<SEC-DOCUMENT>0001193125-16-432492.txt : 20160119
<SEC-HEADER>0001193125-16-432492.hdr.sgml : 20160118
<ACCEPTANCE-DATETIME>20160119161638
ACCESSION NUMBER:		0001193125-16-432492
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20160112
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:		20160119
DATE AS OF CHANGE:		20160119

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:		161348503

	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>d39369d8k.htm
<DESCRIPTION>FORM 8-K
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<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="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:14pt; 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:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;13 or 15(d) of the </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>January&nbsp;12, 2016 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; 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>
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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>001-33251</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>65-0231984</B></TD></TR>
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<TD VALIGN="top" ROWSPAN="2" 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</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation or organization)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ROWSPAN="2" ALIGN="center"><B>(Commission file number)</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ROWSPAN="2" 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>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</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:12pt;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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<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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<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:12pt;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"><B>ITEM&nbsp;5.02</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensation Arrangements of Certain Officers</U> </B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On January&nbsp;12, 2016, Universal Insurance Holdings, Inc. (&#147;Company&#148;) entered into a three-year employment agreement with Sean P. Downes, the
Company&#146;s President and Chief Executive Officer; a two-year employment agreement with Jon W. Springer, the Company&#146;s Executive Vice President and Chief Operating Officer; a two-year employment agreement with Stephen J. Donaghy, the
Company&#146;s Chief Marketing Officer; and a two-year employment agreement with Frank C. Wilcox, the Company&#146;s Chief Financial Officer.&nbsp;The agreements were approved by the Board of Directors (Messrs. Downes and Springer abstaining) upon
the recommendation of its Compensation Committee (&#147;Compensation Committee&#148;) following consultation with the Compensation Committee&#146;s independent compensation consultant and outside legal counsel. The Compensation Committee considered
a range of factors in developing the employment agreements, including but not limited to the feedback the Company solicited from its institutional investors regarding the prior employment agreements between the Company and the executives, the
Company&#146;s financial performance, total shareholder return, and operational and organizational accomplishments since this executive team assumed leadership in February 2013, their retention, their commitment to the Company&#146;s strategic
initiatives, and anticipated further successes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With respect to Messrs. Downes and Springer in particular, the Compensation Committee believes that their
new employment agreements tie their compensation more closely to achieving high performance goals than under previous agreements. Moreover, at the 2016 annual shareholder meeting, shareholders must approve an amendment of the Company&#146;s 2009
Omnibus Incentive Plan, as such may be amended from time to time (&#147;Omnibus Plan&#148;), in order for the Compensation Committee to award them the maximum annual incentive bonus and to grant performance stock units and stock options in excess of
existing share reserves under the Omnibus Plan. The new employment agreements reflect the Compensation Committee&#146;s and independent directors&#146; continued confidence in the Company&#146;s management and business strategies, which are focused
on rate adequate organic growth, a vertically integrated platform, internalized operations, enhanced reinsurance programs and geographic expansion.</P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Employment Agreement with Sean P. Downes </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Term
</I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Downes&#146; new employment agreement (&#147;Downes Agreement&#148;) provides that he will serve as President and Chief Executive Officer of
the Company for a three-year term beginning on January&nbsp;1, 2016 and ending on December&nbsp;31, 2018, unless earlier terminated in accordance with its terms. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Base Salary </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Downes will receive a base salary
of $2,217,500 for each contract year. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Annual Bonus </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Downes will receive an annual bonus for each contract year calculated as a certain percentage of the Company&#146;s pre-tax income (&#147;PTI&#148;),
subject in all events to the requirement that the Company has achieved a certain threshold amount of PTI (&#147;Floor&#148;) for that year. For 2016, the Floor is $79 million, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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and in subsequent years, the Floor will be equal to 85% of the trailing five-year average of the Company&#146;s PTI calculated for that year. Provided that the Floor has been met,
Mr.&nbsp;Downes&#146; annual bonus for each year will be equal to: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">3% of PTI for such year, if PTI is less than or equal to $125 million; or </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">4% of PTI for such year, if PTI is greater than $125 million. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The annual bonus is payable under and subject
to Omnibus Plan and cannot exceed the maximum shareholder-approved amount for an annual incentive award under the Omnibus Plan. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Performance Share
Units </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Downes will receive performance share units (&#147;PSUs&#148;) with a grant date fair value of $3 million on January&nbsp;1 of each
contract year. The number of PSUs actually earned will be subject to achievement of a formulaic performance goal or goals established by the Compensation Committee at the time of grant and applicable to the year of the grant. The number of PSUs
earned based on actual levels of performance achievement is as follows: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">0% for performance below target; and </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">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">100% for performance at or above target. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Downes Agreement contemplates that performance goals at the
target level will be challenging but attainable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The number of PSUs earned based on performance will vest over three years, with two-thirds of the earned
amount vesting on the first anniversary of the grant date and one-sixth of the earned amount vesting on each of the second and third anniversaries of the grant date, subject to Mr.&nbsp;Downes&#146; continued employment through each vesting date.
Upon vesting, payment will be made through delivery of shares of the Company&#146;s common stock. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Options </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Downes will receive stock options with a $4.4 million grant date fair value on January&nbsp;15 of each contract year. The stock options will vest in
three equal installments on the first, second and third anniversaries of the grant date, subject to Mr.&nbsp;Downes&#146; continued employment with the Company through the applicable vesting date. The maximum term of these stock options will be 10
years from the grant date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Should the Company&#146;s shareholders fail to approve an amended Omnibus Plan at the Company&#146;s 2016 annual meeting of
shareholders, the Company will not issue PSUs or options in excess of existing share reserves under the Omnibus Plan, and Mr.&nbsp;Downes and the Company will discuss in good faith alternative compensation arrangements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Employment Agreement with Jon W. Springer </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Term </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Springer&#146;s new employment agreement
(&#147;Springer Agreement&#148;) provides that he will serve as Executive Vice President and Chief Operating Officer of the Company for a two-year term beginning on January&nbsp;1, 2016 and ending on December&nbsp;31, 2017, unless earlier terminated
in accordance with its terms. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Base Salary </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Springer will receive a base salary of $1,340,625 for each contract year. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Annual Bonus </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Springer will receive an annual
bonus for each contract year, calculated as a certain percentage of the Company&#146;s PTI, subject in all events to the requirement that the Company has achieved the Floor for that year. For 2016, the Floor is $79 million, and in subsequent years,
the Floor will be equal to 85% of the trailing five-year average of the Company&#146;s PTI calculated for that year. Provided that the Floor has been met, Mr.&nbsp;Springer&#146;s annual bonus for each year will be equal to: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">1.875% of PTI for such year, if PTI is less than or equal to $125 million; or </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">2.5% of PTI for such year, if PTI is greater than $125. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The annual bonus is payable under and subject to the
Omnibus Plan and cannot exceed the maximum shareholder-approved amount for an annual incentive award under the Omnibus Plan. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Performance Share Units
</I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Springer will receive PSUs, payable under and subject to the Omnibus Plan, with a grant date fair value of $1 million on January&nbsp;1 of
each contract year. As in the case of the Downes Agreement, the number of PSUs actually earned will be subject to achievement of a formulaic performance goal or goals established by Compensation Committee at the time of grant and applicable to the
year of the grant. The number of PSUs earned based on actual levels of performance achievement is as follows: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">0% for performance below target; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">100% for performance at or above target. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Springer Agreement contemplates that performance goals at the
target level will be challenging but attainable. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The number of PSUs earned based on performance will vest over two years, with two-thirds of the earned
amount vesting on the first anniversary of the grant date and one-sixth of the earned amount vesting on each of the second and third anniversaries of the grant date, subject to Mr.&nbsp;Springer&#146;s continued employment through each vesting date.
Upon vesting, payment will be made through delivery of shares of the Company&#146;s common stock. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Options </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the Springer Agreement, Mr.&nbsp;Springer will receive stock options with a $1.5 million grant date fair value on January&nbsp;15 of each contract
year. These stock options will vest in three equal installments on the first, second and third anniversaries of the grant date, subject to Mr.&nbsp;Springer&#146;s continued employment with the Company through the applicable vesting date. The
maximum term of these stock options will be 10 years from the grant date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Should the Company&#146;s shareholders fail to approve an amended Omnibus Plan
at the Company&#146;s 2016 annual meeting of shareholders, the Company will not issue PSUs or options in excess of existing share reserves under the Omnibus Plan. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Employment Agreement with Stephen J. Donaghy </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Term
</I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Donaghy&#146;s new employment agreement (&#147;Donaghy Agreement&#148;) provides that Mr.&nbsp;Donaghy will serve as Chief Marketing Officer
of the Company for a two-year term beginning on January&nbsp;1, 2016 and ending on December&nbsp;31, 2017, unless earlier terminated in accordance with its terms. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Base Salary </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Donaghy will receive a base salary
of $804,375 for each contract year. His base salary will not be increased unless approved by the Compensation Committee. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Annual Bonus </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Donaghy will receive an annual bonus for each contract year 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 such year. The annual bonus is payable under and subject to the Omnibus Plan and cannot exceed the maximum shareholder-approved amount for an annual incentive award under the Omnibus Plan. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Employment Agreement with Frank C. Wilcox </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Term
</I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Wilcox&#146;s new employment agreement (&#147;Wilcox Agreement&#148;) provides that Mr.&nbsp;Wilcox will serve as Chief Financial Officer of
the Company for a two-year term beginning on October&nbsp;1, 2015 and ending on October&nbsp;1, 2017, unless earlier terminated in accordance with its terms. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Base Salary </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Wilcox will receive a base salary
of $375,000 for each contract year. The base salary is subject to adjustment by the Compensation Committee based on the recommendation of the Company&#146;s Chief Executive Officer. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Annual Bonus </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Wilcox is eligible to receive an
annual bonus as determined by the Company in its sole discretion, subject to Mr.&nbsp;Wilcox&#146;s continued employment through the payment date of the bonus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*** </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The preceding summaries of the employment and compensation arrangements with Messrs. Downes, Springer, Donaghy
and Wilcox do not purport to be complete and are qualified in their entirety by reference to the full text of the respective employment agreements with the Company, which are attached hereto as Exhibits 10.1, 10.2, 10.3 and 10.4 and incorporated
herein by reference thereto. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>ITEM&nbsp;9.01<U></U></B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Financial Statements and Exhibits </U> </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">(d)</TD>
<TD ALIGN="left" VALIGN="top">Exhibits: </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="90%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:39.10pt; font-size:8pt; font-family:Times New Roman"><B>Exhibit&nbsp;No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Description</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">10.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Employment Agreement, dated January 12, 2016, between Sean P. Downes and the Company</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">10.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Employment Agreement, dated January 12, 2016, between Jon W. Springer and the Company</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">10.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Employment Agreement, dated January 12, 2016, between Stephen J. Donaghy and the Company</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">10.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Employment Agreement, dated January 12, 2016, between Frank C. Wilcox and the Company</TD></TR>
</TABLE> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


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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; 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:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3">Date: January&nbsp;14, 2016</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">UNIVERSAL INSURANCE HOLDINGS, INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
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<TD HEIGHT="16" COLSPAN="2"></TD>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Sean P. Downes</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sean P. Downes</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">President and Chief
Executive Officer</P></TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>d39369dex101.htm
<DESCRIPTION>EX-10.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-10.1</TITLE>
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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"><B>EMPLOYMENT
AGREEMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Employment Agreement (the &#147;<U>Agreement</U>&#148;), dated as of January 12, 2016, is between Universal Insurance
Holdings, Inc., a Delaware corporation (the &#147;<U>Company</U>&#148;), and Sean P. Downes (the &#147;<U>Executive</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS,
the Company and Executive are parties to an Amended and Restated Employment Agreement, dated as of February&nbsp;22, 2013 (the &#147;<U>Prior Agreement</U>&#148;), pursuant to which Executive was employed as President and Chief Executive Officer of
the Company; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Prior Agreement expired on December&nbsp;31, 2015; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Executive and the Company now desire to enter into this Agreement in connection with Executive&#146;s continuing employment for the
Term (as defined below) as the President and Chief Executive Officer of the Company; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the covenants
and promises contained herein and for other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <U>Employment and Acceptance</U>. During the Term, the Company agrees to employ Executive, and Executive agrees to continue his employment
with the Company, subject to the provisions of this Agreement. As of the Effective Date (as defined below), this Agreement supersedes and replaces in all respects the Prior Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U>Term</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)
<U>Duration</U>. The period of Executive&#146;s employment with the Company under this Agreement commenced on January&nbsp;1, 2016 (the &#147;<U>Effective Date</U>&#148;) and will continue until the earlier of: (i)&nbsp;December&nbsp;31, 2018 and
(ii)&nbsp;the termination of such employment in accordance with Section&nbsp;5 ( the &#147;<U>Term</U>&#148;). Except as provided in Section&nbsp;6(a), the Term will not be subject to any automatic renewal or extension unless this Agreement is
amended by the parties after the Effective Date to so provide. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Expiration of Employment Term</U>. If Executive&#146;s employment
with the Company continues following the expiration of the Term, Executive shall be an employee-at-will whose employment may be terminated by the Company for any reason or for no stated reason at any time, subject only to the severance protections
contemplated by Section&nbsp;5 for the one-year period following the expiration of the Term. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. <U>Duties and Title</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Title and Reporting</U>. During the Term, the Company will employ Executive as the President and Chief Executive Officer of the
Company, reporting directly and exclusively to the Board of Directors of the Company (the &#147;<U>Board</U>&#148;) or one or more committees of the Board. Executive shall, at all times during the Term, be the senior-most executive officer of the
</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sean P. Downes </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 of 21 </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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Company. During the Term, Executive shall, subject to his election by the Company&#146;s stockholders, serve for no additional consideration as a member of the Board. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Duties</U>. Executive shall render on a full-time basis all of his business time and attention to business of the Company and its
subsidiaries (collectively, the &#147;<U>Company Group</U>&#148;). Executive will have such authority and responsibilities and will perform such duties assigned to the President and Chief Executive Officer by the by-laws of the Company and as may be
assigned to him from time to time by the Board, commensurate with his position as the senior-most executive officer of the Company. If requested by the Board, Executive will also serve as an officer or director of another member of the Company Group
for no additional consideration. During the Term, Executive&#146;s principal place of employment will be the Company&#146;s headquarters in Florida, except that Executive acknowledges and agrees that he will be required to travel for business
purposes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Other Business and Other Activities</U>. Executive may not engage in any activity that conflicts with the interests of
any member of the Company Group or that would interfere with the performance of Executive&#146;s duties to any member of the Company Group, as determined by the Board. During the Term, Executive may not hold, directly or indirectly, an ownership
interest of more than 2% in any entity other than the Company. During the Term, with the prior written consent of the Board (which consent will not be unreasonably withheld), Executive may serve on the board of directors of one other public company.
Nothing in this agreement shall preclude Executive from dedicating reasonable amounts of time during the Term to charitable or civic activities or from managing his personal finances, as long as such activities do not interfere in any material way
with his duties and responsibilities to any member of the Company Group. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. <U>Compensation and Benefits by the Company</U>. As
compensation for all services rendered pursuant to this Agreement, the Company will provide Executive with the following pay and benefits during the Term: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Base Salary</U>. The Company will pay Executive an annual base salary of $2,217,500, payable in accordance with the Company&#146;s
customary payroll practices (&#147;<U>Base Salary</U>&#148;). The annual rate of Executive&#146;s Base Salary shall not be increased or decreased during the Term. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Annual Bonus</U>. For each calendar year ending during the Term, Executive shall be eligible to earn a cash incentive award (the
&#147;<U>Annual Bonus</U>&#148;) under Article X of the Universal Insurance Holdings, Inc. 2009 Omnibus Incentive Plan, as it may be amended from time to time, and any successor plan thereto (the &#147;<U>Omnibus Plan</U>&#148;), which shall be
calculated based on the amount of pre-tax income (i.e., income before income taxes) set forth in the Company&#146;s audited financial statements for such calendar year (&#147;<U>PTI</U>&#148;) as follows: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">No Annual Bonus shall be payable if PTI for the year is less than the Floor (as defined below) for that year. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sean P. Downes </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The Annual Bonus shall equal 3% of PTI, if the Company&#146;s PTI for such year is greater than the Floor for the year but less than or equal to $125 million. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The Annual Bonus shall equal 4% of the Company&#146;s PTI, if the Company&#146;s PTI for such year is greater than $125 million. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Only one category above shall apply to a calendar year. The calculation of the Annual Bonus shall be made promptly after December&nbsp;31<SUP
STYLE="font-size:85%; vertical-align:top">st</SUP> of each calendar year during the Term, subject to certification by the Compensation Committee (the &#147;<U>Committee</U>&#148;) of the Board in a manner that allows the Annual Bonus to qualify as
&#147;performance-based compensation&#148; under Section&nbsp;162(m) of the Internal Revenue Code of 1986, as amended (and the applicable regulations thereunder) (the &#147;<U>Code</U>&#148;); <U>provided</U>, <U>however</U>, that in no event shall
any Annual Bonus be paid to Executive later than March&nbsp;15<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> of the calendar year following the calendar year for which the Annual Bonus was earned. Except as provided in Section&nbsp;5,
Executive shall not be eligible to earn or receive an Annual Bonus for a calendar year ending during the Term unless he is employed by the Company on December&nbsp;31<SUP STYLE="font-size:85%; vertical-align:top">st</SUP> of the calendar year to
which such Annual Bonus relates. For purposes of eligibility for the Annual Bonus, &#147;<U>Floor</U>&#148; shall mean the following: (i)&nbsp;for the first calendar year during the Term, PTI of $79 million; and (ii)&nbsp;for each subsequent year
during the Term, 85% of the average of the Company&#146;s PTI for the five calendar years immediately prior to the year for which the Annual Bonus is earned. Notwithstanding anything herein to the contrary, in no event shall the Annual Bonus payable
hereunder exceed the maximum annual amount payable for an award under the Omnibus Plan (it being understood that an amended and restated Omnibus Plan will be submitted by the Company to stockholders for approval at the 2016 Annual Meeting (or later)
and that such amended and restated Omnibus Plan may include a limit that is greater than the annual limit on awards in the current Plan). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Participation in Executive Benefit Plans; Private Office and Secretary</U>. Executive is entitled, if and to the extent eligible, to
participate in the Company&#146;s benefit plans generally available to Company employees in similar positions. For each full month during the Term, the Company shall provide Executive with a car allowance in the amount of $625 per month. Executive
shall be given a private office with secretarial help at Executive&#146;s principal place of employment as specified in Section&nbsp;3(b) above and any and all reasonable facilities and services so as to be suitable with his position as President
and Chief Executive Officer, and so as to assist in the performance of his duties and activities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>PSU Grants and Vesting</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <U>Annual Grants of PSUs</U>. Subject to Executive&#146;s continued employment through the applicable grant date,
Executive shall be eligible to receive on January&nbsp;1<SUP STYLE="font-size:85%; vertical-align:top">st</SUP> of each calendar year during the Term an annual grant of performance share units (&#147;<U>PSUs</U>&#148;) with a target value of $3
million on the grant date. For each such grant, the number of </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sean P. Downes </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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PSUs to be granted to Executive on the applicable grant date (the &#147;<U>Target Number</U>&#148;) shall be determined by dividing the annual grant target value (<I>i.e.</I>, $3 million) by the
closing sales price of the common stock of the Company, par value $0.01 per share, 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 of the Company occurred on that
date, on the next preceding date on which there was a reported sale (the &#147;<U>Fair Market Value</U>&#148;). Each grant shall be made pursuant to the Omnibus Plan, shall be subject to the terms and conditions of the applicable equity award
agreement that evidences such award under the Omnibus Plan, and shall be governed by the Omnibus Plan, the applicable equity award agreement, and any other applicable award documentation, except that, in the event of any inconsistency between the
terms of the award documentation and this Agreement, the provisions of this Agreement shall control. Each grant of PSUs will be subject to a three-year award cycle commencing on the date of grant (the &#147;<U>Award Cycle</U>&#148;) and shall be
subject to the performance-vesting and time-vesting requirements described in this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) <U>Performance-Vesting
Requirements</U>. The earn out with respect to the PSUs will be determined by reference to the attainment of one or more pre-established performance objectives (as determined prior to the date of grant by the Committee after consultation with
Executive) measured over the first year of the Award Cycle applicable to the grant of PSUs (the &#147;<U>Performance Year</U>&#148;). Depending upon the level of attainment of the relevant performance objective or objectives, Executive shall be
eligible to earn 100% of the Target Number for &#147;target-level&#148; performance. No portion of a PSU award shall be earned (and the entire award will be forfeited) if performance is less than target performance. It is intended by the parties
that no minimum earn out is guaranteed with respect to each PSU award and that payout at target level will be challenging but attainable. The agreed upon performance objective and required levels of achievement for target payout for the 2016
Performance Year are set forth in attached Schedule A. The performance metrics applicable to the 2017 and 2018 Performance Years shall be consistent with the Company&#146;s Business Plan for such years and any other business objectives approved by
the Committee after consultation with Executive for each such year and may be different from the objectives set forth in Schedule A. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) <U>Time-Vesting Requirements and Payment</U>. For purposes of each PSU award, &#147;<U>Earn Out Number</U>&#148; means
the number of PSUs earned for the Performance Year based upon achievement of the applicable performance objective or objectives, as certified by the Committee. For each annual grant of PSUs and subject to Executive&#146;s continuous employment with
the Company through the applicable vesting date, Executive shall be fully vested in two-thirds of the Earn Out Number on the first anniversary of the date of grant (the &#147;<U>First Tranche</U>&#148;); in one-sixth of the Earn Out
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sean P. Downes </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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Number on the second anniversary of the date of grant (the &#147;<U>Second Tranche</U>&#148;); and in one-sixth of the Earn Out Number on the third anniversary of the date of grant (the
&#147;<U>Third Tranche</U>&#148;). Payment with respect to the vested portion of the Earn Out Number shall be made only through delivery and settlement of the appropriate number of shares of the Company&#146;s common stock within 60 days following
the applicable date of vesting; <U>provided</U>, <U>however</U>, that payment with respect to the First Tranche shall not be made until the Committee has certified attainment of the applicable performance objectives for the Performance Year. Except
as otherwise provided in Section&nbsp;5 or 6, Executive shall forfeit, and have no rights with respect to, any portion of the Earn Out Number that has not vested prior to the date Executive&#146;s employment with the Company ends. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) <U>Dividend Equivalents</U>. With respect to the Second and Third Tranches (but not the First Tranche) of the Earn Out
Number, Executive shall be credited with a cash amount equal to the cash dividends paid on the corresponding number of shares of Company&#146;s common stock during the period beginning after the Performance Year and ending on the vesting date of the
applicable Tranche. Such cash amount shall be subject to the same time-vesting conditions as the related PSUs and shall be paid to Executive in cash at the time that the shares of the Company&#146;s common stock are delivered to Executive in
settlement of such Tranche. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>Stock Option Grants and Vesting</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <U>Annual Grants of Options</U>. Subject to Executive&#146;s continued employment through the applicable grant date,
Executive shall be entitled to receive an annual grant of options to purchase shares of the Company&#146;s common stock (the &#147;<U>Options</U>&#148;) on the first business day on or following January&nbsp;15<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> of each year of the Term (or, in the case of the grant of Options to be made in 2016, on the later to occur of: (i) January 15, 2016; and (ii) the second business day following the end of the
&#147;blackout period&#148; in effect at the time of execution of this Agreement), which annual grant of Options shall have a grant date value of $4.4&nbsp;million using the Black-Scholes pricing or other model used by the Company for financial
accounting and proxy disclosure purposes. Each Option shall be a &#147;nonqualified stock option&#148; as such term is defined for purposes of Section&nbsp;83 of the Code. The exercise price of the Options will be the Fair Market Value of the common
stock of the Company at the time of grant. Each grant shall be made pursuant to the Omnibus Plan, shall be subject to the terms and conditions of the applicable equity award agreement that evidences such award under the Omnibus Plan, and shall be
governed by the Omnibus Plan, the applicable equity award agreement, and any other applicable award documentation, except that, in the event of any inconsistency between the terms of the award documentation and this Agreement, the provisions of this
Agreement shall control. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) <U>Time-Vesting Requirements</U>. For each annual grant of Options made hereunder, and
subject to Executive&#146;s continued employment through the applicable vesting date (except as otherwise provided in Section&nbsp;5 or 6), one-third of the annual grant of Options shall vest and become fully exercisable on the first anniversary of
the date of grant; one-third of the annual grant of Options shall vest and become fully exercisable on the second anniversary of the date of grant; and one-third of the annual grant of Options shall vest and become fully exercisable on the third
anniversary of the date of grant; provided, however, that with respect to the grant of Options to be made in 2016, one-third of such grant of Options shall vest and become fully exercisable on January 15, 2017; one-third of such grant of Options
