<SEC-DOCUMENT>0000950123-11-048854.txt : 20110511
<SEC-HEADER>0000950123-11-048854.hdr.sgml : 20110511
<ACCEPTANCE-DATETIME>20110511153516
ACCESSION NUMBER:		0000950123-11-048854
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		8
FILED AS OF DATE:		20110511
DATE AS OF CHANGE:		20110511
EFFECTIVENESS DATE:		20110511

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			UNIVERSAL INSURANCE HOLDINGS, INC.
		CENTRAL INDEX KEY:			0000891166
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				650231984
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-174125
		FILM NUMBER:		11831855

	BUSINESS ADDRESS:	
		STREET 1:		1110 W. COMMERCIAL BLVD.
		STREET 2:		SUITE 100
		CITY:			FORT LAUDERDALE
		STATE:			FL
		ZIP:			33309
		BUSINESS PHONE:		9549581200

	MAIL ADDRESS:	
		STREET 1:		1110 W. COMMERCIAL BLVD.
		STREET 2:		SUITE 100
		CITY:			FORT LAUDERDALE
		STATE:			FL
		ZIP:			33309

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNIVERSAL INSURANCE HOLDINGS INC
		DATE OF NAME CHANGE:	20010330

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNIVERSAL HEIGHTS INC
		DATE OF NAME CHANGE:	19950817
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>g27177sv8.htm
<DESCRIPTION>FORM S-8
<TEXT>
<HTML>
<HEAD>
<TITLE>sv8</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#G27177tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">As filed with the Securities and Exchange Commission on May&nbsp;11, 2011
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 0pt">Registration No.&nbsp;333-
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 6pt"><B>FORM S-8</B>
</DIV>

<DIV align="center" style="font-size: 10pt">REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="center" style="font-size: 20pt; margin-top: 6pt"><B>UNIVERSAL INSURANCE HOLDINGS, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>65-0231984</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction of <BR>
incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer<BR>
Identification No.)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>1110 W. Commercial Blvd.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Fort Lauderdale, Florida</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>33309</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>(Address of principal executive offices)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>(Zip Code)</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>AMENDED AND RESTATED UNIVERSAL INSURANCE HOLDINGS, INC.<BR>
2009 OMNIBUS INCENTIVE PLAN</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EMPLOYMENT AGREEMENT WITH BRADLEY I. MEIER<BR>
NONQUALIFIED STOCK OPTION AGREEMENT WITH<BR>
BRADLEY I. MEIER</B><BR>
(Full title of the plan)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>Bradley I. Meier<BR>
President and Chief Executive Officer<BR>
1110 W. Commercial Blvd.<BR>
Fort Lauderdale, Florida 33309<BR>
Telephone (954)&nbsp;958-1200<BR>
Facsimile (954)&nbsp;958-1202</B><BR>
(Name, address, telephone number, including area code, of agent for service)<BR>
<I>with a copy to:</I><BR>
<B>Alan J. Berkeley, Esq.<BR>
Alissa A. Parisi, Esq.<BR>
K&#038;L Gates LLP<BR>
1601 K Street, NW<BR>
Washington, DC 20006<BR>
Telephone (202)&nbsp;778-9000<BR>
Facsimile (202)&nbsp;778-9100</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated filer, or a smaller reporting company. See the definitions of &#147;large accelerated
filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule&nbsp;12b-2 of the Exchange Act.</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Large accelerated filer&nbsp;<FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Accelerated filer&nbsp;<FONT face="Wingdings">&#120;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Non-accelerated filer&nbsp;<FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Smaller reporting company&nbsp;<FONT face="Wingdings">&#111;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(Do not check if a smaller reporting company)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CALCULATION OF REGISTRATION FEE</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-bottom: 3px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%" style="border-left: 3px solid #000000">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Proposed maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Proposed maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 3px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%" style="border-left: 3px solid #000000">&nbsp;</TD>

    <TD nowrap align="left"><B>Title of securities</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amount to be</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>offering price per</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>aggregate offering</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amount of</B></TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 3px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%" style="border-left: 3px solid #000000">&nbsp;</TD>

    <TD nowrap align="left"><B>to be registered</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>registered(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>share</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>price</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>registration fee</B></TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 3px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-left: 3px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
                    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Common Stock,
par value $0.01 per
share(2)</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap colspan="3" align="center" style="border-top: 2px solid #000000">2,400,000 shares</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">5.18</TD>
    <TD nowrap style="border-top: 2px solid #000000">(5)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">12,432,000</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">1,443.36</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 3px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 3px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:30px; text-indent:-15px">Common Stock,
par value $0.01
per share(3)</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center" style="border-top: 2px solid #000000">5,900,000 shares</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">5.18</TD>
    <TD nowrap style="border-top: 2px solid #000000">(5)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">30,562,000</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">3,548.25</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 3px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 3px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:30px; text-indent:-15px">Common Stock,
par value $0.01
per share(4)</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap colspan="3" align="center" style="border-top: 2px solid #000000">150,000 shares</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">0.60</TD>
    <TD nowrap style="border-top: 2px solid #000000">(6)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">90,000</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">10.45</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 3px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 3px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:30px; text-indent:-15px">Filing Fee Payable</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">&#151;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">&#151;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">&#151;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">3,436.31 </TD>
    <TD nowrap style="border-top: 2px solid #000000">(7)</TD>
    <TD width="1%" style="border-right: 3px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-top: 3px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>This Registration Statement covers such indeterminate number of shares of Common Stock as
may be issued resulting from stock splits, stock dividends or similar transactions in accordance
with Rule&nbsp;416 under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Consists of 2,400,000 shares of Common Stock issuable pursuant to our Amended and
Restated 2009 Omnibus Incentive Plan (&#147;Incentive Plan&#148;). Our Incentive Plan provides for the grant
of incentive stock options, nonqualified stock options, stock appreciation rights, restricted
shares of Common Stock, restricted stock units, performance share or unit awards, other stock-based
awards and cash-based incentive awards.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Consists of 5,900,000 shares of Common Stock issued pursuant to the employment agreement
between the Company and Bradley I. Meier dated August&nbsp;11, 1999, as amended.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Consists of 150,000 shares of Common Stock issuable upon exercise of a compensatory
nonqualified stock option granted by the Registrant to Bradley I. Meier as of December&nbsp;21, 2001.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Estimated solely for the purpose of calculating the registration fee pursuant to Rule
457(c) and (h)&nbsp;under the Securities Act. The fee is calculated on the basis of the average of the
high and low prices for the Company&#146;s Common Stock reported on the NYSE Amex LLC on May&nbsp;6, 2011.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>Based on the exercise price of the stock option in respect of which the shares may be
issued, in accordance with Rule 457(h) under the Securities Act.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>Pursuant to Rule&nbsp;457(p), the Registrant requests that the filing fees previously paid in
respect of the registration of the Registrant&#146;s Common Stock on the Registration Statement on Form
S-8 (File No.&nbsp;333-170767), filed on November&nbsp;22, 2010 (the &#147;2010 Registration Statement&#148;), be
carried over and offset against the filing fees due with respect to the Registration Statement
filed hereunder. The Registrant states that, as of May&nbsp;11, 2011, the offering under the 2010
Registration Statement was terminated by a Post-Effective Amendment to the 2010 Registration
Statement deregistering all the shares of the Registrant&#146;s Common Stock registered thereunder and
no shares of the Registrant&#146;s Common Stock were sold or issued under such offering prior to its
termination. The amount of the filing fees being carried over and offset against the fees payable
hereunder is $1,565.75.</TD>
</TR>

</TABLE>



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<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>








<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#G27177tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">EXPLANATORY
    NOTE</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This Registration Statement covers 2,400,000&#160;shares of
    Common Stock issuable pursuant to our Incentive Plan.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This Registration Statement also covers 5,900,000&#160;shares of
    Common Stock the Company issued pursuant to the employment
    agreement between the Company and Bradley I. Meier dated
    August&#160;11, 1999, as amended, and 150,000&#160;shares of
    Common Stock of the Company issuable upon exercise of a
    compensatory nonqualified stock option granted to Bradley I.
    Meier as of December&#160;21, 2001.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    References in this Registration Statement and the prospectus
    which is a part hereof to &#147;the Company,&#148;
    &#147;we,&#148; &#147;us,&#148; &#147;our,&#148; or similar
    terms refer to Universal Insurance Holdings, Inc.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This Registration Statement contains two parts. Part&#160;I
    contains a reoffer prospectus pursuant to
    <FONT style="white-space: nowrap">Form&#160;S-3</FONT>
    (in accordance with Section&#160;C of the General Instructions
    to the
    <FONT style="white-space: nowrap">Form&#160;S-8),</FONT>
    which covers reoffers and resales of &#147;restricted
    securities&#148;
    <FONT style="white-space: nowrap">and/or</FONT>
    &#147;control securities&#148; (as such terms are defined in
    Section&#160;C of the General Instructions to
    <FONT style="white-space: nowrap">Form&#160;S-8)</FONT>
    of the Company issued pursuant to the employment agreement
    between the Company and Bradley I. Meier dated August&#160;11,
    1999, as amended, and upon exercise of the nonqualified stock
    option granted to Bradley I. Meier as of December&#160;21, 2001.
    Part&#160;II of this Registration Statement contains information
    required in the Registration Statement pursuant to Part&#160;II
    of
    <FONT style="white-space: nowrap">Form&#160;S-8</FONT>
    with respect to shares of our Common Stock issuable pursuant to
    our Incentive Plan and issued pursuant to Mr.&#160;Meier&#146;s
    employment agreement or the stock option.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PART&#160;I</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ITEM&#160;1.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">PLAN
    INFORMATION.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The document(s) containing the information specified in
    Part&#160;I of
    <FONT style="white-space: nowrap">Form&#160;S-8</FONT>
    will be sent or given to Mr.&#160;Meier as specified by
    Rule&#160;428(b)(1) under the Securities Act. Such documents are
    not being filed with the Securities and Exchange Commission, but
    constitute, along with the documents incorporated by reference
    into this Registration Statement, a prospectus that meets the
    requirements of Section&#160;10(a) of the Securities Act of
    1933, as amended.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ITEM&#160;2.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">REGISTRANT
    INFORMATION AND EMPLOYEE PLAN ANNUAL INFORMATION.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company will furnish without charge to each person to whom
    the prospectus is delivered, upon the written or oral request of
    such person, a copy of any and all of the documents incorporated
    by reference in Item&#160;3 of Part&#160;II of this Registration
    Statement, other than exhibits to such documents (unless such
    exhibits are specifically incorporated by reference to the
    information that is incorporated). Those documents are
    incorporated by reference in the Section&#160;10(a) prospectus.
    Requests should be directed to 1110&#160;West Commercial
    Boulevard, Fort&#160;Lauderdale, Florida 33309, and our
    telephone number is
    <FONT style="white-space: nowrap">(954)&#160;958-1200.</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Note:&#160;&#160;The re-offer prospectus referred to in the
    Explanatory Note follows this page.</B>
</DIV>
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<H5 align="left" style="page-break-before:always"><A HREF="#G27177tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">REOFFER
    PROSPECTUS<BR>
    <BR>
    <FONT style="font-size: 18pt">UNIVERSAL INSURANCE HOLDINGS,
    INC.<BR>
    </FONT></FONT><FONT style="font-size: 14pt; font-family: 'Times New Roman', Times">6,050,000&#160;Shares
    of Common Stock</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This prospectus relates to shares of Common Stock which may be
    offered from time to time by Bradley I. Meier, the
    Company&#146;s President and Chief Executive Officer, who is the
    selling stockholder, for his own account. This prospectus covers
    5,900,000&#160;shares of Common Stock issued pursuant to the
    employment agreement between the Company and Mr.&#160;Meier
    dated August&#160;11, 1999, as amended (&#147;Employment
    Agreement&#148;), and an additional 150,000&#160;shares of
    Common Stock that may be issued upon exercise of a compensatory
    nonqualified stock option granted to Mr.&#160;Meier as of
    December&#160;21, 2001 (the &#147;Stock Option&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This prospectus has been prepared for the purpose of registering
    the shares of Common Stock under the Securities Act of 1933, as
    amended (&#147;Securities Act&#148;), to allow for future sale
    to the public by the selling stockholder, on a continuous or
    delayed basis. The selling stockholder and any event any profit
    on the sale of shares by the selling stockholder and any
    commissions or discounts received by those brokers or dealers
    may be deemed to be underwriting compensation under the
    Securities Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our Common Stock is quoted and traded on the NYSE Amex LLC under
    the symbol &#147;UVE.&#148; On May&#160;6, 2011, the last
    reported sale price of our Common Stock was $5.16 per share.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">THIS
    DOCUMENT CONSTITUTES PART&#160;OF A PROSPECTUS COVERING<BR>
    SECURITIES THAT HAVE BEEN REGISTERED UNDER THE SECURITIES
    ACT.</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Investing
    in our Common Stock involves risks.<BR>
    You should consider carefully the <U>risk factors</U> beginning
    on page&#160;2 of this prospectus.</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Neither the Securities and Exchange Commission nor any state
    securities commission has approved or disapproved of these
    securities or determined that this prospectus is truthful or
    complete. Any representation to the contrary is a criminal
    offense.</B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The date of this prospectus is May&#160;11, 2011.
</DIV>
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<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="G27177tocpage"></A>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">REOFFER
    PROSPECTUS<BR>
    TABLE OF CONTENTS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="G27177tocpage"></A>
</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="94%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
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<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>PAGE</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#G27177101'>The Company</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#G27177102'>Forward Looking Statements</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#G27177103'>Risk Factors</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#G27177104'>Use of Proceeds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#G27177105'>The Selling Stockholder</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#G27177106'>Plan of Distribution</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#G27177107'>Legal Matters</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#G27177108'>Experts</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#G27177109'>Incorporation of Certain Information by
    Reference</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#G27177110'>Where You Can Find More Information</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g27177exv4w2.htm">EX-4.2</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g27177exv5w1.htm">EX-5.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g27177exv10w9.htm">EX-10.9</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g27177exv23w1.htm">EX-23.1</A></FONT></TD></TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV align="left">
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</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<A name='G27177101'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">THE
    COMPANY</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We were originally organized as Universal Heights, Inc. in 1990.
    We changed our name to Universal Insurance Holdings, Inc. on
    January&#160;12, 2001. In April 1997, we formed a subsidiary,
    Universal Property&#160;&#038; Casualty Insurance Company
    (&#147;UPCIC&#148;), as part of our strategy to take advantage
    of what management believed to be profitable business and growth
    opportunities in the marketplace. UPCIC was formed to
    participate in the transfer of homeowners&#146; insurance
    policies from the Florida Residential Property and Casualty
    Joint Underwriting Association (&#147;JUA&#148;). We have since
    evolved into a vertically integrated insurance holding company,
    which through our various subsidiaries, covers substantially all
    aspects of insurance underwriting, distribution and claims
    processing.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We were incorporated under the laws of the State of Delaware on
    November&#160;13, 1990 and our principal executive offices are
    located at 1110&#160;West Commercial Boulevard,
    Fort&#160;Lauderdale, Florida 33309.
</DIV>

