Document:

Severance Agreement dated March 10, 2012 with Davide Roncari

 Exhibit 10.1 
 March 10, 2012 
 Davide Roncari 
 Vice President – Europe 
 Cascade Corporation 

P.O. Box 20187 
 Portland, Oregon 97294-0187

 Dear Davide: 
 The
Compensation Committee of the Board of Directors of Cascade Corporation (“Cascade”) has recommended, and the Board has approved, a special severance benefit program for you and certain other key executives. This letter agreement
(“Agreement”) describes the severance benefits, the circumstances under which they would be payable, and certain limitations on their overall value. It includes a noncompetition agreement, which was a condition established by the Board.

 Your Severance Benefits will become payable, subject to the terms and conditions of this Agreement, in the event of the
Involuntary Termination of your employment within twelve months following a Change in Control of Cascade. Capitalized terms not otherwise defined in this Agreement are defined on Attachment A. 

 

	I.	SEVERANCE BENEFITS 

 Your
Severance Benefits will consist of the following: 
  

	 	A.	A lump sum cash payment equal to two times your Average Compensation will be made within 74 days of Involuntary Termination. 

 

	 	B.	Each of your outstanding Equity Awards, if not then vested, exercisable, or otherwise free from restrictions, will accelerate automatically upon the Involuntary
Termination of your employment so that the Equity Award becomes fully vested, immediately exercisable, and free from restrictions, for the full number of Cascade shares of common stock subject to the Equity Award. Each such accelerated Equity Award,
together with all your other vested Equity Awards, will remain exercisable until the earlier of (i) the expiration of the Equity Award term or (ii) one year following the Involuntary Termination of your employment.

 Davide Roncari 
 March 10, 2012 
 Page 2 

 

	 	C.	Cascade will at its expense provide you and your eligible dependents continued Health Coverage under Cascade’s medical/dental/vision plans or substantially similar
coverage under the purchase of an individual policy or other arrangement, without regard to any COBRA-triggering event, until the earlier of (i) 24 months after your Involuntary Termination date or (ii) the first date you are covered
under another health benefit program (except entitlement to benefits under Medicare) which provides substantially the same level of benefits without exclusion for pre-existing medical conditions. This coverage will satisfy all obligation of Cascade
to provide or make available continued Health Coverage to you and your eligible dependents under Code Section 4980B by reason of the termination of your employment. Neither you nor your eligible dependents will be entitled to any additional
period of coverage under Section 4980B as a result of the Involuntary Termination of your employment. 

 All
benefits provided to you pursuant to this paragraph that are not exempt from taxation under Code Sections 105 or 106 must be paid (directly or on your behalf) not later than the last day of the second calendar year following the calendar year of
your Involuntary Termination The total amount of such benefits (except benefits described in Treasury Regulation Sections 1.409A-1(a)(5) or 1.409A-(b)(9)(v)) shall not exceed two times the lesser of (i) the sum of your annualized compensation
based upon your annual salary in the year preceding the year of your Involuntary Termination (adjusted for any increase during that year that was expected to continue indefinitely if your employment had not terminated) or (ii) the applicable
dollar limit under Code Section 401(a)(17) for the calendar year of your Involuntary Termination. 
  

	II.	NONCOMPETITION AND NONSOLICITATION 

 In consideration for Cascade’s commitments in this Agreement, you agree that, for the 24-month period following the termination of your Cascade employment for any reason, you will not: 

 

	 	A.	Directly or indirectly, whether for your own account, or as an employee, director, consultant, or advisor, provide services to any business which is at the time in
competition with any Cascade then-existing or formally planned product line anywhere in the world; 

 Davide Roncari 
 March 10, 2012 
 Page 3 

 

	 	B.	Directly or indirectly encourage or solicit any individual to leave Cascade’s employ for any reason or interfere in any other manner with the actual or prospective
employment relationships at the time existing between Cascade and its current or prospective employees; 

  

	 	C.	Induce or attempt to induce any customer, supplier, distributor, licensee, or other business affiliate of Cascade to cease doing business with Cascade or in any way
interfere with the existing business relationship between any such customer, supplier, distributor, licensee or other business affiliate and Cascade. 

 If, in any judicial proceeding, a court refuses to enforce this covenant not to compete because it covers too extensive a geographic area or is too long in its duration, it shall be reformed and enforced
to the maximum extent permitted under applicable law. 
 Cascade’s obligation to pay Severance Benefits to you under this
Agreement will terminate if you breach the noncompetition obligation set forth in this section. 
 You acknowledge that monetary
damages may not be sufficient to compensate Cascade for any economic loss which it may incur by reason of your breach of the foregoing restrictive covenants. In the event of any such breach, Cascade will, in addition to the cessation of any
remaining benefits under this Agreement and any remedies available at law, be entitled to obtain equitable relief in the form of an injunction precluding you from continuing to engage in such breach. 

 

	III.	LIMITATION ON BENEFITS 

 The
following limitations apply to your Severance Benefits in order to assure that payments to you will not be subject to a 20% penalty tax, and will be deductible to Cascade: 

 

	 	A.	Reduction for Excess Parachute Payments. In the event that any portion of the Total Payments payable to you in connection with your Involuntary Termination after
a Change in Control would constitute an “excess parachute payment” within the meaning of Code Section 280G(b) that would be subject to the excise tax imposed on so-called excess parachute payments pursuant to Code Section 4999
(an “Excise Tax”), then the payments otherwise payable under this Agreement will be reduced to the largest amount payable to you which would result in no portion of the Total Payments being subject to the Excise Tax.

 Davide Roncari 
 March 10, 2012 
 Page 4 

 

	 	B.	Application. For purposes of this section: 

  

	 	(i)	No portion of the Total Payments, the receipt or enjoyment of which you have effectively waived in writing prior to the date of payment, will be taken into account;

  

	 	(ii)	No portion of the Total Payments will be taken into account which, in the opinion of tax counsel selected by Cascade and reasonably acceptable to you (“Tax
Counsel”), does not constitute a “parachute payment” within the meaning of Code Section 280G; 

  

	 	(iii)	If you and Cascade disagree whether any payment will result in an Excise Tax, the matter will be conclusively resolved by an opinion of Tax Counsel;

  

	 	(iv)	You agree to provide Tax Counsel with all financial information necessary to determine the after-tax consequences of payments of Severance Benefits for purposes of
determining whether, or to what extent, Severance Benefits are to be reduced pursuant to Paragraph A above; and 

  

	 	(v)	The value of any noncash benefit or any deferred payment or benefit included in the Total Payments, and whether or not all or a portion of any payment or benefit is a
“parachute payment” for purposes of this section, will be determined by Cascade’s independent accountants in accordance with the principles of Code Section 280G(d)(3) and (4). 

 

	 	C.	Effect on Other Agreements. In the event that any other agreement, plan, or arrangement provides for Other Payments (an “Other Agreement”), Cascade and
you agree that the Other Payment governed by such Other Agreement will be subject to the reduction in payments under Paragraph A above. To the extent possible, Cascade and you agree that reductions in benefits under any plan, program, or arrangement
of Cascade will be reduced (only to the extent described in Paragraph A above) in the following order of priority: 

  

	 	(i)	Cash payments under this Agreement; 

  

	 	(ii)	Any other payments under this Agreement; 

 Davide Roncari 
 March 10, 2012 
 Page 5 

 

	 	(iii)	Any cash payments under any Other Agreement; and 

  

	 	(iv)	The acceleration in the exercisability or vesting of any stock option or other stock-based award granted by Corporation. 

 

	 	D.	No Payment Until Severance Benefits Value and Status Determined. No Severance Benefits will be paid to you until the value of any benefit included in the Total
Payments and whether or not all or a portion of any payment or benefit is a “parachute payment” for purposes of this section has been determined and the status of any payments in dispute has been resolved; provided, however, that in no
case will payment of any lump sum cash payment hereunder be made later than the 15th day of the third month following the later of your taxable year or Cascade’s taxable year in which your Involuntary Termination occurs, or such later period as
permitted by Code Section 409A. However, you will be permitted to exercise your Severance-Accelerated Equity Awards at any time during the one year or shorter expiration period immediately following your Involuntary Termination.

  

	 	E.	Code Sections 280G and 4999. The limitations of this section will in all events be interpreted in such manner as to avoid the imposition of excise taxes under
Code Section 4999, and the disallowance of deductions under Code Section 280G(a), with respect to any of the benefits paid pursuant to this Agreement. 

