Document:

EX-10.1

 Exhibit 10.1 
 Universal Insurance Holdings, Inc. 
  

			
	 George De Heer
 Universal
Insurance Holdings, Inc.
 1110 West Commercial Boulevard
 Fort Lauderdale, Florida 33309
	 	August 5, 2013

 Consulting Agreement 
 Dear George, 
 This letter agreement (this “Agreement”) sets forth our
understanding concerning your engagement by us to perform certain consulting services described herein following the termination of your employment as Chief Financial Officer of Universal Insurance Holdings, Inc. (the “Company”).

  

	 	1.	Non-Renewal of Employment Agreement. Pursuant to Section 2 of that certain Employment Agreement, dated as of September 30, 2010 (the
“Employment Agreement”), by and between you and the Company, you have notified the Company that you do not wish to extend the Term (as defined in the Employment Agreement) following September 30, 2013. Consequently, the
Employment Agreement shall expire in accordance with its terms effective at the close of business on September 30, 2013 (the “Termination Date”). You hereby agree to resign from each of your other officer positions with the
Company and its subsidiaries effective on the Termination Date. 

  

	 	2.	No Severance under Employment Agreement; Benefits. 

  

	 	(a)	No severance or other termination payments shall be payable to you under the Employment Agreement or any other plan or arrangement of the Company in connection with the
non-renewal of the Employment Agreement and/or your retention by the Company as a consultant. You agree that you are not resigning as Chief Financial Officer of the Company for “Good Reason” as defined in the Employment Agreement. Subject
to paragraphs 2(b) and 2(c) of this Agreement, following the Termination Date, you shall not be entitled to participate in any plans, programs, arrangements, or distributions by the Company pertaining to or in connection with any Social Security
payments, tax withholding, pension, bonus, insurance or similar benefits for its employees, and you shall not receive any vacation pay, sick leave or other paid leave of absence. 

 

	 	(b)	Notwithstanding anything in paragraph 2(a) to the contrary, for a period of one (1) year following the Termination Date, you shall be entitled to reimbursement by
the Company of any health, dental, life, which consists of premiums applicable to two independent insurance policies; one of which has death benefit of $1.0 million policy and the other is part of a group plan in which the Company pays for the first
$20K of coverage and you pay, through payroll deduction, for additional coverage for you (an add’l $330K) and for coverage on your domestic partner ($150K), disability and any tax-qualified or non-tax qualified private long-term care insurance
payments made pursuant to the provisions of Section 4980B of the Internal Revenue Code of 1986, as amended (COBRA), for you and your spouse or anyone that you are not married to but with whom you agree to share common necessities of life and
are responsible for each other’s common welfare, regardless of the existence or non-existence of any declaration or registration in connection therewith (“domestic partner”), within 30 days following the presentation of appropriate
documentary support for such expenses. This paragraph 2(b) shall survive any termination of this Agreement. 

  

	 	(c)	Notwithstanding anything in paragraph 2(a) to the contrary, following the Termination Date, you shall be entitled to any salary, payments or benefits accrued under the
Employment Agreement prior to the Termination Date (including, without limitation, payments related to accrued vacation, personal days and floating holidays), as well as any post-employment benefits to which you are otherwise entitled in connection
with the termination of your employment with the Company. 

	 	3.	Consulting Services. From October 1, 2013 through July 1, 2014 (such period, the “Consulting Term”), you shall perform the following
duties at a location of your choosing (the “Consulting Services”): 

  

	 	(a)	Respond to inquiries and provide suggestions and recommendations in the transition of your duties to the Company’s successor Chief Financial Officer (the
“Successor CFO”) and provide general financial non-tax, consulting services to the Successor CFO; and 

  

	 	(b)	Provide general advice with respect to the Company’s business and operations and on matters where you have key institutional knowledge of the relevant facts.

 You will be free to exercise your discretion and independent judgment as to method and means of performance of
Services pursuant to this Agreement. In performing the foregoing duties, your responsibilities will be limited to responding to inquiries of Company executives (including the Successor CFO) during normal business hours within a reasonably prompt
period of time following receipt. Subject to the foregoing, you agree to act in the best interests of the Company in all respects during the Consulting Term. You also agree to comply reasonably promptly and faithfully with all reasonable
instructions, directions, requests, rules and regulations of the Company in connection with your performance of the Consulting Services. 
 For the avoidance of doubt, both you and the Company agree that you will not be an employee of the Company during the Consulting Term. It is further agreed that, following the Termination Date, you will
not be subject to the window periods and pre-clearance procedures set forth in the Company’s insider trading policy and guidelines, and the Company will not advise you as to the existence of any black-out periods thereunder. 

