<SEC-DOCUMENT>0001193125-18-060972.txt : 20180227
<SEC-HEADER>0001193125-18-060972.hdr.sgml : 20180227
<ACCEPTANCE-DATETIME>20180227163956
ACCESSION NUMBER:		0001193125-18-060972
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20180222
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:		20180227
DATE AS OF CHANGE:		20180227

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:		18645714

	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>d531063d8k.htm
<DESCRIPTION>8-K
<TEXT>
<HTML><HEAD>
<TITLE>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:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT
REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PURSUANT TO SECTION&nbsp;13 OR 15(d) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>OF THE SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>February&nbsp;22, 2018 </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><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">001-33251</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">65-0231984</FONT></B></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</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;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>file number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>1110 W. Commercial Blvd., 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)
<FONT STYLE="white-space:nowrap">958-1200&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> </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 <FONT STYLE="white-space:nowrap">8-K</FONT> 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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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</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 ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR
<FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </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 style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR
<FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as
defined in Rule 405 of the Securities Act of 1933 (&#167; 230.405 of this chapter) or Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Securities Exchange Act of 1934 (&#167; <FONT STYLE="white-space:nowrap">240.12b-2</FONT> of this
chapter). </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="right">Emerging growth company</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&#9744;</TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
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<TD HEIGHT="16"></TD>
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<TD VALIGN="top">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to
Section&nbsp;13(a) of the Exchange&nbsp;Act.&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&#9744;</TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;5.02</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensation Arrangements of Certain Officers </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On February&nbsp;22, 2018, Universal Insurance Holdings, Inc. (&#147;Company&#148;) entered into <FONT STYLE="white-space:nowrap">two-year</FONT> employment
agreements with each of Stephen J. Donaghy, the Company&#146;s Chief Operating Officer; Frank C. Wilcox, the Company&#146;s Chief Financial Officer; and Kimberly D. Cooper, the Company&#146;s Chief Administrative Officer and Chief Information
Officer.&nbsp;The employment agreements were approved by the Company&#146;s Compensation Committee (&#147;Compensation Committee&#148;). </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">Mr.&nbsp;Donaghy&#146;s new employment agreement provides that he will serve as Chief Operating Officer of the
Company for a <FONT STYLE="white-space:nowrap">two-year</FONT> term beginning on January&nbsp;1, 2018 and ending on December&nbsp;31, 2019, unless earlier terminated in accordance with its terms. </P>
<P STYLE="margin-top:12pt; 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:12pt; 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 <FONT STYLE="white-space:nowrap">10-K</FONT> for such year. The annual bonus is payable under and subject to the Company&#146;s 2009 Omnibus Incentive Plan, as may be amended from time to time
(&#147;Omnibus Plan&#148;), 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">Mr.&nbsp;Wilcox&#146;s new employment agreement provides that Mr.&nbsp;Wilcox will serve as Chief Financial Officer of
the Company for a <FONT STYLE="white-space:nowrap">two-year</FONT> term beginning on October&nbsp;1, 2017 and ending on December&nbsp;31, 2019, unless earlier terminated in accordance with its terms. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Wilcox will receive a base salary of $412,500 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:12pt; 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">Mr.&nbsp;Wilcox will receive a grant
of 50,000 shares of restricted stock that vests in three equal tranches on December&nbsp;31, 2018, 2019, and 2020, subject to Mr.&nbsp;Wilcox&#146;s continued employment with the Company through the applicable vesting dates. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Employment Agreement with Kimberly D. Cooper </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Cooper&#146;s new employment agreement provides that Ms.&nbsp;Cooper will serve as Chief Administrative Officer and Chief Information Officer of the
Company for a <FONT STYLE="white-space:nowrap">two-year</FONT> term beginning on January&nbsp;1, 2018 and ending on December&nbsp;31, 2019, unless earlier terminated in accordance with its terms. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Cooper will receive a base salary of $300,000 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:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Cooper is eligible to receive an annual bonus as determined by the Company in
its sole discretion, subject to Ms.&nbsp;Cooper&#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:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The preceding summaries of the employment and compensation arrangements with Mr.&nbsp;Donaghy, Mr.&nbsp;Wilcox, and Ms.&nbsp;Cooper 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 and 10.3 and incorporated herein by reference thereto. </P>

