<SEC-DOCUMENT>0001193125-18-356363.txt : 20181221
<SEC-HEADER>0001193125-18-356363.hdr.sgml : 20181221
<ACCEPTANCE-DATETIME>20181221161635
ACCESSION NUMBER:		0001193125-18-356363
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20181217
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:		20181221
DATE AS OF CHANGE:		20181221

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:		181249716

	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>d679176d8k.htm
<DESCRIPTION>8-K
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<Center><DIV STYLE="width:8.5in" align="left">
 <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:8pt; 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, DC 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:6pt;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 13 OR 15(d) OF THE </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>December&nbsp;17, 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 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>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<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)</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) (Zip Code) </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</FONT></B></P>
<P STYLE="font-size:6pt;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 (<I>see</I> General Instruction A.2. below): </P> <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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </P></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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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> </P></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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><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></P></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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><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></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; 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) 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> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Emerging growth company &#9744; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 Act. &#9744; </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;5.02</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On December&nbsp;17, 2018, Universal Insurance Holdings, Inc. (the
&#147;Company&#148;) entered into a <FONT STYLE="white-space:nowrap">one-year</FONT> employment agreement with Jon W. Springer, the Company&#146;s President and Chief Risk Officer (the &#147;Agreement&#148;), which is effective as of January&nbsp;1,
2019. Mr.&nbsp;Springer and the Company are parties to an employment agreement dated as of April&nbsp;11, 2018, which expires on December&nbsp;31, 2018. The following summary of the Agreement does not purport to be complete and is qualified in its
entirety by reference to the full text of the Agreement, which is attached hereto as Exhibit 10.1 and incorporated herein by reference thereto. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Term
</I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Springer&#146;s Agreement provides that he will continue to serve as President and Chief Risk Officer of the Company for a <FONT
STYLE="white-space:nowrap">one-year</FONT> term beginning on January&nbsp;1, 2019 and ending on December&nbsp;31, 2019, unless earlier terminated in accordance with its terms (the &#147;Term&#148;). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Base Salary </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Springer will receive a base salary
of $1,000,000, which will not be increased or decreased during the Term. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Annual Bonus </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Springer is eligible to receive an annual cash bonus which will be calculated based on the Company&#146;s Return on Average Equity (as defined in the
Agreement, &#147;ROAE&#148;) with a target value of $3.25&nbsp;million at ROAE of 25.0%. Mr.&nbsp;Springer&#146;s annual bonus is subject to adjustments by the Compensation Committee for certain extraordinary or special items and contingent on
continued employment. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Performance Share Units </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Springer is eligible to receive a grant of performance share units with a target value of $1&nbsp;million on the grant date (the &#147;PSU
Grant&#148;) payable under and subject to the Company&#146;s 2009 Omnibus Incentive Plan, as may be amended from time to time (the &#147;Omnibus Plan&#148;). The PSU Grant will be subject to a three-year award cycle commencing on the date of grant
as well as performance-vesting and time-vesting conditions set forth in the Agreement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Options </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Springer will receive a grant of options to purchase the Company&#146;s common stock in the sole discretion of the Compensation Committee (the
&#147;Option Grant&#148;). The Option Grant will be made pursuant to the Omnibus Plan and will be subject to the terms of the Omnibus Plan and any applicable award agreement evidencing the Option Grant. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Termination </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If Mr.&nbsp;Springer is terminated without
cause or resigns for good reason (as such terms are defined in the Agreement), he would be entitled to a <FONT STYLE="white-space:nowrap">lump-sum</FONT> cash amount equal to 12 months&#146; base salary and 12 months of COBRA coverage, subject to
his execution of a general release of claims in favor of the Company. He would also be entitled to receive a pro rata portion of his annual incentive award for the year of termination, calculated on the basis of the Company&#146;s actual performance
for such year. Any stock options that would have vested had he been continuously employed through the end of the <FONT STYLE="white-space:nowrap">one-year</FONT> period following the termination date will fully vest as of the termination date and
shall remain exercisable for one year. In addition, any PSUs that would have vested had he been continuously employed through the end of the <FONT STYLE="white-space:nowrap">one-year</FONT> period following the termination date will vest based on
actual performance for the full performance year, determined after the end of the performance year. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Change in Control </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the event of a change in control (as defined in the Agreement) and Mr.&nbsp;Springer is terminated without cause or resigns for good reason within 24 months
after such change in control, Mr.&nbsp;Springer would be entitled to a <FONT STYLE="white-space:nowrap">lump-sum</FONT> cash amount equal to 48 months&#146; base salary, plus two times any bonus paid for the calendar year prior to the change in
control, subject to his execution of a general release of claims in favor of the Company. All stock options would immediately vest and all PSUs would immediately vest and become payable within 30 days following their regularly scheduled vesting. All
such change in control payments would be reduced to the extent they would constitute an &#147;excess parachute payment&#148; within the meaning of Section&nbsp;280G of the Code, if such reduction would result in Mr.&nbsp;Springer receiving a higher
net <FONT STYLE="white-space:nowrap">after-tax</FONT> amount. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Disability </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If Mr.&nbsp;Springer becomes disabled during the Term, then the Company would be entitled to suspend his officership, but Mr.&nbsp;Springer would be entitled
to remain an employee of the Company and receive his compensation and benefits for the lesser of (i)&nbsp;one year from the date of such suspension or (ii)&nbsp;the date on which he is first eligible for long-term disability payments under the
Company&#146;s long-term disability plan. If Mr.&nbsp;Springer is terminated due to disability or dies during the Term, he or his estate, respectively, would be entitled to receive a pro rata portion of his annual incentive award for the year of
termination, calculated on the basis of the Company&#146;s actual performance for such year. In addition, such termination will be treated as a termination without cause for the purpose of determining the Company&#146;s obligation with respect to
stock options and PSUs held by Mr.&nbsp;Springer. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><FONT STYLE="white-space:nowrap">Non-Compete</FONT> </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Springer is subject to a <FONT STYLE="white-space:nowrap">non-compete</FONT> provision under the Agreement that prohibits him from engaging in certain
competitive activities during the Term and for a period of one year following his termination. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Other </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Agreement also contains nondisparagement, nonsolicitation and confidentiality provisions. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Financial Statements and Exhibits </B></P></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 VALIGN="bottom">10.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="d679176dex101.htm">Employment Agreement, dated December&nbsp;
17, 2018, between Jon W. Springer and the Company </A></P></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SIGNATURES </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3">Date: December&nbsp;21, 2018</TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">UNIVERSAL INSURANCE HOLDINGS, INC.</P></TD></TR>
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<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ S<SMALL>EAN</SMALL> P. D<SMALL>OWNES</SMALL></TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Sean P. Downes</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">Chief Executive Officer</P></TD></TR>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EMPLOYMENT AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Employment Agreement (the &#147;<U>Agreement</U>&#148;), dated as of December&nbsp;17, 2018, is between Universal Insurance Holdings,
Inc., a Delaware corporation<B> </B>(the &#147;<U>Company</U>&#148;), and Jon W. Springer (the &#147;<U>Executive</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS,
the Company and Executive are parties to an Employment Agreement, dated as of April&nbsp;11, 2018 (such agreement, the &#147;<U>Prior Agreement</U>&#148;), pursuant to which Executive was employed as President and Chief Risk Officer of the Company;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Prior Agreement expires on December&nbsp;31, 2018; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Executive and the Company now desire to enter into this Agreement in connection with Executive&#146;s continuing employment for the
Term (as defined below) as the President and Chief Risk Officer of the Company; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the covenants and
promises contained herein and for other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Employment and Acceptance</U>. During the Term, the Company agrees to employ Executive, and Executive agrees to
continue his employment with the Company, subject to the provisions of this Agreement. As of the Effective Date (as defined below), this Agreement supersedes and replaces in all respects the Prior Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;<U>Term</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Duration</U>. The period of Executive&#146;s employment with the Company under this Agreement will commence on
January&nbsp;1, 2019 (the &#147;<U>Effective Date</U>&#148;) and will continue until the earlier of: (i)&nbsp;December&nbsp;31, 2019 and (ii)&nbsp;the termination of such employment in accordance with Section&nbsp;5 ( the &#147;<U>Term</U>&#148;).