shall vest and become fully exercisable on January 15 2018; and one-third of such grant of Options shall vest and become fully exercisable on January 15, 2019. Except as otherwise provided in Section&nbsp;5 or 6, Executive shall forfeit, and have no
rights with respect to, any Options that have not vested prior to the date his employment with the Company ends. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sean P. Downes </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <U>Condition to Grants of PSUs and Options; Effect of Change in Control</U>. Anything in
this Agreement to the contrary notwithstanding: (i)&nbsp;the Company shall have no obligation to grant PSUs or Options to Executive if Executive&#146;s employment with the Company ends for any reason prior to the applicable grant date contemplated
by Section&nbsp;4(d) or 4(e); and (ii)&nbsp;the Company shall have no obligation to grant PSUs or Options to Executive or to deliver any shares of the Company&#146;s common stock to Executive in settlement of any previously granted PSUs or Options
if the stockholders of the Company have not previously approved in accordance with applicable law an equity incentive plan of the Company with sufficient share reserves to permit such grants and settlements. It shall not be a breach of this
Agreement if the Company does not grant the PSUs or Options described in Section&nbsp;4(d) or 4(e) or fails to settle previously granted PSUs or Options through the delivery of shares of Common Stock, in each case, because the Company&#146;s
stockholders have not approved an equity incentive plan with sufficient share reserves to permit the grant and settlement of PSUs or Options described above. The Company shall have no obligation to make any substitute cash or replacement grants or
awards of any type to Executive if the stockholders of the Company fail to approve an equity incentive plan with sufficient share reserves to permit or settle the grants contemplated by this Agreement. Moreover, nothing in this Agreement shall
preclude the Committee from making grants of equity awards during the Term or thereafter to other officers, employees or consultants of any member of the Company Group. In addition, nothing in this Agreement shall preclude the Committee from
granting additional awards to Executive in recognition of exceptional performance. The Company and Executive will use reasonable efforts to seek approval from stockholders of an equity incentive plan with share reserves sufficient to permit the
grant of PSUs and Options contemplated by this Agreement, and the Company and Executive further agree to discuss in good faith possible alternative compensation arrangements if such shareholder approval is not obtained. The Company will use
reasonable efforts to maintain a registration statement in effect on Form S-8 covering the grants and awards pursuant to this Agreement. Subject to Section&nbsp;6, (i)&nbsp;any substitute, amended or replacement awards granted to Executive in
connection with a Change in Control (as defined below) shall contain vesting, payment-timing and exercisability terms that are no less favorable to Executive than the comparable terms in the PSUs and Options to which they relate and (ii)&nbsp;the
exercise price of any substitute options granted to replace outstanding Options shall be determined in a manner that complies with Treas. Reg. Section&nbsp;1.409A-1(b)(5)(v)(D) and that preserves the aggregate intrinsic value in the Option
immediately prior to the CIC Date (as defined below). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) <U>Vacation</U>. Executive will be entitled to 40 days (8 weeks) of paid
vacation per calendar year (earned <I>pro rata</I> over the course of the year), subject to the Company&#146;s standard vacation policies. Beginning with 2016, any unused vacation for a given calendar year shall accrue, and the aggregate value of
any unused accrued vacation shall be paid to Executive upon the termination of Executive&#146;s employment with the Company, <U>provided</U> that Executive has submitted a report to the Committee within 30 days following the end of each calendar
year reporting on the number of accrued and unused vacation days for such year and the total number of accrued but unused vacation days for all prior years commencing after 2016. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sean P. Downes </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) <U>Expense Reimbursement</U>. The Company will pay or reimburse Executive for all
appropriate business expenses Executive incurs in connection with Executive&#146;s duties under this Agreement, in accordance with the Company&#146;s policies as in effect from time to time, subject to the timely submission by Executive of written
documentation of such expenses in accordance with the applicable policies of the Company. The Company will pay or reimburse Executive for the reasonable attorney&#146;s fees and expenses incurred by him in connection with the negotiation and
documentation of this Agreement and any related agreements in an amount not to exceed $75,000. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. <U>Termination of Employment</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Notice</U>. Subject to the provisions of this Section&nbsp;5, the Company may terminate Executive&#146;s employment, and Executive may
resign his employment, for any reason or for no stated reason, at any time during the Term. The Company shall give Executive 90 days&#146; prior written notice of its intention to terminate his employment other than for Cause, and Executive shall
give the Company 90 days&#146; prior written notice of his intention to resign for any reason. Any such notice shall specify the applicable termination or resignation date. In the event of a termination or resignation notice, the Company will have
the right to restrict Executive&#146;s access to its premises, clients and employees during the notice period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Accrued
Obligations</U>. If Executive&#146;s employment ends for any reason, Executive (or in the event of his death, Executive&#146;s estate) will receive, within 30 days following the Termination Date (as defined below), a lump sum cash payment equal to:
(i)&nbsp;his accrued but unpaid Base Salary through the Termination Date and any earned but unpaid Annual Bonus for any year prior to the year in which the Termination Date occurs, and any undelivered shares of Company common stock in respect of a
tranche of PSUs for which the vesting and payment date has occurred on or prior to the Termination Date, (ii)&nbsp;any employee benefits Executive may be entitled to pursuant to the Company&#146;s employee benefit plans through the Termination Date,
(iii)&nbsp;any accrued and unused vacation as set forth in Section&nbsp;4(g) above through the Termination Date, and (iv)&nbsp;any expenses reimbursable under Section&nbsp;4(h) incurred but not yet reimbursed to Executive through the Termination
Date (collectively, the &#147;<U>Accrued Obligations</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Termination with Cause; Resignation without Good Reason</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <U>In General; Payments</U>. The Company has the right at any time to terminate Executive&#146;s employment with the
Company for Cause (as defined below) and, subject to Section&nbsp;5(a) above, Executive has the right to resign without Good Reason (as defined below). If the Company terminates Executive for an event of Cause described in clause&nbsp;(B), (C), or
(D)&nbsp;of Section&nbsp;5(c)(ii), the Company shall provide Executive 30 days prior to the date on which it intends to terminate Executive&#146;s employment for Cause with a written notice from the Company identifying the reasons that are alleged
to constitute Cause and shall afford Executive a reasonable opportunity to meet once with the Board within the 30-day notice period to discuss and present evidence relevant to the Board&#146;s conclusions. If the Company terminates Executive&#146;s
employment for an event of Cause not described in the previous sentence, such termination shall be effective immediately upon the Company&#146;s written notice to Executive. If the Company terminates Executive&#146;s
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sean P. Downes </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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employment for Cause or Executive resigns without Good Reason, the Company&#146;s obligation to Executive shall be limited solely to the Accrued Obligations. If Executive&#146;s employment is
terminated for Cause, (i)&nbsp;no Annual Bonus shall be payable for the calendar year in which such termination occurs, (ii)&nbsp;any then outstanding unvested PSUs shall be immediately forfeited as of the Termination Date (as defined in
Section&nbsp;5(g)(i) below) and (iii)&nbsp;any vested and unvested Options shall terminate as of the Termination Date. If Executive resigns his employment without Good Reason, (i)&nbsp;no Annual Bonus shall be payable for the calendar year in which
such resignation occurs, (ii)&nbsp;any then outstanding unvested PSUs shall be immediately forfeited as of the Termination Date (as defined in Section&nbsp;5(g)(ii) below) and (iii)&nbsp;any vested and unvested Options shall terminate 90 days
following the Termination Date (or, if earlier, on the expiration date of the term of the Options). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) For purposes of
this Agreement, &#147;<U>Cause</U>&#148; means, as determined by a majority of the non-employee members of the Board and documented in a resolution of the Board approved by such majority of non-employee members of the Board, any of the following:
(A)&nbsp;Executive&#146;s abuse of alcohol or any controlled substance; (B)&nbsp;a willful act of fraud, dishonesty or breach of fiduciary duty on the part of Executive with respect to the business or affairs of the Company; (C)&nbsp;a knowing and
material failure by Executive to comply with applicable laws and regulations or professional standards relating to the business of the Company; (D)&nbsp;Executive&#146;s willful and continuing failure to perform his duties to the Company (after
notice from the Board of such failure) or any material breach by Executive of a provision of this Agreement except, in each case, where such failure or breach is caused by the illness or other similar medical incapacity (other than for a reason
described in clause (A)&nbsp;of this Section&nbsp;5(c)(ii)) of Executive or any willful act or omission by Executive that results in material harm to the Company&#146;s financial condition, business or reputation; (E)&nbsp;Executive being subject to
an inquiry or investigation by a governmental authority or self-regulatory organization such that the existence of such inquiry or investigation will, in the judgment of the Board, result in material damage to the Company&#146;s business interests,
licenses, reputation or prospects; or (F)&nbsp;Executive&#146;s conviction of, or plea of guilty or no contest to: (i)&nbsp;any felony or (ii)&nbsp;any misdemeanor involving moral turpitude. For purposes of this definition, no act or omission shall
be deemed willful unless done intentionally and without a good faith belief by Executive that such act or omission was in the best interest of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Termination without Cause; Resignation for Good Reason</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Subject to the further provisions of this Section&nbsp;5(d) and Section&nbsp;6, if during the Term or, if the Term expires
without renewal or extension and prior to a Change in Control, during the one-year period following the expiration of the Term, the Company terminates Executive&#146;s employment without Cause or the Executive resigns for Good Reason, the Company
will pay Executive on the 60<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day following the Termination Date (as defined below), in addition to the Accrued Obligations, a lump-sum cash payment equal to the following (the &#147;<U>Severance
Amount</U>&#148;): </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sean P. Downes </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">One times the amount of Executive&#146;s then-current annual rate of Base Salary (based on the rate in effect immediately prior to the Termination Date); and </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The cost of 12 months of COBRA coverage for Executive and his dependents (based on the COBRA rates in effect on the Termination Date). </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In addition, by no later than March&nbsp;15<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> of the year following the year in which the
Termination Date occurs, the Executive shall receive a <I>pro rata</I> portion of the Annual Bonus (the &#147;<U>Pro Rata Bonus</U>&#148;) for the year of termination calculated on the basis of the Company&#146;s actual performance for such year and
prorated based on the numbers of days elapsed in such year through the Termination Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) Subject to the further
provisions of this Section&nbsp;5(d) and Section&nbsp;6, in the event of Executive&#146;s termination without Cause or resignation for Good Reason, the portion of then outstanding PSUs and Options that would have vested had Executive remained
continuously employed by the Company through the end of the one-year period following the Termination Date shall fully vest immediately as of the Termination Date (the &#147;<U>Additional Equity Vesting</U>&#148;). The PSUs entitled to Additional
Equity Vesting pursuant to this Section&nbsp;5(d)(ii) shall become payable within 30 days following their originally scheduled vesting dates contemplated by Section&nbsp;3(d)(iii). The Earn Out Number for any PSUs entitled to Additional Equity
Vesting pursuant to this Section&nbsp;5(d)(ii) for which the Performance Year has not been completed shall be determined after the end of the Performance Year based on actual performance for the full Performance Year. Any then vested Options
(including Options that vested in accordance with this paragraph) held by Executive shall remain exercisable for a period of one year following the Termination Date (but not beyond the original term of the Options) (&#147;<U>Extended
Exercisability</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) The Company&#146;s obligation to pay Executive the Severance Amount and the Pro Rata
Bonus and to provide the Additional Equity Vesting and the Extended Exercisability are each expressly conditioned upon the Executive&#146;s execution and timely delivery to the Company of a valid and irrevocable release agreement in substantially
the form of attached Schedule B by no later than 45 days following the Termination Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) As used in this
Section&nbsp;5(d), &#147;<U>Good Reason</U>&#148; means any of the following acts or omissions by the Company occurring without Executive&#146;s prior written consent: (A)&nbsp;any action by the Board which results in Executive ceasing to be the
senior-most executive officer of the Company or any other material adverse change in Executive&#146;s title, duties or reporting responsibilities; (B)&nbsp;the assignment to Executive of duties materially inconsistent with Executive&#146;s position
as the senior-most executive officer of the Company; (C)&nbsp;a reduction in Executive&#146;s rate of Base Salary or Annual Bonus opportunity or the failure by the Company (other than by reason of bankruptcy, insolvency or receivership) to pay
Executive&#146;s Base Salary or any earned Annual Bonus or, subject to Section&nbsp;4(f), to make any PSU or Option grant contemplated by this </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sean P. Downes </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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Agreement; (D)&nbsp;the requirement by the Board that Executive move his principal place of employment more than 50 miles from the location of his principal place of employment on the Effective
Date; or (E)&nbsp;any material breach by the Company of this Agreement. Notwithstanding the above, an act or omission by the Company shall not constitute an event of Good Reason unless Executive gives the Company written notice within 60 days
following the date Executive first knows, or reasonably should have known, of the event constituting Good Reason of his intention to resign for Good Reason if such Good Reason event is not cured by the Company, and the Company does not cure such
event (retroactively with respect to any monetary matter) to the reasonable satisfaction of Executive within 30 days following the date the Company receives such written notice from Executive. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>Termination Due to Death or Disability</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) If, during the Term, Executive shall become unable to perform his duties as provided for herein by reason of Disability
(as defined below), then the Company may, on 30 days&#146; prior written notice to Executive, temporarily suspend his status as President and Chief Executive Officer of the Company. In the event of such suspension, Executive shall remain an employee
of the Company and receive his compensation and benefits as set forth above in Section&nbsp;4 for the lesser of: (i)&nbsp;one year from the date of such suspension or (ii)&nbsp;the date on which Executive is first eligible for long-term disability
payments under the Company&#146;s long-term disability plan then applicable to him (the &#147;<U>Suspension Period</U>&#148;). If during the Suspension Period, Executive returns to perform his duties as provided for herein, and there is no physical
or mental inability to perform such duties, then Executive shall resume his status as President and Chief Executive Officer, and the Company shall continue payment of his full compensation and benefits as set forth in Section&nbsp;4.
Executive&#146;s employment with the Company shall terminate at the end of the Suspension Period if Executive has not returned by the end of the Suspension Period to the full-time performance of his duties hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) If Executive&#146;s employment terminates because of Executive&#146;s death or Disability (as defined below), within 30
days of such termination, the Company will pay to Executive (or Executive&#146;s estate, in the case of Executive&#146;s death) the Accrued Obligations and any employee benefits to which Executive may be entitled to pursuant to the Company&#146;s
employee benefit plans through such period; <U>provided</U>, <U>however</U>, that, in the case of Executive&#146;s death, benefit payments under any employee benefit plan shall be paid to Executive&#146;s beneficiary or beneficiaries designated
pursuant to such employee benefit plans in lieu of to his estate. In addition, by no later than March&nbsp;15<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> of the year following the year in which the Termination Date (as defined in
Section&nbsp;5(g)(iv) or Section&nbsp;5(g)(v) below, as applicable) occurs, Executive (or Executive&#146;s estate in the case of Executive&#146;s death) shall also be paid a Pro Rata Bonus for the year in which the termination occurs. Solely for
purposes of this Section&nbsp;5(e), the date of Executive&#146;s termination of employment due to Disability or death shall be treated as the date of a termination without Cause under Section&nbsp;5(d) (but not Section&nbsp;6) for purposes of the
vesting, payment and exercisability of then outstanding PSUs and Options. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sean P. Downes </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 of 21 </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) &#147;<U>Disability</U>&#148; means a determination by the Board after
review of written information provided by Executive&#146;s healthcare provider that, as a result of a physical or mental injury or illness, Executive has been unable to perform the essential functions of Executive&#146;s job for a period of 90
consecutive days. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <U>Unvested Options and PSUs</U>. Anything in this Agreement to the contrary notwithstanding, any Options and PSU
awards outstanding on the Termination Date that have not vested prior to such Termination Date or that do not expressly vest or remain outstanding by operation of this Section&nbsp;5 or Section&nbsp;6 below shall be forfeited on the Termination
Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) <U>Termination Date</U>. For purposes of this Agreement, &#147;<U>Termination Date</U>&#148; shall have the following meanings:
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) in the event of Executive&#146;s termination for Cause, subject to the applicable notice provisions, the date
specified in the written notice of termination delivered to Executive by the Company in accordance with Section&nbsp;5(c); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) in the event of Executive&#146;s resignation with or without Good Reason, the 90<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> day following the date the written notice of intention to resign is received by the Company; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) in the event of Executive&#146;s termination without Cause, the
90<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day following the date the written notice of termination is received by Executive; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) in the event of Executive&#146;s termination due to death, the date of Executive&#146;s death; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) in the event of Executive&#146;s termination due to Disability, the last day of the Suspension Period, if Executive has
not returned to the full-time performance of his duties as specified in Section&nbsp;5(e) by such date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. <U>Change in Control</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Termination in Connection with a Change in Control</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) In the event of a Change in Control (as defined in Section&nbsp;6(a)(iii) below) occurring during the then existing Term,
the Term shall automatically continue until the later to occur of (A)&nbsp;December&nbsp;31, 2018 and (B)&nbsp;the second anniversary of the CIC Date (as defined below). In the event that the Company terminates Executive&#146;s employment without
Cause or Executive resigns his employment with the Company for Good Reason, in each case, upon or within 24 months following the date on which a Change in Control occurs (such date of occurrence, the &#147;<U>CIC Date</U>&#148;), then: (A)&nbsp;in
lieu of the Severance Amount, the Company or its successor shall pay Executive no later than the 60<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day following the Termination Date a cash lump sum amount equal to the sum of (1)&nbsp;four
times the Executive&#146;s then annual rate of Base Salary <U>plus</U> (2)&nbsp;two times the amount of the Annual Bonus paid or payable to Executive for the calendar year prior to the calendar </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sean P. Downes </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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year in which the CIC Date occurs; (B)&nbsp;all Options held by Executive shall immediately vest and become exercisable for the period of Extended Exercisability; and (C)&nbsp;all PSUs held by
Executive shall immediately vest and become payable within 30 days following their regularly scheduled vesting dates contemplated by Section&nbsp;3(d)(iii); <U>provided</U>, <U>however</U>, the Earn Out Number for any previously granted PSUs for
which the Performance Year has not been completed shall be based on the annualized performance for the Performance Year (based on actual performance through the Termination Date), adjusted in an equitable manner determined by the Committee to take
into account the Change in Control; and <U>further provided</U> that in no event shall the Earn Out Number as determined hereunder exceed that which would be payable in connection with target performance. Notwithstanding anything herein to the
contrary, Executive&#146;s entitlements under clauses (A), (B)&nbsp;and (C)&nbsp;of this Section&nbsp;6(a)(i) are each expressly conditioned upon the timely satisfaction of the release delivery requirements of Section&nbsp;5(d)(iii). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) Notwithstanding Section&nbsp;6(a)(i) above, in the event of a consolidation or merger of the Company described in clause
(A)(I) of the definition of Change in Control in Section&nbsp;6(a)(iii) in which the consideration received by the stockholders of the Company in the Change in Control consists exclusively of cash, securities not listed for trading on a national
securities exchange or automated quotation system, or a combination of cash and such unlisted securities, then the following shall apply: (A)&nbsp;all then outstanding Options shall immediately vest in full upon the CIC Date and the Company or its
successor shall cause Executive to receive in cancellation of such Options a lump sum cash payment equal to the product of the number of shares of common stock underlying such Options multiplied by the fair market value of the consideration per
share paid to the Company&#146;s stockholders in the merger or consolidation less the aggregate exercise price of such Options; and (B)&nbsp;all outstanding PSUs shall vest in full immediately prior to the CIC Date and shall be settled through the
delivery of shares of the Company&#146;s common stock to Executive. For purposes of the previous sentence, the Earn Out Number for any previously granted PSUs for which the Performance Year has not been completed on the CIC Date shall be based on
target performance. Notwithstanding anything herein to the contrary, no acceleration of the settlement or delivery of any PSUs pursuant to this Section&nbsp;6(a)(ii)(B) shall occur unless the Change in Control constitutes a &#147;change in
ownership,&#148; &#147;change in effective control&#148; or &#147;change in the ownership of a substantial portion of the assets&#148; of the Company, as such terms are described in Treas. Reg. Section&nbsp;1.409A-3(i)(5). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) For purposes of this Agreement, and notwithstanding any contrary definition in the Omnibus Plan as to the treatment of
the PSUs under this Agreement, a &#147;<U>Change in Control</U>&#148; shall be deemed to have occurred if: (A)&nbsp;there shall be consummated (I)&nbsp;any consolidation or merger in which the Company is not the continuing or surviving corporation
or pursuant to which shares of the Company&#146;s common stock would be converted into cash, securities or other property, other than a consolidation or a merger having the same proportionate ownership of common stock of
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sean P. Downes </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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the surviving corporation immediately after the consolidation or merger or (II) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions other than in
the ordinary course of business of the Company) of all, or substantially all, of the assets of the Company to any corporation, person or other entity which is not a direct or indirect wholly-owned subsidiary of the Company, (B)&nbsp;any person,
group, corporation or other entity (collectively, &#147;<U>Persons</U>&#148;) shall acquire beneficial ownership (as determined pursuant to Section&nbsp;13(d) of the Securities Exchange Act of 1934, as amended, and rules and regulations promulgated
hereunder) of more than 50% of the Company&#146;s outstanding common stock or voting securities or (C)&nbsp;individuals who, as of the Effective Date, constitute the Board (the &#147;<U>Incumbent Board</U>&#148;) cease for any reason to constitute
at least a majority of the Board; <U>provided</U>, <U>however</U>, that any individual becoming a director subsequent to the Effective Date whose election, or nomination for election by the Company&#146;s stockholders, was approved by a vote of at
least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs
as a result of either an actual or threatened election contest or other actual or threatened solicitation of proxies or consents by or on behalf of a person other than the Board. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) For purposes of this Agreement, the &#147;<U>CIC Date</U>&#148; shall mean: (A)&nbsp;with respect to a transaction
contemplated under clause (A)(I) of Section&nbsp;6(a)(iii), the closing date of such consolidation or merger; (B)&nbsp;with respect to a transaction contemplated under clause A(II) of Section&nbsp;6(a)(iii), the date on which such sale, lease,
exchange or other transfer is completed (which shall be the completion date of the final transaction if a series of transactions is contemplated); (C)&nbsp;with respect to an acquisition contemplated under clause (B)&nbsp;of Section&nbsp;6(a)(iii),
the date of the closing of the tender offer or other acquisition pursuant to which the requisite beneficial ownership percentage is acquired by such Person or Persons; and (D)&nbsp;with respect to a change in Board composition contemplated under
clause (C)&nbsp;of Section&nbsp;6(a)(iii), the date of appointment of the director or group of directors that would cause the Incumbent Board to cease to constitute a majority for purposes of such clause (C). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Limitation on Change in Control Payments</U>. Notwithstanding anything in this Agreement to the contrary, in the event that it is
determined by an independent accounting firm chosen by mutual agreement of the parties (the &#147;<U>Accounting Firm</U>&#148;) that any economic benefit, payment or distribution by the Company to or for the benefit of Executive, whether paid,
payable, distributed or distributable pursuant to the terms of this Agreement or otherwise (a &#147;<U>Payment</U>&#148;), would be subject to the excise tax imposed by Section&nbsp;4999 of the Code (such excise tax referred to in this Agreement as
the &#147;<U>Excise Tax</U>&#148;), then the value of any such Payments payable under this Agreement (the &#147;<U>Agreement Payments</U>&#148;) which constitute &#147;parachute payments&#148; under Section&nbsp;280G(b)(2) of the Code, as determined
by the Accounting Firm, will be reduced so that the present value of all Payments (calculated in accordance with Section&nbsp;280G of the Code and the regulations thereunder), in the aggregate, is equal to 2.99 times Executive&#146;s &#147;base
amount,&#148; within the meaning of Section&nbsp;280G(b)(3) of the Code (the &#147;<U>Reduced Amount</U>&#148;). Notwithstanding the foregoing, the Agreement Payments shall be reduced </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sean P. Downes </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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to the Reduced Amount only if the Accounting Firm determines that Executive would have a greater &#147;Net After-Tax Receipt&#148; (as defined below) of aggregate Payments if the Executive&#146;s
Agreement Payments were reduced to the Reduced Amount. &#147;<U>Net After Tax-Receipt</U>&#148; shall mean the present value (as determined in accordance with Section&nbsp;280G(b)(2)(A)(ii) and 280G(d)(4) of the Code) of a Payment net of all taxes
imposed on Executive with respect thereto under Sections 1 and 4999 of the Code and under applicable state and local laws (and including any employment, social security or Medicare taxes, and other taxes (including any other excise taxes)),
determined by applying the highest marginal rate under Section&nbsp;1 of the Code and under state and local laws which applied to the Executive&#146;s taxable income for the tax year in which the CIC Date occurs, or such other rate(s) as the
Accounting Firm determines to be likely to apply to Executive in the relevant tax year(s) in which any Payment is expected to be made. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.<U> Restrictions and Obligations of Executive</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Non-Disparagement</U>. Executive will not at any time (whether during or after the Term) publish or communicate to any person or entity
any Disparaging remarks, comments or statements concerning the Company or any member of the Company Group and any of its or their respective present and former members, partners, directors, officers, stockholders, employees, agents, attorneys,
successors, assigns, clients and agents. The Company will not at any time (whether during or after the Term) cause or assist the then-current Chief Executive Officer (if not Executive) or any of its then-current directors to publish or communicate,
to any person or entity any Disparaging remarks, comments or statements concerning Executive. &#147;<U>Disparaging</U>&#148; remarks, comments or statements are those that impugn the character, honesty, integrity, morality, business acumen or
abilities in connection with any aspect of the operation of business of the individual or entity being disparaged. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)
<U>Confidentiality</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) During the course of Executive&#146;s employment, Executive has had and will have access to
certain trade secrets and confidential information relating to the Company and the members of the Company Group which is not readily available from sources outside the Company. The parties agree that the business in which the Company and the Company
Group engages is highly sales-oriented and the goodwill established between Executive and the Company&#146;s customers and potential customers is a valuable and legitimate business interest worthy of protection under this Agreement. Executive
recognizes that, by virtue of Executive&#146;s employment by the Company, Executive is granted otherwise prohibited access to the Company Group&#146;s confidential and proprietary data which is not known to its competitors and which has independent
economic value to the Company and that Executive will gain an intimate knowledge of each member of the Company Group&#146;s reinsurance business and its policies, customers, employees and trade secrets, and of other confidential, proprietary,
privileged or secret information of the Company and its clients (collectively, all such nonpublic information is referred to as &#147;<U>Confidential Information</U>&#148;). This Confidential Information includes, but is not limited to, data
relating to each member of the Company Group&#146;s marketing and servicing programs, procedures and techniques, business, management and personnel strategies, analytic tools and processes, the criteria and formulae used by the Company and other
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sean P. Downes </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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members of the Company Group in pricing its insurance products and claims management, loss control and information management services, the Company&#146;s and each Company Group member&#146;s
computer system, reinsurance marketing program and the skill of marketing and selling products, the structure and pricing of special reinsurance products or packages that each member of the Company Group has negotiated with various underwriters,
lists of prospects, customer lists and renewals, the identity, authority and responsibilities of key contacts at clients&#146; accounts, the composition and organization of clients&#146; business, the peculiar risks inherent in a client&#146;s
operations, highly sensitive details concerning the structure, conditions and extent of a client&#146;s existing insurance and reinsurance coverages, policy expiration dates and premium amounts, commission rates, risk management service
arrangements, loss histories and other data showing clients&#146; particularized insurance requirements and preferences. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) Except as required by law or an order of a court or governmental agency with jurisdiction, Executive will not, during the
Term or any time thereafter, disclose any Confidential Information, directly or indirectly, to any person or entity for any reason or purpose whatsoever, nor will Executive use Confidential Information for any commercial or business purpose.