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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Financial Statements and Exhibits </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d) Exhibits: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="90%"></TD></TR>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:37.30pt; display:inline; font-size:8pt; font-family:Times New Roman; " ALIGN="center">Exhibit&nbsp;No.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:37.25pt; display:inline; font-size:8pt; font-family:Times New Roman; " ALIGN="center">Description</P></TD></TR>


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<TD VALIGN="top" NOWRAP>10.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d531063dex101.htm">Employment Agreement, dated February&nbsp;22, 2018, between Stephen J. Donaghy and the Company </A></TD></TR>
<TR STYLE="font-size:1pt">
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<TD VALIGN="top" NOWRAP>10.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d531063dex102.htm">Employment Agreement, dated February&nbsp;22, 2018, between Frank C. Wilcox and the Company </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP>10.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d531063dex103.htm">Employment Agreement, dated February&nbsp;22, 2018, between Kimberly D. Cooper and the Company </A></TD></TR>
</TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SIGNATURES </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Date: February&nbsp;23, 2018</TD>
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<TD VALIGN="top">UNIVERSAL INSURANCE HOLDINGS, INC.</TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Sean P. Downes</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Sean P. Downes</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chief Executive Officer</TD></TR>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>d531063dex101.htm
<DESCRIPTION>EX-10.1
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<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:24pt; 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 February&nbsp;22, 2018, is between Universal Insurance Holdings,
Inc. a Delaware corporation<B> </B>(&#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:8%; 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:8%; font-size:10pt; font-family:Times New Roman">Accordingly, the parties agree as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; 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, 2018 (&#147;<U>Effective Date</U>&#148;). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; 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, 2019. <B></B>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:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">3. <U>Duties and Title</U>.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; 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,<B> </B>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 Operating Officer, reporting to the Chief Executive Officer of the Company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; 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 or its Chief Executive
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:6pt; margin-bottom:0pt; text-indent:13%; 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:6pt; margin-bottom:0pt; text-indent:8%; 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:6pt; margin-bottom:0pt; text-indent:13%; 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;<U>Base Salary</U>&#148;), with no subsequent increases during the Term unless the Compensation Committee provides otherwise subsequent to the Effective Date. </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 2 of 11 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; 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;<U>Plan</U>&#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 <FONT STYLE="white-space:nowrap">10-K</FONT> (the &#147;<U>Annual Bonus</U>&#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&nbsp;5(b) and
Section&nbsp;5(c), that he is employed through December&nbsp;31 of the year to which the bonus relates. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; 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:6pt; margin-bottom:0pt; text-indent:13%; 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:6pt; margin-bottom:0pt; text-indent:13%; 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:6pt; margin-bottom:0pt; text-indent:13%; 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:6pt; margin-bottom:0pt; text-indent:13%; 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:6pt; margin-bottom:0pt; text-indent:13%; 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:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">5. <U>Termination of Employment</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; 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 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:6pt; margin-bottom:0pt; text-indent:13%; 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 <FONT STYLE="white-space:nowrap">lump-sum</FONT> cash payment equal to
Executive&#146;s Base Salary for a period equal to 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">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 3 of 11 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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remaining Term of the Agreement and (ii)&nbsp;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) 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)
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:6pt; margin-bottom:0pt; text-indent:13%; 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 <FONT STYLE="white-space:nowrap">lump-sum</FONT> cash payment equal to Executive&#146;s Base Salary for a period equal to the
remaining Term of the Agreement and (ii)&nbsp;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:6pt; margin-bottom:0pt; text-indent:13%; 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 <FONT
STYLE="white-space:nowrap">lump-sum</FONT> 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: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 4 of 11 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; 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:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(f) <U>Termination in Connection with a Change in Control</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:17%; 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 <FONT STYLE="white-space:nowrap">Section&nbsp;1.409A-3(i)(5).</FONT> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:17%; 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 (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: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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<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 5 of 11 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:17%; 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:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">6. <U>Restrictions and Obligations of
Executive</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(a) <U><FONT STYLE="white-space:nowrap">Non-Disparagement</FONT></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:6pt; margin-bottom:0pt; text-indent:13%; 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<B> </B>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 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:6pt; 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 </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">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 6 of 11 </P>
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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:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(c) <U><FONT STYLE="white-space:nowrap">Non-Solicitation</FONT> 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 (whether during or after the Term) (the &#147;<U><FONT STYLE="white-space:nowrap">Non-Solicit</FONT> Period</U>&#148;), 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 <FONT STYLE="white-space:nowrap">12-month</FONT> 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 <FONT STYLE="white-space:nowrap">12-month</FONT> 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 <FONT STYLE="white-space:nowrap">Non-Solicit</FONT> Period, 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:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(d) <U><FONT STYLE="white-space:nowrap">Non-Competition</FONT></U>. While employed by the Company and for a period of 12 months following
Executive&#146;s termination of employment for any reason (whether during or after the Term), 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">6 </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">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 7 of 11 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; 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:6pt; margin-bottom:0pt; text-indent:8%; 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:6pt; margin-bottom:0pt; text-indent:13%; 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:6pt; margin-bottom:0pt; text-indent:13%; 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, <FONT
STYLE="white-space:nowrap">non-competition</FONT> agreements, <FONT STYLE="white-space:nowrap">non-solicitation</FONT> agreements or confidentiality agreements. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(c) <U>Absence of Litigation</U>. Within the <FONT STYLE="white-space:nowrap">5-year</FONT> 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:6pt; margin-bottom:0pt; text-indent:8%; 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: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>