Except as provided in Section&nbsp;6(a), the Term will not be subject to any automatic renewal or extension unless this Agreement is amended by the parties after the Effective Date to so provide. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Expiration of Employment Term</U>. If Executive&#146;s employment with the Company continues following the
expiration of the Term, Executive shall be an <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">employee-at-will</FONT></FONT> whose employment may be terminated by the Company for any reason or for no stated reason at any time,
subject only to the severance protections contemplated by Section&nbsp;5 for the <FONT STYLE="white-space:nowrap">one-year</FONT> period following the expiration of the Term. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;<U>Duties and Title</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Title and Reporting</U>. During the Term, the Company will employ Executive as the President and Chief Risk
Officer of the Company, reporting to the Chief Executive Officer of the Company (the &#147;<U>CEO</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Duties</U>. Executive shall render on a full-time basis all of his business time and attention to business of
the Company and its subsidiaries (collectively, the &#147;<U>Company Group</U>&#148;). Executive will have such authority and responsibilities and will perform such duties assigned to the President and Chief Risk Officer by the CEO, commensurate
with his position as the President and Chief Risk Officer of the Company. If requested by the CEO, Executive will also serve as an officer or director of another member of the Company Group for no additional consideration. The principal place of
Executive&#146;s employment shall be Eagan, Minnesota, except that Executive acknowledges and agrees that he will be required to travel for business purposes. </P>
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<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jon W. Springer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 2 of 19 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Other Business and Other Activities</U>. Executive may not
engage in any activity that conflicts with the interests of any member of the Company Group or that would interfere with the performance of Executive&#146;s duties to any member of the Company Group, as determined by the CEO. During the Term,
Executive may not hold, directly or indirectly, an ownership interest of more than 2% in any entity other than the Company. Nothing in this Agreement shall preclude Executive from dedicating reasonable amounts of time during the Term to charitable
or civic activities or from managing his personal finances, as long as such activities do not interfere in any material way with his duties and responsibilities to any member of the Company Group. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.&nbsp;&nbsp;&nbsp;&nbsp;<U>Compensation and Benefits by the Company</U>. As compensation for all services rendered pursuant to this
Agreement, the Company will provide Executive with the following pay and benefits during the Term: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Base
Salary</U>. The Company will pay Executive an annual base salary of $1,000,000, payable in accordance with the Company&#146;s customary payroll practices (&#147;<U>Base Salary</U>&#148;). The annual rate of Executive&#146;s Base Salary shall not be
increased or decreased during the Term. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Annual Bonus</U>. For 2019, Executive shall be eligible to earn a
cash incentive award (the &#147;<U>Annual Bonus</U>&#148;), which shall be calculated based on Return on Average Equity (&#147;<U>ROAE</U>&#148;) before calculation of the 2019 annual bonuses paid to the CEO, Executive and Chief Operating Officer
(as calculated, the &#147;<U>Compensation ROAE</U>&#148;, or &#147;<U>CROAE</U>&#148;) using a target bonus of $3.25&nbsp;million at a CROAE of 25.0%. CROAE shall be determined in a manner consistent with generally accepted accounting principles,
subject to adjustments for certain extraordinary or special items, in the form and manner determined in the sole discretion of the Compensation Committee (the &#147;<U>Committee</U>&#148;) of the Board of Directors of the Company (the
&#147;<U>Board</U>&#148;). Executive&#146;s Annual Bonus will be determined in accordance with the following schedule: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="22%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="22%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="21%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD ROWSPAN="8" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"><B>CROAE</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000"><B>%&nbsp;of&nbsp;Target</B></TD>
<TD VALIGN="bottom" ROWSPAN="8">&nbsp;&nbsp;</TD>
<TD ROWSPAN="8" VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>0%</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000"><B>0%</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>10%</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000"><B>25%</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>15%</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000"><B>57.5%</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>20%</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000"><B>90%</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>25%</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000"><B>100%</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>30%</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000"><B>120%</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><B>35%</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>130%</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For performance between two thresholds, the applicable % of Target will be determined by straight-line interpolation between
the applicable thresholds; <U>provided</U>, <U>however</U>, that no Annual Bonus shall be earned if CROAE is less than 10%. </P>
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<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jon W. Springer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 3 of 19 </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">The calculation of the Annual Bonus shall be made promptly after the completion of the annual audit for the
fiscal year ending December&nbsp;31, 2019, subject to certification by the Committee; <U>provided</U>, <U>however</U>, that in no event shall any Annual Bonus be paid to Executive later than March&nbsp;15, 2020. Except as provided in Section&nbsp;5,
Executive shall not be eligible to earn or receive an Annual Bonus unless he is employed by the Company on December&nbsp;31, 2019. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Participation in Executive Benefit Plans; Private Office and Secretary</U>. Executive is entitled, if and to the
extent eligible, to participate in the Company&#146;s benefit plans generally available to Company employees in similar positions. For each full month during the Term, the Company shall provide Executive with a car allowance in the amount of $600
per month. Additionally, Executive shall (1)&nbsp;have the right to participate in a 401(k) plan available to employees of the Company, (2)&nbsp;receive life insurance with a coverage limit equal to $1&nbsp;million, and (3)&nbsp;receive medical,
dental and disability insurance with a coverage limit equal to $500,000. Executive shall be given a private office with secretarial help at Executive&#146;s principal place of employment as specified in Section&nbsp;3(b) above and any and all
reasonable facilities and services so as to be suitable with his position as President and Chief Risk Officer, and so as to assist in the performance of his duties and activities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>PSU Grants and Vesting</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;<U>Grant of PSUs</U>. On the Effective Date, Executive shall be eligible to receive a grant of
performance share units (&#147;<U>PSUs</U>&#148;) with a target value of $1&nbsp;million on the grant date. The number of PSUs to be granted to Executive on the grant date (the &#147;<U>Target Number</U>&#148;) shall be determined by dividing the
annual grant target value (<I>i.e.</I>, $1 million) by the closing sales price of the common stock of the Company, par value $0.01 per share, on the exchange having the greatest number of shares listed or eligible for trading on that date, or, if no
sale of the common stock of the Company occurred on that date, on the next preceding date on which there was a reported sale (the &#147;<U>Fair Market Value</U>&#148;). The grant shall be made pursuant to Universal Insurance Holdings, Inc. 2009
Omnibus Incentive Plan, as it may be amended from time to time, and any successor plan thereto (the &#147;<U>Omnibus Plan</U>&#148;), shall be subject to the terms and conditions of the applicable equity award agreement that evidences such award
under the Omnibus Plan, and shall be governed by the Omnibus Plan, the applicable equity award agreement, and any other applicable award documentation, except that, in the event of any inconsistency between the terms of the award documentation and
this Agreement, the provisions of this Agreement shall control. The PSUs will be subject to a three-year award cycle commencing on the date of grant (the &#147;<U>Award Cycle</U>&#148;) and shall be subject to the performance-vesting and
time-vesting requirements described in this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;<U>Performance-Vesting
Requirements</U>. The earn out with respect to the PSUs will be determined by reference to the attainment of one or more <FONT STYLE="white-space:nowrap">pre-established</FONT> performance objectives (as determined prior to the date of grant by the
Committee) measured over the first year of the Award Cycle applicable to the grant of PSUs (the &#147;<U>Performance Year</U>&#148;). Depending upon the level of attainment of the relevant performance objective or objectives, Executive shall be
eligible to earn 100% of the Target Number for &#147;target-level&#148; performance. No portion of the PSU award shall be earned (and the entire award will be forfeited) if performance is less than target performance. It is intended by the parties
that no minimum earn out is guaranteed with respect to such PSU award and that payout at target level will be challenging but attainable. The performance objective and required levels of achievement for target payout for the 2019 Performance Year
are set forth in attached <U>Schedule A</U>. </P>
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<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jon W. Springer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 4 of 19 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;<U>Time-Vesting Requirements and Payment</U>.
