<SEC-DOCUMENT>0001193125-14-445357.txt : 20141217
<SEC-HEADER>0001193125-14-445357.hdr.sgml : 20141217
<ACCEPTANCE-DATETIME>20141217160706
ACCESSION NUMBER:		0001193125-14-445357
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20141215
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20141217
DATE AS OF CHANGE:		20141217

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33251
		FILM NUMBER:		141292578

	BUSINESS ADDRESS:	
		STREET 1:		1110 W. COMMERCIAL BLVD.
		STREET 2:		SUITE 100
		CITY:			FORT LAUDERDALE
		STATE:			FL
		ZIP:			33309
		BUSINESS PHONE:		954-958-1200

	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>8-K
<SEQUENCE>1
<FILENAME>d839079d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>FORM 8-K</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 8-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant
to Section&nbsp;13 or 15(d) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>December&nbsp;15, 2014 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Date of report (Date of earliest event reported) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Universal
Insurance Holdings, Inc. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>001-33251</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>65-0231984</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>incorporation or organization)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>file number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>1110 W. Commercial Boulevard, Fort Lauderdale, Florida 33309 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of Principal Executive Offices) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code: (954)&nbsp;958-1200 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425). </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12). </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)). </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)). </TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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<TD WIDTH="10%" VALIGN="top" ALIGN="left">ITEM&nbsp;5.02</TD>
<TD ALIGN="left" VALIGN="top"><U>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensation Arrangements of Certain Officers</U> </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On December&nbsp;15, 2014, Universal Insurance Holdings, Inc. (&#147;Company&#148;) entered into amended employment agreements with Jon&nbsp;W.&nbsp;Springer,
Executive Vice President and Chief Operating Officer, and Stephen J. Donaghy, Chief Administrative Officer, extending their employment by one year through December&nbsp;31, 2015.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Springer&#146;s base salary will be frozen for 2015 and will remain $1,340,625.&nbsp;His annual incentive performance bonus for 2015 will be
determined by the same formula as in 2014, at 2.5% of the Company&#146;s income before taxes, and will be awarded under the Company&#146;s previously approved 2009 Omnibus Incentive Plan, as amended (&#147;Plan&#148;). Mr.&nbsp;Donaghy&#146;s base
salary will also be frozen for 2015 and will remain $804,375. His annual incentive performance bonus for 2015 will be determined by the same formula as in 2014, at 1.5% of the Company&#146;s net income, and will be awarded under the Plan.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Other than incidental technical clarifications, the amendments do not otherwise modify the terms of the existing employment agreements.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company&#146;s Compensation Committee is undertaking a coordinated and comprehensive review of the Company&#146;s executive compensation program following
the &#147;say on pay&#148; vote that passed by a narrow margin at the Company&#146;s 2014 annual meeting of shareholders. In order to provide the necessary time and resources for such a review, the Compensation Committee approved the one-year
extensions of Messrs. Springer&#146;s and Donaghy&#146;s employment agreements, which would otherwise expire on December&nbsp;31, 2014, and will coordinate their future agreements with that of Sean P. Downes, the Company&#146;s Chairman, President
and Chief Executive Officer, whose employment agreement will also expire on December&nbsp;31, 2015. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The preceding summary of the amendments does not
purport to be complete and is qualified in its entirety by reference to the full text of the amendments, which are attached hereto as Exhibits 10.1 and 10.2 and incorporated by reference. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left">ITEM&nbsp;9.01<U></U></TD>
<TD ALIGN="left" VALIGN="top"><U>Financial Statements and Exhibits </U> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d) Exhibits: </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:37.30pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Exhibit&nbsp;No.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:37.25pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Description</P></TD></TR>


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<TD VALIGN="top" NOWRAP>10.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Amendment No.&nbsp;1 to Employment Agreement, dated December&nbsp;15, 2014, between Jon W. Springer and the Company</TD></TR>
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<TD VALIGN="top" NOWRAP>10.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Amendment No.&nbsp;1 to Employment Agreement, dated December&nbsp;15, 2014, between Stephen J. Donaghy and the Company</TD></TR>
</TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SIGNATURES </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Date: December&nbsp;16, 2014</TD>
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<TD VALIGN="bottom">UNIVERSAL INSURANCE HOLDINGS, INC.</TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
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<TD VALIGN="bottom"> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Sean P. Downes</P></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
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<TD VALIGN="bottom">Sean P. Downes</TD></TR>
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<TD VALIGN="bottom">President and Chief Executive Officer</TD></TR>
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<TYPE>EX-10.1
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<DESCRIPTION>EX-10.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">EXECUTION VERSION </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AMENDMENT NO. 1
TO EMPLOYMENT AGREEMENT </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">This Amendment No.&nbsp;1 is made and entered into this 15th day of December, 2014 (the &#147;<U>Amendment
Date</U>&#148;), by Universal Insurance Holdings, Inc., a Delaware corporation (the &#147;<U>Company</U>&#148;), and Jon W. Springer (&#147;<U>Executive</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company and Executive have entered into an Employment Agreement, dated as of February&nbsp;22, 2013 (the &#147;<U>Employment
Agreement</U>&#148;); and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company and Executive desire to enter into this Amendment No.&nbsp;1 to extend the term of
Executive&#146;s employment with the Company, to make certain adjustments to Executive&#146;s compensation pending the determination of a revised compensation program for the Company&#146;s executive officers and to correct a technical error in the
Employment Agreement relating to the timing of payment of the pro rata bonus in the event of Executive&#146;s termination without Cause or for Good Reason. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Accordingly, the parties agree as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. Capitalized terms not defined herein shall have the meanings set forth in the Employment Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. Section&nbsp;2 of the Employment Agreement is amended to extend the Term to December&nbsp;31, 2015. Except as provided
herein, the Employment Agreement shall remain in full force and effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. Effective January&nbsp;1, 2015,
Section&nbsp;4.1 of the Employment Agreement is deleted in its entirety and replaced with the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.1 <U>Base
Salary</U>. Beginning January&nbsp;1, 2015, the Company will pay Executive an annual base salary of $1,340,625, payable in accordance with the Company&#146;s customary payroll practices (&#147;<U>Base Salary</U>&#148;), with no subsequent increases
during the Term unless the Compensation Committee provides otherwise subsequent to the Amendment Date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. Effective
January&nbsp;1, 2015, Section&nbsp;4.2 of the Employment Agreement is deleted in its entirety and replaced with the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.2 <U>Annual Bonus</U>. For 2015, Executive shall be entitled to receive a cash incentive award under Article X of the
Universal Insurance Holdings, Inc. 2009 Omnibus Incentive Plan, as it may be amended from time to time, in an amount equal to 2.5% of the Company&#146;s income before taxes as reported in the Company&#146;s Annual Report on Form 10-K for fiscal year
2015 (the &#147;<U>Annual Bonus</U>&#148;), which Annual Bonus shall be paid to Executive no later than March&nbsp;15, 2016. For the avoidance of doubt, if Executive has earned an Annual Bonus under this Section&nbsp;4.2, he need not be employed on
the Annual Bonus payment date to receive such Annual Bonus, provided, except as otherwise provided in the Employment Agreement, that he is employed through December&nbsp;31, 2015. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jon W. Springer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Amendment No.&nbsp;1 to Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 2 of 4 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">5. Effective January&nbsp;1, 2015, Section&nbsp;4 of the Employment Agreement is amended to add a new Section&nbsp;4.7 that reads in its
entirety: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.7 The Compensation Committee will consider an equity grant to Executive in 2015 in accordance with its regular
equity grant policy. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">6. Section&nbsp;5.3 of the Employment Agreement is deleted in its entirety and replaced with the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.3 <U>Payment Upon Termination Without Cause</U>. If during the Term the Company terminates Executive&#146;s employment
without Cause (which may be done at any time without prior notice), the Company will pay Executive (i)&nbsp;on the sixtieth (60<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>)&nbsp;day following the date of such termination of employment, in
addition to the Accrued Obligations, (1)&nbsp;a lump-sum cash payment equal to Executive&#146;s then-current Base Salary for a period of twelve (12)&nbsp;months and (2)&nbsp;a lump-sum cash payment equal to the cost of COBRA coverage for Executive