 

	 	F.	Termination For Cause, Voluntary Termination, Termination Due to Death or Disability. Should (i) your termination constitute a Termination for Cause,
(ii) you voluntarily terminate employment, or (iii) you terminate employment due to death or disability, Cascade’s obligations under this Agreement will cease and Cascade will only be required to pay you (a) any portion of your
base salary earned for services previously rendered through the date of such termination and (b) any other employment benefits to which you are entitled as of the date of termination. 

 

	IV.	OTHER PROVISIONS 

  

	 	A.	Conditions of Severance. As a condition to receipt of any Severance Benefits described in this Agreement, you must execute and deliver to Cascade a release
agreement, in form and substance satisfactory to Cascade, releasing all claims you have or may have against Cascade and related persons or entities, within 30 days from the date of your Involuntary Termination, and any applicable revocation period
must expire without revocation of the release. If such general release of claims is not executed within the specified timeframe or is revoked within the applicable revocation period, all Severance Benefits under this Agreement will be forfeited.

 Davide Roncari 
 March 10, 2012 
 Page 6 

 

	 	B.	Captions. All captions are solely for convenience of the parties and will not affect the meaning or interpretation of this Agreement. 

 

	 	C.	Death. If you die after your Involuntary Termination but before payment in full of the Severance Benefits to which you become entitled under this Agreement,
those payments will be made to your estate. If you die before you exercise all your outstanding Equity Awards, then your estate, or the distributees of such Equity Awards from your estate, may exercise such Equity Awards within 12 months after your
death. In no event may any such Equity Award be exercised after the specified expiration date of the award term. 

  

	 	D.	Unsecured Debt of Cascade. Cascade will pay any benefits under this Agreement, when due, from its general assets, and no trust fund, escrow arrangement or other
segregated account will be established to fund such payment. Amounts which may become owing under this Agreement will have no priority over the claims of general creditors. 

 

	 	E.	Indemnification. You will have the benefit of indemnification provisions applicable to Officers and Directors under Cascade’s bylaws (to the maximum extent
permitted by law). 

  

	 	F.	Withholding. Cascade may withhold from any amounts payable under this Agreement such Federal, state, local or foreign taxes as shall be required to be withheld
pursuant to any applicable law or regulation. 

  

	 	G.	Notices. Notices under this Agreement must be in writing and will be deemed given when delivered in person, one business day after being sent by overnight
courier, or four business days after being mailed by certified mail. Notices to Cascade must be addressed to Cascade Corporation, Attention: Chairman of the Board, at Cascade’s headquarters address. Notices to you are to be sent to the last
address you have provided from time to time to Cascade’s human resources department. Either party may change its address for notices by giving notice of the change to the other party. 

 Davide Roncari 
 March 10, 2012 
 Page 7 

 

	 	H.	Miscellaneous. This Agreement will be binding upon Cascade, its successors and assigns (including, without limitation, the surviving entity in any Change in
Control) and is to be construed, enforced, and interpreted under applicable federal law and the laws of the State of Oregon (without regard to conflict of law provisions). You will not be entitled to any other Severance Benefits upon your
termination of employment. This letter may only be modified by a writing signed by you and a Cascade officer acting with the approval of the Compensation Committee. Should any provision of this Agreement be adjudged by a court of competent
jurisdiction to be unenforceable, the invalidity of that provision will in no way affect (to the maximum extent permitted by law) the application of such provision under circumstances different from those adjudicated by the court, the application of
any other provision of this Agreement, or the enforceability or validity of this Agreement as a whole. 

  

	 	I.	At-Will Employment. Nothing in this Agreement is intended to provide you with any right to continue in the employ of Cascade (or any subsidiary) for any period
or to restrict your rights or the rights of Cascade (or any subsidiary) to terminate the employment relationship at any time for any reason whatsoever or for no reason, with or without cause. 

 

	 	J.	Exemption from Code Section 409A. The benefits under this Agreement are intended to be exempt from the requirements of Code Section 409A by reason of
all payments under this Agreement being either “short-term deferrals” within the meaning of Treasury Regulation Section 1.409A-1(b)(4) or separation pay due to involuntary separation from service under Treasury Regulation
Section 1.409A-1(b)(9)(iii). All provisions of this Agreement shall be interpreted in a manner consistent with preserving these exemptions. 

  

	 	K.	Attorney Fees. In the event you or Cascade should bring suit or action relating to the interpretation or application of any provision of this Agreement or any
benefits payable hereunder, the prevailing party will be entitled to recover reasonable attorney fees and costs incurred in connection with such proceedings. For purposes of this provision the prevailing party means the party determined by the court
to have most nearly prevailed in the proceedings, even if that party does not prevail in all matters, and does not necessarily mean the party in whose favor the judgment is actually rendered. 

 Davide Roncari 
 March 10, 2012 
 Page 8 

 

 Please indicate your acceptance of the foregoing provisions of this agreement by signing
the enclosed copy and returning it to me. 
  

			
	 Cordially,
  

CASCADE CORPORATION

		
	By	 	 /s/ James S. Osterman

		
		 	Chairman

  
 ACCEPTANCE 

I hereby agree to all the terms and provisions of the foregoing letter agreement governing the Severance Benefits to which I may become
entitled in connection with certain changes in control or ownership of Cascade Corporation. 
  

			
	 /s/ Davide Roncari

		
	Date	 	03/10/2012

 Davide Roncari 
 March 10, 2012 
 Page 9 

 

 ATTACHMENT A 
 DEFINITIONS 
 The following definitions apply to terms used in the above Agreement: 

AVERAGE COMPENSATION means the average of your annual W-2 wages from Cascade for the three calendar years (five calendar years for purposes of
application of the Limitations on Benefits section) or such fewer number of calendar years of employment with Cascade completed immediately prior to the calendar year in which the Change of Control is effected. 

BOARD means Cascade’s Board of Directors. 

CHANGE IN CONTROL means: 
  

	1.	Any change in the composition of Cascade’s Board over a period of 24 consecutive months or less such that a majority of the Board ceases, by reason of one or more
contested elections for Board membership, to be comprised of individuals who either (A) have been members of the Board continuously since the beginning of such period or (B) have been elected or nominated for election as Board members
described in (A) who were still in office at the time such election or nomination was approved by the Board; or 

  

	2.	The approval by the stockholders of Cascade of any plan or proposal for the liquidation or dissolution of Cascade; or 

 

	3.	Any merger or consolidation in which securities possessing more than 50% of the total combined voting power of Cascade’s outstanding securities are transferred to
persons different from the persons holding those securities immediately prior to such transaction; or 

  

	4.	The acquisition by a person or a group of related persons, other than Cascade or a person controlling, controlled or under common control with Cascade, of beneficial
ownership (as determined pursuant to Rule 13d-3 of the Securities Exchange Act of 1934) of securities possessing more than 35% of the total combined voting power of Cascade’s outstanding securities pursuant to a transaction or series of related
transactions which the Board does not at any time recommend Cascade’s shareholders accept or approve. 

 CODE means the
Internal Revenue Code of 1986, as amended. 
 HEALTH COVERAGE means the continued health care coverage to which you and your eligible dependents
may become entitled under this Agreement upon the Involuntary Termination of your employment. 

 Davide Roncari 
 March 10, 2012 
 Page 10 

 

 INVOLUNTARY TERMINATION means the termination of your Cascade employment: 

 

	5.	involuntarily upon your discharge or dismissal by Cascade (other than a Termination for Cause), or 

 

	6.	voluntarily upon your resignation following (a) a change in your position with Cascade which materially reduces your duties or level of responsibility or which
otherwise changes the level of management to which you report, (b) a 20% or more reduction in your level of base compensation or (c) a change in your place of employment which is more than 50 miles from your place of employment prior to
the Change in Control, provided and only if such change or reduction does not have your written concurrence, and that (i) within 90 days after the initial existence of such change or reduction you provide Cascade with a written notice
describing such change or reduction, (ii) Cascade fails to cure the circumstances within 30 days after Cascade receives your notice, and (iii) you terminate your employment with Cascade and all the members of Cascade’s controlled
group within 90 days of the date of your notice. 