For purposes of the PSU award, &#147;<U>Earn Out Number</U>&#148; means the number of PSUs earned for the Performance Year based upon achievement of the applicable performance objective or objectives, as certified by the Committee. Subject to
Executive&#146;s continuous employment with the Company through the applicable vesting date, Executive shall be fully vested in <FONT STYLE="white-space:nowrap">two-thirds</FONT> of the Earn Out Number on the first anniversary of the date of grant
(the &#147;<U>First Tranche</U>&#148;); in <FONT STYLE="white-space:nowrap">one-sixth</FONT> of the Earn Out Number on the second anniversary of the date of grant (the &#147;<U>Second Tranche</U>&#148;); and in
<FONT STYLE="white-space:nowrap">one-sixth</FONT> of the Earn Out Number on the third anniversary of the date of grant (the &#147;<U>Third Tranche</U>&#148;). Payment with respect to the vested portion of the Earn Out Number shall be made only
through delivery and settlement of the appropriate number of shares of the Company&#146;s common stock within 60 days following the applicable date of vesting; <U>provided</U>, <U>however</U>, that payment with respect to the First Tranche shall not
be made until the Committee has certified attainment of the applicable performance objectives for the Performance Year. Except as otherwise provided in Section&nbsp;5 or 6, Executive shall forfeit, and have no rights with respect to, any portion of
the Earn Out Number that has not vested prior to the date Executive&#146;s employment with the Company ends. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividend Equivalents</U>. With respect to the Second Tranche and the Third Tranche (but not the
First Tranche) of the Earn Out Number, Executive shall be credited with a cash amount equal to the cash dividends paid on the corresponding number of shares of Company&#146;s common stock during the period beginning after the Performance Year and
ending on the vesting date of the applicable tranche. Such cash amount shall be subject to the same time-vesting conditions as the related PSUs and shall be paid to Executive in cash at the time that the shares of the Company&#146;s common stock are
delivered to Executive in settlement of such tranche. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;<U>Stock Option Grant</U>. Executive shall be entitled
to receive a grant of options to purchase shares of the Company&#146;s common stock (the &#147;<U>Options</U>&#148;) in the sole discretion of the Committee. Any grant shall be made pursuant to the Omnibus Plan, shall be subject to the terms and
conditions of the applicable equity award agreement that evidences such award under the Omnibus Plan as determined by the Committee in its sole discretion, and shall be governed by the Omnibus Plan, the applicable equity award agreement, and any
other applicable award documentation. </P>
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<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jon W. Springer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 5 of 19 </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">(f)&nbsp;&nbsp;&nbsp;&nbsp;<U>Condition to Grants of PSUs and Options; Effect of Change in
Control</U>. Anything in this Agreement to the contrary notwithstanding: (i)&nbsp;the Company shall have no obligation to grant PSUs or Options to Executive if Executive&#146;s employment with the Company ends for any reason prior to the applicable
grant date; and (ii)&nbsp;the Company shall have no obligation to grant PSUs or Options to Executive or to deliver any shares of the Company&#146;s common stock to Executive in settlement of any previously granted PSUs or Options if the stockholders
of the Company have not previously approved in accordance with applicable law an equity incentive plan of the Company with sufficient share reserves to permit such grants and settlements. It shall not be a breach of this Agreement if the Company
does not grant the PSUs or Options described in Section&nbsp;4(d) or 4(e) or fails to settle previously granted PSUs or Options through the delivery of shares of Common Stock, in each case, because the Company&#146;s stockholders have not approved
an equity incentive plan with sufficient share reserves to permit the grant and settlement of PSUs or Options described above. The Company shall have no obligation to make any substitute cash or replacement grants or awards of any type to Executive
if the stockholders of the Company fail to approve an equity incentive plan with sufficient share reserves to permit or settle the grants contemplated by this Agreement. Moreover, nothing in this Agreement shall preclude the Committee from making
grants of equity awards during the Term or thereafter to other officers, employees or consultants of any member of the Company Group. In addition, nothing in this Agreement shall preclude the Committee from granting additional awards to Executive in
recognition of exceptional performance. The Company will use reasonable efforts to maintain a registration statement in effect on <FONT STYLE="white-space:nowrap">Form&nbsp;S-8</FONT> covering the grants and awards pursuant to this Agreement.
Subject to Section&nbsp;6, (i)&nbsp;any substitute, amended or replacement awards granted to Executive in connection with a Change in Control (as defined below) shall contain vesting, payment-timing and exercisability terms that are no less
favorable to Executive than the comparable terms in the PSUs and Options to which they relate and (ii)&nbsp;the exercise price of any substitute options granted to replace outstanding Options shall be determined in a manner that complies with Treas.
Reg. <FONT STYLE="white-space:nowrap">Section&nbsp;1.409A-1(b)(5)(v)(D)</FONT> and that preserves the aggregate intrinsic value in the Option immediately prior to the CIC Date (as defined below). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;<U>Vacation</U>. Executive will be entitled to 30 days of paid vacation per calendar year (earned <I>pro rata</I>
over the course of the year), subject to the Company&#146;s standard vacation policies. Any unused vacation for a given calendar year, up to a maximum of 20 days, may be accrued, and the aggregate value of any unused accrued vacation shall be paid
to Executive upon the termination of Executive&#146;s employment with the Company; <U>provided</U> that Executive has submitted a report to the Committee within 30 days following the end of each calendar year reporting on the number of accrued and
unused vacation days for such year and the total number of accrued but unused vacation days for all prior years commencing after 2016. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h)&nbsp;&nbsp;&nbsp;&nbsp;<U>Expense Reimbursement</U>. The Company will pay or reimburse Executive for all appropriate business expenses
Executive incurs in connection with Executive&#146;s duties under this Agreement, in accordance with the Company&#146;s policies as in effect from time to time, subject to the timely submission by Executive of written documentation of such expenses
in accordance with the applicable policies of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination of Employment</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice</U>. Subject to the provisions of this Section&nbsp;5, the Company may terminate Executive&#146;s
employment, and Executive may resign his employment, for any reason or for no stated reason, at any time during the Term. The Company shall give Executive 90 days&#146; prior written notice of its intention to terminate his employment other than for
Cause, and Executive shall give the Company 90 days&#146; prior written notice of his intention to resign for any reason. Any such notice shall specify the applicable termination or resignation date. In the event of a termination or resignation
notice, the Company will have the right to restrict Executive&#146;s access to its premises, clients and employees during the notice period. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jon W. Springer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 6 of 19 </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">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Accrued Obligations</U>. If Executive&#146;s employment ends
for any reason, Executive (or in the event of his death, Executive&#146;s estate) will receive, within 30 days following the Termination Date (as defined below), a lump sum cash payment equal to: (i)&nbsp;his accrued but unpaid Base Salary through
the Termination Date and any earned but unpaid Annual Bonus for any year prior to the year in which the Termination Date occurs, and any undelivered shares of Company common stock in respect of a tranche of PSUs for which the vesting and payment
date has occurred on or prior to the Termination Date, (ii)&nbsp;any employee benefits Executive may be entitled to pursuant to the Company&#146;s employee benefit plans through the Termination Date, (iii)&nbsp;any accrued and unused vacation as set
forth in Section&nbsp;4(g) above through the Termination Date, and (iv)&nbsp;any expenses reimbursable under Section&nbsp;4(h) incurred but not yet reimbursed to Executive through the Termination Date (collectively, the &#147;<U>Accrued
Obligations</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination with Cause; Resignation without Good Reason</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;<U>In General; Payments</U>. The Company has the right at any time to terminate Executive&#146;s
employment with the Company for Cause (as defined below) and, subject to Section&nbsp;5(a) above, Executive has the right to resign without Good Reason (as defined below). If the Company terminates Executive for an event of Cause described in
clause&nbsp;(B), (C), or (D)&nbsp;of Section&nbsp;5(c)(ii), the Company shall provide Executive 30 days prior to the date on which it intends to terminate Executive&#146;s employment for Cause with a written notice from the Company identifying the
reasons that are alleged to constitute Cause and shall afford Executive a reasonable opportunity to meet once with the CEO within the <FONT STYLE="white-space:nowrap">30-day</FONT> notice period to discuss and present evidence relevant to the