<A name='G27177102'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">FORWARD-LOOKING
    STATEMENTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This prospectus and other documents filed and incorporated by
    reference in this prospectus include or may contain certain
    forward-looking statements. Statements of our intentions,
    beliefs, expectations or predictions for the future, denoted by
    the words &#147;anticipate,&#148; &#147;believe,&#148;
    &#147;estimate,&#148; &#147;expect,&#148; &#147;project,&#148;
    &#147;plan,&#148; &#147;imply,&#148; &#147;intend,&#148;
    &#147;foresee&#148; and similar expressions, are forward-looking
    statements that reflect our current views about future events
    and are subject to risks, uncertainties and assumptions. Such
    risks, uncertainties and assumptions include those described
    under &#147;Risk Factors&#148; below and in our Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended December&#160;31, 2010, filed with the
    Securities Exchange Commission (&#147;SEC&#148;) on
    March&#160;31, 2011, as well as any amendments thereto reflected
    in subsequent filings with the SEC, which are incorporated
    herein by reference in their entirety.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Actual results could differ materially from those projected in
    these forward-looking statements as a result of these factors,
    among others, many of which are beyond our control.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In making these statements, we are not undertaking, and
    specifically decline to undertake, any obligation to address or
    update each or any factor in future filings or communications
    regarding our business or results, and we are not undertaking to
    address how any of these factors may have caused changes in
    information contained in previous filings or communications. The
    risks described below and in our Annual Report on Form 10-K for
    the fiscal year ended December 31, 2010, as well as any
    amendments reflected in subsequent filings with the SEC, which
    are incorporated herein by reference in their entirety, are not
    the only risks we face, and additional risks and uncertainties
    may also impair our business operations. The occurrence of any
    one or more of the following or other currently unknown factors
    could materially adversely affect our business and operating
    results.
</DIV>
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<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">RISK
    FACTORS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>You should carefully consider the risks and uncertainties
    described below before making an investment decision. Any of the
    following risks could materially adversely affect our business,
    operations, industry or financial position or our future
    financial performance. While we believe we have identified and
    discussed below all risk factors affecting our business that we
    believe are material, there may be additional risks and
    uncertainties that are not presently known or that are not
    currently believed to be significant that may adversely affect
    our business, operations, industry, financial position and
    financial performance in the future. The trading price of our
    Common Stock could decline due to any of these risks, and you
    may lose all or part of your investment. You should also refer
    to the other information included or incorporated by reference
    in this prospectus, including our financial statements and
    related notes.</I>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Risks
    Relating to the Property-Casualty Business</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">As a
    property and casualty insurer, we may face significant losses
    from catastrophes and severe weather events.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Because of the exposure of our property and casualty business to
    catastrophic events, our operating results and financial
    condition may vary significantly from one period to the next.
    Catastrophes can be caused by various natural and man-made
    disasters, including wildfires, tornadoes, hurricanes, tropical
    storms and certain types of terrorism. We may incur catastrophe
    losses in excess of those experienced in prior years, those that
    modeling estimate would be incurred based on certain levels of
    probability, the average expected level used in pricing, and our
    current reinsurance coverage limits. Despite our catastrophe
    management programs, we are exposed to catastrophes that could
    have a material adverse effect on operating results and
    financial condition. Our liquidity could be constrained by a
    catastrophe, or multiple catastrophes, which result in
    extraordinary losses or a downgrade of our financial strength
    rating.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, we are subject to claims arising from weather
    events such as rain, hail and high winds. The incidence and
    severity of weather conditions are largely unpredictable. There
    is generally an increase in the frequency and severity of
    property claims when severe weather conditions occur. The nature
    and level of catastrophes in any period cannot be predicted and
    could be material to our operations. In addition, impacts of
    catastrophes and our catastrophe management strategy may
    adversely affect premium growth.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Unanticipated
    increases in the severity or frequency of claims may adversely
    affect our profitability and financial condition.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Changes in the severity or frequency of claims may affect the
    profitability of our Company. Changes in homeowner&#146;s claim
    severity are driven by inflation in the construction industry,
    in building materials and in home furnishings and by other
    economic and environmental factors, including increased demand
    for services and supplies in areas affected by catastrophes.
    However, changes in the level of the severity of claims are not
    limited to the effects of inflation and demand surge in these
    various sectors of the economy. Increases in claim severity can
    arise from unexpected events that are inherently difficult to
    predict. Although we pursue various loss management initiatives
    in order to mitigate future increases in claim severity, there
    can be no assurances that these initiatives will successfully
    identify or reduce the effect of future increases in claim
    severity.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our Company may experience declines in claim frequency from time
    to time. The short-term level of claim frequency we experience
    may vary from period to period and may not be sustainable over
    the longer term. A significant long-term increase in claim
    frequency could have an adverse effect on our operating results
    and financial condition.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Actual
    claims incurred may exceed current reserves established for
    claims and may adversely affect our operating results and
    financial condition.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Recorded claim reserves in the property-casualty business are
    based on our best estimates of losses, both reported and
    incurred but not reported (&#147;IBNR&#148;), after considering
    known facts and interpretations of
</DIV>
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    circumstances. Internal factors are considered including our
    experience with similar cases, actual claims paid, historical
    trends involving claim payment patterns, pending levels of
    unpaid claims and contractual terms. External factors are also
    considered which include but are not limited to law changes,
    court decisions, changes to regulatory requirements and economic
    conditions. Because reserves are estimates of the unpaid portion
    of losses that have occurred, including IBNR losses, the
    establishment of appropriate reserves, including reserves for
    catastrophes, is an inherently uncertain and complex process.
    The ultimate cost of losses may vary materially from recorded
    reserves and such variance may adversely affect our operating
    results and financial condition.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Predicting
    claim expense relating to environmental liabilities is
    inherently uncertain and may have a material adverse effect on
    our operating results and financial condition.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The process of estimating environmental liabilities is
    complicated by complex legal issues concerning, among other
    things, the interpretation of various insurance policy
    provisions and whether those losses are, or were ever intended
    to be covered; and whether losses could be recoverable through
    reinsurance. Litigation is a complex, lengthy proceeding that
    involves substantial uncertainty for insurers. Actuarial
    techniques and databases used in estimating environmental net
    loss reserves may prove to be inadequate indicators of the
    extent of probable loss. Ultimate net losses from environmental
    liabilities could materially exceed established loss reserves
    and expected recoveries and have a material adverse effect on
    our operating results and financial condition.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    failure of the risk mitigation strategies we utilize could have
    a material adverse effect on our financial condition or results
    of operations.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We utilize a number of strategies to mitigate our risk exposure,
    such as:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    engaging in rigorous underwriting;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    carefully evaluating terms and conditions of our
    policies;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    ceding reinsurance.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    However, there are inherent limitations in all of these tactics
    and no assurance can be given that an event or series of events
    will not result in loss levels in excess of our probable maximum
    loss models, which could have a material adverse effect on our
    financial condition or results of operations. It is also
    possible that losses could manifest themselves in ways that we
    do not anticipate and that our risk mitigation strategies are
    not designed to address. Such a manifestation of losses could
    have a material adverse effect on our financial condition or
    results of operations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    These risks may be heightened during difficult economic
    conditions such as those currently being experienced in the
    Florida market and elsewhere.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Regulation
    limiting rate increases and requiring us to participate in loss
    sharing may decrease our profitability.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    From time to time, political dispositions affect the insurance
    market, including efforts to effectively suppress rates at a
    level that may not allow us to reach targeted levels of
    profitability. Despite efforts to remove politics from insurance
    regulation, facts and history demonstrate that public
    policymakers, when faced with untoward events and adverse public
    sentiment, can act in ways that impede a satisfactory
    correlation between rates and risk. Such acts may affect our
    ability to obtain approval for rate changes that may be required
    to attain rate adequacy along with targeted levels of
    profitability and returns on equity. Our ability to afford
    reinsurance required to reduce our catastrophe risk may be
    dependent upon the ability to adjust rates for its cost.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Additionally, the Company is required to participate in guaranty
    funds for impaired or insolvent insurance companies. The funds
    periodically assess losses against all insurance companies doing
    business in the state. Our operating results and financial
    condition could be adversely affected by any of these factors.
</DIV>
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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    potential benefits of implementing our profitability model may
    not be fully realized.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We believe that our profitability model has allowed us to be
    more competitive and operate more profitably. However, because
    many of our competitors have adopted underwriting criteria and
    sophisticated models similar to those we use and because other
    competitors may follow suit, our competitive advantage could
    decline or be lost. Competitive pressures could also force us to
    modify our profitability model. Furthermore, we cannot be
    assured that the profitability model will accurately reflect the
    level of losses that we will ultimately incur from the business
    generated.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">UPCIC&#146;s
    financial condition and operating results may be adversely
    affected by the cyclical nature of the property and casualty
    business.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The property and casualty market is cyclical and has experienced
    periods characterized by relatively high levels of price
    competition, less restrictive underwriting standards and
    relatively low premium rates, followed by periods of relatively
    lower levels of competition, more selective underwriting
    standards and relatively high premium rates. A downturn in the
    profitability cycle of the property and casualty business could
    have a material adverse effect on our financial condition and
    results of operations.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Risks
    Relating to Investments</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We may
    experience reduced returns or losses on our investments
    especially during periods of heightened volatility, which could
    have a material adverse effect on our results of operations or
    financial condition.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The returns on our investment portfolio may be reduced or we may
    incur losses as a result of changes in general economic
    conditions, interest rates, real estate markets, fixed income
    markets, metals markets, energy markets, agriculture markets,
    equity markets, alternative investment markets, credit markets,
    exchange rates, global capital market conditions and numerous
    other factors that are beyond our control.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The worldwide financial markets experience high levels of
    volatility during certain periods, which could have an
    increasingly adverse impact on the U.S.&#160;and foreign
    economies. The financial market volatility and the resulting
    negative economic impact could continue and it is possible that
    it may be prolonged, which could adversely affect our current
    investment portfolio, make it difficult to determine the value
    of certain assets in our portfolio
    <FONT style="white-space: nowrap">and/or</FONT> make
    it difficult for us to purchase suitable investments that meet
    our risk and return criteria. These factors could cause us to
    realize less than expected returns on invested assets, sell
    investments for a loss or write off or write down investments,
    any of which could have a material adverse effect on our results
    of operations or financial condition.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We are
    subject to market risk which may adversely impact investment
    income.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our primary market risk exposure is to changes in interest
    rates. A decline in market interest rates could have an adverse
    effect on our investment income as we invest cash in new
    investments that may yield less than the portfolio&#146;s
    average rate. A decline could also lead us to purchase
    longer-term or riskier assets in order to obtain adequate
    investment yields resulting in a duration gap when compared to
    the duration of liabilities. An increase in market interest
    rates could have an adverse effect on the value of our
    investment portfolio by decreasing the fair values of the fixed
    income securities that comprise a portion of our investment
    portfolio. A decline in the quality of our investment portfolio
    as a result of adverse economic conditions or otherwise could
    cause additional realized losses on securities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Concentration
    of our investment portfolios in any particular segment of the
    economy may have adverse effects on our operating results and
    financial condition.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The concentration of our investment portfolios in any particular
    industry, collateral types, group of related industries or
    geographic sector could have an adverse effect on our investment
    portfolios and consequently on our results of operations and
    financial condition. Events or developments that have a negative
    impact on any particular industry, group of related industries
    or geographic region may have a greater adverse effect on the
    investment portfolios to the extent that the portfolios are
    concentrated rather than diversified.
</DIV>
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    <B><FONT style="font-family: 'Times New Roman', Times">Risks
    Relating to the Insurance Industry</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    future results are dependent in part on our ability to
    successfully operate in an insurance industry that is highly
    competitive.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The insurance industry is highly competitive. Many of our
    competitors have well-established national reputations and
    market similar products. Because of the competitive nature of
    the insurance industry, including competition for producers such
    as independent agents, there can be no assurance that we will
    continue to effectively compete with our industry rivals, or
    that competitive pressures will not have a material adverse
    effect on our business, operating results or financial
    condition. Furthermore, certain competitors operate using a
    mutual insurance company structure and therefore, may have
    dissimilar profitability and return targets. Our ability to
    successfully operate may also be impaired if we are not
    effective in filling critical leadership positions, in
    developing the talent and skills of our human resources, in
    assimilating new executive talent into our organization, or in
    deploying human resource talent consistently with our business
    goals.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Difficult
    conditions in the economy generally could adversely affect our
    business and operating results.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The United States economy has experienced widespread job losses,
    higher unemployment, lower consumer spending, continued declines
    in home prices and substantial increases in delinquencies on
    consumer debt, including defaults on home mortgages. Moreover,
    recent disruptions in the financial markets, particularly the
    reduced availability of credit and tightened lending
    requirements, have affected the ability of borrowers to
    refinance loans at more affordable rates. We cannot predict the
    length and severity of a recession, but as with most businesses,
    we believe a longer or more severe recession could have an
    adverse effect on our business and results of operations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A general economic slowdown could adversely affect us in the
    form of consumer behavior and pressure on our investment
    portfolio. Consumer behavior could include decreased demand for
    insurance. In 2008 and 2009, weakness in the housing market and
    a highly competitive environment contributed to reduced growth
    in policies in force. Our investment portfolio could be
    adversely affected as a result of deteriorating financial and
    business conditions.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">There
    can be no assurance that actions of the U.S. federal government,
    Federal Reserve and other governmental and regulatory bodies for
    the purpose of stabilizing the financial markets and stimulating
    the economy will achieve the intended effect.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In response to the financial crises affecting the banking
    system, the financial markets and the broader economy, the
    U.S.&#160;federal government, the Federal Reserve and other
    governmental and regulatory bodies have taken or are considering
    taking action to address such conditions including, among other
    things, purchasing mortgage-backed and other securities from
    financial institutions, investing directly in banks, thrifts and
    bank and savings and loan holding companies and increasing
    federal spending to stimulate the economy. There can be no
    assurance as to what impact such actions will have on the
    financial markets or on economic conditions. Such continued
    volatility and economic deterioration could materially and
    adversely affect our business, financial condition and results
    of operations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We are
    subject to extensive regulation and potential further
    restrictive regulation may increase our operating costs and
    limit our growth.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As an insurance company, we are subject to extensive laws and
    regulations. These laws and regulations are complex and subject
    to change. Moreover, they are administered and enforced by a
    number of different governmental authorities, including state
    insurance regulators, state securities administrators, the SEC,
    the U.S.&#160;Department of Justice, and state attorneys
    general, each of which exercises a degree of interpretive
    latitude. Consequently, we are subject to the risk that
    compliance with any particular regulator&#146;s or enforcement
    authority&#146;s interpretation of a legal issue may not result
    in compliance with another&#146;s interpretation of the same
    issue, particularly when compliance is judged in hindsight. In
    addition, there is risk that any particular regulator&#146;s or
    enforcement authority&#146;s interpretation of a legal issue may
    change over time to our detriment, or that changes in the
    overall legal environment may, even absent any particular
    regulator&#146;s or enforcement authority&#146;s interpretation
    of a legal issue
</DIV>
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    changing, cause us to change our views regarding the actions we
    need to take from a legal risk management perspective, thus
    necessitating changes to our practices that may, in some cases,
    limit our ability to grow and improve the profitability of our
    business. Furthermore, in some cases, these laws and regulations
    are designed to protect or benefit the interests of a specific
    constituency rather than a range of constituencies. For example,
    state insurance laws and regulations are generally intended to
    protect or benefit purchasers or users of insurance products,
    not holders of securities issued by the Company. In many
    respects, these laws and regulations limit our ability to grow
    and improve the profitability of our business.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In recent years, the state insurance regulatory framework has
    come under public scrutiny and members of Congress have
    discussed proposals to provide for federal chartering of
    insurance companies. We can make no assurances regarding the
    potential impact of state or federal measures that may change
    the nature or scope of insurance regulation.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Reinsurance
    may be unavailable at current levels and prices, which may limit
    our ability to write new business.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our reinsurance program was designed, utilizing our risk
    management methodology, to address our exposure to catastrophes.
    Market conditions beyond our control determine the availability
    and cost of the reinsurance we purchase. No assurances can be
    made that reinsurance will remain continuously available to us
    to the same extent and on the same terms and rates as are
    currently available. For example, our ability to afford
    reinsurance to reduce our catastrophe risk may be dependent upon
    our ability to adjust premium rates for its cost, and there are
    no assurances that the terms and rates for our current
    reinsurance program will continue to be available next year. If
    we were unable to maintain our current level of reinsurance or
    purchase new reinsurance protection in amounts that we consider
    sufficient and at prices that we consider acceptable, we would
    have to either accept an increase in our exposure risk, reduce
    our insurance writings, or develop or seek other alternatives.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Reinsurance
    subjects us to the credit risk of our reinsurers and may not be
    adequate to protect us against losses arising from ceded
    insurance, which could have a material adverse effect on our
    operating results and financial condition.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The collectability of reinsurance recoverables is subject to
    uncertainty arising from a number of factors, including changes
    in market conditions, whether insured losses meet the qualifying
    conditions of the reinsurance contract and whether reinsurers,
    or their affiliates, have the financial capacity and willingness
    to make payments under the terms of a reinsurance treaty or
    contract. Our inability to collect a material recovery from a
    reinsurer could have a material adverse effect on our operating
    results and financial condition.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    continued threat of terrorism and ongoing military actions may
    adversely affect the level of claim losses we incur and the
    value of our investment portfolio.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The continued threat of terrorism, both within the United States
    and abroad, and ongoing military and other actions and
    heightened security measures in response to these types of
    threats, may cause significant volatility and losses from
    declines in the equity markets and from interest rate changes in
    the United States, Europe and elsewhere, and result in loss of
    life, property damage, disruptions to commerce and reduced
    economic activity. Some of the assets in our investment
    portfolio may be adversely affected by reduced economic activity
    caused by the continued threat of terrorism. Additionally, in
    the event that terrorist acts occur, the Company could be
    adversely affected, depending on the nature of the event.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">A
    downgrade in our financial strength ratings may have an adverse
    effect on our competitive position, the marketability of our
    product offerings, and our liquidity, operating results and
    financial condition.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Financial strength ratings are important factors in establishing
    the competitive position of insurance companies and generally
    have an effect on an insurance company&#146;s business. On an
    ongoing basis, rating agencies review the financial performance
    and condition of insurers and could downgrade or change the
    outlook on an insurer&#146;s ratings due to, for example, a
    change in an insurer&#146;s statutory capital; a change in a
    rating agency&#146;s determination of the amount of
    risk-adjusted capital required to maintain a particular rating;
    an increase in the
</DIV>
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    perceived risk of an insurer&#146;s investment portfolio; a
    reduced confidence in management or a host of other
    considerations that may or may not be under insurer&#146;s
    control. The current insurance financial strength rating of
    UPCIC is from Demotech, Inc. The assigned rating is A. Because
    this rating is subject to continuous review, the retention of
    this rating cannot be assured. A downgrade in this rating could
    have a material adverse effect on our sales, our
    competitiveness, the marketability of our product offerings, and
    our liquidity, operating results and financial condition.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Adverse
    capital and credit market conditions may significantly affect
    our ability to meet liquidity needs or our ability to obtain
    credit on acceptable terms.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The capital and credit markets have been experiencing extreme
    volatility and disruption. In some cases, the markets have
    exerted downward pressure on the availability of liquidity and
    credit capacity. In the event that we need access to additional
    capital to pay our operating expenses, make payments on our
    indebtedness, pay for capital expenditures or fund acquisitions,
    our ability to obtain such capital may be limited and the cost
    of any such capital may be significant. Our access to additional
    financing will depend on a variety of factors such as market
    conditions, the general availability of credit, the overall
    availability of credit to our industry, and credit capacity, as
    well as lenders&#146; perception of our long- or short-term
    financial prospects. Similarly, our access to funds may be
    impaired if regulatory authorities or rating agencies take
    negative actions against us. If a combination of these factors
    were to occur, our internal sources of liquidity may prove to be
    insufficient, and in such case, we may not be able to
    successfully obtain financing on favorable terms.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Changing
    climate conditions may adversely affect our financial condition,
    profitability or cash flows.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Property and casualty insurers are subject to claims arising
    from catastrophes. Catastrophic losses have had a significant
    impact on our historical results. Catastrophes can be caused by
    various events, including hurricanes, tsunamis, windstorms,
    earthquakes, hailstorms, explosions, flooding, severe winter
    weather and fires and may include man-made events, such as
    terrorist attacks. The incidence, frequency and severity of
    catastrophes are inherently unpredictable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Longer-term weather trends may be changing and new types of
    catastrophe losses may be developing due to climate change, a
    phenomenon that has been associated with extreme weather events
    linked to rising temperatures, including effects on global
    weather patterns, greenhouse gases, sea, land and air
    temperature, sea levels, rain and snow. The emerging science
    regarding climate change and its connection to extreme weather
    events is far from conclusive. If a connection to increased
    extreme weather events related to climate change is ultimately
    proven true, this could increase the frequency and severity of
    catastrophe losses we experience in both coastal and non-coastal
    areas.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Loss
    of key executives could affect our operations.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    UPCIC&#146;s operations also depend in large part on the efforts
    of Bradley I. Meier, who serves as President of UPCIC.
    Mr.&#160;Meier has also served as President, Chief Executive
    Officer and Director of the Company since its inception in
    November 1990. In addition, UPCIC&#146;s operations have become
    materially dependent on the efforts of Sean P. Downes, who
    serves as Chief Operating Officer of UPCIC. Mr.&#160;Downes has
    also served as Chief Operating Officer, Senior Vice President
    and Director of the Company since January 2005 and as a Director
    of UPCIC since May 2003. The loss of the services provided by
    either Mr.&#160;Meier or Mr.&#160;Downes could have a material
    adverse effect on UPCIC&#146;s and the Company&#146;s financial
    condition and results of operations. In addition, if
    Mr.&#160;Meier were to become incapacitated or elect to reduce
    his responsibilities with the Company, we would expect that
    Mr.&#160;Downes would assume his responsibilities.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Risks
    Related to our Common Stock</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    price of our Common Stock is highly volatile and could decline
    regardless of our operating performance.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The market price of our Common Stock could fluctuate in response
    to, among other things:
</DIV>
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    7
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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    changes in economic and general market conditions;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    changes in the outlook and financial condition of certain
    markets in which we have a concentration of business;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    changes in financial estimates or investment recommendations by
    securities analysts following our business;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    changes in accounting standards, policies, guidance or
    interpretations or principles;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    sales of Common Stock by our directors, officers and significant
    stockholders;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    factors affecting securities of companies included in the
    Russell
    3000<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    Index, to which our Common Stock was added in 2009;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our failure to achieve operating results consistent with
    securities analysts&#146; projections; and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the operating and stock price performance of competitors.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    These factors might adversely affect the trading price of our
    Common Stock and prevent you from selling your Common Stock at
    or above the price at which you purchased it. In addition, in
    recent periods, the stock market has experienced significant
    price and volume fluctuations. This volatility has had a
    significant impact on the market price of securities issued by
    many companies, including ours and others in our industry. These
    changes can occur without regard to the operating performance of
    the affected companies. As a result, the price of our Common
    Stock could fluctuate based upon factors that have little or
    nothing to do with our company, and these fluctuations could
    materially reduce our share price.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    large number of shares eligible for future sale may adversely
    affect the market price of our Common Stock.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The sale, or availability for sale, of a substantial number of
    shares of Common Stock in the public market could materially
    adversely affect the market price of our Common Stock and could
    impair our ability to raise additional capital through the sale
    of our equity securities. As of May&#160;6, 2011, there were
    39,387,998&#160;shares of our Common Stock issued and
    outstanding. The registration statement of which this prospectus
    is a part registers 6,050,000&#160;shares of Common Stock for
    resale and an additional 2,400,000&#160;shares of Common Stock
    under our Amended and Restated 2009 Omnibus Incentive Plan
    (&#147;Incentive Plan&#148;). The availability of our shares for
    resale by the selling stockholder identified in this prospectus,
    as well as any actual sales of these shares or shares being
    registered under the Incentive Plan, could materially adversely
    affect the market price of our Common Stock. In addition, our
    executive officers and directors, including the selling
    stockholder, beneficially own approximately
    21,301,596&#160;shares of Common Stock, or 54.1% of our
    outstanding shares, which would be eligible for resale, subject
    to the volume and manner of sale limitations of Rule&#160;144
    under the Securities Act of 1933.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    selling stockholder identified in this prospectus has
    significant voting power.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The selling stockholder identified in this prospectus currently
    beneficially owns approximately 41.5% of our Common Stock. This
    concentration of ownership may have the effect of delaying or
    preventing a change in control and might adversely affect the
    market price of our Common Stock.
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='G27177104'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">USE OF
    PROCEEDS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The selling stockholder will receive all of the proceeds from
    the sale of shares of Common Stock offered by this prospectus.
    We will not receive any of the proceeds from the sale of such
    shares by the selling stockholder.
</DIV>