 

	 	4.	Fees. As consideration for providing the Consulting Services, you shall receive an aggregate fee in the amount of Two Hundred Thousand Dollars ($200,000), due
and payable in bi-weekly installments during the Consulting Term. 

  

	 	5.	Signing Bonus. As consideration for entering into this Agreement, you shall receive a signing bonus in the amount of Fifty-Thousand Two Hundred and Fifty Dollars
($56,250) (the “Signing Bonus”), to be paid on the Company’s next regular payment date following the date hereof. The Signing Bonus shall be treated as employee compensation in all respects, and the Company shall deduct
therefrom any withholding taxes, social security taxes, federal or state income taxes or disability deductions required under applicable law. 

  

	 	6.	Expense Reimbursement. During the Consulting Term, we shall reimburse you for out-of-pocket expenses reasonably incurred by you in connection with your
performance of the Consulting Services (which shall include, without limitation, a cell phone coverage plan), payable within 30 days of receipt by the Company of an itemized receipt and, if necessary, proper substantiation of such expenses.

  

	 	7.	Confidentiality, Noncompetition and Nonsolicitation. 

  

	 	(a)	You recognize and acknowledge that during the course of performing the Consulting Services, you will continue to have access to certain confidential information of the
Company and that such information constitutes valuable, special and unique property of the Company. Following the Termination Date, you agree that you will not disclose information, including any trade secrets or confidential information of the
Company obtained during the course of your employment with the Company or during the Consulting Term, except such information required to be disclosed by applicable law or an order entered, or subpoena issued, by a court of competent jurisdiction,
or as may have become part of the public domain through no fault of your own, which public domain determination, unless disclosed publicly by the Company, shall only be made by the Company in a written acknowledgment made at your request, before you
may be free to disclose any such claimed public domain information. 

  
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	 	(b)	During the Consulting Term, you will not, directly or indirectly, engage in any residential homeowners insurance business in the U.S., either as an employee,
consultant, partner, shareholder, director, investor or in any other capacity. 

  

	 	(c)	During the Consulting Term, you agree that you will not disturb, entice, hire or in any other manner attempt to persuade any employee, consultant, dealer, supplier or
customer of the Company to discontinue its business relationship with the Company. 

  

	 	(d)	Following the Termination Date, you agree that you will not make, or cause or assist any other person to make, any statement or other communication to any third party
which impugns or attacks, or is otherwise critical of, the reputation, business or character of the Company or any of its directors, officers or employees, except as may be required in the performance of the Consulting Services or as required by law
as part of any judicial or administrative process. The Company agrees that, following the Termination Date, it will not make, or cause or assist any of its directors or executive officers or any other person to make, any statement or other
communication to any third party which impugns or attacks, or is otherwise critical of, your reputation or character and that the Company shall instruct and otherwise cause its directors, executive officers or any officer of the Company authorized
to speak on behalf of the Company with respect to you or matters involving you to honor the non-disparagement obligations described herein. The Company further agrees promptly upon your request to acknowledge your favorable job performance during
your period of employment with the Company pursuant to the Employment Agreement and to likewise provide a favorable letter of recommendation for you to use with prospective employers and others in the future. 

 

	 	(e)	You and the Company acknowledge that it would be very difficult or impossible to measure the damages resulting from a breach of this section 7, and that any such breach
would cause immediate and irreparable harm. Therefore, in consequence of the foregoing, you hereby agree that any breach or threatened breach by you of any provision of this paragraph 7 shall entitle the Company, in addition to any other legal
remedies available to it, to obtain from any court of competent jurisdiction a temporary and permanent injunction in order to enjoin such breach or threatened breach, without the necessity on the part of the Company in any application for such
injunctive relief to show immediate and irreparable harm, which would be a requirement of such an application absent this covenant waiving those requirements. 

 

	 	(f)	Company acknowledges that notwithstanding any of the requirements contained in section 7 of this Agreement, all monetary obligations required of Company in sections
2(b), 2(c), 3, 4 and 5 shall be independent obligations of Company and may not be reduced or excused due to any alleged breach of this section without first giving you written notice of a breach and not less than ten (10) days within which to
cure. 

