Document:

EX-10.1

 Exhibit 10.1 
 Universal Insurance Holdings, Inc. 
  

			
	Bradley I. Meier	  	August 23, 2012        
	President and Chief Executive Officer	  	
	Universal Insurance Holdings, Inc.	  	
	1110 West Commercial Boulevard	  	
	Fort Lauderdale, Florida 33309	  	

 Amendment to Employment Agreement 
 Dear Brad: 
 Reference is hereby made to the Employment Agreement, dated August 11, 1999, as
amended (the “Employment Agreement”), between you and Universal Insurance Holdings, Inc. (the “Company”). Capitalized words used in this letter that are not otherwise defined have the meanings assigned to such words
in the Employment Agreement. 
 The Employment Agreement is hereby amended as follows: 

 

	 	1.	Effective as of August 1, 2012 (the “Amendment Date”), all provisions related to the establishment and periodic increase in your annual rate of
Base Salary are deleted from the Employment Agreement and replaced by the provisions in Paragraphs 2 through 5 of this letter. 

  

	 	2.	Effective as of the Amendment Date, your annual rate of Base Salary from the Company shall be $2,144,169. 

 

	 	3.	Effective January 1, 2013, your annual rate of Base Salary shall increase by 7.25% over the rate in effect immediately prior to such date.

  

	 	4.	Effective January 1, 2014, your annual rate of Base Salary shall increase by 7.25% over the rate in effect immediately prior to such date.

  

	 	5.	Except as provided above, unless the Compensation Committee and the Board of Directors of the Company provide otherwise subsequent to the date of this letter, you will
not be eligible for or entitled to any increases in the rate of your Base Salary during the period of your employment with the Company. The salary increases described above will apply only if you remain in the full-time employment of the Company
through the applicable effective date of the increase in Base Salary. In the event you are entitled to severance or other compensation from the Company following your termination of employment that is calculated with reference to your Base Salary,
such amounts shall be based solely upon your annual rate of Base Salary in effect at the time of your termination of employment. 

  
 1 

	 	6.	This letter does not constitute an extension or renewal of the Term for purposes of Section 2 of the Employment Agreement or an extension of the Employment
Agreement. Except as provided herein, the Employment Agreement shall remain in full force and effect. 

 In consideration of your
agreement to the provisions outlined above, 
 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/ George R. De Heer

	Title: Chief Financial Officer

  

	
	ACCEPTED AND AGREED:
	
	/s/ Bradley I. Meier

  
 2EX-10.2

 Exhibit 10.2 
 Universal Insurance Holdings, Inc. 
  

			
	Sean Downes	  	August 23, 2012        
	Senior Vice President and Chief Operating Officer	  	
	Universal Insurance Holdings, Inc.	  	
	1110 West Commercial Boulevard	  	
	Fort Lauderdale, Florida 33309	  	

 Amendment to Employment Agreement 
 Dear Sean: 
 Reference is hereby made to the Employment Agreement, dated January 1, 2005, as
amended (the “Employment Agreement”), between you and Universal Insurance Holdings, Inc. (the “Company”). Capitalized words used in this letter that are not otherwise defined have the meanings assigned to such words
in the Employment Agreement. 
 The Employment Agreement is hereby amended as follows: 

 

	 	1.	Effective as of August 1, 2012 (the “Amendment Date”), all provisions related to the establishment and periodic increase in your annual rate of
Base Salary are deleted from the Employment Agreement and replaced by the provisions in Paragraphs 2 through 5 of this letter. 

  

	 	2.	Your annual rate of Base Salary for 2012 shall remain at the annual rate in effect immediately prior to the Amendment Date. 

 

	 	3.	Effective January 1, 2013, your annual rate of Base Salary shall increase by 7.25% over the rate in effect immediately prior to such date.

  

	 	4.	Effective January 1, 2014, your annual rate of Base Salary shall increase by 7.25% over the rate in effect immediately prior to such date.

  

	 	5.	Except as provided above, unless the Compensation Committee and the Board of Directors of the Company provide otherwise subsequent to the date of this letter, you will
not be eligible for or entitled to any increases in the rate of your Base Salary during the period of your employment with the Company. The salary increases described above will apply only if you remain in the full-time employment of the Company
through the applicable effective date of the increase in Base Salary. In the event you are entitled to severance or other compensation from the Company following your termination of employment that is calculated with reference to your Base Salary,
such amounts shall be based solely upon your annual rate of Base Salary in effect at the time of your termination of employment. 

	 	6.	Section 2 of the Employment Agreement is amended to extend the Term to December 31, 2014. Except as provided herein, the Employment Agreement shall remain in
full force and effect. 