 In no event shall an Involuntary Termination be deemed to occur if your
employment terminates by reason of your death or disability. 
 As used in this Agreement, termination of employment and similar terms mean
“separation from service” as such term is defined in Treasury Regulation Section 1.409A-1(h). 
 EQUITY AWARD means any stock
option or other stock-based award granted by Corporation under a Plan which is outstanding at the time of the Change in Control or upon your subsequent Involuntary Termination. 
 OTHER PAYMENT means any payment or benefit payable to you in connection with a Change in Control pursuant to any plan, arrangement, or agreement (other than this Agreement) with Cascade, a person whose
actions result in such Change in Control, or any person affiliated with Cascade or such person. 
 PLAN means (a) Cascade’s 1995
Incentive Stock Option Plan, as amended or restated from time to time, (b) Cascade’s Stock Appreciation Rights and Restricted Stock Plan, including the restatement of the plan approved by the shareholders in 2011,, and (b) any
successor or additional stock incentive plan subsequently implemented by Cascade. 
 SEVERANCE-ACCELERATED EQUITY AWARD means any outstanding
Equity Award (or installment thereof) which accelerates upon your Involuntary Termination pursuant to this Agreement. 

 Davide Roncari 
 March 10, 2012 
 Page 11 

 

 SEVERANCE BENEFITS means the severance benefits to which you may become entitled under this Agreement in
the event of your Involuntary Termination following a Change in Control, subject, however, to the Limitation on Benefits section. 
 TERMINATION
FOR CAUSE means an Involuntary Termination of your employment by reason of your having engaged in fraud or in any other intentional misconduct adversely affecting Cascade’s business or reputation in a material manner. 

TOTAL PAYMENTS means all payments or benefits payable to you in connection with a Change in Control, including payments pursuant to this Agreement and
any Other Payments pursuant to any other plan, agreement, or arrangement with Cascade, a person whose actions result in the Change in Control, or any person affiliated with Cascade or such person.EX-4.11

 Exhibit 4.11 
 UNIVERSAL INSURANCE HOLDINGS, INC. 
 2009 OMNIBUS INCENTIVE PLAN

 (as amended through June 8, 2012) 
 ARTICLE I 
 PURPOSE AND ADOPTION OF THE PLAN 

1.01 Purpose. The purpose of the Universal Insurance Holdings, Inc. 2009 Omnibus Incentive Plan (as amended from time to time, the
“Plan”) is to assist in attracting and retaining highly competent employees, directors and consultants to act as an incentive in motivating selected employees, directors and consultants of the Company and its subsidiaries to achieve
long-term corporate objectives, to reward superior service to the Company and to enable stock based and cash based incentive awards to qualify as performance based compensation for purposes of the tax deduction limitations under Section 162(m)
of the Code. 
 1.02 Adoption and Term. The Plan was originally approved by the Board and the stockholders of the Company
effective November 16, 2009. The Plan as amended and restated herein has been approved by the Board and the amendment and restatement will become effective on June 8, 2012 if approved by the stockholders of the Company at the June 8,
2012 annual meeting of stockholders of the Company (the “Effective Date”). The Plan shall remain in effect until the tenth anniversary of the Effective Date, or until terminated by action of the Board, whichever occurs sooner. 

ARTICLE II 

DEFINITIONS 
 For the purpose of this Plan, capitalized terms shall have the following meanings: 

2.01 Affiliate means an entity in which, directly or indirectly through one or more intermediaries, the Company has at least a 50%
ownership interest or, where permissible under Section 409A of the Code, at least a 20% ownership interest; provided, however, for purposes of any grant of an Incentive Stock Option, “Affiliate” means a corporation which, for
purposes of Section 424 of the Code, is a parent or subsidiary of the Company, directly or indirectly. 
 2.02 Award
means any one or a combination of Non Qualified Stock Options or Incentive Stock Options described in Article VI, Stock Appreciation Rights described in Article VI, Restricted Shares and Restricted Stock Units described in Article VII, Performance
Awards described in Article VIII, other stock based Awards described in Article IX, short term cash incentive Awards described in Article X or any other Award made under the terms of the Plan. 

2.03 Award Agreement means a written agreement between the Company and a Participant or a written acknowledgment from the Company
to a Participant specifically setting forth the terms and conditions of an Award granted under the Plan. 

  
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 2.04 Award Period means, with respect to an Award, the period of time, if any, set
forth in the Award Agreement during which specified target performance goals must be achieved or other conditions set forth in the Award Agreement must be satisfied. 
 2.05 Beneficiary means an individual, trust or estate who or which, by a written designation of the Participant filed with the Company, or if no such written designation is filed, by operation of
law, succeeds to the rights and obligations of the Participant under the Plan and the Award Agreement upon the Participant’s death. 
 2.06 Board means the Board of Directors of the Company. 
 2.07 Change in
Control means, and shall be deemed to have occurred upon the occurrence of, any one of the following events: 
 (a) The
acquisition in one or more transactions, other than from the Company, by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act), other than the Company, an Affiliate or any employee benefit plan
(or related trust) sponsored or maintained by the Company or an Affiliate, of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of a number of Company Voting Securities in excess of 15% of the Company Voting
Securities unless such acquisition has been approved by the Board; 
 (b) Any election has occurred of persons to the Board that
causes two thirds of the Board to consist of persons other than (i) persons who were members of the Board on the Effective Date and (ii) persons who were nominated for elections as members of the Board at a time when two thirds of the
Board consisted of persons who were members of the Board on the Effective Date, provided, however, that any person nominated for election by a Board at least two thirds of whom constituted persons described in clauses (i) and/or
(ii) or by persons who were themselves nominated by such Board shall, for this purpose, be deemed to have been nominated by a Board composed of persons described in clause (i); 

(c) The consummation (i.e. closing) of a reorganization, merger or consolidation involving the Company, unless, following such
reorganization, merger or consolidation, all or substantially all of the individuals and entities who were the respective beneficial owners of the Outstanding Common Stock and Company Voting Securities immediately prior to such reorganization,
merger or consolidation, following such reorganization, merger or consolidation beneficially own, directly or indirectly, more than 75% of, respectively, the then outstanding shares of common stock and the combined voting power of the then
outstanding voting securities entitled to vote generally in the election of directors or trustees, as the case may be, of the entity resulting from such reorganization, merger or consolidation in substantially the same proportion as their ownership
of the Outstanding Common Stock and Company Voting Securities immediately prior to such reorganization, merger or consolidation, as the case may be; 
 (d) The consummation (i.e. closing) of a sale or other disposition of all or substantially all the assets of the Company, unless, following such sale or disposition, all or substantially all of the
individuals and entities who were the respective beneficial owners of the Outstanding Common Stock and Company Voting Securities immediately prior to such sale or disposition, following such sale or disposition beneficially own, directly or
indirectly, more than 75% of, respectively, the then outstanding shares of common stock and the 

  
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combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors or trustees, as the case may be, of the entity purchasing such assets in
substantially the same proportion as their ownership of the Outstanding Common Stock and Company Voting Securities immediately prior to such sale or disposition, as the case may be; or 

(e) a complete liquidation or dissolution of the Company. 
 Solely to the extent required by Section 409A of the Code, an event described above shall not constitute a Change in Control for purposes of the payment (but not vesting) provisions of any Award
subject to Section 409A unless such event also constitutes a change in ownership or effective control of the Company or a change in the ownership of a substantial portion of the Company’s assets within the meaning of Section 409A of
the Code and the final regulations issued thereunder. 
 2.08 Code means the Internal Revenue Code of 1986, as amended.
References to a section of the Code shall include that section and any comparable section or sections of any future legislation that amends, supplements or supersedes said section. 

2.09 Committee means the Compensation Committee of the Board. 

2.10 Common Stock means the common stock of the Company, par value $0.01 per share. 

2.11 Company means Universal Insurance Holdings, Inc., a Delaware corporation, and its successors. 

2.12 Company Voting Securities means the combined voting power of all outstanding voting securities of the Company entitled to
vote generally in the election of directors to the Board. 
 2.13 Date of Grant means the date designated by the
Committee as the date as of which it grants an Award, which shall not be earlier than the date on which the Committee approves the granting of such Award. 
 2.14 Dividend Equivalent Account means a bookkeeping account in accordance with Section 11.17 and related to an Award that is credited with the amount of any cash dividends or stock
distributions that would be payable with respect to the shares of Common Stock subject to such Awards had such shares been outstanding shares of Common Stock. 
 2.15 Exchange Act means the Securities Exchange Act of 1934, as amended. References to a section of the Exchange Act shall include that section and any comparable section or sections of any future
legislation that amends, supplements or supersedes said section. 
 2.16 Exercise Price means, with respect to a Stock
Appreciation Right, the amount established by the Committee in the Award Agreement which is to be subtracted from the Fair Market Value on the date of exercise in order to determine the amount of the payment to be made to the Participant, as further
described in Section 6.02(b). 
 2.17 Fair Market Value means, as of any applicable date: (i) if the Common
Stock is listed on one or more international or national securities exchanges, the closing sales price 

  
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of the Common Stock on the exchange having the greatest number of shares listed or eligible for trading on that date, or, if no sale of the Common Stock occurred on that date, on the next
preceding date on which there was a reported sale; or (ii) if none of the above apply, the closing bid price as reported by the Nasdaq SmallCap Market on that date, or if no price was reported for that date, on the next preceding date for which
a price was reported; or (iii) if none of the above apply, the last reported bid price published in the “pink sheets” or displayed on the National Association of Securities Dealers, Inc., Electronic Bulletin Board, as the case may be;
or (iv) if none of the above apply or the Committee elects to use a different standard for determining Fair Market Value for one or more Awards, the fair market value of the Common Stock as determined under written procedures established by the
Committee. 
 2.18 Incentive Stock Option means a stock option within the meaning of Section 422 of the Code.