<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">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="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">9. <U>Code Section</U><U></U><U>&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:6pt; margin-bottom:0pt; text-indent:13%; 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 <FONT STYLE="white-space:nowrap">six-month</FONT> 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 <FONT STYLE="white-space:nowrap">six-month</FONT> 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><FONT STYLE="white-space:nowrap">Catch-Up</FONT> 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 <FONT
STYLE="white-space:nowrap">Catch-Up</FONT> 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 <FONT STYLE="white-space:nowrap">Catch-Up</FONT> 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:6pt; margin-bottom:0pt; text-indent:13%; 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:6pt; margin-bottom:0pt; text-indent:13%; 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:6pt; margin-bottom:0pt; text-indent:13%; 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 <FONT
STYLE="white-space:nowrap">in-kind</FONT> benefit payments under this Agreement are subject to Section&nbsp;409A, such reimbursements and <FONT STYLE="white-space:nowrap">in-kind</FONT> benefit payments shall be made in accordance with
Section&nbsp;409A, and payments of such reimbursements or <FONT STYLE="white-space:nowrap">in-kind</FONT> 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:6pt; margin-bottom:0pt; text-indent:8%; 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">8 </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">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="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">If to Executive:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">If to the Company:</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Stephen J. Donaghy</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">to Executive&#146;s most recent</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">address on file with the Company</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1110 West Commercial Boulevard</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fort Lauderdale, Florida 33309</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; 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:6pt; margin-bottom:0pt; text-indent:8%; 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:6pt; margin-bottom:0pt; text-indent:8%; 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:6pt; margin-bottom:0pt; text-indent:8%; 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:6pt; margin-bottom:0pt; text-indent:8%; 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:6pt; margin-bottom:0pt; text-indent:8%; 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:6pt; margin-bottom:0pt; text-indent:8%; 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:6pt; margin-bottom:0pt; text-indent:8%; 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:6pt; margin-bottom:0pt; text-indent:8%; 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:6pt; margin-bottom:0pt; text-indent:8%; 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: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>