 In consideration of your agreement to the terms outlined above and in further recognition to your
contribution to the success of the business and operations of the Company, the Compensation Committee of the Board of Directors (the “Committee”) will make the following equity grants to you under the Company’s 2009 Omnibus
Incentive Plan, as amended: 
  

	 	a.	A grant in September 2012 of an option covering 500,000 shares of the Company’s common stock to vest in two tranches of 250,000 each, on each of the first and
second anniversaries of the grant date, subject to your continued employment with the Company though the grant and applicable vesting date, and with a per share exercise price equal to the fair market value of a share of the Company common stock on
the date of grant; 

  

	 	b.	A grant in August 2012 of 650,000 shares of restricted common stock, to vest in 250,000 shares on January 1, 2013, in 250,000 shares on January 1, 2014, and
in 150,000 shares on December 31, 2014, subject to your continued employment with the Company through the grant and applicable vesting date. 

 All such grants shall be subject to the terms and conditions approved by the Committee at the time of grant and the provisions of the applicable award document approved by the Committee for this purpose.

 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/ Bradley I. Meier

	Title: President and Chief Executive Officer

  

	
	ACCEPTED AND AGREED:
	
	/s/ Sean P. Downes

  
 - 2 -EX-10.3

 Exhibit 10.3 
 NOTICE OF GRANT OF RESTRICTED STOCK AWARD 
 PURSUANT TO THE UNIVERSAL
INSURANCE HOLDINGS, INC. 
 2009 OMNIBUS INCENTIVE PLAN 
 FOR GOOD AND VALUABLE CONSIDERATION, Universal Insurance Holdings, Inc. (the “Company”) hereby grants, pursuant to the provisions of the Company’s 2009 Omnibus Incentive Plan, as amended
(the “Plan”), to the Participant designated in this Notice of Grant of Restricted Stock Award (the “Notice”) the number of shares of common stock of the Company set forth in the Notice, subject to certain restrictions as outlined
below in this Notice and the additional provisions set forth in the attached Terms and Conditions of Restricted Stock Award (collectively, the “Agreement”). The Participant further acknowledges receipt of the information statement
describing important provisions of the Plan. 
  

			
	Participant:	  	Sean P. Downes
	Grant Date:	  	August 23, 2012
	# of Shares of Restricted Stock:	  	650,000 shares

 Vesting Schedule: Subject to the provisions contained in Paragraphs 4, 5 and 6 of the Terms and Conditions,
this Restricted Stock Award shall vest, and the applicable Restrictions set forth in the Terms and Conditions shall lapse in accordance with the following schedule, in the event the Participant does not have a Termination of Service prior to the
applicable vesting date: 
  

			
	Date of Vesting	  	Number of Shares
Vesting on that 
Date
	January 1, 2013	  	250,000 shares
	January 1, 2014	  	250,000 shares
	December 31, 2014	  	150,000 shares

 Acceleration of Vesting on Termination of Service without “Cause” or a Change in Control:
Notwithstanding the foregoing vesting schedule, the Restricted Stock Award will be deemed fully vested and no longer subject to forfeiture in the event of either (i) the Participant’s Termination of Service by the Company without
“Cause,” or (ii) a Change in Control of the Company (as defined in and subject to the provisions of the Plan). 

Forfeiture: The Participant’s rights in the Restricted Stock Award on which the Restrictions have not lapsed pursuant to the vesting
schedule provisions above, including the acceleration provisions, shall be forfeited in full in the event of the Participant’s Termination of Service for any reason other than the Participant’s Termination of Service by the Company without
“Cause.” 
 By signing below, the Participant agrees that this Restricted Stock Award is granted under and governed by the terms and
conditions of the Plan and the attached Terms and Conditions. 
  

									
	Participant	 		 		 	Universal Insurance Holdings, Inc.
			
	 /s/ Sean P. Downes
	 		 	 /s/ Bradley I. Meier

	Sean P. Downes	 		 	By:	 	Bradley I. Meier
		 		 		 	Title:	 	President and Chief Executive Officer
	Date: August 27, 2012	 		 	Date:	 	August 27, 2012

 TERMS AND CONDITIONS OF RESTRICTED STOCK AWARD 

These Terms and Conditions of Restricted Stock Award relates to the Notice of Grant of Restricted Stock Award (the “Notice”) attached hereto,
by and between Universal Insurance Holdings, Inc. (the “Company”), and the person identified in the Notice (the “Participant”). 
 The Board of Directors of the Company has authorized and approved the 2009 Omnibus Incentive Plan (the “Plan”), which has been approved by the stockholders of the Company. The Committee has
approved an award to the Participant of a number of shares of the Company’s common stock, conditioned upon the Participant’s acceptance of the provisions set forth in the Notice and these Terms and Conditions within 60 days after the
Notice and these Terms and Conditions are presented to the Participant for review. For purposes of the Notice and these Terms and Conditions, any reference to the Company shall include a reference to any Affiliate. 