  

	 	8.	Return of Property. On or prior to the expiration of the Consulting Term, you agree to surrender to the Company all confidential and proprietary information and
all other property of the Company in your possession and made available to you in connection with your prior employment by the Company or during the Consulting Term. You may not retain copies in any form of any such information or materials without
the prior written consent of the Company. 

  

	 	9.	Responsibility for Payment of Taxes. Except as set forth in paragraph 5, you shall be responsible for payment of any and all applicable state, federal and local
taxes which you may owe with respect to any payments to be made pursuant to this Agreement. Except as set forth in paragraph 5, the Company will not deduct from its payments to you any withholding taxes, social security taxes, federal or state
income taxes or disability deductions, and will not make any employer contributions on your behalf. You agree to indemnify and hold the Company harmless from liability for any taxes or employer contributions demanded or claimed by any state, federal
or local government agency in connection with payment for Consulting Services rendered by you pursuant to this Agreement unless such liability arises due to the actions of the Company and not you. 

  
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	 	10.	Termination. This Agreement may not be terminated except upon the written consent of both you and the Company; provided that the Company may terminate this
Agreement for cause at any time without your consent. Except for Company’s rights to injunctive relief as provided in section 7 above, Company’s sole and exclusive remedy for any purported termination or right to declare a termination for
cause shall be a termination and Company shall have no right to any claim for money damages of any kind against you due to any dispute over your performance under the provisions of this Agreement. 

 

	 	11.	Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the subject matter covered herein. All prior understandings
and agreements between the parties with respect to such subject matter, whether oral or written, are hereby superseded and nullified. 

  

	 	12.	Governing Law. This Agreement and the implementation of it shall be subject to and governed by the laws of the State of Florida applicable to contracts executed
and performed entirely in such State, and any legal proceedings relating to the interpretation or enforcement of any of the provisions of this Agreement shall only be brought in the Circuit Court of the State of Florida, in and for the County of
Broward. 

  

	 	13.	Assignment; Successors. This Agreement is personal in its nature and neither of the parties hereto shall, without the consent of the other, assign or transfer
this Agreement or any rights or obligations hereunder; provided that, in the event of the merger, consolidation, transfer, or sale of all substantially all of the assets of the Company with or to any other individual or entity, this Agreement shall,
subject to the provisions hereof, be binding upon and inure to the benefit of such successor and such successor shall discharge and perform all the promises, covenants, duties, and obligations of the Company hereunder. 

 

	 	14.	Severability. The failure of any provision of this Agreement shall in no manner affect the right to enforce the remainder of this Agreement, and the waiver by
either the Company or you of any breach of any provision of this Agreement shall not be construed to be a waiver by the Company or you of any succeeding breach of such provision or a waiver by such party of any breach of any other provision of this
Agreement. 

 Please indicate your agreement with the terms above by signing the attached copy of this letter and returning it to
the Company, attention of the undersigned. 
  

			
	UNIVERSAL INSURANCE HOLDINGS, INC.
		
	By:	 	/s/ Sean Downes
	Title:	 	Sean Downes

  
  

	
	ACCEPTED AND AGREED:
	
	/s/ George De Heer
	George De Heer

  
  
  

  
 4EX-10.2

 Exhibit 10.2 
 EMPLOYMENT AGREEMENT 
 This employment agreement (“Agreement”),
dated as of August 5, 2013 is between Universal Insurance Holdings, Inc. a Delaware corporation (“Company”), and Frank C. Wilcox (“Executive”). 

WHEREAS, the parties wish to establish the terms of Executive’s employment with the Company. 

Accordingly, the parties agree as follows: 
 1. Employment and Acceptance. The Company will employ Executive, and Executive will accept employment, subject to the terms of this Agreement, as of October 1, 2013 (“Effective
Date”). 
 2. Term. Subject to earlier termination pursuant to Section 5, this Agreement and the employment
relationship hereunder will continue from the Effective Date until the second anniversary of the Effective Date. As used in this Agreement, the “Term” means the period beginning on the Effective Date and ending on the date
Executive’s employment terminates in accordance with this Section 2 or Section 5. In the event that Executive’s employment terminates, the Company’s obligation to continue to pay all Base Salary and other benefits then
accrued will terminate except as may be provided for in Section 5. 
 3. Duties and Title. 