Executive will take all reasonable steps to safeguard the Confidential Information and to protect it against disclosure, misuse, espionage, loss and theft. Executive understands and agrees that Executive will acquire no rights to any such
Confidential Information. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) At the Company&#146;s request from time to time and upon the termination of
Executive&#146;s employment for any reason, Executive will promptly deliver to the Company all copies and embodiments, in whatever form, of all Confidential Information in Executive&#146;s possession or within Executive&#146;s control (including,
but not limited to, memoranda, records, notes, plans, photographs, manuals, notebooks, documentation, program listings, flow charts, magnetic media, disks, diskettes, tapes and all other materials containing any Confidential Information)
irrespective of the location or form of such material. If requested by the Company, Executive will provide the Company with written confirmation that all such materials have been delivered to the Company as provided herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) Notwithstanding anything herein to the contrary, Executive shall have the right under Federal law to certain protections
for cooperating with or reporting legal violations to the Securities and Exchange Commission (the &#147;<U>SEC</U>&#148;) and/or its Office of the Whistleblower, as well as certain other governmental entities. No provisions in this Agreement are
intended to prohibit Executive from disclosing this Agreement to, or from cooperating with or reporting violations to, the SEC or any other such governmental entity, and Executive may do so without disclosure to the Company. The Company may not
retaliate against Executive for any of these activities, and nothing in this Agreement would require Executive to waive any monetary award or other payment that Executive might become entitled to from the SEC or any other governmental entity. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sean P. Downes </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 of 21 </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Non-Solicitation or Hire</U>. During the Term and for a period of 36 months following
the termination of Executive&#146;s employment for any reason (whether during or after the Term) (the &#147;<U>Non-Solicit Period</U>&#148;), Executive will not directly or indirectly solicit or attempt to solicit or induce, directly or indirectly:
(1)&nbsp;any person who is a client, customer or policyholder of any member of the Company Group, or who was a client, customer or policyholder of any member of the Company Group at any time during the one-year period immediately prior to the
Termination Date, for the purpose of marketing, selling or providing to any such party any services or products offered by or available from any member of the Company Group and (2)&nbsp;any employee of, or independent contractor or consultant to,
any member of the Company Group or any person who was an employee of, or independent contractor or consultant to, any member of the Company Group during the one-year period immediately prior to the Termination Date to terminate such employee&#146;s
employment relationship or such independent contractor&#146;s or consultant&#146;s relationship with such member of the Company Group, in either case, to enter into a similar relationship with Executive or any other person or any entity in
competition with any member of the Company Group. During the Non-Solicit Period, Executive will not enter into an employment, consulting or independent contractor relationship, directly or indirectly, with any employee of, or independent contractor
or consultant to, any member of a Company Group or any person who was an employee of, or independent contractor or consultant to, any member of a Company Group during the one-year period immediately prior to the date Executive&#146;s employment
terminates. Notwithstanding the foregoing, solicitations incidental to general advertising or other general solicitations in the ordinary course not specifically targeted at such employees, independent contractors or consultants and employment of
(or entry into an independent contractor or consultancy relationship with) any person not otherwise solicited in violation hereof shall not be considered a violation of this Section&nbsp;7(c). Executive shall not be in violation of this
Section&nbsp;7(c) solely by providing a reference for a former employee of, or independent contractor or consultant to, the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)
<U>Non-Competition</U>. During the Term and for a period of 36 months following Executive&#146;s termination of employment for any reason during the Term (the &#147;<U>Non-Compete Period</U>&#148;), Executive will not, whether individually, as a
director, manager, member, stockholder, partner, owner, employee, consultant or agent of any business, or in any other capacity, other than on behalf of a member of the Company Group, organize, establish, own, operate, manage, control, engage in,
participate in, invest in, permit Executive&#146;s name to be used by, act as a consultant or advisor to, render services for (alone or in association with any person, firm, corporation or business organization) or otherwise assist any person or
entity that engages in or owns, invests in, operates, manages or controls any venture or enterprise which engages or proposes to engage in any business conducted by any member of the Company Group during the one-year period immediately prior to the
date Executive&#146;s employment terminates. In the event that the Term expires on December&nbsp;31, 2018 and Executive and Company have not entered into a new employment agreement or renewed this Agreement on or prior to such date, the Non-Compete
Period shall expire on December&nbsp;31, 2020. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>Company Policies</U>. During the Term and all periods thereafter, Executive will
remain in material compliance with the Company&#146;s policies and guidelines, including the Company&#146;s code of business conduct or code of ethics. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sean P. Downes </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 of 21 </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. <U>Remedies; Specific Performance</U>. The parties acknowledge and agree that
Executive&#146;s breach or threatened breach of any of the restrictions set forth in Section&nbsp;7 will result in irreparable and continuing damage to the Company and the Company Group for which there may be no adequate remedy at law and that the
Company and the Company Group are entitled to equitable relief, including specific performance and injunctive relief as remedies for any such breach or threatened or attempted breach. Executive consents to the grant of an injunction (temporary or
otherwise) against Executive or the entry of any other court order against Executive prohibiting and enjoining Executive from violating, or directing Executive to comply with, any provision of Section&nbsp;7. Executive also agrees that such remedies
are in addition to any and all remedies, including damages, available to the Company and the Company Group against Executive for such breaches or threatened or attempted breaches. In addition, without limiting the Company&#146;s and the Company
Group&#146;s remedies for any breach of any restriction on Executive set forth in Section&nbsp;7, except as required by law, Executive is not entitled to any payments set forth in Sections 5(d) or 6(a) if Executive has materially breached the
covenants contained in Section&nbsp;7. Executive will immediately return to the Company any such payments previously received under Sections&nbsp;5(d) or 6(a) upon such a material breach and, in the event of such breach, the Company will have no
obligation to pay any of the amounts that remain payable by the Company under Sections 5(d) or 6(a). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. <U>Code Section&nbsp;409A</U>.
The provisions of this Section&nbsp;9 shall apply notwithstanding any provision of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Delay of Payments</U>. If, at
the time of Executive&#146;s termination or resignation with the Company, Executive is a Specified Employee (as defined below), then any amounts payable to Executive that the Company determines constitute deferred compensation within the meaning of
Section&nbsp;409A of the Code and which are subject to the six-month delay required by Treas.&nbsp;Reg. Section&nbsp;1.409A-1(c)(3)(v), shall be delayed and not paid to Executive until the first business day following the six-month anniversary of
Executive&#146;s date of termination or resignation (the &#147;<U>Deferral Date</U>&#148;), at which time such delayed amounts will be paid to Executive in a cash lump sum (the &#147;<U>Catch-Up Amount</U>&#148;). If payment of an amount is delayed
as a result of this Section&nbsp;9(a), such amount shall be increased with interest from the date on which such amount would otherwise have been paid to Executive but for this Section&nbsp;9(a)&nbsp;to the day prior to the date the Catch-Up Amount
is paid. The rate of interest shall be the applicable short-term federal rate applicable under Section&nbsp;7872(f)(2)(A)&nbsp;of the Code for the month in which the date of Executive&#146;s termination or resignation occurs. Such interest shall be
paid at the same time that the Catch-Up Amount is paid. If Executive dies on or after the date of Executive&#146;s termination or resignation of employment and prior to the Deferral Date, any amount delayed pursuant to this Section&nbsp;9(a) shall
be paid to Executive&#146;s estate or beneficiary, as applicable, together with interest, within 30 days following the date of Executive&#146;s death. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) &#147;<U>Specified Employee</U>&#148; has the meaning set forth in Section&nbsp;409A(a)(2)(B)(i)&nbsp;of the Code. The determination of
whether Executive constitutes a Specified Employee on the date of his termination or resignation shall be made in accordance with the Company&#146;s established methodology for determining Specified Employees. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sean P. Downes </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 18
 of 21 </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) &#147;<U>Separation from Service</U>&#148; means a &#147;separation from service&#148;
from the Company within the meaning of the default rules under the final regulations issued pursuant to Section&nbsp;409A of the Code. For purposes of compliance with Section&nbsp;409A of the Code, when used in this Agreement, the terms
&#147;terminate,&#148; &#147;terminated,&#148; &#147;termination,&#148; &#147;resign,&#148; &#147;resigned&#148; and &#147;resignation&#148; mean a termination of Executive&#146;s employment that constitutes a Separation from Service. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Separate Payments and Reimbursements</U>. For purposes of applying the provisions of Section&nbsp;409A of the Code to this Agreement,
each separately identifiable amount to which Executive is entitled under this Agreement shall be treated as a separate payment. To the extent any reimbursements or in-kind benefit payments under this Agreement are subject to Section&nbsp;409A, such
reimbursements and in-kind benefit payments shall be made in accordance with Section&nbsp;409A, and payments of such reimbursements or in-kind benefits shall be made on or before the last day of the calendar year following the calendar year in which
the relevant expense is incurred. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10. <U>Stock Ownership Guidelines</U>. Executive will comply with all stock ownership and stock
retention guidelines or policies established by the Board and the Committee, as in effect from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11. <U>Claw Back Policy</U>.
All compensation granted to Executive hereunder shall be subject to any and all claw back policies of the Company, as in effect from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12.<U> Notice</U>. For purposes of this Agreement, all notices and other communications will be in writing and will be deemed to have been
duly given when delivered or if sent either by Federal Express, hand-delivery, e-mail, or postage prepaid, by certified mail, return receipt requested, with a copy by ordinary mail, to the addresses below: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
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<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">If to Executive:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">If to the Company:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sean P. Downes</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At Executive&#146;s most recent
address</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">on file with the Company</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Universal Insurance Holdings, Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1110 West
Commercial Boulevard</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fort Lauderdale, Florida 33309</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Attn:
Janet Conde</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">or to such other address as any party may have furnished to the other in writing in accordance with this Section&nbsp;12,
except that notices of any change of address is effective only upon actual receipt. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13. <U>Entire Agreement</U>. This Agreement contains
the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements, written or oral, with respect thereto, including, without limitation, the Prior Agreement; <U>provided</U>, <U>however</U>, that
the terms of this Agreement shall not supersede or replace any equity award made prior to the Effective Date. No severance or other termination payments are payable to Executive under the Prior Agreement or under any other plan or arrangement of the
Company in connection with the execution of this Agreement or the termination of the Prior Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sean P. Downes </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 of 21 </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14. <U>Waiver and Amendments</U>. This Agreement may be amended, modified, superseded,
canceled, renewed or extended, and the terms and conditions hereof may be waived, only by a written instrument signed by the parties or, in the case of a waiver, by the party waiving compliance. Except as provided in Section&nbsp;5(d)(iv), no delay
on the part of any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any right, power or privilege hereunder, nor any single or partial exercise of any right, power or
privilege hereunder, preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15.
<U>Governing Law</U>. This Agreement and the implementation of it shall be subject to and governed by the laws of the State of Florida applicable to contracts fully executed and performed in such State. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">16. <U>Venue</U>. The parties agree that the exclusive venue for any litigation relating to this Agreement will be the state courts located in
Broward County, Florida and the United States District Court, Southern District of Florida, Fort Lauderdale Division in Broward County, Florida. The parties waive any rights to object to venue as set forth herein, including any argument of
inconvenience for any reason. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17. <U>Assignability by the Company and Executive</U>. The Company shall have the right to assign this
Agreement to its successors or assigns, and the Executive hereby consents to any such assignment. All covenants or agreements hereunder shall inure to the benefit of, and be enforceable by or against, the Company&#146;s successors or assigns. The
terms &#147;successors&#148; and &#147;assigns&#148; shall include, but not be limited to, any successor upon a Change in Control. Executive may not assign this Agreement or the rights and entitlements hereunder, except that any payments owed to
Executive under this Agreement in the event of his death shall be payable to his estate. Executive may not delegate his duties and responsibilities hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">18. <U>Counterparts</U>. This Agreement may be executed in counterparts, each of which will be deemed an original but all of which will
constitute one and the same instrument. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">19. <U>Headings</U>. The headings in this Agreement are for convenience of reference only and
will not limit or otherwise affect the meaning of terms contained herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">20. <U>Severability</U>. If any term, provision, covenant or
restriction of this Agreement, or any part thereof, is held by a court of competent jurisdiction of any foreign, federal, state, county or local government or any other governmental, regulatory or administrative agency or authority to be invalid,
void, unenforceable or against public policy for any reason, the remainder of the terms, provisions, covenants and restrictions of this Agreement will remain in full force and effect and will in no way be affected or impaired or invalidated. If any
court determines that any of such covenants, or any part thereof, is invalid or unenforceable because of the geographic or temporal scope of such provision, such court will reduce such scope to the minimum extent necessary to make such covenants
valid and enforceable. Executive acknowledges that the restrictive covenants contained in Section&nbsp;7 are a condition of this Agreement and are reasonable and valid in temporal scope and in all other respects. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sean P. Downes </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 20
 of 21 </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">21. <U>Tax Withholding</U>. The Company or other payor is authorized to withhold from any
benefit provided or payment due hereunder, the amount of withholding taxes due any federal, state or local authority in respect of such benefit or payment and to take such other action as may be necessary in the Company&#146;s opinion to satisfy all
obligations for the payment of such withholding taxes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[remainder of page intentionally left blank] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sean P. Downes </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 of 21 </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto, intending to be legally bound hereby, have executed
this Agreement as of the day and year first above mentioned. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">EXECUTIVE:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Sean P. Downes</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Sean P. Downes</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">UNIVERSAL INSURANCE HOLDINGS, INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Michael A. Pietrangelo</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">By:&nbsp;&nbsp; Michael A. Pietrangelo</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Title:&nbsp;&nbsp; Chairman</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.00em; font-size:10pt; font-family:Times New Roman">Compensation
Committee of the</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; font-size:10pt; font-family:Times New Roman">Board of Directors</P></TD></TR>
</TABLE></DIV> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sean P. Downes </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Schedule A </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Schedule A </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2016
PERFORMANCE GOALS APPLICABLE TO PSUs </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[PERFORMANCE OBJECTIVES AS CONTEMPLATED BY SECTION 4(D) OF EMPLOYMENT AGREEMENT] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-1 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sean P. Downes </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Schedule B </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Schedule B </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RELEASE AGREEMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In
consideration of the payments and benefits to be provided to him by Universal Insurance Holdings, Inc. ( the &#147;<U>Company</U>&#148;) pursuant to the agreement dated as of January 12, 2016, by and between the Company and himself (the
&#147;<U>Employment Agreement</U>&#148;), Sean P. Downes (&#147;<U>Executive</U>&#148;), agrees to be bound by this Release Agreement (the &#147;<U>Agreement</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Accordingly, Executive agrees as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <U>Release</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)
Executive waives any claims he may have for employment by the Company and agrees not to seek such employment or reemployment by the Company in the future. Further, in consideration of the payments and benefits to be provided by the Company pursuant
to the Employment Agreement, Executive, on behalf of himself and his heirs, executors, devisees, successors and assigns, knowingly and voluntarily releases, remises, and forever discharges the Company and its parents, subsidiaries or affiliates,
together with each of their current and former principals, officers, directors, stockholders, agents, representatives and employees, and each of their heirs, executors, successors and assigns (collectively, the &#147;<U>Releasees</U>&#148;), from
any and all debts, demands, actions, causes of action, accounts, covenants, contracts, agreements, claims, damages, omissions, promises, and any and all claims and liabilities whatsoever, of every name and nature, known or unknown, suspected or
unsuspected, both in law and equity (&#147;<U>Claims</U>&#148;), which Executive ever had, now has, or may hereafter claim to have against the Releasees by reason of any matter or cause whatsoever arising from the beginning of time to the time he
signs this Agreement (the &#147;<U>General Release</U>&#148;). This General Release of Claims shall apply to any Claim of any type, including, without limitation, any and all Claims of any type that Executive may have arising under the common law,
under Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Older Workers Benefit Protection Act, the Americans With Disabilities Act of 1967, the Family and Medical Leave Act of 1993, the Employee Retirement Income Security
Act of 1974, and the <FONT STYLE="white-space:nowrap">Sarbanes-Oxley</FONT> Act of 2002, each as amended, and any other federal, state, local or foreign statutes, regulations, ordinances or common law, or under any policy, agreement, contract,
understanding or promise, written or oral, formal or informal, between any of the Releasees and Executive, and shall further apply, without limitation, to any and all Claims in connection with, related to or arising out of Executive&#146;s
employment relationship, or the termination of his employment, with the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) For the purpose of implementing a full and complete
release, Executive understands and agrees that this Agreement is intended to include all claims, if any, which Executive or his heirs, executors, devisees, successors and assigns may have and which Executive does not now know or suspect to exist in
his favor against the Releasees, from the beginning of time until the time he signs this Agreement, and this Agreement extinguishes those claims. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-1 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sean P. Downes </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Schedule B </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) In consideration of the promises of the Company set forth in the Employment Agreement,
Executive hereby releases and discharges the Releasees from any and all Claims that Executive may have against the Releasees arising under the Age Discrimination Employment Act of 1967, as amended, and the applicable rules and regulations
promulgated thereunder (&#147;<U>ADEA</U>&#148;). Executive acknowledges that he understands that the ADEA is a federal statute that prohibits discrimination on the basis of age in employment, benefits and benefit plans. Executive also understands
that, by signing this Agreement, he is waiving all Claims against any and all of the Releasees. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) This General Release shall not apply
to (i)&nbsp;any obligation of the Company pursuant to the Employment Agreement, (ii)&nbsp;any benefit to which Executive is entitled under any tax qualified pension plan of the Company or its affiliates, COBRA continuation coverage benefits, vested
benefits under other benefit plans of the Company or its affiliates or any other welfare benefits required to be provided by statute, (iii) any claim related to acts, omissions or events occurring after the date this Agreement is signed by Executive
and (iv)&nbsp;any right as a former employee of the Company that Executive may have to indemnification under the bylaws of the Company or under any directors and officers liability insurance policy then applicable to him. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Capitalized words not otherwise defined herein have the meanings assigned thereto in the Employment Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U>Consultation with Attorney; Voluntary Agreement</U>. The Company advises Executive to consult with an attorney of his choosing prior to
signing this Agreement. Executive understands and agrees that he has the right and has been given the opportunity to review this Agreement and, specifically, the General Release in Section&nbsp;1 above, with an attorney. Executive also understands
and agrees that he is under no obligation to consent to the General Release set forth in Section&nbsp;1 above. Executive acknowledges and agrees that the payments to be made to Executive pursuant to the Employment Agreement are sufficient
consideration to require him to abide with his obligations under this Agreement, including but not limited to the General Release set forth in Section&nbsp;1. Executive represents that he has read this Agreement, including the General Release set
forth in Section&nbsp;1, and understands its terms and that he enters into this Agreement freely, voluntarily, and without coercion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.