<A name='G27177105'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">THE
    SELLING STOCKHOLDER</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The shares of our Common Stock to which this prospectus relates
    are being registered for offer and resale by Bradley I. Meier,
    the Company&#146;s President and Chief Executive Officer, or the
    selling stockholder, who has acquired or may acquire such shares
    of Common Stock pursuant to the Employment Agreement and the
    Stock Option. The following table sets forth certain information
    regarding the shares of our Common Stock beneficially owned by
    the selling stockholder as of May&#160;6, 2011 and is based on
    39,387,998&#160;shares of our Common Stock outstanding on
    May&#160;6, 2011.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="52%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Shares of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Common Stock<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Shares of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Beneficially<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Common Stock<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Owned Prior to<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Shares of Common<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Owned After<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Selling Stockholder</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Offering(1)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Stock Offered(2)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>the Offering(1)(2)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Number</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>%</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
    Bradley I. Meier<BR>
    <I>President and Chief Executive Officer</I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,355,258
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,050,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,305,258
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.2
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    The percentage of shares held is calculated on the basis of the
    number of outstanding shares of Common Stock held, plus Common
    Stock of which the selling stockholder has the right to acquire
    beneficial ownership within 60&#160;days.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    We do not know when or in what amounts the selling stockholder
    may offer shares for sale. The selling stockholder may not sell
    any or all of the shares offered by this prospectus. Because the
    selling stockholder may offer all or some of the shares pursuant
    to this offering, we cannot estimate the number of the shares
    that will be held by the stockholder after completion of the
    offering. However, for purposes of this table, we have assumed
    that, after completion of the offering, none of the shares
    covered by this prospectus will be held by the selling
    stockholder.</TD>
</TR>

</TABLE>

<A name='G27177106'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PLAN OF
    DISTRIBUTION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We are registering shares of our Common Stock held by the
    selling stockholder identified in this prospectus to permit the
    resale of these shares of Common Stock from time to time after
    the date of this prospectus. The selling stockholder has
    acquired or may acquire the shares of Common Stock offered for
    resale under this prospectus pursuant to his Employment
    Agreement and the Stock Option. We will not receive any of the
    proceeds from the sale by the selling stockholder of the shares
    of Common Stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The selling stockholder and any of his pledgees, assignees and
    <FONT style="white-space: nowrap">successors-in-interest</FONT>
    may, from time to time, sell any or all of the shares of Common
    Stock covered hereby on any stock exchange, market or trading
    facility on which the shares are traded or in private
    transactions. These sales may be at fixed or negotiated prices.
    The selling stockholder may use any one or more of the following
    methods when selling shares:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    ordinary brokerage transactions and transactions in which the
    broker-dealer solicits purchasers;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    block trades in which the broker-dealer will attempt to sell the
    shares as agent but may position and resell a portion of the
    block as principal to facilitate the transaction;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    purchases by a broker-dealer as principal and resale by the
    broker-dealer for its account;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    an exchange distribution in accordance with the rules of the
    applicable exchange;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    privately negotiated transactions;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    in transactions through broker-dealers that agree with the
    selling stockholder to sell a specified number of such shares at
    a stipulated price per share;
</TD>
</TR>

</TABLE>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    9
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<H5 align="left" style="page-break-before:always"><A HREF="#G27177tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a combination of any such methods of sale;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any other method permitted pursuant to applicable law.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The selling stockholder may also sell shares under Rule&#160;144
    under the Securities Act, if available, rather than under this
    prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Broker-dealers engaged by the selling stockholder may arrange
    for other brokers-dealers to participate in sales.
    Broker-dealers may receive commissions or discounts from the
    selling stockholder (or, if any broker-dealer acts as agent for
    the purchaser of shares, from the purchaser) in amounts to be
    negotiated, but, except as set forth in a supplement to this
    prospectus, in the case of an agency transaction not in excess
    of a customary brokerage commission in compliance with FINRA
    Rule&#160;2440; and in the case of a principal transaction a
    markup or markdown in compliance with FINRA IM-2440.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The selling stockholder and any broker-dealers or agents that
    are involved in selling the shares may be deemed to be
    &#147;underwriters&#148; within the meaning of the Securities
    Act in connection with such sales. In such event, any
    commissions received by such broker-dealers or agents and any
    profit on the resale of the shares purchased by them may be
    deemed to be underwriting commissions or discounts under the
    Securities Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The selling stockholder may enter into an agreement with an
    underwriter to acquire the shares, or some of the shares, for
    its own account. The underwriter may resell such shares, in one
    or more transactions, including negotiated transactions, at a
    fixed public offering price or at varying prices determined at
    the time of sale. Any such underwriting agreement may provide
    the underwriter with an option to purchase additional shares to
    cover over-allotments, if any, in connection with the
    distribution of such shares by the underwriter. Any underwriting
    agreement may require us to indemnify the underwriter against
    certain liabilities, including liabilities under the Securities
    Act, and to contribute to payment the underwriter may be
    required to make in respect of such liabilities. Further, in any
    such underwritten transaction, pursuant to
    <FONT style="white-space: nowrap">&#147;lock-up&#148;</FONT>
    agreements, the selling stockholder and our executive officers
    and directors may be required, subject to certain exceptions,
    not to offer, sell, contract to sell, announce any intention to
    sell, pledge or otherwise dispose of our Common Stock or
    securities convertible into or exchangeable or exercisable for
    our Common Stock for a set number of days.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Because the selling stockholder may be deemed to be an
    &#147;underwriter&#148; within the meaning of the Securities
    Act, it will be subject to the prospectus delivery requirements
    of the Securities Act including Rule&#160;172 thereunder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The shares will be sold only through registered or licensed
    brokers or dealers if required under applicable state securities
    laws. In addition, in certain states, the shares of Common Stock
    covered hereby may not be sold unless they have been registered
    or qualified for sale in the applicable state or there is an
    exemption from the registration or qualification requirement
    available and the Company has complied with such exemption.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under applicable rules and regulations under the Securities
    Exchange Act of 1934, as amended (&#147;Exchange Act&#148;), any
    person engaged in the distribution of the shares may not
    simultaneously engage in market making activities with respect
    to the Common Stock for the applicable restricted period, as
    defined in Regulation&#160;M, prior to the commencement of the
    distribution. In addition, the selling stockholder will be
    subject to applicable provisions of the Exchange Act and the
    rules and regulations thereunder, including Regulation&#160;M,
    which may limit the timing of purchases and sales of shares of
    the Common Stock by the selling stockholder or any other person.
    We will make copies of this prospectus available to the selling
    stockholder and have informed him of the need to deliver a copy
    of this prospectus to each purchaser at or prior to the time of
    the sale (including by compliance with Rule&#160;172 under the
    Securities Act).
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    10
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='G27177107'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">LEGAL
    MATTERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The validity of the shares of Common Stock offered hereby will
    be passed upon for us by K&#038;L Gates LLP,
    Washington,&#160;D.C.
</DIV>

<A name='G27177108'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">EXPERTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The consolidated financial statements and financial statement
    schedule of Universal Insurance Holdings, Inc. and subsidiaries
    as of December&#160;31, 2010 and 2009, and for each of the years
    in the three-year period ended December&#160;31, 2010, and
    management&#146;s assessment of the effectiveness of internal
    control over financial reporting as of December&#160;31, 2010,
    have been incorporated by reference in this prospectus in
    reliance upon the reports of Blackman Kallick, LLP, an
    independent registered public accounting firm, appearing
    elsewhere herein, and upon the authority of said firm as experts
    in accounting and auditing.
</DIV>

<A name='G27177109'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">INCORPORATION
    OF CERTAIN INFORMATION BY REFERENCE</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following documents, which we previously filed with the SEC
    pursuant to Sections&#160;13 or 15 of the Exchange Act, are
    incorporated by reference into this prospectus:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;our Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2010;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;our Quarterly Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the three months ended March&#160;31, 2011;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (c)&#160;the terms of our capital stock contained in our
    registration statement on Form
    <FONT style="white-space: nowrap">8-A</FONT> filed
    with the SEC on January&#160;11, 2007, including any amendment
    or report filed for the purpose of updating such description.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Except as indicated otherwise, all documents subsequently filed
    by us with the SEC pursuant to Sections&#160;13(a), 13(c), 14
    and 15(d) of the Exchange Act, prior to the filing of a
    post-effective amendment which indicates that all securities
    offered have been sold or which deregisters all securities then
    remaining unsold, shall be deemed to be incorporated by
    reference herein and to be part hereof from the date such
    documents are filed. Any statement contained herein or in any
    document incorporated or deemed to be incorporated herein by
    reference shall be deemed to be modified or superseded for
    purposes of this registration statement to the extent that a
    statement contained in any other subsequently filed document
    which also is or is deemed to be incorporated herein by
    reference modifies or supersedes such statement. Any such
    statement so modified or superseded shall not be deemed to
    constitute a part of this registration statement, except as so
    modified or superseded.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will provide without charge to you, on written or oral
    request, a copy of any or all of the foregoing documents
    incorporated herein by reference (other than exhibits to such
    documents, unless the exhibits are specifically incorporated by
    reference in the information we send to you). You may obtain a
    copy of any or all of the documents that have been incorporated
    by reference herein by writing to us at Universal Insurance
    Holdings, Inc., Attention: George R. De Heer, 1110&#160;West
    Commercial Blvd, Fort&#160;Lauderdale, Florida 33309, or
    telephoning
    <FONT style="white-space: nowrap">(954)&#160;958-1200.</FONT>
</DIV>