3.1 Title. The Company will employ Executive to render full-time services to the Company, its parent, its subsidiaries and its
affiliates (singularly, “Related Company” or collectively, “Related Companies”). During the Term, the Company will employ Executive as Chief Financial Officer of the Company, reporting to the Chief Executive
Officer. 
 3.2 Duties. During the Term, Executive will have such authority and responsibilities and will perform such
duties as the Chief Executive Officer or Chief Operating Officer may assign, commensurate with his position. Executive will devote all Executive’s full working-time and attention to the performance of such duties and to the promotion of the
Company’s or a Related Company’s business and interests. 
 3.3 Other Business Activities. Executive may not
engage in any activity that conflicts with the Company’s or a Related Company’s interests or would materially interfere with the performance of Executive’s duties to the Company, as determined by the Company in its sole discretion.
Executive may not hold, directly or indirectly, an ownership interest of more than 2% in any entity which competes with the Company or a Related Company, as determined by the Company in its sole discretion. 

 Frank Wilcox 
 Employment Agreement 
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 4. Compensation and Benefits by the Company. As compensation for all services
rendered pursuant to this Agreement, the Company will provide Executive the following during the Term: 
 4.1 Base
Salary. The Company will pay Executive a base salary at the annual rate of $350,000, payable in accordance with the Company’s customary payroll practices. The Base Salary may be subject to adjustment by the Compensation Committee of the
Board of Directors of the Company (the “Compensation Committee”) based on the recommendation of the Chief Executive Officer of the Company. For purposes of this Agreement, “Base Salary” means Executive’s base salary
as adjusted. Base Salary shall be paid in installments in accordance with the Company’s regular payroll practices. 
 4.2
Annual Bonus. For each fiscal year during the Term, Executive may be awarded an annual bonus payment as determined by the Company in its sole discretion (“Annual Bonus”). Executive’s employment with the Company must
continue through the date any Annual Bonus is paid. 
 4.3 Participation in Executive Benefit Plans. Executive is
entitled, if and to the extent eligible, to participate in the Company’s benefit plans generally available to Company employees in similar positions. Executive is eligible to participate in the Company’s equity incentive plans, including
the 2009 Omnibus Incentive Plan, as it may be amended from time to time, at the Compensation Committee’s discretion based on the recommendations of management of the Company. 

4.4 Vacation. Executive will receive paid vacation of twenty-one (21) business days per fiscal year. Unused vacation days
will be forfeited at the end of each fiscal year. Executive is not entitled to payment for unused vacation days upon the termination of employment. 
 4.5 Expense Reimbursement. The Company will reimburse Executive for all appropriate business expenses Executive incurs in connection with Executive’s duties under this Agreement in accordance
with the Company’s policies as in effect from time to time. 
 5. Termination of Employment. 

5.1 Payment Upon Termination. If Executive’s employment terminates for any reason, Executive will receive, within 30 days of
termination, a lump sum cash payment equal to (1) accrued but unpaid Base Salary through the date of termination, (2) any employee benefits Executive may be entitled to pursuant to the Company’s employee benefit plans through the date
of termination and (3) expenses reimbursable under Section 4.5 incurred but not yet reimbursed to Executive through the date of termination. 
 5.2 Payment Upon Termination Without Cause. If during the Term the Company terminates Executive’s employment without Cause (which may be done at any time without prior notice), within 30 days
of termination Executive will receive, in addition to the payment specified in Section 5.1, a lump-sum cash payment equal to Executive’s Base Salary for a period equal to the remaining Term of the Agreement, provided Executive executes
(without revocation) a valid release agreement in a form reasonably acceptable to the Company. The Company will have no obligation to provide the payments set forth in this Section 5.2 in the

  
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 Employment Agreement 
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event that Executive breaches the provisions of Section 6. For purposes of this Agreement, “Cause” means, as determined by Company (or its designee),
(1) Executive’s material breach of Executive’s obligations or representations under this Agreement, (2) Executive’s arrest for, conviction of or plea of nolo contendere to a felony, (3) Executive’s acts of
dishonesty resulting or intending to result in personal gain or enrichment at the Company’s or a Related Company’s expense, (4) Executive’s fraudulent, unlawful or grossly negligent conduct in connection with Executive’s
duties under this Agreement, (5) Executive’s engaging in personal conduct which seriously discredits or damages the Company or a Related Company, (6) contravention of the Company’s specific lawful directions or continuing
inattention to or continuing failure to adequately perform the duties described under Section 3.2, (7) Executive’s material breach of the Company’s manuals, written policies, codes or procedures, (8) initiation of a
regulatory inquiry, investigation or proceeding regarding Executive’s performance of duties on the Company’s or a Related Company’s behalf or (8) breach of Executive’s covenants set forth in Section 6 below before
termination of employment. A termination for Cause is effective immediately or on such other date set forth by the Company. 