 2.19 Merger means any merger, reorganization, consolidation, exchange, transfer of assets or other transaction having
similar effect involving the Company. 
 2.20 Non Qualified Stock Option means a stock option which is not an Incentive
Stock Option. 
 2.21 Non Vested Share means shares of the Company Common Stock issued to a Participant in respect of the
non vested portion of an Option in the event of the early exercise of such Participant’s Options pursuant to such Participant’s Award Agreement, as permitted in Section 6.06 below. 

2.22 Options means all Non Qualified Stock Options and Incentive Stock Options granted at any time under the Plan. 

2.23 Outstanding Common Stock means, at any time, the issued and outstanding shares of Common Stock. 

2.24 Participant means a person designated to receive an Award under the Plan in accordance with Section 5.01. 

2.25 Performance Awards means Awards granted in accordance with Article VIII. 

2.26 Performance Goals means operating income, operating profit (earnings from continuing operations before interest and taxes),
earnings per share, share price, net income, income before taxes, pre-tax net income, return on investment (as such term is generally understood by investors), return on a specified investment, return on a specified investment portfolio or return on
working capital, return on stockholders’ equity, total stockholder return, economic value added (the amount, if any, by which net operating profit after tax exceeds a reference cost of capital), policy count, number of states in which the
Company operates, any one of which may be measured with respect to the Company or any one or more of its subsidiaries and divisions and either in absolute terms, as compared to another company or companies or subject to such objective adjustment
factors as shall be set by the Committee in accordance with Section 162(m) of the Code at the time that the goals and related performance targets are set for the applicable performance period, and quantifiable, objective measures of individual
performance relevant to the particular individual’s job responsibilities. 

  
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 2.27 Plan has the meaning given to such term in Section 1.01. 

2.28 Purchase Price, with respect to Options, shall have the meaning set forth in Section 6.01(b). 

2.29 Restricted Shares means Common Stock subject to restrictions imposed in connection with Awards granted under Article VII.

 2.30 Restricted Stock Unit means a unit representing the right to receive Common Stock or the value thereof in the
future subject to restrictions imposed in connection with Awards granted under Article VII. 
 2.31 Rule 16b-3 means Rule
16b-3 promulgated by the Securities and Exchange Commission under Section 16 of the Exchange Act, as the same may be amended from time to time, and any successor rule. 
 2.32 Stock Appreciation Rights means awards granted in accordance with Article VI. 
 2.33 Termination of Service means the voluntary or involuntary termination of a Participant’s service as an employee, director or consultant with the Company or an Affiliate for any reason,
including death, disability, retirement or as the result of the divestiture of the Participant’s employer or any similar transaction in which the Participant’s employer ceases to be the Company or one of its subsidiaries. Whether entering
military or other government service shall constitute Termination of Service, or whether and when a Termination of Service shall occur as a result of disability, shall be determined in each case by the Committee in its sole discretion. For purposes
of the payment (but not vesting) provisions of any Award subject to Section 409A of the Code, Termination of Service shall mean a separation from service within the meaning of Section 409A of the Code and the final regulations issued
thereunder. 
 ARTICLE III 
 ADMINISTRATION 
 3.01 Committee. 

(a) Duties and Authority. The Plan shall be administered by the Committee and the Committee shall have exclusive and final
authority in each determination, interpretation or other action affecting the Plan and its Participants. The Committee shall have the sole discretionary authority to interpret the Plan, to establish and modify administrative rules for the Plan, to
impose such conditions and restrictions on Awards as it determines appropriate, and to make all factual determinations with respect to and take such steps in connection with the Plan and Awards granted hereunder as it may deem necessary or
advisable. The Committee shall not, however, have or exercise any discretion that would disqualify amounts payable under Article X as performance based compensation for purposes of Section 162(m) of the Code. The Committee may delegate such of
its powers and authority under the Plan as it deems appropriate to a subcommittee of the Committee or designated officers or employees of the Company. In addition, the full Board may exercise any of the powers and authority of the Committee under
the Plan. In the event of such delegation of authority or exercise of authority by the Board, references in the Plan to the Committee shall be deemed to refer, as appropriate, to the delegate of the Committee or the Board. 

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

ARTICLE IV 

SHARES 

4.01 Number of Shares Issuable. The total number of shares initially authorized to be issued under the Plan shall be 1,800,000
shares of Common Stock and shall be increased to 7,200,000 as of the date of the 2012 Annual Meeting of Shareholders; provided that such increase is approved by the stockholders of the Company at the 2012 Annual Meeting. The foregoing share
limits shall be subject to adjustment in accordance with Section 11.07. The shares to be offered under the Plan shall be authorized and unissued Common Stock, issued Common Stock that shall have been reacquired by the Company, or shares issued
from the Universal Insurance Holdings, Inc. Stock Grantor Trust, formed April 3, 2000. 
 4.02 Shares Subject to
Terminated Awards. Common Stock covered by any unexercised portions of terminated or forfeited Options (including canceled Options) granted under Article VI, Restricted Stock or Restricted Stock Units forfeited as provided in Article VII, other
stock based Awards terminated or forfeited as provided under the Plan, and Common Stock subject to any Awards that are otherwise surrendered by the Participant may again be subject to new Awards under the Plan. Shares of Common Stock surrendered to
or withheld by the Company in payment or satisfaction of the Purchase Price of an Option or tax withholding obligation with respect to an Award shall be available for the grant of new Awards under the Plan. In the event of the exercise of Stock
Appreciation Rights, whether or not granted in tandem with Options, only the number of shares of Common Stock actually issued in payment of such Stock Appreciation Rights shall be charged against the number of shares of Common Stock available for
the grant of Awards hereunder. 

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

ARTICLE VI 

STOCK OPTIONS AND STOCK APPRECIATION RIGHTS 
 6.01 Option Awards. 
 (a) Grant of Options. The Committee may grant,
to such Participants as the Committee may select, Options entitling the Participant to purchase shares of Common Stock from the Company in such number, at such price, and on such terms and subject to such conditions, not inconsistent with the terms
of this Plan, as may be established by the Committee. The terms of any Option granted under this Plan shall be set forth in an Award Agreement. 
 (b) Purchase Price of Options. The Purchase Price of each share of Common Stock which may be purchased upon exercise of any Option granted under the Plan shall be determined by the Committee;
provided, however, that in no event shall the Purchase Price be less than the Fair Market Value on the Date of Grant. 

(c) Designation of Options. The Committee shall designate, at the time of the grant of each Option, the Option as an Incentive
Stock Option or a Non Qualified Stock Option; provided, however, that an Option may be designated as an Incentive Stock Option only if the applicable Participant is an employee of the Company on the Date of Grant. 