<U>Effective Date; Revocation</U>. Executive acknowledges and represents that he has been given at least 21 days during which to review and consider the provisions of this Agreement and, specifically, the General Release set forth in Section&nbsp;1
above. Executive further acknowledges and represents that he has been advised by the Company that he has the right to revoke this Agreement for a period of seven days after signing it. Executive acknowledges and agrees that, if he wishes to revoke
this Agreement, he must do so in a writing, signed by him and received by the Company no later than 5:00 p.m. Eastern Time on the seventh day of the revocation period. If no such revocation occurs, the General Release and this Agreement shall become
effective on the eighth day following his execution of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. <U>Severability</U>. In the event that any one or more of the
provisions of this Agreement are held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remainder of this Agreement shall not in any way be affected or impaired thereby. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sean P. Downes </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Schedule B </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. <U>Waiver</U>. No waiver by either party of any breach by the other party of any condition
or provision of this Agreement to be performed by such other party shall be deemed a waiver of any other provision or condition at the time or at any prior or subsequent time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. <U>Governing Law</U>. This Agreement and the implementation of it shall be subject to and governed by the laws of the State of Florida
applicable to contracts fully executed and performed in such State. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="bottom">Sean P. Downes</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"><B>EMPLOYMENT
AGREEMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Employment Agreement (the &#147;<U>Agreement</U>&#148;), dated as of January 12, 2016, is between Universal Insurance
Holdings, Inc., a Delaware corporation (the &#147;<U>Company</U>&#148;), and Jon W. Springer (the &#147;<U>Executive</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS,
the Company and Executive are parties to an Employment Agreement, dated as of February&nbsp;22, 2013, which was amended on December&nbsp;15, 2014 (such amended agreement, the &#147;<U>Prior Agreement</U>&#148;), pursuant to which Executive was
employed as Executive Vice President and Chief Operating Officer of the Company; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Prior Agreement expired on
December&nbsp;31, 2015; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Executive and the Company now desire to enter into this Agreement in connection with
Executive&#146;s continuing employment for the Term (as defined below) as the Executive Vice President and Chief Operating Officer of the Company; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the covenants and promises contained herein and for other valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties agree as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <U>Employment and Acceptance</U>. During the Term, the
Company agrees to employ Executive, and Executive agrees to continue his employment with the Company, subject to the provisions of this Agreement. As of the Effective Date (as defined below), this Agreement supersedes and replaces in all respects
the Prior Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U>Term</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Duration</U>. The period of Executive&#146;s employment with the Company under this Agreement commenced on January&nbsp;1, 2016 (the
&#147;<U>Effective Date</U>&#148;) and will continue until the earlier of: (i)&nbsp;December&nbsp;31, 2017 and (ii)&nbsp;the termination of such employment in accordance with Section&nbsp;5 ( the &#147;<U>Term</U>&#148;). Except as provided in
Section&nbsp;6(a), the Term will not be subject to any automatic renewal or extension unless this Agreement is amended by the parties after the Effective Date to so provide. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Expiration of Employment Term</U>. If Executive&#146;s employment with the Company continues following the expiration of the Term,
Executive shall be an employee-at-will whose employment may be terminated by the Company for any reason or for no stated reason at any time, subject only to the severance protections contemplated by Section&nbsp;5 for the one-year period following
the expiration of the Term. </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">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 of 19 </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. <U>Duties and Title</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Title and Reporting</U>. During the Term, the Company will employ Executive as the Executive Vice President and Chief Operating Officer
of the Company, reporting to the Chief Executive Officer of the Company (the &#147;CEO&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Duties</U>. Executive shall render
on a full-time basis all of his business time and attention to business of the Company and its subsidiaries (collectively, the &#147;<U>Company Group</U>&#148;). Executive will have such authority and responsibilities and will perform such duties
assigned to the Executive Vice President and Chief Operating Officer by the CEO, commensurate with his position as the Executive Vice President and Chief Operating Officer of the Company. If requested by the CEO, Executive will also serve as an
officer or director of another member of the Company Group for no additional consideration. The principal place of Executive&#146;s employment shall be Eagan, Minnesota, except that Executive acknowledges and agrees that he will be required to
travel for business purposes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Other Business and Other Activities</U>. Executive may not engage in any activity that conflicts
with the interests of any member of the Company Group or that would interfere with the performance of Executive&#146;s duties to any member of the Company Group, as determined by the CEO. During the Term, Executive may not hold, directly or
indirectly, an ownership interest of more than 2% in any entity other than the Company. Nothing in this agreement shall preclude Executive from dedicating reasonable amounts of time during the Term to charitable or civic activities or from managing
his personal finances, as long as such activities do not interfere in any material way with his duties and responsibilities to any member of the Company Group. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. <U>Compensation and Benefits by the Company</U>. As compensation for all services rendered pursuant to this Agreement, the Company will
provide Executive with the following pay and benefits during the Term: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Base Salary</U>. 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;). The annual rate of Executive&#146;s Base Salary shall not be increased or decreased during the Term. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Annual Bonus</U>. For each calendar year ending during the Term, Executive shall be eligible to earn a cash incentive award (the
&#147;<U>Annual Bonus</U>&#148;) under Article X of the Universal Insurance Holdings, Inc. 2009 Omnibus Incentive Plan, as it may be amended from time to time, and any successor plan thereto (the &#147;<U>Omnibus Plan</U>&#148;), which shall be
calculated based on the amount of pre-tax income (i.e., income before income taxes) set forth in the Company&#146;s audited financial statements for such calendar year (&#147;<U>PTI</U>&#148;) as follows: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">No Annual Bonus shall be payable if PTI for the year is less than the Floor (as defined below) for that year. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </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">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 of 19 </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

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<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The Annual Bonus shall equal 1.875% of PTI, if the Company&#146;s PTI for such year is greater than the Floor for the year but less than or equal to $125 million. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The Annual Bonus shall equal 2.5% of the Company&#146;s PTI, if the Company&#146;s PTI for such year is greater than $125 million. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Only one category above shall apply to a calendar year. The calculation of the Annual Bonus shall be made promptly after December&nbsp;31<SUP
STYLE="font-size:85%; vertical-align:top">st</SUP> of each calendar year during the Term, subject to certification by the Compensation Committee (the &#147;<U>Committee</U>&#148;) of the Board of Directors of the Company (the
&#147;<U>Board</U>&#148;) in a manner that allows the Annual Bonus to qualify as &#147;performance-based compensation&#148; under Section&nbsp;162(m) of the Internal Revenue Code of 1986, as amended (and the applicable regulations thereunder) (the
&#147;<U>Code</U>&#148;); <U>provided</U>, <U>however</U>, that in no event shall any Annual Bonus be paid to Executive later than March&nbsp;15<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> of the calendar year following the calendar year
for which the Annual Bonus was earned. Except as provided in Section&nbsp;5, Executive shall not be eligible to earn or receive an Annual Bonus for a calendar year ending during the Term unless he is employed by the Company on December&nbsp;31<SUP
STYLE="font-size:85%; vertical-align:top">st</SUP> of the calendar year to which such Annual Bonus relates. For purposes of eligibility for the Annual Bonus, &#147;<U>Floor</U>&#148; shall mean the following: (i)&nbsp;for the first calendar year
during the Term, PTI of $79 million; and (ii)&nbsp;for each subsequent year during the Term, 85% of the average of the Company&#146;s PTI for the five calendar years immediately prior to the year for which the Annual Bonus is earned. Notwithstanding
anything herein to the contrary, in no event shall the Annual Bonus payable hereunder exceed the maximum annual amount payable for an award under the Omnibus Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Participation in Executive Benefit Plans; Private Office and Secretary</U>. Executive is entitled, if and to the extent eligible, to
participate in the Company&#146;s benefit plans generally available to Company employees in similar positions. For each full month during the Term, the Company shall provide Executive with a car allowance in the amount of $600 per month.
Additionally, Executive shall (1)&nbsp;have the right to participate in a 401(k) plan available to employees of the Company, (2)&nbsp;receive life insurance with a coverage limit equal to $1 million, and (3)&nbsp;receive medical, dental and
disability insurance with a coverage limit equal to $500,000. Executive shall be given a private office with secretarial help at Executive&#146;s principal place of employment as specified in Section&nbsp;3(b) above and any and all reasonable
facilities and services so as to be suitable with his position as Executive Vice President and Chief Operating Officer, and so as to assist in the performance of his duties and activities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>PSU Grants and Vesting</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <U>Annual Grants of PSUs</U>. Subject to Executive&#146;s continued employment through the applicable grant date,
Executive shall be eligible to receive on January&nbsp;1<SUP STYLE="font-size:85%; vertical-align:top">st</SUP> of each calendar year during the Term an annual grant of performance share units (&#147;<U>PSUs</U>&#148;) with a target value of $1
million on the grant date. For each such grant, the number of </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">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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PSUs to be granted to Executive on the applicable grant date (the &#147;<U>Target Number</U>&#148;) shall be determined by dividing the annual grant target value (<I>i.e.</I>, $1 million) by the
closing sales price of the common stock of the Company, par value $0.01 per share, 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 of the Company occurred on that
date, on the next preceding date on which there was a reported sale (the &#147;<U>Fair Market Value</U>&#148;). Each grant shall be made pursuant to the Omnibus Plan, shall be subject to the terms and conditions of the applicable equity award
agreement that evidences such award under the Omnibus Plan, and shall be governed by the Omnibus Plan, the applicable equity award agreement, and any other applicable award documentation, except that, in the event of any inconsistency between the
terms of the award documentation and this Agreement, the provisions of this Agreement shall control. Each grant of PSUs will be subject to a three-year award cycle commencing on the date of grant (the &#147;<U>Award Cycle</U>&#148;) and shall be
subject to the performance-vesting and time-vesting requirements described in this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) <U>Performance-Vesting
Requirements</U>. The earn out with respect to the PSUs will be determined by reference to the attainment of one or more pre-established performance objectives (as determined prior to the date of grant by the Committee) measured over the first year
of the Award Cycle applicable to the grant of PSUs (the &#147;<U>Performance Year</U>&#148;). Depending upon the level of attainment of the relevant performance objective or objectives, Executive shall be eligible to earn 100% of the Target Number
for &#147;target-level&#148; performance. No portion of a PSU award shall be earned (and the entire award will be forfeited) if performance is less than target performance. It is intended by the parties that no minimum earn out is guaranteed with
respect to each PSU award and that payout at target level will be challenging but attainable. The agreed upon performance objective and required levels of achievement for target payout for the 2016 Performance Year are set forth in attached Schedule
A. The performance metrics applicable to the 2017 Performance Year shall be consistent with the Company&#146;s Business Plan for such year and any other business objectives approved by the Committee for such year and may be different from the
objectives set forth in Schedule A. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) <U>Time-Vesting Requirements and Payment</U>. For purposes of each PSU award,
&#147;<U>Earn Out Number</U>&#148; means the number of PSUs earned for the Performance Year based upon achievement of the applicable performance objective or objectives, as certified by the Committee. For each annual grant of PSUs and subject to
Executive&#146;s continuous employment with the Company through the applicable vesting date, Executive shall be fully vested in two-thirds of the Earn Out Number on the first anniversary of the date of grant (the &#147;<U>First Tranche</U>&#148;);
in one-sixth of the Earn Out </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </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">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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Number on the second anniversary of the date of grant (the &#147;<U>Second Tranche</U>&#148;); and in one-sixth of the Earn Out Number on the third anniversary of the date of grant (the
&#147;<U>Third Tranche</U>&#148;). Payment with respect to the vested portion of the Earn Out Number shall be made only through delivery and settlement of the appropriate number of shares of the Company&#146;s common stock within 60 days following
the applicable date of vesting; <U>provided</U>, <U>however</U>, that payment with respect to the First Tranche shall not be made until the Committee has certified attainment of the applicable performance objectives for the Performance Year. Except
as otherwise provided in Section&nbsp;5 or 6, Executive shall forfeit, and have no rights with respect to, any portion of the Earn Out Number that has not vested prior to the date Executive&#146;s employment with the Company ends. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) <U>Dividend Equivalents</U>. With respect to the Second and Third Tranches (but not the First Tranche) of the Earn Out
Number, Executive shall be credited with a cash amount equal to the cash dividends paid on the corresponding number of shares of Company&#146;s common stock during the period beginning after the Performance Year and ending on the vesting date of the
applicable Tranche. Such cash amount shall be subject to the same time-vesting conditions as the related PSUs and shall be paid to Executive in cash at the time that the shares of the Company&#146;s common stock are delivered to Executive in
settlement of such Tranche. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>Stock Option Grants and Vesting</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <U>Annual Grants of Options</U>. Subject to Executive&#146;s continued employment through the applicable grant date,
Executive shall be entitled to receive an annual grant of options to purchase shares of the Company&#146;s common stock (the &#147;<U>Options</U>&#148;) on the first business day on or following January
15<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> of each year of the Term (or, in the case of the grant of Options to be made in 2016, on the later to occur of: (i) January 15, 2016; and (ii) the second business day following the end of the
&#147;blackout period&#148; in effect at the time of execution of this Agreement), which annual grant of Options shall have a grant date value of $1.5 million using the Black-Scholes pricing or other model used by the Company for financial
accounting and proxy disclosure purposes. Each Option shall be a &#147;nonqualified stock option&#148; as such term is defined for purposes of Section 83 of the Code. The exercise price of the Options will be the Fair Market Value of the common
stock of the Company at the time of grant. Each grant shall be made pursuant to the Omnibus Plan, shall be subject to the terms and conditions of the applicable equity award agreement that evidences such award under the Omnibus Plan, and shall be
governed by the Omnibus Plan, the applicable equity award agreement, and any other applicable award documentation, except that, in the event of any inconsistency between the terms of the award documentation and this Agreement, the provisions of this
Agreement shall control. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) <U>Time-Vesting Requirements</U>. For each annual grant of Options made hereunder, and
subject to Executive&#146;s continued employment through the applicable vesting date (except as otherwise provided in Section 5 or 6), one-third of the annual grant of Options shall vest and become fully exercisable on the first anniversary of the
date of grant; one-third of the annual grant of Options shall vest and become fully exercisable on the second anniversary of the date of grant; and one-third of the annual grant of Options shall vest and become fully exercisable on the third
anniversary of the date of grant; provided, however, that with respect to the grant of Options to be made in 2016, one-third of such grant of Options shall vest and become fully exercisable on January 15, 2017; one-third of such grant of Options
shall vest and become fully exercisable on January 15 2018; and one-third of such grant of Options shall vest and become fully exercisable on January 15, 2019. Except as otherwise provided in Section 5 or 6, Executive shall forfeit, and have no
rights with respect to, any Options that have not vested prior to the date his employment with the Company ends. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <U>Condition to
Grants of PSUs and Options; Effect of Change in Control</U>. Anything in this Agreement to the contrary notwithstanding: (i) the Company shall have no obligation to grant PSUs or Options to Executive if Executive&#146;s employment with the Company
ends for any reason prior to the applicable grant date contemplated by Section 4(d) or 4(e); and (ii) the Company shall have no obligation to grant PSUs or Options to Executive or to deliver any shares of the Company&#146;s common stock to Executive
in settlement of any previously granted PSUs or Options if the stockholders of the Company have not previously approved in accordance with applicable law an equity incentive plan of the Company with sufficient share reserves to permit such grants
and settlements. It shall not be a breach of this Agreement if the Company does not grant the PSUs or Options described in Section 4(d) or 4(e) or fails to settle previously granted PSUs or Options through the delivery of shares of Common Stock, in
each case, because the Company&#146;s stockholders have not approved an equity incentive plan with sufficient share reserves to permit the grant and settlement of PSUs or Options described above. The Company shall have no obligation to make any
substitute cash or replacement grants or awards of any type to Executive if the stockholders of the Company fail to approve an equity incentive plan with sufficient share reserves to permit or settle the grants contemplated by this Agreement.