and his dependents for twelve (12)&nbsp;months, and (ii)&nbsp;no later than March&nbsp;15 of the year following the year to which the Annual Bonus relates, payment for the prorated share of Executive&#146;s Annual Bonus pursuant to Section&nbsp;4.2,
based on the Company&#146;s actual performance, for the year in which termination without Cause occurs; provided that Executive executes and delivers to the Company a valid and irrevocable release agreement in a form reasonably acceptable to the
Company by no later than forty-five (45)&nbsp;days following the date of such termination of employment without Cause. Additionally, any restricted stock award granted in accordance with Section&nbsp;4.4 prior to the date of Executive&#146;s
termination without Cause shall fully vest immediately prior to such termination without Cause; for the avoidance of doubt, Executive shall not be entitled to any award under Section&nbsp;4.4 which has not been granted prior to such termination
without Cause. The Company will have no obligation to provide the benefits set forth in this Section&nbsp;5.3 in the event that Executive breaches the provisions of Section&nbsp;7. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">7. Section&nbsp;5.4 of the Employment Agreement is deleted in its entirety and replaced with the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.4 <U>Payment Upon Termination For Good Reason</U>. If during the Term Executive terminates his employment with the Company
for Good Reason by giving notice as provided in this Section&nbsp;5.4, the Company will pay Executive (i)&nbsp;on the sixtieth (60<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>)&nbsp;day following the date of such termination of employment,
in addition to the Accrued Obligations, (1)&nbsp;a lump-sum cash payment equal to Executive&#146;s then-current Base Salary for a period of twelve (12)&nbsp;months, and (2)&nbsp;a lump-sum cash payment equal to the cost of COBRA coverage for
Executive and his dependents for twelve (12)&nbsp;months, and (ii)&nbsp;no later than March&nbsp;15 of the year following the year to which the Annual Bonus relates, payment for the prorated share of Executive&#146;s Annual Bonus pursuant to
Section&nbsp;4.2, based on the Company&#146;s actual performance, for the year in which termination for Good Reason occurs; provided that Executive executes and delivers to the Company within a valid and irrevocable release agreement in a form
reasonably acceptable to the Company by no later than forty-five (45)&nbsp;days </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Jon W. Springer </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Amendment No.&nbsp;1 to Employment Agreement </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 3 of 4 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">following the date of such
termination of employment for Good Reason. Additionally, any restricted stock award granted in accordance with Section&nbsp;4.4 prior to the date of Executive&#146;s termination for Good Reason shall fully vest immediately prior to such termination
with Good Reason; for the avoidance of doubt, Executive shall not be entitled to any award under Section&nbsp;4.4 which has not been granted prior to such termination for Good Reason. Prior to the effectiveness of termination for Good Reason, the
Company shall be given thirty (30)&nbsp;calendar days&#146; prior written notice from Executive, specifically identifying the reasons which are alleged to constitute Good Reason for termination hereunder, and an opportunity to be heard by Executive
in the event the Company disputes such allegations and to cure such allegations; <U>provided</U>, <U>however</U>, that Executive shall have no obligation to remain employed by the Company following such thirty (30)&nbsp;calendar day notice period
unless such allegations are cured to Executive&#146;s reasonable satisfaction. As used in this Section&nbsp;5.4, &#147;<U>Good Reason</U>&#148; means any of the following without Executive&#146;s prior written consent: (i)&nbsp;assignment to
Executive of duties materially inconsistent with Executive&#146;s position hereunder; (ii)&nbsp;failure to pay Executive&#146;s Base Salary in accordance with Section&nbsp;4.1 hereof; (iii)&nbsp;failure to pay Executive&#146;s Annual Bonus pursuant
to Section&nbsp;4.2; (iv)&nbsp;requiring Executive to move his situs of employment more than twenty (20)&nbsp;miles from his situs of employment prior to such move; or (v)&nbsp;the Company&#146;s material breach of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">8. Except as expressly amended herein, the terms and conditions of the Employment Agreement shall continue in full force and effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[signatures on following page] </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto, intending to be legally bound hereby, have executed this
Amendment No.&nbsp;1 as of the day and year first above mentioned. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Executive:</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
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<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Jon W. Springer</P></TD></TR>
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<TD VALIGN="bottom">Jon W. Springer</TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">UNIVERSAL INSURANCE HOLDINGS, INC.</P></TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Sean P.