<A name='G27177110'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">WHERE YOU
    CAN FIND MORE INFORMATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We file annual, quarterly and current reports, proxy statements
    and other information with the SEC. You may read and copy any
    reports, proxy statements and other information we file at the
    SEC&#146;s Public Reference Room at 100&#160;F&#160;Street,
    N.E., Washington,&#160;D.C. 20549. Please call
    <FONT style="white-space: nowrap">1-800-SEC-0330</FONT>
    for further information on the operation and location of the
    Public Reference Room. Our filings are also available to the
    public at the website maintained by the SEC at
    <FONT style="white-space: nowrap">http://www.sec.gov</FONT>
    and at our website at
    <FONT style="white-space: nowrap">http://www.uvestock.com.</FONT>
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    11
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#G27177tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PART&#160;II<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">INFORMATION
    NOT REQUIRED IN THE PROSPECTUS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ITEM&#160;3.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">INCORPORATION
    OF DOCUMENTS BY REFERENCE</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company hereby incorporates by reference the following
    documents filed with the SEC:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;our Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2010;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;our Quarterly Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the three months ended March&#160;31, 2011;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (c)&#160;our description of our capital stock contained in our
    registration statement on
    <FONT style="white-space: nowrap">Form&#160;8-A</FONT>
    filed with the SEC on January&#160;11, 2007, including any
    amendment or report filed for the purpose of updating such
    description.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Except as indicated otherwise, all documents subsequently filed
    by the Company with the SEC pursuant to Sections&#160;13(a),
    13(c), 14 and 15(d) of the Exchange Act, prior to the filing of
    a post-effective amendment which indicates that all securities
    offered have been sold or which deregisters all securities then
    remaining unsold, shall be deemed to be incorporated by
    reference herein and to be part hereof from the date such
    documents are filed. Each document incorporated by reference
    into this registration statement shall be deemed to be a part of
    this registration statement from the date of filing of such
    document with the Commission until the information contained
    therein is modified or superseded by any subsequently filed
    document which is incorporated by reference into this
    registration statement or, as applicable, by any document which
    constitutes part of the prospectus relating to our Incentive
    Plan meeting the requirements of Section&#160;10(a) of the
    Securities Act. Any such statement so modified or superseded
    shall not be deemed to constitute a part of this registration
    statement, except as so modified or superseded.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ITEM&#160;4.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF SECURITIES.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Not applicable.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ITEM&#160;5.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">INTERESTS
    OF NAMED EXPERTS AND COUNSEL.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    None.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ITEM&#160;6.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">INDEMNIFICATION
    OF DIRECTORS AND OFFICERS.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under Section&#160;145 of the Delaware General Corporation Law
    (&#147;DGCL&#148;), a corporation has the power to indemnify its
    directors and officers under certain prescribed circumstances
    and, subject to certain limitations, against certain costs and
    expenses, including attorneys&#146; fees, judgments, fines and
    amounts paid in settlement, actually and reasonably incurred in
    connection with any threatened, pending or completed action,
    suit or proceeding, whether criminal, civil, administrative or
    investigative, to which any of them is a party by reason of his
    being a director or officer of the corporation if it is
    determined that he or she acted in accordance with the
    applicable standard of conduct set forth in such statutory
    provision. The Company&#146;s Certificate of Incorporation, as
    amended, provides that, pursuant to the DGCL, its directors
    shall not be liable for monetary damages for breach of the
    directors&#146; fiduciary duty of care to us and our
    stockholders. This provision in the Certificate of Incorporation
    does not eliminate the duty of care, and in appropriate
    circumstances equitable remedies such as injunctive or other
    forms of non-monetary relief will remain available under
    Delaware law. In addition, each director will continue to be
    subject to liability for breach of the director&#146;s duty of
    loyalty to the Company or its stockholders, for acts or
    omissions not in good faith or involving intentional misconduct
    or knowing violations of the law, for actions leading to
    improper personal benefit to the director, and for payment of
    dividends or approval of stock repurchases or redemptions that
    are unlawful under Delaware law. The provision also does not
    affect a director&#146;s responsibilities under any other law,
    such as the federal securities laws or state or federal
    environmental laws.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Article&#160;VII of the Company&#146;s Certificate of
    Incorporation, as amended, provides that the Company will
    indemnify, to the fullest extent authorized by the DGCL, each
    person who was or is made a party or is threatened to be made a
    party to or is involved in any action, suit or proceeding,
    whether civil, criminal, administrative or investigative, by
    reason of the fact that he or she is or was a director, officer,
    employee or agent of the Company
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    II-1
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#G27177tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    against certain costs and expenses, including attorneys&#146;
    fees, judgments, fines and amounts paid in settlement, actually
    and reasonably incurred in connection therewith, if it is
    determined that he or she acted in accordance with the
    applicable standard of conduct set forth in such statutory
    provision. The Company also has directors&#146; and
    officers&#146; liability insurance.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company has entered into agreements with its non-executive
    directors pursuant to which the Company has agreed to indemnify
    such directors, to the fullest extent permitted by law, and to
    cover such directors under any directors and officers liability
    insurance obtained by the Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company has been advised that it is the position of the SEC
    that insofar as the provision in our Certificate of
    Incorporation, as amended, may be invoked for liabilities
    arising under the Securities Act, the provision is against
    public policy and is therefore unenforceable.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ITEM&#160;7.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">EXEMPTION&#160;FROM
    REGISTRATION CLAIMED.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Shares of Common Stock that may be offered pursuant to this
    registration statement that were acquired by the selling
    stockholder, who is an executive officer and director of the
    Company, pursuant to his Employment Agreement were issued in
    reliance upon Section&#160;4(2) of the Securities Act, as the
    issuance did not involve any public offering and the selling
    stockholder was an accredited investor within the meaning of
    Rule&#160;501 of Regulation&#160;D under the Securities Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    With respect to the shares of Common Stock issuable upon
    exercise of the Stock Option or under the Incentive Plan, not
    applicable.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ITEM&#160;8.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">EXHIBITS.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following are filed as exhibits to this Registration
    Statement:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="91%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Company&#146;s Amended and Restated Certificate of
    Incorporation, as amended(1)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Company&#146;s Amended and Restated Bylaws(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Designation for Series&#160;A Preferred Stock
    dated October&#160;11, 1994(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .4
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Designations, Preferences, and Rights of
    Series&#160;M Convertible Preferred Stock dated August&#160;13,
    1997(4)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .5
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Amendment of Amended and Restated Certificate of
    Incorporation dated October&#160;19, 1998(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .6
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Amendment of Amended and Restated Certificate of
    Incorporation dated December&#160;18, 2000(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .7
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Amendment of Certificate of Designations of the
    Series&#160;A Preferred Stock dated October&#160;29, 2001(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .8
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Amendment of Amended and Restated Certificate of
    Incorporation dated December&#160;7, 2005.(5)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .9
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Amendment of Amended and Restated Certificate of
    Incorporation dated May&#160;18, 2007.(5)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Common Stock Certificate(1)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated 2009 Omnibus Incentive Plan
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of K&#038;L Gates LLP
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Employment Agreement between the Company and Bradley I. Meier
    dated August&#160;11, 1999.(6)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Addendum No.&#160;3 dated May&#160;4, 2001 to the Employment
    Agreement between the Company and Bradley I. Meier dated
    August&#160;11, 1999.(7)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Addendum No.&#160;4 dated January&#160;28, 2002 to the
    Employment Agreement between the Company and Bradley I. Meier
    dated August&#160;11, 1999.(8)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .4
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Addendum No.&#160;5 dated June&#160;27, 2002 to the Employment
    Agreement between the Company and Bradley I. Meier dated
    August&#160;11, 1999.(9)
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    II-2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#G27177tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="91%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .5
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Addendum No.&#160;6 effective as of December&#160;31, 2003 to
    the Employment Agreement between the Company and Bradley I.
    Meier dated August&#160;11, 1999.(10)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .6
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Addendum No.&#160;7 dated May&#160;22, 2006 to the Employment
    Agreement between the Company and Bradley I. Meier dated
    August&#160;11, 1999.(7)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .7
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Addendum No.&#160;8 effective as of July&#160;12, 2007 to the
    Employment Agreement between the Company and Bradley I. Meier
    dated August&#160;11, 1999.(11)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .8
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Addendum No.&#160;9 effective as of December&#160;5, 2008 to the
    Employment Agreement between the Company and Bradley I. Meier
    dated August&#160;11, 1999.(12)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .9
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Nonqualified Stock Option Agreement between the Company and
    Bradley I. Meier dated December&#160;21, 2001
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of independent registered public accounting firm,
    Blackman Kallick, LLP
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of K&#038;L Gates LLP (included in the opinion filed as
    Exhibit&#160;5.1)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    24
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Powers of Attorney (included on the signature page hereto)
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 15pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Keys to
    Exhibits:</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the Registrant&#146;s Registration
    Statement on
    <FONT style="white-space: nowrap">Form&#160;S-1</FONT>
    (File
    <FONT style="white-space: nowrap">No.&#160;33-51546)</FONT>
    declared effective on December&#160;14, 1992.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the Registrant&#146;s Current
    Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the SEC on January&#160;11, 2007.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the Registrant&#146;s Annual Report
    on Form
    <FONT style="white-space: nowrap">10-KSB</FONT> for
    the year ended December&#160;31, 2002 filed with the SEC on
    April&#160;9, 2003.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the Registrant&#146;s Annual Report
    on Form
    <FONT style="white-space: nowrap">10-KSB</FONT> for
    the year ended April&#160;30, 1997 filed with the SEC on
    August&#160;13, 1997, as amended.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (5) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the Registrant&#146;s Registration
    Statement on
    <FONT style="white-space: nowrap">Form&#160;S-8</FONT>
    (File
    <FONT style="white-space: nowrap">No.&#160;333-163564)</FONT>
    declared effective on December&#160;8, 2009.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (6) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the Registrant&#146;s Quarterly
    Report on Form
    <FONT style="white-space: nowrap">10-QSB</FONT> for
    the quarter ended June&#160;30, 1999 filed with the SEC on
    August&#160;13, 1999.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (7) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the Registrant&#146;s Registration
    Statement on
    <FONT style="white-space: nowrap">Form&#160;S-8</FONT>
    (File No.&#160;33&#160;&#151; 170767), deemed effective on
    November&#160;22, 2010.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (8) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the Registrant&#146;s Quarterly
    Report on Form
    <FONT style="white-space: nowrap">10-QSB</FONT> for
    the quarter ended June&#160;30, 2002 filed with the SEC on
    August&#160;14, 2002.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (9) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the Registrant&#146;s Quarterly
    Report on Form
    <FONT style="white-space: nowrap">10-QSB</FONT> for
    the quarter ended June&#160;30, 2002 filed with the SEC on
    August&#160;14, 2002.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (10) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the Registrant&#146;s Quarterly
    Report on Form
    <FONT style="white-space: nowrap">10-QSB</FONT> for
    the quarter ended March&#160;31, 2004 filed with the SEC on
    May&#160;14, 2004.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (11) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the Registrant&#146;s Current
    Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the SEC on August&#160;10, 2007.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (12) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the Registrant&#146;s Current
    Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the SEC on December&#160;9, 2008.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    II-3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#G27177tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ITEM&#160;9.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">UNDERTAKINGS.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;The undersigned registrant hereby undertakes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;To file, during any period in which offers or sales are
    being made, a post-effective amendment to this registration
    statement:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (i)&#160;To include any prospectus required by
    Section&#160;10(a)(3) of the Securities Act;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (ii)&#160;To reflect in the prospectus any facts or events
    arising after the effective date of the registration statement
    (or the most recent post-effective amendment thereof) which,
    individually or in the aggregate, represent a fundamental change
    in the information set forth in the registration statement.
    Notwithstanding the foregoing, any increase or decrease in
    volume of securities offered (if the total dollar value of
    securities offered would not exceed that which was registered)
    and any deviation from the low or high end of the estimated
    maximum offering range may be reflected in the form of
    prospectus filed with the SEC pursuant to Rule&#160;424(b) if,
    in the aggregate, the changes in volume and price represent no
    more than a 20&#160;percent change in the maximum aggregate
    offering price set forth in the &#147;Calculation of
    Registration Fee&#148; table in the effective registration
    statement;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (iii)&#160;To include any material information with respect to
    the plan of distribution not previously disclosed in the
    registration statement or any material change to such
    information in the registration statement;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>provided, however</I>, that paragraphs (a)(1)(i) and
    (a)(1)(ii) of this section do not apply if the information
    required to be included in a post-effective amendment by those
    paragraphs is contained in reports filed with or furnished to
    the SEC by the registrant pursuant to section&#160;13 or
    section&#160;15(d) of the Exchange Act that are incorporated by
    reference in the registration statement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;That, for the purpose of determining any liability
    under the Securities Act, each such post-effective amendment
    shall be deemed to be a new registration statement relating to
    the securities offered therein, and the offering of such
    securities at that time shall be deemed to be the initial
    <I>bona fide </I>offering thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;To remove from registration by means of a
    post-effective amendment any of the securities being registered
    which remain unsold at the termination of the offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;The undersigned registrant hereby undertakes that, for
    the purposes of determining any liability under the Securities
    Act, each filing of the registrant&#146;s annual report pursuant
    to Section&#160;13(a) or 15(d) of the Exchange Act (and, where
    applicable, each filing of an employee benefit plan&#146;s
    annual report pursuant to Section&#160;15(d) of the Exchange
    Act) that is incorporated by reference in the registration
    statement shall be deemed to be a new registration statement
    relating to the securities offered therein, and the offering of
    such securities at that time shall be deemed to be the initial
    bona fide offering thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (c)&#160;Insofar as indemnification for liabilities arising
    under the Securities Act may be permitted to directors, officers
    and controlling persons of the registrant pursuant to the
    foregoing provisions, or otherwise, the registrant has been
    advised that in the opinion of the SEC such indemnification is
    against public policy as expressed in the Securities Act and is,
    therefore, unenforceable. In the event that a claim for
    indemnification against such liabilities (other than the payment
    by the registrant of expenses incurred or paid by a director,
    officer or controlling person of the registrant in the
    successful defense of any action, suit or proceeding) is
    asserted by such director, officer or controlling person in
    connection with the securities being registered, the registrant
    will, unless in the opinion of its counsel the matter has been
    settled by controlling precedent, submit to a court of
    appropriate jurisdiction the question whether such
    indemnification by it is against public policy as expressed in
    the Securities Act and will be governed by the final
    adjudication of such issue.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    II-4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#G27177tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, the registrant certifies that it has reasonable grounds
    to believe that it meets all of the requirements for filing on
    <FONT style="white-space: nowrap">Form&#160;S-8</FONT>
    and has duly caused this Registration Statement to be signed on
    its behalf by the undersigned, thereunto duly authorized, in the
    City of Fort&#160;Lauderdale, State of Florida, on May&#160;11,
    2011.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    UNIVERSAL INSURANCE HOLDINGS, INC.
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Bradley
    I. Meier</FONT></DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Bradley I. Meier
</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    President and Chief Executive Officer
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, this Registration Statement has been signed below by
    the following persons in the capacities and on the date
    indicated. Each person whose signature appears below in so
    signing also makes, constitutes and appoints Bradley I. Meier
    and George R. De Heer, and each of them acting alone, his or her
    true and lawful attorney-in-fact, with full power of
    substitution, for him or her in any and all capacities, to
    execute and cause to be filed with the Securities and Exchange
    Commission any and all amendments and post-effective amendments
    to this Registration Statement, with exhibits thereto and other
    documents in connection therewith, and hereby ratifies and
    confirms all that said attorney-in-fact or his substitute or
    substitutes may do or cause to be done by virtue hereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="3%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="39%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="39%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="12%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signatures</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Bradley
    I. Meier</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Bradley
    I. Meier
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    President, Chief Executive Officer and Director (Principal
    Executive Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 11, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">George
    R. De Heer</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>George
    R. De Heer
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Chief Financial Officer (Principal Accounting Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 11, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Norman
    M. Meier</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Norman
    M. Meier
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 11, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">
    Ozzie A. Schindler</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
    Ozzie A. Schindler
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 11, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">
    Reed J. Slogoff</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
    Reed J. Slogoff
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 11, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">
    Joel M. Wilentz</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
    Joel M. Wilentz
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 11, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">
    Michael A. Pietrangelo</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
    Michael A. Pietrangelo
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 11, 2011
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    II-5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#G27177tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">EXHIBIT&#160;INDEX</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="91%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Company&#146;s Amended and Restated Certificate of
    Incorporation, as amended.(1)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Company&#146;s Amended and Restated Bylaws.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Designation for Series&#160;A Preferred Stock
    dated October&#160;11, 1994.(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .4
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Designations, Preferences, and Rights of
    Series&#160;M Convertible Preferred Stock dated August&#160;13,
    1997.(4)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .5
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Amendment of Amended and Restated Certificate of
    Incorporation dated October&#160;19, 1998.(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .6
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Amendment of Amended and Restated Certificate of
    Incorporation dated December&#160;18, 2000.(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .7
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Amendment of Certificate of Designations of the
    Series&#160;A Preferred Stock dated October&#160;29, 2001.(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .8
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Amendment of Amended and Restated Certificate of
    Incorporation dated December&#160;7, 2005.(5)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .9
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Amendment of Amended and Restated Certificate of
    Incorporation dated May&#160;18, 2007.(5)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Common Stock Certificate.(1)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated 2009 Omnibus Incentive Plan.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of K&#038;L Gates LLP.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Employment Agreement between the Company and Bradley I. Meier
    dated August&#160;11, 1999.(6)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Addendum No.&#160;3 dated May&#160;4, 2001 to the Employment
    Agreement between the Company and Bradley I. Meier dated
    August&#160;11, 1999.(7)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Addendum No.&#160;4 dated January&#160;28, 2002to the Employment
    Agreement between the Company and Bradley I. Meier
    August&#160;11, 1999.(8)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .4
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Addendum No.&#160;5 dated June&#160;27, 2002 to the Employment
    Agreement between the Company and Bradley I. Meier dated
    August&#160;11, 1999.(9)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .5
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Addendum No.&#160;6 effective as of December&#160;31, 2003 to
    the Employment Agreement between the Company and Bradley I.
    Meier dated August&#160;11, 1999.(10)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .6
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Addendum No.&#160;7 dated May&#160;22, 2006 to the Employment
    Agreement between the Company and Bradley I. Meier dated
    August&#160;11, 1999.(7)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .7
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Addendum No.&#160;8 effective as of July&#160;12, 2007 to the
    Employment Agreement between the Company and Bradley I. Meier
    dated August&#160;11, 1999.(11)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .8
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Addendum No.&#160;9 effective as of December&#160;5, 2008 to the
    Employment Agreement between the Company and Bradley I. Meier
    dated August&#160;11, 1999.(12)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .9
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Nonqualified Stock Option Agreement between the Company and
    Bradley I. Meier dated December&#160;21, 2001.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of independent registered public accounting firm,
    Blackman Kallick, LLP.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of K&#038;L Gates LLP (included in the opinion filed as
    Exhibit&#160;5.1).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    24
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Powers of Attorney (included on the signature page hereto).
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 15pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Keys to
    Exhibits:</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the Registrant&#146;s Registration
    Statement on
    <FONT style="white-space: nowrap">Form&#160;S-1</FONT>
    (File
    <FONT style="white-space: nowrap">No.&#160;33-51546)</FONT>
    declared effective on December&#160;14, 1992.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the Registrant&#146;s Current
    Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the SEC on January&#160;11, 2007.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the Registrant&#146;s Annual Report
    on Form
    <FONT style="white-space: nowrap">10-KSB</FONT> for
    the year ended December&#160;31, 2002 filed with the SEC on
    April&#160;9, 2003.</TD>
</TR>

</TABLE>
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    <BR>
    II-6
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#G27177tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the Registrant&#146;s Annual Report
    on Form
    <FONT style="white-space: nowrap">10-KSB</FONT> for
    the year ended April&#160;30, 1997 filed with the SEC on
    August&#160;13, 1997, as amended.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (5) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the Registrant&#146;s Registration
    Statement on
    <FONT style="white-space: nowrap">Form&#160;S-8</FONT>
    (File
    <FONT style="white-space: nowrap">No.&#160;333-163564)</FONT>
    declared effective on December&#160;8, 2009.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (6) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the Registrant&#146;s Quarterly
    Report on Form
    <FONT style="white-space: nowrap">10-QSB</FONT> for
    the quarter ended June&#160;30, 1999 filed with the SEC on
    August&#160;13, 1999.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (7) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the Registrant&#146;s Registration
    Statement on
    <FONT style="white-space: nowrap">Form&#160;S-8</FONT>
    (File No
    <FONT style="white-space: nowrap">33-170767),</FONT>
    deemed effective on November&#160;22, 2010.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (8) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the Registrant&#146;s Quarterly
    Report on Form
    <FONT style="white-space: nowrap">10-QSB</FONT> for
    the quarter ended June&#160;30, 2002 filed with the SEC on
    August&#160;14, 2002.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (9) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the Registrant&#146;s Quarterly
    Report on Form
    <FONT style="white-space: nowrap">10-QSB</FONT> for
    the quarter ended June&#160;30, 2002 filed with the SEC on
    August&#160;14, 2002.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (10) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the Registrant&#146;s Quarterly
    Report on Form
    <FONT style="white-space: nowrap">10-QSB</FONT> for
    the quarter ended March&#160;31, 2004 filed with the SEC on
    May&#160;14, 2004.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (11) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the Registrant&#146;s Current
    Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the SEC on August&#160;10, 2007.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (12) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the Registrant&#146;s Current
    Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the SEC on December&#160;9, 2008.</TD>
</TR>