Moreover, nothing in this Agreement shall preclude the Committee from making grants of equity awards during the Term or thereafter to other officers, employees or consultants of any member of the Company Group. In addition, nothing in this Agreement
shall preclude the Committee from granting additional awards to Executive in recognition of exceptional performance. The Company will use reasonable efforts to maintain a registration statement in effect on Form S-8 covering the grants and awards
pursuant to this Agreement. Subject to Section 6, (i) any substitute, amended or replacement awards granted to Executive in connection with a Change in Control (as defined below) shall contain vesting, payment-timing and exercisability terms that
are no less favorable to Executive than the comparable terms in the PSUs and Options to which they relate and (ii) the exercise price of any substitute options granted to replace outstanding Options shall be determined in a manner that complies with
Treas. Reg. Section 1.409A-1(b)(5)(v)(D) and that preserves the aggregate intrinsic value in the Option immediately prior to the CIC Date (as defined below). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) <U>Vacation</U>. Executive will be entitled to 20 days (4 weeks) of paid vacation per calendar year (earned <I>pro rata</I> over the
course of the year), subject to the Company&#146;s standard </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </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">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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vacation policies. Beginning with 2016, any unused vacation for a given calendar year shall accrue, and the aggregate value of any unused accrued vacation shall be paid to Executive upon the
termination of Executive&#146;s employment with the Company, <U>provided</U> that Executive has submitted a report to the Committee within 30 days following the end of each calendar year reporting on the number of accrued and unused vacation days
for such year and the total number of accrued but unused vacation days for all prior years commencing after 2016. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) <U>Expense
Reimbursement</U>. The Company will pay or reimburse Executive for all appropriate business expenses Executive incurs in connection with Executive&#146;s duties under this Agreement, in accordance with the Company&#146;s policies as in effect from
time to time, subject to the timely submission by Executive of written documentation of such expenses in accordance with the applicable policies of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. <U>Termination of Employment</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Notice</U>. Subject to the provisions of this Section&nbsp;5, the Company may terminate Executive&#146;s employment, and Executive may
resign his employment, for any reason or for no stated reason, at any time during the Term. The Company shall give Executive 90 days&#146; prior written notice of its intention to terminate his employment other than for Cause, and Executive shall
give the Company 90 days&#146; prior written notice of his intention to resign for any reason. Any such notice shall specify the applicable termination or resignation date. In the event of a termination or resignation notice, the Company will have
the right to restrict Executive&#146;s access to its premises, clients and employees during the notice period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Accrued
Obligations</U>. If Executive&#146;s employment ends for any reason, Executive (or in the event of his death, Executive&#146;s estate) will receive, within 30 days following the Termination Date (as defined below), a lump sum cash payment equal to:
(i)&nbsp;his accrued but unpaid Base Salary through the Termination Date and any earned but unpaid Annual Bonus for any year prior to the year in which the Termination Date occurs, and any undelivered shares of Company common stock in respect of a
tranche of PSUs for which the vesting and payment date has occurred on or prior to the Termination Date, (ii)&nbsp;any employee benefits Executive may be entitled to pursuant to the Company&#146;s employee benefit plans through the Termination Date,
(iii)&nbsp;any accrued and unused vacation as set forth in Section&nbsp;4(g) above through the Termination Date, and (iv)&nbsp;any expenses reimbursable under Section&nbsp;4(h) incurred but not yet reimbursed to Executive through the Termination
Date (collectively, the &#147;<U>Accrued Obligations</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Termination with Cause; Resignation without Good Reason</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <U>In General; Payments</U>. The Company has the right at any time to terminate Executive&#146;s employment with the
Company for Cause (as defined below) and, subject to Section&nbsp;5(a) above, Executive has the right to resign without Good Reason (as defined below). If the Company terminates Executive for an event of Cause described in clause&nbsp;(B), (C), or
(D)&nbsp;of Section&nbsp;5(c)(ii), the Company shall provide Executive 30 days prior to the date on which it intends to terminate Executive&#146;s employment for Cause with a written notice from the Company identifying the reasons that are alleged
to constitute Cause and shall afford Executive a reasonable opportunity to meet once with the CEO </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </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">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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within the 30-day notice period to discuss and present evidence relevant to the termination decision. If the Company terminates Executive&#146;s employment for an event of Cause not described in
the previous sentence, such termination shall be effective immediately upon the Company&#146;s written notice to Executive. If the Company terminates Executive&#146;s employment for Cause or Executive resigns without Good Reason, the Company&#146;s
obligation to Executive shall be limited solely to the Accrued Obligations. If Executive&#146;s employment is terminated for Cause, (i)&nbsp;no Annual Bonus shall be payable for the calendar year in which such termination occurs, and (ii)&nbsp;any
then outstanding unvested PSUs shall be immediately forfeited as of the Termination Date (as defined in Section&nbsp;5(g)(i) below) and (iii) any vested and unvested Options shall terminate as of the Termination Date. If Executive resigns his
employment without Good Reason, (i)&nbsp;no Annual Bonus shall be payable for the calendar year in which such resignation occurs, and (ii)&nbsp;any then outstanding unvested PSUs shall be immediately forfeited as of the Termination Date (as defined
in Section&nbsp;5(g)(ii) below) and any vested and unvested Options shall terminate 90 days following the Termination Date (or, if earlier, on the expiration date of the term of the Options). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) For purposes of this Agreement, &#147;<U>Cause</U>&#148; means, as determined by the CEO (or his designee), any of the
following: (A)&nbsp;Executive&#146;s abuse of alcohol or any controlled substance; (B)&nbsp;a willful act of fraud, dishonesty or breach of fiduciary duty on the part of Executive with respect to the business or affairs of the Company; (C)&nbsp;a
knowing and material failure by Executive to comply with applicable laws and regulations or professional standards relating to the business of the Company; (D)&nbsp;Executive&#146;s willful and continuing failure to perform his duties to the Company
(after notice from the CEO of such failure) or any material breach by Executive of a provision of this Agreement except, in each case, where such failure or breach is caused by the illness or other similar medical incapacity (other than for a reason
described in clause (A)&nbsp;of this Section&nbsp;5(c)(ii)) of Executive or any willful act or omission by Executive that results in material harm to the Company&#146;s financial condition, business or reputation; (E)&nbsp;Executive being subject to
an inquiry or investigation by a governmental authority or self-regulatory organization such that the existence of such inquiry or investigation will, in the judgment of the CEO, result in material damage to the Company&#146;s business interests,
licenses, reputation or prospects; or (F)&nbsp;Executive&#146;s conviction of, or plea of guilty or no contest to: (i)&nbsp;any felony or (ii)&nbsp;any misdemeanor involving moral turpitude. For purposes of this definition, no act or omission shall
be deemed willful unless done intentionally and without a good faith belief by Executive that such act or omission was in the best interest of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Termination without Cause; Resignation for Good Reason</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Subject to the further provisions of this Section&nbsp;5(d) and Section&nbsp;6, if during the Term or, if the Term expires
without renewal or extension and prior to a Change in Control, during the one-year period following the expiration of the Term, the Company terminates Executive&#146;s employment without Cause or the Executive resigns for Good Reason, the Company
will pay Executive on the 60<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day following the Termination Date (as defined below), in addition to the Accrued Obligations, a lump-sum cash payment equal to the following (the &#147;<U>Severance
Amount</U>&#148;): </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </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">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">One times the amount of Executive&#146;s then-current annual rate of Base Salary (based on the rate in effect immediately prior to the Termination Date); and </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The cost of 12 months of COBRA coverage for Executive and his dependents (based on the COBRA rates in effect on the Termination Date). </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In addition, by no later than March&nbsp;15<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> of the year following the year in which the
Termination Date occurs, the Executive shall receive a <I>pro rata</I> portion of the Annual Bonus (the &#147;<U>Pro Rata Bonus</U>&#148;) for the year of termination calculated on the basis of the Company&#146;s actual performance for such year and
prorated based on the numbers of days elapsed in such year through the Termination Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) Subject to the further
provisions of this Section&nbsp;5(d) and Section&nbsp;6, in the event of Executive&#146;s termination without Cause or resignation for Good Reason, the portion of then outstanding PSUs and Options that would have vested had Executive remained
continuously employed by the Company through the end of the one-year period following the Termination Date shall fully vest immediately as of the Termination Date (the &#147;<U>Additional Equity Vesting</U>&#148;). The PSUs entitled to Additional
Equity Vesting pursuant to this Section&nbsp;5(d)(ii) shall become payable within 30 days following their originally scheduled vesting dates contemplated by Section&nbsp;3(d)(iii). The Earn Out Number for any PSUs entitled to Additional Equity
Vesting pursuant to this Section&nbsp;5(d)(ii) for which the Performance Year has not been completed shall be determined after the end of the Performance Year based on actual performance for the full Performance Year. Any then vested Options
(including Options that vested in accordance with this paragraph) held by Executive shall remain exercisable for a period of one year following the Termination Date (but not beyond the original term of the Options) (&#147;<U>Extended
Exercisability</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) The Company&#146;s obligation to pay Executive the Severance Amount and the Pro Rata
Bonus and to provide the Additional Equity Vesting and the Extended Exercisability are each expressly conditioned upon the Executive&#146;s execution and timely delivery to the Company of a valid and irrevocable release agreement in substantially
the form of attached Schedule B by no later than 45 days following the Termination Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) As used in this
Section&nbsp;5(d), &#147;<U>Good Reason</U>&#148; means any of the following acts or omissions by the Company occurring without Executive&#146;s prior written consent: (A)&nbsp;any action by the Company which results in Executive ceasing to be the
Executive Vice President and Chief Operating Officer of the Company or any other material adverse change in Executive&#146;s title, duties or reporting responsibilities; (B)&nbsp;the assignment to Executive of duties materially inconsistent with
Executive&#146;s position as the Executive Vice President and Chief Operating Officer of the Company; (C)&nbsp;a reduction in Executive&#146;s rate of Base Salary or Annual Bonus opportunity or the failure by the Company (other than by reason of
bankruptcy, insolvency or receivership) to pay Executive&#146;s Base Salary or any earned Annual Bonus or, subject to Section&nbsp;4(f), to make any PSU or Option grant contemplated by this Agreement; (D)&nbsp;the requirement by the Company that
Executive move his principal place of employment more than 50 miles from the location of his principal place of employment on the Effective Date; or (E)&nbsp;any material breach by the Company of this Agreement. Notwithstanding the above, an act or
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </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">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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omission by the Company shall not constitute an event of Good Reason unless Executive gives the Company written notice within 60 days following the date Executive first knows, or reasonably
should have known, of the event constituting Good Reason of his intention to resign for Good Reason if such Good Reason event is not cured by the Company, and the Company does not cure such event (retroactively with respect to any monetary matter)
to the reasonable satisfaction of Executive within 30 days following the date the Company receives such written notice from Executive. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>Termination Due to Death or Disability</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) If, during the Term, Executive shall become unable to perform his duties as provided for herein by reason of Disability
(as defined below), then the Company may, on 30 days&#146; prior written notice to Executive, temporarily suspend his status as Executive Vice President and Chief Operating Officer of the Company. In the event of such suspension, Executive shall
remain an employee of the Company and receive his compensation and benefits as set forth above in Section&nbsp;4 for the lesser of: (i)&nbsp;one year from the date of such suspension or (ii)&nbsp;the date on which Executive is first eligible for
long-term disability payments under the Company&#146;s long-term disability plan then applicable to him (the &#147;<U>Suspension Period</U>&#148;). If during the Suspension Period, Executive returns to perform his duties as provided for herein, and
there is no physical or mental inability to perform such duties, then Executive shall resume his status as Executive Vice President and Chief Operating Officer, and the Company shall continue payment of his full compensation and benefits as set
forth in Section&nbsp;4. Executive&#146;s employment with the Company shall terminate at the end of the Suspension Period if Executive has not returned by the end of the Suspension Period to the full-time performance of his duties hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) If Executive&#146;s employment terminates because of Executive&#146;s death or Disability (as defined below), within 30
days of such termination, the Company will pay to Executive (or Executive&#146;s estate, in the case of Executive&#146;s death) the Accrued Obligations and any employee benefits to which Executive may be entitled to pursuant to the Company&#146;s
employee benefit plans through such period; <U>provided</U>, <U>however</U>, that, in the case of Executive&#146;s death, benefit payments under any employee benefit plan shall be paid to Executive&#146;s beneficiary or beneficiaries designated
pursuant to such employee benefit plans in lieu of to his estate. In addition, by no later than March&nbsp;15<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> of the year following the year in which the Termination Date (as defined in
Section&nbsp;5(g)(iv) or Section&nbsp;5(g)(v) below, as applicable) occurs, Executive (or Executive&#146;s estate in the case of Executive&#146;s death) shall also be paid a Pro Rata Bonus for the year in which the termination occurs. Solely for
purposes of this Section&nbsp;5(e), the date of Executive&#146;s termination of employment due to Disability or death shall be treated as the date of a termination without Cause under Section&nbsp;5(d) (but not Section&nbsp;6) for purposes of the
vesting, payment and exercisability of then outstanding PSUs and Options. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) &#147;<U>Disability</U>&#148; means a
determination by the Company after review of written information provided by Executive&#146;s healthcare provider that, as a result of a </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">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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physical or mental injury or illness, Executive has been unable to perform the essential functions of Executive&#146;s job for a period of 90 consecutive days. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <U>Unvested Options and PSUs</U>. Anything in this Agreement to the contrary notwithstanding, any Options and PSU awards outstanding on
the Termination Date that have not vested prior to such Termination Date or that do not expressly vest or remain outstanding by operation of this Section&nbsp;5 or Section&nbsp;6 below shall be forfeited on the Termination Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) <U>Termination Date</U>. For purposes of this Agreement, &#147;<U>Termination Date</U>&#148; shall have the following meanings: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) in the event of Executive&#146;s termination for Cause, subject to the applicable notice provisions, the date specified in
the written notice of termination delivered to Executive by the Company in accordance with Section&nbsp;5(c); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) in the
event of Executive&#146;s resignation with or without Good Reason, the 90<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day following the date the written notice of intention to resign is received by the Company; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) in the event of Executive&#146;s termination without Cause, the
90<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day following the date the written notice of termination is received by Executive; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) in the event of Executive&#146;s termination due to death, the date of Executive&#146;s death; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) in the event of Executive&#146;s termination due to Disability, the last day of the Suspension Period, if Executive has
not returned to the full-time performance of his duties as specified in Section&nbsp;5(e) by such date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. <U>Change in Control</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Termination in Connection with a Change in Control</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) In the event of a Change in Control (as defined in Section&nbsp;6(a)(iii) below) occurring during the then existing Term,
the Term shall automatically continue until the later to occur of (A)&nbsp;December&nbsp;31, 2017 and (B)&nbsp;the second anniversary of the CIC Date (as defined below). In the event that the Company terminates Executive&#146;s employment without
Cause or Executive resigns his employment with the Company for Good Reason, in each case, upon or within 24 months following the date on which a Change in Control occurs (such date of occurrence, the &#147;<U>CIC Date</U>&#148;), then: (A)&nbsp;in
lieu of the Severance Amount, the Company or its successor shall pay Executive no later than the 60<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day following the Termination Date a cash lump sum amount equal to the sum of (1)&nbsp;four
times the Executive&#146;s then annual rate of Base Salary <U>plus</U> (2)&nbsp;two times the amount of the Annual Bonus paid or payable to Executive for the calendar year prior to the calendar year in which the CIC Date occurs; (B) all Options held
by Executive shall immediately vest and become exercisable for the period of Extended Exercisability; and (C)&nbsp;all PSUs held by Executive shall immediately vest and become payable within 30 days following their regularly scheduled vesting dates
</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">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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contemplated by Section&nbsp;3(d)(iii); <U>provided</U>, <U>however</U>, the Earn Out Number for any previously granted PSUs for which the Performance Year has not been completed shall be based
on the annualized performance for the Performance Year (based on actual performance through the Termination Date), adjusted in an equitable manner determined by the Committee to take into account the Change in Control; and <U>further provided</U>
that in no event shall the Earn Out Number as determined hereunder exceed that which would be payable in connection with target performance. Notwithstanding anything herein to the contrary, Executive&#146;s entitlements under clauses (A), (B) and
(C)&nbsp;of this Section&nbsp;6(a)(i) are each expressly conditioned upon the timely satisfaction of the release delivery requirements of Section&nbsp;5(d)(iii). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) Notwithstanding Section&nbsp;6(a)(i) above, in the event of a consolidation or merger of the Company described in clause
(A)(I) of the definition of Change in Control in Section&nbsp;6(a)(iii) in which the consideration received by the stockholders of the Company in the Change in Control consists exclusively of cash, securities not listed for trading on a national
securities exchange or automated quotation system, or a combination of cash and such unlisted securities, then the following shall apply: (A) all then outstanding Options shall immediately vest in full upon the CIC Date and the Company or its
successor shall cause Executive to receive in cancellation of such Options a lump sum cash payment equal to the product of the number of shares of common stock underlying such Options multiplied by the fair market value of the consideration per
share paid to the Company&#146;s stockholders in the merger or consolidation less the aggregate exercise price of such Options; and (B) all outstanding PSUs shall vest in full immediately prior to the CIC Date and shall be settled through the
delivery of shares of the Company&#146;s common stock to Executive. For purposes of the previous sentence, the Earn Out Number for any previously granted PSUs for which the Performance Year has not been completed on the CIC Date shall be based on
target performance. Notwithstanding anything herein to the contrary, no acceleration of the settlement or delivery of any PSUs pursuant to this Section&nbsp;6(a)(ii)(B) shall occur unless the Change in Control constitutes a &#147;change in
ownership,&#148; &#147;change in effective control&#148; or &#147;change in the ownership of a substantial portion of the assets&#148; of the Company, as such terms are described in Treas. Reg. Section&nbsp;1.409A-3(i)(5). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) For purposes of this Agreement, and notwithstanding any contrary definition in the Omnibus Plan as to the treatment of
the PSUs under this Agreement, a &#147;<U>Change in Control</U>&#148; shall be deemed to have occurred if: (A)&nbsp;there shall be consummated (I)&nbsp;any consolidation or merger in which the Company is not the continuing or surviving corporation
or pursuant to which shares of the Company&#146;s common stock would be converted into cash, securities or other property, other than a consolidation or a merger having the same proportionate ownership of common stock of the surviving corporation
immediately after the consolidation or merger or (II) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions other than in the ordinary course of business of the Company) of all, or substantially all, of
the assets of the Company to any corporation, person or other entity which is not a direct or indirect wholly-owned subsidiary of the Company, (B)&nbsp;any person, group, corporation or other entity (collectively, &#147;<U>Persons</U>&#148;) shall
acquire beneficial ownership (as determined pursuant to Section&nbsp;13(d) of the Securities Exchange Act of 1934, as amended, and rules and regulations promulgated hereunder) of more than 50% of the Company&#146;s outstanding common stock or voting
securities or (C)&nbsp;individuals who, as of the Effective Date, constitute the Board (the &#147;<U>Incumbent Board</U>&#148;) cease for any reason to </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">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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constitute at least a majority of the Board; <U>provided</U>, <U>however</U>, that any individual becoming a director subsequent to the Effective Date whose election, or nomination for election
by the Company&#146;s stockholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this
purpose, any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest or other actual or threatened solicitation of proxies or consents by or on behalf of a person other than the Board.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) For purposes of this Agreement, the &#147;<U>CIC Date</U>&#148; shall mean: (A)&nbsp;with respect to a transaction
contemplated under clause (A)(I) of Section&nbsp;6(a)(iii), the closing date of such consolidation or merger; (B)&nbsp;with respect to a transaction contemplated under clause A(II) of Section&nbsp;6(a)(iii), the date on which such sale, lease,
exchange or other transfer is completed (which shall be the completion date of the final transaction if a series of transactions is contemplated); (C)&nbsp;with respect to an acquisition contemplated under clause (B)&nbsp;of Section&nbsp;6(a)(iii),
the date of the closing of the tender offer or other acquisition pursuant to which the requisite beneficial ownership percentage is acquired by such Person or Persons; and (D)&nbsp;with respect to a change in Board composition contemplated under
clause (C)&nbsp;of Section&nbsp;6(a)(iii), the date of appointment of the director or group of directors that would cause the Incumbent Board to cease to constitute a majority for purposes of such clause (C). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Limitation on Change in Control Payments</U>. Notwithstanding anything in this Agreement to the contrary, in the event that it is
determined by an independent accounting firm chosen by mutual agreement of the parties (the &#147;<U>Accounting Firm</U>&#148;) that any economic benefit, payment or distribution by the Company to or for the benefit of Executive, whether paid,
payable, distributed or distributable pursuant to the terms of this Agreement or otherwise (a &#147;<U>Payment</U>&#148;), would be subject to the excise tax imposed by Section&nbsp;4999 of the Code (such excise tax referred to in this Agreement as
the &#147;<U>Excise Tax</U>&#148;), then the value of any such Payments payable under this Agreement (the &#147;<U>Agreement Payments</U>&#148;) which constitute &#147;parachute payments&#148; under Section&nbsp;280G(b)(2) of the Code, as determined
by the Accounting Firm, will be reduced so that the present value of all Payments (calculated in accordance with Section&nbsp;280G of the Code and the regulations thereunder), in the aggregate, is equal to 2.99 times Executive&#146;s &#147;base
amount,&#148; within the meaning of Section&nbsp;280G(b)(3) of the Code (the &#147;<U>Reduced Amount</U>&#148;). Notwithstanding the foregoing, the Agreement Payments shall be reduced to the Reduced Amount only if the Accounting Firm determines that
Executive would have a greater &#147;Net After-Tax Receipt&#148; (as defined below) of aggregate Payments if the Executive&#146;s Agreement Payments were reduced to the Reduced Amount. &#147;<U>Net After Tax-Receipt</U>&#148; shall mean the present
value (as determined in accordance with Section&nbsp;280G(b)(2)(A)(ii) and 280G(d)(4) of the Code) of a Payment net of all taxes imposed on Executive with respect thereto under Sections 1 and 4999 of the Code and under applicable state and local
laws (and including any employment, social security or Medicare taxes, and other taxes (including any other excise taxes)), determined by applying the highest marginal rate under Section&nbsp;1 of the Code and under state and local laws which
applied to the Executive&#146;s taxable income for the tax year in which the CIC Date occurs, or such other rate(s) as the Accounting Firm determines to be likely to apply to Executive in the relevant tax year(s) in which any Payment is expected to
be made. </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">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.<U> Restrictions and Obligations of Executive</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Non-Disparagement</U>. Executive will not at any time (whether during or after the Term) publish or communicate to any person or entity
any Disparaging remarks, comments or statements concerning the Company or any member of the Company Group and any of its or their respective present and former members, partners, directors, officers, stockholders, employees, agents, attorneys,
successors, assigns, clients and agents. The Company will not at any time (whether during or after the Term) cause or assist the CEO or any of its then-current directors to publish or communicate, to any person or entity any Disparaging remarks,
comments or statements concerning Executive. &#147;<U>Disparaging</U>&#148; remarks, comments or statements are those that impugn the character, honesty, integrity, morality, business acumen or abilities in connection with any aspect of the
operation of business of the individual or entity being disparaged. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Confidentiality</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) During the course of Executive&#146;s employment, Executive has had and will have access to certain trade secrets and
confidential information relating to the Company and the members of the Company Group which is not readily available from sources outside the Company. The parties agree that the business in which the Company and the Company Group engages is highly
sales-oriented and the goodwill established between Executive and the Company&#146;s customers and potential customers is a valuable and legitimate business interest worthy of protection under this Agreement. Executive recognizes that, by virtue of
Executive&#146;s employment by the Company, Executive is granted otherwise prohibited access to the Company Group&#146;s confidential and proprietary data which is not known to its competitors and which has independent economic value to the Company
and that Executive will gain an intimate knowledge of each member of the Company Group&#146;s reinsurance business and its policies, customers, employees and trade secrets, and of other confidential, proprietary, privileged or secret information of
the Company and its clients (collectively, all such nonpublic information is referred to as &#147;<U>Confidential Information</U>&#148;). This Confidential Information includes, but is not limited to, data relating to each member of the Company
Group&#146;s marketing and servicing programs, procedures and techniques, business, management and personnel strategies, analytic tools and processes, the criteria and formulae used by the Company and other members of the Company Group in pricing
its insurance products and claims management, loss control and information management services, the Company&#146;s and each Company Group member&#146;s computer system, reinsurance marketing program and the skill of marketing and selling products,
the structure and pricing of special reinsurance products or packages that each member of the Company Group has negotiated with various underwriters, lists of prospects, customer lists and renewals, the identity, authority and responsibilities of
key contacts at clients&#146; accounts, the composition and organization of clients&#146; business, the peculiar risks inherent in a client&#146;s operations, highly sensitive details concerning the structure, conditions and extent of a
client&#146;s existing insurance and reinsurance coverages, policy expiration dates and </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">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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premium amounts, commission rates, risk management service arrangements, loss histories and other data showing clients&#146; particularized insurance requirements and preferences. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) Except as required by law or an order of a court or governmental agency with jurisdiction, Executive will not, during the
Term or any time thereafter, disclose any Confidential Information, directly or indirectly, to any person or entity for any reason or purpose whatsoever, nor will Executive use Confidential Information for any commercial or business purpose.