termination decision. If the Company terminates Executive&#146;s employment for an event of Cause not described in the previous sentence, such termination shall be effective immediately upon the Company&#146;s written notice to Executive. If the
Company terminates Executive&#146;s employment for Cause or Executive resigns without Good Reason, the Company&#146;s obligation to Executive shall be limited solely to the Accrued Obligations. If Executive&#146;s employment is terminated for Cause,
(i)&nbsp;no Annual Bonus shall be payable for the calendar year in which such termination occurs, and (ii)&nbsp;any then outstanding unvested PSUs shall be immediately forfeited as of the Termination Date (as defined in Section&nbsp;5(g)(i) below)
and (iii)&nbsp;any vested and unvested Options shall terminate as of the Termination Date. If Executive resigns his employment without Good Reason, (i)&nbsp;no Annual Bonus shall be payable for the calendar year in which such resignation occurs, and
(ii)&nbsp;any then outstanding unvested PSUs shall be immediately forfeited as of the Termination Date (as defined in Section&nbsp;5(g)(ii) below) and any vested and unvested Options shall terminate 90 days following the Termination Date (or, if
earlier, on the expiration date of the term of the Options). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jon W. Springer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 7 of 19 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Agreement,
&#147;<U>Cause</U>&#148; means, as determined by the CEO (or his designee), any of the following: (A)&nbsp;Executive&#146;s abuse of alcohol or any controlled substance; (B)&nbsp;a willful act of fraud, dishonesty or breach of fiduciary duty on the
part of Executive with respect to the business or affairs of the Company; (C)&nbsp;a knowing and material failure by Executive to comply with applicable laws and regulations or professional standards relating to the business of the Company;
(D)&nbsp;Executive&#146;s willful and continuing failure to perform his duties to the Company (after notice from the CEO of such failure) or any material breach by Executive of a provision of this Agreement except, in each case, where such failure
or breach is caused by the illness or other similar medical incapacity (other than for a reason described in clause (A)&nbsp;of this Section&nbsp;5(c)(ii)) of Executive or any willful act or omission by Executive that results in material harm to the
Company&#146;s financial condition, business or reputation; (E)&nbsp;Executive being subject to an inquiry or investigation by a governmental authority or self-regulatory organization such that the existence of such inquiry or investigation will, in
the judgment of the CEO, result in material damage to the Company&#146;s business interests, licenses, reputation or prospects; or (F)&nbsp;Executive&#146;s conviction of, or plea of guilty or no contest to: (i)&nbsp;any felony or (ii)&nbsp;any
misdemeanor involving moral turpitude. For purposes of this definition, no act or omission shall be deemed willful unless done intentionally and without a good faith belief by Executive that such act or omission was in the best interest of the
Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination without Cause; Resignation for Good Reason</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;Subject to the further provisions of this Section&nbsp;5(d) and Section&nbsp;6, if during the Term
or, if the Term expires without renewal or extension and prior to a Change in Control, during the <FONT STYLE="white-space:nowrap">one-year</FONT> period following the expiration of the Term, the Company terminates Executive&#146;s employment
without Cause or Executive resigns for Good Reason, the Company will pay Executive on the 60<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day following the Termination Date (as defined below), in addition to the Accrued Obligations, a <FONT
STYLE="white-space:nowrap">lump-sum</FONT> cash payment equal to the following (the &#147;<U>Severance Amount</U>&#148;): </P> <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="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">One times the amount of Executive&#146;s then-current annual rate of Base Salary (based on the rate in effect
immediately prior to the Termination Date); and </P></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="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The cost of 12 months of COBRA coverage for Executive and his dependents (based on the COBRA rates in effect on
the Termination Date). </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In addition, by no later than March 15<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> of
the year following the year in which the Termination Date occurs, Executive shall receive a <I>pro rata</I> portion of the Annual Bonus (the &#147;<U>Pro Rata Bonus</U>&#148;) for the year of termination calculated on the basis of the Company&#146;s
actual performance for such year and prorated based on the numbers of days elapsed in such year through the Termination Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp; Subject to the further provisions of this Section&nbsp;5(d) and Section&nbsp;6, in the event of
Executive&#146;s termination without Cause or resignation for Good Reason, the portion of then outstanding PSUs and Options that would have vested had Executive remained continuously employed by the Company through the end of the <FONT
STYLE="white-space:nowrap">one-year</FONT> period following the Termination Date shall fully vest immediately as of the Termination Date (the &#147;<U>Additional Equity Vesting</U>&#148;). The PSUs entitled to Additional Equity Vesting pursuant to
this Section&nbsp;5(d)(ii) shall become payable within 30 days following their originally scheduled vesting dates contemplated by Section&nbsp;3(d)(iii). The Earn Out Number for any PSUs entitled to Additional Equity Vesting pursuant to this
Section&nbsp;5(d)(ii) for which the Performance Year has not been completed shall be determined after the end of the Performance Year based on actual performance for the full Performance Year. Any then vested Options (including Options that vested
in accordance with this paragraph) held by Executive shall remain exercisable for a period of one year following the Termination Date (but not beyond the original term of the Options) (&#147;<U>Extended Exercisability</U>&#148;). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jon W. Springer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 8 of 19 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s obligation to pay Executive
the Severance Amount and the Pro Rata Bonus and to provide the Additional Equity Vesting and the Extended Exercisability are each expressly conditioned upon Executive&#146;s execution and timely delivery to the Company of a valid and irrevocable
release agreement in substantially the form of attached <U>Schedule</U><U></U><U>&nbsp;B</U> by no later than 45 days following the Termination Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;As used in this Section&nbsp;5(d), &#147;<U>Good Reason</U>&#148; means any of the following acts
or omissions by the Company occurring without Executive&#146;s prior written consent: (A)&nbsp;any action by the Company which results in Executive ceasing to be the President and Chief Risk Officer of the Company or any other material adverse
change in Executive&#146;s title, duties or reporting responsibilities; (B)&nbsp;the assignment to Executive of duties materially inconsistent with Executive&#146;s position as the President and Chief Risk Officer of the Company; (C)&nbsp;a
reduction in Executive&#146;s rate of Base Salary or Annual Bonus opportunity or the failure by the Company (other than by reason of bankruptcy, insolvency or receivership) to pay Executive&#146;s Base Salary or any earned Annual Bonus or, subject
to Section&nbsp;4(f), to make the PSU grant contemplated by this Agreement; (D)&nbsp;the requirement by the Company that Executive move his principal place of employment more than 50&nbsp;miles from the location of his principal place of employment
on the Effective Date; or (E)&nbsp;any material breach by the Company of this Agreement. Notwithstanding the above, an act or omission by the Company shall not constitute an event of Good Reason unless Executive gives the Company written notice
within 60 days following the date Executive first knows, or reasonably should have known, of the event constituting Good Reason of his intention to resign for Good Reason if such Good Reason event is not cured by the Company, and the Company does
not cure such event (retroactively with respect to any monetary matter) to the reasonable satisfaction of Executive within 30 days following the date the Company receives such written notice from Executive. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination Due to Death or Disability</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;If, during the Term, Executive shall become unable to perform his duties as provided for herein by
reason of Disability (as defined below), then the Company may, on 30 days&#146; prior written notice to Executive, temporarily suspend his status as President and Chief Risk Officer of the Company. In the event of such suspension, Executive shall
remain an employee of the Company and receive his compensation and benefits as set forth above in Section&nbsp;4 for the lesser of: (i)&nbsp;one year from the date of such suspension or (ii)&nbsp;the date on which Executive is first eligible for
long-term disability payments under the Company&#146;s long-term disability plan then applicable to him (the &#147;<U>Suspension Period</U>&#148;). If during the Suspension Period, Executive returns to perform his duties as provided for herein, and
there is no physical or mental inability to perform such duties, then Executive shall resume his status as President and Chief Risk Officer, and the Company shall continue payment of his full compensation and benefits as set forth in Section&nbsp;4.