5.3 Termination Because of Death. If Executive’s employment terminates because of Executive’s death, within 30 days of
termination Executive’s legal representatives will receive, in addition to the payments specified in Section 5.1, a lump-sum cash payment equal to Executive’s unpaid Base Salary from the date of termination through the last day of the
month in which Executive’s death occurred and any employee benefits Executive may be entitled to pursuant to the Company’s employee benefit plans through such period. 

5.4 Termination Because of Disability. The Company may terminate Executive’s employment because of Executive’s
Disability. For purposes of this Agreement, “Disability” means a determination by the Company that, as a result of a physical or mental injury or illness, Executive is unable to perform the essential functions of Executive’s
job with or without reasonable accommodation for a period of 90 consecutive days or 60 days in any six (6)-month period. 
 6.
Restrictions and Obligations of Executive. 
 6.1 Non-Disparagement. Executive will not at any time (whether
during or after the Term) publish or communicate to any person or entity any Disparaging remarks, comments or statements concerning the Company or a Related Company, and their respective present and former members, partners, directors, officers,
shareholders, employees, agents, attorneys, successors, assigns, clients and agents. “Disparaging” 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. 
 6.2
Confidentiality. During the course of Executive’s employment, Executive has had and will have access to certain trade secrets and confidential information relating to the Company and the Related Companies which is not readily available
from sources outside the Company. The parties agree that the business in which the Company engages is highly sales-oriented and the goodwill established between Executive and the Company’s

  
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 Employment Agreement 
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customers and potential customers is a valuable and legitimate business interest worthy of protection under this Agreement. Executive recognizes that, by virtue of Executive’s employment by
the Company, Executive is granted otherwise prohibited access to the Company’s confidential and proprietary data which is not known to its competitors and which has independent economic value to the Company and that Executive will gain an
intimate knowledge of the Company’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 “Confidential Information”). This Confidential Information includes, but is not limited to, data relating to the Company’s marketing and servicing programs, procedures and techniques,
business, management and personnel strategies, analytic tools and processes, the criteria and formulae used by the Company in pricing its insurance products and claims management, loss control and information management services, the Company’s
computer system, reinsurance marketing program and the skill of marketing and selling products, the structure and pricing of special reinsurance products or packages that the Company has negotiated with various underwriters, lists of prospects,
customer lists and renewals, the identity, authority and responsibilities of key contacts at clients’ accounts, the composition and organization of clients’ business, the peculiar risks inherent in a client’s operations, highly
sensitive details concerning the structure, conditions and extent of a client’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’ particularized insurance requirements and preferences. 
 Except as required by law or an
order of a court or governmental agency with jurisdiction, Executive will not, during the Term or any time thereafter, disclose any Confidential Information, directly or indirectly, to any person or entity for any reason or purpose whatsoever, nor
will Executive use it in any way. Executive will take all reasonable steps to safeguard the Confidential Information and to protect it against disclosure, misuse, espionage, loss and theft. Executive understands and agrees that Executive will
acquire no rights to any such Confidential Information. 
 At the Company’s request from time to time and upon the
termination of Executive’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’s possession or within Executive’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. 

6.3 Non-Solicitation or Hire. While employed by the Company and for a period of twelve (12) months following the termination
of Executive’s employment for any reason, Executive will not directly or indirectly solicit or attempt to solicit or induce, directly or indirectly, (1) any party who is a client, customer or policyholder of the Company or a Related
Company, or who was a client, customer or policyholder of the Company or a Related Company 