1. Grant of Restricted Stock. 
 (a) Subject to the terms and conditions of the Plan, as of the Grant Date, the Company grants to the Participant the number of shares of Common Stock set forth in the Notice (the “Restricted
Shares”), subject to the restrictions set forth in Paragraph 2 of these Terms and Conditions, the provisions of the Plan and the other provisions contained in these Terms and Conditions. If and when the restrictions set forth in Paragraph
2 expire in accordance with these Terms and Conditions without forfeiture of the Restricted Shares, and upon the satisfaction of all other applicable conditions as to the Restricted Shares, such shares shall no longer be considered Restricted Shares
for purposes of these Terms and Conditions. 
 (b) As soon as practicable after the Grant Date, the Company shall direct that a
stock certificate or certificates representing the applicable Restricted Shares be registered in the name of and issued to the Participant. Such certificate or certificates shall be held in the custody of the Company or its designee until the
expiration of the applicable Restricted Period (as defined in Paragraph 3). On or before the date of execution of the Notice, the Participant has delivered to the Company one or more stock powers endorsed in blank relating to the Restricted
Shares. 
 (c) Except as provided in Paragraph 1(d), in the event that a certificate for the Restricted Shares is delivered
to the Participant, such certificate shall bear the following legend (the “Legend”): 
 The ownership and
transferability of this certificate and the shares of stock represented hereby are subject to the terms and conditions (including forfeiture) of the Universal Insurance Holdings, Inc. 2009 Omnibus Incentive Plan and a Restricted Stock Award Notice
entered into between the registered owner and Universal Insurance Holdings, Inc. Copies of such Plan and Notice are on file in the executive offices of Universal Insurance Holdings, Inc. 

  
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 In addition, the stock certificate or certificates for the Restricted Shares shall be subject to such
stop-transfer orders and other restrictions as the Company may deem advisable under the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which the Common Stock is then listed, and any
applicable federal or state securities law, and the Company may cause a legend or legends to be placed on such certificate or certificates to make appropriate reference to such restrictions. 

(d) As soon as administratively practicable following the expiration of the Restricted Period without a forfeiture of the Restricted
Shares, and upon the satisfaction of all other applicable conditions as to the Restricted Shares, including, but not limited to, the payment by the Participant of all applicable withholding taxes, the Company shall deliver or cause to be delivered
to the Participant a certificate or certificates for the applicable Restricted Shares which shall not bear the Legend. 
 2.
Restrictions. 
 (a) The Participant shall have all rights and privileges of a stockholder as to the Restricted
Shares, including the right to vote and receive dividends or other distributions with respect to the Restricted Shares, except that the following restrictions shall apply: 
 (i) the Participant shall not be entitled to delivery of the certificate or certificates for the Restricted Shares until the expiration of the Restricted Period without a forfeiture of the Restricted
Shares and upon the satisfaction of all other applicable conditions; 
 (ii) none of the Restricted Shares may be sold,
transferred, assigned, pledged or otherwise encumbered or disposed of during the Restricted Period applicable to such shares, except as provided in Section 7.02(c) of the Plan or as otherwise permitted by the Committee in its sole discretion or
pursuant to rules adopted by the Committee in accordance with the Plan; and 
 (iii) all of the Restricted Shares shall be
forfeited and returned to the Company and all rights of the Participant with respect to the Restricted Shares shall terminate in their entirety on the terms and conditions set forth in Paragraph 4. 

(b) Any attempt to dispose of Restricted Shares or any interest in the Restricted Shares in a manner contrary to the restrictions
set forth in these Terms and Conditions shall be void and of no effect. 
 3. Restricted Period and Vesting. The “Restricted
Period” is the period beginning on the Grant Date and ending on the date the Restricted Shares, or such applicable portion of the Restricted Shares, are deemed vested under the schedule set forth in the Notice. The Restricted Shares shall
be deemed vested and no longer subject to forfeiture under Paragraph 4 in accordance with the vesting schedule set forth in the Notice or earlier in the event of a Change in Control. 

  
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 4. Forfeiture. 
 (a) Subject to Paragraph 6 below, if during the Restricted Period (i) the Participant incurs a Termination of Service other than a Termination of Service by the Company without
“Cause,” (ii) there occurs a material breach of the Notice or these Terms and Conditions by the Participant or (iii) the Participant fails to meet the tax withholding obligations described in Paragraph 5(b), all rights of the
Participant to the Restricted Shares that have not vested in accordance with Paragraph 3 as of the date of such termination shall terminate immediately and be forfeited in their entirety. 

(b) In the event of any forfeiture under this Paragraph 4, the certificate or certificates representing the forfeited Restricted
Shares shall be canceled to the extent of any Restricted Shares that were forfeited. 
 5. Withholding. 