Executive&#146;s employment with the Company shall terminate at the end of the Suspension Period if Executive has not returned by the end of the Suspension Period to the full-time performance of his duties hereunder. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jon W. Springer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 9 of 19 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;If Executive&#146;s employment terminates because
of Executive&#146;s death or Disability, within 30 days of such termination, the Company will pay to Executive (or Executive&#146;s estate, in the case of Executive&#146;s death) the Accrued Obligations and any employee benefits to which Executive
may be entitled to pursuant to the Company&#146;s employee benefit plans through such period; <U>provided</U>, <U>however</U>, that, in the case of Executive&#146;s death, benefit payments under any employee benefit plan shall be paid to
Executive&#146;s beneficiary or beneficiaries designated pursuant to such employee benefit plans in lieu of to his estate. In addition, by no later than March 15<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> of the year following the year
in which the Termination Date (as defined in Section&nbsp;5(g)(iv) or Section&nbsp;5(g)(v) below, as applicable) occurs, Executive (or Executive&#146;s estate in the case of Executive&#146;s death) shall also be paid a Pro Rata Bonus for the year in
which the termination occurs. Solely for purposes of this Section&nbsp;5(e), the date of Executive&#146;s termination of employment due to Disability or death shall be treated as the date of a termination without Cause under Section&nbsp;5(d) (but
not Section&nbsp;6) for purposes of the vesting, payment and exercisability of then outstanding PSUs and Options. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Disability</U>&#148; means a determination by the Company after review of written
information provided by Executive&#146;s healthcare provider that, as a result of a physical or mental injury or illness, Executive has been unable to perform the essential functions of Executive&#146;s job for a period of 90 consecutive days. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;<U>Unvested Options and PSUs</U>. Anything in this Agreement to the contrary notwithstanding, any Options and PSU
awards outstanding on the Termination Date that have not vested prior to such Termination Date or that do not expressly vest or remain outstanding by operation of this Section&nbsp;5 or Section&nbsp;6 below shall be forfeited on the Termination
Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination Date</U>. For purposes of this Agreement, &#147;<U>Termination Date</U>&#148; shall have
the following meanings: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;in the event of Executive&#146;s termination for Cause, subject to the
applicable notice provisions, the date specified in the written notice of termination delivered to Executive by the Company in accordance with Section&nbsp;5(c); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;in the event of Executive&#146;s resignation with or without Good Reason, the 90<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> day following the date the written notice of intention to resign is received by the Company; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;in the event of Executive&#146;s termination without Cause, the 90<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> day following the date the written notice of termination is received by Executive; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jon W. Springer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 10 of 19 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;in the event of Executive&#146;s termination due
to death, the date of Executive&#146;s death; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v)&nbsp;&nbsp;&nbsp;&nbsp;in the event of Executive&#146;s termination
due to Disability, the last day of the Suspension Period, if Executive has not returned to the full-time performance of his duties as specified in Section&nbsp;5(e) by such date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.&nbsp;&nbsp;&nbsp;&nbsp;<U>Change in Control</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination in Connection with a Change in Control</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;In the event of a Change in Control (as defined in Section&nbsp;6(a)(iii) below) occurring during
the then existing Term, the Term shall automatically continue until the second anniversary of the CIC Date. In the event that the Company terminates Executive&#146;s employment without Cause or Executive resigns his employment with the Company for
Good Reason, in each case, upon or within 24 months following the date on which a Change in Control occurs (such date of occurrence, the &#147;<U>CIC Date</U>&#148;), then: (A)&nbsp;in lieu of the Severance Amount, the Company or its successor shall
pay Executive no later than the 60<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day following the Termination Date a cash lump sum amount equal to the sum of (1)&nbsp;four times Executive&#146;s then annual rate of Base Salary <U>plus</U>
(2)&nbsp;two times the amount of the Annual Bonus paid or payable to Executive for the calendar year prior to the calendar year in which the CIC Date occurs; (B)&nbsp;all Options held by Executive shall immediately vest and become exercisable for
the period of Extended Exercisability; and (C)&nbsp;all PSUs held by Executive shall immediately vest and become payable within 30 days following their regularly scheduled vesting dates contemplated by Section&nbsp;3(d)(iii); <U>provided</U>,
<U>however</U>, the Earn Out Number for any previously granted PSUs for which the Performance Year has not been completed shall be based on the annualized performance for the Performance Year (based on actual performance through the Termination
Date), adjusted in an equitable manner determined by the Committee to take into account the Change in Control; and <U>further</U> <U>provided</U> that in no event shall the Earn Out Number as determined hereunder exceed that which would be payable
in connection with target performance. Notwithstanding anything herein to the contrary, Executive&#146;s entitlements under clauses (A), (B) and (C)&nbsp;of this Section&nbsp;6(a)(i) are each expressly conditioned upon the timely satisfaction of the
release delivery requirements of Section&nbsp;5(d)(iii). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jon W. Springer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 11 of 19 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding Section&nbsp;6(a)(i) above, in
the event of a consolidation or merger of the Company described in clause (A)(I) of the definition of Change in Control in Section&nbsp;6(a)(iii) in which the consideration received by the stockholders of the Company in the Change in Control
consists exclusively of cash, securities not listed for trading on a national securities exchange or automated quotation system, or a combination of cash and such unlisted securities, then the following shall apply: (A)&nbsp;all then outstanding
Options shall immediately vest in full upon the CIC Date and the Company or its successor shall cause Executive to receive in cancellation of such Options a lump sum cash payment equal to the product of the number of shares of common stock
underlying such Options multiplied by the fair market value of the consideration per share paid to the Company&#146;s stockholders in the merger or consolidation less the aggregate exercise price of such Options; and (B)&nbsp;all outstanding PSUs
shall vest in full immediately prior to the CIC Date and shall be settled through the delivery of shares of the Company&#146;s common stock to Executive. For purposes of the previous sentence, the Earn Out Number for any previously granted PSUs for
which the Performance Year has not been completed on the CIC Date shall be based on target performance. Notwithstanding anything herein to the contrary, no acceleration of the settlement or delivery of any PSUs pursuant to this
Section&nbsp;6(a)(ii)(B) shall occur unless the Change in Control constitutes a &#147;change in ownership,&#148; &#147;change in effective control&#148; or &#147;change in the ownership of a substantial portion of the assets&#148; of the Company, as
such terms are described in Treas. Reg. <FONT STYLE="white-space:nowrap">Section&nbsp;1.409A-3(i)(5).</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Agreement, and notwithstanding any contrary definition in the Omnibus Plan
as to the treatment of the PSUs under this Agreement, a &#147;<U>Change in Control</U>&#148; shall be deemed to have occurred if: (A)&nbsp;there shall be consummated (I)&nbsp;any consolidation or merger in which the Company is not the continuing or
surviving corporation or pursuant to which shares of the Company&#146;s common stock would be converted into cash, securities or other property, other than a consolidation or a merger having the same proportionate ownership of common stock of the
surviving corporation immediately after the consolidation or merger or (II)&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, (B)&nbsp;any person, group, corporation or other entity (collectively,
&#147;<U>Persons</U>&#148;) shall acquire beneficial ownership (as determined pursuant to Section&nbsp;13(d) of the Securities Exchange Act of 1934, as amended, and rules and regulations promulgated hereunder) of more than 50% of the Company&#146;s
outstanding common stock or voting securities or (C)&nbsp;individuals who, as of the Effective Date, constitute the Board (the &#147;<U>Incumbent Board</U>&#148;) cease for any reason to constitute at least a majority of the Board; <U>provided</U>,
<U>however</U>, that any individual becoming a director subsequent to the Effective Date whose election, or nomination for election by the Company&#146;s stockholders, was approved by a vote of at least a majority of the directors then comprising
the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of either an actual or threatened
election contest or other actual or threatened solicitation of proxies or consents by or on behalf of a person other than the Board. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Agreement, the &#147;<U>CIC Date</U>&#148; shall mean: (A)&nbsp;with respect
to a transaction contemplated under clause (A)(I) of Section&nbsp;6(a)(iii), the closing date of such consolidation or merger; (B)&nbsp;with respect to a transaction contemplated under clause A(II) of Section&nbsp;6(a)(iii), the date on which such
sale, lease, exchange or other transfer is completed (which shall be the completion date of the final transaction if a series of transactions is contemplated); (C)&nbsp;with respect to an acquisition contemplated under clause (B)&nbsp;of
Section&nbsp;6(a)(iii), the date of the closing of the tender offer or other acquisition pursuant to which the requisite beneficial ownership percentage is acquired by such Person or Persons; and (D)&nbsp;with respect to a change in Board