Executive will take all reasonable steps to safeguard the Confidential Information and to protect it against disclosure, misuse, espionage, loss and theft. Executive understands and agrees that Executive will acquire no rights to any such
Confidential Information. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) At the Company&#146;s request from time to time and upon the termination of
Executive&#146;s employment for any reason, Executive will promptly deliver to the Company all copies and embodiments, in whatever form, of all Confidential Information in Executive&#146;s possession or within Executive&#146;s control (including,
but not limited to, memoranda, records, notes, plans, photographs, manuals, notebooks, documentation, program listings, flow charts, magnetic media, disks, diskettes, tapes and all other materials containing any Confidential Information)
irrespective of the location or form of such material. If requested by the Company, Executive will provide the Company with written confirmation that all such materials have been delivered to the Company as provided herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) Notwithstanding anything herein to the contrary, Executive shall have the right under Federal law to certain protections
for cooperating with or reporting legal violations to the Securities and Exchange Commission (the &#147;<U>SEC</U>&#148;) and/or its Office of the Whistleblower, as well as certain other governmental entities. No provisions in this Agreement are
intended to prohibit Executive from disclosing this Agreement to, or from cooperating with or reporting violations to, the SEC or any other such governmental entity, and Executive may do so without disclosure to the Company. The Company may not
retaliate against Executive for any of these activities, and nothing in this Agreement would require Executive to waive any monetary award or other payment that Executive might become entitled to from the SEC or any other governmental entity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Non-Solicitation or Hire</U>. During the Term and for a period of 12 months following the termination of Executive&#146;s employment
for any reason (whether during or after the Term) (the &#147;<U>Non-Solicit Period</U>&#148;), Executive will not directly or indirectly solicit or attempt to solicit or induce, directly or indirectly: (1)&nbsp;any person who is a client, customer
or policyholder of any member of the Company Group, or who was a client, customer or policyholder of any member of the Company Group at any time during the one-year period immediately prior to the Termination Date, for the purpose of marketing,
selling or providing to any such party any services or products offered by or available from any member of the Company Group and (2)&nbsp;any employee of, or independent contractor or consultant to, any member of the Company Group or any person who
was an employee of, or independent contractor or consultant to, any </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </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">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 of 19 </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
member of the Company Group during the one-year period immediately prior to the Termination Date to terminate such employee&#146;s employment relationship or such independent contractor&#146;s or
consultant&#146;s relationship with such member of the Company Group, in either case, to enter into a similar relationship with Executive or any other person or any entity in competition with any member of the Company Group. During the Non-Solicit
Period, Executive will not enter into an employment, consulting or independent contractor relationship, directly or indirectly, with any employee of, or independent contractor or consultant to, any member of a Company Group or any person who was an
employee of, or independent contractor or consultant to, any member of a Company Group during the one-year period immediately prior to the date Executive&#146;s employment terminates. Notwithstanding the foregoing, solicitations incidental to
general advertising or other general solicitations in the ordinary course not specifically targeted at such employees, independent contractors or consultants and employment of (or entry into an independent contractor or consultancy relationship
with) any person not otherwise solicited in violation hereof shall not be considered a violation of this Section&nbsp;7(c). Executive shall not be in violation of this Section&nbsp;7(c) solely by providing a reference for a former employee of, or
independent contractor or consultant to, the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Non-Competition</U>. During the Term and for a period of 12 months following
Executive&#146;s termination of employment for any reason (whether during or after the Term, but subject to the limitation set forth in the last sentence of this paragraph) (the &#147;<U>Non-Compete Period</U>&#148;), Executive will not, whether
individually, as a director, manager, member, stockholder, partner, owner, employee, consultant or agent of any business, or in any other capacity, other than on behalf of a member of the Company Group, organize, establish, own, operate, manage,
control, engage in, participate in, invest in, permit Executive&#146;s name to be used by, act as a consultant or advisor to, render services for (alone or in association with any person, firm, corporation or business organization) or otherwise
assist any person or entity that engages in or owns, invests in, operates, manages or controls any venture or enterprise which engages or proposes to engage in any business conducted by any member of the Company Group during the one-year period
immediately prior to the date Executive&#146;s employment terminates. In the event that the Term expires on December&nbsp;31, 2017 and Executive and Company have not entered into a new employment agreement or renewed this Agreement on or prior to
such date, the Non-Compete Period shall not extend beyond December&nbsp;31, 2019. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>Company Policies</U>. During the Term and all
periods thereafter, Executive will remain in material compliance with the Company&#146;s policies and guidelines, including the Company&#146;s code of business conduct or code of ethics. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. <U>Remedies; Specific Performance</U>. The parties acknowledge and agree that Executive&#146;s breach or threatened breach of any of the
restrictions set forth in Section&nbsp;7 will result in irreparable and continuing damage to the Company and the Company Group for which there may be no adequate remedy at law and that the Company and the Company Group are entitled to equitable
relief, including specific performance and injunctive relief as remedies for any such breach or threatened or attempted breach. Executive consents to the grant of an injunction (temporary or otherwise) against Executive or the entry of any other
court order against Executive prohibiting and enjoining Executive from violating, or directing Executive to comply </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </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">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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with, any provision of Section&nbsp;7. Executive also agrees that such remedies are in addition to any and all remedies, including damages, available to the Company and the Company Group against
Executive for such breaches or threatened or attempted breaches. In addition, without limiting the Company&#146;s and the Company Group&#146;s remedies for any breach of any restriction on Executive set forth in Section&nbsp;7, except as required by
law, Executive is not entitled to any payments set forth in Sections 5(d) or 6(a) if Executive has materially breached the covenants contained in Section&nbsp;7. Executive will immediately return to the Company any such payments previously received
under Sections&nbsp;5(d) or 6(a) upon such a material breach and, in the event of such breach, the Company will have no obligation to pay any of the amounts that remain payable by the Company under Sections 5(d) or 6(a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. <U>Code Section&nbsp;409A</U>. The provisions of this Section&nbsp;9 shall apply notwithstanding any provision of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Delay of Payments</U>. If, at the time of Executive&#146;s termination or resignation with the Company, Executive is a Specified
Employee (as defined below), then any amounts payable to Executive that the Company determines constitute deferred compensation within the meaning of Section&nbsp;409A of the Code and which are subject to the six-month delay required by
Treas.&nbsp;Reg. Section&nbsp;1.409A-1(c)(3)(v), shall be delayed and not paid to Executive until the first business day following the six-month anniversary of Executive&#146;s date of termination or resignation (the &#147;<U>Deferral
Date</U>&#148;), at which time such delayed amounts will be paid to Executive in a cash lump sum (the &#147;<U>Catch-Up Amount</U>&#148;). If payment of an amount is delayed as a result of this Section&nbsp;9(a), such amount shall be increased with
interest from the date on which such amount would otherwise have been paid to Executive but for this Section&nbsp;9(a)&nbsp;to the day prior to the date the Catch-Up Amount is paid. The rate of interest shall be the applicable short-term federal
rate applicable under Section&nbsp;7872(f)(2)(A)&nbsp;of the Code for the month in which the date of Executive&#146;s termination or resignation occurs. Such interest shall be paid at the same time that the Catch-Up Amount is paid. If Executive dies
on or after the date of Executive&#146;s termination or resignation of employment and prior to the Deferral Date, any amount delayed pursuant to this Section&nbsp;9(a) shall be paid to Executive&#146;s estate or beneficiary, as applicable, together
with interest, within 30 days following the date of Executive&#146;s death. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) &#147;<U>Specified Employee</U>&#148; has the meaning set
forth in Section&nbsp;409A(a)(2)(B)(i)&nbsp;of the Code. The determination of whether Executive constitutes a Specified Employee on the date of his termination or resignation shall be made in accordance with the Company&#146;s established
methodology for determining Specified Employees. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) &#147;<U>Separation from Service</U>&#148; means a &#147;separation from
service&#148; from the Company within the meaning of the default rules under the final regulations issued pursuant to Section&nbsp;409A of the Code. For purposes of compliance with Section&nbsp;409A of the Code, when used in this Agreement, the
terms &#147;terminate,&#148; &#147;terminated,&#148; &#147;termination,&#148; &#147;resign,&#148; &#147;resigned&#148; and &#147;resignation&#148; mean a termination of Executive&#146;s employment that constitutes a Separation from Service. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Separate Payments and Reimbursements</U>. For purposes of applying the provisions of Section&nbsp;409A of the Code to this Agreement,
each separately identifiable amount </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </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">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 of 19 </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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to which Executive is entitled under this Agreement shall be treated as a separate payment. To the extent any reimbursements or in-kind benefit payments under this Agreement are subject to
Section&nbsp;409A, such reimbursements and in-kind benefit payments shall be made in accordance with Section&nbsp;409A, and payments of such reimbursements or in-kind benefits shall be made on or before the last day of the calendar year following
the calendar year in which the relevant expense is incurred. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10. <U>Stock Ownership Guidelines</U>. Executive will comply with all stock
ownership and stock retention guidelines or policies established by the Board and the Committee, as in effect from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11.
<U>Claw Back Policy</U>. All compensation granted to Executive hereunder shall be subject to any and all claw back policies of the Company, as in effect from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12. <U>Notice</U>. For purposes of this Agreement, all notices and other communications will be in writing and will be deemed to have been
duly given when delivered or if sent either by Federal Express, hand-delivery, e-mail, or postage prepaid, by certified mail, return receipt requested, with a copy by ordinary mail, to the addresses below: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">If to Executive:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">If to the Company:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <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">At Executive&#146;s most recent
address</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">on file with the Company</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Universal Insurance Holdings, Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1110 West
Commercial Boulevard</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fort Lauderdale, Florida 33309</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Attn:
Janet Conde</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">or to such other address as any party may have furnished to the other in writing in accordance with this Section&nbsp;12,
except that notices of any change of address is effective only upon actual receipt. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13. <U>Entire Agreement</U>. This Agreement contains
the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements, written or oral, with respect thereto, including, without limitation, the Prior Agreement; <U>provided</U>, <U>however</U>, that
the terms of this Agreement shall not supersede or replace any equity award made prior to the Effective Date. No severance or other termination payments are payable to Executive under the Prior Agreement or under any other plan or arrangement of the
Company in connection with the execution of this Agreement or the termination of the Prior Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14. <U>Waiver and Amendments</U>.
This Agreement may be amended, modified, superseded, canceled, renewed or extended, and the terms and conditions hereof may be waived, only by a written instrument signed by the parties or, in the case of a waiver, by the party waiving compliance.
Except as provided in Section&nbsp;5(d)(iv), no delay on the part of any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any right, power or privilege hereunder, nor
any single or partial exercise of any right, power or privilege hereunder, preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </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">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 of 19 </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15. <U>Governing Law</U>. This Agreement and the implementation of it shall be subject to and
governed by the laws of the State of Florida applicable to contracts fully executed and performed in such State. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">16. <U>Venue</U>. The
parties agree that the exclusive venue for any litigation relating to this Agreement will be the state courts located in Broward County, Florida and the United States District Court, Southern District of Florida, Fort Lauderdale Division in Broward
County, Florida. The parties waive any rights to object to venue as set forth herein, including any argument of inconvenience for any reason. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17. <U>Assignability by the Company and Executive</U>. The Company shall have the right to assign this Agreement to its successors or assigns,
and the Executive hereby consents to any such assignment. All covenants or agreements hereunder shall inure to the benefit of, and be enforceable by or against, the Company&#146;s successors or assigns. The terms &#147;successors&#148; and
&#147;assigns&#148; shall include, but not be limited to, any successor upon a Change in Control. Executive may not assign this Agreement or the rights and entitlements hereunder, except that any payments owed to Executive under this Agreement in
the event of his death shall be payable to his estate. Executive may not delegate his duties and responsibilities hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">18.
<U>Counterparts</U>. This Agreement may be executed in counterparts, each of which will be deemed an original but all of which will constitute one and the same instrument. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">19. <U>Headings</U>. The headings in this Agreement are for convenience of reference only and will not limit or otherwise affect the meaning
of terms contained herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">20. <U>Severability</U>. If any term, provision, covenant or restriction of this Agreement, or any part
thereof, is held by a court of competent jurisdiction of any foreign, federal, state, county or local government or any other governmental, regulatory or administrative agency or authority to be invalid, void, unenforceable or against public policy
for any reason, the remainder of the terms, provisions, covenants and restrictions of this Agreement will remain in full force and effect and will in no way be affected or impaired or invalidated. If any court determines that any of such covenants,
or any part thereof, is invalid or unenforceable because of the geographic or temporal scope of such provision, such court will reduce such scope to the minimum extent necessary to make such covenants valid and enforceable. Executive acknowledges
that the restrictive covenants contained in Section&nbsp;7 are a condition of this Agreement and are reasonable and valid in temporal scope and in all other respects. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">21. <U>Tax Withholding</U>. The Company or other payor is authorized to withhold from any benefit provided or payment due hereunder, the
amount of withholding taxes due any federal, state or local authority in respect of such benefit or payment and to take such other action as may be necessary in the Company&#146;s opinion to satisfy all obligations for the payment of such
withholding taxes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[remainder of page intentionally left blank] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </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">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 of 19 </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto, intending to be legally bound hereby, have executed
this Agreement as of the day and year first above mentioned. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">EXECUTIVE:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Jon W. Springer</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Jon W. Springer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">UNIVERSAL INSURANCE HOLDINGS, INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Sean P. Downes</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name:&nbsp;&nbsp; Sean P. Downes</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Title:&nbsp;&nbsp; President and Chief Executive Officer</P></TD></TR>
</TABLE></DIV> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <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">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Schedule A </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Schedule A </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2016
PERFORMANCE GOALS APPLICABLE TO PSUs </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[PERFORMANCE OBJECTIVES AS CONTEMPLATED BY SECTION 4(D) OF EMPLOYMENT AGREEMENT] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-1 </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">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Schedule B </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Schedule B </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RELEASE AGREEMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In
consideration of the payments and benefits to be provided to him by Universal Insurance Holdings, Inc. ( the &#147;<U>Company</U>&#148;) pursuant to the agreement dated as of January 12, 2016, by and between the Company and himself (the
&#147;<U>Employment Agreement</U>&#148;), Jon W. Springer (&#147;<U>Executive</U>&#148;), agrees to be bound by this Release Agreement (the &#147;<U>Agreement</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Accordingly, Executive agrees as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <U>Release</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)
Executive waives any claims he may have for employment by the Company and agrees not to seek such employment or reemployment by the Company in the future. Further, in consideration of the payments and benefits to be provided by the Company pursuant
to the Employment Agreement, Executive, on behalf of himself and his heirs, executors, devisees, successors and assigns, knowingly and voluntarily releases, remises, and forever discharges the Company and its parents, subsidiaries or affiliates,
together with each of their current and former principals, officers, directors, stockholders, agents, representatives and employees, and each of their heirs, executors, successors and assigns (collectively, the &#147;<U>Releasees</U>&#148;), from
any and all debts, demands, actions, causes of action, accounts, covenants, contracts, agreements, claims, damages, omissions, promises, and any and all claims and liabilities whatsoever, of every name and nature, known or unknown, suspected or
unsuspected, both in law and equity (&#147;<U>Claims</U>&#148;), which Executive ever had, now has, or may hereafter claim to have against the Releasees by reason of any matter or cause whatsoever arising from the beginning of time to the time he
signs this Agreement (the &#147;<U>General Release</U>&#148;). This General Release of Claims shall apply to any Claim of any type, including, without limitation, any and all Claims of any type that Executive may have arising under the common law,
under Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Older Workers Benefit Protection Act, the Americans With Disabilities Act of 1967, the Family and Medical Leave Act of 1993, the Employee Retirement Income Security
Act of 1974, and the <FONT STYLE="white-space:nowrap">Sarbanes-Oxley</FONT> Act of 2002, each as amended, and any other federal, state, local or foreign statutes, regulations, ordinances or common law, or under any policy, agreement, contract,
understanding or promise, written or oral, formal or informal, between any of the Releasees and Executive, and shall further apply, without limitation, to any and all Claims in connection with, related to or arising out of Executive&#146;s
employment relationship, or the termination of his employment, with the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) For the purpose of implementing a full and complete
release, Executive understands and agrees that this Agreement is intended to include all claims, if any, which Executive or his heirs, executors, devisees, successors and assigns may have and which Executive does not now know or suspect to exist in
his favor against the Releasees, from the beginning of time until the time he signs this Agreement, and this Agreement extinguishes those claims. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-1 </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">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Schedule B </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) In consideration of the promises of the Company set forth in the Employment Agreement,
Executive hereby releases and discharges the Releasees from any and all Claims that Executive may have against the Releasees arising under the Age Discrimination Employment Act of 1967, as amended, and the applicable rules and regulations
promulgated thereunder (&#147;<U>ADEA</U>&#148;). Executive acknowledges that he understands that the ADEA is a federal statute that prohibits discrimination on the basis of age in employment, benefits and benefit plans. Executive also understands
that, by signing this Agreement, he is waiving all Claims against any and all of the Releasees. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) This General Release shall not apply
to (i)&nbsp;any obligation of the Company pursuant to the Employment Agreement, (ii)&nbsp;any benefit to which Executive is entitled under any tax qualified pension plan of the Company or its affiliates, COBRA continuation coverage benefits, vested
benefits under other benefit plans of the Company or its affiliates or any other welfare benefits required to be provided by statute, (iii) any claim related to acts, omissions or events occurring after the date this Agreement is signed by Executive
and (iv)&nbsp;any right as a former employee of the Company that Executive may have to indemnification under the bylaws of the Company or under any directors and officers liability insurance policy then applicable to him. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Capitalized words not otherwise defined herein have the meanings assigned thereto in the Employment Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U>Consultation with Attorney; Voluntary Agreement</U>. The Company advises Executive to consult with an attorney of his choosing prior to
signing this Agreement. Executive understands and agrees that he has the right and has been given the opportunity to review this Agreement and, specifically, the General Release in Section&nbsp;1 above, with an attorney. Executive also understands
and agrees that he is under no obligation to consent to the General Release set forth in Section&nbsp;1 above. Executive acknowledges and agrees that the payments to be made to Executive pursuant to the Employment Agreement are sufficient
consideration to require him to abide with his obligations under this Agreement, including but not limited to the General Release set forth in Section&nbsp;1. Executive represents that he has read this Agreement, including the General Release set
forth in Section&nbsp;1, and understands its terms and that he enters into this Agreement freely, voluntarily, and without coercion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.
<U>Effective Date; Revocation</U>. Executive acknowledges and represents that he has been given at least 21 days during which to review and consider the provisions of this Agreement and, specifically, the General Release set forth in Section&nbsp;1
above. Executive further acknowledges and represents that he has been advised by the Company that he has the right to revoke this Agreement for a period of seven days after signing it. Executive acknowledges and agrees that, if he wishes to revoke
this Agreement, he must do so in a writing, signed by him and received by the Company no later than 5:00 p.m. Eastern Time on the seventh day of the revocation period. If no such revocation occurs, the General Release and this Agreement shall become
effective on the eighth day following his execution of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. <U>Severability</U>. In the event that any one or more of the
provisions of this Agreement are held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remainder of this Agreement shall not in any way be affected or impaired thereby. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-2 </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">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Schedule B </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. <U>Waiver</U>. No waiver by either party of any breach by the other party of any condition
or provision of this Agreement to be performed by such other party shall be deemed a waiver of any other provision or condition at the time or at any prior or subsequent time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. <U>Governing Law</U>. This Agreement and the implementation of it shall be subject to and governed by the laws of the State of Florida
applicable to contracts fully executed and performed in such State. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">EXECUTIVE:</TD></TR>
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<TD VALIGN="bottom">Jon W. Springer</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 10.3 </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"><B>EMPLOYMENT
AGREEMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This employment agreement (the &#147;<U>Agreement</U>&#148;), dated as of January 12, 2016, is between Universal Insurance
Holdings, Inc. a Delaware corporation (&#147;<U>Company</U>&#148;), and Stephen J. Donaghy (the &#147;<U>Executive</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS,
the parties wish to establish the terms of Executive&#146;s employment with the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Accordingly, the parties agree as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <U>Employment and Acceptance</U>. The Company will employ Executive, and Executive will accept employment, subject to the terms of this
Agreement, effective as of January&nbsp;1, 2016 (&#147;<U>Effective Date</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U>Term</U>. Subject to earlier termination
pursuant to Section&nbsp;5, this Agreement and the employment relationship hereunder will continue from the Effective Date until December&nbsp;31, 2017. As used in this Agreement, the &#147;<U>Term</U>&#148; means the period beginning on the
Effective Date and ending on the date Executive&#146;s employment terminates in accordance with this Section&nbsp;2 or Section&nbsp;5. In the event that Executive&#146;s employment terminates, the Company&#146;s obligation to continue to pay all
Base Salary and other benefits then accrued will terminate except as may be provided for in Section&nbsp;5. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. <U>Duties and Title</U>.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Title</U>. The Company will employ Executive to render full-time services to the Company, its parent, its subsidiaries and its
affiliates (singularly, &#147;<U>Related Company</U>&#148; or collectively, &#147;<U>Related Companies</U>&#148;). The Company will employ Executive as Chief Marketing Officer, reporting to the Chief Executive Officer and Chief Operating Officer of
the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Duties</U>. Executive will have such authority and responsibilities and will perform such duties as the Company, its
Chief Executive Officer or its Chief Operating Officer may assign, commensurate with his position. Executive will devote all his full working-time and attention to the performance of such duties and to the promotion of the Company&#146;s or a
Related Company&#146;s business and interests. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Other Business Activities</U>. Executive may not engage in any activity that
conflicts with the Company&#146;s or a Related Company&#146;s interests or would materially interfere with the performance of Executive&#146;s duties to the Company, as determined by the Company in its sole discretion. Executive may not hold,
directly or indirectly, an ownership interest of more than 2% in any entity which competes with the Company or a Related Company, as determined by the Company in its sole discretion. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. <U>Compensation and Benefits by the Company</U>. As compensation for all services rendered pursuant to this Agreement, the Company will
provide Executive the following during the Term: </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">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Base Salary</U>. The Company will pay Executive an annual base salary of $804,375,
payable in accordance with the Company&#146;s customary payroll practices (&#147;Base Salary&#148;), with no subsequent increases during the Term unless the Compensation Committee provides otherwise subsequent to the Effective Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Annual Bonus</U>. For each year of the Term, 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 (the &#147;Plan&#148;), 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
(the &#147;Annual Bonus&#148;) for such year, which Annual Bonus shall be paid to Executive no later than March&nbsp;15 of the year following the year to which the bonus relates. For the avoidance of doubt, if Executive has earned a bonus under this
Section&nbsp;4(b), he need not be employed on the bonus payment date to receive such bonus, <U>provided</U>, subject to Section 5(b) and Section 5(c), that he is employed through December&nbsp;31 of the year to which the bonus relates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Participation in Executive Benefit Plans</U>. Executive is entitled, if and to the extent eligible, to participate in the
Company&#146;s benefit plans generally available to Company employees in similar positions. Executive is eligible to participate in the Company&#146;s equity incentive plans, including the Plan, at the Company&#146;s sole discretion. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>Vacation</U>. Executive will receive paid vacation of four weeks per fiscal year. Unused vacation days will be forfeited at the end of
each fiscal year. Executive is not entitled to payment for unused vacation days upon the termination of employment. Notwithstanding the foregoing, for the fiscal year containing the Effective Date, Executive will receive four weeks of paid vacation.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) <U>Expense Reimbursement</U>. The Company will reimburse Executive for all appropriate business expenses Executive incurs in
connection with Executive&#146;s duties under this Agreement in accordance with the Company&#146;s policies as in effect from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) <U>Automobile Allowance</U>. During the Term, the Company will pay Executive a monthly car allowance of $500 for the purposes of obtaining
and maintaining an automobile to facilitate the performance of Executive&#146;s duties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) <U>Insurance</U>. During the Term, the
Company will pay applicable premiums on a $1,000,000 term life insurance policy on Executive payable to Executive&#146;s designee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h)
<U>Discretionary Equity Grants</U>. The Compensation Committee will consider equity grants to Executive during the Term in accordance with its regular equity grant policy. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. <U>Termination of Employment</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Payment Upon Termination</U>. If Executive&#146;s employment terminates for any reason, Executive will receive, within 30 days of
termination, a lump sum cash payment </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </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">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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equal to (1)&nbsp;accrued but unpaid Base Salary through the date of termination, (2)&nbsp;any employee benefits Executive may be entitled to pursuant to the Company&#146;s employee benefit plans
through the date of termination and (3)&nbsp;expenses reimbursable under Section&nbsp;4(e) incurred but not yet reimbursed to Executive through the date of termination. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <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), Executive will receive, in addition to the payment specified in Section&nbsp;5(a), (i) within 30 days of termination, a lump-sum cash payment equal to Executive&#146;s Base Salary for a period equal to
the remaining Term of the Agreement and (ii) by no later than March 15<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> of the year following the year in which the termination occurs, a <I>pro rata</I> portion of the Annual Bonus for the year
