Document:

Exhibit 10.3

 

FORM OF

RESTRICTED STOCK UNIT

AWARD AGREEMENT

 

This Restricted Stock Unit
Award Agreement is entered into by and between Inotiv, Inc., an Indiana corporation (“Company”), and [Participant], an officer
of the Company (“Grantee”), effective as of _______ __, 20__ (“Effective Date”).

 

Background

 

The Company wishes to provide
incentives to recognize and reward the Grantee, whose performance, contributions and skills will be critical to the Company’s success,
by aligning his or her interests more closely with those of the Company’s stockholders. For this purpose, the Compensation Committee
of the Company’s Board of Directors has granted the Grantee restricted stock units representing a right to receive common stock
of Company, subject to the terms and conditions provided in this Restricted Stock Unit Award Agreement (“Agreement”) and the
Amended and Restated Inotiv, Inc. 2018 Equity Incentive Plan (the “Plan”). All terms not herein defined shall have the meaning
set forth in the Plan. In the event of any conflict between the provisions of the Plan and the provisions of this Agreement, the terms,
conditions and provisions of the Plan shall control and this Agreement shall be deemed to be modified accordingly unless otherwise explicitly
stated in this Agreement.

 

In consideration of the premises, the Company and the Grantee
agree as follows:

 

Agreement

 

1.                 
Grant. The Company hereby grants the Grantee [Number of Units] units representing a corresponding number of Common Shares
of the Company, which units (“Restricted Stock Units”) shall be subject to the terms, conditions and restrictions specified
in this Agreement and the Plan. [The Committee has determined that (disregarding restrictions imposed by this Agreement and the Plan
that lapse upon the Grantee’s interest becoming vested) the Restricted Stock Units have a per-share grant date fair market value
(“Value”) of $.]

 

2.                 
Closing. The issuance of the Restricted Stock Units shall occur simultaneously with the execution of this Agreement.

 

3.                 
Custody. The Grantee understands that no certificates or book entry shares representing the Restricted Stock Units shall
be registered in the Grantee’s name, other than with respect to Common Shares issued to the Grantee in respect of Restricted Stock
Units that have vested. Only following vesting of Restricted Stock Units that are settled in Common Shares shall the Company deliver to
the Grantee a certificate or book entry shares registered in the Grantee’s name.

 

4.                 
Nontransferability of Restricted Stock Units. Until such time as the Restricted Stock Units become vested, the Grantee shall
not have any right to sell, assign, transfer, pledge, hypothecate, or otherwise dispose of the Restricted Stock Units. The Grantee represents
and warrants to the Company that he or she shall not sell, assign, transfer, pledge, hypothecate, or otherwise dispose of the Restricted
Stock Units in violation of applicable securities laws, the Plan or the provisions of this Agreement.

 

    	 	1	 

     

    

 

 

5.                 
Vesting. The Grantee’s interest in the Restricted Stock Units shall vest and become nonforfeitable as follows:[1]

 

	
    [Anniversary of Effective Date/

    Achievement of Performance Requirement]
	
    [Number/Percentage]

    of Restricted Stock Units that Vest

	 	 
	 	 
	 	 
	 	 
	 	 

 

In the event of a change in
control of the Company, notwithstanding the preceding paragraph of this Section 5, the Grantee’s interest in the Restricted Stock
Units not previously vested or forfeited shall be handled as described in the Company’s change in control severance plan covering
the Grantee at the time of such change in control, if any, and if there is no change in control severance plan covering the Grantee, the
Plan terms shall govern.

 

Upon completion of the Vesting
Period described above, as soon as administratively practical and in no event later than two and one-half months following the end of
the Vesting Period or a designated segment of the Vesting Period, the Company shall issue to the Grantee (or his or her designated beneficiary,
if applicable) certificates for the appropriate number of Common Shares designated by this Agreement, subject to applicable tax requirements
as described in Section 11.

 

The Committee may waive, in
whole or in part, any or all of the conditions to receipt of, or restrictions with respect to, Common Shares under this Restricted Stock
Unit award. The Committee may not accelerate the payment or settlement of this Restricted Stock Unit award unless such acceleration is
consistent with Section 15.7 of the Plan and Internal Revenue Code Section 409A.

