPP. The maximum number of shares you canpurchase each offering period is 5,000 through theESPP. In addition, there is an IRS limit, whichprovides that a participant may not purchase morethan 25,000 worth of stock overall during anycalendar year. You may refer to the ESPP Prospectusfor additional information.27. Q. How is the share price determined?A. The purchase price of the company stock purchasedthrough the ESPP will be 90% of the lower of: The closing price of Assurant stock on the firsttrading day of the offering period, and The closing price of Assurant stock on the lasttrading day of the offering period.An example offering period*:Closing Price at Offering DateClosing Price at Purchase DateYour Purchase Price 80 85 72( 80 x 90%)* The stock prices and the purchase price used in this example are forillustration purposes only. The actual purchase price will depend onthe actual closing price of Assurant stock on the offering date andpurchase date.28. Q. What happens to the shares of stock that arepurchased for me?A. After the close of each offering period, the shares youpurchased will be deposited into your ESPP accountwith Morgan Stanley. If you are purchasing shares forthe first time, Morgan Stanley will send you detailedinstructions for accessing your account a few weeksbefore your account is opened.29. Q. How do I find out how many shares of stock Ipurchased at the end of the offering period?A. You will receive a confirmation statement fromMorgan Stanley after the shares have been depositedinto your ESPP account. You can also view the totalnumber of shares purchased for you by accessing youraccount on the Morgan Stanley's website.30. Q. Do I have any voting rights after the stock ispurchased?A. You will become a stockholder of record with respectto shares you purchase during any offering periodupon the purchase date. At that time, you will have allbenefits and rights that arise from ownership of thoseshares.Managing Your Morgan Stanley Account31. Q. How do I access my account with Morgan Stanleyonce shares have been purchased?A. If you are receiving purchased shares for the firsttime, Morgan Stanley will send an email to yourAssurant email address with details on how toactivate and access your new ESPP account at MorganStanley.If you purchased shares during a previous offeringperiod but misplaced your welcome package, you canrequest another copy to be emailed to you or you canrequest a hardcopy version to be mailed to you bycalling Customer Service at 1-877-AIZ-STKS (insidethe U.S.) or 801-617-7410 (outside of the U.S.) and electto speak with a Morgan Stanley customer servicerepresentative.32. Q. What information can I access from the MorganStanley website after my account is activated?A. From Morgan Stanley's website, you may: Determine the value of your account,View any transaction history,Sell shares in your account, andTake advantage of many additional online features.Selling Stock33. Q. When can I sell my stock in the ESPP?A. If the company has notified you that you have beendesignated a “covered person” under its InsiderTrading Policy, you may not make your elections toparticipate in the ESPP during a period when thecompany is in a blackout period or at any time whenyou are in possession of material nonpublicinformation. Similarly, you may not sell your shareswhen the company is in a blackout period or at anytime when you are in possession of materialnonpublic information. If you are not a designated“covered person,” then you are not subject to theserestrictions, unless you possess material informationabout the company that has not been disclosed to thepublic. If you are unsure whether you are adesignated “covered person,” please contact theAssurant Law Department in New York at 212-8597000.9
the time the company declares a dividend payment onits outstanding
Employee Stock Purchase Plan - An Overview The Assurant Employee Stock Purchase Plan (ESPP) is a benefit program that allows you to buy shares of Assurant stock at least at a 10% discount with funds you contribute through after-tax payroll deductions. Owning Assurant stock allows you to participate in the financial performance of the company.