(d) Special Incentive Stock Option Rules. No Participant may be granted Incentive Stock Options under the Plan (or any other plans
of the Company) that would result in Incentive Stock Options to purchase shares of Common Stock with an aggregate Fair 

  
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Market Value (measured on the Date of Grant) of more than $100,000 first becoming exercisable by the Participant in any one calendar year. Notwithstanding any other provision of the Plan to the
contrary, the Exercise Price of each Incentive Stock Option shall be equal to or greater than the Fair Market Value of the Common Stock subject to the Incentive Stock Option as of the Date of Grant of the Incentive Stock Option; provided,
however, that no Incentive Stock Option shall be granted to any person who, at the time the Option is granted, owns stock (including stock owned by application of the constructive ownership rules in Section 424(d) of the Code) possessing
more than 10% of the total combined voting power of all classes of stock of the Company, unless at the time the Incentive Stock Option is granted the price of the Option is at least 110% of the Fair Market Value of the Common Stock subject to the
Incentive Stock Option and the Incentive Stock Option by its terms is not exercisable for more than five years from the Date of Grant. 
 (e) Rights As a Stockholder. Except as otherwise provided by the Committee, a Participant or a transferee of an Option pursuant to Section 11.04 shall have no rights as a stockholder with
respect to Common Stock covered by an Option until the Participant or transferee shall have become the holder of record of any such shares, and no adjustment shall be made for dividends in cash or other property or distributions or other rights with
respect to any such Common Stock for which the record date is prior to the date on which the Participant or a transferee of the Option shall have become the holder of record of any such shares covered by the Option; provided, however, that
Participants are entitled to share adjustments to reflect capital changes under Section 11.07. 
 6.02 Stock
Appreciation Rights. 
 (a) Stock Appreciation Right Awards. The Committee is authorized to grant to any Participant
one or more Stock Appreciation Rights. Such Stock Appreciation Rights may be granted either independent of or in tandem with Options granted to the same Participant. Stock Appreciation Rights granted in tandem with Options may be granted
simultaneously with, or, in the case of Non Qualified Stock Options, subsequent to, the grant to such Participant of the related Option; provided however, that: (i) any Option covering any share of Common Stock shall expire and not be
exercisable upon the exercise of any Stock Appreciation Right with respect to the same share, (ii) any Stock Appreciation Right covering any share of Common Stock shall expire and not be exercisable upon the exercise of any related Option with
respect to the same share, and (iii) an Option and Stock Appreciation Right covering the same share of Common Stock may not be exercised simultaneously. Upon exercise of a Stock Appreciation Right with respect to a share of Common Stock, the
Participant shall be entitled to receive an amount equal to the excess, if any, of (A) the Fair Market Value of a share of Common Stock on the date of exercise over (B) the Exercise Price of such Stock Appreciation Right established in the
Award Agreement, which amount shall be payable as provided in Section 6.02(c). 
 (b) Exercise Price. The Exercise
Price established under any Stock Appreciation Right granted under this Plan shall be determined by the Committee, but in the case of Stock Appreciation Rights granted in tandem with Options shall not be less than the Purchase Price of the related
Option; provided, however, that in no event shall the Exercise Price be less than the Fair Market Value on the Date of Grant. Upon exercise of Stock Appreciation Rights granted in tandem with options, the number of shares subject to exercise
under any related Option shall automatically be reduced by the number of shares of Common Stock represented by the Option or portion thereof which are surrendered as a result of the exercise of such Stock Appreciation Rights. 

  
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 (c) Payment of Incremental Value. Any payment which may become due from the Company
by reason of a Participant’s exercise of a Stock Appreciation Right may be paid to the Participant as determined by the Committee (i) all in cash, (ii) all in Common Stock, or (iii) in any combination of cash and Common Stock. In
the event that all or a portion of the payment is made in Common Stock, the number of shares of Common Stock delivered in satisfaction of such payment shall be determined by dividing the amount of such payment or portion thereof by the Fair Market
Value on the Exercise Date. No fractional share of Common Stock shall be issued to make any payment in respect of Stock Appreciation Rights; if any fractional share would be issuable, the combination of cash and Common Stock payable to the
Participant shall be adjusted as directed by the Committee to avoid the issuance of any fractional share. 
 6.03 Terms of
Stock Options and Stock Appreciation Rights. 
 (a) Conditions on Exercise. An Award Agreement with respect to
Options or Stock Appreciation Rights may contain such waiting periods, exercise dates and restrictions on exercise (including, but not limited to, periodic installments) as may be determined by the Committee at the time of grant. 

(b) Duration of Options and Stock Appreciation Rights. Options and Stock Appreciation Rights shall terminate upon the first to
occur of the following events: 
 (i) Expiration of the Option or Stock Appreciation Right as provided in the
Award Agreement; or 
 (ii) Termination of the Award in the event of a Participant’s disability, retirement,
death or other Termination of Service as provided in the Award Agreement; or 
 (iii) In the case of an Incentive
Stock Option, ten years from the Date of Grant (five years in certain cases, as described in Section 6.01(d)); or 
 (iv) Solely in the case of a Stock Appreciation Right granted in tandem with an Option, upon the expiration of the related Option. 
 (c) Acceleration or Extension of Exercise Time. The Committee, in its sole discretion, shall have the right (but shall not be obligated), exercisable on or at any time after the Date of Grant, to
permit the exercise of an Option or Stock Appreciation Right (i) prior to the time such Option or Stock Appreciation Right would become exercisable under the terms of the Award Agreement, (ii) after the termination of the Option or Stock
Appreciation Right under the terms of the Award Agreement, or (iii) after the expiration of the Option or Stock Appreciation Right. 
 6.04 Exercise Procedures. Each Option and Stock Appreciation Right granted under the Plan shall be exercised under such procedures and by such methods as the Board may establish or approve from
time to time. The Purchase Price of shares purchased upon exercise of an Option granted under the Plan shall be paid in full in cash by the Participant pursuant to the Award Agreement; provided, however, that the Committee may (but shall not
be required to) permit payment to be made (a) by delivery to the Company of shares of Common Stock held by the Participant, (b) by a “net exercise” method under which the Company reduces the number of shares of Common Stock
issued upon exercise by the largest 

  
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whole number of shares with a Fair Market Value that does not exceed the aggregate Exercise Price, or (c) such other consideration as the Committee deems appropriate and in compliance with
applicable law (including payment under an arrangement constituting a brokerage transaction as permitted under the provisions of Regulation T applicable to cashless exercises promulgated by the Federal Reserve Board, unless prohibited by
Section 402 of the Sarbanes Oxley Act of 2002). In the event that any Common Stock shall be transferred to the Company to satisfy all or any part of the Purchase Price, the part of the Purchase Price deemed to have been satisfied by such
transfer of Common Stock shall be equal to the product derived by multiplying the Fair Market Value as of the date of exercise times the number of shares of Common Stock transferred to the Company. The Participant may not transfer to the Company in
satisfaction of the Purchase Price any fractional share of Common Stock. Any part of the Purchase Price paid in cash upon the exercise of any Option shall be added to the general funds of the Company and may be used for any proper corporate purpose.
Unless the Committee shall otherwise determine, any Common Stock transferred to the Company as payment of all or part of the Purchase Price upon the exercise of any Option shall be held as treasury shares. 

6.05 Change in Control. With respect to each Award of Options or Stock Appreciation Rights, the Committee shall determine whether
and to what extent such Options or Stock Appreciation Rights shall become immediately and fully exercisable in the event of a Change in Control or upon the occurrence of one or more specified conditions following a Change in Control. Such provisions
relating to the effect of a Change in Control on an outstanding Award of Options or Stock Appreciation Rights shall be set forth in the applicable Award Agreement. 
 6.06 Early Exercise. An Option may, but need not, include a provision by which the Participant may elect to exercise the Option in whole or in part prior to the date the Option is fully vested. The
provision may be included in the Award Agreement at the time of grant of the Option or may be added to the Award Agreement by amendment at a later time. In the event of an early exercise of an Option, any shares of Common Stock received shall be
subject to a special repurchase right in favor of the Company with terms established by the Board. If the Company exercises its repurchase rights, the Company may elect to pay the repurchase price in the form of (i) cash or cash equivalents,
(ii) installment payments over a specified period, (iii) cancellation of indebtedness, or (iv) any other form of consideration approved by the Company. The Board shall determine the time and/or the event that causes the repurchase
right to terminate and fully vest the Common Stock in the Participant. Alternatively, in the sole discretion of the Board, one or more Participants may be granted stock purchase rights allowing them to purchase shares of Common Stock outright,
subject to conditions and restrictions as the Board may determine. 
 ARTICLE VII 

RESTRICTED SHARES AND RESTRICTED STOCK UNITS 
 7.01 Award of Restricted Stock and Restricted Stock Units. The Committee may grant to any Participant an Award of Restricted Shares consisting of a specified number of shares of Common Stock issued
to the Participant subject to such terms, conditions and forfeiture and transfer restrictions, whether based on performance standards, periods of service, retention by the Participant of ownership of specified shares of Common Stock or other
criteria, as the Committee shall establish. The Committee may also grant Restricted Stock Units representing the right to receive shares of Common Stock in the future subject to such terms, conditions and restrictions, whether based on performance
standards, periods of 

  
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service, retention by the Participant of ownership of specified shares of Common Stock or other criteria, as the Committee shall establish. With respect to performance based Awards of Restricted
Shares or Restricted Stock Units intended to qualify as “performance based” compensation for purposes of Section 162(m) of the Code, performance targets will consist of specified levels of one or more of the Performance Goals. The
terms of any Restricted Share and Restricted Stock Unit Awards granted under this Plan shall be set forth in an Award Agreement which shall contain provisions determined by the Committee and not inconsistent with this Plan. 