composition contemplated under clause (C)&nbsp;of Section&nbsp;6(a)(iii), the date of appointment of the director or group of directors that would cause the Incumbent Board to cease to constitute a majority for purposes of such clause (C). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jon W. Springer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 12 of 19 </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">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitation on Change in Control Payments</U>. Notwithstanding
anything in this Agreement to the contrary, in the event that it is determined by an independent accounting firm chosen by mutual agreement of the parties (the &#147;<U>Accounting Firm</U>&#148;) that any economic benefit, payment or distribution by
the Company to or for the benefit of Executive, whether paid, payable, distributed or distributable pursuant to the terms of this Agreement or otherwise (a &#147;<U>Payment</U>&#148;), would be subject to the excise tax imposed by Section&nbsp;4999
of the Internal Revenue Code of 1986, as amended (and the applicable regulations thereunder) (the &#147;<U>Code</U>&#148;) (such excise tax referred to in this Agreement as the &#147;<U>Excise Tax</U>&#148;), then the value of any such Payments
payable under this Agreement (the &#147;<U>Agreement Payments</U>&#148;) which constitute &#147;parachute payments&#148; under Section&nbsp;280G(b)(2) of the Code, as determined by the Accounting Firm, will be reduced so that the present value of
all Payments (calculated in accordance with Section&nbsp;280G of the Code and the regulations thereunder), in the aggregate, is equal to 2.99 times Executive&#146;s &#147;base amount,&#148; within the meaning of Section&nbsp;280G(b)(3) of the Code
(the &#147;<U>Reduced Amount</U>&#148;). Notwithstanding the foregoing, the Agreement Payments shall be reduced to the Reduced Amount only if the Accounting Firm determines that Executive would have a greater &#147;Net
<FONT STYLE="white-space:nowrap">After-Tax</FONT> Receipt&#148; (as defined below) of aggregate Payments if the Executive&#146;s Agreement Payments were reduced to the Reduced Amount. &#147;<U>Net After
<FONT STYLE="white-space:nowrap">Tax-Receipt</FONT></U>&#148; shall mean the present value (as determined in accordance with Section&nbsp;280G(b)(2)(A)(ii) and 280G(d)(4) of the Code) of a Payment net of all taxes imposed on Executive with respect
thereto under Sections 1 and 4999 of the Code and under applicable state and local laws (and including any employment, social security or Medicare taxes, and other taxes (including any other excise taxes)), determined by applying the highest
marginal rate under Section&nbsp;1 of the Code and under state and local laws which applied to Executive&#146;s taxable income for the tax year in which the CIC Date occurs, or such other rate(s) as the Accounting Firm determines to be likely to
apply to Executive in the relevant tax year(s) in which any Payment is expected to be made. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.&nbsp;&nbsp;&nbsp;&nbsp;<U>Restrictions and
Obligations of Executive</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<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 any member of the Company Group and any of its or their respective present
and former members, partners, directors, officers, stockholders, employees, agents, attorneys, successors, assigns, clients and agents. The Company will not at any time (whether during or after the Term) cause or assist the CEO or any of its
then-current directors to publish or communicate, to any person or entity any Disparaging remarks, comments or statements concerning Executive. &#147;<U>Disparaging</U>&#148; remarks, comments or statements are those that impugn the character,
honesty, integrity, morality, business acumen or abilities in connection with any aspect of the operation of business of the individual or entity being disparaged. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jon W. Springer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 13 of 19 </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">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Confidentiality</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;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 members of the Company Group which is not readily available from sources outside the Company. The parties agree that the business in which the Company and the Company
Group engages is highly sales-oriented and the goodwill established between Executive and the Company&#146;s customers and potential customers is a valuable and legitimate business interest worthy of protection under this Agreement. Executive
recognizes that, by virtue of Executive&#146;s employment by the Company, Executive is granted otherwise prohibited access to the Company Group&#146;s confidential and proprietary data which is not known to its competitors and which has independent
economic value to the Company and that Executive will gain an intimate knowledge of each member of the Company Group&#146;s reinsurance business and its policies, customers, employees and trade secrets, and of other confidential, proprietary,
privileged or secret information of the Company and its clients (collectively, all such nonpublic information is referred to as &#147;<U>Confidential Information</U>&#148;). This Confidential Information includes, but is not limited to, data
relating to each member of the Company Group&#146;s marketing and servicing programs, procedures and techniques, business, management and personnel strategies, analytic tools and processes, the criteria and formulae used by the Company and other
members of the Company Group in pricing its insurance products and claims management, loss control and information management services, the Company&#146;s and each Company Group member&#146;s computer system, reinsurance marketing program and the
skill of marketing and selling products, the structure and pricing of special reinsurance products or packages that each member of the Company Group has negotiated with various underwriters, lists of prospects, customer lists and renewals, the
identity, authority and responsibilities of key contacts at clients&#146; accounts, the composition and organization of clients&#146; business, the peculiar risks inherent in a client&#146;s operations, highly sensitive details concerning the
structure, conditions and extent of a client&#146;s existing insurance and reinsurance coverages, policy expiration dates and premium amounts, commission rates, risk management service arrangements, loss histories and other data showing
clients&#146; particularized insurance requirements and preferences. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;Except as required by
law or an order of a court or governmental agency with jurisdiction, Executive will not, during the Term or any time thereafter, disclose any Confidential Information, directly or indirectly, to any person or entity for any reason or purpose
whatsoever, nor will Executive use Confidential Information for any commercial or business purpose. Executive will take all reasonable steps to safeguard the Confidential Information and to protect it against disclosure, misuse, espionage, loss and
theft. Executive understands and agrees that Executive will acquire no rights to any such Confidential Information. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;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>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jon W. Springer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 14 of 19 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything herein to the contrary,
Executive shall have the right under Federal law to certain protections for cooperating with or reporting legal violations to the Securities and Exchange Commission (the &#147;<U>SEC</U>&#148;) and/or its Office of the Whistleblower, as well as
certain other governmental entities. No provisions in this Agreement are intended to prohibit Executive from disclosing this Agreement to, or from cooperating with or reporting violations to, the SEC or any other such governmental entity, and
Executive may do so without disclosure to the Company. The Company may not retaliate against Executive for any of these activities, and nothing in this Agreement would require Executive to waive any monetary award or other payment that Executive
might become entitled to from the SEC or any other governmental entity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT STYLE="white-space:nowrap">Non-Solicitation</FONT> or Hire</U>. During the Term and for a period of 12
months following the termination of Executive&#146;s employment for any reason (whether during or after the Term) (the&nbsp;&#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 person who is a client, customer or policyholder of any member of the Company Group, or who was a client, customer or policyholder of any member of the Company Group at
any time during the <FONT STYLE="white-space:nowrap">one-year</FONT> period immediately prior to the Termination Date, for the purpose of marketing, selling or providing to any such party any services or products offered by or available from any
member of the Company Group and (2)&nbsp;any employee of, or independent contractor or consultant to, any member of the Company Group or any person who was an employee of, or independent contractor or consultant to, any member of the Company Group
during the <FONT STYLE="white-space:nowrap">one-year</FONT> period immediately prior to the Termination Date to terminate such employee&#146;s employment relationship or such independent contractor&#146;s or consultant&#146;s relationship with such
member of the Company Group, in either case, to enter into a similar relationship with Executive or any other person or any entity in competition with any member of the Company Group. During the <FONT STYLE="white-space:nowrap">Non-Solicit</FONT>
Period, Executive will not enter into an employment, consulting or independent contractor relationship, directly or indirectly, with any employee of, or independent contractor or consultant to, any member of a Company Group or any person who was an
employee of, or independent contractor or consultant to, any member of a Company Group during the <FONT STYLE="white-space:nowrap">one-year</FONT> period immediately prior to the date Executive&#146;s employment terminates. Notwithstanding the
foregoing, solicitations incidental to general advertising or other general solicitations in the ordinary course not specifically targeted at such employees, independent contractors or consultants and employment of (or entry into an independent
contractor or consultancy relationship with) any person not otherwise solicited in violation hereof shall not be considered a violation of this Section&nbsp;7(c). Executive shall not be in violation of this Section&nbsp;7(c) solely by providing a
reference for a former employee of, or independent contractor or consultant to, the Company. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jon W. Springer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 15 of 19 </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">(d)&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT STYLE="white-space:nowrap">Non-Competition</FONT></U>.