 

6.                 
Separation from Service and Forfeiture. Notwithstanding the vesting schedule set forth in Section 5, (a) if Grantee ceases
to be an Employee or a Non-Employee Director of the Company or a Subsidiary, unvested Restricted Stock Units shall be treated as specified
in Section 10 of the Plan; and (b) unvested Restricted Stock Units shall be forfeited if Grantee engages in any of the following conduct:
(i) performance of service for a competitor of the Company and/or its Subsidiaries, including service as an employee, director or consultant,
or the establishment of a business that competes with the Company and/or its Subsidiaries; (ii) solicitation of employees or customers
of the Company and/or its Subsidiaries; (iii) improper use or disclosure of confidential information of the Company and/or its Subsidiaries;
or (iv) material misconduct in the performance of Grantee’s duties for the Company and/or its Subsidiaries, as determined by
the Committee.

 

 

[1]
Vesting terms determined by the Committee, in its discretion.

 

    	 	2	 

     

    

 

7.                 
Voting and Other Rights. The Grantee shall have no ownership interest in or shareholder rights of any kind
with respect to Common Shares represented by the Restricted Stock Units, including but not limited to the rights to vote any and all Restricted
Stock Units and to receive dividends or other distributions thereon, unless and until Common Shares are issued to the Grantee following
satisfaction of the vesting requirements set forth in Section 5.

 

8.                 
Grantee Representations. The Grantee represents and warrants to the Company that:

(a)       he
or she is acquiring the Restricted Stock Units (and any Common Shares issued following vesting of such Restricted Stock Units) for his
or her own account for investment and not with a view to or for resale in connection with any distribution of Common Shares with respect
to the Restricted Stock Units and that he or she has no present intention of distributing or reselling the Restricted Stock Units or any
Common Shares issued with respect to the Restricted Stock Units; and

 

(b)              
since his or her employment or other service engagement with the Company, he or she has not (i) directly or indirectly rendered
services to or for an organization, or engaged in a business, that is, in the judgment of the Committee, in competition with the Company,
or (ii) disclosed to anyone outside of the Company, or used for any purpose other than the Company’s business, any confidential
or proprietary information or material relating to the Company.

 

9.          
Adjustments for Changes in Capitalization of the Company. In the event of any merger, reorganization, consolidation,
recapitalization, separation, split-up, liquidation or other change affecting the Common Shares, an adjustment shall be made to the Restricted
Stock Units to the extent provided under the terms of the Plan.

 

 10.             
Securities Laws. The Grantee understands that applicable securities laws may restrict the right of the Grantee to dispose
of any Restricted Stock Units or Common Shares which the Grantee may acquire hereunder and govern the manner in which such Restricted
Stock Units or Common Shares may be sold. The Grantee shall not offer, sell or otherwise dispose of any of the Restricted Stock Units
or Common Shares in any manner which would (a) require the Company to file any registration statement with the Securities Exchange Commission
(the “SEC”), (b) require the Company to amend or supplement any registration statement which the Company may at any time
have on file with the SEC, or (c) violate the Securities Act of 1933, as amended, or any other state or federal law.

 

11.             
Withholding Taxes. If the grant or other transfer of the Restricted Stock Units or Common Shares, or the vesting of the
Restricted Stock Units, results in taxable compensation income to the Grantee, Grantee shall, no later than the date as of which an amount
with respect to an award first becomes includible in his gross income for applicable tax purposes, pay to the Company, or make arrangements
satisfactory to the Committee regarding payment of, any federal, state, local or other taxes of any kind required by law to be withheld
with respect to the award. Grantee may elect to have the minimum amount of any required tax withholdings with respect to any award satisfied
by (a) having the Company withhold Common Shares otherwise deliverable to such person with respect to the award; (b) delivering to the
Company unrestricted Common Shares already owned by Grantee; (c) broker-assisted “cashless exercise;” (d) any other manner
permitted by law; or (e) any combination of the foregoing.