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

(b) Stockholder Rights. Beginning on the Date of Grant of the Restricted Share Award and subject to execution of the Award
Agreement as provided in Section 7.02(a), the Participant shall become a stockholder of the Company with respect to all shares subject to the Award Agreement and shall have all of the rights of a stockholder, including, but not limited to, the
right to vote such shares and the right to receive dividends; provided, however, that any Common Stock distributed as a dividend or otherwise with respect to any Restricted Shares as to which the restrictions have not yet lapsed, shall be
subject to the same restrictions as such Restricted Shares and held or restricted as provided in Section 7.02(a). 
 (c)
Restriction on Transferability. None of the Restricted Shares may be assigned or transferred (other than by will or the laws of descent and distribution, or to an inter vivos trust with respect to which the Participant is treated as the owner
under Sections 671 through 677 of the Code, except to the extent that Section 16 of the Exchange Act limits a Participant’s right to make such transfers), pledged or sold prior to lapse of the restrictions applicable thereto. 

(d) Delivery of Shares Upon Vesting. Upon expiration or earlier termination of the forfeiture period without a forfeiture and the
satisfaction of or release from any other conditions prescribed by the Committee, or at such earlier time as provided under the provisions of Section 7.04, the restrictions applicable to the Restricted Shares shall lapse. As promptly as
administratively feasible thereafter, subject to the requirements of Section 11.05, the Company shall deliver to the Participant or, in case of the Participant’s death, to the Participant’s Beneficiary, one or more share certificates
for the appropriate number of shares of Common Stock, free of all such restrictions, except for any restrictions that may be imposed by law. 

  
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 (e) Forfeiture of Restricted Shares. Subject to Sections 7.02(f) and 7.04, all
Restricted Shares shall be forfeited and returned to the Company and all rights of the Participant with respect to such Restricted Shares shall terminate unless the Participant continues in the service of the Company or an Affiliate as an employee
until the expiration of the forfeiture period for such Restricted Shares and satisfies any and all other conditions set forth in the Award Agreement. The Committee shall determine the forfeiture period (which may, but need not, lapse in
installments) and any other terms and conditions applicable with respect to any Restricted Share Award. 
 (f) Waiver of
Forfeiture Period. Notwithstanding anything contained in this Article VII to the contrary, the Committee may, in its sole discretion, waive the forfeiture period and any other conditions set forth in any Award Agreement under appropriate
circumstances (including the death, disability or retirement of the Participant or a material change in circumstances arising after the date of an Award) and subject to such terms and conditions (including forfeiture of a proportionate number of the
Restricted Shares) as the Committee shall deem appropriate. 
 7.03 Restricted Stock Units. 

(a) Settlement of Restricted Stock Units. Payments shall be made to Participants with respect to their Restricted Stock Units as
soon as practicable after the Committee has determined that the terms and conditions applicable to such Award have been satisfied or at a later date if distribution has been deferred. Payments to Participants with respect to Restricted Stock Units
shall be made in the form of Common Stock, or cash or a combination of both, as the Committee may determine. The amount of any cash to be paid in lieu of Common Stock shall be determined on the basis of the Fair Market Value of the Common Stock on
the date any such payment is processed. As to shares of Common Stock which constitute all or any part of such payment, the Committee may impose such restrictions concerning their transferability and/or their forfeiture as may be provided in the
applicable Award Agreement or as the Committee may otherwise determine, provided such determination is made on or before the date certificates for such shares are first delivered to the applicable Participant. 

(b) Stockholder Rights. Until the lapse or release of all restrictions applicable to an Award of Restricted Stock Units, no shares
of Common Stock shall be issued in respect of such Awards and no Participant shall have any rights as a stockholder of the Company with respect to the shares of Common Stock covered by such Award of Restricted Stock Units. 

(c) Waiver of Forfeiture Period. Notwithstanding anything contained in this Section 7.03 to the contrary, the Committee may,
in its sole discretion, waive the forfeiture period and any other conditions set forth in any Award Agreement under appropriate circumstances (including the death, disability or retirement of the Participant or a material change in circumstances
arising after the date of an Award) and subject to such terms and conditions (including forfeiture of a proportionate number of shares issuable upon settlement of the Restricted Stock Units constituting an Award) as the Committee shall deem
appropriate. 

  
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 (d) Deferral of Payment. If approved by the Committee and set forth in the applicable
Award Agreement, a Participant may elect to defer the amount payable with respect to the Participant’s Restricted Stock Units in accordance with such terms as may be established by the Committee, subject to the requirements of Section 409A
of the Code. 
 7.04 Change in Control. With respect to each Award of Restricted Shares and Restricted Stock Unit Awards,
the Committee shall determine whether and to what extent such Restricted Shares and Restricted Stock Unit Awards shall become immediately and fully vested in the event of a Change in Control or upon the occurrence of one or more specified conditions
following a Change in Control. Such provisions relating to the effect of a Change in Control on an outstanding Award of Restricted Shares and Restricted Stock Unit Awards shall be set forth in the applicable Award Agreement. 

ARTICLE VIII 
 PERFORMANCE AWARDS 
 8.01 Performance Awards. 

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

(b) Performance Targets. Subject to Section 11.18, the performance targets applicable to a Performance Award may include such
goals related to the performance of the Company or, where relevant, any one or more of its subsidiaries or divisions and/or the performance of a Participant as may be established by the Committee in its discretion. In the case of Performance Awards
to “covered employees” (as defined in Section 162(m) of the Code), the targets will be limited to specified levels of one or more of the Performance Goals. The performance targets established by the Committee may vary for different
Award Periods and need not be the same for each Participant receiving a Performance Award in an Award Period. 
 (c) Earning
Performance Awards. The Committee, at or as soon as practicable after the Date of Grant, shall prescribe a formula to determine the percentage of the Performance Award to be earned based upon the degree of attainment of the applicable
performance targets. 
 (d) Payment of Earned Performance Awards. Subject to the requirements of Section 11.05,
payments of earned Performance Awards shall be made in cash or Common Stock, or a combination of cash and Common Stock, in the discretion of the Committee. The Committee, in its sole discretion, may define, and set forth in the applicable Award
Agreement, such terms and conditions with respect to the payment of earned Performance Awards as it may deem desirable. 

  
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 8.02 Termination of Service. In the event of a Participant’s Termination of
Service during an Award Period, the Participant’s Performance Awards shall be forfeited except as may otherwise be provided in the applicable Award Agreement. 
 8.03 Change in Control. With respect to each Performance Award, the Committee shall determine whether and to what extent such Performance Awards shall become immediately and fully vested and
payable in the event of a Change in Control or upon the occurrence of one or more specified conditions following a Change in Control. Such provisions relating to the effect of a Change in Control on an outstanding Performance Award shall be set
forth in the applicable Award Agreement. 
 ARTICLE IX 

OTHER STOCK BASED AWARDS 
 9.01 Grant of Other Stock Based Awards. Other stock based awards, consisting of stock purchase rights (with or without loans to Participants by the Company containing such terms as the Committee
shall determine), Awards of Common Stock, or Awards valued in whole or in part by reference to, or otherwise based on, Common Stock, may be granted either alone or in addition to or in conjunction with other Awards under the Plan. Subject to the
provisions of the Plan, the Committee shall have sole and complete authority to determine the persons to whom and the time or times at which such Awards shall be made, the number of shares of Common Stock to be granted pursuant to such Awards, and
all other conditions of the Awards. Any such Award shall be confirmed by an Award Agreement executed by the Committee and the Participant, which Award Agreement shall contain such provisions as the Committee determines to be necessary or appropriate
to carry out the intent of this Plan with respect to such Award. 
 9.02 Terms of Other Stock Based Awards. In addition
to the terms and conditions specified in the Award Agreement, Awards made pursuant to this Article IX shall be subject to the following: 
 (a) Any Common Stock subject to Awards made under this Article IX may not be sold, assigned, transferred, pledged or otherwise encumbered prior to the date on which the shares are issued, or, if later,
the date on which any applicable restriction, performance or deferral period lapses; and 
 (b) If specified by the Committee in
the Award Agreement, the recipient of an Award under this Article IX shall be entitled to receive, currently or on a deferred basis, interest or dividends or dividend equivalents with respect to the Common Stock or other securities covered by the
Award; and 
 (c) The Award Agreement with respect to any Award shall contain provisions dealing with the disposition of such
Award in the event of a Termination of Service prior to the exercise, payment or other settlement of such Award, whether such termination occurs because of Retirement, disability, death or other reason, with such provisions to take account of the
specific nature and purpose of the Award. 