During the Term and for a period of 12 months following Executive&#146;s termination of employment for any reason (whether during or after the Term, but subject to the limitation set forth in the last sentence of this paragraph) (the &#147;<U><FONT
STYLE="white-space:nowrap">Non-Compete</FONT> Period</U>&#148;), Executive will not, whether individually, as a director, manager, member, stockholder, partner, owner, employee, consultant or agent of any business, or in any other capacity, other
than on behalf of a member of the Company Group, organize, establish, own, operate, manage, control, engage in, participate in, invest in, permit Executive&#146;s name to be used by, act as a consultant or advisor to, render services for (alone or
in association with any person, firm, corporation or business organization) or otherwise assist any person or entity that engages in or owns, invests in, operates, manages or controls any venture or enterprise which engages or proposes to engage in
any business conducted by any member of the Company Group during the <FONT STYLE="white-space:nowrap">one-year</FONT> period immediately prior to the date Executive&#146;s employment terminates. In the event that the Term expires on
December&nbsp;31, 2019 and Executive and Company have not entered into a new employment agreement or renewed this Agreement on or prior to such date, the <FONT STYLE="white-space:nowrap">Non-Compete</FONT> Period shall not extend beyond
December&nbsp;31, 2021. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;<U>Company Policies</U>. During the Term and all periods thereafter, Executive will
remain in material compliance with the Company&#146;s policies and guidelines, including the Company&#146;s code of business conduct or code of ethics. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.&nbsp;&nbsp;&nbsp;&nbsp;<U>Remedies; Specific Performance</U>. The parties acknowledge and agree that Executive&#146;s breach or threatened
breach of any of the restrictions set forth in Section&nbsp;7 will result in irreparable and continuing damage to the Company and the Company Group for which there may be no adequate remedy at law and that the Company and the Company Group are
entitled to equitable relief, including specific performance and injunctive relief as remedies for any such breach or threatened or attempted breach. Executive consents to the grant of an injunction (temporary or otherwise) against Executive or the
entry of any other court order against Executive prohibiting and enjoining Executive from violating, or directing Executive to comply with, any provision of Section&nbsp;7. Executive also agrees that such remedies are in addition to any and all
remedies, including damages, available to the Company and the Company Group against Executive for such breaches or threatened or attempted breaches. In addition, without limiting the Company&#146;s and the Company Group&#146;s remedies for any
breach of any restriction on Executive set forth in Section&nbsp;7, except as required by law, Executive is not entitled to any payments set forth in Sections 5(d) or 6(a) if Executive has materially breached the covenants contained in
Section&nbsp;7. Executive will immediately return to the Company any such payments previously received under Sections&nbsp;5(d) or 6(a) upon such a material breach and, in the event of such breach, the Company will have no obligation to pay any of
the amounts that remain payable by the Company under Sections 5(d) or 6(a). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.&nbsp;&nbsp;&nbsp;&nbsp;<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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Delay of Payments</U>. If, at the time of Executive&#146;s termination or resignation with the Company,
Executive is a Specified Employee (as defined below), then any amounts payable to Executive that the Company determines constitute deferred compensation within the meaning of Section&nbsp;409A of the Code and which are subject to the <FONT
STYLE="white-space:nowrap">six-month</FONT> delay required by Treas.&nbsp;Reg. <FONT STYLE="white-space:nowrap">Section&nbsp;1.409A-1(c)(3)(v),</FONT> 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>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)&nbsp;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)&nbsp;of the Code for the month in which the date of Executive&#146;s termination or resignation occurs. Such interest shall be paid at the same time that the <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 of employment and prior to the Deferral Date, any amount delayed pursuant to this Section&nbsp;9(a) shall be paid to Executive&#146;s estate or beneficiary, as
applicable, together with interest, within 30 days following the date of Executive&#146;s death. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jon W. Springer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 16 of 19 </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">(b)&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Specified Employee</U>&#148; has the meaning set forth in
Section&nbsp;409A(a)(2)(B)(i)&nbsp;of the Code. The determination of whether Executive constitutes a Specified Employee on the date of his termination or resignation shall be made in accordance with the Company&#146;s established methodology for
determining Specified Employees. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Separation from Service</U>&#148; means a &#147;separation from
service&#148; from the Company within the meaning of the default rules under the final regulations issued pursuant to Section&nbsp;409A of the Code. For purposes of compliance with Section&nbsp;409A of the Code, when used in this Agreement, the
terms &#147;terminate,&#148; &#147;terminated,&#148; &#147;termination,&#148; &#147;resign,&#148; &#147;resigned&#148; and &#147;resignation&#148; mean a termination of Executive&#146;s employment that constitutes a Separation from Service. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;<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:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.&nbsp;&nbsp;&nbsp;&nbsp;<U>Stock Ownership Guidelines.</U> Executive will comply with all stock ownership and stock retention guidelines or
policies established by the Board and the Committee, as in effect from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11.&nbsp;&nbsp;&nbsp;&nbsp;<U>Claw Back Policy</U>.
All compensation granted to Executive hereunder shall be subject to any and all claw back policies of the Company, as in effect from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12.&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice</U>. For purposes of this Agreement, all notices and other communications will be in writing and will be
deemed to have been duly given when delivered or if sent either by Federal Express, hand-delivery, <FONT STYLE="white-space:nowrap">e-mail,</FONT> or postage prepaid, by certified mail, return receipt requested, with a copy by ordinary mail, to the
addresses below: </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jon W. Springer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 17 of 19 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<TD VALIGN="bottom">If to Executive:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">If to the Company:</TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jon W. Springer</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At Executive&#146;s most recent
address</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">on file with the Company</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Universal Insurance Holdings, Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1110 West
Commercial Boulevard</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fort Lauderdale, Florida 33309</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Attn:
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;12,
except that notices of any change of address is effective only upon actual receipt. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13.&nbsp;&nbsp;&nbsp;&nbsp;<U>Entire Agreement</U>.
This Agreement contains the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements, written or oral, with respect thereto, including, without limitation, the Prior Agreement;
<U>provided</U>, <U>however</U>, that the terms of this Agreement shall not supersede or replace any equity award made prior to the Effective Date. No severance or other termination payments are payable to Executive under the Prior Agreement or
under any other plan or arrangement of the Company in connection with the execution of this Agreement or the termination of the Prior Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14.&nbsp;&nbsp;&nbsp;&nbsp;<U>Waiver and Amendments</U>. This Agreement may be amended, modified, superseded, canceled, renewed or extended,
and the terms and conditions hereof may be waived, only by a written instrument signed by the parties or, in the case of a waiver, by the party waiving compliance. Except as provided in Section&nbsp;5(d)(iv), no delay on the part of any party in
exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any right, power or privilege hereunder, nor any single or partial exercise of any right, power or privilege hereunder,
preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15.&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing Law</U>. This Agreement and the implementation of it shall be subject to and governed by the laws of
the State of Florida applicable to contracts fully executed and performed in such State. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">16.&nbsp;&nbsp;&nbsp;&nbsp;<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.&nbsp;&nbsp;&nbsp;&nbsp;The parties waive any rights to object to venue as set forth herein, including any argument of inconvenience for any reason. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17.&nbsp;&nbsp;&nbsp;&nbsp;<U>Assignability by the Company and Executive</U>. The Company shall have the right to assign this Agreement to its
successors or assigns, and the Executive hereby consents to any such assignment. All covenants or agreements hereunder shall inure to the benefit of, and be enforceable by or against, the Company&#146;s successors or assigns. The terms
&#147;successors&#148; and &#147;assigns&#148; shall include, but not be limited to, any successor upon a Change in Control.&nbsp;&nbsp;&nbsp;&nbsp;Executive may not assign this Agreement or the rights and entitlements hereunder, except that any
payments owed to Executive under this Agreement in the event of his death shall be payable to his estate. Executive may not delegate his duties and responsibilities hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">18.&nbsp;&nbsp;&nbsp;&nbsp;<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>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jon W. Springer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 18 of 19 </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">19.&nbsp;&nbsp;&nbsp;&nbsp;<U>Headings</U>. The headings in this Agreement are for
convenience of reference only and will not limit or otherwise affect the meaning of terms contained herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">20.&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>. If any term, provision, covenant or restriction of this Agreement, or any part thereof, is
held by a court of competent jurisdiction of any foreign, federal, state, county or local government or any other governmental, regulatory or administrative agency or authority to be invalid, void, unenforceable or against public policy for any
reason, the remainder of the terms, provisions, covenants and restrictions of this Agreement will remain in full force and effect and will in no way be affected or impaired or invalidated. If any court determines that any of such covenants, or any
part thereof, is invalid or unenforceable because of the geographic or temporal scope of such provision, such court will reduce such scope to the minimum extent necessary to make such covenants valid and enforceable. Executive acknowledges that the