</TABLE>
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    <BR>
    II-7
</DIV><!-- END PAGE WIDTH -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>2
<FILENAME>g27177exv4w2.htm
<DESCRIPTION>EX-4.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv4w2</TITLE>
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<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;4.2
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>UNIVERSAL INSURANCE HOLDINGS, INC.<BR>
2009 OMNIBUS INCENTIVE PLAN</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">(as amended through April&nbsp;8, 2011)
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE I<BR>
PURPOSE AND ADOPTION OF THE PLAN</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01. <U>Purpose</U>. The purpose of the Universal Insurance Holdings, Inc. 2009 Omnibus
Incentive Plan (as amended from time to time, the &#147;Plan&#148;) is to assist in attracting and retaining
highly competent employees, directors and consultants to act as an incentive in motivating selected
employees, directors and consultants of the Company and its Subsidiaries to achieve long-term
corporate objectives, to reward superior service to the Company and to enable stock-based and
cash-based incentive awards to qualify as performance-based compensation for purposes of the tax
deduction limitations under Section 162(m) of the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02. <U>Adoption and Term</U>. The Plan has been approved by the Board and the stockholders
of the Company and shall be effective as of November&nbsp;16, 2009 (the &#147;Effective Date&#148;). The Plan
shall remain in effect until the tenth anniversary of the Effective Date, or until terminated by
action of the Board, whichever occurs sooner.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE II<BR>
DEFINITIONS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the purpose of this Plan, capitalized terms shall have the following meanings:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01. <U>Affiliate</U> means an entity in which, directly or indirectly through one or more
intermediaries, the Company has at least a fifty percent (50%) ownership interest or, where
permissible under Section&nbsp;409A of the Code, at least a twenty percent (20%) ownership interest;
<I>provided</I>, <I>however</I>, for purposes of any grant of an Incentive Stock Option, &#147;Affiliate&#148; means a
corporation which, for purposes of Section&nbsp;424 of the Code, is a parent or subsidiary of the
Company, directly or indirectly.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02. <U>Award</U> means any one or a combination of Non-Qualified Stock Options or Incentive
Stock Options described in Article&nbsp;VI, Stock Appreciation Rights described in Article&nbsp;VI,
Restricted Shares and Restricted Stock Units described in Article&nbsp;VII, Performance Awards described
in Article&nbsp;VIII, other stock-based Awards described in Article&nbsp;IX, short-term cash incentive Awards
described in Article&nbsp;X or any other Award made under the terms of the Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03. <U>Award Agreement</U> means a written agreement between the Company and a Participant
or a written acknowledgment from the Company to a Participant specifically setting forth the terms
and conditions of an Award granted under the Plan.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04. <U>Award Period</U> means, with respect to an Award, the period of time, if any, set
forth in the Award Agreement during which specified target performance goals must be achieved or
other conditions set forth in the Award Agreement must be satisfied.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05. <U>Beneficiary</U> means an individual, trust or estate who or which, by a written
designation of the Participant filed with the Company, or if no such written designation is filed,
by operation of law, succeeds to the rights and obligations of the Participant under the Plan and
the Award Agreement upon the Participant&#146;s death.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06. <U>Board</U> means the Board of Directors of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07. <U>Change in Control</U> means, and shall be deemed to have occurred upon the
occurrence of, any one of the following events:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The acquisition in one or more transactions, other than from the Company, by any
individual, entity or group (within the meaning of Section&nbsp;13(d)(3) or 14(d)(2) of the Exchange
Act), other than the Company, an Affiliate or any employee benefit plan (or related trust)
sponsored or maintained by the Company or an Affiliate, of beneficial ownership (within the meaning
of Rule&nbsp;13d-3 promulgated under the Exchange Act) of a number of Company Voting Securities in
excess of 15% of the Company Voting Securities unless such acquisition has been approved by the
Board;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Any election has occurred of persons to the Board that causes two-thirds of the Board to
consist of persons other than (i)&nbsp;persons who were members of the Board on the Effective Date and
(ii)&nbsp;persons who were nominated for elections as members of the Board at a time when two-thirds of
the Board consisted of persons who were members of the Board on the Effective Date, <I>provided</I>,
<I>however</I>, that any person nominated for election by a Board at least two-thirds of whom constituted
persons described in clauses (i)&nbsp;and/or (ii)&nbsp;or by persons who were themselves nominated by such
Board shall, for this purpose, be deemed to have been nominated by a Board composed of persons
described in clause (i);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The consummation (<I>i.e. </I>closing) of a reorganization, merger or consolidation involving the
Company, unless, following such reorganization, merger or consolidation, all or substantially all
of the individuals and entities who were the respective beneficial owners of the Outstanding Common
Stock and Company Voting Securities immediately prior to such reorganization, merger or
consolidation, following such reorganization, merger or consolidation beneficially own, directly or
indirectly, more than 75% of, respectively, the then outstanding shares of common stock and the
combined voting power of the then outstanding voting securities entitled to vote generally in the
election of directors or trustees, as the case may be, of the entity resulting from such
reorganization, merger or consolidation in substantially the same proportion as their ownership of
the Outstanding Common Stock and Company Voting Securities immediately prior to such
reorganization, merger or consolidation, as the case may be;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The consummation (<I>i.e. </I>closing) of a sale or other disposition of all or substantially all
the assets of the Company, unless, following such sale or disposition, all or substantially all of
the individuals and entities who were the respective beneficial owners of the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Outstanding Common
Stock and Company Voting Securities immediately prior to such sale or disposition, following such
sale or disposition beneficially own, directly or indirectly, more than 75% of, respectively, the
then outstanding shares of common stock and the combined voting power of the then outstanding
voting securities entitled to vote generally in the election of
directors or trustees, as the case may be, of the entity purchasing such assets in
substantially the same proportion as their ownership of the Outstanding Common Stock and Company
Voting Securities immediately prior to such sale or disposition, as the case may be; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;a complete liquidation or dissolution of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Solely to the extent required by Section&nbsp;409A of the Code, an event described above shall not
constitute a Change in Control for purposes of the payment (but not vesting) provisions of any
Award subject to Section&nbsp;409A unless such event also constitutes a change in ownership or effective
control of the Company or a change in the ownership of a substantial portion of the Company&#146;s
assets within the meaning of Section&nbsp;409A of the Code and the final regulations issued thereunder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08. <U>Code</U> means the Internal Revenue Code of 1986, as amended. References to a
section of the Code shall include that section and any comparable section or sections of any future
legislation that amends, supplements or supersedes said section.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09. <U>Committee</U> means the Compensation Committee of the Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10. <U>Common Stock</U> means the common stock of the Company, par value $0.01 per share.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11. <U>Company</U> means Universal Insurance Holdings, Inc., a Delaware corporation, and
its successors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12. <U>Company Voting Securities</U> means the combined voting power of all outstanding
voting securities of the Company entitled to vote generally in the election of directors to the
Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13. <U>Date of Grant</U> means the date designated by the Committee as the date as of which
it grants an Award, which shall not be earlier than the date on which the Committee approves the
granting of such Award.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14. <U>Dividend Equivalent Account</U> means a bookkeeping account in accordance with under
Section&nbsp;11.17 and related to an Award that is credited with the amount of any cash dividends or
stock distributions that would be payable with respect to the shares of Common Stock subject to
such Awards had such shares been outstanding shares of Common Stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15. <U>Exchange Act</U> means the Securities Exchange Act of 1934, as amended. References
to a section of the Exchange Act shall include that section and any comparable section or sections
of any future legislation that amends, supplements or supersedes said section.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16. <U>Exercise Price</U> means, with respect to a Stock Appreciation Right, the amount
established by the Committee in the Award Agreement which is to be subtracted from the Fair
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Market
Value on the date of exercise in order to determine the amount of the payment to be made to the
Participant, as further described in Section&nbsp;6.02(b).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17. <U>Fair Market Value</U> means, as of any applicable date: (i)&nbsp;if the Common Stock is
listed on one or more international or national securities exchanges, the closing sales price of
the Common Stock on the exchange having the greatest number of shares listed or eligible for
trading on that date, or, if no sale of the Common Stock occurred on that date, on the next
preceding date on which there was a reported sale; or (ii)&nbsp;if none of the above apply, the closing
bid price as reported by the Nasdaq SmallCap Market on that date, or if no price was reported for
that date, on the next preceding date for which a price was reported; or (iii)&nbsp;if none of the above
apply, the last reported bid price published in the &#147;pink sheets&#148; or displayed on the National
Association of Securities Dealers, Inc. (&#147;NASD&#148;), Electronic Bulletin Board, as the case may be; or
(iv)&nbsp;if none of the above apply or the Committee elects to use a different standard for determining
Fair Market Value for one or more Awards, the fair market value of the Common Stock as determined
under written procedures established by the Committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18. <U>Incentive Stock Option</U> means a stock option within the meaning of Section&nbsp;422 of
the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19. <U>Merger</U> means any merger, reorganization, consolidation, exchange, transfer of
assets or other transaction having similar effect involving the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20. <U>Non-Qualified Stock Option</U> means a stock option which is not an Incentive Stock
Option.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21. <U>Non-Vested Share</U> means shares of the Company Common Stock issued to a
Participant in respect of the non-vested portion of an Option in the event of the early exercise of
such Participant&#146;s Options pursuant to such Participant&#146;s Award Agreement, as permitted in Section
6.06 below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22. <U>Options</U> means all Non-Qualified Stock Options and Incentive Stock Options
granted at any time under the Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23. <U>Outstanding Common Stock</U> means, at any time, the issued and outstanding shares
of Common Stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24. <U>Participant</U> means a person designated to receive an Award under the Plan in
accordance with Section&nbsp;5.01.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25. <U>Performance Awards</U> means Awards granted in accordance with Article&nbsp;VIII.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26. <U>Performance Goals</U> means operating income, operating profit (earnings from
continuing operations before interest and taxes), earnings per share, share price, net income,
income before taxes, return on investment or working capital, return on stockholders&#146; equity, total
shareholder return, economic value added (the amount, if any, by which net operating profit after
tax exceeds a reference cost of capital), policy count, number of states in which the Company
operates, any one of which may be measured with respect to the Company or any one or more of its
Subsidiaries and divisions and either in absolute terms, as compared to another
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">company or
companies or subject to such objective adjustment factors as shall be set by the Committee in
accordance with Section 162(m) of the Code at the time that the goals and related
performance targets are set for the applicable performance period, and quantifiable, objective
measures of individual performance relevant to the particular individual&#146;s job responsibilities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27. <U>Plan</U> has the meaning given to such term in Section&nbsp;1.01.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28. <U>Purchase Price</U>, with respect to Options, shall have the meaning set forth in
Section&nbsp;6.01(b).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29. <U>Restricted Shares</U> means Common Stock subject to restrictions imposed in
connection with Awards granted under Article&nbsp;VII.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30. <U>Restricted Stock Unit</U> means a unit representing the right to receive Common
Stock or the value thereof in the future subject to restrictions imposed in connection with Awards
granted under Article&nbsp;VII.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31. <U>Rule&nbsp;16b-3</U> means Rule&nbsp;16b-3 promulgated by the Securities and Exchange
Commission under Section&nbsp;16 of the Exchange Act, as the same may be amended from time to time, and
any successor rule.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32. <U>Stock Appreciation Rights</U> means awards granted in accordance with Article&nbsp;VI.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33. <U>Termination of Service</U> means the voluntary or involuntary termination of a
Participant&#146;s service as an employee, director or consultant with the Company or an Affiliate for
any reason, including death, disability, retirement or as the result of the divestiture of the
Participant&#146;s employer or any similar transaction in which the Participant&#146;s employer ceases to be
the Company or one of its Subsidiaries. Whether entering military or other government service
shall constitute Termination of Service, or whether and when a Termination of Service shall occur
as a result of disability, shall be determined in each case by the Committee in its sole
discretion. For purposes of the payment (but not vesting) provisions of any Award subject to
Section&nbsp;409A of the Code, Termination of Service shall mean a separation from service within the
meaning of Section&nbsp;409A of the Code and the final regulations issued thereunder.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE III<BR>
ADMINISTRATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01. <U>Committee</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Duties and Authority</U>. The Plan shall be administered by the Committee and the
Committee shall have exclusive and final authority in each determination, interpretation or other
action affecting the Plan and its Participants. The Committee shall have the sole discretionary
authority to interpret the Plan, to establish and modify administrative rules for the Plan, to
impose such conditions and restrictions on Awards as it determines appropriate, and to make all
factual determinations with respect to and take such steps in connection with the Plan and Awards
granted hereunder as it may deem necessary or advisable. The Committee shall not, however, have or
exercise any discretion that would disqualify amounts payable under Article&nbsp;X as performance-based
compensation for purposes of Section 162(m) of the Code. The
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Committee may delegate such of its
powers and authority under the Plan as it deems appropriate to a subcommittee of the Committee or
designated officers or employees of the Company. In
addition, the full Board may exercise any of the powers and authority of the Committee under
the Plan. In the event of such delegation of authority or exercise of authority by the Board,
references in the Plan to the Committee shall be deemed to refer, as appropriate, to the delegate
of the Committee or the Board.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Indemnification</U>. Each person who is or shall have been a member of the Board or
the Committee, or an officer or employee of the Company to whom authority was delegated in
accordance with the Plan shall be indemnified and held harmless by the Company against and from any
loss, cost, liability, or expense that may be imposed upon or reasonably incurred by such
individual in connection with or resulting from any claim, action, suit, or proceeding to which he
or she may be a party or in which he or she may be involved by reason of any action taken or
failure to act under the Plan and against and from any and all amounts paid by him or her in
settlement thereof, with the Company&#146;s approval, or paid by him or her in satisfaction of any
judgment in any such action, suit, or proceeding against him or her, <I>provided </I>he or she shall give
the Company an opportunity, at its own expense, to handle and defend the same before he or she
undertakes to handle and defend it on his or her own behalf; <I>provided</I>, <I>however</I>, that the foregoing
indemnification shall not apply to any loss, cost, liability, or expense that is a result of his or
her own willful misconduct. The foregoing right of indemnification shall not be exclusive of any
other rights of indemnification to which such persons may be entitled under the Company&#146;s
Certificate of Incorporation or Bylaws, conferred in a separate agreement with the Company, as a
matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them
harmless.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE IV<BR>
SHARES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01. <U>Number of Shares Issuable</U>. The total number of shares initially authorized to
be issued under the Plan shall be 1,800,000 shares of Common Stock and shall be increased to
4,200,000 as of the date of the 2011 Annual Meeting of Shareholders; <I>provided </I>that such increase is
approved by the shareholders of the Company at the 2011 Annual Meeting The foregoing share limits
shall be subject to adjustment in accordance with Section&nbsp;11.07. The shares to be offered under
the Plan shall be authorized and unissued Common Stock, issued Common Stock that shall have been
reacquired by the Company, or shares issued from the Universal Insurance Holdings, Inc. Stock
Grantor Trust, formed April&nbsp;3, 2000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.02. <U>Shares Subject to Terminated Awards</U>. Common Stock covered by any unexercised
portions of terminated or forfeited Options (including canceled Options) granted under Article&nbsp;VI,
Restricted Stock or Restricted Stock Units forfeited as provided in Article&nbsp;VII, other stock-based
Awards terminated or forfeited as provided under the Plan, and Common Stock subject to any Awards
that are otherwise surrendered by the Participant may again be subject to new Awards under the
Plan. Shares of Common Stock surrendered to or withheld by the Company in payment or satisfaction
of the Purchase Price of an Option or tax withholding obligation with respect to an Award shall be
available for the grant of new Awards under the Plan. In the event of the exercise of Stock
Appreciation Rights, whether or not granted in tandem with Options, only the number of shares of
Common Stock actually issued in payment of
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">such Stock Appreciation Rights shall be charged against
the number of shares of Common Stock available for the grant of Awards hereunder.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE V<BR>
PARTICIPATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.01. <U>Eligible Participants</U>. Participants in the Plan shall be such employees,
directors and consultants of the Company and its Subsidiaries as the Committee, in its sole
discretion, may designate from time to time. The Committee&#146;s designation of a Participant in any
year shall not require the Committee to designate such person to receive Awards or grants in any
other year. The designation of a Participant to receive Awards or grants under one portion of the
Plan does not require the Committee to include such Participant under other portions of the Plan.
The Committee shall consider such factors as it deems pertinent in selecting Participants and in
determining the type and amount of their respective Awards. Subject to any applicable adjustment
in accordance with Section&nbsp;11.07, in any calendar year, Awards to Participants shall be subject to
the following limits: (i)&nbsp;no Participant shall be granted in any calendar year Options or Stock
Appreciation Rights (whether stock or cash settled) covering more than 650,000 shares of Common
Stock; (ii)&nbsp;no Participant shall be granted in any calendar year an Award of (A)&nbsp;Restricted
Shares, (B)&nbsp;Restricted Stock Units, or (C)&nbsp;Performance Awards or other stock-based awards (within
the meaning of Article&nbsp;IX) denominated in shares of Common Stock that can be settled through the
delivery of more than 650,000 shares of Common Stock (or, if such Award is payable in cash, through
the delivery of cash with a value equal to 650,000 shares of Common Stock at the time of
settlement); and (iii)&nbsp;no Participant shall be granted in any calendar year any other stock-based
award (within the meaning of Article&nbsp;IX) not denominated in shares of Common Stock or cash-based
Awards (including short-term cash incentive awards under Article&nbsp;X) that can be settled through
the payment of more than $10,000,000 or in shares of Common Stock with a value at the time of
payment of more than $10,000,000.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VI<BR>
STOCK OPTIONS AND STOCK APPRECIATION RIGHTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.01. <U>Option Awards</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Grant of Options</U>. The Committee may grant, to such Participants as the Committee
may select, Options entitling the Participant to purchase shares of Common Stock from the Company
in such number, at such price, and on such terms and subject to such conditions, not inconsistent
with the terms of this Plan, as may be established by the Committee. The terms of any Option
granted under this Plan shall be set forth in an Award Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Purchase Price of Options</U>. The Purchase Price of each share of Common Stock which
may be purchased upon exercise of any Option granted under the Plan shall be determined by the
Committee; <I>provided</I>, <I>however</I>, that in no event shall the Purchase Price be less than the Fair
Market Value on the Date of Grant.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <U>Designation of Options</U>. The Committee shall designate, at the time of the grant
of each Option, the Option as an Incentive Stock Option or a Non-Qualified Stock Option;
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>provided</I>,
<I>however</I>, that an Option may be designated as an Incentive Stock Option only if the applicable
Participant is an employee of the Company on the Date of Grant.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <U>Special Incentive Stock Option Rules</U>. No Participant may be granted Incentive
Stock Options under the Incentive Plan (or any other plans of the Company) that would result in
Incentive Stock Options to purchase shares of Common Stock with an aggregate Fair Market Value
(measured on the Date of Grant) of more than $100,000 first becoming exercisable by the Participant
in any one calendar year. Notwithstanding any other provision of the Incentive Plan to the
contrary, the Exercise Price of each Incentive Stock Option shall be equal to or greater than the
Fair Market Value of the Common Stock subject to the Incentive Stock Option as of the Date of Grant
of the Incentive Stock Option; <I>provided</I>, <I>however</I>, that no Incentive Stock Option shall be granted
to any person who, at the time the Option is granted, owns stock (including stock owned by
application of the constructive ownership rules in Section 424(d) of the Code) possessing more than
ten percent (10%) of the total combined voting power of all classes of stock of the Company, unless
at the time the Incentive Stock Option is granted the price of the Option is at least one hundred
ten percent (110%) of the Fair Market Value of the Common Stock subject to the Incentive Stock
Option and the Incentive Stock Option by its terms is not exercisable for more than five years from
the Date of Grant.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <U>Rights As a Stockholder</U>. Except as otherwise provided by the Committee, a
Participant or a transferee of an Option pursuant to Section&nbsp;11.04 shall have no rights as a
stockholder with respect to Common Stock covered by an Option until the Participant or transferee
shall have become the holder of record of any such shares, and no adjustment shall be made for
dividends in cash or other property or distributions or other rights with respect to any such
Common Stock for which the record date is prior to the date on which the Participant or a
transferee of the Option shall have become the holder of record of any such shares covered by the
Option; <I>provided</I>, <I>however</I>, that Participants are entitled to share adjustments to reflect capital
changes under Section&nbsp;11.07.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.02. <U>Stock Appreciation Rights</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Stock Appreciation Right Awards</U>. The Committee is authorized to grant to any
Participant one or more Stock Appreciation Rights. Such Stock Appreciation Rights may be granted
either independent of or in tandem with Options granted to the same Participant. Stock
Appreciation Rights granted in tandem with Options may be granted simultaneously with, or, in the
case of Non-Qualified Stock Options, subsequent to, the grant to such Participant of the related
Option; <I>provided however</I>, that: (i)&nbsp;any Option covering any share of Common Stock shall expire and
not be exercisable upon the exercise of any Stock Appreciation Right with respect to the same
share, (ii)&nbsp;any Stock Appreciation Right covering any share of Common Stock shall expire and not be
exercisable upon the exercise of any related Option with respect to the same share, and (iii)&nbsp;an
Option and Stock Appreciation Right covering the same share of Common Stock may not be exercised
simultaneously. Upon exercise of a Stock Appreciation Right with respect to a share of Common
Stock, the Participant shall be entitled to receive an amount equal to the excess, if any, of (A)
the Fair Market Value of a share of Common Stock on the date of exercise over (B)&nbsp;the Exercise
Price of such Stock Appreciation Right established in the Award Agreement, which amount shall be
payable as provided in Section&nbsp;6.02(c).
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Exercise Price</U>. The Exercise Price established under any Stock Appreciation Right
granted under this Plan shall be determined by the Committee, but in the case of Stock Appreciation
Rights granted in tandem with Options shall not be less than the Purchase
Price of the related Option; <I>provided</I>, <I>however</I>, that in no event shall the Exercise Price be
less than the Fair Market Value on the Date of Grant. Upon exercise of Stock Appreciation Rights
granted in tandem with options, the number of shares subject to exercise under any related Option
shall automatically be reduced by the number of shares of Common Stock represented by the Option or
portion thereof which are surrendered as a result of the exercise of such Stock Appreciation
Rights.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <U>Payment of Incremental Value</U>. Any payment which may become due from the Company
by reason of a Participant&#146;s exercise of a Stock Appreciation Right may be paid to the Participant
as determined by the Committee (i)&nbsp;all in cash, (ii)&nbsp;all in Common Stock, or (iii)&nbsp;in any
combination of cash and Common Stock. In the event that all or a portion of the payment is made in
Common Stock, the number of shares of Common Stock delivered in satisfaction of such payment shall
be determined by dividing the amount of such payment or portion thereof by the Fair Market Value on
the Exercise Date. No fractional share of Common Stock shall be issued to make any payment in
respect of Stock Appreciation Rights; if any fractional share would be issuable, the combination of
cash and Common Stock payable to the Participant shall be adjusted as directed by the Committee to
avoid the issuance of any fractional share.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.03. <U>Terms of Stock Options and Stock Appreciation Rights</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Conditions on Exercise</U>. An Award Agreement with respect to Options or Stock
Appreciation Rights may contain such waiting periods, exercise dates and restrictions on exercise
(including, but not limited to, periodic installments) as may be determined by the Committee at the
time of grant.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Duration of Options and Stock Appreciation Rights</U>. Options and Stock Appreciation
Rights shall terminate upon the first to occur of the following events:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Expiration of the Option or Stock Appreciation Right as provided in the Award
Agreement; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Termination of the Award in the event of a Participant&#146;s disability, Retirement,
death or other Termination of Service as provided in the Award Agreement; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In the case of an Incentive Stock Option, ten years from the Date of Grant (five
years in certain cases, as described in Section&nbsp;6.01(d)); or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Solely in the case of a Stock Appreciation Right granted in tandem with an Option,
upon the expiration of the related Option.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <U>Acceleration or Extension of Exercise Time</U>. The Committee, in its sole
discretion, shall have the right (but shall not be obligated), exercisable on or at any time after
the Date of Grant, to permit the exercise of an Option or Stock Appreciation Right (i)&nbsp;prior to the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">time such Option or Stock Appreciation Right would become exercisable under the terms of the Award
Agreement, (ii)&nbsp;after the termination of the Option or Stock Appreciation Right under the
terms of the Award Agreement, or (iii)&nbsp;after the expiration of the Option or Stock
Appreciation Right.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.04. <U>Exercise Procedures</U>. Each Option and Stock Appreciation Right granted under the
Plan shall be exercised under such procedures and by such methods as the Board may establish or
approve from time to time. The Purchase Price of shares purchased upon exercise of an Option
granted under the Plan shall be paid in full in cash by the Participant pursuant to the Award
Agreement; <I>provided</I>, <I>however</I>, that the Committee may (but shall not be required to) permit payment
to be made (a)&nbsp;by delivery to the Company of shares of Common Stock held by the Participant, (b)&nbsp;by
a &#147;net exercise&#148; method under which the Company reduces the number of shares of Common Stock issued
upon exercise by the largest whole number of shares with a Fair Market Value that does not exceed
the aggregate Exercise Price, or (c)&nbsp;such other consideration as the Committee deems appropriate
and in compliance with applicable law (including payment under an arrangement constituting a
brokerage transaction as permitted under the provisions of Regulation&nbsp;T applicable to cashless
exercises promulgated by the Federal Reserve Board, unless prohibited by Section&nbsp;402 of the
Sarbanes-Oxley Act of 2002). In the event that any Common Stock shall be transferred to the
Company to satisfy all or any part of the Purchase Price, the part of the Purchase Price deemed to
have been satisfied by such transfer of Common Stock shall be equal to the product derived by
multiplying the Fair Market Value as of the date of exercise times the number of shares of Common
Stock transferred to the Company. The Participant may not transfer to the Company in satisfaction
of the Purchase Price any fractional share of Common Stock. Any part of the Purchase Price paid in
cash upon the exercise of any Option shall be added to the general funds of the Company and may be
used for any proper corporate purpose. Unless the Committee shall otherwise determine, any Common
Stock transferred to the Company as payment of all or part of the Purchase Price upon the exercise
of any Option shall be held as treasury shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05. <U>Change in Control</U>. With respect to each Award of Options or Stock Appreciation
Rights, the Committee shall determine whether and to what extent such Options or Stock Appreciation
Rights shall become immediately and fully exercisable in the event of a Change in Control or upon
the occurrence of one or more specified conditions following a Change in Control. Such provisions
relating to the effect of a Change in Control on an outstanding Award of Options or Stock
Appreciation Rights shall be set forth in the applicable Award Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.06. <U>Early Exercise</U>. An Option may, but need not, include a provision by which the
Participant may elect to exercise the Option in whole or in part prior to the date the Option is
fully vested. The provision may be included in the Award Agreement at the time of grant of the
Option or may be added to the Award Agreement by amendment at a later time. In the event of an
early exercise of an Option, any shares of Common Stock received shall be subject to a special
repurchase right in favor of the Company with terms established by the Board. If the Company
exercises its repurchase rights, the Company may elect to pay the repurchase price in the form of
(i)&nbsp;cash or cash equivalents, (ii)&nbsp;installment payments over a specified period, (iii)&nbsp;cancellation
of indebtedness, or (iv)&nbsp;any other form of consideration approved by the Company. The Board shall
determine the time and/or the event that causes the repurchase right to terminate and fully vest
the Common Stock in the Participant. Alternatively, in the sole
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">discretion of the Board, one or
more Participants may be granted stock purchase rights allowing them to purchase
shares of Common Stock outright, subject to conditions and restrictions as the Board may
determine.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VII<BR>
RESTRICTED SHARES AND RESTRICTED STOCK UNITS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.01. <U>Award of Restricted Stock and Restricted Stock Units</U>. The Committee may grant
to any Participant an Award of Restricted Shares consisting of a specified number of shares of
Common Stock issued to the Participant subject to such terms, conditions and forfeiture and
transfer restrictions, whether based on performance standards, periods of service, retention by the
Participant of ownership of specified shares of Common Stock or other criteria, as the Committee
shall establish. The Committee may also grant Restricted Stock Units representing the right to
receive shares of Common Stock in the future subject to such terms, conditions and restrictions,
whether based on performance standards, periods of service, retention by the Participant of
ownership of specified shares of Common Stock or other criteria, as the Committee shall establish.
With respect to performance-based Awards of Restricted Shares or Restricted Stock Units intended to
qualify as &#147;performance-based&#148; compensation for purposes of Section 162(m) of the Code, performance
targets will consist of specified levels of one or more of the Performance Goals. The terms of any
Restricted Share and Restricted Stock Unit Awards granted under this Plan shall be set forth in an
Award Agreement which shall contain provisions determined by the Committee and not inconsistent
with this Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.02. <U>Restricted Shares</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Issuance of Restricted Shares</U>. As soon as practicable after the Date of Grant of
a Restricted Share Award by the Committee, the Company shall cause to be transferred on the books
of the Company, or its agent, Common Stock, registered on behalf of the Participant, evidencing the
Restricted Shares covered by the Award, but subject to forfeiture to the Company as of the Date of
Grant if an Award Agreement with respect to the Restricted Shares covered by the Award is not duly
executed by the Participant and timely returned to the Company. All Common Stock covered by Awards
under this Article&nbsp;VII shall be subject to the restrictions, terms and conditions contained in the
Plan and the Award Agreement entered into by the Participant. Until the lapse or release of all
restrictions applicable to an Award of Restricted Shares, the share certificates representing such
Restricted Shares may be held in custody by the Company, its designee, or, if the certificates bear
a restrictive legend, by the Participant. Upon the lapse or release of all restrictions with
respect to an Award as described in Section&nbsp;7.02(d), one or more share certificates, registered in
the name of the Participant, for an appropriate number of shares as provided in Section&nbsp;7.02(d),
free of any restrictions set forth in the Plan and the Award Agreement shall be delivered to the
Participant.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Stockholder Rights</U>. Beginning on the Date of Grant of the Restricted Share Award
and subject to execution of the Award Agreement as provided in Section&nbsp;7.02(a), the Participant
shall become a stockholder of the Company with respect to all shares subject to the Award Agreement
and shall have all of the rights of a stockholder, including, but not limited to, the right to vote
such shares and the right to receive dividends; <I>provided</I>, <I>however</I>, that any Common Stock
distributed as a dividend or otherwise with respect to any Restricted Shares as to
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">which the restrictions have not yet lapsed, shall be subject to the same restrictions as such
Restricted Shares and held or restricted as provided in Section&nbsp;7.02(a).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <U>Restriction on Transferability</U>. None of the Restricted Shares may be assigned or
transferred (other than by will or the laws of descent and distribution, or to an inter vivos trust
with respect to which the Participant is treated as the owner under Sections&nbsp;671 through 677 of the
Code, except to the extent that Section&nbsp;16 of the Exchange Act limits a Participant&#146;s right to make
such transfers), pledged or sold prior to lapse of the restrictions applicable thereto.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <U>Delivery of Shares Upon Vesting</U>. Upon expiration or earlier termination of the
forfeiture period without a forfeiture and the satisfaction of or release from any other conditions
prescribed by the Committee, or at such earlier time as provided under the provisions of Section
7.04, the restrictions applicable to the Restricted Shares shall lapse. As promptly as
administratively feasible thereafter, subject to the requirements of Section&nbsp;11.05, the Company
shall deliver to the Participant or, in case of the Participant&#146;s death, to the Participant&#146;s
Beneficiary, one or more share certificates for the appropriate number of shares of Common Stock,
free of all such restrictions, except for any restrictions that may be imposed by law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <U>Forfeiture of Restricted Shares</U>. Subject to Sections&nbsp;7.02(f) and 7.04, all
Restricted Shares shall be forfeited and returned to the Company and all rights of the Participant
with respect to such Restricted Shares shall terminate unless the Participant continues in the
service of the Company or an Affiliate as an employee until the expiration of the forfeiture period
for such Restricted Shares and satisfies any and all other conditions set forth in the Award
Agreement. The Committee shall determine the forfeiture period (which may, but need not, lapse in
installments) and any other terms and conditions applicable with respect to any Restricted Share
Award.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <U>Waiver of Forfeiture Period</U>. Notwithstanding anything contained in this Article
VII to the contrary, the Committee may, in its sole discretion, waive the forfeiture period and any
other conditions set forth in any Award Agreement under appropriate circumstances (including the
death, disability or Retirement of the Participant or a material change in circumstances arising
after the date of an Award) and subject to such terms and conditions (including forfeiture of a
proportionate number of the Restricted Shares) as the Committee shall deem appropriate.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.03. <U>Restricted Stock Units</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Settlement of Restricted Stock Units</U>. Payments shall be made to Participants with
respect to their Restricted Stock Units as soon as practicable after the Committee has determined
that the terms and conditions applicable to such Award have been satisfied or at a later date if
distribution has been deferred. Payments to Participants with respect to Restricted Stock Units
shall be made in the form of Common Stock, or cash or a combination of both, as the Committee may
determine. The amount of any cash to be paid in lieu of Common Stock shall be determined on the
basis of the Fair Market Value of the Common Stock on the date any such payment is processed. As
to shares of Common Stock which constitute all or any part of such payment, the Committee may
impose such restrictions concerning their
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">transferability and/or their forfeiture as may be provided in the applicable Award Agreement
or as the Committee may otherwise determine, provided such determination is made on or before the
date certificates for such shares are first delivered to the applicable Participant.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Shareholder Rights</U>. Until the lapse or release of all restrictions applicable to
an Award of Restricted Stock Units, no shares of Common Stock shall be issued in respect of such
Awards and no Participant shall have any rights as a shareholder of the Company with respect to the
shares of Common Stock covered by such Award of Restricted Stock Units.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <U>Waiver of Forfeiture Period</U>. Notwithstanding anything contained in this Section
7.03 to the contrary, the Committee may, in its sole discretion, waive the forfeiture period and
any other conditions set forth in any Award Agreement under appropriate circumstances (including
the death, disability or retirement of the Participant or a material change in circumstances
arising after the date of an Award) and subject to such terms and conditions (including forfeiture
of a proportionate number of shares issuable upon settlement of the Restricted Stock Units
constituting an Award) as the Committee shall deem appropriate.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <U>Deferral of Payment</U>. If approved by the Committee and set forth in the applicable
Award Agreement, a Participant may elect to defer the amount payable with respect to the
Participant&#146;s Restricted Stock Units in accordance with such terms as may be established by the
Committee, subject to the requirements of Section&nbsp;409A of the Code.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.04. <U>Change in Control</U>. With respect to each Award of Restricted Shares and
Restricted Stock Unit Awards, the Committee shall determine whether and to what extent such
Restricted Shares and Restricted Stock Unit Awards shall become immediately and fully vested in the
event of a Change in Control or upon the occurrence of one or more specified conditions following a
Change of Control. Such provisions relating to the effect of a Change of Control on an outstanding
Award of Restricted Shares and Restricted Stock Unit Awards shall be set forth in the applicable
Award Agreement.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VIII<BR>
PERFORMANCE AWARDS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.01. <U>Performance Awards</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Award Periods and Calculations of Potential Incentive Amounts</U>. The Committee may
grant Performance Awards to Participants. A Performance Award shall consist of the right to
receive a payment (measured by the Fair Market Value of a specified number of shares of Common
Stock, increases in such Fair Market Value during the Award Period and/or a fixed cash amount)
contingent upon the extent to which certain predetermined performance targets have been met during
an Award Period. The Award Period shall be two or more fiscal or calendar years as determined by
the Committee. The Committee, in its discretion and under such terms as it deems appropriate, may
permit newly eligible Participants, such as those who are promoted or newly hired, to receive
Performance Awards after an Award Period has commenced.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Performance Targets</U>. Subject to Section&nbsp;11.18, the performance targets applicable
to a Performance Award may include such goals related to the performance of the
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Company or, where relevant, any one or more of its Subsidiaries or divisions and/or the
performance of a Participant as may be established by the Committee in its discretion. In the case
of Performance Awards to &#147;covered employees&#148; (as defined in Section 162(m) of the Code), the
targets will be limited to specified levels of one or more of the Performance Goals. The
performance targets established by the Committee may vary for different Award Periods and need not
be the same for each Participant receiving a Performance Award in an Award Period.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <U>Earning Performance Awards</U>. The Committee, at or as soon as practicable after the
Date of Grant, shall prescribe a formula to determine the percentage of the Performance Award to be
earned based upon the degree of attainment of the applicable performance targets.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <U>Payment of Earned Performance Awards</U>. Subject to the requirements of Section
11.05, payments of earned Performance Awards shall be made in cash or Common Stock, or a
combination of cash and Common Stock, in the discretion of the Committee. The Committee, in its
sole discretion, may define, and set forth in the applicable Award Agreement, such terms and
conditions with respect to the payment of earned Performance Awards as it may deem desirable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.02. <U>Termination of Service</U>. In the event of a Participant&#146;s Termination of Service
during an Award Period, the Participant&#146;s Performance Awards shall be forfeited except as may
otherwise be provided in the applicable Award Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.03. <U>Change in Control</U>. With respect to each Performance Award, the Committee shall
determine whether and to what extent such Performance Awards shall become immediately and fully
vested and payable in the event of a Change in Control or upon the occurrence of one or more
specified conditions following a Change of Control. Such provisions relating to the effect of a
Change of Control on an outstanding Performance Award shall be set forth in the applicable Award
Agreement.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE IX<BR>
OTHER STOCK-BASED AWARDS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.01. <U>Grant of Other Stock-Based Awards</U>. Other stock-based awards, consisting of
stock purchase rights (with or without loans to Participants by the Company containing such terms
as the Committee shall determine), Awards of Common Stock, or Awards valued in whole or in part by
reference to, or otherwise based on, Common Stock, may be granted either alone or in addition to or
in conjunction with other Awards under the Plan. Subject to the provisions of the Plan, the
Committee shall have sole and complete authority to determine the persons to whom and the time or
times at which such Awards shall be made, the number of shares of Common Stock to be granted
pursuant to such Awards, and all other conditions of the Awards. Any such Award shall be confirmed
by an Award Agreement executed by the Committee and the Participant, which Award Agreement shall
contain such provisions as the Committee determines to be necessary or appropriate to carry out the
intent of this Plan with respect to such Award.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.02. <U>Terms of Other Stock-Based Awards</U>. In addition to the terms and conditions
specified in the Award Agreement, Awards made pursuant to this Article&nbsp;IX shall be subject to the
following:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Any Common Stock subject to Awards made under this Article&nbsp;IX may not be sold, assigned,
transferred, pledged or otherwise encumbered prior to the date on which the shares are issued, or,
if later, the date on which any applicable restriction, performance or deferral period lapses; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;If specified by the Committee in the Award Agreement, the recipient of an Award under this
Article&nbsp;IX shall be entitled to receive, currently or on a deferred basis, interest or dividends or
dividend equivalents with respect to the Common Stock or other securities covered by the Award; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Award Agreement with respect to any Award shall contain provisions dealing with the
disposition of such Award in the event of a Termination of Service prior to the exercise, payment
or other settlement of such Award, whether such termination occurs because of Retirement,
disability, death or other reason, with such provisions to take account of the specific nature and
purpose of the Award.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE X<BR>
SHORT-TERM CASH INCENTIVE AWARDS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.01. <U>Eligibility</U>. Executive officers of the Company who are from time to time
determined by the Committee to be &#147;covered employees&#148; for purposes of Section 162(m) of the Code
will be eligible to receive short-term cash incentive awards under this Article&nbsp;X.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.02. <U>Awards</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Performance Targets</U>. The Committee shall establish objective performance targets
based on specified levels of one or more of the Performance Goals. Such performance targets shall
be established by the Committee on a timely basis to ensure that the targets are considered
&#147;preestablished&#148; for purposes of Section 162(m) of the Code.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Amounts of Awards</U>. In conjunction with the establishment of performance targets
for a fiscal year or such other short-term performance period established by the Committee, the
Committee shall adopt an objective formula (on the basis of percentages of Participants&#146; salaries,
shares in a bonus pool or otherwise) for computing the respective amounts payable under the Plan to
Participants if and to the extent that the performance targets are attained. Such formula shall
comply with the requirements applicable to performance-based compensation plans under Section
162(m) of the Code and, to the extent based on percentages of a bonus pool, such percentages shall
not exceed 100% in the aggregate.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <U>Payment of Awards</U>. Awards will be payable to Participants in cash each year upon
prior written certification by the Committee of attainment of the specified performance targets for
the preceding fiscal year or other applicable performance period.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <U>Negative Discretion</U>. Notwithstanding the attainment by the Company of the
specified performance targets, the Committee shall have the discretion, which need not be exercised
uniformly among the Participants, to reduce or eliminate the award that would be otherwise paid.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <U>Guidelines</U>. The Committee may adopt from time to time written policies for its
implementation of this Article&nbsp;X. Such guidelines shall reflect the intention of the Company that
all payments hereunder qualify as performance-based compensation under Section 162(m) of the Code.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <U>Non-Exclusive Arrangement</U>. The adoption and operation of this Article&nbsp;X shall not
preclude the Board or the Committee from approving other short-term incentive compensation
arrangements for the benefit of individuals who are Participants hereunder as the Board or
Committee, as the case may be, deems appropriate and in the best interests of the Company.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE XI<BR>
TERMS APPLICABLE GENERALLY TO AWARDS<BR>
GRANTED UNDER THE PLAN</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.01. <U>Plan Provisions Control Award Terms</U>. Except as provided in Section&nbsp;11.16, the
terms of the Plan shall govern all Awards granted under the Plan, and in no event shall the
Committee have the power to grant any Award under the Plan which is contrary to any of the
provisions of the Plan. In the event any provision of any Award granted under the Plan shall
conflict with any term in the Plan as constituted on the Date of Grant of such Award, the term in
the Plan as constituted on the Date of Grant of such Award shall control. Except as provided in
Section&nbsp;11.03 and Section&nbsp;11.07, the terms of any Award granted under the Plan may not be changed
after the Date of Grant of such Award so as to materially decrease the value of the Award without
the express written approval of the holder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.02. <U>Award Agreement</U>. No person shall have any rights under any Award granted under
the Plan unless and until the Company and the Participant to whom such Award shall have been
granted shall have executed and delivered an Award Agreement or received any other Award
acknowledgment authorized by the Committee expressly granting the Award to such person and
containing provisions setting forth the terms of the Award.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.03. <U>Modification of Award After Grant</U>. No Award granted under the Plan to a
Participant may be modified (unless such modification does not materially decrease the value of the
Award or is necessary or advisable in the judgment of the Committee to comply with the requirements
of Section&nbsp;409A of the Code) after the Date of Grant except by express written agreement between
the Company and the Participant, <I>provided </I>that any such change (a)&nbsp;shall not be inconsistent with
the terms of the Plan, and (b)&nbsp;shall be approved by the Committee. Except as provided in Section
11.07, an outstanding Option or Stock Appreciation Right may not be (i)&nbsp;amended after the Date of
Grant to reduce its exercise price without the prior approval of the amendment by the Company&#146;s
stockholders or (ii)&nbsp;terminated and replaced with a substitute Award if the effect of such
termination and substitution is to reduce the exercise price.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.04. <U>Limitation on Transfer</U>. Except as provided in Section&nbsp;7.01(c) in the case of
Restricted Shares, a Participant&#146;s rights and interest under the Plan may not be assigned or
transferred other than by will or the laws of descent and distribution, and during the lifetime of
a Participant, only the Participant personally (or the Participant&#146;s personal representative) may
exercise rights under the Plan. The Participant&#146;s Beneficiary may exercise the Participant&#146;s
rights to the extent they are exercisable under the Plan following the death of the Participant.
Notwithstanding the foregoing, to the extent permitted under Section 16(b) of the Exchange Act with
respect to Participants subject to such Section, the Committee may grant Non-Qualified Stock
Options that are transferable, without payment of consideration, to immediate family members of the
Participant or to trusts or partnerships for such family members, and the Committee may also amend
outstanding Non-Qualified Stock Options to provide for such transferability.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.05. <U>Taxes</U>. The Company shall be entitled, if the Committee deems it necessary or
desirable, to withhold (or secure payment from the Participant in lieu of withholding) the amount
of any withholding or other tax required by law to be withheld or paid by the Company with respect
to any amount payable and/or shares issuable under such Participant&#146;s Award, or with respect to any
income recognized upon a disqualifying disposition of shares received pursuant to the exercise of
an Incentive Stock Option, and the Company may defer payment or issuance of the cash or shares upon
exercise or vesting of an Award unless indemnified to its satisfaction against any liability for
any such tax. The amount of such withholding or tax payment shall be determined by the Committee
and shall be payable by the Participant at such time as the Committee determines in accordance with
the following rules:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Participant shall have the right to elect to meet his or her withholding requirement
(i)&nbsp;by having withheld from such Award at the appropriate time that number of shares of Common
Stock, rounded down to the nearest whole share, whose Fair Market Value is equal to the amount of
withholding taxes due, (ii)&nbsp;by direct payment to the Company in cash of the amount of any taxes
required to be withheld with respect to such Award or (iii)&nbsp;by a combination of shares and cash.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;In the case of Participants who are subject to Section&nbsp;16 of the Exchange Act, the
Committee may impose such limitations and restrictions as it deems necessary or appropriate with
respect to the delivery or withholding of shares of Common Stock to meet tax withholding
obligations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.06. <U>Surrender of Awards</U>. Subject to compliance with Section&nbsp;409A of the Code, any
Award granted under the Plan may be surrendered to the Company for cancellation on such terms as
the Committee and the holder approve. Subject to compliance with Section&nbsp;409A of the Code and
Section&nbsp;11.03, with the consent of the Participant, the Committee may substitute a new Award under
this Plan in connection with the surrender by the Participant of an equity compensation award
previously granted under this Plan or any other plan sponsored by the Company.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.07. <U>Adjustments to Reflect Capital Changes</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Recapitalization</U>. In the event of any corporate event or transaction (including,
but not limited to, a change in the Common Stock or the capitalization of the Company) such as a
merger, consolidation, reorganization, recapitalization, separation, partial or complete
liquidation, stock dividend, stock split, reverse stock split, split up, spin-off, or other
distribution of stock or property of the Company, a combination or exchange of Common Stock,
dividend in kind, or other like change in capital structure, number of outstanding shares of Common
Stock, distribution (other than normal cash dividends) to shareholders of the Company, or any
similar corporate event or transaction, the Committee, in order to prevent dilution or enlargement
of Participants&#146; rights under this Plan, shall make equitable and appropriate adjustments and
substitutions, as applicable, to or of the number and kind of shares subject to outstanding Awards,
the Purchase Price or Exercise Price for such shares, the number and kind of shares available for
future issuance under the Plan and the maximum number of shares in respect of which Awards can be
made to any Participant in any calendar year, and other determinations applicable to outstanding
Awards. The Committee shall have the power and sole discretion to determine the amount of the
adjustment to be made in each case.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Merger</U>. In the event that the Company is a party to a Merger, outstanding Awards
shall be subject to the agreement of merger or reorganization. Such agreement may provide, without
limitation, for the continuation of outstanding Awards by the Company (if the Company is a
surviving corporation), for their assumption by the surviving corporation or its parent or
subsidiary, for the substitution by the surviving corporation or its parent or subsidiary of its
own awards for such Awards, for accelerated vesting and accelerated expiration, or for settlement
in cash or cash equivalents.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <U>Options to Purchase Shares or Stock of Acquired Companies</U>. After any Merger in
which the Company or an Affiliate shall be a surviving corporation, the Committee may grant
substituted options under the provisions of the Plan, pursuant to Section&nbsp;424 of the Code,
replacing old options granted under a plan of another party to the Merger whose shares or stock
subject to the old options may no longer be issued following the Merger. The foregoing adjustments
and manner of application of the foregoing provisions shall be determined by the Committee in its
sole discretion. Any such adjustments may provide for the elimination of any fractional shares
which might otherwise become subject to any Options.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.08. <U>No Right to Continued Service</U>. No person shall have any claim of right to be
granted an Award under this Plan. Neither the Plan nor any action taken hereunder shall be
construed as giving any Participant any right to be retained in the service of the Company or any
of its Subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.09. <U>Awards Not Includable for Benefit Purposes</U>. Payments received by a Participant
pursuant to the provisions of the Plan shall not be included in the determination of benefits under
any pension, group insurance or other benefit plan applicable to the Participant which is
maintained by the Company or any of its Subsidiaries, except as may be provided under the terms of
such plans or determined by the Board.
</DIV>

