AMENDMENT TO
EMPLOYMENT AGREEMENT OF XXXX X. XXXXXX
THIS AMENDMENT is made and entered into this 21st day of March, 2007, by
and between Universal Insurance Holdings, Inc. ("Company") and Xxxx X. Xxxxxx
("Executive").
WHEREAS, the Company and Executive have entered into an Employment
Agreement dated as of January 1, 2005, and an Addendum thereto dated May 22,
2006 (collectively, the "Agreement").
WHEREAS, capitalized terms not defined herein shall have the meanings set
forth in the Agreement.
WHEREAS, the Company and Executive desire to modify certain provisions of
the Agreement.
NOW, THEREFORE, the parties hereto intending to be legally bound hereby and
upon receipt of other valuable consideration, the receipt of which is hereby
acknowledged, do hereby agree as follows:
1. Section 6(b) of the Agreement is hereby amended to read in its
entirety as follows:
"ANNUAL BONUS
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Employee shall receive an annual bonus of three percent (3%) of the
pre-tax profits of the Company as determined as at the year end of
each year of the Term of this Agreement; PROVIDED, HOWEVER, that in no
event shall any bonus due and owing under this Section 6(b) be paid to
Executive later than December 31 of the year following the year in
which it was earned; PROVIDED, FURTHER, that the payment any bonus
pursuant to this Section 6(b) shall be contingent upon the Company's
shareholders approving the bonus formula described in this Section
6(b), and should the Company's shareholders fail to approve the bonus
formula described in this Section 6(b), Executive shall forfeit his
right to such bonus compensation under this Section 6(b)."
2. Except as expressly amended herein, the terms and conditions of the
Agreement are hereby ratified and affirmed.
[SIGNATURES ON FOLLOWING PAGE]
WITNESS the due execution hereof as of the date first above written.
UNIVERSAL INSURANCE HOLDINGS, INC.
By: /s/ Xxxxxxx X. Xxxxx
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Title: President
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/s/ Xxxx X. Xxxxxx
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Xxxx X. Xxxxxx
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