<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">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 10 of 11 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; 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:6pt; margin-bottom:0pt; text-indent:8%; 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:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">22. <U>Obligations Survive Termination of Employment</U>. The termination of Executive&#146;s employment for whatever reason will
not impair or relieve Executive of any of Executive&#146;s obligations under this Agreement which, by their express terms or by implication, extend beyond the term of Executive&#146;s employment. </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 11 of 11 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&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:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TR STYLE="page-break-inside:avoid ; 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="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Stephen J. Donaghy</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Stephen J. Donaghy</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>By: <U>/s/ Sean P.
Downes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name: Sean P. Downes</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title: Chief Executive Officer</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">11 </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 10.2 </B></P>
<P STYLE="margin-top:24pt; 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 February&nbsp;22, 2018, 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 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:8%; font-size:10pt; font-family:Times New Roman">Accordingly, the parties agree as follows: </P>
<P STYLE="margin-top:6pt; 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 1, 2017 (&#147;<U>Effective Date</U>&#148;). </P> <P STYLE="margin-top:6pt; 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, 2019. 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:6pt; 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:6pt; 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:6pt; 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 President 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:6pt; 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:6pt; 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:6pt; 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 $412,500, 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>

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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 2 of 10 </P>
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 <P STYLE="margin-top:0pt; 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:6pt; 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. For each month during the Term, the Company shall (1)&nbsp;provide Executive with a car allowance in the amount of
$600 per month and (2)&nbsp;pay the premiums for health insurance coverage of Executive, his spouse and his children under the group health insurance plan sponsored by the Company. </P>
<P STYLE="margin-top:6pt; 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. 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:6pt; 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:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f)
<U>Restricted Stock Grant</U>. Subject to his continued employment through the applicable vesting dates (except as otherwise provided herein), Executive is entitled to receive 50,000 shares of restricted stock, granted as of the date hereof, and
vesting as follows: (1) 16,666 restricted shares vesting on December&nbsp;31, 2018, (2) 16,667 restricted shares vesting on December&nbsp;31, 2019, and (3) 16,667 restricted shares vesting on December&nbsp;31, 2020. Except as provided in
Section&nbsp;5, no award shall vest (x)&nbsp;unless Executive remains in the continuous employ of the Company through the applicable vesting date or (y)&nbsp;if Executive&#146;s employment has ended for any reason (including death) prior to the
applicable vesting date. Each grant shall be subject to the terms and conditions of the applicable restricted stock award and shall be governed by the Plan and other applicable award documentation. </P>
<P STYLE="margin-top:6pt; 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:6pt; 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 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: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 3 of 10 </P>
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 <P STYLE="margin-top:0pt; 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
<FONT STYLE="white-space:nowrap">lump-sum</FONT> 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) 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) 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:6pt; 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 <FONT STYLE="white-space:nowrap">lump-sum</FONT> 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:6pt; 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:6pt; 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:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U><FONT STYLE="white-space:nowrap">Non-Disparagement</FONT></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>
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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 4 of 10 </P>
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 <P STYLE="margin-top:0pt; 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, 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>
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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 5 of 10 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U><FONT STYLE="white-space:nowrap">Non-Solicitation</FONT> 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 (whether during or after the Term) (the &#147;<U><FONT STYLE="white-space:nowrap">Non-Solicit</FONT> Period</U>&#148;), 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 <FONT STYLE="white-space:nowrap">12-month</FONT> 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
<FONT STYLE="white-space:nowrap">12-month</FONT> 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 <FONT STYLE="white-space:nowrap">Non-Solicit</FONT> Period, 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:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U><FONT STYLE="white-space:nowrap">Non-Competition</FONT></U>. While employed by the
Company and for a period of 12 months following Executive&#146;s termination of employment for any reason (whether during or after the Term), 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:6pt; 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:6pt; 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:6pt; 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>
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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 6 of 10 </P>