(a) The Committee shall determine the amount of any withholding or other tax required by law to be withheld or paid by the Company
with respect to any income recognized by the Participant with respect to the Restricted Shares. 
 (b) The Participant
shall be required to meet any applicable tax withholding obligation in accordance with the provisions of Section 11.05 of the Plan. 
 (c) Subject to any rules prescribed by the Committee, the Participant shall have the right to elect to meet any withholding requirement (i) by having withheld from this Award at the appropriate
time that number of whole shares of common stock whose fair market value is equal to the amount of any taxes required to be withheld with respect to such Award, (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. 
 6. Committee
Discretion. Notwithstanding any provision of the Notice or these Terms and Conditions to the contrary, the Committee shall have discretion under the Plan to waive any forfeiture of the Restricted Shares as set forth in Paragraph 4, the
Restricted Period and any other conditions set forth in the Notice or these Terms and Conditions. 
 7. Defined Terms. Capitalized
terms used but not defined in the Notice and Agreement shall have the meanings set forth in the Plan, unless such term is defined in any employment or similar agreement between the Participant and the Company or an Affiliate. Any terms used in
the Notice and Agreement, but defined in the Participant’s employment or similar agreement are incorporated herein by reference and shall be effective for purposes of the Notice and these Terms and Conditions without regard to the continued
effectiveness of such employment or similar agreement. 
 8. Nonassignability. The Restricted Shares may not be sold, assigned,
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), pledged, hypothecated, or otherwise
encumbered or disposed of until the restrictions on such Shares, as set forth in the Notice and Agreement, have lapsed or been removed. 

  
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 9. Participant Representations. The Participant hereby represents to the Company that the
Participant has read and fully understands the provisions of the Notice, these Terms and Conditions and the Plan and the Participant’s decision to participate in the Plan is completely voluntary. Further, the Participant acknowledges that
the Participant is relying solely on his or her own advisors with respect to the tax consequences of this restricted stock award. 
 10.
Regulatory Restrictions on the Restricted Shares. Notwithstanding any other provision of the Plan, the obligation of the Company to issue Restricted Shares under the Plan shall be subject to all applicable laws, rules and regulations and
such approval by any regulatory body as may be required. The Company reserves the right to restrict, in whole or in part, the delivery of the Restricted Shares pursuant to these Terms and Conditions prior to the satisfaction of all legal
requirements relating to the issuance of such shares, to their registration, qualification or listing or to an exemption from registration, qualification or listing. 
 11. Miscellaneous. 
 (a) Notices. All notices, requests, deliveries,
payments, demands and other communications which are required or permitted to be given under these Terms and Conditions shall be in writing and shall be either delivered personally or sent by registered or certified mail, or by private courier,
return receipt requested, postage prepaid to the parties at their respective addresses set forth herein, or to such other address as either shall have specified by notice in writing to the other. Notice shall be deemed duly given hereunder when
delivered or mailed as provided herein. 
 (b) Waiver. The waiver by any party hereto of a breach of any provision of the
Notice or these Terms and Conditions shall not operate or be construed as a waiver of any other or subsequent breach. 
 (c)
Entire Agreement. These Terms and Conditions, the Notice and the Plan constitute the entire agreement between the parties with respect to the subject matter hereof. 

(d) Binding Effect; Successors. These Terms and Conditions shall inure to the benefit of and be binding upon the parties
hereto and to the extent not prohibited herein, their respective heirs, successors, assigns and representatives. Nothing in these Terms and Conditions, express or implied, is intended to confer on any person other than the parties hereto and as
provided above, their respective heirs, successors, assigns and representatives any rights, remedies, obligations or liabilities. 
 (e) Governing Law. The Notice and these Terms and Conditions shall be governed by and construed in accordance with the laws of the State of Delaware. 

  
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 (f) Headings. The headings contained herein are for the sole purpose of
convenience of reference, and shall not in any way limit or affect the meaning or interpretation of any of the terms or provisions of these Terms and Conditions. 
 (g) Conflicts; Amendment. The provisions of the Plan are incorporated in these Terms and Conditions in their entirety. In the event of any conflict between the provisions of these Terms
and Conditions and the Plan, the provisions of the Plan shall control. The Agreement may be amended at any time by written agreement of the parties hereto. 
 (h) No Right to Continued Employment. Nothing in the Notice or these Terms and Conditions shall confer upon the Participant any right to continue in the employ or service of the Company or
affect the right of the Company to terminate the Participant’s employment or service at any time. 
 (i) Further
Assurances. The Participant agrees, upon demand of the Company or the Committee, to do all acts and execute, deliver and perform all additional documents, instruments and agreements which may be reasonably required by the Company or the
Committee, as the case may be, to implement the provisions and purposes of the Notice and these Terms and Conditions and the Plan. 

  
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