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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.10. <U>Governing Law</U>. All determinations made and actions taken pursuant to the Plan
shall be governed by the laws of Delaware and construed in accordance therewith.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.11. <U>No Strict Construction</U>. No rule of strict construction shall be implied
against the Company, the Committee, or any other person in the interpretation of any of the terms
of the Plan, any Award granted under the Plan or any rule or procedure established by the
Committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.12. <U>Compliance with Rule&nbsp;16b-3</U>. It is intended that, unless the Committee
determines otherwise, Awards under the Plan be eligible for exemption under Rule&nbsp;16b-3. The Board
is authorized to amend the Plan and to make any such modifications to Award Agreements to comply
with Rule&nbsp;16b-3, as it may be amended from time to time, and to make any other such amendments or
modifications as it deems necessary or appropriate to better accomplish the purposes of the Plan in
light of any amendments made to Rule&nbsp;16b-3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.13. <U>Captions</U>. The captions (<I>i.e.</I>, all Section headings) used in the Plan are for
convenience only, do not constitute a part of the Plan, and shall not be deemed to limit,
characterize or affect in any way any provisions of the Plan, and all provisions of the Plan shall
be construed as if no captions have been used in the Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.14. <U>Severability</U>. Whenever possible, each provision in the Plan and every Award at
any time granted under the Plan shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of the Plan or any Award at any time granted under the
Plan shall be held to be prohibited by or invalid under applicable law, then (a)&nbsp;such provision
shall be deemed amended to accomplish the objectives of the provision as originally written to the
fullest extent permitted by law and (b)&nbsp;all other provisions of the Plan and every other Award at
any time granted under the Plan shall remain in full force and effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.15. <U>Amendment and Termination</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Amendment</U>. The Board shall have complete power and authority to amend the Plan at
any time; <I>provided</I>, <I>however</I>, that the Board shall not, without the requisite affirmative approval
of stockholders of the Company, make any amendment which requires stockholder approval under the
Code or under any other applicable law or rule of any stock exchange which lists Common Stock or
Company Voting Securities. Notwithstanding the foregoing, the Board expressly reserves the right
to approve a cancellation and reissuance of an outstanding Option or Stock Appreciation Right, the
amendment of any Option or Stock Appreciation Right to lower the Purchase Price or Exercise Price,
as the case may be, or any other amendment, adjustment or action taken with respect to an
outstanding Option or Stock Appreciation Right that constitutes a repricing under any applicable
rule of any stock exchange which lists Common Stock or Company Voting Securities. No termination
or amendment of the Plan may, without the consent of the Participant to whom any Award shall
theretofore have been granted under the Plan, adversely affect the right of such individual under
such Award.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Termination</U>. The Board shall have the right and the power to terminate the Plan
at any time. No Award shall be granted under the Plan after the termination of the Plan, but the
termination of the Plan shall not have any other effect and any Award outstanding at the time of
the termination of the Plan may be exercised after termination of the Plan at any time
</DIV>