  
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at any time during the twelve (12)-month period immediately prior to the date of termination, for the purpose of marketing, selling or providing to any such party any services or products offered
by or available from the Company or a Related Company and (2) any employee of the Company or a Related Company or any person who was an employee of the Company or a Related Company during the twelve (12)-month period immediately prior to the
date Executive’s employment terminates to terminate such employee’s employment relationship with the Company or a Related Company, in either case, to enter into a similar relationship with Executive or any other person or any entity in
competition with the Company or a Related Company. During the Term and for a period of twelve (12) months following the termination of Executive’s employment for any reason, Executive will not enter into an employment relationship,
directly or indirectly, with any employee of the Company or a Related Company or any person who was an employee of the Company or a Related Company during the twelve (12)-month period immediately prior to the date Executive’s employment
terminates. 
 6.4 Non-Competition. While employed by the Company and for a period of twelve (12) months following
Executive’s termination of employment for any reason, Executive will not, whether individually, as a director, manager, member, stockholder, partner, owner, employee, consultant or agent of any business, or in any other capacity, other than on
behalf of the Company or a Related Company, organize, establish, own, operate, manage, control, engage in, participate in, invest in, permit Executive’s name to be used by, act as a consultant or advisor to, render services for (alone or in
association with any person, firm, corporation or business organization) or otherwise assist any person or entity that engages in or owns, invests in, operates, manages or controls any venture or enterprise which engages or proposes to engage in any
business conducted by the Company or a Related Company during the twelve (12)-month period immediately prior to the date Executive’s employment terminates. 
 6.5 Company Policies. During the Term and all periods thereafter, Executive will remain in strict compliance with the Company’s policies and guidelines, including the Company’s code of
business conduct or code of ethics. 
 7. Representations and Warranties by Executive. Executive represents and warrants
the following: 
 7.1 Skills and Competencies. Any resume, employment history or related information directly or
indirectly provided by Executive to the Company, whether orally or in writing, is true, complete and accurate in all respects. Further, Executive is qualified by education and experience to perform the duties contemplated by this Agreement.

 7.2 Absence of Restrictions. Executive is not a party to or subject to any restrictive covenants, legal restrictions
or other agreements in favor of any entity or person which would in any way preclude, inhibit, impair or limit Executive’s ability to perform Executive’s obligations under this Agreement, including, but not limited to, non-competition
agreements, non-solicitation agreements or confidentiality agreements. 
 7.3 Absence of Litigation. Within the 5-year
period ending on the Effective Date, Executive has not been involved in any proceeding, claim, lawsuit or investigation alleging wrongdoing by Executive in connection with any prior employer before any court or public or private arbitration board or
panel. 

  
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 8. Remedies; Specific Performance. The parties acknowledge and agree that
Executive’s breach or threatened breach of any of the restrictions set forth in Section 6 will result in irreparable and continuing damage to the Company and the Related Companies for which there may be no adequate remedy at law and that
the Company and the Related Companies are entitled to equitable relief, including specific performance and injunctive relief as remedies for any such breach or threatened or attempted breach. Executive consents to the grant of an injunction
(temporary or otherwise) against Executive or the entry of any other court order against Executive prohibiting and enjoining Executive from violating, or directing Executive to comply with, any provision of Section 6. Executive also agrees that
such remedies are in addition to any and all remedies, including damages, available to the Company and the Related Companies against Executive for such breaches or threatened or attempted breaches. In addition, without limiting the Company’s
and the Related Companies’ remedies for any breach of any restriction on Executive set forth in Section 6, except as required by law, Executive is not entitled to any payments set forth in Section 5.2 if Executive has breached the
covenants contained in Section 6. Executive will immediately return to the Company any such payments previously received under Section 5.2 upon such a breach and, in the event of such breach, the Company will have no obligation to pay any
of the amounts that remain payable by the Company under Section 5.2. 
 9. Code Section 409A. The provisions of
this Section 9 shall apply notwithstanding any provision of this Agreement related to the timing of payments following Executive’s termination or resignation. 
 9.1 Delay of Payments. If, at the time of Executive’s termination or resignation with the Company, Executive is a Specified Employee (as defined below), then the payments under
Section 5.2, any outstanding awards payable under the 2009 Omnibus Incentive Plan and any other amounts payable under this Agreement that the Company determines constitutes deferred compensation within the meaning of Section 409A of the
Internal Revenue Code of 1986, as amended (the “Code”), and which are subject to the six-month delay required by Treas. Reg. Section 1.409A-1(c)(3)(v), shall be delayed and not paid to Executive until the first business
day following the six-month anniversary of Executive’s date of termination or resignation (the “Short-Term Deferral Date”), at which time such delayed amounts will be paid to Executive in a cash lump sum (the “Catch-Up
Amount”). If payment of an amount is delayed as a result of this Section 9.1, 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 9.1 to the day prior to the date the Catch-Up Amount is paid. The rate of interest shall be the applicable short-term federal rate applicable under Section 7872(f)(2)(A) of the Code for the month in which the date of
Executive’s termination or resignation occurs. Such interest shall be paid at the same time that the Catch-Up Amount is paid. If Executive dies on or after the date of Executive’s termination or resignation and prior to the Short-Term
Deferral Date, any amount delayed pursuant to this Section 9.1 shall be paid to Executive’s estate or beneficiary, as applicable, together with interest, within 30 days following the date of Executive’s death. 