Downes</P></TD></TR>
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<TD VALIGN="bottom">Sean P. Downes</TD></TR>
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<TD VALIGN="bottom">President and Chief Executive Officer</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">EXECUTION VERSION </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AMENDMENT NO. 1
TO EMPLOYMENT AGREEMENT </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">This Amendment No.&nbsp;1 is made and entered into this 15th day of December, 2014 (the &#147;<U>Amendment
Date</U>&#148;), by Universal Insurance Holdings, Inc., a Delaware corporation (the &#147;<U>Company</U>&#148;), and Stephen J. Donaghy (&#147;<U>Executive</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company and Executive have entered into an Employment Agreement, dated as of March&nbsp;21, 2013 (the &#147;<U>Employment
Agreement</U>&#148;); and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company and Executive desire to enter into this Amendment No.&nbsp;1 to extend the term of
Executive&#146;s employment with the Company and to make certain adjustments to Executive&#146;s compensation pending the determination of a revised compensation program for the Company&#146;s executive officers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Accordingly, the parties agree as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. Capitalized terms not defined herein shall have the meanings set forth in the Employment Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. Section&nbsp;2 of the Employment Agreement is amended to extend the Term to December&nbsp;31, 2015. Except as provided
herein, the Employment Agreement shall remain in full force and effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. Effective January&nbsp;1, 2015,
Section&nbsp;4.1 of the Employment Agreement is deleted in its entirety and replaced with the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.1 <U>Base
Salary</U>. Beginning January&nbsp;1, 2015, the Company will pay Executive an annual base salary of $804,375, payable in accordance with the Company&#146;s customary payroll practices (&#147;<U>Base Salary</U>&#148;), with no subsequent increases
during the Term unless the Compensation Committee provides otherwise subsequent to the Amendment Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. Effective
January&nbsp;1, 2015, Section&nbsp;4.2 of the Employment Agreement is deleted in its entirety and replaced with the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.2 <U>Annual Bonus</U>. For 2015, Executive shall be entitled to receive a cash incentive award under Article X of the
Universal Insurance Holdings, Inc. 2009 Omnibus Incentive Plan, as it may be amended from time to time, in an amount equal to 1.5% of the Company&#146;s net income as reported in the Company&#146;s Annual Report on Form 10-K for fiscal year 2015
(the &#147;<U>Annual Bonus</U>&#148;), which Annual Bonus shall be paid to Executive no later than March&nbsp;15, 2016. For the avoidance of doubt, if Executive has earned an Annual Bonus under this Section&nbsp;4.2, he need not be employed on the
Annual Bonus payment date to receive such Annual Bonus, provided that he is employed through December&nbsp;31, 2015. </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Stephen J. Donaghy </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Amendment No. 1 to Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 2 of 3 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">5. Effective January&nbsp;1, 2015, Section&nbsp;4 of the Employment Agreement is amended to add a new Section&nbsp;4.9 that reads in its
entirety: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.9 The Compensation Committee will consider an equity grant to Executive in 2015 in accordance with its regular
equity grant policy. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">6. Except as expressly amended herein, the terms and conditions of the Employment Agreement shall continue in full
force and effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[signatures on following page] </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto, intending to be legally bound hereby, have executed this
Amendment No.&nbsp;1 as of the day and year first above mentioned. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Stephen J. Donaghy</P></TD></TR>
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<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stephen J. Donaghy</TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Sean P. Downes</P></TD></TR>
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<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sean P. Downes</TD></TR>
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<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President and Chief Executive Officer</TD></TR>
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