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 <P STYLE="margin-top:0pt; 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, <FONT STYLE="white-space:nowrap">non-competition</FONT> agreements, <FONT STYLE="white-space:nowrap">non-solicitation</FONT> agreements or confidentiality agreements. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Absence of Litigation</U>. Within the <FONT STYLE="white-space:nowrap">5-year</FONT> 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:6pt; 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:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. <U>Code Section</U><U></U><U>&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:6pt; 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 <FONT STYLE="white-space:nowrap">six-month</FONT> 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><FONT STYLE="white-space:nowrap">Catch-Up</FONT>
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 <FONT STYLE="white-space:nowrap">Catch-Up</FONT> 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 <FONT STYLE="white-space:nowrap">Catch-Up</FONT> 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: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 7 of 10 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; 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:6pt; 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:6pt; 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 <FONT STYLE="white-space:nowrap">in-kind</FONT> benefit payments under this Agreement are subject to Section&nbsp;409A, such reimbursements and <FONT STYLE="white-space:nowrap">in-kind</FONT> benefit
payments shall be made in accordance with Section&nbsp;409A, and payments of such reimbursements or <FONT STYLE="white-space:nowrap">in-kind</FONT> 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:6pt; 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>
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<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">If to Executive:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">If to the Company:</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Frank C. Wilcox,</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1110 West Commercial Boulevard</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">to Executive&#146;s most recent</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fort Lauderdale, Florida 33309</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">address on file with the Company</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; 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:6pt; 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:6pt; 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:6pt; 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: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 8 of 10 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&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. 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:6pt; 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:6pt; 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:6pt; 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:6pt; 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:6pt; 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:6pt; 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:6pt; 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:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">22. <U>Obligations Survive Termination of Employment</U>. The termination of Executive&#146;s employment for whatever reason will
not impair or relieve Executive of any of Executive&#146;s obligations under this Agreement which, by their express terms or by implication, extend beyond the term of Executive&#146;s employment. </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 9 of 10 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</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 10 of 10 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto, intending to be legally bound hereby, have executed
this Agreement as of the day and year first above mentioned. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">EXECUTIVE:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Frank C. Wilcox</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Frank C. Wilcox</TD></TR>
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<TD VALIGN="top">UNIVERSAL INSURANCE HOLDINGS, INC.</TD></TR>
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<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>By: <U>/s/ Sean P.
Downes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name: Sean P. Downes</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title: Chief Executive Officer</TD></TR>
</TABLE></DIV>
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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:24pt; 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 February&nbsp;22, 2018, is between Universal Insurance Holdings,
Inc., a Delaware corporation (&#147;<U>Company</U>&#148;), and Kimberly D. Cooper (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
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:8%; font-size:10pt; font-family:Times New Roman">Accordingly, the parties agree as follows: </P>
<P STYLE="margin-top:6pt; 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 January 1, 2018 (&#147;<U>Effective Date</U>&#148;). </P> <P STYLE="margin-top:6pt; 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, 2019. 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:6pt; 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:6pt; 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 Administrative Officer and Chief Information Officer of the Company,
reporting to the Chief Executive Officer. </P> <P STYLE="margin-top:6pt; 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 President 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:6pt; 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:6pt; 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:6pt; 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 $300,000, 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>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Kimberly Cooper </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 2 of 9 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; 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:6pt; 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. For each month during the Term, the Company shall (1)&nbsp;provide Executive with a car allowance in the amount of
$400 per month and (2)&nbsp;pay the premiums for health insurance coverage of Executive and her spouse under the group health insurance plan sponsored by the Company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>Vacation</U>. Executive will receive paid vacation of 4 weeks per fiscal year. 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:6pt; 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:6pt; 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:6pt; 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 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:6pt; 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 <FONT STYLE="white-space:nowrap">lump-sum</FONT> 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) 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) 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: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>