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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">prior to the expiration date of such Award to the same extent such Award would have been
exercisable had the Plan not terminated.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.16. <U>Foreign Qualified Awards</U>. Awards under the Plan may be granted to such
employees of the Company and its Subsidiaries who are residing in foreign jurisdictions as the
Committee in its sole discretion may determine from time to time. The Committee may adopt such
supplements to the Plan as may be necessary or appropriate to comply with the applicable laws of
such foreign jurisdictions and to afford Participants favorable treatment under such laws;
<I>provided</I>, <I>however</I>, that no Award shall be granted under any such supplement with terms or
conditions inconsistent with the provision set forth in the Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.17. <U>Dividend Equivalents</U>. For any Award granted under the Plan, the Committee
shall have the discretion, upon the Date of Grant or thereafter, to establish a Dividend Equivalent
Account with respect to the Award, and the applicable Award Agreement or an amendment thereto shall
confirm such establishment. If a Dividend Equivalent Account is established, the following terms
shall apply:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Terms and Conditions</U>. Dividend Equivalent Accounts shall be subject to such terms
and conditions as the Committee shall determine and as shall be set forth in the applicable Award
Agreement. Such terms and conditions may include, without limitation, for the Participant&#146;s
Account to be credited as of the record date of each cash dividend on the Common Stock with an
amount equal to the cash dividends which would be paid with respect to the number of shares of
Common Stock then covered by the related Award if such shares of Common Stock had been owned of
record by the Participant on such record date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Unfunded Obligation</U>. Dividend Equivalent Accounts shall be established and
maintained only on the books and records of the Company and no assets or funds of the Company shall
be set aside, placed in trust, removed from the claims of the Company&#146;s general creditors, or
otherwise made available until such amounts are actually payable as provided hereunder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.18. <U>Adjustment of Performance Goals and Targets</U>. Notwithstanding any provision of
the Plan to the contrary, the Committee shall have the authority to adjust any Performance Goal,
performance target or other performance-based criteria established with respect to any Award under
the Plan if circumstances occur (including, but not limited to, unusual or nonrecurring events,
changes in tax laws or accounting principles or practices or changed business or economic
conditions) that cause any such Performance Goal, performance target or performance-based criteria
to be inappropriate in the judgment of the Committee; <I>provided</I>, that with respect to any Award that
is intended to qualify for the &#147;performance-based compensation&#148; exception under Section 162(m) of
the Code and the regulations thereunder, any adjustment by the Committee shall be consistent with
the requirements of Section 162(m) and the regulations thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.19. <U>Legality of Issuance</U>. Notwithstanding any provision of this Plan or any
applicable Award Agreement to the contrary, the Committee shall have the sole discretion to impose
such conditions, restrictions and limitations (including suspending exercises of Options or Stock
Appreciation Rights and the tolling of any applicable exercise period during such
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">suspension) on the issuance of Common Stock with respect to any Award unless and until the
Committee determines that such issuance complies with (i)&nbsp;any applicable registration requirements
under the Securities Act of 1933 or the Committee has determined that an exemption therefrom is
available, (ii)&nbsp;any applicable listing requirement of any stock exchange on which the Common Stock
is listed, (iii)&nbsp;any applicable Company policy or administrative rules, and (iv)&nbsp;any other
applicable provision of state, federal or foreign law, including foreign securities laws where
applicable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.20. <U>Restrictions on Transfer</U>. Regardless of whether the offering and sale of
Common Stock under the Plan have been registered under the Securities Act of 1933 or have been
registered or qualified under the securities laws of any state, the Company may impose restrictions
upon the sale, pledge, or other transfer of such Common Stock (including the placement of
appropriate legends on stock certificates) if, in the judgment of the Company and its counsel, such
restrictions are necessary or desirable to achieve compliance with the provisions of the Securities
Act of 1933, the securities laws of any state, the United States or any other applicable foreign
law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.21. <U>Further Assurances</U>. As a condition to receipt of any Award under the Plan, a
Participant shall agree, upon demand of the Company, to do all acts and execute, deliver and
perform all additional documents, instruments and agreements which may be reasonably required by
the Company, to implement the provisions and purposes of the Plan.
</DIV>