  
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 ARTICLE X 
 CASH INCENTIVE AWARDS 
 10.01 Eligibility. Executive officers of the
Company who are from time to time determined by the Committee to be “covered employees” for purposes of Section 162(m) of the Code will be eligible to receive cash incentive awards under this Article X. 

10.02 Awards. 
 (a) Performance Targets. The Committee shall establish objective performance targets based on specified levels of one or more of the Performance Goals. Such performance targets shall be established
by the Committee on a timely basis to ensure that the targets are considered “preestablished” for purposes of Section 162(m) of the Code. 
 (b) Amounts of Awards. In conjunction with the establishment of performance targets for a fiscal year or such other performance period established by the Committee, the Committee shall adopt an
objective formula (on the basis of percentages of Participants’ salaries, shares in a bonus pool or otherwise) for computing the respective amounts payable under the Plan to Participants if and to the extent that the performance targets are
attained. Such formula shall comply with the requirements applicable to performance based compensation plans under Section 162(m) of the Code and, to the extent based on percentages of a bonus pool, such percentages shall not exceed 100% in the
aggregate. 
 (c) Payment of Awards. Awards will be payable to Participants in cash following expiration of the
applicable performance period upon prior written certification by the Committee of attainment of the specified performance targets for the applicable performance period. 
 (d) Negative Discretion. Notwithstanding the attainment by the Company of the specified performance targets, the Committee shall have the discretion, which need not be exercised uniformly among the
Participants, to reduce or eliminate the award that would be otherwise paid. 
 (e) Deferral. The Committee may require
that a portion of any cash payment payable under this Article X shall be mandatorily deferred for a deferral period specified by the Committee in connection with the establishment or grant of the Award. In addition, the Committee may permit the
applicable Participant to elect to defer a portion of any Award payable hereunder to one or more dates specified by the Participant at the time the deferral election is made. Any voluntary deferral election by a Participant shall be in writing and
shall be made and become irrevocable by no later than the end of the calendar year prior to the calendar year in which begins the performance period for the Award to which the deferral election applies. 

(f) Guidelines. The Committee may adopt from time to time written policies for its implementation of this Article X. Such
guidelines shall reflect the intention of the Company that all payments hereunder qualify as performance based compensation under Section 162(m) of the Code. 
 (g) Non Exclusive Arrangement. The adoption and operation of this Article X shall not preclude the Board or the Committee from approving other incentive 

  
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compensation arrangements for the benefit of individuals who are Participants hereunder as the Board or Committee, as the case may be, deems appropriate and in the best interests of the Company.

 ARTICLE XI 
 TERMS APPLICABLE GENERALLY TO AWARDS 
 GRANTED UNDER THE PLAN

 11.01 Plan Provisions Control Award Terms. Except as provided in Section 11.16, the terms of the Plan shall
govern all Awards granted under the Plan, and in no event shall the Committee have the power to grant any Award under the Plan which is contrary to any of the provisions of the Plan. In the event any provision of any Award granted under the Plan
shall conflict with any term in the Plan as constituted on the Date of Grant of such Award, the term in the Plan as constituted on the Date of Grant of such Award shall control. Except as provided in Section 11.03 and Section 11.07, the
terms of any Award granted under the Plan may not be changed after the Date of Grant of such Award so as to materially decrease the value of the Award without the express written approval of the holder. 

11.02 Award Agreement. No person shall have any rights under any Award granted under the Plan unless and until the Company and the
Participant to whom such Award shall have been granted shall have executed and delivered an Award Agreement or received any other Award acknowledgment authorized by the Committee expressly granting the Award to such person and containing provisions
setting forth the terms of the Award. 
 11.03 Modification of Award After Grant. No Award granted under the Plan to a
Participant may be modified (unless such modification does not materially decrease the value of the Award or is necessary or advisable in the judgment of the Committee to comply with the requirements of Section 409A of the Code) after the Date
of Grant except by express written agreement between the Company and the Participant, provided that any such change (a) shall not be inconsistent with the terms of the Plan, and (b) shall be approved by the Committee. Except as
provided in Section 11.07, an outstanding Option or Stock Appreciation Right may not be (i) amended after the Date of Grant to reduce its exercise price without the prior approval of the amendment by the Company’s stockholders or
(ii) terminated and replaced with a substitute Award if the effect of such termination and substitution is to reduce the exercise price. 
 11.04 Limitation on Transfer. Except as provided in Section 7.02(c) in the case of Restricted Shares, a Participant’s rights and interest under the Plan may not be assigned or transferred
other than by will or the laws of descent and distribution, and during the lifetime of a Participant, only the Participant personally (or the Participant’s personal representative) may exercise rights under the Plan. The Participant’s
Beneficiary may exercise the Participant’s rights to the extent they are exercisable under the Plan following the death of the Participant. Notwithstanding the foregoing, to the extent permitted under Section 16(b) of the Exchange Act with
respect to Participants subject to such Section, the Committee may grant Non Qualified Stock Options that are transferable, without payment of consideration, to immediate family members of the Participant or to trusts or partnerships for such family
members, and the Committee may also amend outstanding Non Qualified Stock Options to provide for such transferability. 
 11.05
Taxes. The Company shall be entitled, if the Committee deems it necessary or desirable, to withhold (or secure payment from the Participant in lieu of withholding) the 

  
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amount of any withholding or other tax required by law to be withheld or paid by the Company with respect to any amount payable and/or shares issuable under such Participant’s Award, or with
respect to any income recognized upon a disqualifying disposition of shares received pursuant to the exercise of an Incentive Stock Option, and the Company may defer payment or issuance of the cash or shares upon exercise or vesting of an Award
unless indemnified to its satisfaction against any liability for any such tax. The amount of such withholding or tax payment shall be determined by the Committee and shall be payable by the Participant at such time as the Committee determines in
accordance with the following rules: 
 (a) The Participant shall have the right to elect to meet his or her withholding
requirement (i) by having withheld from such Award at the appropriate time that number of shares of Common Stock, rounded down to the nearest whole share, whose Fair Market Value is equal to the amount of withholding taxes due, (ii) by
direct payment to the Company in cash of the amount of any taxes required to be withheld with respect to such Award or (iii) by a combination of shares and cash. 
 (b) In the case of Participants who are subject to Section 16 of the Exchange Act, the Committee may impose such limitations and restrictions as it deems necessary or appropriate with respect to the
delivery or withholding of shares of Common Stock to meet tax withholding obligations. 
 11.06 Surrender of Awards.
Subject to compliance with Section 409A of the Code, any Award granted under the Plan may be surrendered to the Company for cancellation on such terms as the Committee and the holder approve. Subject to compliance with Section 409A of the
Code and Section 11.03, with the consent of the Participant, the Committee may substitute a new Award under this Plan in connection with the surrender by the Participant of an equity compensation award previously granted under this Plan or any
other plan sponsored by the Company. 
 11.07 Adjustments to Reflect Capital Changes. 

(a) Recapitalization. In the event of any corporate event or transaction (including, but not limited to, a change in the Common
Stock or the capitalization of the Company) such as a merger, consolidation, reorganization, recapitalization, separation, partial or complete liquidation, stock dividend, stock split, reverse stock split, split up, spin off, or other distribution
of stock or property of the Company, a combination or exchange of Common Stock, dividend in kind, or other like change in capital structure, number of outstanding shares of Common Stock, distribution (other than normal cash dividends) to
stockholders of the Company, or any similar corporate event or transaction, the Committee, in order to prevent dilution or enlargement of Participants’ rights under this Plan, shall make equitable and appropriate adjustments and substitutions,
as applicable, to or of the number and kind of shares subject to outstanding Awards, the Purchase Price or Exercise Price for such shares, the number and kind of shares available for future issuance under the Plan and the maximum number of shares in
respect of which Awards can be made to any Participant in any calendar year, and other determinations applicable to outstanding Awards. The Committee shall have the power and sole discretion to determine the amount of the adjustment to be made in
each case. 
 (b) Merger. In the event that the Company is a party to a Merger, outstanding Awards shall be subject to
the agreement of merger or reorganization. Such 

  
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agreement may provide, without limitation, for the continuation of outstanding Awards by the Company (if the Company is a surviving corporation), for their assumption by the surviving corporation
or its parent or subsidiary, for the substitution by the surviving corporation or its parent or subsidiary of its own awards for such Awards, for accelerated vesting and accelerated expiration, or for settlement in cash or cash equivalents.