<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">Kimberly Cooper </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 3 of 9 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; 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 <FONT STYLE="white-space:nowrap">lump-sum</FONT> 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:6pt; 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:6pt; 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:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U><FONT STYLE="white-space:nowrap">Non-Disparagement</FONT></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:6pt; 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, </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>


<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">Kimberly Cooper </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 4 of 9 </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">
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, 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:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U><FONT STYLE="white-space:nowrap">Non-Solicitation</FONT> 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 (whether during or after the Term) (the &#147;<U><FONT STYLE="white-space:nowrap">Non-Solicit</FONT> Period</U>&#148;), 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 <FONT STYLE="white-space:nowrap">12-month</FONT> 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 <FONT STYLE="white-space:nowrap">12-month</FONT> 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 <FONT STYLE="white-space:nowrap">Non-Solicit</FONT> Period, 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: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>


<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">Kimberly Cooper </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 5 of 9 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U><FONT STYLE="white-space:nowrap">Non-Competition</FONT></U>. While employed by the
Company and for a period of 12 months following Executive&#146;s termination of employment for any reason (whether during or after the Term), 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:6pt; 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:6pt; 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:6pt; 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:6pt; 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,
<FONT STYLE="white-space:nowrap">non-competition</FONT> agreements, <FONT STYLE="white-space:nowrap">non-solicitation</FONT> agreements or confidentiality agreements. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Absence of Litigation</U>. Within the <FONT STYLE="white-space:nowrap">5-year</FONT> 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">5 </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">Kimberly Cooper </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 6 of 9 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&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 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:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. <U>Code Section</U><U></U><U>&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:6pt; 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 <FONT STYLE="white-space:nowrap">six-month</FONT> 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 <FONT STYLE="white-space:nowrap">six-month</FONT> 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><FONT STYLE="white-space:nowrap">Catch-Up</FONT> 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 <FONT
STYLE="white-space:nowrap">Catch-Up</FONT> 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 <FONT STYLE="white-space:nowrap">Catch-Up</FONT> 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:6pt; 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:6pt; 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: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>


<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">Kimberly Cooper </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 7 of 9 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; 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
<FONT STYLE="white-space:nowrap">in-kind</FONT> benefit payments under this Agreement are subject to Section&nbsp;409A, such reimbursements and <FONT STYLE="white-space:nowrap">in-kind</FONT> benefit payments shall be made in accordance with
Section&nbsp;409A, and payments of such reimbursements or <FONT STYLE="white-space:nowrap">in-kind</FONT> 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:6pt; 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="page-break-inside:avoid ; 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="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Kimberly D. Cooper,</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1110 West Commercial Boulevard</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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="page-break-inside:avoid ; 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:6pt; 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:6pt; 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:6pt; 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:6pt; 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:6pt; 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: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">Kimberly Cooper </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 9 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; 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:6pt; 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:6pt; 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:6pt; 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:6pt; 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:6pt; 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:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">22. <U>Obligations Survive Termination of Employment</U>. The termination of Executive&#146;s employment for whatever reason will
not impair or relieve Executive of any of Executive&#146;s obligations under this Agreement which, by their express terms or by implication, extend beyond the term of Executive&#146;s employment. </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">8 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Kimberly Cooper </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 9 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto, intending to be legally bound hereby, have executed
this Agreement as of the day and year first above mentioned. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">EXECUTIVE:</TD></TR>
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<TD HEIGHT="16" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Kimberly D. Cooper</P></TD></TR>
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<TD VALIGN="top" COLSPAN="3">Kimberly D. Cooper</TD></TR>
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<TD VALIGN="top" COLSPAN="3">UNIVERSAL INSURANCE HOLDINGS, INC.</TD></TR></TABLE></DIV> <DIV ALIGN="right">
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Sean P. Downes</P></TD></TR></TABLE></DIV>
<DIV ALIGN="right">
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<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Sean P. Downes</TD></TR></TABLE></DIV> <DIV ALIGN="right">
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<TD VALIGN="top">Title:</TD>
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<TD VALIGN="top">Chief Executive Officer</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">9 </P>

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