  
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 9.2 “Specified Employee” has the meaning set forth in
Section 409A(a)(2)(B)(i) of the Code. The determination of whether Executive constitutes a Specified Employee on the date of his termination or resignation shall be made in accordance with the Company’s established methodology for
determining Specified Employees. 
 9.3 “Separation from Service” means a “separation from service”
from the Company within the meaning of the default rules under the final regulations issued pursuant to Section 409A of the Code. For purposes of this Agreement, the terms “terminate,” “terminated,” “termination”
and “resignation” mean a termination of Executive’s employment that constitutes a Separation from Service. 

9.4 Separate Payments and Reimbursements. For purposes of applying the provisions of Section 409A of the Code to this
Agreement, each separately identifiable amount to which Executive is entitled under this Agreement shall be treated as a separate payment. To the extent any reimbursements or in-kind benefit payments under this Agreement are subject to
Section 409A, such reimbursements and in-kind benefit payments shall be made in accordance with Section 409A, and payments of such reimbursements or in-kind benefits shall be made on or before the last day of the calendar year following
the calendar year in which the relevant expense is incurred. 
 10. Notice. For purposes of this Agreement, all notices
and other communications will be in writing and will be deemed to have been duly given when delivered or when mailed by United States registered or certified mail, return receipt requested, first-class postage prepaid, addressed as follows:

  

			
	If to Executive:	 	If to the Company:
		
	 Frank Wilcox,
 to
Executive’s most recent
 address on file with the Company
	 	 1110 West Commercial Boulevard
 Fort Lauderdale, Florida 33309
 Attn: Beth Wallace

 or to such other address as any party may have furnished to the other in writing in accordance with this Section 10,
except that notices of any change of address is effective only upon actual receipt. 
 11. Entire Agreement. 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. 

12. Waiver and Amendments. This Agreement may be amended, modified, superseded, canceled, renewed or extended, and the terms and
conditions hereof may be waived, only by a written instrument signed by the parties or, in the case of a waiver, by the party waiving compliance. No delay on the part of any party in exercising any right, power or privilege hereunder shall operate
as a waiver thereof, nor shall any waiver on the part of any right, power or privilege hereunder, nor any single or partial exercise of any right, power or privilege hereunder, preclude any other or further exercise thereof or the exercise of any
other right, power or privilege hereunder. 

  
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 13. Governing Law: This Agreement will be governed and construed in accordance
with the laws of the State of Florida applicable to agreements made and not to be performed entirely within such state, without regard to conflicts of laws principles. 
 14. Venue. The parties agree that the exclusive venue for any litigation relating to this Agreement will be the state courts located in Broward County, Florida and the United States District Court,
Southern District of Florida, Fort Lauderdale Division in Broward County, Florida. The parties waive any rights to object to venue as set forth herein, including any argument of inconvenience for any reason. 

15. Assignability by the Company and Executive. The Company may assign this Agreement, and the rights and obligations hereunder,
at any time. Other than to the extent provided in Section 5.3, Executive may not assign this Agreement or the rights and obligations hereunder. 
 16. Counterparts. 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. 

17. Headings. The headings in this Agreement are for convenience of reference only and will not limit or otherwise affect the
meaning of terms contained herein. 
 18. Severability. 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 6 are a condition of this Agreement and are reasonable and valid in temporal scope and in all other respects. 

19. Tax Withholding. 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’s opinion to satisfy all obligations for the payment of such
withholding taxes. 

  
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 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. 
  

	
	EXECUTIVE:
	
	         /s/ Frank C. Wilcox

	        Frank C. Wilcox
	
	UNIVERSAL INSURANCE HOLDINGS, INC.
	
	         /s/ Sean P. Downes

	        Sean P. Downes
	        President and Chief Executive Officer

  
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