 

    	 	3	 

     

    

 

12.             
Integration. This Agreement supersedes any and all prior and/or contemporaneous agreements, either oral or in writing,
between the parties hereto, with respect to the subject matter hereof. Each party to this Agreement acknowledges that no representations,
inducements, promises, or other agreements, oral or otherwise, have been made by any party, or anyone acting on behalf of any party, pertaining
to the subject matter hereof, which are not embodied herein, and that no prior and/or contemporaneous agreement, statement or promise
pertaining to the subject matter hereof that is not contained in this Agreement shall be valid or binding on either party.

 

13.             
Impact of Agreement on Employment or Service. Nothing contained in this Agreement or the Plan shall restrict
the right of the Company or any of its Subsidiaries to terminate Grantee’s employment or service at any time with or without Cause
subject to any written employment agreement and the terms of the Company’s governing documents.

 

14.             
Acknowledgments by Grantee. By signing this Agreement, the Grantee acknowledges that he or she (a) has received
a copy of the Plan and is familiar with the terms and provisions of the Plan and the Agreement, and (b) agrees to accept as binding, conclusive,
and final all decisions and interpretations of the Company’s Board of Directors and Committee upon any questions arising under the
Plan or this Agreement.

 

15.           
Successors. This Agreement shall be binding upon and inure to the benefit of any successor of the Company and any successors,
assigns or estate of the Grantee, including his/her executors, administrators and trustees.

 

16.           
Amendment. No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge
is in writing and signed by the party against whom such modification, waiver or discharge is sought to be enforced.

 

17.           
Governing Law. The validity, interpretation, construction and performance of this Agreement will be governed by and construed
in accordance with the substantive laws of the State of Indiana, without giving effect to the principles of conflict of laws of such State.

 

IN WITNESS WHEREOF, the Company
and the Grantee have executed this Agreement, effective on the date specified in the first paragraph hereof.

 

	
    GRANTEE

     

    _____________________________________

    [Participant]

     
	
    INOTIV, INC.

     

    By: _________________________________

    _____________________

    _____________________

     

 

    	 	4Document

Exhibit 10.1

EMPLOYMENT AGREEMENT
This employment agreement (the “Agreement”), dated as of January 25, 2022, is between Universal Insurance Holdings, Inc., a Delaware corporation (“Company”), and Kimberly Cooper Campos (the “Executive”).
WHEREAS, the parties wish to establish the terms of Executive’s employment with the Company.
NOW THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, 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 January 1, 2022 (“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 December 31, 2023.  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 (as defined below) and other benefits then accrued will terminate except as may be provided for in Section 5. The Term will not be subject to any automatic renewal or extension unless this Agreement is amended in a writing signed by the parties after the Effective Date to so provide.
3.Duties and Title.
(a)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 Administrative Officer and Chief Information Officer of the Company, reporting to the Chief Executive Officer.  Executive shall, if requested, serve as a member of the Board of Directors of the Company or as an officer or director of any Related Company for no additional compensation.
(b)Duties.  During the Term, Executive will have such authority and responsibilities and will perform such duties as the Company’s Chief Executive Officer or President may assign, commensurate with his or her 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 and the Related Company’s business and interests.  The principal place of Executive’s employment will be in Fort Lauderdale, Florida.
(c)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 and the Related Companies, 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.
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:
(a)Base Salary.  The Company will pay Executive a base salary at the annual rate of $315,000, 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.  For purposes 
     
			
	