 (c) Options to Purchase Shares or Stock of Acquired Companies. After any Merger in which the Company or an Affiliate
shall be a surviving corporation, the Committee may grant substituted options under the provisions of the Plan, pursuant to Section 424 of the Code, replacing old options granted under a plan of another party to the Merger whose shares or stock
subject to the old options may no longer be issued following the Merger. The foregoing adjustments and manner of application of the foregoing provisions shall be determined by the Committee in its sole discretion. Any such adjustments may provide
for the elimination of any fractional shares which might otherwise become subject to any Options. 
 11.08 No Right to
Continued Service. No person shall have any claim of right to be granted an Award under this Plan. Neither the Plan nor any action taken hereunder shall be construed as giving any Participant any right to be retained in the service of the
Company or any of its subsidiaries. 
 11.09 Awards Not Includable for Benefit Purposes. Payments received by a
Participant pursuant to the provisions of the Plan shall not be included in the determination of benefits under any pension, group insurance or other benefit plan applicable to the Participant which is maintained by the Company or any of its
subsidiaries, except as may be provided under the terms of such plans or determined by the Board. 
 11.10 Governing Law.
All determinations made and actions taken pursuant to the Plan shall be governed by the laws of Delaware and construed in accordance therewith. 
 11.11 No Strict Construction. No rule of strict construction shall be implied against the Company, the Committee, or any other person in the interpretation of any of the terms of the Plan, any
Award granted under the Plan or any rule or procedure established by the Committee. 
 11.12 Compliance with Rule 16b-3.
It is intended that, unless the Committee determines otherwise, Awards under the Plan be eligible for exemption under Rule 16b-3. The Board is authorized to amend the Plan and to make any such modifications to Award Agreements to comply with Rule
16b-3, as it may be amended from time to time, and to make any other such amendments or modifications as it deems necessary or appropriate to better accomplish the purposes of the Plan in light of any amendments made to Rule 16b-3. 

11.13 Captions. The captions (i.e., all Section headings) used in the Plan are for convenience only, do not constitute a part of
the Plan, and shall not be deemed to limit, characterize or affect in any way any provisions of the Plan, and all provisions of the Plan shall be construed as if no captions have been used in the Plan. 

11.14 Severability. Whenever possible, each provision in the Plan and every Award at any time granted under the Plan shall be
interpreted in such manner as to be effective and valid under applicable law, but if any provision of the Plan or any Award at any time granted under the Plan shall be held to be prohibited by or invalid under applicable law, then (a) such

  
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provision shall be deemed amended to accomplish the objectives of the provision as originally written to the fullest extent permitted by law and (b) all other provisions of the Plan and
every other Award at any time granted under the Plan shall remain in full force and effect. 
 11.15 Amendment and
Termination. 
 (a) Amendment. The Board shall have complete power and authority to amend the Plan at any time;
provided, however, that the Board shall not, without the requisite affirmative approval of stockholders of the Company, make any amendment which requires stockholder approval under the Code or under any other applicable law or rule of any
stock exchange which lists Common Stock or Company Voting Securities. No termination or amendment of the Plan may, without the consent of the Participant to whom any Award shall theretofore have been granted under the Plan, adversely affect the
right of such individual under such Award. 
 (b) Termination. The Board shall have the right and the power to terminate
the Plan at any time. No Award shall be granted under the Plan after the termination of the Plan, but the termination of the Plan shall not have any other effect and any Award outstanding at the time of the termination of the Plan may be exercised
after termination of the Plan at any time prior to the expiration date of such Award to the same extent such Award would have been exercisable had the Plan not terminated. 
 11.16 Foreign Qualified Awards. Awards under the Plan may be granted to such employees of the Company and its subsidiaries who are residing in foreign jurisdictions as the Committee in its sole
discretion may determine from time to time. The Committee may adopt such supplements to the Plan as may be necessary or appropriate to comply with the applicable laws of such foreign jurisdictions and to afford Participants favorable treatment under
such laws; provided, however, that no Award shall be granted under any such supplement with terms or conditions inconsistent with the provision set forth in the Plan. 
 11.17 Dividend Equivalents. For any Award granted under the Plan, the Committee shall have the discretion, upon the Date of Grant or thereafter, to establish a Dividend Equivalent Account with
respect to the Award, and the applicable Award Agreement or an amendment thereto shall confirm such establishment. If a Dividend Equivalent Account is established, the following terms shall apply: 

(a) Terms and Conditions. Dividend Equivalent Accounts shall be subject to such terms and conditions as the Committee shall
determine and as shall be set forth in the applicable Award Agreement. Such terms and conditions may include, without limitation, for the Participant’s Account to be credited as of the record date of each cash dividend on the Common Stock with
an amount equal to the cash dividends which would be paid with respect to the number of shares of Common Stock then covered by the related Award if such shares of Common Stock had been owned of record by the Participant on such record date.

 (b) Unfunded Obligation. Dividend Equivalent Accounts shall be established and maintained only on the books and
records of the Company and no assets or funds of the Company shall be set aside, placed in trust, removed from the claims of the Company’s general creditors, or otherwise made available until such amounts are actually payable as provided
hereunder. 

  
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 11.18 Adjustment of Performance Goals and Targets. Notwithstanding any provision of
the Plan to the contrary, the Committee shall have the authority to adjust any Performance Goal, performance target or other performance based criteria established with respect to any Award under the Plan if circumstances occur (including, but not
limited to, unusual or nonrecurring events, changes in tax laws or accounting principles or practices or changed business or economic conditions) that cause any such Performance Goal, performance target or performance based criteria to be
inappropriate in the judgment of the Committee; provided, that with respect to any Award that is intended to qualify for the “performance based compensation” exception under Section 162(m) of the Code and the regulations
thereunder, any adjustment by the Committee shall be consistent with the requirements of Section 162(m) and the regulations thereunder. 
 11.19 Legality of Issuance. Notwithstanding any provision of this Plan or any applicable Award Agreement to the contrary, the Committee shall have the sole discretion to impose such conditions,
restrictions and limitations (including suspending exercises of Options or Stock Appreciation Rights and the tolling of any applicable exercise period during such suspension) on the issuance of Common Stock with respect to any Award unless and until
the Committee determines that such issuance complies with (i) any applicable registration requirements under the Securities Act of 1933 or the Committee has determined that an exemption therefrom is available, (ii) any applicable listing
requirement of any stock exchange on which the Common Stock is listed, (iii) any applicable Company policy or administrative rules, and (iv) any other applicable provision of state, federal or foreign law, including foreign securities laws
where applicable. 
 11.20 Restrictions on Transfer. Regardless of whether the offering and sale of Common Stock under
the Plan have been registered under the Securities Act of 1933 or have been registered or qualified under the securities laws of any state, the Company may impose restrictions upon the sale, pledge, or other transfer of such Common Stock (including
the placement of appropriate legends on stock certificates) if, in the judgment of the Company and its counsel, such restrictions are necessary or desirable to achieve compliance with the provisions of the Securities Act of 1933, the securities laws
of any state, the United States or any other applicable foreign law. 
 11.21 Further Assurances. As a condition to
receipt of any Award under the Plan, a Participant shall agree, upon demand of the Company, to do all acts and execute, deliver and perform all additional documents, instruments and agreements which may be reasonably required by the Company, to
implement the provisions and purposes of the Plan. 
 11.22 Recovery of Compensation in Connection with Financial
Restatement. Notwithstanding any other provision of this Plan or any applicable Award Agreement to the contrary, if the Board determines: (i) that the Company is required to restate its financial statements due to material noncompliance
with any financial reporting requirement under the law, whether such noncompliance is the result of misconduct or other circumstances, a Participant shall be required to reimburse the Company for any amounts earned or payable with respect to an
Award to the extent required by and otherwise in accordance with applicable law and any Company policies adopted or implemented by the Board or Committee from time to time or (ii) that the prior determination of the level of achievement of any
Performance Goal is materially incorrect and that materially incorrect determination has caused the payment of cash or delivery of shares in an amount greater than the amount that should have been paid or delivered had the determination been
correct, the Participant shall be required to return to the Company, within 30 days of written demand, the amount by which the amount that was paid or delivered exceeds the amount that should have been paid or delivered if the prior determination
had been correct. 

  
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