restrictive covenants contained in Section&nbsp;7 are a condition of this Agreement and are reasonable and valid in temporal scope and in all other respects. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">21.&nbsp;&nbsp;&nbsp;&nbsp;<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:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[remainder of page intentionally left blank] </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jon W. Springer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employment Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 19 of 19 </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:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">EXECUTIVE:</TD></TR>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ J<SMALL>ON</SMALL> W. S<SMALL>PRINGER</SMALL></TD></TR>
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<TD VALIGN="bottom">Jon W. Springer</TD></TR>
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<TD VALIGN="top">UNIVERSAL INSURANCE HOLDINGS, INC.</TD></TR>
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<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ S<SMALL>EAN</SMALL> P. D<SMALL>OWNES</SMALL></TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name: Sean P. Downes</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Title: Chairman and
Chief Executive Officer</P></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Schedule A </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2019 PERFORMANCE GOALS APPLICABLE TO PSUs </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>A. Description of Performance Objective </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For the PSUs
granted on the Effective Date under the Agreement, the performance objective to determine the Earn Out Number shall be policy count as measured by growth in <FONT STYLE="white-space:nowrap">Non-Florida</FONT> Premiums for 2019 in comparison to <FONT
STYLE="white-space:nowrap">Non-Florida</FONT> Premiums for 2018. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>B. Calculation of the Earn Out Number: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Earn Out Number will be: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Zero, if the Performance Level is less than 125%. </P></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%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">100% of the Target Number, if the Performance Level is 125% or greater. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>C. Definitions and Certification. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT
STYLE="white-space:nowrap">Non-Florida</FONT> Premiums</U>&#148; for any year shall be the aggregate amount of <FONT STYLE="white-space:nowrap">in-force</FONT> rate adequate premiums for such year from states other than Florida as reported in the
Policy Portfolio and Claims Liability Overview Reports (the &#147;<U>Reports</U>&#148;) presented to the Company&#146;s Board of Directors. The methodology for determining rate adequate <FONT STYLE="white-space:nowrap">in-force</FONT> premiums shall
be consistently applied in the 2018 and 2019 Reports. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<U>Performance Level</U>&#148; means a percentage equal to (i)&nbsp;the aggregate amount of <FONT
STYLE="white-space:nowrap">Non-Florida</FONT> Premiums for 2019 divided by (ii)&nbsp;the aggregate amount of <FONT STYLE="white-space:nowrap">Non-Florida</FONT> Premiums for 2018. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All results under this <U>Schedule</U><U></U><U>&nbsp;A</U> shall be objectively determined in accordance with the methodology used to prepare the reports
noted above and consistently applied from <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">year-to-year</FONT></FONT> and certified in writing by the Company&#146;s Chief Financial Officer based upon such reports, and the Earn Out
Number shall be subject to the Committee&#146;s certification, and such certifications shall be binding and conclusive on all parties. </P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RELEASE AGREEMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In
consideration of the payments and benefits to be provided to him by Universal Insurance Holdings, Inc. ( the &#147;<U>Company</U>&#148;) pursuant to the agreement dated as of December&nbsp;17, 2018, by and between the Company and himself (the
&#147;<U>Employment Agreement</U>&#148;), Jon W. Springer (&#147;<U>Executive</U>&#148;), agrees to be bound by this Release Agreement (the &#147;<U>Agreement</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Accordingly, Executive agrees as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Release</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;Executive waives any claims he may have for employment by the Company and agrees not to seek such employment or
reemployment by the Company in the future. Further, in consideration of the payments and benefits to be provided by the Company pursuant to the Employment Agreement, Executive, on behalf of himself and his heirs, executors, devisees, successors and
assigns, knowingly and voluntarily releases, remises, and forever discharges the Company and its parents, subsidiaries or affiliates, together with each of their current and former principals, officers, directors, stockholders, agents,
representatives and employees, and each of their heirs, executors, successors and assigns (collectively, the &#147;<U>Releasees</U>&#148;), from any and all debts, demands, actions, causes of action, accounts, covenants, contracts, agreements,
claims, damages, omissions, promises, and any and all claims and liabilities whatsoever, of every name and nature, known or unknown, suspected or unsuspected, both in law and equity (&#147;<U>Claims</U>&#148;), which Executive ever had, now has, or
may hereafter claim to have against the Releasees by reason of any matter or cause whatsoever arising from the beginning of time to the time he signs this Agreement (the &#147;<U>General Release</U>&#148;). This General Release of Claims shall apply
to any Claim of any type, including, without limitation, any and all Claims of any type that Executive may have arising under the common law, under Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Older Workers Benefit
Protection Act, the Americans With Disabilities Act of 1967, the Family and Medical Leave Act of 1993, the Employee Retirement Income Security Act of 1974, and the <FONT STYLE="white-space:nowrap">Sarbanes-Oxley</FONT> Act of 2002, each as amended,
and any other federal, state, local or foreign statutes, regulations, ordinances or common law, or under any policy, agreement, contract, understanding or promise, written or oral, formal or informal, between any of the Releasees and Executive, and
shall further apply, without limitation, to any and all Claims in connection with, related to or arising out of Executive&#146;s employment relationship, or the termination of his employment, with the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;For the purpose of implementing a full and complete release, Executive understands and agrees that this Agreement
is intended to include all claims, if any, which Executive or his heirs, executors, devisees, successors and assigns may have and which Executive does not now know or suspect to exist in his favor against the Releasees, from the beginning of time
until the time he signs this Agreement, and this Agreement extinguishes those claims. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;In consideration of the
promises of the Company set forth in the Employment Agreement, Executive hereby releases and discharges the Releasees from any and all Claims that Executive may have against the Releasees arising under the Age Discrimination Employment Act of 1967,
as amended, and the applicable rules and regulations promulgated thereunder (&#147;<U>ADEA</U>&#148;). Executive acknowledges that he understands that the ADEA is a federal statute that prohibits discrimination on the basis of age in employment,
benefits and benefit plans. Executive also understands that, by signing this Agreement, he is waiving all Claims against any and all of the Releasees. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;This General Release shall not apply to (i)&nbsp;any obligation
of the Company pursuant to the Employment Agreement, (ii)&nbsp;any benefit to which Executive is entitled under any tax qualified pension plan of the Company or its affiliates, COBRA continuation coverage benefits, vested benefits under other
benefit plans of the Company or its affiliates or any other welfare benefits required to be provided by statute, (iii)&nbsp;any claim related to acts, omissions or events occurring after the date this Agreement is signed by Executive and
(iv)&nbsp;any right as a former employee of the Company that Executive may have to indemnification under the bylaws of the Company or under any directors and officers liability insurance policy then applicable to him. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Capitalized words not otherwise defined herein have the meanings assigned thereto in the Employment Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;<U>Consultation with Attorney; Voluntary Agreement</U>. The Company advises Executive to consult with an attorney of
his choosing prior to signing this Agreement. Executive understands and agrees that he has the right and has been given the opportunity to review this Agreement and, specifically, the General Release in Section&nbsp;1 above, with an attorney.
Executive also understands and agrees that he is under no obligation to consent to the General Release set forth in Section&nbsp;1 above. Executive acknowledges and agrees that the payments to be made to Executive pursuant to the Employment
Agreement are sufficient consideration to require him to abide with his obligations under this Agreement, including but not limited to the General Release set forth in Section&nbsp;1. Executive represents that he has read this Agreement, including
the General Release set forth in Section&nbsp;1, and understands its terms and that he enters into this Agreement freely, voluntarily, and without coercion. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;<U>Effective Date; Revocation</U>. Executive acknowledges and represents that he has been given at least 21 days
during which to review and consider the provisions of this Agreement and, specifically, the General Release set forth in Section&nbsp;1 above. Executive further acknowledges and represents that he has been advised by the Company that he has the
right to revoke this Agreement for a period of seven days after signing it. Executive acknowledges and agrees that, if he wishes to revoke this Agreement, he must do so in a writing, signed by him and received by the Company no later than 5:00 p.m.
Eastern Time on the seventh day of the revocation period. If no such revocation occurs, the General Release and this Agreement shall become effective on the eighth day following his execution of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>. In the event that any one or more of the provisions of this Agreement are held to be invalid,
illegal or unenforceable, the validity, legality and enforceability of the remainder of this Agreement shall not in any way be affected or impaired thereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.&nbsp;&nbsp;&nbsp;&nbsp;<U>Waiver</U>. No waiver by either party of any breach by the other party of any condition or provision of this
Agreement to be performed by such other party shall be deemed a waiver of any other provision or condition at the time or at any prior or subsequent time. </P>
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shall be subject to and governed by the laws of the State of Florida applicable to contracts fully executed and performed in such State. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="bottom">Jon W. Springer</TD></TR>
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