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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.
(b)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 and taking into account the recommendation of the Chief Executive Officer (“Annual Bonus”).  Executive’s employment with the Company must continue through the date any Annual Bonus is paid.  The calculation of the Annual Bonus, if any, shall be made after the completion of the annual audit for each Company fiscal year ending December 31; provided, however, that in no event shall any Annual Bonus be paid to Executive later than March 15 of the calendar year following the calendar year to which the Annual Bonus relates.
(c)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 2021 Omnibus Incentive Plan, as it may be amended from time to time (the “Omnibus Plan”), at the Compensation Committee’s discretion based on the recommendation of the Company’s Chief Executive Officer, and any successor plans thereto.  For each month during the Term, the Company shall provide Executive with a car allowance in the amount of $400 per month. 
(d)Insurance. During the Term, the Company shall pay the applicable premiums for (1) health insurance coverage of Executive, her spouse and her children under the group health insurance plan sponsored by the Company, and (2) a $1,000,000 term life insurance policy on Executive payable to Executive’s designee. 
(e)Vacation.  Executive will receive paid vacation of four weeks per fiscal year.   Any unused vacation for a given calendar year shall accrue, and the aggregate value of any unused accrued vacation shall be paid to Executive upon the termination of Executive’s employment with the Company, provided that Executive has submitted a report to the Compensation Committee within 30 days following the end of each calendar year reporting on the number of accrued and unused vacation days for such year and the total number of accrued but unused vacation days for all prior years.
(f)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.
(g)RSU Grant and Vesting.  
              (1)       Grant of RSUs.  On parties agree that on December 13, 2021, Executive became eligible to receive a grant of 5,000 restricted share units (“RSUs”).  The grant was made pursuant to the Omnibus Plan, shall be subject to the terms and conditions of the applicable equity award agreement that evidences such award under the Omnibus Plan, and governed by the Omnibus Plan, the applicable equity award agreement, and any other applicable award documentation, except that, in the event of any inconsistency between the terms of the award documentation and this Agreement, the provisions of this Agreement shall control.  
              (2)  Time-Vesting Requirements.  Subject to Executive’s continuous employment with the Company through the applicable vesting date, one-third of the RSUs shall vest on December 13, 2022; one-third of the RSUs shall vest on December 13, 2023; and one-third of the RSUs shall vest on December 13, 2024.  Executive shall forfeit, and have no rights with respect to, any portion of the RSUs that has not vested prior to the date Executive’s employment with the Company ends.
              (3)    Dividend Equivalents.  Executive shall be credited with a cash amount equal to the ordinary cash dividends declared and paid on the corresponding number of shares of Company’s common stock during the period beginning on the date of grant of the RSUs and ending on the applicable vesting date.  Such cash amount shall be subject to the same time-vesting conditions as the related RSUs and shall be paid to Executive in cash at the time that the shares of the Parent’s common stock are delivered to Executive in settlement of the RSUs.
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5.Termination of Employment.
(a)Payment Upon Termination.  If Executive’s employment terminates for any reason, Executive (or in the event of Executive’s death, Executive’s estate) 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(e) incurred but not yet reimbursed to Executive through the date of termination. On termination of Executive’s employment hereunder for any reason, Executive shall be deemed to have resigned from all positions that Executive holds as an officer or member of the Board of Directors (or a committee thereof) of the Company or a Related Company.
(b)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(a), 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(b) in the 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(b), (7) Executive’s material breach of the applicable manuals, written policies, codes or procedures of the Company or a Related Company, (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 (9) 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.
(c)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(a), 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.
(d)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.
(a)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.
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(b)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 and the Related Companies engage is highly sales-oriented and the goodwill established between Executive and the customers and potential customers of the Company and the Related Companies 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 confidential and proprietary data of the Company and the Related Companies which is not known to their competitors and which has independent economic value to the Company and the Related Companies, and that Executive will gain an intimate knowledge of the business and policies, customers, employees and trade secrets, and of other confidential, proprietary, privileged or secret information of the Company and the Related Companies and their clients (collectively, all such nonpublic information is referred to as “Confidential Information”).  This Confidential Information includes, but is not limited to, data relating to marketing and servicing programs, procedures and techniques, business, management and personnel strategies, analytic tools and processes, the criteria and formulae used by the Company and the Related Companies in pricing their insurance products and claims management, loss control and information management services, computer systems, reinsurance marketing program and the skill of marketing and selling products, the structure and pricing of special reinsurance products or packages that have been negotiated by the Company and the Related Companies 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.
(c)Notwithstanding anything herein to the contrary, Executive shall have the right under Federal law to certain protections for cooperating with or reporting legal violations to the Securities and Exchange Commission ("SEC") and/or its Office of the Whistleblower, as well as certain other governmental entities. No provisions in this Agreement are intended to prohibit Executive from disclosing this Agreement to, or from cooperating with or reporting violations to, the SEC or any other such governmental entity, and Executive may do so without disclosure to the Company. The Company may not retaliate against Executive for any of these activities, and nothing in this Agreement would require Executive to waive any monetary award or other payment that Executive might become entitled to from the SEC or any other governmental entity.
(d)Non-Solicitation or Hire.  While employed by the Company and for a period of 12 months following the termination of Executive’s employment for any reason (whether during or after the Term) (“Non-Solicit Period”), 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 at any time during the 12-month period immediately prior to the date of termination, for the purpose of 
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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 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 Non-Solicit Period, Executive will not enter into an employment relationship, directly or indirectly, with any employee of the Company or a Related Company or any person who was an employee of the Company or a Related Company during the 12-month period immediately prior to the date Executive’s employment terminates.
(e)Non-Competition.  While employed by the Company and for a period of 12 months following Executive’s termination of employment for any reason (whether during or after the Term), Executive will not, whether individually, as a director, manager, member, stockholder, partner, owner, employee, consultant or agent of any business, or in any other capacity, other than on behalf of the Company or a Related Company, organize, establish, own, operate, manage, control, engage in, participate in, invest in, permit Executive’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, including in the business of reinsurance, during the 12-month period immediately prior to the date Executive’s employment terminates.
(f)Company Policies.  During the Term and all periods thereafter, Executive will remain in strict compliance with the policies and guidelines of the Company and the Related Companies, including any Code of Business Conduct and Ethics.
7.Representations and Warranties by Executive.  Executive represents and warrants the following:
(a)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.
(b)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.
(c)Absence of Litigation.  Within the five-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.
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 
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set forth in Section 5(b) 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(b) upon such a breach and, in the event of such breach, the Company will have no obligation to pay any of the amounts that remain payable by the Company under Section 5(b).
9.Code Section 409A.  The provisions of this Section 9 shall apply notwithstanding any provision of this Agreement.
(a)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(b), any outstanding awards payable under the Omnibus 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(a), such amount shall be increased with interest from the date on which such amount would otherwise have been paid to Executive but for this Section 9(a) to the day prior to the date the Catch-Up Amount is paid.  The rate of interest shall be the applicable short-term federal rate applicable under Section 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(a) shall be paid to Executive’s estate or beneficiary, as applicable, together with interest, within 30 days following the date of Executive’s death.
(b)“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.
(c)“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.
(d)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:
		