of termination calculated on the basis of the Company&#146;s actual performance for such year and prorated based on the numbers of days elapsed in such year through the date of termination, provided Executive executes (without revocation) a valid
release agreement in a form reasonably acceptable to the Company. The Company will have no obligation to provide the benefits set forth in this Section&nbsp;5(b) in the event that Executive breaches the provisions of Section&nbsp;6. For purposes of
this Agreement, &#147;<U>Cause</U>&#148; means, as determined by Company (or its designee), (1)&nbsp;Executive&#146;s material breach of Executive&#146;s obligations or representations under this Agreement, (2)&nbsp;Executive&#146;s arrest for,
conviction of or plea of nolo contendere to a felony, (3)&nbsp;Executive&#146;s acts of dishonesty resulting or intending to result in personal gain or enrichment at the Company&#146;s or a Related Company&#146;s expense, (4)&nbsp;Executive&#146;s
fraudulent, unlawful or grossly negligent conduct in connection with Executive&#146;s duties under this Agreement, (5)&nbsp;Executive&#146;s engaging in personal conduct which seriously discredits or damages the Company or a Related Company,
(6)&nbsp;contravention of the Company&#146;s specific lawful directions or continuing inattention to or continuing failure to adequately perform the duties described under Section&nbsp;3(b), (7)&nbsp;Executive&#146;s material breach of the
Company&#146;s manuals, written policies, codes or procedures, (8)&nbsp;initiation of a regulatory inquiry, investigation or proceeding regarding Executive&#146;s performance of duties on the Company&#146;s or a Related Company&#146;s behalf or
(9)&nbsp;breach of Executive&#146;s covenants set forth in Section&nbsp;6 below before termination of employment. A termination for Cause is effective immediately or on such other date set forth by the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Payment Upon Termination for Good Reason</U>. If during the Term Executive terminates Executive&#146;s employment for Good Reason,
Executive will receive, in addition to the payment specified in Section&nbsp;5(a), (i) within 30 days of termination, a lump-sum cash payment equal to Executive&#146;s Base Salary for a period equal to the remaining Term of the Agreement and (ii) by
no later than March 15<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> of the year following the year in which the termination occurs, a <I>pro rata</I> portion of the Annual Bonus for the year of termination calculated on the basis of the
Company&#146;s actual performance for such year and prorated based on the numbers of days elapsed in such year through the date of termination, provided Executive executes (without revocation) a valid release agreement in a form reasonably
acceptable to the Company. The Company will have no obligation to provide the benefits set forth in this Section&nbsp;5(c) in the event that Executive breaches the provisions of Section&nbsp;6. For purposes of this Agreement, &#147;<U>Good
Reason</U>&#148; means, without Executive&#146;s consent, the Company&#146;s material breach of the Agreement. Executive must notify the Company in writing within 30 days of the occurrence of any breach constituting Good Reason. Executive must give
the Company 30 days following receipt of such written notice to cure the breach. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>Termination Because of Death</U>. If
Executive&#146;s employment terminates because of Executive&#146;s death, within 30 days of termination Executive&#146;s legal representatives will receive, in addition to the payments specified in Section&nbsp;5(a), a lump-sum cash payment equal to
Executive&#146;s unpaid Base Salary from the date of termination through the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </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">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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last day of the month in which Executive&#146;s death occurred and any employee benefits Executive may be entitled to pursuant to the Company&#146;s employee benefit plans through such period.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) <U>Termination Because of Disability</U>. The Company may terminate Executive&#146;s employment because of Executive&#146;s
Disability. For purposes of this Agreement, &#147;<U>Disability</U>&#148; means a determination by the Company that, as a result of a physical or mental injury or illness, Executive is unable to perform the essential functions of Executive&#146;s
job with or without reasonable accommodation for a period of 90 consecutive days or 60 days in any six (6)-month period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f)
<U>Termination in Connection with a Change in Control</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">i. <U>Payment</U>. In the event that, in connection with a Change in Control
(as defined below) during the Term, Executive&#146;s employment with the Company is involuntarily terminated by the Company other than for Cause or if Executive resigns for Good Reason upon or within 24 months following such Change in Control
(notwithstanding the expiration of the Term), then, in lieu of any severance or other amounts payable by the Company under Section&nbsp;5 of this Agreement or otherwise in connection with Executive&#146;s termination of employment, the Company or
its successor shall pay Executive no later than the sixtieth day following such termination of employment in connection with a Change in Control a cash lump sum amount equal to 24 months of Executive&#146;s Base Salary at the time of such Change in
Control. In addition, upon a Change in Control, all options held by Executive that were granted prior to the Effective Date of this Agreement shall vest and become immediately exercisable. For purposes of this Agreement, a &#147;<U>Change in
Control</U>&#148; shall be deemed to have occurred if (1)&nbsp;there shall be consummated (A)&nbsp;any consolidation or merger in which the Company is not the continuing or surviving corporation or pursuant to which shares of the Company&#146;s
common stock would be converted into cash, securities or other property, other than a consolidation or a merger having the same proportionate ownership of common stock of the surviving corporation immediately after the consolidation or merger or
(B)&nbsp;any sale, lease, exchange or other transfer (in one transaction or a series of related transactions other than in the ordinary course of business of the Company) of all, or substantially all, of the assets of the Company to any corporation,
person or other entity which is not a direct or indirect wholly-owned subsidiary of the Company, or (2)&nbsp;any person, group, corporation or other entity shall acquire beneficial ownership (as determined pursuant to Section&nbsp;13(d) of the
Securities Exchange Act of 1934, as amended, and rules and regulations promulgated hereunder) of 50% or more of the Company&#146;s outstanding common stock; <U>provided</U>, <U>however</U>, that in all cases, any such event described in this
Section&nbsp;5(f)(i) will not be determined to constitute a Change in Control unless the event constitutes either a &#147;change in ownership,&#148; &#147;change in effective control&#148; or &#147;change in the ownership of a substantial portion of
the assets&#148; of the Company, as such terms are described in Treasury Regulation Section&nbsp;1.409A-3(i)(5). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">ii. <U>Limitation on
Change in Control Payments</U>. Notwithstanding anything in this Agreement to the contrary, in the event that it is determined by an independent accounting firm chosen by mutual agreement of the parties that any economic benefit, payment or
distribution by the Company to or for the benefit of Executive, whether paid, payable, distributed or distributable pursuant to the terms of this Agreement or otherwise </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </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">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 of 11 </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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(a &#147;<U>Payment</U>&#148;), would be subject to the excise tax imposed by Section&nbsp;4999 of the Internal Revenue Code of 1986, as amended (the &#147;<U>Code</U>&#148;), then the value of
any such Payments payable under this Agreement which constitute &#147;parachute payments&#148; under Section&nbsp;280G(b)(2) of the Code, as determined by the independent accounting firm, will be reduced so that the present value of all Payments
(calculated in accordance with Section&nbsp;280G of the Code and the regulations thereunder), in the aggregate, is equal to 2.99 times Executive&#146;s &#147;base amount,&#148; within the meaning of Section&nbsp;280G(b)(3) of the Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">iii. <U>Special Definition of &#147;Good Reason&#148;</U>. For purposes of this Section&nbsp;5(f), in addition to the definition above,
&#147;<U>Good Reason</U>&#148; will also include (i)&nbsp;any material adverse change in Executive&#146;s title, duties or reporting responsibilities and (ii)&nbsp;with respect to Executive&#146;s title, duties, reporting responsibilities,
compensation levels and situs of employment in effect after the expiration of the Term, any material adverse change in such title, duties, reporting responsibilities, compensation levels and situs of employment from those in effect immediately prior
to the expiration of the Term. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. <U>Restrictions and Obligations of Executive</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Non-Disparagement</U>. Executive will not at any time (whether during or after the Term) publish or communicate to any person or entity
any Disparaging remarks, comments or statements concerning the Company or a Related Company, and their respective present and former members, partners, directors, officers, shareholders, employees, agents, attorneys, successors, assigns, clients and
agents. &#147;<U>Disparaging</U>&#148; remarks, comments or statements are those that impugn the character, honesty, integrity, morality, business acumen or abilities in connection with any aspect of the operation of business of the individual or
entity being disparaged. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Confidentiality</U>. During the course of Executive&#146;s employment, Executive has had and will have
access to certain trade secrets and confidential information relating to the Company and the Related Companies which is not readily available from sources outside the Company. The parties agree that the business in which the Company engages is
highly sales-oriented and the goodwill established between Executive and the Company&#146;s customers and potential customers is a valuable and legitimate business interest worthy of protection under this Agreement. Executive recognizes that, by
virtue of Executive&#146;s employment by the Company, Executive is granted otherwise prohibited access to the Company&#146;s confidential and proprietary data which is not known to its competitors and which has independent economic value to the
Company and that Executive will gain an intimate knowledge of the Company&#146;s business and its policies, customers, employees and trade secrets, and of other confidential, proprietary, privileged or secret information of the Company and its
clients (collectively, all such nonpublic information is referred to as &#147;<U>Confidential Information</U>&#148;). This Confidential Information includes, but is not limited to, data relating to the Company&#146;s marketing and servicing
programs, procedures and techniques, business, management and personnel strategies, analytic tools and processes, the criteria and formulae used by the Company in pricing its insurance products and claims management, loss control and information
management services, the Company&#146;s computer system, reinsurance marketing program and the skill of marketing and selling products, the structure and pricing of special </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <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">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 of 11 </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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reinsurance products or packages that the Company has negotiated with various underwriters, lists of prospects, customer lists and renewals, the identity, authority and responsibilities of key
contacts at clients&#146; accounts, the composition and organization of clients&#146; business, the peculiar risks inherent in a client&#146;s operations, highly sensitive details concerning the structure, conditions and extent of a client&#146;s
existing insurance and reinsurance coverages, policy expiration dates and premium amounts, commission rates, risk management service arrangements, loss histories and other data showing clients&#146; particularized insurance requirements and
preferences. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except as required by law or an order of a court or governmental agency with jurisdiction, Executive will not, during the
Term or any time thereafter, disclose any Confidential Information, directly or indirectly, to any person or entity for any reason or purpose whatsoever, nor will Executive use it in any way. Executive will take all reasonable steps to safeguard the
Confidential Information and to protect it against disclosure, misuse, espionage, loss and theft. Executive understands and agrees that Executive will acquire no rights to any such Confidential Information. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At the Company&#146;s request from time to time and upon the termination of Executive&#146;s employment for any reason, Executive will
promptly deliver to the Company all copies and embodiments, in whatever form, of all Confidential Information in Executive&#146;s possession or within Executive&#146;s control (including, but not limited to, memoranda, records, notes, plans,
photographs, manuals, notebooks, documentation, program listings, flow charts, magnetic media, disks, diskettes, tapes and all other materials containing any Confidential Information) irrespective of the location or form of such material. If
requested by the Company, Executive will provide the Company with written confirmation that all such materials have been delivered to the Company as provided herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding anything herein to the contrary, Executive shall have the right under Federal law to certain protections for cooperating with
or reporting legal violations to the Securities and Exchange Commission (the &#147;<U>SEC</U>&#148;) and/or its Office of the Whistleblower, as well as certain other governmental entities. No provisions in this Agreement are intended to prohibit
Executive from disclosing this Agreement to, or from cooperating with or reporting violations to, the SEC or any other such governmental entity, and Executive may do so without disclosure to the Company. The Company may not retaliate against
Executive for any of these activities, and nothing in this Agreement would require Executive to waive any monetary award or other payment that Executive might become entitled to from the SEC or any other governmental entity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Non-Solicitation or Hire</U>. During the Term and for a period of one year following the termination of Executive&#146;s employment for
any reason, Executive will not directly or indirectly solicit or attempt to solicit or induce, directly or indirectly, (1)&nbsp;any party who is a client, customer or policyholder of the Company or a Related Company, or who was a client, customer or
policyholder of the Company or a Related Company at any time during the one-year period immediately prior to the date of termination, for the purpose of marketing, selling or providing to any such party any services or products offered by or
available from the Company or a Related Company and (2)&nbsp;any employee of the Company or a Related Company </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <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">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 of 11 </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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or any person who was an employee of the Company or a Related Company during the one-year period immediately prior to the date Executive&#146;s employment terminates to terminate such
employee&#146;s employment relationship with the Company or a Related Company, in either case, to enter into a similar relationship with Executive or any other person or any entity in competition with the Company or a Related Company. During the
Term and for a period of one year following the termination of Executive&#146;s employment for any reason, Executive will not enter into an employment relationship, directly or indirectly, with any employee of the Company or a Related Company or any
person who was an employee of the Company or a Related Company during the one-year period immediately prior to the date Executive&#146;s employment terminates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>Non-Competition</U>. During the Term and for a period of one year following the Executive&#146;s termination of employment for any
reason, Executive will not, whether individually, as a director, manager, member, stockholder, partner, owner, employee, consultant or agent of any business, or in any other capacity, other than on behalf of the Company or a Related Company,
organize, establish, own, operate, manage, control, engage in, participate in, invest in, permit Executive&#146;s name to be used by, act as a consultant or advisor to, render services for (alone or in association with any person, firm, corporation
or business organization) or otherwise assist any person or entity that engages in or owns, invests in, operates, manages or controls any venture or enterprise which engages or proposes to engage in any business conducted by the Company or a Related
Company during the one-year period immediately prior to the date Executive&#146;s employment terminates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) <U>Company Policies</U>.
During the Term and all periods thereafter, Executive will remain in strict compliance with the Company&#146;s policies and guidelines, including the Company&#146;s code of business conduct or code of ethics. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. <U>Representations and Warranties by Executive</U>. Executive represents and warrants the following: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Skills and Competencies</U>. Any resume, employment history or related information directly or indirectly provided by Executive to the
Company, whether orally or in writing, is true, complete and accurate in all respects. Further, Executive is qualified by education and experience to perform the duties contemplated by this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Absence of Restrictions</U>. Executive is not a party to or subject to any restrictive covenants, legal restrictions or other
agreements in favor of any entity or person which would in any way preclude, inhibit, impair or limit Executive&#146;s ability to perform Executive&#146;s obligations under this Agreement, including, but not limited to, non-competition agreements,
non-solicitation agreements or confidentiality agreements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Absence of Litigation</U>. Within the 5-year period ending on the
Effective Date, Executive has not been involved in any proceeding, claim, lawsuit or investigation alleging wrongdoing by Executive in connection with any prior employer before any court or public or private arbitration board or panel. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </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">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 8
 of 11 </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. <U>Remedies; Specific Performance</U>. The parties acknowledge and agree that
Executive&#146;s breach or threatened breach of any of the restrictions set forth in Section&nbsp;6 will result in irreparable and continuing damage to the Company and the Related Companies for which there may be no adequate remedy at law and that
the Company and the Related Companies are entitled to equitable relief, including specific performance and injunctive relief as remedies for any such breach or threatened or attempted breach. Executive consents to the grant of an injunction
(temporary or otherwise) against Executive or the entry of any other court order against Executive prohibiting and enjoining Executive from violating, or directing Executive to comply with, any provision of Section&nbsp;6. Executive also agrees that
such remedies are in addition to any and all remedies, including damages, available to the Company and the Related Companies against Executive for such breaches or threatened or attempted breaches. In addition, without limiting the Company&#146;s
and the Related Companies&#146; remedies for any breach of any restriction on Executive set forth in Section&nbsp;6, except as required by law, Executive is not entitled to any payments set forth in Sections 5(b) or 5(c) if Executive has breached
the covenants contained in Section&nbsp;6. Executive will immediately return to the Company any such payments previously received under Sections&nbsp;5(b) or 5(c) upon such a breach and, in the event of such breach, the Company will have no
obligation to pay any of the amounts that remain payable by the Company under Sections 5(b) or 5(c). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. <U>Code Section&nbsp;409A</U>.
The provisions of this Section&nbsp;9 shall apply notwithstanding any provision of this Agreement related to the timing of payments following Executive&#146;s termination or resignation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Delay of Payments</U>. If, at the time of Executive&#146;s termination or resignation with the Company, Executive is a Specified
Employee (as defined below), then the payments under Section&nbsp;5(b), any outstanding awards payable under the 2009 Omnibus Incentive Plan and any other amounts payable under this Agreement that the Company determines constitutes deferred
compensation within the meaning of Section&nbsp;409A of the Internal Revenue Code of 1986, as amended (the &#147;<U>Code</U>&#148;), and which are subject to the six-month delay required by Treas. Reg. Section&nbsp;1.409A-1(c)(3)(v), shall be
delayed and not paid to Executive until the first business day following the six-month anniversary of Executive&#146;s date of termination or resignation (the &#147;<U>Short-Term Deferral Date</U>&#148;), at which time such delayed amounts will be
paid to Executive in a cash lump sum (the &#147;<U>Catch-Up Amount</U>&#148;). If payment of an amount is delayed as a result of this Section&nbsp;9(a), such amount shall be increased with interest from the date on which such amount would otherwise
have been paid to Executive but for this Section&nbsp;9(a) to the day prior to the date the Catch-Up Amount is paid. The rate of interest shall be the applicable short-term federal rate applicable under Section&nbsp;7872(f)(2)(A) of the Code for the
month in which the date of Executive&#146;s termination or resignation occurs. Such interest shall be paid at the same time that the Catch-Up Amount is paid. If Executive dies on or after the date of Executive&#146;s termination or resignation and
prior to the Short-Term Deferral Date, any amount delayed pursuant to this Section&nbsp;9(a) shall be paid to Executive&#146;s estate or beneficiary, as applicable, together with interest, within 30 days following the date of Executive&#146;s death.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) &#147;<U>Specified Employee</U>&#148; has the meaning set forth in Section&nbsp;409A(a)(2)(B)(i) of the Code. The determination of
whether Executive constitutes a </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <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">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 9
 of 11 </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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Specified Employee on the date of his termination or resignation shall be made in accordance with the Company&#146;s established methodology for determining Specified Employees. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) &#147;<U>Separation from Service</U>&#148; means a &#147;separation from service&#148; from the Company within the meaning of the default
rules under the final regulations issued pursuant to Section&nbsp;409A of the Code. For purposes of this Agreement, the terms &#147;terminate,&#148; &#147;terminated,&#148; &#147;termination&#148; and &#147;resignation&#148; mean a termination of
Executive&#146;s employment that constitutes a Separation from Service. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>Separate Payments and Reimbursements</U>. For purposes of
applying the provisions of Section&nbsp;409A of the Code to this Agreement, each separately identifiable amount to which Executive is entitled under this Agreement shall be treated as a separate payment. To the extent any reimbursements or in-kind
benefit payments under this Agreement are subject to Section&nbsp;409A, such reimbursements and in-kind benefit payments shall be made in accordance with Section&nbsp;409A, and payments of such reimbursements or in-kind benefits shall be made on or
before the last day of the calendar year following the calendar year in which the relevant expense is incurred. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10. <U>Notice</U>. For
purposes of this Agreement, all notices and other communications will be in writing and will be deemed to have been duly given when delivered or when mailed by United States registered or certified mail, return receipt requested, first-class postage
prepaid, addressed as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">If to Executive:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">If to the Company:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <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">to Executive&#146;s most
recent</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">address on file with the Company</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1110 West Commercial Boulevard</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fort Lauderdale,
Florida 33309</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Attn: Beth Wallace</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">or to such other address as any party may have furnished to the other in writing in accordance with this Section&nbsp;10,
except that notices of any change of address is effective only upon actual receipt. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11. <U>Stock Ownership Guidelines</U>. Executive will
comply with all stock ownership and stock retention guidelines or policies established by the Board and the Committee, as in effect from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12. <U>Claw Back Policy</U>. All compensation granted to Executive hereunder shall be subject to any and all claw back policies of the
Company, as in effect from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13. <U>Entire Agreement</U>. This Agreement contains the entire agreement between the parties
with respect to the subject matter hereof and supersedes all prior agreements, written or oral, with respect thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14. <U>Waiver and
Amendments</U>. This Agreement may be amended, modified, superseded, canceled, renewed or extended, and the terms and conditions hereof may be waived, only by a written instrument signed by the parties or, in the case of a waiver, by the party
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </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">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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waiving compliance. No delay on the part of any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any right, power
or privilege hereunder, nor any single or partial exercise of any right, power or privilege hereunder, preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15. <U>Governing Law</U>. This Agreement and the implementation of it shall be subject to and governed by the laws of the State of Florida
applicable to contracts fully performed and executed in such State. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">16. <U>Venue</U>. The parties agree that the exclusive venue for any
litigation relating to this Agreement will be the state courts located in Broward County, Florida and the United States District Court, Southern District of Florida, Fort Lauderdale Division in Broward County, Florida. The parties waive any rights
to object to venue as set forth herein, including any argument of inconvenience for any reason. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17. <U>Assignability by the Company and
Executive</U>. The Company may assign this Agreement, and the rights and obligations hereunder, at any time. Other than to the extent provided in Section&nbsp;5(d), Executive may not assign this Agreement or the rights and obligations hereunder.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">18. <U>Counterparts</U>. This Agreement may be executed in counterparts, each of which will be deemed an original but all of which will
constitute one and the same instrument. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">19. <U>Headings</U>. The headings in this Agreement are for convenience of reference only and
will not limit or otherwise affect the meaning of terms contained herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">20. <U>Severability</U>. If any term, provision, covenant or
restriction of this Agreement, or any part thereof, is held by a court of competent jurisdiction of any foreign, federal, state, county or local government or any other governmental, regulatory or administrative agency or authority to be invalid,
void, unenforceable or against public policy for any reason, the remainder of the terms, provisions, covenants and restrictions of this Agreement will remain in full force and effect and will in no way be affected or impaired or invalidated. If any
court determines that any of such covenants, or any part thereof, is invalid or unenforceable because of the geographic or temporal scope of such provision, such court will reduce such scope to the minimum extent necessary to make such covenants
valid and enforceable. Executive acknowledges that the restrictive covenants contained in Section&nbsp;6 are a condition of this Agreement and are reasonable and valid in temporal scope and in all other respects. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">21. <U>Tax Withholding</U>. The Company or other payor is authorized to withhold from any benefit provided or payment due hereunder, the
amount of withholding taxes due any federal, state or local authority in respect of such benefit or payment and to take such other action as may be necessary in the Company&#146;s opinion to satisfy all obligations for the payment of such
withholding taxes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[remainder of page intentionally left blank] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </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">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto, intending to be legally bound hereby, have executed
this Agreement as of the day and year first above mentioned. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">EXECUTIVE:</TD></TR>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Stephen J. Donaghy</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Stephen J. Donaghy</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">UNIVERSAL INSURANCE HOLDINGS, INC.</TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Sean P. Downes</TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name:&nbsp;&nbsp; Sean P. Downes</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Title:&nbsp;&nbsp; President and Chief Executive Officer</P></TD></TR>
</TABLE></DIV> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:6pt; 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" ALIGN="right"><B>Exhibit 10.4 </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"><B>EMPLOYMENT
AGREEMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">This employment agreement (the &#147;<U>Agreement</U>&#148;), dated as of January 12, 2016 is between Universal Insurance
Holdings, Inc. a Delaware corporation (&#147;<U>Company</U>&#148;), and Frank C. Wilcox (the &#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 are parties to an employment agreement, dated as of August&nbsp;5, 2013 (the &#147;<U>Prior Agreement</U>&#148;), pursuant to which Executive was employed as Chief Financial Officer of the Company; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Prior Agreement expired on October&nbsp;1, 2015; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, Executive and the Company now desire to enter into this Agreement in connection with Executive&#146;s continuing employment for the
Term (as defined below) as the Chief Financial Officer of the Company; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the covenants and promises
contained herein and for other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <U>Employment and Acceptance</U>. The Company will employ Executive, and Executive will accept employment, subject to the terms of this
Agreement, as of October&nbsp;1, 2015 (&#147;<U>Effective Date</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U>Term</U>. Subject to earlier termination pursuant to
Section&nbsp;5, this Agreement and the employment relationship hereunder will continue from the Effective Date until the second anniversary of the Effective Date. As used in this Agreement, the &#147;<U>Term</U>&#148; means the period beginning on
the Effective Date and ending on the date Executive&#146;s employment terminates in accordance with this Section&nbsp;2 or Section&nbsp;5. In the event that Executive&#146;s employment terminates, the Company&#146;s obligation to continue to pay all
Base Salary and other benefits then accrued will terminate except as may be provided for in Section&nbsp;5. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. <U>Duties and Title</U>.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Title</U>. The Company will employ Executive to render full-time services to the Company, its parent, its subsidiaries and its
affiliates (singularly, &#147;<U>Related Company</U>&#148; or collectively, &#147;<U>Related Companies</U>&#148;). During the Term, the Company will employ Executive as Chief Financial Officer of the Company, reporting to the Chief Executive
Officer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Duties</U>. During the Term, Executive will have such authority and responsibilities and will perform such duties as the
Chief Executive Officer or Chief Operating Officer may assign, commensurate with his position. Executive will devote all Executive&#146;s full working-time and attention to the performance of such duties and to the promotion of the Company&#146;s or
a Related Company&#146;s business and interests. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Other Business Activities</U>. Executive may not engage in any activity that
conflicts with the Company&#146;s or a Related Company&#146;s interests or would materially interfere </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Frank Wilcox </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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with the performance of Executive&#146;s duties to the Company, as determined by the Company in its sole discretion. Executive may not hold, directly or indirectly, an ownership interest of more
than 2% in any entity which competes with the Company or a Related Company, as determined by the Company in its sole discretion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.