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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>g27177exv5w1.htm
<DESCRIPTION>EX-5.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w1</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;5.1
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">May&nbsp;11, 2011
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Universal Insurance Holdings, Inc.<BR>
1110 West Commercial Boulevard<BR>
Fort Lauderdale, Florida 33309

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are counsel to Universal Insurance Holdings, Inc. (the &#147;Company&#148;) and we have acted as
counsel for the Company in connection with the preparation of the Registration Statement on Form
S-8 (the &#147;Registration Statement&#148;) to be filed by the Company with the Securities and Exchange
Commission for the registration under the Securities Act of 1933, as amended (the &#147;Securities
Act&#148;), of (i)&nbsp;2,400,000 shares of the Company&#146;s common stock, par value $.01 per share (the &#147;Plan
Shares&#148;), which are to be offered from time to time to certain employees, officers and directors of
the Company in connection with the Company&#146;s Amended and Restated 2009 Omnibus Incentive Plan
(&#147;Plan&#148;), (ii)&nbsp;150,000 shares of the Company&#146;s common stock, par value $.01 per share (&#147;Option
Shares&#148;), which are issuable upon the exercise of a compensatory nonqualified stock option granted
by the Company to an executive of the Company pursuant to a stock option agreement dated as of
December&nbsp;21, 2001 (&#147;Stock Option Agreement&#148;) and (iii)&nbsp;5,900,000 shares of the Company&#146;s common
stock, par value $0.01 per share (the &#147;Reoffer Shares,&#148; and together with the Plan Shares and the
Option Shares, the &#147;Shares&#148;) issued to an executive of the Company pursuant to the employment
agreement between the executive and the Company, dated on or around August&nbsp;11, 1999, as amended
(the &#147;Employment Agreement&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You have requested our opinion as to the matters set forth below in connection with the
Registration Statement. For purposes of rendering that opinion, we have examined the Registration
Statement, the Company&#146;s Certificate of Incorporation, as amended, and Bylaws, as amended and
restated, the Plan, the Employment Agreement, the Stock Option Agreement and the corporate actions
of the Company that provide for the issuance of the Shares. We have examined and relied on a
certificate of the executive and have not independently established any of the facts so relied on.
We also have made such other investigation as we have deemed appropriate. In rendering our
opinion, we also have made the assumptions that are customary in opinion letters of this kind. We
have not verified any of those assumptions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon and subject to the foregoing, it is our opinion that (i)&nbsp;the Plan Shares have been
duly and validly authorized and reserved for issuance, and that the Plan Shares, when issued under
the terms of the Plan and pursuant to the terms of the individual grants or awards, will be validly
issued, fully paid and nonassessable, (ii)&nbsp;the Option Shares have been duly and validly authorized,
and that the Option Shares, when issued pursuant to the terms of the Stock
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Universal Insurance Holdings, Inc.<BR>
May&nbsp;11, 2011<BR>
Page 2

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Option Agreement, will be validly issued, fully paid and nonassessable and (iii)&nbsp;the Reoffer Shares
are duly authorized, validly issued, fully paid and nonassessable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our opinion set forth above is limited to the Delaware General Corporation Law, including the
applicable provisions of the Delaware Constitution and reported judicial decisions interpreting
those laws. The foregoing opinions are rendered as of the date of this letter. We assume no
obligation to update or supplement any of such opinions to reflect any changes of law or fact that
may occur.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are furnishing this opinion letter to you solely in connection with the Registration
Statement. We hereby consent to the filing of this opinion as Exhibit&nbsp;5.1 to the Registration
Statement. In giving our consent we do not thereby admit that we are in the category of persons
whose consent is required under Section&nbsp;7 of the Securities Act or the rules and regulations
thereunder.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Yours truly,<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ K&#038;L Gates LLP
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">K&#038;L Gates LLP&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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</DIV>



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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.9
<SEQUENCE>4
<FILENAME>g27177exv10w9.htm
<DESCRIPTION>EX-10.9
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w9</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;10.9
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>UNIVERSAL INSURANCE HOLDINGS, INC.</B><BR>
<U><B>STOCK OPTION AGREEMENT FOR DIRECTORS</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGREEMENT (&#147;Agreement&#148;) dated this 21<SUP style="FONT-size: 85%; vertical-align: text-top">st</SUP> day of December, 2001 by
and between Universal Insurance Holdings, Inc., a Delaware corporation (&#147;Corporation&#148;),
and Bradley I. Meier, a director of the Corporation (&#147;Optionee&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Corporation desires to have Optionee continue to serve on its Board of
Directors or the Board of Directors of one or more of its wholly-owned subsidiaries and
to provide Optionee with an incentive by sharing in the success of the Corporation;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Corporation desires to grant stock options to Optionee;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in consideration of the mutual covenants and representations herein
contained and intending to be legally bound, the parties hereto agree as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;<U>Number of Shares and Price</U>. The Corporation hereby grants to the
Optionee an option (&#147;Option&#148;) to purchase the number of shares of Common Stock set forth
on the last page
of this Agreement. The exercise price per share of Common Stock of the Option shall be as is set
forth on the last page of this Agreement, such price being the Fair Market Value per
share of Common Stock on the date of grant of the Option. The Option is not intended to
be an Incentive Stock Option and shall be deemed a Non-Qualified Stock Option.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;<U>Term and Exercise</U>. The Option shall expire on the date set forth on the
last page of this Agreement, subject to earlier termination as set forth in Section&nbsp;3.
Subject to the provisions of Section&nbsp;3, the Option shall become exercisable in
installments as set forth on the last page of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;<U>Exercise of Option Upon Termination of Service</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Termination of Vested Option Upon Termination of Service as a
Board Member</U>.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <U>In General</U>. Upon the Optionee&#146;s termination of service as a
Board member other than by reason of death or permanent disability, the Optionee
may, within 30&nbsp;days from the date of such termination of service, exercise all or
any part of the Option as was exercisable on the date of termination of service
if such termination of service is not for cause. If such termination of service
is for cause, the right of the Optionee to exercise the Option shall terminate on
the date of termination of service. In no event, however, may the Option be
exercised later than the date determined pursuant to Section&nbsp;2.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Disability</u>. Upon the Optionee&#146;s permanent disability, the Optionee may,
within 90&nbsp;days, exercise all or a part of the Option, whether or not the Option
was then exercisable, but only to the extent not previously exercised. In no
event, however, may the Option be exercised later than the date determined
pursuant to Section&nbsp;2.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <U>Death</U>. In the event of the death of the Optionee while serving
as a Board member, the right of the Optionee&#146;s designated beneficiary to exercise
the Option in full (whether or not all or any part of the Option was exercisable
as of the date of death of the Optionee, but only to the extent not previously
exercised) shall expire upon the expiration of 90&nbsp;days from the date of the
Optionee&#146;s death or on the date of expiration of the Option determined pursuant
to Section&nbsp;2, whichever is earlier.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Termination of Unvested Option Upon Termination of Service</U>. Except as
specified in Section&nbsp;3(a), to the extent all or any part of the Option was not
exercisable as of the date of termination of service, the unexercisable portion of the
Option shall expire at the date of such termination.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;<U>Exercise Procedures</U>. The Option shall be exercisable by written notice
to the Corporation, which must be received by the Secretary of the Corporation not later
than 5:00 P.M. local time at the principal executive office of the Corporation on the
expiration date of the Option. Such written notice shall set forth (a)&nbsp;the number of
shares of Common Stock being purchased, (b)&nbsp;the total exercise price for the shares of
Common Stock being purchased, (c)&nbsp;the exact name as it should appear on the stock
certificate(s) to be issued for the shares of Common
Stock being purchased, and (d)&nbsp;the address to which the stock certificate(s) should be
sent. The exercise price of shares of Common Stock purchased upon exercise of the Option
shall be paid in full (a)&nbsp;in cash, (b)&nbsp;by delivery to the Corporation of already owned
shares of Common Stock that have been held by the Optionee for at least six months, (c)
in any combination of cash and already owned shares of Common Stock that have been held
by the Optionee for at least six months, or (d)&nbsp;by delivery of such other consideration
as the Committee deems appropriate and in compliance with applicable law (including
payment in accordance with a cashless exercise program approved by the Committee). If
any shares of Common Stock shall be transferred to the Corporation to satisfy all or any
part of the exercise price, the part of the exercise price deemed to have been satisfied
by such transfer of shares of Common Stock shall be equal to the product derived by
multiplying the Fair Market Value as of the date of exercise times the number of shares
of Common Stock transferred to the Corporation. The Optionee may not transfer to the
Corporation in satisfaction of the exercise price any fraction of a share of Common
Stock, and any portion of the exercise price that would represent less than a full share
of Common Stock must be paid in cash by the Optionee. Subject to Sections&nbsp;6, 7 and 8
hereof, certificates for the purchased shares of Common Stock will be issued and
delivered to the Optionee as soon as practicable after the receipt of such payment of
the exercise price; <U>provided</U>, <U>however</U>, that delivery of any such shares
of Common Stock shall be deemed effected for all purposes when a stock transfer agent of
the Corporation shall have deposited such certificates in the United States
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">mail, addressed to Optionee, at the address set forth on the last page of this Agreement or to
such other address as Optionee may from time to time designate in a written notice to the
Corporation. The Optionee shall not be deemed for any purpose to be a shareholder of the
Corporation in respect of any shares of Common Stock as to which the Option shall not have been
exercised, as herein provided, until such shares of Common Stock have been issued to Optionee by
the Corporation hereunder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;<U>Limitations on Transfer</U>. The Option may not be assigned or transferred other than
by will, by the laws of descent and distribution or pursuant to a domestic relations order. The
Optionee&#146;s beneficiary may exercise the Optionee&#146;s rights hereunder only to the extent they were
exercisable under this Agreement at the date of the death of the Optionee and are otherwise
currently exercisable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;<U>Taxes</U>. The Corporation shall be entitled, if the Corporation deems it necessary or
desirable, to withhold (or secure payment from the Optionee in lieu of withholding) the amount of
any withholding or other tax required by law to be withheld or paid by the Corporation with
respect to the Option. The Corporation may defer issuance of Common Stock under the Option unless
indemnified to its satisfaction against any liability for any such tax. The amount of such
withholding or tax payment shall be determined by the Corporation and shall be payable by the
Optionee at such time as the Corporation determines. The Optionee shall be permitted to satisfy
his or her tax or withholding obligation by (a)&nbsp;having cash withheld from the Optionee&#146;s salary or
other compensation payable by the Corporation or a Subsidiary, (b)&nbsp;the payment of cash by the
Optionee to the Corporation, (c)&nbsp;the payment in shares of Common Stock already owned by the
Optionee valued at Fair Market Value, and/or (d)&nbsp;the withholding from the Option, at the
appropriate time, of a number of shares of Common Stock sufficient, based upon the Fair Market
Value of such Common Stock, to satisfy such tax or withholding requirements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;<U>No Exercise in Violation of Law</U>. Notwithstanding any of the provisions of this
Agreement, the Optionee hereby agrees that he or she will not exercise the Option granted hereby,
and that the Corporation will not be obligated to issue any shares of Common Stock to the Optionee
hereunder, if the exercise thereof or the issuance of such shares of Common Stock shall constitute
a violation by the Optionee or the Corporation of any provision of any law or regulation of any
governmental authority. Any determination in this connection by the Committee shall be final,
binding and conclusive.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;<U>Securities Law Compliance</U>. The Optionee acknowledges that the shares of Common Stock
issuable on exercise of the Option have not been registered under the Securities Act of 1993, as
amended (&#147;Act&#148;). The Optionee represents and acknowledges that such shares of Common Stock, when
purchased, shall be held for investment and not with a view to the sale or distribution of any
part thereof, and that the Optionee may be required to bear the economic risk of his or her
investment for an indefinite period of time. The Optionee further represents and warrants that the
Optionee and his or her Beneficiaries will not sell or otherwise dispose of these shares of Common
Stock except pursuant to an effective registration statement under the Act or
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">in a transaction that, in the opinion of counsel for the Corporation, is exempt from registration
under the Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;<U>Adjustments</U>. The existence of the Option shall not affect in any way the right or
power of the Corporation or its directors or shareholders to make or authorize any or all
adjustments, recapitalizations, reorganizations, or other changes in the Corporation&#146;s capital
structure or its business, or any merger or consolidation of the Corporation, or any issuance of
bonds, debentures, preferred stock or prior preference stock ahead of or affecting the Common
Stock or the rights thereof, or dissolution or liquidation of the Corporation, or any sale or
transfer of all or any part of its assets or business, or any other corporate act or proceeding,
whether of a similar character or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;<U>Dispute Resolution</U>. As a condition of granting the Option, the Optionee agrees,
for the Optionee and his or her beneficiaries, that any dispute or disagreement that may arise
under or as a result of or pursuant to the Option shall be determined by the Board of Directors of
the Corporation in its sole and absolute discretion, and any such interpretation of the terms of
the Option shall be final, binding and conclusive.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first
above written.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="42%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="52%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">ATTEST:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">UNIVERSAL INSURANCE HOLDINGS, INC.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/
Janet Conde
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Bradley I. Meier</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;<br></TD>
</TR>


<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bradley I. Meier, President</TD>
</TR>

<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">WITNESS:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">OPTIONEE</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Janet Conde
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Bradley I. Meier</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bradley I. Meier</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Number of shares of Common Stock<BR>
subject to the Option:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top"><br>150,000 shares of Common Stock</TD>

</TR>

<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exercise Price per share of Common<BR>
Stock:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><br>$.60</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">Expiration Date of the Option</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">December&nbsp;21, 2011</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Installment Exercise Schedule, if Any</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD valign="bottom"><DIV style="margin-left:45px; text-indent:-15px"><U>Vesting
Schedule</U></div></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Cumulative Number of
Shares<br> of Common Stock in Respect<br>
<U>of which Option is Exercisable</U></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="bottom"><DIV style="margin-left:45px; text-indent:-15px">Immediate-Upon
Grant</div></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">150,000</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Notice Addresses:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">If to the Corporation:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">If to the Optionee:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">Universal Insurance Holdings, Inc.<BR>
2875 N.E. 191 Street<BR>
Miami, Florida 33180<BR>
Attention: Bradley I. Meier</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"> Bradley I. Meier<BR>
4000 Island Blvd. #907<BR>
Aventura, FL 33160</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>5
<FILENAME>g27177exv23w1.htm
<DESCRIPTION>EX-23.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv23w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;23.1</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="g27177blackman.gif" alt="(Blackman letterhead)">
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></U>
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">We consent to the reference to our firm under the caption &#147;Experts&#148; in the Registration Statement
(Form S-8) pertaining to the Amended and Restated Universal Insurance Holdings, Inc. 2009 Omnibus
Incentive Plan, Employment Agreement with Bradley I. Meier and Nonqualified Stock Option Agreement
with Bradley I. Meier and to the incorporation by reference therein of our reports dated March&nbsp;31,
2011, with respect to the consolidated financial statements and financial statement schedule of
Universal Insurance Holdings, Inc. and the effectiveness of internal control over financial
reporting of Universal Insurance Holdings, Inc., included in its Annual Report (Form 10-K) for the
year ended December&nbsp;31, 2010, filed with the Securities and Exchange Commission.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="g27177blackmansig.gif" alt="(.s. Blackman Kallick LLP)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Chicago, IL
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">May&nbsp;11, 2011
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&nbsp;
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&nbsp;
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&nbsp;
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&nbsp;
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="g27177blackmanlh.gif" alt="(Blackman bottom letterhead)">
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>g27177blackman.gif
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