	Kimberly Cooper Campos,	1110 West Commercial Boulevard
	to Executive’s most recent	Fort Lauderdale, Florida 33309
	address on file with the Company	Attn:  Beth Wallace

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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.Stock Ownership Guidelines.  Executive will comply with all stock ownership and stock retention guidelines or policies applicable to Executive and established by the Company’s Board of Directors and the Compensation Committee, as in effect from time to time.
12.Claw Back Policy.   All compensation granted to Executive hereunder shall be subject to any and all claw back policies of the Company, as in effect from time to time.
13.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; provided however, that the terms of this Agreement shall not supersede any equity award made prior to the Effective Date. 
14.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. 
15.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 fully performed and executed in such State. 
16.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.
17.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(c), Executive may not assign this Agreement or the rights and obligations hereunder.  The parties expressly acknowledge and agree that the Related Companies are intended third-party beneficiaries of this Agreement, entitled to the rights and benefits hereunder, and shall have the full right to sue upon and enforce the provisions hereof as if they were a party hereto.
18.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. 
19.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. 
20.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. 
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21.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.
22.Obligations Survive Termination of Employment.  The termination of Executive’s employment for whatever reason will not impair or relieve Executive of any of Executive’s obligations under this Agreement which, by their express terms or by implication, extend beyond the term of Executive’s employment.  
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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/ Kimberly Cooper Campos    
Kimberly Cooper Campos
UNIVERSAL INSURANCE HOLDINGS, INC.
By:      /s/ Stephen J. Donaghy                        
Name:  Stephen J. Donaghy 
Title:  Chief Executive Officer

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