<U>Compensation and Benefits by the Company</U>. As compensation for all services rendered pursuant to this Agreement, the Company will provide Executive the following during the Term: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Base Salary</U>. The Company will pay Executive a base salary at the annual rate of $375,000, payable in accordance with the
Company&#146;s customary payroll practices. The Base Salary may be subject to adjustment by the Compensation Committee of the Board of Directors of the Company (the &#147;<U>Compensation Committee</U>&#148;) based on the recommendation of the Chief
Executive Officer of the Company. For purposes of this Agreement, &#147;<U>Base Salary</U>&#148; means Executive&#146;s base salary as adjusted. Base Salary shall be paid in installments in accordance with the Company&#146;s regular payroll
practices. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Annual Bonus</U>. For each fiscal year during the Term, Executive may be awarded an annual bonus payment as determined
by the Company in its sole discretion (&#147;<U>Annual Bonus</U>&#148;). Executive&#146;s employment with the Company must continue through the date any Annual Bonus is paid. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Participation in Executive Benefit Plans</U>. Executive is entitled, if and to the extent eligible, to participate in the
Company&#146;s benefit plans generally available to Company employees in similar positions. Executive is eligible to participate in the Company&#146;s equity incentive plans, including the 2009 Omnibus Incentive Plan, as it may be amended from time
to time, at the Compensation Committee&#146;s discretion based on the recommendations of management of the Company, and any successor plans thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>Vacation</U>. Executive will receive paid vacation of 3 weeks per fiscal year. Beginning with 2016, any unused vacation for a given
calendar year shall accrue, and the aggregate value of any unused accrued vacation shall be paid to Executive upon the termination of Executive&#146;s employment with the Company, <I>provided </I>that Executive has submitted a report to the
Committee within 30 days following the end of each calendar year reporting on the number of accrued and unused vacation days for such year and the total number of accrued but unused vacation days for all prior years. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) <U>Expense Reimbursement</U>. The Company will reimburse Executive for all appropriate business expenses Executive incurs in connection
with Executive&#146;s duties under this Agreement in accordance with the Company&#146;s policies as in effect from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.
<U>Termination of Employment</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Payment Upon Termination</U>. If Executive&#146;s employment terminates for any reason,
Executive will receive, within 30 days of termination, a lump sum cash payment equal to (1)&nbsp;accrued but unpaid Base Salary through the date of termination, (2)&nbsp;any employee </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Frank Wilcox </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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benefits Executive may be entitled to pursuant to the Company&#146;s employee benefit plans through the date of termination and (3)&nbsp;expenses reimbursable under Section&nbsp;4(e) incurred but
not yet reimbursed to Executive through the date of termination. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <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), within 30 days of termination Executive will receive, in addition to the payment specified in Section&nbsp;5(a), a lump-sum cash
payment equal to Executive&#146;s Base Salary for a period equal to the remaining Term of the Agreement, provided Executive executes (without revocation) a valid release agreement in a form reasonably acceptable to the Company. The Company will have
no obligation to provide the payments set forth in this Section&nbsp;5(b) in the event that Executive breaches the provisions of Section&nbsp;6. For purposes of this Agreement, &#147;<U>Cause</U>&#148; means, as determined by Company (or its
designee), (1)&nbsp;Executive&#146;s material breach of Executive&#146;s obligations or representations under this Agreement, (2)&nbsp;Executive&#146;s arrest for, conviction of or plea of nolo contendere to a felony, (3)&nbsp;Executive&#146;s acts
of dishonesty resulting or intending to result in personal gain or enrichment at the Company&#146;s or a Related Company&#146;s expense, (4)&nbsp;Executive&#146;s fraudulent, unlawful or grossly negligent conduct in connection with Executive&#146;s
duties under this Agreement, (5)&nbsp;Executive&#146;s engaging in personal conduct which seriously discredits or damages the Company or a Related Company, (6)&nbsp;contravention of the Company&#146;s specific lawful directions or continuing
inattention to or continuing failure to adequately perform the duties described under Section&nbsp;3(b), (7)&nbsp;Executive&#146;s material breach of the Company&#146;s manuals, written policies, codes or procedures, (8)&nbsp;initiation of a
regulatory inquiry, investigation or proceeding regarding Executive&#146;s performance of duties on the Company&#146;s or a Related Company&#146;s behalf or (9)&nbsp;breach of Executive&#146;s covenants set forth in Section&nbsp;6 below before
termination of employment. A termination for Cause is effective immediately or on such other date set forth by the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)
<U>Termination Because of Death</U>. If Executive&#146;s employment terminates because of Executive&#146;s death, within 30 days of termination Executive&#146;s legal representatives will receive, in addition to the payments specified in
Section&nbsp;5(a), a lump-sum cash payment equal to Executive&#146;s unpaid Base Salary from the date of termination through the last day of the month in which Executive&#146;s death occurred and any employee benefits Executive may be entitled to
pursuant to the Company&#146;s employee benefit plans through such period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>Termination Because of Disability</U>. The Company may
terminate Executive&#146;s employment because of Executive&#146;s Disability. For purposes of this Agreement, &#147;<U>Disability</U>&#148; means a determination by the Company that, as a result of a physical or mental injury or illness, Executive
is unable to perform the essential functions of Executive&#146;s job with or without reasonable accommodation for a period of 90 consecutive days or 60 days in any <FONT STYLE="white-space:nowrap">six&nbsp;(6)-month</FONT> period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. <U>Restrictions and Obligations of Executive</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Non-Disparagement</U>. Executive will not at any time (whether during or after the Term) publish or communicate to any person or entity
any Disparaging remarks, comments or statements concerning the Company or a Related Company, and their respective </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Frank Wilcox </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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present and former members, partners, directors, officers, shareholders, employees, agents, attorneys, successors, assigns, clients and agents. &#147;<U>Disparaging</U>&#148; remarks, comments or
statements are those that impugn the character, honesty, integrity, morality, business acumen or abilities in connection with any aspect of the operation of business of the individual or entity being disparaged. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Confidentiality</U>. During the course of Executive&#146;s employment, Executive has had and will have access to certain trade secrets
and confidential information relating to the Company and the Related Companies which is not readily available from sources outside the Company. The parties agree that the business in which the Company engages is highly
<FONT STYLE="white-space:nowrap">sales-oriented</FONT> and the goodwill established between Executive and the Company&#146;s customers and potential customers is a valuable and legitimate business interest worthy of protection under this Agreement.
Executive recognizes that, by virtue of Executive&#146;s employment by the Company, Executive is granted otherwise prohibited access to the Company&#146;s confidential and proprietary data which is not known to its competitors and which has
independent economic value to the Company and that Executive will gain an intimate knowledge of the Company&#146;s reinsurance business and its policies, customers, employees and trade secrets, and of other confidential, proprietary, privileged or
secret information of the Company and its clients (collectively, all such nonpublic information is referred to as &#147;<U>Confidential Information</U>&#148;). This Confidential Information includes, but is not limited to, data relating to the
Company&#146;s marketing and servicing programs, procedures and techniques, business, management and personnel strategies, analytic tools and processes, the criteria and formulae used by the Company in pricing its insurance products and claims
management, loss control and information management services, the Company&#146;s computer system, reinsurance marketing program and the skill of marketing and selling products, the structure and pricing of special reinsurance products or packages
that the Company has negotiated with various underwriters, lists of prospects, customer lists and renewals, the identity, authority and responsibilities of key contacts at clients&#146; accounts, the composition and organization of clients&#146;
business, the peculiar risks inherent in a client&#146;s operations, highly sensitive details concerning the structure, conditions and extent of a client&#146;s existing insurance and reinsurance coverages, policy expiration dates and premium
amounts, commission rates, risk management service arrangements, loss histories and other data showing clients&#146; particularized insurance requirements and preferences. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Except as required by law or an order of a court or governmental agency with jurisdiction, Executive will not, during the Term or any time
thereafter, disclose any Confidential Information, directly or indirectly, to any person or entity for any reason or purpose whatsoever, nor will Executive use it in any way. Executive will take all reasonable steps to safeguard the Confidential
Information and to protect it against disclosure, misuse, espionage, loss and theft. Executive understands and agrees that Executive will acquire no rights to any such Confidential Information. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">At the Company&#146;s request from time to time and upon the termination of Executive&#146;s employment for any reason, Executive will
promptly deliver to the Company all copies and embodiments, in whatever form, of all Confidential Information in Executive&#146;s possession or within Executive&#146;s control (including, but not limited to, memoranda, records, notes, plans,
photographs, manuals, notebooks, documentation, program listings, flow charts, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Frank Wilcox </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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magnetic media, disks, diskettes, tapes and all other materials containing any Confidential Information) irrespective of the location or form of such material. If requested by the Company,
Executive will provide the Company with written confirmation that all such materials have been delivered to the Company as provided herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Notwithstanding anything herein to the contrary, Executive shall have the right under Federal law to certain protections for cooperating with
or reporting legal violations to the Securities and Exchange Commission (the &#147;<U>SEC</U>&#148;) and/or its Office of the Whistleblower, as well as certain other governmental entities. No provisions in this Agreement are intended to prohibit
Executive from disclosing this Agreement to, or from cooperating with or reporting violations to, the SEC or any other such governmental entity, and Executive may do so without disclosure to the Company. The Company may not retaliate against
Executive for any of these activities, and nothing in this Agreement would require Executive to waive any monetary award or other payment that Executive might become entitled to from the SEC or any other governmental entity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Non-Solicitation or Hire</U>. While employed by the Company and for a period of 12 months following the termination of Executive&#146;s
employment for any reason, Executive will not directly or indirectly solicit or attempt to solicit or induce, directly or indirectly, (1)&nbsp;any party who is a client, customer or policyholder of the Company or a Related Company, or who was a
client, customer or policyholder of the Company or a Related Company at any time during the 12-month period immediately prior to the date of termination, for the purpose of marketing, selling or providing to any such party any services or products
offered by or available from the Company or a Related Company and (2)&nbsp;any employee of the Company or a Related Company or any person who was an employee of the Company or a Related Company during the 12-month period immediately prior to the
date Executive&#146;s employment terminates to terminate such employee&#146;s employment relationship with the Company or a Related Company, in either case, to enter into a similar relationship with Executive or any other person or any entity in
competition with the Company or a Related Company. During the Term and for a period of 12 months following the termination of Executive&#146;s employment for any reason, Executive will not enter into an employment relationship, directly or
indirectly, with any employee of the Company or a Related Company or any person who was an employee of the Company or a Related Company during the <FONT STYLE="white-space:nowrap">12-month</FONT> period immediately prior to the date Executive&#146;s
employment terminates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>Non-Competition</U>. While employed by the Company and for a period of 12 months following Executive&#146;s
termination of employment for any reason, Executive will not, whether individually, as a director, manager, member, stockholder, partner, owner, employee, consultant or agent of any business, or in any other capacity, other than on behalf of the
Company or a Related Company, organize, establish, own, operate, manage, control, engage in, participate in, invest in, permit Executive&#146;s name to be used by, act as a consultant or advisor to, render services for (alone or in association with
any person, firm, corporation or business organization) or otherwise assist any person or entity that engages in or owns, invests in, operates, manages or controls any venture or enterprise which engages or proposes to engage in any business
conducted by the Company or a Related Company during the <FONT STYLE="white-space:nowrap">12-month&nbsp;period</FONT> immediately prior to the date Executive&#146;s employment terminates. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Frank Wilcox </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) <U>Company Policies</U>. During the Term and all periods thereafter, Executive will
remain in strict compliance with the Company&#146;s policies and guidelines, including the Company&#146;s code of business conduct or code of ethics. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. <U>Representations and Warranties by Executive</U>. Executive represents and warrants the following: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Skills and Competencies</U>. Any resume, employment history or related information directly or indirectly provided by Executive to the
Company, whether orally or in writing, is true, complete and accurate in all respects. Further, Executive is qualified by education and experience to perform the duties contemplated by this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Absence of Restrictions</U>. Executive is not a party to or subject to any restrictive covenants, legal restrictions or other
agreements in favor of any entity or person which would in any way preclude, inhibit, impair or limit Executive&#146;s ability to perform Executive&#146;s obligations under this Agreement, including, but not limited to, non-competition agreements,
non-solicitation agreements or confidentiality agreements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Absence of Litigation</U>. Within the 5-year period ending on the
Effective Date, Executive has not been involved in any proceeding, claim, lawsuit or investigation alleging wrongdoing by Executive in connection with any prior employer before any court or public or private arbitration board or panel. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. <U>Remedies; Specific Performance</U>. The parties acknowledge and agree that Executive&#146;s breach or threatened breach of any of the
restrictions set forth in Section&nbsp;6 will result in irreparable and continuing damage to the Company and the Related Companies for which there may be no adequate remedy at law and that the Company and the Related Companies are entitled to
equitable relief, including specific performance and injunctive relief as remedies for any such breach or threatened or attempted breach. Executive consents to the grant of an injunction (temporary or otherwise) against Executive or the entry of any
other court order against Executive prohibiting and enjoining Executive from violating, or directing Executive to comply with, any provision of Section&nbsp;6. Executive also agrees that such remedies are in addition to any and all remedies,
including damages, available to the Company and the Related Companies against Executive for such breaches or threatened or attempted breaches. In addition, without limiting the Company&#146;s and the Related Companies&#146; remedies for any breach
of any restriction on Executive set forth in Section&nbsp;6, except as required by law, Executive is not entitled to any payments set forth in Section&nbsp;5(b) if Executive has breached the covenants contained in Section&nbsp;6. Executive will
immediately return to the Company any such payments previously received under Section&nbsp;5(b) upon such a breach and, in the event of such breach, the Company will have no obligation to pay any of the amounts that remain payable by the Company
under Section&nbsp;5(b). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. <U>Code Section&nbsp;409A</U>. The provisions of this Section&nbsp;9 shall apply notwithstanding any
provision of this Agreement related to the timing of payments following Executive&#146;s termination or resignation. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Frank Wilcox </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 of 10 </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Delay of Payments</U>. If, at the time of Executive&#146;s termination or resignation
with the Company, Executive is a Specified Employee (as defined below), then the payments under Section&nbsp;5(b), any outstanding awards payable under the 2009 Omnibus Incentive Plan and any other amounts payable under this Agreement that the
Company determines constitutes deferred compensation within the meaning of Section&nbsp;409A of the Internal Revenue Code of 1986, as amended (the &#147;<U>Code</U>&#148;), and which are subject to the six-month delay required by Treas. Reg.
Section&nbsp;1.409A-1(c)(3)(v), shall be delayed and not paid to Executive until the first business day following the six-month anniversary of Executive&#146;s date of termination or resignation (the &#147;<U>Short-Term Deferral Date</U>&#148;), at
which time such delayed amounts will be paid to Executive in a cash lump sum (the &#147;<U>Catch-Up Amount</U>&#148;). If payment of an amount is delayed as a result of this Section&nbsp;9(a), such amount shall be increased with interest from the
date on which such amount would otherwise have been paid to Executive but for this Section&nbsp;9(a) to the day prior to the date the Catch-Up Amount is paid. The rate of interest shall be the applicable short-term federal rate applicable under
Section&nbsp;7872(f)(2)(A) of the Code for the month in which the date of Executive&#146;s termination or resignation occurs. Such interest shall be paid at the same time that the Catch-Up Amount is paid. If Executive dies on or after the date of
Executive&#146;s termination or resignation and prior to the Short-Term Deferral Date, any amount delayed pursuant to this Section&nbsp;9(a) shall be paid to Executive&#146;s estate or beneficiary, as applicable, together with interest, within 30
days following the date of Executive&#146;s death. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) &#147;<U>Specified Employee</U>&#148; has the meaning set forth in
Section&nbsp;409A(a)(2)(B)(i) of the Code. The determination of whether Executive constitutes a Specified Employee on the date of his termination or resignation shall be made in accordance with the Company&#146;s established methodology for
determining Specified Employees. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) &#147;<U>Separation from Service</U>&#148; means a &#147;separation from service&#148; from the
Company within the meaning of the default rules under the final regulations issued pursuant to Section&nbsp;409A of the Code. For purposes of this Agreement, the terms &#147;terminate,&#148; &#147;terminated,&#148; &#147;termination&#148; and
&#147;resignation&#148; mean a termination of Executive&#146;s employment that constitutes a Separation from Service. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>Separate
Payments and Reimbursements</U>. For purposes of applying the provisions of Section&nbsp;409A of the Code to this Agreement, each separately identifiable amount to which Executive is entitled under this Agreement shall be treated as a separate
payment. To the extent any reimbursements or in-kind benefit payments under this Agreement are subject to Section&nbsp;409A, such reimbursements and in-kind benefit payments shall be made in accordance with Section&nbsp;409A, and payments of such
reimbursements or in-kind benefits shall be made on or before the last day of the calendar year following the calendar year in which the relevant expense is incurred. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10. <U>Notice</U>. For purposes of this Agreement, all notices and other communications will be in writing and will be deemed to have been
duly given when delivered or when mailed by United States registered or certified mail, return receipt requested, first-class postage prepaid, addressed as follows: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Frank Wilcox </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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<TR>
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<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">If to Executive:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">If to the Company:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Frank C. Wilcox,</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1110 West Commercial Boulevard</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">to Executive&#146;s most recent</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Fort Lauderdale, Florida 33309</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">address on file with the Company</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Attn: Beth Wallace</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">or to such other address as any party may have furnished to the other in writing in accordance with this Section&nbsp;10,
except that notices of any change of address is effective only upon actual receipt. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11. <U>Stock Ownership Guidelines</U>. Executive will
comply with all stock ownership and stock retention guidelines or policies established by the Board and the Committee, as in effect from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12. <U>Claw Back Policy</U>. All compensation granted to Executive hereunder shall be subject to any and all claw back policies of the
Company, as in effect from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13. <U>Entire Agreement</U>. This Agreement contains the entire agreement between the parties
with respect to the subject matter hereof and supersedes all prior agreements, written or oral, with respect thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14. <U>Waiver and
Amendments</U>. This Agreement may be amended, modified, superseded, canceled, renewed or extended, and the terms and conditions hereof may be waived, only by a written instrument signed by the parties or, in the case of a waiver, by the party
waiving compliance. No delay on the part of any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any right, power or privilege hereunder, nor any single or partial
exercise of any right, power or privilege hereunder, preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15. <U>Governing Law</U>. This Agreement and the implementation of it shall be subject to and governed by the laws of the State of Florida
applicable to contracts fully performed and executed in such State. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">16. <U>Venue</U>. The parties agree that the exclusive venue for any
litigation relating to this Agreement will be the state courts located in Broward County, Florida and the United States District Court, Southern District of Florida, Fort Lauderdale Division in Broward County, Florida. The parties waive any rights
to object to venue as set forth herein, including any argument of inconvenience for any reason. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17. <U>Assignability by the Company and
Executive</U>. The Company may assign this Agreement, and the rights and obligations hereunder, at any time. Other than to the extent provided in Section&nbsp;5(c), Executive may not assign this Agreement or the rights and obligations hereunder.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Frank Wilcox </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 of 10 </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">18. <U>Counterparts</U>. This Agreement may be executed in counterparts, each of which will
be deemed an original but all of which will constitute one and the same instrument. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">19. <U>Headings</U>. The headings in this Agreement
are for convenience of reference only and will not limit or otherwise affect the meaning of terms contained herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">20.
<U>Severability</U>. If any term, provision, covenant or restriction of this Agreement, or any part thereof, is held by a court of competent jurisdiction of any foreign, federal, state, county or local government or any other governmental,
regulatory or administrative agency or authority to be invalid, void, unenforceable or against public policy for any reason, the remainder of the terms, provisions, covenants and restrictions of this Agreement will remain in full force and effect
and will in no way be affected or impaired or invalidated. If any court determines that any of such covenants, or any part thereof, is invalid or unenforceable because of the geographic or temporal scope of such provision, such court will reduce
such scope to the minimum extent necessary to make such covenants valid and enforceable. Executive acknowledges that the restrictive covenants contained in Section&nbsp;6 are a condition of this Agreement and are reasonable and valid in temporal
scope and in all other respects. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">21. <U>Tax Withholding</U>. The Company or other payor is authorized to withhold from any benefit
provided or payment due hereunder, the amount of withholding taxes due any federal, state or local authority in respect of such benefit or payment and to take such other action as may be necessary in the Company&#146;s opinion to satisfy all
obligations for the payment of such withholding taxes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[remainder of page intentionally left blank] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Frank Wilcox </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto, intending to be legally bound hereby, have executed
this Agreement as of the day and year first above mentioned. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">EXECUTIVE:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Frank C. Wilcox</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Frank C. Wilcox</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">UNIVERSAL INSURANCE HOLDINGS, INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Sean P. Downes</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sean P. Downes</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">President and Chief Executive
Officer</P></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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